Federal Reserve Bulletin, 1941-07

FEDERAL RESERVE BULLETIN JULY 1941 Review of the Month—Treasury Financial Operations Member Bank Operating Ratios, 1940 British White Paper on War Finance Manufacturing Inventories During and After the World War 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—Treasury Financial Operations 605-612 Manufacturing Inventories During and After the World War, by George Terborgh 613-617 From a Legal Standpoint: Limitations upon Investments in Common Trust Fund by Two or More Trusts Having Same Remainderman 618 Executive Order and Regulations on Transfers of Property of Foreign Countries and Their Nationals 618-623 General Licenses Issued by the Secretary of the Treasury 623-628 From the Board's Correspondence—The System's Participation in the Defense Program; Bank Credit and its Relations to Reserves; Definition of Lawful Money 629-630 Current Events 631 Member Bank Operating Ratios, 1940 (for tables, see pp. 685-699) 632 British White Paper on War Finance 633-638 National Summary of Business Conditions 639-640 Financial, Industrial, Commercial Statistics, United States (see p. 6U1 for list of tables) 641-699 International Financial Statistics (see p. 701 for list of tables) 701-717 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 718 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . . . 719 Federal Reserve Publications 720-721 Map of Federal Reserve Districts 722 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 JULY 1941 No. 7 Tteaiuty *Tinancial (Jactationl Rapid expansion of the national defense sorbed, and prices of Government securities program was the outstanding characteristic advanced. of the fiscal year which came to a close The amount that will be spent for national on June 30, 1941. Defense expenditures defense by the Federal Government in the of the Federal Government increased sharply fiscal year 1942 cannot at this during the year and at its end were at a Fiscal outlook time be precisely estimated. for 1942 rate five times as large as a year earlier. It will depend on the rapidity Appropriations and authorizations, enacted with which Government defense contracts and pending, call for a further substantial under existing appropriations will be let, on increase in defense outlays. the extent to which the productive capacity Treasury receipts expanded to record levels of industry will be utilized and expanded, and in the fiscal year, reflecting the rise in eco- on the proportion of the nation's industrial nomic activity, the broadening of the tax capacity that will be devoted to the production base, and increases in tax rates. Neverthe- of defense goods. The most recent estimates less, the great expansion of defense expendi- of the Bureau of the Budget, issued on June tures necessitates a further increase in taxa- 1, place probable defense expenditures during tion, which was under consideration at the the new fiscal year at $15,500,000,000. close of the fiscal year. The new taxes are In these same estimates, which are sumbeing framed with a two-fold objective: first, marized in the following table, total budget to raise additional revenue for defense, and expenditures were forecast at $22,200,000,second to restrain the growth of civilian 000, and net budget receipts at $9,400,000,000. spending for consumption at a time when a On this basis the net budget deficit would be large share of the nation's productive effort $12,800,000,000, or about $7,700,000,000 must be diverted into defense industries. above the deficit for 1941. These estimates Certain changes in laws regulating the are necessarily based on the existing tax public debt were made during the year. The structure and do not allow for increased taxes amount of securities issued under the Second under the program now being considered by Liberty Bond Act, as amended, that can be Congress, which includes substantial inoutstanding at any one time was raised, and creases in corporate and individual income the income on all United States Government taxes, as well as in estate, gift, and excise securities issued after February 1941 was taxes. made subject to Federal taxes. In addition If a tax program is enacted to yield on a to substantial amounts of new securities sold full-year basis an additional $3,500,000,000, in the open market, new forms of savings about $2,000,000,000 or $2,500,000,000 of the bonds were offered. As a result of the large additional taxes would be collected in the amount of funds available for investment, the fiscal year 1942. The difference is principally increase in the public debt was readily ab- due to the fact that higher income tax rates 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month would apply to incomes for the calendar year year except in June, when the outlays of $810,- 1941 and would not be reflected in Treasury 000,000 were slightly below those in May. receipts until the second half of the fiscal The total for the year was $6,050,000,000, year, when the first and second quarterly compared with $1,560,000,000 in the precedpayments of these taxes will fall due. These ing year. These disbursements include milinew collections would reduce the estimated tary expenditures by the Army and Navy, deficit to about $10,500,000,000. Sources for expenditures from special funds appropriated meeting this deficit will include about $1,500,- to the President, and outlays for Selective 000,000 of net receipts in the social security Service, emergency ship construction, deand other trust funds, which are regularly fense housing, and the lend-lease program. invested in Government securities, as well They do not include defense outlays payable as proceeds of sales of the new Defense Sav- from sums which have supplemented regular ings bonds and open-market issues. appropriations of civil establishments, nor defense disbursements by the Reconstruction TREASURY FINANCIAL OPERATIONS Finance Corporation, the Export-Import [In millions of dollars] Bank, and other agencies which operate outside the regular budget. Fiscal years The trend of national defense expenditures 1941-42 during the fiscal years 1940 and 1941 is shown 1939-40 1940-41 (Estimated) in the accompanying chart. These expendi- Bu N d T g e e t t r e a c c e c i o p u ts nts: 5, 387 7, 607 9, 402 tures increased slightly during the fiscal year Expenditures (excluding debt retirements) 8,998 12,711 22,169 1940, but rose much more sharply after the Excess of expenditures 3, 611 5,104 12, 767 Other accounts: Excess of receipts ( —) or expenditures (+)- -173 +165 NATIONAL DEFENSE EXPENDITURES, Net excess of expenditures 3, 438 5, 269 FISCAL YEARS I94O AND 1941 Change in general fund balance -947 +742 Increase in interest-bearing direct debt 2,491 6,011 12, 767 Expenditures in budget accounts exceeded -/-^ 800 receipts by $5,100,000,000 in the fiscal year which ended June 30, Expenditures in 1941 ir\A-t ±.i • j ^ * i. H 1941; this deficit compares with deficits of about $3,600,000,000 in 400 each of the two preceding fiscal years. During the fiscal year 1941 the deficit was reduced to the extent of $600,000,000 by the nonrecurring item of repayment of surplus funds by certain Government corporations. The P • JULY 1939 TO JUNE 1940 41" JULY 1940 TO JUNE. 1941 »j Treasury also had net expenditures of $200,- 000,000 in its trust and other nonbudget acadoption of the present defense program counts during 1941, and added $700,000,000 about a year ago. War Department expendto the balance in the general fund. The initures for defense at first increased more terest-bearing direct debt increased by rapidly than did the outlays of the Navy, $6,000,000,000, and on June 30 amounted to but in recent months they declined somewhat $48,400,000,000. below the peak of $540,000,000 reached in Expenditures for national defense in- March 1941, reflecting principally completion creased continuously during the past fiscal 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month of much of the cantonment building pro- which operate outside the regular budget, gram. Navy expenditures reached a peak of also were expanded in 1941 because of the $340,000,000 in May but declined in June. national defense program. The Reconstruc- In addition to the large increase in na- tion Finance Corporation aided the program tional defense expenditures, there were small directly by making loans to private manuincreases in social security grants and in facturers in need of funds to carry out deinterest payments on the public debt. On the fense contracts and, through its subsidiary other hand, expenditures of the Public Works defense companies, provided funds for ac- Administration and for unemployment relief quiring reserves of rubber, metals, and other together declined by about $400,000,000, and strategic and critical materials and supplies, there was a small decline in payments for the and for constructing and equipping industrial agricultural adjustment program. During plants engaged in production of defense sup- 1941, total expenditures were reduced by a plies. Defense loans were also made by the credit of $330,000,000, representing the re- Federal Reserve Banks. The Export-Import payment of surplus funds by the Federal land Bank expanded its activities considerably, banks, the Federal Farm Mortgage Corpora- principally by extending credits to Latin tion, the Federal intermediate credit banks, American countries and to China, and the the banks for cooperatives, the production United States Housing Authority participated credit corporations, and the Public Works in the defense housing program. Administration. These repayments were in Receipts in 1941, excluding the net amount accordance with the program proposed by the of the social security employment taxes ap- President in the Budget Message of January propriated to the Federal 1940. The balance of the repayment pro- Receipts in 1941 , •, gram was reflected as an addition to budget 1 old-age and survivors inreceipts. As shown in the following table, surance trust fund, amounted to $7,610,000,there was a decline in the total of "all other" 000, an increase of $2,220,000,000 as comexpenditures, which include principally paypared with 1940. The greater part of this inments for the Veterans' Administration and crease resulted from larger income tax rethe operating expenses of regular Governceipts, reflecting both the increased tax rates ment departments and agencies. imposed by the two Revenue Acts of 1940 and Lending activities of Government agencies, the higher level of economic activity. The 1940 Revenue Acts lowered the exemptions TREASURY EXPENDITURES1 for the individual income tax, increased the [In millions of dollars] tax rates for both individual and corporate income taxes, and levied an excess profits tax Fiscal years on corporations. These new income tax pro- 1938-39 1939-40 1940-41 visions were first made effective on incomes for the calendar year 1940, and accordingly National defense. _ . . . _ 1,163 1,559 6,0'8 Agricultural adjustment program. . 787 1,020 968 they were not reflected in Treasury receipts Unemployment relief . _ . 2,595 1,919 1,741 Public Works Administration. _. _ _ _ 408 348 126 until the second half of the fiscal year 1941, Social security grants and administration 331 364 423 Interest on the public debt . . 941 . 1,041 1,111 January to June 1941, when income tax col- .Return of surplus funds from Government corporations -329 lections were nearly twice as large as in the All other 2,482 2 2, 747 2,623 Total expenditures (excluding debt re- corresponding period of the preceding fiscal tirements) _. . 8,707 8,998 12, 711 year. Income tax collections during the first half of the fiscal year were based mainly on 1 General and special accounts, on basis of daily Treasury statements. calendar year 1939 incomes. » Includes Treasury payment of $120,000,000 to Commodity Credit Corporation for restoration of capital impairment. Miscellaneous internal revenue receipts, JULY 1941 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month which reflect relatively promptly changes in creases, largely because of the lag between business conditions and in tax rates, also in- the accrual of tax liabilities and the actual payment of taxes to the Treasury. Neverthe- TREASURY RECEIP'rsa less, if the projected legislation is drawn to [In millions of dollars furnish the amount of revenue asked by the Treasury, Federal tax collections will ap- Fiscal years proach $12,000,000,000 in the fiscaly ear 1942, 1938-39 1939-40 1940-41 more than double the total Treasury receipts in the fiscal year 1940. Federal taxes will Income taxes - -_. 189 2, 125 3470 \ N ti e s t o e so ll c a i n al e o se u c s u i r n i t ty er t n a a x l e r s e 2 venue 2 2 2 3 3 2 7 2 3 3 0 4 0 5 o9 27 6 1 7 raise appreciably more revenue in the subse- Customs 319 349 39? quent fiscal year as tax increases become Return of surplus funds from Government corporations 54 319 fully reflected in tax collections and particu- All other - 188 214 188 larly if there is a further growth in national Total net receipts - . 5 165 5,387 7 607 income. 1 General and special accounts, on basis of daily Treasury statements. Considerable increases in the rates in every 2 Includes taxes on carriers and their employees. Excludes social security employment taxes appropriated to the Federal old-age and sur- major category of Federal revenue except vivors insurance trust fund, which amounted to $661,000,000 in the fiscal year 1940-41. payroll taxes and custom duties were made by the Revenue Act of 1940, approved June creased substantially in the fiscal year 1941, 25. The second Revenue Act of 1940, apas is shown in the table. A large part of this proved October 8, further increased the rates increase resulted from the higher rates imof the corporation income tax, imposed a new posed by the first Revenue Act of 1940. Custax on corporate excess profits, later moditoms receipts were also somewhat larger in fied by the Excess Profits Tax Amendments 1941, while there were small declines in "all of 1941, and provided for rapid amortization other" receipts and in net social security for tax purposes of capital outlays for detaxes. Capital funds in the amount of $320,fense productive facilities. As a result of 000,000 were returned to the Treasury by Government corporations and added to budget the passage of these measures, a maximum receipts during the fiscal year 1941; these rate of normal corporation income tax of 24 funds were paid in by the Reconstruction per cent was levied on income earned in 1940, Finance Corporation and the Federal savings as contrasted with rates ranging up to 19 per and loan associations. cent on income earned in 1939. In addition a Tax legislation enacted in the period new tax, at rates ranging up to 50 per cent, since June 1940 is estimated to yield over was levied on excess profits. Excess profits $2,000,000,000 of additional were defined as that part of corporate net in- Changes in revenue on a full year basis come remaining after the deduction of normal Federal taxes . corporation income tax, certain other adjustat business levels estimated as ments, and the deduction of an excess profits likely to prevail during the calendar year credit. This credit in turn was based, at the 1941. Collections in the fiscal year 1941 option of the taxpayer, either on average included only a part of this sum. In net income during the base period 1936-1939, April 1941 the Treasury requested the en- inclusive, or on an 8 per cent return on inactment of legislation designed to yield an vested capital. Invested capital was comadditional $3,500,000,000, and a tax bill is puted for this purpose by adding half of at present being prepared by the Ways and borrowed capital to equity capital and Means Committee of the House of Represen- making certain other adjustments. tatives. Collections in the fiscal year 1942 Congress now has under consideration will not fully reflect the projected tax in- 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month a proposal to levy an additional surtax on cor- By legislation passed in February 1941 the porate taxable net income, at a maximum rate amount of securities issued under the Second of 6 per cent. Revisions to increase the reve- Liberty Bond Act, as amended, that can be nue derived from the excess profits tax are outstanding at any one time was raised to also contemplated. $65,000,000,000, and the special class of Na- Individual income taxes have also been tional defense issues was abolished. Beginsubstantially raised. The exemption for ning in March the income on new issues married persons has been reduced from was made subject to Federal taxes. The new $2,500 to $2,000 and for single persons from legislation also modified the provisions for $1,000 to $800, surtax rates have been raised issuance of Savings bonds. In accordance and a defense tax, amounting in general to with these provisions the Treasury, begin- 10 per cent of the total of normal tax and ning in May, offered three types of Defense surtax, has been levied. New measures now Savings bonds. Series E bonds, offered on a being considered include a further sharp discount basis, were made available only to increase in surtax rates applicable to 1941 individuals in the amount of not more than incomes, and the application of surtax rates $5,000 a year maturity value; these bonds to millions of taxpayers who have not mature in 10 years and yield 2.9 per cent if hitherto paid surtaxes. In addition to raising held to maturity. Series F bonds, also offered more revenue, these changes will also exert on a discount basis, and Series G bonds, a restraining influence on consumer expendi- with a semi-annual interest payment, were tures. made available to investors other than commercial banks in the amount of not more There have also been increases in taxes on than $50,000 a year issue price for the two tobacco and liquor and on other goods and issues combined; both Series F and Series G services. These taxes will affect many conbonds mature in 12 years. Series F yields sumers whose incomes are too small to pay approximately 2.53 per cent if held to maincome taxes. Further increases in excise turity, and Series G yields 2.50 per cent if taxes are under consideration. Curtailment held to maturity. All of these bonds may of the production of automobiles considerably be redeemed prior to maturity under terms below the numbers that would be purchased which would give a lower interest yield. by consumers at existing prices during the forthcoming model year has been agreed During the first 10 months of the fiscal upon, and similar curtailment is imminent year the Treasury made net sales of $740,in the production of other consumer durable 000,000 of the old Series D Savings bonds goods that require the use of resources needed and in the last two months sold $670,000,000 for defense production. Taxes at compara- of the new issues, making a total of $1,410,tively high rates on these commodities are 000,000 net sales for the entire fiscal year. under consideration as one means of adjust- In addition, direct marketable issues outing consumer demand to reduced supplies. standing increased by $3,300,000,000 during As pointed out in an earlier paragraph, the year. There was also an increase of the interest-bearing direct debt increased by $860,000,000 in the amount of guaranteed $6,000,000,000 during the fiscal securities outstanding. Changes in year en(Jed June 1M1 Q f this The increase of $3,300,000,000 in direct Federal debt . marketable issues, as shown in the table, was increase $1,300,000,000 was in accounted for by increases of $3,700,000,000 special issues to Government agencies and in outstanding Treasury bonds and $300,000,trust funds, principally to the social security 000 in Treasury bills, partly offset by a defunds. The remaining $4,700,000,000 was cline of $700,000,000 in Treasury notes. Parin public issues. JULY 1941 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month tially tax-exempt bonds were issued in the From December 1930 to February 1934, amount of §1,400,000,000 prior to March 1941 marketable direct Government securities outand taxable bonds in the amount of $3,600,- itanding increased by $10,300,000,000, of 000,000 thereafter, while $1,300,000,000 of which $6,000,000,000 was in issues callable partially tax-exempt bonds matured or were within 5 years. Since February 1934 Governexchanged during the fiscal year. New issues ment securities outstanding have increased of taxable notes totaled $1,200,000,000, while by an additional $12,300,000,000. Issues $1,900,000,000 of tax-exempt notes matured callable within 5 years, however, have deor were exchanged. clined by $1,900,000,000, while the amount The chart shows the maturity distribution callable within 5 to 10 years has increased of the outstanding marketable direct securi- from $3,600,000,000 to $9,900,000,000 and ties of the United States Government from issues callable after 10 years have increased the end of 1930 to June 1941. Up to Febru- from $3,900,000,000 to $11,800,000,000. ary 1934 the growth in this debt was prin- At the end of June 1941 there were outcipally in short-term issues. Since that time, standing $6,400,000,000 of securities guaranthe short-term debt has declined, and the teed by the United States Government. All of these securities are due or callable within 5 years. U. S. GOVERNMENT MARKETABLE ISSUES OUTSTANDING BY DUE OR CALLABLE PERIODS Guaranteed securities increased by $860,- 000,000 during the fiscal year. New taxexempt guaranteed notes of the Commodity Credit Corporation and the United States Housing Authority, aggregating $400,000,- 000, were sold in August and November of 1940, and two new taxable Reconstruction Finance Corporation notes, amounting to $650,000,000 were sold in April 1941. These increases were partly offset by the retirement out of cash balances in May 1941 of a matur- INTEREST-BEARING DIRECT AND GUARANTEED SECURITIES [In millions of dollars] 1931 1932' 1933 1934 1935 1936 1937 1938 1939 1940 1941 Out- Increase(-f-) b S o a S n v d p in s e g , c s ia a l n b d i o s n s s u d e e s c s , u r t U o it i n e G i s t o e d v g e u r a S n r m t a a n e te n t s e t a e l d S a a g v b e i y n n g c t s i h e e s b o a U n n n d d i s te , t r d u a s d S t j t u f a s u t t e n e s d d s , G s o P e v r o v e s r i t c n a e l - s J t u a 1 n n 9 e 4 d 1 i 3 n 0 g , c fi r s e o c a 1 r a s 9 l d e 4 y e ( 1 — - ea ) r ment are excluded. Direct obligations: growth in long-term securities accounts for Treasury bonds . 30, 215 -j-3, 660 Treasury notes ...... .5, 698 -684 more than the entire increase in the debt. It Treasury bills 1,603 +301 Postal savings and prewar bonds. 196 should be noted that the decline in short-term securities would be larger than that shown if Marketable issues— total 37, 713 +3, 277 it were not for the fact that, with the approach V A . d j S u . s t S e a d v i s n e g rv s i b ce o n b d o s nds 4,3 2 1 4 4 1 1, - 4 2 0 0 9 of due or callable dates, certain issues gradu- Public issues—total 42, 267 +4, 666 ally fall within the 5-year maturity class. Special issues 6,120 + 1,345 For example, on June 15, 1941, there was a Total direct obligations. 48, 387 +6, 011 shift of $1,850,000,000 of securities into this (i uarantced obligations 6,360 +862 class from the longer-term groups. 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month ing issue of Home Owners' Loan Corporation months. It is likely that banks other than bonds in the amount of $190,000,000. the reporting banks were also net purchasers Among holders of Government securities during that period. Thus it would appear commercial banks have become increasingly- that holdings of marketable issues by nonimportant in recent years. banking investors showed little or no in- Holdings of The following table shows the crease in the period. Government reported or estimated amounts As is shown in the table, $52,500,000,000 obligations of direct and guaranteed U. S. of direct and guaranteed interest-bearing se- Government securities held by different curities were outstanding on March 31, 1941. groups of investors on March 31, 1941, the About $10,200,000,000 of this total was held latest date for which such data are avail- by Federal agencies and trust funds and by able, and changes since June 1940 and the Federal Reserve Banks. About $42,300,- June 1932. During the first nine months 000,000 was held by private investors, includof the fiscal year 1941 the amount of direct ing $19,000,000,000 held by commercial banks and guaranteed securities held by private and $10,000,000,000 by insurance companies investors increased by $4,000,000,000, of and mutual savings banks; the remainder which $2,400,000,000 went to commercial was held by other investors, largely trust banks. About half of the remainder was in accounts and individuals. Reported or estithe form of nonmarketable U. S. Savings mated holdings of Government securities for bonds purchased by individuals, and the various groups of investors for end of June other half of the increase was absorbed by dates since 1916 are shown in the table on mutual savings banks, insurance companies, page 664 of this BULLETIN. and other investors. Since the end of March During the period of nearly nine years from an additional $1,800,000,000 of direct and June 30, 1932 to March 31, 1941, the Treasguaranteed securities have been sold to the ury raised about $33,300,000,000 by the issupublic, of which $700,000,000 was in the form ance of direct and fully-guaranteed securiof U. S. Savings bonds. Weekly reporting ties. Almost one-fourth of this amount was member banks increased their holdings by obtained by the sale of these securities to the about $1,000,000,000 during these three various Federal agencies and trust funds, and a small amount was purchased by the Federal Reserve Banks. Of the $25,500,000,000 sup- ESTIMATED DISTRIBUTION OF DIRECT AND GUARAN- TEED SECURITIES OF THE FEDERAL GOVERNMENT, BY plied by private investors, commercial banks CLASSES OF HOLDERS accounted for $12,800,000,000, mutual sav- [In millions of dollars] ings banks $2,600,000,000, insurance companies $5,600,000,000, and other investors Change since Holdings $4,500,000,000, of which four-fifths was in March 31, 1941 June 30, June 30, the form of nonmarketable issues. 1940 1932 Although commercial banks were the most Federal agencies and trust funds: important class of investors purchasing Public issues 2,300 0 +2, 000 Fe S d p e e r c a i l a R l i e s s s e u r e v s e Banks 2 5 , , 2 70 0 0 0 + -3 9 0 0 0 0 +5 + , 4 4 0 0 0 0 Treasury securities for the period as a whole, the role they played has varied from time to Privately held: Commercial banks ._ . ... 19, 000 +2, 400 +12, 800 time. From 1932 to 1936 they supplied con- Mutual savings banks 3,300 +200 +2, 600 I O n t s h u e r r a n in c v e e c s o to m rs p : anies 6,400 +300 +5, 600 siderably more than half of the funds raised N M o a n rk m e a t r a k b e le ta i b s l s e u e is s sues 1 3 0 , , 6 0 0 0 0 0 + + 4 7 0 0 0 0 +3 + , 9 6 0 0 0 0 by the Treasury from private investors. In Total privately held 42, 300 +4, 000 +25, 500 the succeeding two years, however, commer- Total outstanding 52, 500 +4, 600 +33, 300 cial banks reduced their holdings of direct and guaranteed securities by $1,300,000,000, JULY 1941 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month and these securities, together with new issues increased to 2.30 per cent, but in June deby the Treasury, were taken by the other clined to 2.02 per cent, a new record low yield. groups. Since June 30, 1938, the banks have All partially tax-exempt Treasury bonds callagain purchased Federal securities, supply- able in more than 12 years, shown in the ing an even larger proportion of the funds chart, yielded about 1% Pe** cent at the end raised from private investors than during of June, 3 to* 5 year tax-exempt notes yielded the period from 1932 to 1936. about % of 1 per cent, and 3 to 5 year taxable The group called "other investors" in the notes yielded about % of 1 per cent. New table consists of individuals, corporations issues of 3-month taxable Treasury bills sold other than banks and insurance companies, and private trust and investment funds. The YIELDS ON GOVERNMENT SECURITIES relative importance of this group as holders of Government securities has declined considerably since 1932. At that time they held more than one-half of the total privatelyheld debt; at the end of March 1941 they held less than one-third. Their actual holdings of marketable issues were largest on June 30, 1937. Since that date they have been net sellers of marketable issues in the amount of $1,300,000,000, but have increased their holdings of nonmarketable securities, principally U. S. Savings bonds, by $2,500,000,000. Prices of Government securities advanced for the fiscal year as a whole. The 1960-65 bonds, the longest maturity Weekly averages of daily yields of 3 to 5 year tax-exempt Government issue outstanding, after show- t T a r x e - a e s x u e r m y p n t ot T e r s e , a 3 su t r o y 5 b y o e n a d r s ta d x u a e b l o e r T c r a e l a la s b u l r e y a n f o te te r s, 1 a 2 n d y e p a a rs r , t ia a l n ly d security market average discount on new issues of 91-day Treasury bills (taxing relatively minor fluctua- exempt through February 1941, and taxable thereafter) offered within week. For weeks ending January 7, 1939 to June 28, 1941. tions in July and August 1940, increased thereafter almost without interruption to an at an average discount of about y of 1 per 10 all-time peak on December 10. During the cent. next two months this issue declined by 4V During periods of rapid price advances in 2 points, but subsequently regained all of the Government securities in the latter half of loss and reached a new all-time high in June 1940, the Federal Reserve Banks sold in the 1941. open market about $280,000,000 from the At the peak in prices on December 10, the System account. Most of this was sold in yield on the 1960-65 bonds reached a record October and November when Government selow of 2.03 per cent, compared with a pre- curity prices were advancing sharply to recvious low yield of 2.26 per cent in June 1939 ord high levels. Total holdings in the System and again in April 1940 and a peak yield of Account were reduced in December to about 2.78 per cent in September 1939. On Feb- $2,180,000,000, and this figure remained unruary 15, 1941, the yield on this issue had changed in the first half of 1941. 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Manufjactutlnj Unventotiel Putina and •Qjtet ike IVottd Wat by GEORGE TERBORGH Division of Research and Statistics AS far as the study of manufacturing in- Indexes of the Book Value of Manufacturing ventories is concerned, the World War is Inventory, 1915-23 in the dawn of history. Very little in the way By the use of this sample, supplemented by of inventory statistics was compiled at the other data, indexes have been derived for time, and no one has since seen fit to under- the book value of the inventory of corporatake a comprehensive review of the evidence tions in 19 different industrial groups. These to be found in the records of the period. The indexes are adjusted, so far as possible, to recurrence of war conditions has revived in- give due weight to the smaller companies, terest in the economic history of the previous necessarily underrepresented in the tabulastruggle, and is sufficient justification for an tions. As a second step, composite indexes attempt to develop the record as it relates have been computed for corporate inventory to the important matter of manufacturing in the durable-goods and non-durable-goods inventories. industries, the weighting of the component The present study, while by no means ex- series being proportional to their estimated haustive, is believed to be more complete inventory in 1923. Thirdly, a weighted index than any heretofore available.1 It covers, has been derived for all manufacturing corfor each year of the period 1916-23, nearly porations, including unclassified concerns. all of the manufacturing concerns for which Finally, we have calculated indexes inclusive both the opening and the closing inventories of unincorporated enterprises for the grand are reported in Moody's Manuals. The per- total and for the durable-goods and noncentage of the total manufacturing inventory durable-goods groups. The results are preheld by those companies ranges from roughly sented in Table I. 25 in 1916 to 40 in 1923. The number of The most important of these indexes, that companies tabulated, and their combined in- for all manufacturing, increased fairly steadventories, are as follows: ily throughout the period 1915-20, reaching a high of 229 at the end.1 A decline of Number of Inventories slightly more than 20 per cent during the Companies (millions of dollars) next year was followed by a moderate ad- Opening Closing vance, leaving inventory at the end of 1923 1916 399 1,533 2,087 about double the prewar level.2 When we 1917 649 2,410 3,206 1918 627 3,308 3, 853 1919 _ 727 4,213 4, 527 1920 924 4, 925 5,756 1 It should be noted that the book value of the year-end inven- 1921 1,137 6, 082 4,570 tory of 1920 probably was below the maximum reached during the 1922 . 1,346 4,700 4. 781 year, hence that the gain over 1915 indicated here is less than 1923 1,333 4,781 5, 270 that obtaining at the high point. 2 The question may arise as to whether the closing inventory of 1915 is a fair indication of the "prewar" level. While the present study does not cover the period immediately prior to 1915, the Dun and Bradstreet survey of inventories of 106 manufacturing corporations already referred to begins with the close of 1913. It shows the p a weighted total for all manufacturing at the end of 1915 a little 1940, p more than 4 per cent above 1913, the increase being about 2 per JULY 1941 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Manufacturing Inventories During and After the World War turn to the group indexes, we find a consid- marked differences in the distribution of the erable diversity of movement. Thus, for total rise over the period 1915-20, with three example, although the indexes for the durable of the non-durable lines (meat packing, texand non-durable goods industries made about tiles, and leather) reaching their highest the same total gain during the rise, the year-end peak in 1919. durable-goods index climbed with much A detailed analysis of the reasons for such greater rapidity in 1920, while the index for differences in movement is beyond the scope non-durable goods advanced faster in 1918 of this discussion. It should be pointed out, and 1919. Again, in the case of industrial sub- however, that since commodity prices were groups we have very large gains by rapidly rising during this period, and since the degree growing industries like automobiles, petro- of advance varied widely from one group of leum, and rubber, and relatively smaller gains commodities to another, we must be extremely by some of the older and stabler lines such as cautious in drawing inferences as to relative textiles and paper. There are, moreover, changes in the physical volume of inventory. This aspect of the matter will be discussed cent for the durable goods industries, and about 8 per cent for the non-durable lines. It appears, therefore, that for the total, or for later. such major groups, the base used in the present study is fairly satisfactory. For individual industries, where deviations of the 1915 from the 1913 inventories are generally wider than for broad groups, we can speak with less assurance. One difficulty of course Indexes for Large and Small Companies is that we do not know to what extent the 1913 inventories can be taken as a prewar "normal" (1914 being excluded as a de- A point of considerable interest, particupression year). For single industries, inventories often fluctuate widely from year to year, and a record covering several prewar larly for a disturbed period such as the one years would therefore be necessary to establish a proper base. TABLE 1 INDEXES OF YEAR-END INVENTORIES AT BOOK VALUE ] [December 31, 1915 = 100] Weights 1915 1916 1917 1918 1919 1920 1921 1922 1923 A. Corporate Durable Goods: Furniture and house furnishings 7.6 100 140 154 156 180 239 191 201 236 Automobiles and parts... . . ... - 4.5 100 193 248 269 354 423 274 325 379 Railroad equipment. 1.6 100 130 168 195 149 210 122 180 182 Machinery and parts . ... ._ . 9.3 100 123 167 188 185 231 182 180 200 Agricultural implements ___ . .. 1.9 100 127 173 227 213 283 223 187 180 Iron and steel 10.9 100 134 186 203 192 219 169 177 210 Non-ferrous metals 2 9 100 148 160 164 182 198 142 136 151 Building materials 8.2 100 118 157 157 162 201 174 173 193 Total.. 46.9 100 133 172 185 190 233 180 185 210 Non-Durable Goods: Foods (other than meat-packing) 4.7 100 122 138 169 207 226 164 152 170 Meat packing 2.2 100 141 233 321 350 266 163 159 179 Textiles and clothing 16.5 100 117 147 176 202 195 180 197 215 Leather and shoes . 3.9 100 159 188 192 276 230 167 170 157 Chemicals 3.5 100 138 205 220 206 235 159 150 165 Petroleum and products 9.4 100 129 163 183 213 308 267 271 288 Rubber and products 1.9 100 136 208 203 253 347 188 172 190 Pulp and paper . 2.4 100 103 128 159 163 194 169 178 190 Printing and publishing 1.5 100 108 131 157 156 208 184 192 212 Tobacco 2.9 100 112 150 197 228 234 215 213 237 Total 48.9 100 163 190 220 234 187 191 206 Unclassified.. 4.2 100 122 156 171 178 220 175 177 197 All Corporate 100. 0 100 129 167 187 204 233 183 188 207 B. Corporate and Non-Corporate Durable Goods 45.4 100 133 171 184 189 231 178 183 207 Non-Durable Goods ! 50.4 100 126 162 188 216 228 182 185 199 All Manufacturing 100. 0 100 129 166 185 202 229 180 184 202 i For a description of the indexes, see Sources and Methods, below. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Manufacturing Inventories During and After the World War under review, is the difference in the inven- approximations. The procedure is justifiable tory behavior of large and small concerns. only in the absence of more direct measures An analysis for corporations only covering of variation in physical volume, and the each of the 19 industrial groups fails to dis-results must be regarded merely as tentative, close anything like a uniform pattern. In or prima facie evidence. It goes without the case of 10 groups the inventory index for saying that they should be read only for large corporations rises further between 1915 broad movements. and 1920 than the index for the small; in 9 For the period covered by the present study, cases the small units make the greater gains. this crude indirect method offers the only possibility of tracing the movement of manufacturing inventory in physical terms. In apply- Number of Companies ing it, the estimates of book value for the 19 Total "Large" "Small" component industrial groups have been sepa- 1916 366 143 223 rately deflated by the wholesale price index, 1917 649 170 479 1918 627 180 447 or combination of indexes, considered most 1919. 727 199 528 1920. 924 216 708 appropriate in each case, and the resulting 1921. 1,137 225 912 1922. 1,346 234 1,112 estimates of inventory at constant prices have 1923. 1.333 234 1,099 been combined to give estimates for the durable goods and non-durable goods industries, When the large-company and small-company and for manufacturing as a whole. indexes for the 19 groups are combined by In making these deflations, it is assumed appropriate weighting, however, it becomes that inventories were carried at "cost." This apparent that in the aggregate the inventories probably does no great violence to the facts of the large concerns show a wider advance. except for 1920, when prices were moving The results follow: rapidly downward in the latter part of the year, and when year-end book values re- TABLE 2 flected substantial write-downs from "cost" INDEXES OF BOOK VALUE OF INVENTORIES FOR "LARGE" to "market." For the rest of the period, the AND "SMALL" MANUFACTURING CORPORATIONS1 general movement of prices was either side- [December 31, 1915 = 100] wise or upward during the latter part of each Total Corp L o a r r a g t e ions Corp S o m r a a l t l ions year and departures from cost valuations in the year-end inventory were probably un- 1915 - 100 100 100 important for manufacturing as a whole, or 1916 129 135 127 1917 167 177 161 for the major groups. In the case of 1920, 1918 187 205 177 1919 204 222 194 an alternative deflation has been computed on 1920 233 259 218 1 19 9 2 2 1 2 .. 1 1 8 8 8 3 1 19 9 8 4 1 1 8 7 2 7 the assumption that all of the year-end in- 1923 207 217 202 ventory was carried at "market." The truth 1 For explanations, see Sources and Methods, below. must lie between the two assumptions.1 The results are summarized in the follow- Changes in the Physical Volume of Inventory ing chart, which gives in current dollars Attempts to derive changes in the value of (book value) and in constant dollars the inventory at constant prices (changes in estimated value of inventory at year ends physical volume) by "deflating" book-value for durable goods, non-durable goods, and all series with price indexes can yield only crude 1 In deflating on the assumption that inventories were carried at "cost," the price indexes used were averaged over a period of 1 The dividing line between large and small organizations was months prior to the year end approximately equal to the turnover drawn according to the size of their inventories, and differed from period of the inventory in question. Where a "market" valuation one industry to another. The total number of tabulated corpora- was assumed, the price indexes were averaged for December and tions falling into the two classes was as follows : the January following. JULY 1941 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Manufacturing Inventories During and After the World War manufacturing. The dotted lines reflect the was substantial, by either of the alternative assumption of "market" valuation in 1920. measures for that year, but does not appear to have been followed by any significant net ESTIMATED BOOK VALUE OF MANUFACTURING INVENTORY liquidation in 1921.2 The period closed with AT CURRENT PRICES AND AT 1915 PRICES physical inventory at the high point. BILLIONS OF DOLLARS END OF YEAR FIGURES BILLONS OF DOL 8 DURAB.E Inventory Appreciation and Profits CURRENT .. L u _ If the picture just presented is even ap- 4 proximately correct, the rise of 5 or 6 billion dollars in the book value of manufacturing 2 inventory during the years 1916-18 reflected 0 simply appreciation rather than physical ex- 8 NONDURABLE CURF^ENT —" pansion. Roughly the same aggregate physib cal volume of inventory was valued higher J and higher as the price level rose and as re- 4 | 1915^ placements were made at advancing costs. 2 Under the prevailing "first-in-first-out" method of accounting, this appreciation was 0 included in manufacturing profits, which as 16 TOTAL \ reported (after deduction of losses) were 14 / around 50 per cent higher for the period than / CURF \ they would have been on a "last-in-first-out" 12 ~/ — basis.1 When prices collapsed, in 1920-21, 10 the effect was of course reversed. In these __ / years the decline in book value of inventory s • —-""•"^ attributable to price changes was about 4 ^/ 1915 j ^ ^— billion dollars. Except for this depreciation, 6 manufacturing profits for the two-year period 4 would have been over twice the amount reported. If, as seems probable, we are entering a 0 1915 1916 1917 1918 1919 1920 1921 1922 1923 period of rising prices and heavy taxation of The underlying data are given in the Appendix. corporate profits, the advantages to corpora- For what they are worth—and again it tions of "last-in-first-out" inventory accountshould be said that they constitute only ing should be evident. Fortunately for them, prima facie evidence—the results of this used as deflators. There may be, therefore, some over-deflation procedure present an interesting, and per- for these years, especially for 1916. The 1918 figure, on the other hand, is believed to be fairly comparable with 1915. haps surprising picture. It appears that 2 It is possible, of course, that the physical volume of inventory was higher during some part of 1920 than it was at the year-end, in the aggregate the physical volume of and it may also have been lower during some part of 1921 than at the close of that year. manufacturing inventory changed very little 1 The so-called "last-in-first-out" system may be described, from the standpoint of inventory valuation, as "first-in-last-out." When in the period 1915-18 and rose only moder- the physical volume of inventory is unchanged for the year, the ately during 1919.1 The gain during 1920 v cl e o n s t i o n r g y , i n a v n e d n to i r s y c i a s rr a i s e s d u m a e t d t t h o e b o e p i e d n e i n n t g ic a v l a w lu i a th ti o t n h . e o U pe n n d i e n r g t i h n e - "first-in-first-out" system, which for inventory valuation purposes may be translated to "last-in-last-out", the closing inventory, even when unchanged in physical amount from the opening, is assumed to be composed of the most recent acquisitions, hence is valued at the cost of such acquisitions (barring write-downs to "market"). This cost is higher, in a period of rising prices, than the cost of the opening inventory similarly computed. Since the excess of the closing over the opening valuation is treated as a deduction from the cost of goods sold during the year, it has the effect of increasing the net profit by a like amount. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Manufacturing Inventories During and After the World War a recent (1939) amendment of Federal in- indexes for durable and non-durable goods in Table 1 come-tax law permits the election of this have been computed from the resulting totals. The procedure for computing tax liability, a privi- index for all manufacturing is based on the sum of these totals, plus estimates for "unclassified" induslege that was denied during the World War. tries, including inventories of unincorporated con- The opportunity will no doubt be widely used. cerns in such industries. Sources and Methods It should be pointed out that since the indexes for Table 1 corporate inventory are obtained by chaining together one-year identical-corporation links, they fail The first step in deriving indexes shown in the table to reflect changes in the total corporate inventory for the nineteen individual industries was to compute due to variations in the number of corporations operin each case separate indexes for "large" and "small" corporations.1 Since the sample is identical from ating. As the number of manufacturing corporations filing Federal income tax returns increased one year end to the next, but not for the period as a somewhat from 1916 to 1923, there may be a slight whole, these indexes were computed by the method of downward bias in the indexes. It seems unlikely that linked relatives. The second step was to estimate, this defect is very serious in the aggregate, though for 1923, the total book value of corporate inventory it may be important in the case of certain sub-groups. in each industry and the amounts held by large and small companies. The third step was to derive dollar Table 2 figures for earlier years by the application of the In classifying the corporations of the sample into large-company and small-company indexes separately "large" and "small," the dividing line was variously to the corresponding 1923 corporation estimates. The drawn, depending on the industry, but the basis of fourth, and final, step was the addition of these dollar classification in all cases was the size of the largest figures for large and small concerns to obtain estiinventory shown during the period the company was mates for all corporations in the industry, and the in the sample. Identical—company relatives were computation of indexes from these totals, based on computed for each year for large and small concerns the close of 1915 as 100. In the case of the indexes separately and were chained to give fixed-base infor corporate and non-corporate inventory, available dexes for the two groups, by industries. only for the grand total and for the major durable In weighting the industry indexes to give the comgoods and non-durable goods groups, a still further posites for all large and small corporations shown in step was of course necessary, namely, inclusion of Table 2, we have used estimates of total inventory estimates for inventory of unincorporated enterprises. values at the end of 1923, based largely on Kuznets' The allowance for inventories of non-corporate figures for that year (Commodity Flow and Capital manufacturing is necessarily a crude one, since actual Formation, p. 412). It has been assumed that our data are entirely lacking for the period covered. sample for 1923 included all "large" corporations, We have only the ratios of non-corporate to total and that the difference between the inventory tabuvalue of product in 1919 and 1929, by industries. lated for these concerns and the estimated totals for Since unincorporated enterprises are prevailingly the same industries consisted of small-company insmall, and since there appears a clear tendency for ventory. The use of 1923 for weighting is because small concerns to have lower inventories relative to of the fact that the estimates of inventory value are sales than large companies in the same general line of much more reliable than for earlier years. business, we may infer that the ratio of non-corporate to total value of product overstates the relative Chart 1 The data underlying the chart are as follows: importance of non-corporate inventory. For the purpose of these estimates it has been assumed that the [In billions of dollars] relative share of unincorporated concerns in the total All Durable Non-durable inventory of their industry is two-thirds their pro- manufacturing goods goods portion of the value of product. By this means the ratios of non-corporate to total inventory in 1919 and Current 1915 Current 1915 Current 1915 prices prices prices prices prices prices 1929 were computed for the durable-goods and nondurable-goods groups of industries. Ratios for other 1915 6.51 6.51 2.89 2.89 3.33 3.33 years were interpolated or extrapolated by the use of 1916 8.39 6.21 3.85 2.76 4.19 3.19 1917 10.78 6.12 4.93 2.68 5.39 3.18 a straightline trend between the 1919 and 1929 fig- 1918 12.07 6.26 5.32 2.84 6.25 3.16 ures, and the estimates for non-corporate inventory 1919 13.16 6.75 5.45 2.97 7.20 3.52 1920—cost 14.91 7.71 6.66 3.36 7.62 4.02 so derived were added to the estimates for corporate —market 8 66 3 76 4 53 1921 11.71 8.35 5.13 3.63 6.08 4.36 inventory described in the preceding paragraph. The 1922 11.97 8.46 5.28 3.58 6.18 4.52 1923 13. 16 9.29 5.97 3.81 6.63 5.09 1 This operation is described in the notes to Table 2. JULY 1941 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtont a Jieg a.L Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Limitations Upon Investments in Common Trust Fund by Two Executive Order and Regulations on Transfers of Property of or More Trusts Having Same Remainderman Foreign Countries and Their Nationals Section 17 (c) (5) of Regulation F relating The Executive Order of April 10, 1940, as to trust powers of national banks provides amended, and the Treasury Regulations isin part as follows: sued thereunder providing that transfers of credit, foreign exchange transactions, the "No funds of any trust shall be invested in a export or earmarking of coin, bullion, or curparticipation in a Common Trust Fund if such in- rency, or other similar operations, by persons vestment would result in such trust having an or institutions in the United States which interest in the Common Trust Fund in excess of 10 per cent of the value of the assets of the Com-involve property of all invaded and occupied mon Trust Fund, as determined by the trust in- European countries, or any nationals thereof, vestment committee, or the sum of $25,000, which- shall be subject to license by the Secretary of ever is less at the time of investment. * * * In the Treasury, were amended on June 14, applying the limitations contained in this paragraph, if two or more trusts are created by the 1941, so as to extend to the remaining counsame settlor or settlors and as much as one-half tries of continental Europe. of the income or principal or both of each trust The texts of the Executive Order and acis payable or applicable to the use of the same companying Regulations and amendments person or persons, such trust shall be considered as one." thereto, have been printed in previous issues of the Federal Reserve BULLETIN. There is The Board recently considered an inquiry published below a statement issued by the concerning the application of the above- Treasury Department in explanation of the quoted provisions of the regulation in two recent amendments together with the full situations which were described as follows: texts of the Executive Order and Regulations as amended June 14, 1941. "(1) A settlor creates two trusts of $25,000 each. In one trust the life tenant is 'A', and in the Treasury Department, Washington 1 other the life tenant is *B\ Upon the death of each June 14, 1941 life tenant, the principal in each trust is payable to 'C\ In view of the unlimited national emergency declared by the President, he has today issued an "(2) A settlor creates two trusts of $25,000 Executive Order freezing immediately all German each. In one trust the life tenant is 'A', upon whose and Italian assets in the United States. At the death the principal is payable to 'C\ The life same time the Order also freezes the assets of all tenant of the other is *B\ upon whose death the invaded or occupied European countries not previprincipal is payable to 'D', or if 'D' be not living, ously frozen. These include Albania, Austria, Czechto <C\" oslovakia, Danzig and Poland. The freezing control will be administered by the Treasury Department. The Board concluded that in neither situa- These measures in effect bring all financial transtion should the two trusts be considered as actions in which German and Italian interests are one for the purpose of such limitations upon involved under the control of the Government, and impose heavy criminal penalties upon persons failing investments in common trust funds. It was to comply therewith. The Executive Order is depointed out, however, that the ruling was signed, among other things, to prevent the use of based upon an understanding that there were the financial facilities of the United States in ways no powers of revocation or other additional harmful to national defense and other American interests, to prevent the liquidation in the United facts which might have a bearing on the States of assets looted by duress or conquest, and matter. to curb subversive activities in the United States. 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint "With a view to implementing the control of Ger- B. All payments by or to any banking instituman and Italian assets in this country and in view tion within the United States; of the interrelationship of international financial C. All transactions in foreign exchange by transactions, the Executive Order has also been ex- any person within the United States; tended to the remaining countries of continental D. The export or withdrawal from the United Europe. However, it is intended that through the States, or the earmarking of gold or silver coin medium of general licenses the freezing control will or bullion or currency by any person within be lifted with respect to Finland, Portugal, Spain, the United States; Sweden, Switzerland and the Union of Soviet So- E. All transfers, withdrawals or exportations cialist Republics, conditional upon the receipt of ade- of, or dealings in, any evidences of indebtedness quate assurances from the governments of such or evidences of ownership of property by any countries that the general licenses will not be em- person within the United States; and ployed by them or their nationals to evade the pur- F. Any transaction for the purpose or which poses of this Order. Furthermore, transactions has the effect of evading or avoiding the foreunder the general licenses will be subject to reporting going prohibitions. and careful scrutiny. SECTION 2. Simultaneously, with the issuance of the Executive Order, the President approved regulations ordering A. All of the following transactions are proa census of all foreign-owned property in the United hibited, except as specifically authorized by the States. This census will relate not only to property Secretary of the Treasury by means of reguin the United States belonging to countries and lations, rulings, instructions, licenses, or othernationals subject to freezing control but to all other wise: countries as well. (1) The acquisition, disposition or transfer Under previous Executive Orders freezing control of, or other dealing in, or with respect to, any has been extended to the assets of Norway, Denmark, security or evidence thereof on which there is the Netherlands, Belgium, Luxembourg, France, Lat- stamped or imprinted, or to which there is via, Estonia, Rumania, Bulgaria, Lithuania, Hun- affixed or otherwise attached, a tax stamp or gary, Yugoslavia and Greece. other stamp of a foreign country designated in this Order or a notarial or similar seal which by its contents indicates that it was EXECUTIVE ORDER NO. 8785 stamped, imprinted, affixed or attached within Regulating Transactions in Foreign Exchange and such foreign country, or where the attendant Foreign-Owned Property, Providing for the Re- circumstances disclose or indicate that such porting of all Foreign-Owned Property, and Related stamp or seal may, at any time, have been Matters stamped, imprinted, affixed or attached thereto; and By virtue of and pursuant to the authority vested (2) The acquisition by, or transfer to, in me by Section 5(b) of the Act of October 6, 1917 any person within the United States of any (40 Stat. 415), as amended, by virtue of all other interest in any security or evidence thereof authority vested in me, and by virtue of the existence if the attendant circumstances disclose or inof a period of unlimited national emergency, and dicate that the security or evidence thereof is finding that this Order is in the public interest and not physically situated within the United is necessary in the interest of national defense and States. security, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OF AMERICA, do prescribe the B. The Secretary of the Treasury may invesfollowing: tigate, regulate, or prohibit under such regulations, rulings, or instructions as he may pre- Executive Order No. 8389 of April 10, 1940, as scribe, by means of licenses or otherwise, the amended, is amended to read as follows: sending, mailing, importing or otherwise bringing, directly or indirectly, into the United SECTION 1. All of the following transactions are States, from any foreign country, of any seprohibited, except as specifically authorized by the curities or evidences thereof or the receiving or Secretary of the Treasury by means of regulations, holding in the United States of any securities or rulings, instructions, licenses, or otherwise, if (i) evidences thereof so brought into the United such transactions are by, or on behalf of, or pur- States. suant to the direction of any foreign country designated in this Order, or any national thereof, or (ii) SECTION 3. The term "foreign country desigsuch transactions involve property in which any nated in this Order" means a foreign country inforeign country designated in this Order, or any cluded in the following schedule, and the term national thereof, has at any time on or since the "effective date of this Order" means with respect effective date of this Order had any interest of to any such foreign country, or any national any nature whatsoever, direct or indirect: thereof, the date specified in the following sched- A. All transfers of credit between any bank- ule: ing institutions within the United States; and (a) April 8, 1940—Norway and Denmark; all transfers of credit between any banking in- (b) May 10, 1940—The Netherlands, Belgium stitution within the United States and any and Luxembourg; banking institution outside the United States (c) June 17, 1940—France (including Mon- (including any principal, agent, home office, aco) ; branch, or correspondent outside the United (d) July 10, 1940—Latvia, Estonia and Lith- States, of a banking institution within the uania; United States); (e) October 9, 1940—Rumania; 619 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint (f) March 4, 1941—Bulgaria; political subdivision, agency, or instrumentality (g) March 13, 1941—Hungary; thereof or any territory, dependency, colony, (h) March 24, 1941—Yugoslavia; protectorate, mandate, dominion, possession or (i) April 28, 1941—Greece; and place subject to the jurisdiction thereof, (j) June 14, 1941—Albania, Andorra, Aus- (ii) Any other government (including any tria, Czechoslovakia, Danzig, Finland, Germany, political subdivision, agency, or instrumentality Italy, Liechtenstein, Poland, Portugal, San Mar- thereof) to the extent and only to the extent ino, Spain, Sweden, Switzerland, and Union of that such government exercises or claims to Soviet Socialist Republics. exercise de jure or de facto sovereignty over the area which on such effective date constituted The "effective date of this Order" with respect such foreign country, and to any foreign country not designated in this Order (iii) Any person to the extent that such pershall be deemed to be June 14, 1941. son is, or has been, or to the extent that there is reasonable cause to believe that such person SECTION 4. is, or has been, since such effective date, acting A. The Secretary of the Treasury and/or the or purporting to act directly or indirectly for Attorney General may require, by means of regu- the benefit or on behalf of any of the foregoing. lations, rulings, instructions, or otherwise, any person to keep a full record of, and to furnish E. The term "national" shall include, under oath, in the form of reports or otherwise, • (i) Any person who has been domiciled in, from time to time and at any time or times, com- or a subject, citizen or resident of a foreign plete information relative to, any transaction re- country at any time on or since the effective date ferred to in section 5(b) of the Act of October of this Order, 6, 1917 (40 Stat. 415), as amended, or relative to (ii) Any partnership, association, corporaany property in which any foreign country or any tion or other organization, organized under the national thereof has any interest of any nature laws of, or which on or since the effective date of whatsoever, direct or indirect, including the pro- this Order had or has had its principal place of duction of any books of account, contracts, letters, business in such foreign country, or which on or other papers, in connection therewith, in the or since such effective date was or has been concustody or control oi; such person, either before or trolled by, or a substantial part of the stock, after such transaction is completed; and the Secre- shares, bonds, debentures, notes, drafts, or other tary of the Treasury and/or the Attorney Gen- securities or obligations of which, was or has eral may, through any agency, investigate any such been owned or controlled by, directly or inditransaction or act, or any violation of the provi- rectly, such foreign country and/or one or more sions of this Order. nationals thereof as herein defined, B. Every person engaging in any of the trans- (iii) Any person to the extent that such person actions referred to in sections 1 and 2 of this is, or has been, since such effective date, acting Order shall keep a full record of each such trans- or purporting to act directly or indirectly for the action engaged in by him, regardless of whether benefit or on behalf of any national of such such transaction is effected pursuant to license or foreign country, and otherwise, and such record shall be available for (iv) Any other person who there is reasonexamination for at least one year after the date able cause to believe is a "national" as herein of such transaction. defined. SECTION 5. In any case in which by virtue of the foregoing definition a person is a national of more than one A. As used in the first paragraph of section 1 foreign country, such personal shall be deemed of this Order "transactions [which] involve propto be a national of each such foreign country. In erty in which any foreign country designated in any case in which the combined interests of two this Order, or any national thereof, has * * * any or more foreign countries designated in this Order interest of any nature whatsoever, direct or indiand/or nationals thereof are sufficient in the aggrerect," shall include, but not by way of limitation gate to constitute, within the meaning of the fore- (i) any payment or transfer to any such foreign going, control or 25 per centum or more of the country or national thereof, (ii) any export or stock, shares, bonds, debentures, notes, drafts, or withdrawal from the United States to such forother securities or obligations of a partnership, eign country, and (iii) any transfer of credit, or association, corporation or other organization, but payment of an obligation, expressed in terms of such control or a substantial part of such stock, the currency of such foreign country. shares, bonds, debentures, notes, drafts, or other B. The term "United States" means the United securities or obligations is not held by any one States and any place subject to the jurisdiction such foreign country and/or national thereof, such thereof; the term "continental United States" partnership, association, corporation or other ormeans the states of the United States, the District ganization shall be deemed to be a national of each of Columbia, and the Territory of Alaska. of such foreign countries. The Secretary of the C. The term "person" means an individual, Treasury shall have full power to determine that partnership, association, corporation, or other any person is or shall be deemed to be a "national" organization. within the meaning of this definition, and the for- D. The term "foreign country" shall include, eign country of which such person is or shall be but not by way of limitation, deemed to be a national. Without limitation of the (i) The state and the government thereof on foregoing, the term "national" shall also include the effective date of this Order as well as any any other person who is determined by the Secre- 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint tary of the Treasury to be, or to have been, since not more than ten years, or both; and any officer, such effective date, acting or purporting to act di- director, or agent of any corporation who knowrectly or indirectly for the benefit or under the ingly participates in such violation may be pundirection of a foreign country designated in this ished by a like fine, imprisonment, or both." Order or national thereof, as herein denned. SECTION 9. This Order and any regulations, rul- F. The term "banking institution" as used in ings, licenses or instructions issued hereunder may this Order shall include any person engaged pribe amended, modified or revoked at any time. marily or incidentally in the business of banking, of granting or transferring credits, or of pur- FRANKLIN D. ROOSEVELT. chasing or selling foreign exchange or procuring THE WHITE HOUSE, purchasers and sellers thereof, as principal or June Ik, 191+1. agent, or any person holding credits for others as a direct or incidental part of his business, or Treasury Department, Office of the Secretary, brokers; and, each principal, agent, home office, June 14, 1941. branch or correspondent of any person so engaged shall be regarded as a separate "banking insti- REGULATIONS * UNDER EXECUTIVE ORDER NO. 8389, tution". AS AMENDED. G. The term "this Order", as used herein, shall mean Executive Order No. 8389 of April 10, 1940, Relating to Transactions in Foreign Exchange and as amended. Foreign-Owned Property, the Reporting of all Foreign-Owned Property and Related Matters. SECTION 6. Executive Order No. 8389 of April The Regulations of April 10, 1940, as amended 10, 1940, as amended, shall no longer be deemed to (Sections 130.1 to 130.6), are amended to read as be an amendment to or a part of Executive Order follows: No. 6560 of January 15, 1934. Executive Order No. 6560 of January 15, 1934, and the Regulations SECTION 130.1. Authority for regulations. These of November 12, 1934, are hereby modified in so far regulations are prescribed and issued under auas they are inconsistent with the provisions of this thority of Section 5(b) of the Act of October 6, Order, and except as so modified, continue in full 1917 (40 Stat. 415), as amended, and Executive force and effect. Nothing herein shall be deemed Order No. 8389 of April 10, 1940, as amended by to revoke any license, ruling, or instruction now Executive Order No. 8785 of June 14, 1941. in effect and issued pursuant to Executive Order No. 6560 of January 15, 1934, as amended, or pur- SECTION 130.2. Definitions. suant to this Order; provided, however, that all (a) The term "Order" shall refer to Execusuch licenses, rulings, or instructions shall be sub- tive Order No. 8389 of April 10, 1940, as ject to the provisions hereof. Any amendment, amended. modification or revocation by or pursuant to the (b) The term "regulations" shall refer to provisions of this Order of any orders, regulations, these regulations. rulings, instructions or licenses shall not affect any (c) The terms "property" and "property inact done, or any suit or proceeding had or com- terest" or "property interests" shall include, menced in any civil or criminal case prior to such but not by way of limitation, money, checks, amendment, modification or revocation, and all drafts, bullion, bank deposits, savings accounts, penalties, forfeitures and liabilities under any any debts, indebtedness or obligations, financial such orders, regulations, rulings, instructions or securities commonly dealt in by bankers, brokers, licenses shall continue and may be enforced as if and investment houses, notes, debentures, stocks, such amendment, modification or revocation had bonds, coupons, bankers' acceptances, mortgages, not been made. pledges, liens or other right in the nature of security, warehouse receipts, bills of lading, SECTION 7. Without limitation as to any other trust receipts, bills of sale, any other evidences powers or authority of the Secretary of the Treas- of title, ownership or indebtedness, goods, wares, ury or the Attorney General under any other pro- merchandise, chattels, stocks on hand, ships, vision of this Order, the Secretary of the Treasury goods on ships, real estate mortgages, vendors' is authorized and empowered to prescribe from sales agreements, land contracts, real estate and time to time regulations, rulings, and instructions any interest therein, leaseholds, ground rents, to carry out the purposes of this Order and to options, negotiable instruments, trade acceptprovide therein or otherwise the conditions under ances, royalties, book accounts, accounts paywhich licenses may be granted by or through such able, judgments, patents, trademarks, copyofficers or agencies as the Secretary of the Treas- rights, contracts or licenses affecting or inury may designate, and the decision of the Secre- volving patents, trademarks or copyrights, intary with respect to the granting, denial or other surance policies, safe deposit boxes and their disposition of an application or license shall be contents, annuities, pooling agreements, confinal. tracts of any nature whatsoever, et cetera. (d) Safe deposit boxes shall be deemed to be SECTION 8. Section 5(b) of the Act of October in the "custody" not only of all persons having 6, 1917, as amended, provides in part: access thereto but also of the lessors of such "* * * Whoever willfully violates any of the boxes whether or not such lessors have access to provisions of this subdivision or of any license, such boxes. The foregoing shall not in any way order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, * Sections 130.1 to 130.7:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1 ; 54 Stat. 179 ; Ex. Order 8389, April 10, 1940, or, if a natural person, may be imprisoned for as amended by Ex. Order 8785, June 14, 1941. JULY 1941 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint be regarded as a limitation upon the meaning business on June 14, 1941, in which on the reof the term "custody". spective dates any foreign country or any na- (e) For the meaning of other terms refer- tional thereof had any interest of any nature ence should be made to the definitions contained whatsoever, direct or indirect, regardless of in the Order. In interpreting rulings, licenses, whether a report on Form TFR-100 with respect instructions, etc., issued pursuant to the Order to any such property shall have previously been and regulations, particular attention is directed filed. Such reports shall be filed by: to the provisions of General Ruling No. 4, as (1) Every person in the United States, difrom time to time hereafter amended. rectly or indirectly holding, or having title to, or custody, control or possession of such prop- SECTION 130.3. Licenses. Applications for licenses to engage in any transaction referred to in erty on either or both of the aforementioned sections 1 or 2 of the Order shall be filed in tripli- respective dates. cate with the Federal Reserve Bank of the district (2) Every agent or representative in the or the Governor or High Commissioner of the ter- United States for any foreign country or any ritory or possession of the United States in which national thereof having any information with the applicant resides or has his principal place of respect to such property. business or principal office or agency, or if the Provided, That no report on Form TFR-300 applicant has no legal residence or principal place need be filed where the total value of all propof business or principal office or agency in a Federty interests of any foreign country or naeral Reserve district or a territory or possession of tional to be reported is less than $1,000. the United States then with the Federal Reserve Bank of New York or the Federal Reserve Bank Without any limitation whatsoever of the of San Francisco. Application forms may be ob- foregoing, reports on Form TFR-300, filed as tained from any Federal Reserve Bank, the Gov- required above, shall be filed by every partnerernor or High Commissioner of a territory or pos- ship, trustee, association, corporation, or other session of the United States, or the Secretary of organization organized under the laws of the the Treasury, Washington, D. C. The original of United States or any state, territory, or district each application shall be executed under oath of the United States or having its principal place before an officer authorized to administer oaths, or of business in the United States, with respect if executed outside of the United States, before to any shares of its stock or any of its debentures, a diplomatic or consular officer of the United notes, bonds, coupons or other obligations or States. The applicant shall furnish such further securities or any equity therein, in which any information as shall be requested of him by the foreign country or any national thereof had Secretary of the Treasury or the Federal Reserve on either or both of the aforementioned respec- Bank or other agency at which the application is tive dates, any interest of any nature whatfiled. Licenses will be issued by the Secretary of soever, direct or indirect. the Treasury, acting directly or through any of- (b) Reports shall be executed and filed in ficers or agencies that he may designate, and by quadruplicate with the Federal Reserve Bank of the Federal Reserve Banks, acting in accordance the district or the Governor or High Commiswith such regulations, rulings, and instructions as sioner of the territory or possession of the the Secretary of the Treasury may from time to United States in which the party filing the retime prescribe, in such cases or classes of cases port resides or has his principal place of busias the Secretary of the Treasury may determine. ness or principal office or agency, or if such The Federal Reserve Bank or other agency at party has no legal residence or principal place which an application is filed will advise the appli- of business or principal office or agency in a cant of the decision respecting the application. Li- Federal Reserve district or a territory or poscenses for exports, withdrawals or imports, after session of the United States, then with the Fedhaving been cancelled by the collector of customs eral Reserve Bank of New York or the Federal or the postmaster through whom the exportation, Reserve Bank of San Francisco. A report shall withdrawal or importation was made, may be be deemed to have been filed when it is received returned by such collector of customs or post- by the proper Federal Reserve Bank or other master to the licensee. Appropriate forms for ap- agency or when it is properly addressed and plications and licenses will be prescribed by the mailed and bears a postmark dated prior to mid- Secretary of the Treasury. Licensees may be night of the date upon which the report is due. required to file reports upon the consummation of Each Federal Reserve Bank or other agency shall the transactions. The decision of the Secretary of promptly forward three copies of every report the Treasury with respect to an application for filed with it to the Secretary of the Treasury. license shall be final. (c) (1) All spaces in the report must be properly filled in. Reports found not to be SECTION 130.4. Reports of Property Interests of in proper form, or lacking in essential details, All Foreign Countries and Nationals Thereof. shall not be deemed to have been filed in com- (a) On or before July 14, 1941, reports shall pliance with the Order. be filed on Form TFR-300, duly executed under (2) Where space in the report form does oath, containing: the information called for in not permit full answers to questions, the insuch Form, with respect to all property subject formation required may be set forth in suppleto the jurisdiction of the United States on the mentary papers incorporated by reference in opening of business on June 1, 1940, and with the report and submitted therewith. Supplerespect to all property subject to the jurisdic- mentary documents and papers must be retion of the United States on the opening of ferred to in the principal statement in chron- 622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint ological or other appropriate order and be Treasury Department, Office of the Secretary, described in such manner that they can be June 7, 1941 identified. General License No. 13, as Amended, Under Execu- (d) A separate report under oath must be tive Order No. 8389, as Amended, and Regulations filed by each person required to file a report Issued Pursuant Thereto, Relating to Transactions except that persons holding property jointly may in Foreign Exchange, etc.* file a joint report. (1) A general license is hereby granted licensing (e) The Secretary of the Treasury may, in as generally licensed nationals: his discretion, grant such extensions of time or (a) the Java, Kobe, Shanghai, Amoy, Hongexemptions as he deems advisable for the making kong, Manila, Singapore, Bombay and Calcutta of any or all of the reports required by these offices of the Nederlandsch Indische Handelsbank; regulations. (b) the Java, Kobe, Djeddah, Shanghai, Hong- (f) Report Form TFR-300 may be obtained kong, Singapore, Penang, Rangoon, Calcutta and from any Federal Reserve Bank, the Governor Bombay offices of the Nederlandsche Handel Maator High Commissioner of a territory or posses- schappij; sion of the United States, or the Secretary of (c) the Java offices of the Javasche Bank; and the Treasury, Washington, D. C. (d) the Java offices of the Nederlandsch Indische Escompto Maatschappij. SECTION 130.5. Penalties. Section 5(b) of the Act of October 6, 1917, as amended, provides in Any transaction engaged in by any such office of part: any such bank pursuant to the order of or for the «* * * whoever willfully violates any of the account of any other national of the Netherlands is provisions of this subdivision or of any license, also hereby authorized to the same extent, and under the same circumstances, as though such transaction order, rule or regulation issued thereunder, shall, were solely for the account of such office of such upon conviction, be fined not more than $10,000, bank; provided, however, that this authorization shall or, if a natural person, may be imprisoned for not be deemed to permit any payment, transfer or not more than ten years, or both; and any officer, withdrawal from any blocked account. director, or agent of any corporation who know- (2) Banking institutions within the United States ingly participates in such violation may be pun- making any payment, transfer or withdrawal from ished by a like fine, imprisonment, or both." the accounts of any such office of the aforementioned SECTION 130.6. These regulations and any rul- banks shall file promptly with the appropriate Fedings, licenses, or instructions issued hereunder shall eral Reserve Bank monthly reports setting forth the not be deemed to authorize any transaction pro- details of such transactions during such period. hibited by reason of any other law, proclamation, D. W. BELL, order or regulation. Acting Secretary of the Treasury. SECTION 130.7. Amendment, Modification, or Re- Treasury Department, Office of the Secretary, vocation. These regulations and any rulings, li- June 7, 1941 censes, instructions, or forms issued hereunder may be amended, modified, or revoked at any General License No. 14, as Amended, Under Executive time. Order No. 8389, as Amended, and Regulations Is- HENRY MORGENTHAU, JR., sued Pursuant Thereto, Relating to Transactions Secretary of the Treasury. in Foreign Exchange, etc.* APPROVED: June 14, 1941. (1) A general license is hereby granted licensing FRANKLIN D. ROOSEVELT. as generally licensed nationals: (a) the Willemstad (Curacao) offices of: (i) the Curacaosche Bank; General Licenses Issued by the Secretary of the Treasury (ii) the Maduro & Curiel's Bank; Since the publication of certain General (iii) the Edwards Henriquez & Co.; and Licenses on page 401 of the May 1941 Fed- (b) the Oranjestad (Aruba) office of the Aruba Bank. eral Reserve BULLETIN, the following General Licenses have been issued by the Office Any transaction engaged in by any such office of any such bank pursuant to the order of or for the account of the iSecretary of the Treasury under auof any other national of the Netherlands is also thority of the Executive Order of April 10,hereby authorized to the same extent, and under the 1940, as amended, and the Regulations issued same circumstances, as though such transaction were solely for the account of such office of such bank; pursuant thereto relating to transactions in provided, however, that this authorization shall not foreign exchange, etc. be deemed to permit any payment, transfer or withdrawal from any blocked account. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Publi (2) Banking institutions within the United States Resolution No. 69, 76th Congress ; 12 U. S. C. 95a; Ex. Orde: making any payment, transfer or withdrawal from 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Orde: 8405, May 10, 1940 ; Ex. Order 8446, June 17, 1940 ; Ex. Orde: the accounts of any such office of the aforementioned 8484, July 15, 1940; Ex. Order 8493, July 25, 1940; Ex. Orde: banks shall file promptly with the appropriate Fed- 8565, October 10, 1940; Ex. Order 8701, March 4, 1941 ; Ex eral Reserve Bank monthly reports setting forth the Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; Ex. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as details of such transactions during such period. amended May 10, 1940, June 17, 1940, July 15, 1940, October 10, 1940, March 4, 1941, March 13, 1941, March 24, 1941 and April D. W. BELL, 28, 1941. Acting Secretary of the Treasury. JULY 1941 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, (a) the Buenos Aires, Caracas and Maracaibo June 7, 1941 offices of Banco Holandes Unido; (b) the Rio de Janeiro, Santos and Sao Paulo General License No. 15, as Amended, Under Execu- offices of Banco Hollandez Unido; tive Order No. 8389, as Amended, and Regulations (c) the Willemstad and Oranjestad offices of Issued Pursuant Thereto, Relating to Transactions Hollandsche Bank-Unie; and in Foreign Exchange, etc.* (ti) the Haifa and Instanbul offices of Holland (1) A general license is hereby granted authoriz- Bank Union. ing all transactions ordinarily incident to the im- Any transaction engaged in by any such office of any porting and exporting of goods, wares and merchan- such bank pursuant to the order of or for the account dise between the United States and the Netherlands of any other national of the Netherlands is also East Indies and between the United States and the hereby authorized to the same extent, and under the Netherlands West Indies, provided the following same circumstances, as though such transaction were terms and conditions are complied with: solely for the account of such office of such bank; (a) Imports and exports between the United provided, however, that this authorization shall not States and such areas shall not be financed, directly be deemed to permit any payment, transfer or withor indirectly, from any blocked account in which drawal from any blocked account. any blocked country or any national thereof, other (2) Banking institutions within the United States than the Netherlands or any national thereof, has making any payment, transfer or withdrawal from an interest: and the accounts of any such office of the aforementioned (b) Imports and exports between the United banks shall file promptly with the appropriate Federal States and such areas shall not involve, directly Reserve Bank monthly reports setting forth the deor indirectly, property in which any blocked coun- tails of such transactions during such period. try or any national thereof, other than the Netherlands or any national thereof, has an interest, or D. W. BELL, has had an interest since the effective date of the Acting Secretary of the Treasury. Order. (2) Banking institutions within the United States Treasury Department, Office of the Secretary, engaging in any transactions authorized by this gen- June 7, 1941 eral license shall file promptly with the appropriate General License No. 21, as Amended, Under Execu- Federal Reserve Bank monthly reports setting forth tive Order No. 8389, as Amended, and Regulations the details of such transactions during such period, Issued Pursuant Thereto, Relating to Transactions including appropriate identification of the accounts in Foreign Exchange, etc.* which are debited or credited in connection with any such transaction. (1) A general license is hereby granted licensing D. W. BELL, the Netherlands Trading Society East, Ltd., London Acting Secretary of the Treasury. and the Netherlands Trading Society East, Inc., Delaware as generally licensed nationals. Any transaction engaged in by the Netherlands Trading Society Trsasury Department, Office of the Secretary, East, Ltd., London pursuant to the order of or for June 7, 1941 the account of any other national of the Netherlands, General License No. 18, as Amended, Under Execu- or by the Netherlands Trading Society East, Inc., tive Order No. 8389, as Amended, and Regulations Delaware pursuant to the order of or for the account Issued Pursuant Thereto, Relating to Transactions of any person in the Netherlands East Indies or the in Foreign Exchange, etc.* Netherlands West Indies, is also hereby authorized A general license is hereby granted licensing- the to the same extent, and under the same circumstances, New York office of the French American Banking as though such transaction were solely for the account Corporation as a generally licensed national. of such banking institutions; provided, however, that this authorization shall not be deemed to permit any D. W. BELL, payment, transfer or withdrawal from any blocked Acting Secretary of the Treasury. account. (2) Banking institutions within the United States Treasury Department, Office of the Secretary, making any payment, transfer or withdrawal from June 7, 1941 the accounts of the aforementioned banking institutions shall file promptly with the appropriate Federal General License No. 19, as Amended, Under Execu- Reserve Bank monthly reports setting forth the detive Order No. 8389, as Amended, and Regulations tails of such transactions during such period. Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, etc.* D. W. BELL, (1) A general license is hereby granted licensing Acting Secretary of the Treasury. as generally licensed nationals: Treasury Department, Office of the Secretary, * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public June 7, 1941 Resolution No. 69, 76th Congress ; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order General License No. 22, as Amended, Under Execu- 8405, May 10, 1940 ; Ex. Order 8446, June 17, 1940 ; Ex. Order 8484, July 15, 1940 ; Ex. Order 8493, July 25, 1940 ; Ex. Order tive Order No. 8389, as Amended, and Regulations 8565, October 10, 1940; Ex. Order 8701, March 4, 1941; Ex Issued Pursuant Thereto, Relating to Transactions Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; in Foreign Exchange, etc.* Ex. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940, July 15, 1940, October 10. A general license is hereby granted licensing the 1940, March 4, 1941, March 13, 1941, March 24, 1941 and April 28, 1941. London and New York offices of ths Banque Beige 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint pour l'Etranger (Overseas), Limited as generally ing, but not by way of limitation, any transfer of licensed nationals. Any transaction engaged in by credit, or payment of an obligation, expressed in the London office of such bank pursuant to the order terms of the currency of any foreign country. of or for the account of any other national of Belgium This general license should not be employed to is also hereby authorized to the same extent, and make any payment or transfer of credit comprising under the same circumstances, as though such transan integral part of a transaction which cannot be action were solely for the account of such office of effected without the subsequent issuance of a further such bank; provided, however, that this authorization license. shall not be deemed to permit any payment, transfer or withdrawal from any blocked account. D. W. BELL, Acting Secretary of the Treasury. D. W. BELL, Acting Secretary of the Treasury. Treasury Department, Office of the Secretary, June 14, 1941 Treasury Department, Office of the Secretary, General License No. 42 Under Executive Order No. June 7, 1941 8389, April 10, 1940, as Amended, and Regulations General License No. 40, as Amended, Under Execu- Issued Pursuant Thereto, Relating to Transactions tive Order No. 8389, as Amended, and Regulations in Foreign Exchange, Etc\ Issued Pursuant Thereto, Relating to Transactions A general license is hereby granted licensing as in Foreign Exchange, etc.* generally licensed nationals individuals who have A general license is hereby granted licensing as been domiciled in and residing only in the United generally licensed nationals the New York offices of: States at all times on and since the effective date of the Order and at all times on and since June 17, 1940, (a) The Hellenic Bank Trust Company; if such effective date is subsequent to June 17, 1940: (b) the Bank of Athens Trust Company; and provided, however, that this license shall not be (c) the Bank of Athens Safe Deposit Company deemed to license as a generally licensed national any of New York. individual who is a national of a foreign country by D. W. BELL, reason of any fact other than that such individual Acting Secretary of the Treasury. has been a subject or citizen of a foreign country at any time on or since such effective date. Treasury Department, Office of the Secretary, Reports on Form TFR-300 are not required to be June 14, 1941 filed with respect to the property interests of any General License No. 1, as Amended, Under Execu- individuals licensed herein as generally licensed native Order No. 8389, April 10, 194-0, as Amended,tionals. and Regulations Issued Pursuant Thereto, Relat- D. W. BELL, ing to Transactions in Foreign Exchange, Etc\ Acting Secretary of the Treasury. A general license is hereby granted authorizing any payment or transfer of credit to a blocked ac- Treasury Department, Office of the Secretary, count in a domestic bank in the name of any blocked June 14, 1941. country or national thereof providing the following General License No. 43 under Executive Order No. terms and conditions are complied with: 8389, April 10, 1940, as Amended, and Regulations (1) Such payment or transfer shall not be made: Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, etcf (a) From any blocked account in a domestic bank; or A general license is hereby granted licensing the (b) From any other blocked account if such pay- following as generally licensed nationals: ment or transfer represents, directly or indirectly, (a) Swiss American Corporation, New York; and a transfer of the interest of a blocked country or (b) The New York agencies of: national thereof to any other country or person. (i) Credit Suisse; and (2) This general license shall not be deemed to (ii) Swiss Bank Corporation. authorize: D. W. BELL, (a) Any payment or transfer to any blocked Acting Secretary of the Treasury. account held in a name other than that of the blocked country or national thereof who is the ulti- Treasury Department, Office of the Secretary, mate beneficiary of such payment or transfer; or June 14, 1941. (b) Any foreign exchange transaction includ- General License No. 4.4, under Executive Order No. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public 8389, April 10, 1940, as Amended, and Regulations Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order Issued Pursuant Thereto, Relating to Transactions 6560 Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May 10, 1940 ; Ex. Order 8446, June 17, 1940 ; Ex. Order in Foreign Exchange, etc\ 8484, July 15, 1940 ; Ex. Order 8493, July 25, 1940 ; Ex. Order 8565, October 10, 1940; Ex. Order 8701, March 4, 1941 ; Ex The Roman Curia (or Curia Romana) of the Vati- Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; can City State is hereby licensed as a generally li- Ex. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as censed national and all persons to the extent that amended May 10, 1940, June 17, 1940, July 15, 1940, October 10, 1940, March 4, 1941, March 13, 1941, March 24, 1941 and April they are acting for and on behalf of the Vatican City 28, 1941. State are hereby licensed as generally licensed naf Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. tionals. 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941; Regulations, April 10, 1940, as amended D. W. BELL, June 14, 1941. Acting Secretary of the Treasury. JULY 1941 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, for such purposes does not exceed in any one week June 14, 1941. the average weekly payroll, for such employees of such organization, during the six months' period General License No. 45 under Executive Order No. immediately preceding the date of this license. 8389, April 10, 191+0, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions (2) Any bank effecting any such payment, transin Foreign Exchange, etcf fer or withdrawal shall satisfy itself that such pay- (1) A general license is hereby granted authoriz- ment, transfer or withdrawal is being made pursuant ing any banking institution within the United States to the terms and conditions of this general license. to make payments from blocked accounts, other than (3) Each such organization shall promptly file blocked accounts of Norway, Denmark, the Nether- weekly reports in triplicate with the appropriate lands, Belgium, Luxembourg, France, Latvia, Es- Federal Reserve Bank with respect to any such paytonia, Lithuania, Rumania, Bulgaria, Hungary, Yugo- ments, transfers or withdrawals made from its slavia, or Greece, or any national thereof: blocked accounts during the reporting period. Such report shall include: (a) the total amount of such A. Of checks and drafts drawn or issued prior payments, transfers or withdrawals made during to June 14 1941, and to accept and pay and debit such period; (b) the names and addresses of the to such accounts drafts drawn prior to June 14, domestic banks holding the blocked accounts from 1941, under letters of credit provided: which such payments, transfers or withdrawals were (1) The amount involved in any one payment, made, and the amount of such payments, transfers acceptance, or debit does not exceed $500; or or withdrawals made from the blocked accounts in (2) The amount involved in any one payment, each bank; and the first weekly report filed by such acceptance, or debit does not exceed $10,000 and organization shall include (c) comparable data for the check or draft was within the United States each of the six months preceding the date of this in process of collection on or prior to June 14, license. 1941; and (4) The provisions of this license shall not be B. Of documentary drafts drawn under irrevo- applicable to the accounts of any such organization cable letters of credit issued or confirmed by a which is a national of Norway, Denmark, the Netherdomestic bank prior to June 14, 1941. lands, Belgium, Luxembourg, France, Latvia, Estonia, Lithuania, Rumania, Bulgaria, Hungary, Yugo- (2) This general license shall not be deemed to slavia, or Greece. authorize any payment to a blocked country, or na- (5) This license shall expire at the close of busitional thereof, except payments into a blocked ac- ness on July 15, 1941. count in a domestic bank unless such foreign country D. W. BELL, or national is otherwise licensed to receive such pay- Acting Secretary of the Treasury. ments. (3) Banking institutions making any payment or Treasury Department, Office of the Secretary, debit authorized by this general license shall file June 14, 1941. promptly with the appropriate Federal Reserve Bank weekly reports showing the details of such transac- General License No. 4-7 under Executive Order No. tions. 8389, April 10, 1940, as Amended, and Regulations (4) This license shall expire at the close of busi- Issued Pursuant Thereto, Relating to Transactions ness on July 14, 1941. in Foreign Exchange, etcf D. W. BELL, A general license is hereby granted licensing Banco Acting Secretary of the Treasury. di Napoli Trust Company of New York as a generally licensed national. Treasury Department, Office of the Secretary, D. W. BELL, June 14, 1941. Acting Secretary of the Treasury. General License No. 46 under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Treasury Department, Office of the Secretary, Issued Pursuant Thereto, Relating to Transactions June 14, 1941. in Foreign Exchange, etcf General License No. 47A under Executive Order No. (1) A general license is hereby granted authoriz- 8389, April 10, 1940, as Amended, and Regulations ing payments, transfers or withdrawals from blocked Issued Pursuant Thereto, Relating to Transactions accounts, in domestic banks, of any partnership, asso- in Foreign Exchange, etcf ciation, corporation or other organization engaged A general license is hereby granted licensing Banco in commercial activities within the United States di Napoli Trust Company, Chicago, Illinois, as a and which is a national of any blocked country for generally licensed national. the purpose of paying current salaries, wages or D. W. BELL, other compensation due employees of such organiza- Acting Secretary of the Treasury. tion, provided that: (a) such employees are engaged in employment Treasury Department, Office of the Secretary, in and residing in the United States; and June 14, 1941. (b) the total payments, transfers or withdrawals General License No. 4-8 Under Executive Order No. from blocked accounts of any such organization 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions f Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. in Foreign Exchange, etcf 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Orde^ A general license is hereby granted authorizing 8785, June 14, 1941; Regulations, April 10, 1940, as amended June 14, 1941. banking institutions within the United States to com- 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint plete, on or before June 17, 1941, purchases and sales of, or pursuant to the direction of the Government made prior to 11 A. M., Eastern Standard Time, June of Sweden or the Sveriges Riksbank, such trans- 14, 1941, of securities purchased or sold for the ac- action shall not be effected until a representative count of any foreign country designated in Section in New York, New York, of the Swedish Legation, 3(j) of the Order, or any national thereof, provided designated for such purpose by the Minister of that Sweden to the United States, has certified in writing that the Government of Sweden has de- (a) the proceeds of such sale are credited to a termined that such transaction complies with the blocked account in a banking institution in the conditions of paragraphs (a) and (b) above. name of the person for whose account the sale was made; and (2) This license shall not be deemed to permit any (b) the securities so purchased are held in a payment, transfer or withdrawal from any blocked blocked account in a banking institution in the account other than blocked accounts in the name of name of the person for whose account the purchase the Government of Sweden or the Sveriges Riksbank, was made. until the said representative in New York, New York, of the Swedish Legation has certified, with Banking institutions within the United States enrespect to the transaction, as provided in paragraph gaging in any transactions authorized by this General (1) (c) above. License shall file promptly with the appropriate Fed- (3) This general license shall not apply with eral Reserve Bank reports setting forth the details respect to any national of Sweden who is also a naof such transactions; including the name of the pertional of any other blocked country. son for whose account the purchase or sale was made, (4) Banking institutions within the United States the nationality of such person, the price at which engaging in any transactions authorized by this each such purchase or sale was made, a description general license shall file promptly with the approof the securities purchased or sold, the date of the priate Federal Reserve Bank weekly reports setting purchase or sale, an appropriate identification of the forth the details of transactions effected by them blocked account to which the proceeds of such sale under this license. were credited and in which the securities so purchased are held, and the name of the banking insti- (5) As used in this general license, the "Governtution holding such blocked account. ment of Sweden" shall include the government of any political subdivision (territories, dependencies, This General License shall not be deemed to possessions, states, departments, provinces, counties, authorize: municipalities, districts or other places subject to (a) The purchase or sale of any security regis- the jurisdiction thereof), or any political agency or tered or inscribed in the name of any blocked coun- instrumentality of the government. try or any national thereof; E. H. FOLEY, JR., (b) Any transaction for which a license is re- Acting Secretary of the Treasury. quired under Section 2A(1) of the Order unless the provisions of General License No. 25 have been Treasury Department, Office of the Secretary, complied with; or any transaction for which a June 20, 1941. license is required under Section 2A(2) of the General License No. 50 under Executive Order No. Order., 8389, April 10, 1940, as Amended, and Regulations D. W. BELL, Issued Pursuant Thereto, Relating to Transactions Acting Secretary of the Treasury. in Foreign Exchange, etc.f (1) A general license is hereby granted licensing Treasury Department, Office of the Secretary, any transaction referred to in Section 1 of the Order, June 20, 1941. if such transaction is by, or on behalf of, or pursuant to the direction of the Government of Switzerland General License No. 4,9 under Executive Order No. or the Banque Nationale Suisse, provided, that: 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions (a) Such transaction is not by, or on behalf of, in Foreign Exchange, etc.\ or pursuant to the direction of any blocked country or any national thereof, other than Switzerland or (1) A general license is hereby granted licensing a national of Switzerland; and any transaction referred to in Section 1 of the Order, (b) Such transaction does not involve property if (i) such transaction is by, or on behalf of, or in which any blocked country or national thereof, pursuant to the direction of Sweden, or any national other than Switzerland or any national of Switzerthereof, or (ii) such transaction involves property in land, has at any time on or since the effective date which Sweden, or any national thereof, has at any of the Order had any interest. time on or since the effective date of the Order had any interest, provided, that: Any transaction engaged in by the Government of Switzerland or the Banque Nationale Suisse pursu- (a) Such transaction is not by, or on behalf of, ant to the order or for the account of any other or pursuant to the direction of any blocked coun- national of Switzerland is also hereby authorized to try or any national thereof, other than Sweden or the same extent, and under the same circumstances, any national of Sweden; and as though such transaction were solely for the ac- (b) Such transaction does not involve property count of the Government of Switzerland or the in which any blocked country or any national Banque Nationale Suisse. thereof, other than Sweden or any national of Sweden, has at any time on or since the effective t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order date of the Order had any interest; and 8785, June 14, 1941 ; Regulations, April 10, 1940, as amended (c) If such transaction is not by, or on behalf June 14, 1941. 627 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint (2) This general license shall not be deemed to of any political subdivision (territories, dependencies, permit any payment, transfer or withdrawal from possessions, states, departments, provinces, counties, any blocked account, other than blocked accounts in minicipalities, districts or other places subject to the name of the Government of Switzerland or the the jurisdiction thereof), or any political agency or Banque Nationale Suisse, except as provided in para- instrumentality of the government. graph (3) of this general license. E. H. FOLEY, JR., (3) This general license also authorizes any pay- Acting Secretary of the Treasury. ment or transfer of credit or transfer of securities from a blocked account in which any national of Switzerland has an interest to a blocked account in Treasury Department, Office of the Secretary, June 24, 1941. a domestic bank in the name of the Banque Nationale Suisse, if, prior to any such payment or transfer, the General License No. 51 under Executive Order No. instructions to effect such payment or transfer are 8389, April 10, 1940, as Amended, and Regulations confirmed by the Banque Nationale Suisse; provided, Issued Pursuant Thereto, Relating to Transactions however, that this authorization shall not be deemed in Foreign Exchange, etc.f to authorize any payment or transfer of credit or transfer of securities from a blocked account in which (1) A general license is hereby granted licensing any national of a blocked country, other than Switzer- the Union of Soviet Socialist Republics as a generally land, has an interest, or has had an interest at any licensed country. time on or since the effective date of the Order. (2) As used in this general license: (4) This general license shall not apply with re- Any foreign country licensed as a "generally spect to any national of Switzerland who is also a licensed country", and nationals thereof, shall be national of any other blocked country. regarded for all purposes as if such foreign country (5) Banking institutions within the United States were not a foreign country designated in the Order. engaging in any transactions authorized by this general license shall file promptly with the appro- E. H. FOLEY, JR., priate Federal Reserve Bank weekly reports setting Acting Secretary of the Treasury. forth the details of transactions effected by them under this license. f Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order (6) As used in this general license, the "Govern- 8785, June 14, 1941 ; Regulations, April 10, 1940, as amended ment of Switzerland" shall include the government June 14, 1941. 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtom the Jsoatd 5 @otte5pondence Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN. tke J?u4tem'5 Participation in the ffefienle fttogtam QUESTION variety of information they need in filling Will you explain what the relationship is between Government orders for defense goods. They the Federal Reserve System and the Office of Pro- inform individual firms of supplies for which duction Management? the Government is requesting bids and furnish technical advice in submitting bids and ANSWER closing contracts; they also notify the Gov- IN addition to cooperating with the defense ernment's purchasing agents of the various agencies by performing functions within firms that may be in a position to manufacthe usual sphere of its activities, the Federal ture supplies of specific sorts. Reserve System has been cooperating closely The Priorities Division is now establishing with the Defense Contract Service, a unit of field offices in a number of Reserve Banks the Office of Production Management, in aidand branches. These regional offices will ing producers and the Government in makbe able to help and advise businessmen and ing and financing defense contracts. An manufacturers who have questions about official of each Reserve Bank and each branch priorities. has been designated as a Federal Reserve The 12 Reserve Banks and their 24 Defense Contract Officer. The task of these branches in 36 leading cities are so distribofficers is to advise banks and contractors uted that they offer close contact with every on financial problems connected with the part of the country. In addition, the System defense program, including assignment of is connected by special telegraphic service claims, contract interpretation, etc. They centered in the Federal Reserve Building in are often instrumental in arranging for loans Washington. This service is utilized daily from banks or Government lending agencies by the Office of Production Management in to supplement the credit which defense procommunicating with its field offices and by ducers can get from their regular banking the United States Treasury in the transfer connections. of Government funds and in other ways. The Defense Contract Service has estab- The Reserve Banks in their capacity as lished an office at each Reserve Bank and fiscal agents for the Treasury Department each branch, and placed a coordinator in perform a number of important functions charge of each office. Under each coordinator there is a manager and a technical staff relating to the program of national defense, with engineering and industrial experience. particularly in connection with the sale of These officers and their staffs endeavor to Defense Savings Bonds and in work caused help bring together primary contractors and by the "freezing" of all property in the subcontractors and to furnish small and United States of certain foreign countries medium-sized local producers with the wide and their nationals. flank d?tedit and Dt5 Relation to QUESTION ANSWER It has been stated that excess reserves of member THE term "bank credit" usually refers to banks of the Federal Reserve System at the end of the loans and investments of commercial 19%0, provided a base for more than doubling the banks. However, for certain purposes loans existing supply of bank credit. What precisely is meant by bank credit and is this statement true? and investments of savings bank are in- JULY 1941 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence eluded. Bank deposits bear a close relation- been about $56,000,000,000 greater. Such an ship to loans and investments, generally expansion on the basis of existing excess reincreasing or decreasing as loans and invest- serves, while theoretically possible, is very ments increase or decrease. unlikely because it could occur only if suitable Total loans and investments of all banks loans and investments were available and if in the United States were $54,200,000,000 on banks were willing to extend credit to the December 31, 1940. On the same date total limit of their reserves. Moreover, it is likely deposits at all banks in the United States, that as deposits increased, the public would excluding interbank deposits and adjusting withdraw a part of them in cash, thereby for items in process of collection, were about increasing the amount of money in circula- $63,000,000,000, and required reserves were tion and reducing bank reserves. It should $7,440,000,000. In other words, there were be noted also that the above mentioned ratio $8.50 of deposits for each dollar of required of required reserves to deposits would change reserves. If excess reserves, which amounted to $6,550,000,000 on the same date, had served if the distribution of deposits among different as a basis for additional deposits in the same classes of banks and between time and deratio, the total volume of deposits would have mand accounts changed. off JZawfiul Atone QUESTION ing notes of Federal Reserve Banks and national banking associations) heretofore or hereafter Would it be correct to say that "lawful money of coined or issued, shall be legal tender for all the United States" as used in Section 16 of the Feddebts, public and private, public charges, taxes, eral Reserve Act means any currency in denominaduties, and dues, except that gold coins, when tions of $1 or more? below the standard weight and limit of tolerance provided by law for the single piece, shall ANSWER be legal tender only at valuation in proportion WITH respect to that provision of law to their actual weight." which requires every Federal Reserve Accordingly, all coins and currencies of the Bank to maintain reserves in gold certificates United States may now be regarded as lawful or "lawful money" of not less than 35 per money. At one time, as you probably know, centum against its deposits, you ask whether it was provided by law that minor coins and it would be correct to say that "lawful money", as here used, means any money is- subsidiary silver coins were not legal tender sued by the Government directly, in denomi- in making payments above certain specified nations of $1 or more. amounts. While this provision of the law has Such a statement would not be correct in not been expressly repealed, the broad lanlimiting the amount to $1 or more. While the guage of the 1933 amendment above quoted term "lawful money" is not defined by law, would seem to indicate an intention to remove the decisions of the courts indicate that that any limitation upon the amounts for which term includes the classes of money which are minor coins or any other coins or currencies declared by the laws of the United States to of the United States may be used as legal be legal tender. Section 43 (b) (1) of the tender. It should be noted that, while Fedso-called Thomas Amendment of May 12, eral Reserve notes are regarded as lawful 1933, as amended by the Public Resolution of money, as a matter of practical operation June 5,1933, provides that: they are not counted as part of a Federal Reserve Bank's reserve against deposits "All coins and currencies of the United States (including Federal Reserve notes and circulat- maintained with it. 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Admissions of State Banks to Membership in the Federal year term ending December 31, 1943. Mr. Reserve System Paul is a member of the law firm of Lord, Day & Lord, New York, New York. The following State banks were admitted On June 11, 1941, the Board announced the to membership in the Federal Reserve System appointment, effective July 1, 1941, of Winduring the period May 16, 1941, to June 15, field W. Riefler, Princeton, New Jersey, as a 1941, inclusive. Class C director of the Federal Reserve Bank Illinois of Philadelphia for the unexpired portion of Clay City—The Clay City Banking Co. the term ending December 31, 1941. Dr. Riefler is Professor in the School of Econom- Indiana ics and Politics of the Institute for Advanced Bourbon—The First State Bank, Bourbon, Study, Princeton, and a trustee of the Insti- Indiana tute. Iowa The Federal Reserve Bank of Dallas on Auburn—Auburn Savings Bank June 17, 1941, announced the election of J. E. Woods, President of the Teague National New Jersey Bank, Teague, Texas, as a Class A director Washington—Washington Trust Company of of the Bank for the unexpired portion of the Washington, N. J. term ending December 31, 1941. New York Appointment of Deputy Chairman of the Federal Reserve East Aurora—Erie County Trust Company Bank of Philadelphia Northville—The Northville Bank The Board, on June 27, 1941, announced Ohio that Warren F. Whittier, farmer, dairyman Genoa—The Genoa Banking Company and cattle breeder, Douglassville, Pennsyl- Luckey—The Exchange Bank of Luckey vania, had been designated Deputy Chairman New Waterford—The New Waterford Savings of the Federal Reserve Bank of Philadelphia and Banking Company for the remainder of the current year to suc- Niles—The Niles Bank Company ceed Alfred H. Williams, who resigned effective July 1 to become President of the Fed- Federal Reserve Meetings in Washington eral Reserve Bank. Mr. Whittier has served The Federal Open Market Committee had as a Class C director of the Bank since his its second meeting of the year on June 10, appointment as such on December 1, 1939. and on June lla conference of the Presidents of the Federal Reserve Banks was held. Resignation of Class B Director The Federal Reserve Bank of Boston has Appointment of Directors accepted, effective July 1, 1941, the resigna- The Board of Governors on June 6, 1941, tion tendered by Edward S. French, of announced the appointment of Randolph E. Springfield, Vermont, President of Boston Paul, New York, New York, as a Class C and Maine Railroad, as a Class B director of director of the Federal Reserve Bank of New the Bank. Mr. French had served as a Class York for the unexpired portion of the three- B director since January 1, 1932. JULY 1941 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memltet Sank O^petatlncj ]Qatio5 1940 9 AVERAGES of operating ratios of member profits on capital accounts were somewhat banks for 1940, grouped by Federal Re- lower in 1940 than in the previous year. The serve districts, by size of bank, and by pro- rate of dividends on capital accounts changed portionate holdings of time deposits are pre- very slightly. sented on pages 685-699 of this BULLETIN. The proportion of total capital accounts These averages of operating ratios differ to total assets (and to total deposits) defrom the ratios of earnings computed from creased on the average in 1940, but the ratio the aggregate dollar figures (which are pub- of capital accounts to loans, securities, and lished from time to time in the BULLETIN) in real estate assets remained unchanged at that the ratio averages give an equal weight 20.0 per cent. to each bank whether large or small and are greatly influenced by the large number of SELECTED OPERATING RATIOS—MEMBER BANKS small banks, whereas the dollar aggregates [Percentage figures; averages of individual bank ratios] are dominated by the figures of large banks.1 Item 1937 1938 1939 1940 Some of the average operating ratios that have been computed for the past four years Ratios to total earnings: are shown in the accompanying table. These Interest and discount on loans 49.7 52.2 54.5 57.5 Interest and dividends on securities. 34.8 32.3 29.8 26.6 ratios show that member banks on the aver- S A e ll r v o i t c h e e c r h e a a r r g n e i s ngs •15.5 / \ 1O 5 . . 3 2 1 5 0 . . 4 3 1 5 0 . . 7 2 age derived an appreciably larger proportion Total earnings 00.0 100.0 100.0 100.0 of their total earnings from loans in 1940 Salaries and wages 28. 1 28.9 29.2 29.9 Interest on time deposits _ 19.1 18.3 17.1 16.3 than in the three preceding years, notwith- T A a ll x o es ther expenses .25.6 24.6 \18 6 . . 8 4 1 7 8 . . 2 9 standing a slightly lower average rate Total expenses 71.8 71.5 72.3 charged on loans. The average ratio of loans Net earnings 27.2 28.2 28.5 27.7 Net charge-offs, etc.. 5.8 9.8 4.6 6.2 to total assets increased only 1 per cent over Net profits 21.4 18.4 23.9 21.5 1939, but in dollar terms there was a con- Ratios to total assets:1 siderable increase in loan holdings and the Total earnings. _ 3 9 4.0 3.8 3.7 gain appears to have been participated in by Total expenses. 2. 8 2.9 2.7 2.6 a majority of the banks. The average ratio Net earnings 1.1 1.1 1.1 Net charge-offs, etc.- .2 .4 .3 of interest and dividends on securities to total Net profits .9 earnings declined again in 1940, as a result Loans 34.2 34.7 35.7 of both smaller proportionate holdings of Securities 35.7 32.5 29.6 Total capital accounts. 14.2 13.9 13.4 securities and lower rates of income on them. Average rates of net earnings and net Other ratios: Net earnings to total capital accounts 8.6 8.7 8.6 8.4 Net profits to total capital accounts 6.6 5.6 7.0 6.5 1 For operating ratios for previous years see Federal Reserve Dividends to total capital accounts () 2.9 3.0 BULLETIN for June 1940, June 1939, and August 1938. The oper- Interest and discount on loans to loans 6.2 6.2 6.2 6.1 ating ratio averages are useful primarily for the purpose of Interest and dividends on securities to sestudying the financial results of operations of individual banks. curities 3.5 3.4 3.3 3.1 For analyses of bank earnings in general, the aggregate dollar figures and ratios computed from them (such as were published in the May 1941 BULLETIN) are probably more significant. Articles 1 For the years 1937 and 1938 these ratios are to total available funds analyzing aggregate figures of bank earnings were published in (i. e., capital accounts, deposits, and borrowed money) instead of total the May 1940 BULLETIN, pages 395-400, and the February 1938 assets. The effect of this difference on the averages shown is negligible. BULLETIN, pages 102-115. 2 Not computed. 632 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Htltlllt White }&a&Qt on Wat rlnanca i THERE is published below the text of a must not be looked upon as one of a new British Government White Paper presented annual series". He further explained as to Parliament on April 7 last by the Finan- follows the publication of more extensive cial Secretary to the British Treasury, under information in time of war than in time of the title: "An Analysis of the Sources of War peace: "For one thing, our tasks require a Finance and an Estimate of the National In- more comprehensive knowledge, and, seccome and Expenditure in 1938 and 1940". ondly, we know more because a much larger This paper, together with the usual Finan- part of the national economic life falls within cial Statement, was issued in connection with the purview of Government Departments." the annual budget speech of the Chancellor The White Paper contains two series of of the Exchequer, and was designed to eluci- statistical estimates, the first prepared in date statistically some of the fundamental the Treasury and the second in the Central bases of British fiscal policy. The Chancellor Statistical Office, a war-time agency estabstated in his budget speech that the White lished by the Prime Minister to assemble in- Paper was made public only "after a good formation for the War Cabinet and Governdeal of consideration", and warned the House ment Departments. It should be noted that that "while I have thought it right to publish the Treasury studies relate to "war years", this paper as an additional source of study the first of which commenced September 1, for those in particular who have made a spe- 1939, while the Central Statistical Office cial study of national finance, the publication data were prepared for calendar years. 1.—AN ESTIMATE DESIGNED TO ANALYSE THE SOURCES OF WAR FINANCE (Prepared in the Treasury) TABLE I TABLE II (Million £) Analysis of forms of sterling public loans Year Half year (Million £) Sept. 1, Sept. 1, 1939- 1940- Year Half year Aug. 31, Feb. 28, Sept. 1, Sept. 1, 1940 1941 1939- 1940- Aug. 31, Feb. 28, Total Government expenditure * 2,633 2,108 1940 1941 Less: Increase in departmental Post Office and trustee savings and Exchequer balances 36 34 banks 82 95 National savings certificates True expenditure 2,597 2,074 (net) 125 83 Less: Revenue 1,148 837 Defence bonds 146 84 1,449 1,237 Other public issues (net)2 261 385 Less: Net extra-budgetary re- Fiduciary issue (increase) .... 50 ceipts of public departments Treasury bills held by the mar- (excluding the savings banks ket (net) 458 —29 and the proceeds of sale of Bankers' deposit receipts 30 325 pre-war resources of the Exchange Equalisation Fund) . . 113 90 1,152 943 An analysis of the ultimate sources from 1,336 1,147 Less: Proceeds of sale of pre- which the aggregate of sterling public loans war resources of the Ex- set forth in Table II has been subscribed, change Equalisation Fund. . . 184 204 involves several elements of estimation.3 A portion of the amount subscribed represents Net amount borrowed through sterling public loans 1,152 943 2 Gross public issues less securities redeemed, less purchases of Government securities (both of new issues and of pre-war issues) 1 Comprising Exchequer expenditure plus net Exchequer issues by Public Departments. of a capital nature (e.g. Overseas Trade Guarantees Act, 1939, 3 The figures for the first half of the second year of the war and similar Acts), plus £9 million for Telephone Capital Ad- may also be subject to subsequent revision in detail when certain vances (net). final figures, not yet to hand, are available. JULY 1941 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

British White Paper on War Finance (1) the re-investment by residents of the held by individuals as well as sums actually cash proceeds of overseas capital resources, invested by them. which they have sold themselves or which the The residue in the following Table and that Treasury have acquired from them, after in Table C (item 27) below, prepared by allowing for cash absorbed by the re-pur- the Central Statistical Office, have been comchase of British securities from overseas, and puted on the same basis, and differ only in (2) the employment of the net increase of that the two calculations cover different perioverseas balances in London after allowing ods, that overseas resources have been sepafor foreign balances withdrawn; the total rately deducted in Table III and that Table C of these two items is estimated altogether at deals with gross, as opposed to net, savings £358,000,000 in the first year of the war and (see below). The residue in Table C also at £275,000,000 in the first half of the second corresponds closely to the sum of "disinvestyear. ment" as shown in Table A (item 10) and gross personal savings as shown in Table B The deduction of £358,000,000 and £275,- (item 25). The fact that these last figures 000,000 from the total of sterling public loans, agree in total with the figure in Table C (item leaves the following amounts borrowed from 27) reached by an independent method is strictly domestic sources:— some confirmation of the reliability of the First year of war First half of second year Tables. It has also been ascertained that any £794,000,000 £668,000,000 substantial alteration would involve consequential changes in other items which are These figures include the increase or de- judged to be improbable in the light of other crease in sums held against taxes accrued information available. At the same time, but not yet due, estimated at an increase of these estimates being in the nature of re- £140,000,000 in the first year of the war and siduals are subject to a greater possible error a decrease of £20,000,000 in the first half of than the estimates, based on direct evidence, the second year. The first of these estimates from which they have been derived. is explained by the higher rates of accrual of taxation imposed in the 1940 Budgets not TABLE III yet reflected in tax collections; whilst the The above analysis can be brought together corresponding estimate at the end of the first as follows:— half of the second year would have shown (Million £) a much greater reduction if the effect of the First First seasonal collection of income-tax had not been year half of offset by a substantial increase in Excess of second Profits Tax accrued but not yet collected. war year A further item in this total can be reached Revenue 1,148 837 with some accuracy. It is estimated that the Extra-budgetary receipts of savings of local authorities and of institu- Public Departments 113 90 tions and the undistributed profits of com- Overseas sources (see below) . . 542 479 panies accounted approximately for £272,- Increase (or decrease) of tax 000,000 in the first year of the war, and £131,- accruals 140 —20 000,000 in the first half of the second year. Savings of local authorities and of institutions, and undistrib- Adjusting for these two factors we are uted profits of companies ... 272 131 left with a residue of:— Residue, being re-investment of First year of war First half of second year sums realised from certain £382,000,000 £557,000,000 domestic capital assets and net current personal savings 382 557 This residue is made up of (1) the re-investment of sums realised from certain do- Government expenditure 2,597 2,074 mestic capital assets, specified in more detail If calculated to the nearest £10,000,000 for below, for which their owners have received the first year of war and for the first half of cash, and (2) the amount provided out of net the second year on the same basis as has been current personal savings, including in this employed in Tables A and B below, the "reany additional bank balances or bank notes investment" and "savings" portions of the 634 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

British White Paper on War Finance residue in Table III would work out respec- has been absorbed to the extent that private tively, subject to the same qualifications as firms have financed munitions and other to accuracy, as follows:— goods which they are producing for the Government, and where they have had to replen- (Million £) First First ish their stocks at a higher level of price; but year half of the sums thus required have been diminished of second by the substantial amounts released through war year the Government taking over large stocks pre- Re-investment of domestic capviously held and financed privately, and by a ital assets 60 240 reduction in the volume of stocks of finished Net personal savings 320 320 and unfinished goods which are no longer being produced on a peace-time scale (for It is also important to observe that the example, motor cars). A further contribuabove figure of savings is net, i.e. after maktion comes from the proceeds of sales of other ing good death duties and certain other excapital assets, such as land and buildings, to penses usually charged against capital. To the Government; and also from the receipts give gross savings, which represent what is of compensation for loss from Government usually understood by "current savings", it insurance schemes not yet re-invested in reis necessary to add roughly £90,000,000 in placing the lost property. the first year of war and £40,000,000 in the first half of the second year, bringing gross The total figure thus arrived at was relapersonal savings to £410,000,000 and £360,- tively small in the first year of the war partly 000,000, respectively. These are the figures for the reason already given, that private which (subject to difference of period) are investment and replacement was more norcomparable with item 25 in Table B. mal, and partly because the main influence of the rise in the replacement prices of stocks The "re-investment" part of the residue took place during that period. It should be represents the sums made available to the pointed out that the estimated reduction in Treasury by the re-investment on the part of various assets privately held is not in any business firms and others of the cash proceeds sense a measure of the change in the national arising from the net realisation of privatelyassets as a whole. In particular it takes no owned domestic capital assets. It may be account of large stocks paid for out of the well to add a more detailed explanation of Exchequer and now held at home and abroad what is included in this item. on Government account. It has been estimated that an amount in There are no direct means of evaluating excess of £400,000,000 is annually set aside satisfactorily the several sources mentioned out of the sale proceeds of current output to in the two preceding paragraphs. The estiprovide for repairs and renewals, depreciamates of £60,000,000 and £240,000,000 for tion and obsolescence charges, and sinking "re-investment" given above turn largely, funds. In peace-time repairs and renewals as has been explained, on the validity of and new private investment are carried out Tables A and B. If it should be judged on on a scale in excess of what becomes available general grounds that the £60,000,000 and in the above way, and the balance has to be £240,000,000 require correction, counter-corfound out of new private savings. At the rections would be required both in the figure present time new private investment is at a for net personal savings or other figures in low ebb, and many normal repairs and re- Table III or both, and also in one or more of newals cannot be carried out. Thus, instead the items in Tables A and B. of these being a call on any part of new private savings, there is a net unspent balance TABLE IV available for the Exchequer of an amount considerably greater in the second year of If the sums obtained from other overseas the war than in the first year, when private sources are added to the sums raised out of activities were on a much larger scale than is the pre-war resources of the Exchange now practicable. Allowance must also be Equalisation Fund, we have the following made for the sums absorbed or released by estimate of the net expenditure financed by private financing of stocks of finished and un- sale of gold and securities or by an increase finished goods held by manufacturers, trad- of overseas liabilities, a total which is in ers, and retailers. On the one hand, money close agreement with a direct estimate which JULY 1941 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

British White Paper on War Finance has been made of the net adverse balance The net Government expenditure requirof overseas payments on income account:— ing domestic finance is the amount which (Million £) has to be met out of tax revenue and domestic First First year half of loans (apart from loans taken up out of the of war 2nd year sterling proceeds of the sale of overseas Proceeds of pre-war resources of the Exchange Equalisa- assets) ; but it is not the same thing as total tion Fund 184 204 Other overseas sources 358 275 domestic expenditure by the Government. Adverse overseas balance 542 479 Speaking generally, if there is an excess of imports for private consumption over ex- TABLE V ports, the sterling equivalent of the net It follows that the Government expenditure financed out of strictly domestic resources amount of foreign exchange thus required was as follows :— ,,,.,.. becomes available to the Exchequer, directly (Million £) or indirectly, to meet part of its domestic First First year half of outgoings. On the other hand, if there is an of war 2nd year excess of exports, the amount requiring do- True Government expenditure 2,597 2,074 Paid for out of overseas sources 542 479 mestic finance is greater than the amount of Net expenditure requiring domestic finance 2,055 1,595 domestic expenditure. 2. ESTIMATE OF THE NATIONAL INCOME AND EXPENDITURE IN 1938 AND 1940 (Prepared in the Central Statistical Office) 1. The results of this investigation are pre- moved in the quarterly estimates for 1940. sented in three tables, namely:— The effect of their retention is exemplified by Table A—Estimates of net national income and ex- the high level of personal expenditure (item penditure ; 7) at Christmas, which has the effect in the Table B—Estimates of personal incomes, personal fourth quarter of 1940 of increasing disinexpenditure, and personal savings; vestment in retail stocks included in item 9. Table C—Estimates of the net amount of funds available for government purposes from 6. Brief explanatory notes on certain items private sources. in the tables (which have been numbered 2. In view of the great changes in the situ- continuously) are attached to the tables. ation which occurred in the course of 1940, estimates are given in Table A not only for NOTES ON PARTICULAR ITEMS IN THE TABLES the year as a whole, but also for each quar- TABLE A ter. These latter estimates are necessarily 1. This item is based upon estimated assessments more approximate than those for the whole under Schedule A, adjusted to allow for increases year, and should therefore be treated as pro- since the last year of re-assessment and for the effects of air-raid damage. viding no more than a broad indication of 2. This item is based upon estimated assessments movements during the year. under Schedules B to D adjusted to exclude income 3. Any estimate of the kind now submitted due to foreigners and interest on national debt, to is necessarily only approximate in character, take account of business losses, and to include income from small property, investment income of and in the case of many items cannot do more charities, and miscellaneous government income (i.e. than measure the relative orders of magni- trading profits, investment income, and certain retude involved. This applies particularly to ceipts from abroad). estimates of those quantities which have been 3. This item is based upon estimated assessments much affected by the disturbing influences of under Schedule E, excluding weekly wage-earners assessed half-yearly. war. 4. In the case of wage-earners receiving part of 4. In all the tables the estimates are given their income in kind—e.g. members of the armed in terms of the prices current at the period forces and domestic servants—allowances have been added to their cash wages. The estimate of personal in question. expenditure (items 7 and 24) has been raised by a 5. Seasonal fluctuations have not been re- similar amount. 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

British White Paper on War Finance 5. The earnings of salaried workers or of workers Pensions, and cash benefits paid by the Assistance on their own account whose incomes are below the in- Board, (v) government contributions to social insurcome tax exemption limit have been included. ance, (vi) loan repayments and payments to Sinking 7. See note on item 4 and Introductory Note. Fund, and (vii) public assistance (outdoor relief). 8. This item excludes items of public expenditure Expenditure by the Post Office is excluded, for (a) its not involving a direct demand for goods and services, capital expenditure is included in item 10, (b) persuch as (i) interest on national debt, (ii) grants-inaid to local authorities, (iii) government contribu- sonal expenditure on postal services is included in tions in lieu of rates, (iv) non-contributory old-age item 7, and (c) business expenditure on postal services pensions, pensions administered by the Ministry of is included as a cost of production in the price of the TABLE A Estimates of Net National Income and Expenditure in 1938 and 1940 [In millions of pounds] 1938 1940 1940 Full Full First Second Third Fourth year year quarter quarter quarter quarter 1. Rents 352 370 92 93 93 92 2. Profits and interest before deduction of National Defence Contribution and Excess Profits Tax 1 178 1 514 347 387 394 386 3. Salaries __ 980 i; 135 264 276 295 300 4. Wages (including payments to armed forces and earnings of shop assistants) __ 1,820 2,483 562 622 647 652 5. Other income 85 84 21 21 21 21 6. Net national income (before deduction of direct taxes) ._ 4,415 5, 586 1,286 1,399 1,450 1,451 7. Personal expenditure at market prices. _ _ __ . _ 3,997 4,303 1,023 1,076 1,084 1,120 8. Expenditure by the government at home and abroad, and local authorities, on goods and services _.__ _ _ .. 849 3,100 558 646 887 1,009 9. Indirect taxes, rates, etc. —643 —868 — 193 —205 —227 —243 10. Net investment, or disinvestment, at home and abroad 210 *(-949) *(-102) *(—118) *(-294) *(-435) 11. Balance unaccounted for 2 12. Net national expenditure _ .. _ ... 4,415 5,586 1,286 1,399 1,450 1,451 * Obtained by subtracting the sum of items 7, 8, and 9 from item 6, and therefore dependent on the accuracy of those figures. TABLE B TABLE C Estimates of Personal Incomes, Personal Expenditure, and Estimates of the Net Amount of Funds Available for Government Personal Savings in 1938 and 1940 Purposes from Private Sources In 1938 and 1940 [In millions of pounds] [In millions of pounds] 1938 1940 13. Net national income * 4,415 5, 586 27. Gross personal savings and net disinvestment at home or abroad. *(-70) * (1,549) Add— 28. Impersonal savings (i.e. (a) undistributed 14. National Debt interest, old-age pensions, profits after deduction of direct tax liabilities social insurance benefits, etc 494 and of business losses, (b) other institutional savings, and (c) net savings of local author- Deduct— ities) . 203 281 15. Direct tax liabilities -868 29. Excess of tax liabilities over tax payments 53 193 16. Impersonal incomes after deduction of direct tax liabilities (i.e. (a) undistributed profits 30. Net amount of funds available from private less business losses, (b) investment income sources for government purposes 186 2,023 of charities, and (c) miscellaneous government income included in 2 above) 31. Total government expenditure 1, 004 3,332 17. Personal incomes (after deduction of direct 32. Total revenue r___ -885 -1,257 tax liabilities) 4,148 33. Excess of government expenditure over revenue 119 2,075 18. Food, drink, and tobacco 1,648 1,973 34. Net receipts of extra-budgetary funds -21 -139 19. Rent, rates, fuel and light, household goods, 35. Death duties and stamps on transfer of propand domestic service 959 991 erty 88 20. Clothing and laundry 469 512 21. Private motor vehicles (including running 36. Net amount of funds required for government expenses) 118 50 purposes from private sources 186 2,023 22. Other travel 169 164 23. Other goods and services 634 613 * Obtained by subtracting items 28 and 29 from item 36. Apart from 24. Total personal expenditure at market prices._. 3,997 4,303 errors of estimation, this figure should correspond to the sum of gross 25. Gross personal savings ** (151) (608) personal savings (item 25) and of disinvestment (item 10). These amount to —£59 millions in 1938 and £1,557 millions in 1940. The data 26. Personal expenditure and savings. 4,148 4,911 in Table C are mainly independent of those in Tables A and B. The result obtained in Table C affords, therefore, some evidence that the conclusions of Tables A and B are not likely to be widely inaccurate. * See item 6 (Table A above). ** Obtained by subtracting item 24 from item 17, and therefore dependent on the accuracy of those figures. JULY 1941 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

British White Paper on War Finance other goods and services enumerated in items 7, 8, PROPORTION OF NET NATIONAL INCOME DEVOTED TO and 10. Similarly, expenditure by local authorities VARIOUS PURPOSES on housing and trading services is excluded. This item includes subsidies. [Percentages] 9. This item includes receipts from (i) customs and excise duties, (ii) stamp duties other than those 1940 on the transfer of property, (iii) motor vehicle du- 1938 ties, (iv) local rates, (v) compulsory contributions First Second Third Fourth of employers to social insurance, and (vi) that part quarter quarter quarter quarter of compulsory contributions to war risks insurance which are not paid out in compensation. This item Total net national inrequires to be deducted because it is included in * come 100 100 100 100 100 items 7, 8, and 10, but not in item 6. Consumption ___ 77 66 64 62 63 10. This item includes (a) net investment or disinvestment in foreign assets, (6) net home invest- Central and local government 19 42 45 59 67 ment or disinvestment in fixed or working capital Net investment or disprivately financed (excluding disinvestment due to investment . _ _ . 4 o -9 -21 -30 war damage to property for which no compensation is paid), and (c) certain expenses connected with 15. This item is based upon estimates of the direct the investment of savings. In consequence the global tax liability accruing on incomes at current rates of figure of disinvestment in 1940 was made up of taxation and at the current level of incomes, and (i) the net loss of overseas assets plus the net in- therefore differs from actual tax payments during crease in liabilities to foreigners, (ii) the sale of the periods in question. Direct taxes include Income existing fixed capital, land, or stocks by private enter- Tax, Sur-Tax, National Defence Contribution, Excess prise to the state, (iii) that part of the normal Profits Tax, and workers' compulsory contributions allowances for depreciation, etc., which was not ac- to social insurance. tually used in replacing capital equipment, (iv) that 23. This item includes (i) newspapers, (ii) medpart of the compensation paid for war damage to ical services, (iii) hotel and restaurant services, (iv) property which was not used for the actual replaceentertainments, (v) postal services, (vi) hairdressment of the damaged property, and (v) an offsetting ing, (vii) expenditure on betting less winnings, item due to the necessity of replacing stocks at a (viii) funeral expenses, (ix) private education, (x) higher price. For the effect of seasonal fluctuations, clubs, etc. see Introductory Note. 24. See note on item 4. 25. Since item 15 includes tax liabilities and not SUPPLEMENTARY NOTE ON TABLE A actual payments of direct taxes, personal savings The proportion in which the current effort of the exclude the sums that should be set aside to meet country is devoted to each of the three categories tax liabilities in any period in which current incomes enumerated in items 7, 8, and 9 is shown when indi- are higher than those which have been the basis of rect taxes,* etc. (item 11) are deducted in the ratio assessment for actual current tax payments. in which they fall on each of these categories. During 1940 the resources devoted to personal TABLE C consumption and to the demands of the central gov- 28. Net savings of local authorities represent the ernment and local authorities together exceed the estimated difference between the capital expenditure resources available from the net national income, and of local authorities (exclusive of capital expenditure are supplemented by the resources made available on trading services and housing, which are included by disinvestment of capital assets at home and in item 27) and the gross savings of local authorities abroad. through repayment of debt, sinking fund payments, TABLE B etc. 14. This item includes (i) interest on the national 29. Since the sums which should be set aside to debt, (ii) the pensions and other items referred to meet the excess of current liabilities to direct taxes in note 8 (iv) above, (iii) unemployment insurance over actual tax payments are excluded from personal benefits, (iv) public assistance (outdoor relief), savings (items 25 and 27) and from impersonal sav- (v) cash benefits under the national health insur- ings (item 28), this item must be separately included ance scheme, (vi) contributory pensions for widows, as one of the private sources of funds for the finance orphans, and old age, and (vii) billeting allowances of government expenditure. paid by the state. 31. Expenditure based upon estimated payments by the Government includes expenditure under the * For this purpose indirect taxes have been di- Defence Loans Acts, 1937 and 1939, and under the vided into two categories: (a) those falling only on Anglo-Turkish (Armaments Credit) Agreement Act, personal consumption, such as duties on beer and 1938. It excludes (a) self-balancing expenditure, tobacco and on private motor vehicles, and rates on (b) sinking fund payments, and (c) capital expendidwelling houses, and (6) those falling on production ture by the Post Office, which is included in item 27. generally, such as duties on commercial vehicles and 32. This item excludes self-balancing revenue. rates on premises other than dwelling houses. Those 34. This item must be deducted, since the accumuin category (a) have all been deducted from the lation of monies in extra-budgetary funds reduces value of personal consumption, and those in cate- the call upon outside resources for the finance of gory (b) have been assumed to be spread evenly government expenditure. over (i) consumption, (ii) Government expenditure 35. Since this item of revenue is included in item on goods and services, and (iii) expenditure on home 32, it must be added here, for it involves a call upon investment. the gross savings of individuals or of institutions. 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/at tonal Summatu yk Compiled June 18 and released for publication June 20. Figures shoivn on charts may differ from preliminary figures used in text. AFTER a slight decline in April industrial capacity, except for a short period during activity increased sharply in May and the late April and early May when output was first half of June. Wholesale commodity reduced somewhat owing to a shortage of prices showed a further considerable advance coal. Output of nonferrous metals also conand retail prices also increased. Distribution tinued near capacity; deliveries of forof commodities to consumers was maintained eign copper in May increased to 49,000 tons, in large volume. amounting to about one-third of total deliveries to domestic consumers. Toward the end Production of the month, as it became apparent that Volume of industrial output increased combined military and civilian need for these sharply in May, following a decline in April, metals would soon greatly exceed available and the Board's seasonally adjusted index supplies, a General Preference Order coverrose to 149 per cent of the 1935-1939 average, ing all iron and steel products was issued by as compared with 140 in April and 143 in the Priorities Division of the Office of Pro- March. The decline in April had reflected duction Management and in June mandatory mainly reduced output of bituminous coal priority controls were established for copper and automobiles occasioned by shutdowns ac- and zinc. companying industrial disputes. These were Textile production rose further in May, settled during the month and in May and reflecting increased activity at cotton, wool, the first half of June output in these indus- and rayon mills. A continued rise in outtries rose to the high levels prevailing earlier. put of manufactured food products was like- In a number of other lines activity in- wise reported and activity in the chemical creased steadily throughout the spring and shoe industries was maintained at earlier months, particularly in the machinery, air- high levels, although usually there is a concraft, and shipbuilding industries. Steel siderable decline at this season. Petroleum production was maintained at 99 per cent of production increased, and output of anthra- INDUSTRIAL PRODUCTION WHOLESALE PRICES 1937 1938 1939 1940 1941 1938 1939 1940 1941 Federal Reserve index of physical volume of production, ad- Bureau of Labor statistics' indexes, 1926 z=r 100. "Other" injusted for seasonal variation, 1935-39 average = 100. Subgroups cludes commodities other than farm products and foods. By shown are expressed in terms of points in the total index. By weeks, January 5, 1935 to week ending June 21, 1941. months, January 1935 to May 1941. JULY 1941 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions cite also advanced following some curtail- ther increases from the middle of May to the ment in April. Iron ore shipments amounted middle of June and the general index of the to 11,000,000 tons in May, a new record level Bureau of Labor Statistics advanced two and near the shipping capacity of the present points to 87 per cent of the 1926 average. Lake fleet. Federal action to limit price increases was Value of construction contract awards rose extended to some consumer goods, princisharply in May, reflecting increases in pally new automobiles, hides, and certain cotboth public and private construction, ac- ton yarns. In retail markets prices of most cording to F. W. Dodge reports. Awards for groups of commodities have advanced, reprivate residential and nonresidential build- flecting in part increases in wholesale prices ing increased more than seasonally, and con- earlier this year. tracts for defense projects continued in large Bank Credit volume. Distribution Commercial loans at reporting banks in 101 cities continued to rise during the four Distribution of commodities to consumers weeks ending June 11. Bank holdings of was sustained at a high level in May. De- United States Government securities inpartment store sales showed a further rise, creased further, chiefly through the purchase while sales at variety stores declined by of bills by New York City banks and of slightly more than the usual seasonal amount. bonds by banks in other leading cities. As Retail sales of new automobiles continued at a result of the expansion in loans and investthe high April level and sales of used cars ments bank deposits continued to increase. rose further. Freight-car loadings increased sharply in United States Government Security Prices May, reflecting a marked rise in coal shipments and a further expansion in loadings of Following a rise in the latter part of May miscellaneous freight. In the first half of Treasury bond prices declined slightly in June total loadings were maintained at the the first half of June. On June 14 the 1960-65 advanced level of other recent weeks. bonds were % of a point below the all-time peak in prices of December 10. Yields on Commodity Prices both taxable and tax-exempt 3- to 5-year notes declined slightly from the middle of Wholesale prices of a number of agricul- May to the middle of June. tural and industrial commodities showed f ur- MONEY RATES IN NEW YORK CITY DEPARTMENT STORE SALES AND STOCKS 1935 1936 1937 1938 1939 1940 1941 1935 1936 1937 1938 1939 1940 1941 Weekly averages of daily yields of 3- to 5-year tax-exempt Federal Reserve indexes of value of sales and stocks, adjusted Treasury notes, Treasury bonds callable after 12 years, and for seasonal variation, 1923-25 average = 100. By months, Jan- average discount on new issues of Treasury bills offered within uary 1935 to May 1941. week. For weeks ending January 5, 1935 to June 21, 1941. 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 643 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements . . 644 Federal Reserve Bank statistics 645-649 Reserve position of member banks; deposits in larger and smaller centers 650 Money in circulation 651 Gold stock and gold movements; bank suspensions; bank debits 652 All banks in the United States, number, deposits, loans and investments 653 Condition of all member banks 654-655 Weekly reporting member banks 656-659 Commercial paper, bankers' acceptances, and brokers' balances 660 Money rates and bond yields 661 Security markets 662 Treasury finance 663-665 Governmental corporations and credit agencies; Postal Savings System 666-668 Business indexes 669-679 Department store statistics 680 Wholesale prices 681 Statistics for Federal Reserve chart book 682-684 Member Bank Operating Ratios, 1940, by Federal Reserve Districts 685-699 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. JULY 1941 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 22 20 20 18 18 16 16 14 14 12 12 10 MEMBER BANK 10 RESERVE BALANCES 8 8 6 6 4 TREASURY CASH AND DEPOSITS, 4 2 2 0 0 1935 1936 1937 1938 1939 1940 1941 10 10 - 8 REQlJIRED RESERVES ^~ i "^" \ i i M - 2 I EXCESS RESERVES 2 0 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for June 25, see page 643. 642 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member Treas- bank reserve U. S. Government Treas- ury de- Other balances Date co B d u i i n l s l t - s ed Total sec t w u M u in r i r i t a i t h n i 5 - e - g s t a M u f r t 5 i e a n r - g R c B o r e A e t s a h d e n l e l i r k t r ve Total s G t o o l c d k s r t o c u e i u a u r n n t r n y c g - - d y - M i c n t u i o o c l n a n ir e - - y T h c i u r n o a e r g l s a y d h s s - - B p s w F e R o e a e r r i s n e a v t d i k h - l t e - s s p m N o b d e o s e e m n i - r t - s - c s F o e R e a e r u r c e a v d n - - l e - ts Total Exyears years Monthly averages of daily figures: 1940—March 2, 476 1,209 1,267 2,539 18, 310 2, 986 7,488 2,362 612 759 252 12, 362 5,734 April 2,467 1, 205 1,262 2,527 18, 608 2,994 7,532 2,327 554 757 256 12, 703 6,003 May 2, 472 1,205 1,267 2,529 18, 974 3.004 7,617 2, 231 440 879 255 13,086 6,288 1941--March 2,184 1,012 1,172 2,262 22, 319 3,105 8,835 2,202 618 1,767 285 13. 979 6,304 April 2,184 983 1,201 2,272 22, 441 3,115 8,995 2,277 892 1,774 288 13, 600 5,883 May 2,184 1,008 1,177 2,262 22, 547 3,129 9,193 2,264 618 1,926 287 13,650 5, 831 End of month figures 1940—Mar. 30.... 2,475 1,209 1,266 2,529 18,433 2,990 7,511 2,371 702 691 12, 423 5, 828 Apr. 30 2,467 1,205 1,262 2,518 18, 770 2,999 7,559 2, 320 446 787 256 12, 919 6,149 May31-__. 2,477 1,206 1,271 2, 519 19, 209 3, 008 7,710 2,198 365 973 253 13, 237 6,385 1941—Mar. 31_.._ 2,184 955 1,230 2,243 22, 367 3,109 8,924 2,236 1,180 1,721 288 13, 371 5, 776 Apr. 30 2,184 1,008 1,177 2,234 22, 506 3,122 9,071 2,283 865 1,830 288 13, 524 5,771 May 31.__- 2,184 1,008 1,177 2,280 22, 575 3,134 9,357 2, 215 443 1,965 285 13,724 5,801 Wednesday figures: Aug. 7 2,446 1,202 1,244 2,471 20, 568 3,025 7,929 2,276 923 1,386 263 13, 296 6,325 Aug. 14.__. 2,446 1,202 1, 244 2,495 20, 689 3,027 7,944 2,281 940 1,444 262 13, 340 6,392 Aug. 21.... 2,446 1,202 1,244 2,492 20, 800 3,030 7,976 2,291 889 1,486 261 13, 419 6,417 Aug. 28 2,442 1,198 1,244 2,480 20, 871 3,034 8,006 2,291 813 1,498 261 13, 516 6,487 Sept. 4 2,434 1,191 1,243 2,490 20, 944 3,036 8,092 2,292 791 1,510 261 13, 524 6,494 Sept. 11.... 2, 434 1,191 1,243 2,485 20, 981 3, 038 8,080 2,287 762 1,520 260 13, 596 6,541 Sept. 18.... 2,434 1,191 1,243 2,495 21,093 3,040 8,084 2,311 790 1,549 270 13, 624 6,531 Sept. 25.-. 2,434 1,191 1,243 2,472 21,166 3,041 8,090 2,298 793 1,525 270 13, 703 6,645 Oct. 2 2,424 1,181 1,243 2,482 21, 271 3,046 8,172 2,294 678 1,587 268 13, 800 6,721 Oct. 9 2,399 1,075 1,325 2,445 21, 349 3,048 8,199 2,294 579 1,574 270 13, 927 6,816 Oct. 16 2,384 1,108 1, 276 2,481 21, 373 3,052 8,229 2,268 463 1,660 271 14,016 6,869 Oct. 23 2,352 1,086 1,266 2,388 21, 428 3,055 8,236 2,232 383 1,600 272 14,148 6,940 Oct. 30 2,333 1,074 1,259 2,381 21,499 3,056 8,265 2,187 376 1,569 272 14,177 Nov. 6 2,327 1,070 1,258 2,362 21, 581 3,060 8,385 2,221 465 1,681 271 13, 979 6,732 Nov. 13.... 2,254 1,044 1,210 2,326 21, 637 3,062 8,395 2,211 404 1,688 275 14, 052 6,795 Nov. 20.... 2,231 1,036 1,195 2,302 21,716 3,066 8,436 2,188 310 1,749 276 14,127 6,800 Nov. 27-._. 2,204 1,025 1,180 2,276 21, 755 3,069 8,465 2,182 199 1,685 278 14, 292 6,931 Dec. 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 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 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 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 2,184 1,048 1,136 2,274 21, 995 3,087 8,732 2,213 368 1,732 284 14,026 6,615 1941—Jan. 8 2,184 1,048 1,136 2,237 22,034 3,034 8,628 2,203 220 1,740 14, 284 6,835 Jan 15 2,184 1,048 1,136 2,254 22,066 3,092 8,542 2,195 237 1,742 14, 414 6,896 Jan.22 2,184 1,048 1,136 2,256 22,089 3,095 8,541 2,196 261 1,750 283 14, 410 6, 864 Jan. 29 2, 184 1, 048 1,136 2,228 22, 110 3,097 8,548 2,200 258 1, 799 14, 347 6, 799 Feb. 5 2,184 1,048 1,136 31 2,217 22,122 3,099 8,627 2,212 692 ,784 283 13, 842 6,306 Feb. 12 2, 184 1,048 1,136 74 2,260 22,130 3,100 8,665 2,212 622 ,837 283 13, 871 6,331 F F e e b b . . 2 1 6 9 2 2 , , 1 1 8 8 4 4 1 1 , , 0 0 4 4 8 8 1 1 , , 1 1 3 3 6 6 4 3 9 6 2 2 , , 2 22 3 3 5 2 22 2 , , 1 17 4 9 0 3 3 , , 1 1 0 0 2 1 8 8 , , 6 7 6 2 8 5 2 2, , 2 2 0 2 4 2 479 ,7 ^ 8 5 5 2 2 28 8 1 2 1 1 4 4 , , 1 0 7 2 5 1 6 6 , , 4 5 4 4 0 2 Mar.5 2,184 1,048 1, 136 51 2,237 22, 237 3,103 8,805 2,192 391 .,772 280 14,136 6,435 Mar. 12 2,184 1,048 1, 136 59 2,244 22, 318 3,106 8,811 2,196 421 .,748 14, 211 6,483 Mar. 19... 2,184 1,201 73 2,259 22,335 3,104 8,826 2,208 913 ,721 13,741 6,106 Mar. 26 .... 2,184 1,201 35 2,221 23, 359 3,108 8,842 2,230 906 ,788 13,633 6,011 Apr. 2 2,184 955 1,230 59 2,244 22, 384 3,110 8,944 2,251 1,045 ,704 13, 506 5, 941 Apr. 9 2,184 955 1,230 46 2,235 22, 413 3,113 8,993 2,272 813 ,740 13, 656 6,027 Apr. 16 2.184 1,008 1,177 100 2,286 22, 421 3,116 8,989 2,269 534 ,763 13,979 6,264 Apr. 23 2; 184 1,008 1,177 53 2,239 22,482 3,118 8,992 2,299 947 .,808 13,506 5. 760 Apr. 30 2,184 1,008 1,177 48 2,234 22, 506 3,122 9,071 2,283 865 ,830 288 13, 524 5,771 May 7 2,184 1,008 1,177 43 2,229 22, 525 3,125 9,151 2,292 804 ,905 13, 440 5,711 May 14 2,184 1,008 1,177 53 2,239 22, 538 3,129 9,155 2,283 762 ,961 287 13, 458 5,689 May 21 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 May 28 2,184 1,008 1,177 43 2,231 22, 573 3,133 9,294 2,221 462 1,926 286 13, 749 5,824 June 4 2,184 951 1, 234 54 2,240 22, 579 3,136 9,394 2,229 993 I, 852 285 13, 201 5, 407 June 11 2, 184 951 1,234 63 2,249 22, 593 3,138 9, 393 2,240 941 1,809 285 13,312 5. 488 June 18 2,184 951 1,234 55 2.241 22. 612 3,142 9, 433 2. 258 1. 024 I, 855 295 13,131 5, 314 June 25 2, 184 951 1,234 63 2,249 22, 620 3,148 9,490 2,275 1,081 1,891 295 12. 985 5, 145 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 (t ables 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. JULY 1941 643 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. Ju R n a e t e 31 beg e i f n I f n n ec i t ng- Ju R n a e t e 30 beg e i f n I f n n ec in t g- Ju R n a e t e 30 beg e i f n I f n n ec i t ng- Ju R n a e t e 30 beg e i f n I f n n ec i t ng- J R un a e te 30 beg e i f n I f n e n c i t ng- 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 P C h le il v a e d la e n lp d hia.. S M e a p y t. 1 4 1 , , 1 1 9 9 3 3 5 7 m S M e a p y t. 1 4 1, , 1 1 9 9 3 3 5 7 S O e c p t t . . 1 4 9 , , 1 1 9 9 3 3 5 7 0) S S e e p p t t . . 1 1 , , 1 1 9 9 3 3 9 9 M Se a p y t . 11 1 , , 1 1 9 9 3 3 5 9 R A i t c la h n m ta ond A Se u p g t . . 2 1 7 6 , , 1 1 9 9 3 3 7 9 VA A A u u g g . . 2 2 7 1 , , 1 1 9 9 3 3 7 7 S A e u p g t . . 2 1 1 0 , , 1 1 9 9 3 3 7 7 S S e e p p t t . . 1 1 6, , 1 1 9 9 3 3 9 9 A Fe p b r . . 2 19 3 , , 1 1 9 9 3 3 4 8 Chicago Sept. 1, 1939 Aug. 21, 1937 Aug. 21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept.21, 1939 Sept. 2, 1937 Sept. 2, 1937 Sept. 16, 1939 Feb. 23, 1935 Minneapolis.. Aug.24, 1937 Aug. 24, 1937 Aug.24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept. 3, 1937 Sept. 3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas Sept.16, 1939 Aug. 31, 1937 Aug.31, 1937 Sept. 16, 1939 Apr. 16, 1938 San Francisco Sept.3, 1937 Sept. 3, 1937 Sept.17, 1937 Sept. 1, 1939 Oct. 19, 1933 1 Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect June 30 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R ff a ec te t i o n n In g e in ff n e i c n t g b — e- Pre ra v t i e ous [Per cent per annum except as indicated by footnotes 6 and 7] June 30 Advances to or in participation with financ- 1-15 days L__ Oct. 20, 1933 1 Advances ing institutions 16-30 days .—do. 1 direct to Commit- 31-45 days.... .do. 1 Federal Reserve industrial On por- ments 46-60 days .do.. 1 Bank or com- tion for to make 61-90 days.... .do.. 1 mercial or- which On re- advances 9 1 1 2 - 1 1 - 2 18 0 0 d d ay a s y _ s _ .. . . . d d o o . . . . 1 134 ganizations i t n io st n i t i u s - p m o a r i t n io i n n g l obligated 1 1 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^-6 3 VA New York on prime bankers' acceptances payable in dollars; higher New York. .... 4-6 2-3 2-5 1-2 r r a a t t e e s s a m p a p y ly b t e o p ch u a rc rg h e a d s es f , o r i f o a t n h y er , m cl a a d s e s e b s y o o f th b e i r l ls F . ed T er h a e l s R a e m s e e rv m e i B ni a m nk um s. P C h le il v a e d la e n lp d hia 3 3 3 H ^ - - 5 6 2y2 ( ( 2 2 ) ) M H- i 2 Back figures.—See Annual Report for 1937 (table 41). Richmond ._ 4-6 (4)3 (6)4 1-2 Atlanta...... 4-6 4 4-6 1-2 MEMBER BANK RESERVE REQUIREMENTS S C t h . ic L a o g u o is 33^- 3 5 - ^ 6 1* 3 4 - - 6 2 3 ( - 2 6 ) H (6 - ) 2 1 [Per cent of deposits] Minneapolis 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 H-2 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, On net demand Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas deposits:* may charge same rate as charged borrower by financing institution, if On R C C e t e o i s n u m e t n r r e t v a r l e d y r e c e p i s t o e y s r i v t e s : city.. 1 1 7 3 0 1 1 9 5 3^ 2 12 2 > * ! d 2 2 1 6 0 4 2 12 2^ low 4 2 3 O S e O r a n n m e e th e p a p e a n e r s r c r r a e a c t n t e e e t n l t c s e h h s l o s a e r s w t g s h n e a t d . n h a b r n a o t r e r r o a c t w h e a e c r r g h b e a y d rg b f e i o d n r a r b n o o c w r i r n e o g r w b i e y n r s f b t i i n y tu a f n t i i c n o i a n n n . g c i i n n g s ti i t n u s t t i i o tu n - . All member banks. _. 3 6 5 tio 6 n O w ne i - t h h a l m f i o n f i m on u e m p e o r f c t e h n r t e e le s p s e t r h c a e n n r t a ( te se c e h n a o rg te e d 1 ) b . orrower by financing institution with minimum of four per cent (see note l). 1 See footnote to table on p. 650 for explanation of method of com- • Minimum charge one-fourth of one per cent. puting net demand deposits. 7 Minimum charge one-half of one per cent. MARGIN REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by accordance with Securities Exchange Act of 1934 the Board of Governors under provisions of Regulation Q [Per cent of market value] [Per cent per annum] Apr. 1, Nov. 1, 1936- 1937 Nov. 1, 1933 Feb. 1, 1935 In effect Oct. 31, and to to beginning 1937 after Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 F F F o o o l r r r i s l s t e o e h x d a o t n e r s s t n e s b s c i a y u o l r n e b i s s t a , i n e o u s k f n , s d c u o r e n e n r d d s e R i t t r o e b c g R k y u e s l g , a b u u t r i l o n o a k d n t e i e o r T r s n R a T e n g d u l d a e ti a o le n r s U o . n .. 3 55 ) 4 4 5 0 0 0 S P O a o t a v h s b t i e l a n r e l g i s 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 pay- 1 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 * 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. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AKD LIABILITIES OF ALL FEtEFAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1941 1941 1940 June 25 June 18 June 11 June 4 May 28 May 21 May 14 May 7 May Apr. May Assets Gold certificates on hand and due from U. S. Treasury . _ _ 20, 313, 73020, 313, 73120, 313, 73120, 314, 73020, 316, 73220, 256, 73120, 222, 732'•20,202,73220, 316, 72820,192, 73116, 983, 476 Redemption fund—F. R. notes 9,508 9,508 10, 945 9,944 9, 549 9,549 10,144 no, U4 7,945 11,13£ 11,021 Other cash 285,141 287, 750 289, 010 276, 625 299, 593 321, 025 328, 073 315, 002 290, 773 329, 444 351, 882 Total reserves 20, 608, 37920, 610, 98920, 613, 68620, 601, 29620, 625, 87420, 587, 30520, 560, 94fe20, 527, 87820, 615, 44620, 533, 31/ 17, 346, 379 Bills discounted: For member banks 2,013 1, 806 1,977 1,916 4,155 2,197 1,504 1,491 4,174 1,918 2,815 For nonmember banks, etc. 10 Total bills discounted. 2,013 1,806 1,977 1,916 4,155 2,197 1,504 1,491 4,174 1,918 2,825 Industrial advances 9,088 8,906 8,774 8, 736 8,163 8,154 8,092 8,059 8,596 7, 54£ 9,149 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, 359, 20C 1, 337, 795 Notes 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820, 30C 820, 300 820, 300 820, 30C 1,129, 072 Guaranteed 4,600 4, 600 4, 60C 4,600 4,600 4, 600 4, 600 4,60G 4,60C 4,60( 10, 253 Total IT. S. Government securities, direct and guaranteed. 2, L84,100 2,184,100 2,184,10C 2,184,10C 2,184,10C 2,184,100 2,184,10C 2,184,100 2,184,10C 12,184, IOC 2, 477,120 Other Reserve Bank credit outstanding . 54, 209 46, 416 53, 90£ 45, 448 34, 820 42, 492 45, 208 35, 256 f 83, 302 40, 378 29, 855 Total Reserve Bank credit outstanding... 2, 249, 410 2, 241, 228 2, 248, 76C 2, 240, 200 2, 231, 238 2, 236, 943 2, 238, 904 2, 228, 906 2, 280,172 2, 233, 94/ 2, 518, 949 Liabilities F. R. notes in actual circulation. . 6, 633,192 6, 573,156 6, 542,175 6, 534,194 6, 460, 010 6, 384, 387 6, 359, 671 6, 343, 877 6, 503, 424 6, 282, 368 5, 057, 064 Deposits: Member bank—reserve account 19 985,11013,130, 64213,312,189 13, 201, 49413, 748, 87913, 731, 83513,457,866 13, 439, 69813,724,387 13, 523, 85713, 236, 768 U. S.Treasurer—general account _"__ .. . 1, 081,125 1, 023, 809 940, 973 993,072 461, 674 477,144 761, 624 803, 941 443, 062 865, 436 364,757 Foreign 1, 240, 276 1, 229, 892 1, 226, 526 1, 243, 661 1, 240, 046 1,241,201 1, 235, 048 1, 226, 555 1,238,754 1, 251,13C 428, 380 Other deposits. . 650, 690 624, 714 582,106 608,123 686, 292 730, 450 725, 782 678, 94C 725, 92C 579, 092 544,764 Total deposits 15, 957, 20116, 009, 05716, 061, 79416, 046, 35016,136,89116,180, 63C16,180, 32C16,149,134 16,132,12316, 219, 51 f 4, 574, 669 Ratio of total reserves to deposit and F. R. note liaabilities combined (per cent) . 91.2 91.3 91.2 91.2 91.3 91.2 91.2 91.3 91.1 91.3 88.4 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i t d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a t 6 h y s s 6 1 m o t y o n ea th r F 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: May 28 4,155 3,611 48 150 116 215 15 June 4 ._ ... . 1,916 1,346 80 120 148 217 5 June 11 1 977 1,384 91 185 77 235 June 18 1 806 1, 208 51 193 87 265 o June 25 2 013 1,482 54 152 81 244 Industrial advances: May 28 8,163 1,488 202 141 570 795 1,125 1,764 2,078 June 4 ... 8,736 1, 473 270 515 333 800 1,491 1,472 2,382 June 11 8,774 1,442 284 555 407 746 1,515 1,476 2,349 June 18 ._ . 8, 9C6 1,273 292 569 754 692 1, 501 1,449 2,376 June 25 9,088 1,522 284 567 589 810 1,504 1,447 2,365 U. S. Government securities, direct and guaranteed: May 28 2,184 100 57, 000 127, 800 136, 300 686, 400 1,176,600 June 4 . . . 2,184,100 127, 800 136, 300 686,400 1, 233,600 June 11 ... _ 2,184,100 127,800 136, 300 686, 400 1, 233, 600 June 18 2,184,100 43, C00 84, 800 238, 700 584, 000 1, 233, 600 June 25 2,184, 100 43, 000 84, 800 238, 700 584, 000 1, 233, 600 JULY 1941 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- Rich- lanta Chicago Lo S u t i . s n M o e i l a n i p - s - K C s a i a n t s - y Dallas F c S r is a a c n n o - Assets Gold certificates on hand and due from U.S. Treasury: May 21 20, 256, 731 193, 049 9, 292, 5841, 214,503 1, 467, 889 659, 916 422, 4783,164, 850476, 321320,197457,178 308,;, 1641, 279, 602 May 28 20, 316, 732 204, 989 9, 299, 9601,198,306 1,481,542 •"" '--3, 202, 230 484, 376320, 254451, 853 301,2951, 280,100 June 4 20, 314, 730 195,414 9,133,1521,156, 0901, 502,165 656, 897 448, 9343, 297, 824561, 841329, 778 460, 887 305i,,1491, 265, 599 June 11 20, 313, 731 165,191 8,933,"2"56" 1,191,178 1, 528, 486 658, 772 458, 4783, 374, 543561, 033339, 907465, 952328,0471, 308, 888 June 18 20, 313, 731 161, 769 8, 880, 0481, 223, 8911, 562, 084 653, 398 454, 8413, 400, 496547, 741337, 994 461,391321, 5261, 308, 552 June 25 20, 313, 730 185, 741 8, 812,1001, 220,4971, 593, 452 664, 754 464, 5583, 407, 728545,007330, 951456, 794323, 0491, 312, 099 Redemption Fund—Federal Reserve notes: May 21 9,549 470 997 947 777 1,690 948 1,133 419 167 171 858 972 May 28 9,549 470 997 947 777 1,690 948 1,133 419 167 171 858 972 June 4 9,944 394 1,697 832 689 1,906 897 1,033 400 156 154 845 941 June 11 10,945 394 1,697 832 689 1,907 897 1,033 400 156 154 845 1,941 June 18 9, 508 327 1,427 728 602 1,218 851 947 381 145 136 832 1,914 June 25 9,508 327 1,427 728 602 1,218 851 947 381 145 136 832 1,914 Other cash: 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 May 28 299, 593 20, 441 66, 501 22, 860 18,116 19, 808 27, 846 38, 014 17, 664 5, 668 18, 091 14, 810 29, 774 June 4 276, 625 19, 627 57, 727 22, 684 16, 575 16, 975 23, 873 37, 642 17, 251 5, 746 15, 335 13,988 29, 202 June 11 •289, 010 20,553 52, 70S 22, 576 16. 776 20, 813 27, 613 39, 284 18, 273 6, 312 18,157 14,108 31, 837 June 18 287, 750 20, 037 54, 283 24, 085 16, 428 18, 006 25, 661 40, 008 18, 838 5, 716 16, 800 15, 852 32,036 June 25 285,141 20, 363 50, 412 24, 224 14, 608 18, 867 26, 668 39, 474 20, 448 5, 383 16, 807 15, 069 32, 818 Total reserves: May 21 20, 587, 305., 215, 8339, 369, 9881, 239, 9881, 489, 234 113 449,0913, 207, 841494,817326,140473, 736324, 7261, 314, 798 May 28 20, 625, 874., 225, 9009, 367, 4581, 222,1131, 500, 435 !, 2593, 241, 377502, 459326, 089 470,115 316i,, 9631, 310, 846 June 4 20, 601, 299., 216, 4359,192, 5761,179, 6061,519,429 675, 778 473, 7043, 336, 499579, 492335, 680476, 376 319, 1, 295, 742 June 11 20, 613, 686., 186,138 8, 987, 6611, 214, 5861, 545, 951681, 492 486, 988 3;,, 414, 860579, 706346, 375484, 263343, 0001, 342, 666 June 18 20, 610, 989., 182,133 8, 935, 758 1, 248, 7041,579,114 667722,,662222 448811,,3533, 441, 451566, 960343, 855 4'78, 327338, 2101,-342, 502 June 25 20, 608, 3791, 206, 4318, 863, 9391, 245, 4491, 605, 662684, 839 492!,,0773, 448,149565, 836336, 479 473, 737338, 9501, 346, 831 Bills discounted: Secured by U. S. Government obligations,direct and guaranteed: May 21 . . . 1,539 25 413 32 200 85 705 27 32 May 28 3, 433 115 498 146 200 85 2,305 27 27 June 4 1,242 135 644 175 100 68 55 20 35 10 June 11 1,358 95 709 216 100 58 50 20 55 30 25 June 18 1,119 97 372 216 100 158 35 20 66 30 25 June 25 1,421 110 871 9; 100 58 50 60 45 30 Other bills discaunted: May 21 658 150 48 35 164 125 43 May 28 722 19 175 56 35 160 141 60 June 4 674 19 171 45 33 139 151 48 June 11 _ . 619 19 132 42 31 162 148 43 June 18 687 24 142 45 29 162 150 93 June 25 592 24 92 56 22 156 132 102 Total bills discounted: May 21.... 2,19' 25 563 235 85 705 191 157 May 28 4,155 134 673 202 235 8.5 • 2,305 187 168 90 June 4 1,916 154 815 220 133 68 55 159 186 58 June 11 1,977 114 841 258 131 58 50 182 203 73 25 June 18 1,806 121 514 261 129 158 35 182 216 123 25 June 25 2,013 134 963 153 122 58 50 216 177 132 Industrial advances: May 21 _ 8,154 802 1, 729 2,940 285 843 246 347 393 71 276 222 May 28 8,163 771 1,729 2,938 322 853 246 356 383 71 276 218 June 4 8,736 771 1,727 3,340 349 853 233 352 397 221 276 217 June 11 8,774 770 1,720 3,310 348 851 215 364 412 291 276 217 June 18 8,906 768 1,536 3,360 350 866 193 366 435 579 275 178 June 25 '._. 9,088 1, 016 1,536 3,514 350 851 190 384 435 359 275 178 U. S. Government securities, direct and guaranteed: Bonds: 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 May 28 1, 363, 800 98,541 389, 312 108,110 136, 462 75, 859 59, 247 156, 506 63, 283 41,178 66, 277 54, 979 114, 043 June 4 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 June 11 1, 363, 800 98, 544 389, 312 108,110 136, 462 75, 859 59,247 156, 508 63, 283 41,178 66, 277 54,979 114,043 June 18 1, 363, 800 98, 544 389, 312 108,110 136, 462 75, 859 59, 247 156, 508 63, 283 41,178 66, 277 54, 979 114, 043 June 25 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: 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 May 28 820, 300 59, 273 234,163 65,027 82, 079 45, 627 35, 63; 94,136 38, 062 24, 769 39,863 33, 068 68, 596 June 4 820, 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 June 11 820, 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 June 18 820,300 59, 273 234,163 65,027 82, 079 45, 627 35, 637 94,136 38, 062 24, 769 39, 863 33, 068 68, 596 June 25 820, 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 TJ. S. Government securities, direct and guaranteed: May 21 .. . 2,184,10: 157,817 623, 475 173,137 218, 541121, 486 94, 884 250, 642 101, 34. 65. 947106,140 88,047 182, 639 May 28 2,184,100 157, 817 623, 475 173,137 218,541 121, 486 94, 884 250, 642101,345 65, 947106,140 88, 047 182,639 June 4 2,184,100 157, 817 623, 475 173,137 218, 541121, 486 94,884 250,, '642 101, 34565!, 947108,140 88,047 182, 639 June 11 2,184,100 157, 817 623, 475 173,137 218, 541121, 486 94, 884 250, 642101, 345 65, 947106,140 88,04" 182, 639 June 18 2,184,100 157, 817 623, 475 173,137 218, 541121, 486 94, 884 250,, 642 101, 34565, 947106,140 88,04' 182, 639 • June 25 2,184,100 157,817 623, 475 173,137 218, 541121, 486 94, 884 250, 642101, 345 65, 947106,140 88,04' 182, 639 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . i: n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets—Continued Total bills and securities: May 21 2, 194.451 158, 64- 625, 76" 176,157 219, 06: 122, 41< 95,140 251, 072102, 050 66, 531106, 88, 386 182, 861 May 28 2, 196, 418 158, 722 625, 87' 176, 27; 219, 098122, 42' 95,138 251, 066103. 650 66,517106, 379 88, 413 182, 857 June 4 2, 194. 752 158, 742 626, 011 176, 69; 219, 023122, 407 95,125 251,054 101,400 66,503106, 547 88, 38 182, 856 June 11 2, 194. 851 158, 70: 626, 036 176, 70£ 219, 020122, 395 95,107 251, 040101, 395 66, 541106, 634 88, 396 182, 881 June 18 2,194, 812 158, 706 625, 52c 176, 758 219, 020122, 510 95, 251, 042101, 380 66, 564106, 93J" 88, 44f 182, 842 June 25 2, 195, 201 158, 967 625, 97 176, 804 219,013 122, 395 95, 082 251, 026101, 395 66, 598106, 676 88, 454 182,817 Due from foreign banks: May 21....". 4' l: 6 1 4 May 28 4' 1 6 1 4 June 4 4' 6 1 4 June 11 4' 6 1 4 June 18 47 1 4 June 25 47 1 4 Federal Reserve notes of other banks: May21__. 27,125 53' 2,472 1,233 1.836 6,669 2,970 3,360 2, 546 917 1, 590 658 2, 333 May 28 25, 43C 475 1,775 1, 200 1, 965 6,015 2,938 4, 509 1,416 1,376 1,106 490 2,171 June 4 24, 55 532 1,642 1,356 1, 5, 451 3,34' 3,17 1,959 936 1,054 633 2, 675 June 11 26, 825 723 2,300 1,467 1,770 6.220 2,685 2,682 2,698 826 1,436 825 3,193 June 18 24,918 568 2,13' 1,426 1, 550 6,190 2,723 2,722 2,078 842 1,981 55' 2,144 June 25 27, 222 659 2,04C 1,142 1,669 7,124 2, 692 3,137 2, 350 1,262 1,627 1,004 2,516 Uncollected items: May21 . __. 986, 08i 84, 659 309, 69? 64, 103, 332 71,51 33, 769 127. 329 50,172 18,939 36, 874 32,011 53, 266 May 28 828, 654 77, 878 198, 38: 54, 840 104, 644 66, 961 33, 654 120, 919 47, 709 21, 454 31,114 28, 760 42, 334 June 4 882,182 84-, 858 201, 07; 63, 056 104, 518 76, 302 28, 391 126,912 56, 636 21,299 36,142 31, 559 51, 432 June 11 889, 067 82, 404 201, 52C 60, 99: 112,614 74, 162 33, 791 130,181 50, 174 22, 493 39, 450 30, 936 50, 351 June 18 1,132, 033 100, 858 251,57, 86, 382 168, 449 92, 645 42, 34; 167, 158 53,12f 26,6; 42, 579 34,192 66, 053 June 25 890, 276 83, 468 217, 33i 62, 665 111,55; 71, 464 36, 4U 125, 495 48, 522 23, 759 33, 001 30, 094 46,500 Bank premises: May 21 40, 055 2,815 9,79! 4,664 4,525 2,604 1,977 3,018 2, 305 1, 357 1.196 2, 816 May28 40, 019 2,810 9,798 4,653 4,525 2,598 1,973 3,018 2,301 1,357 2,980 i; 196 2,810 June 4 39, 968 2,810 9,779 4,653 4, 525 2,598 1,973 3,012 2,300 1,355 2,964 1,189 2,810 June 11 40, 035 2,810 9. 4, 720 4,525 2,598 1,973 3,012 2, 300 1,355 2,964 1,189 2, 810 June 18 40, 246 2,810 9,949 4,72' 4, 525 2,639 1,973 3,012 2,300 1,355 2,964 1,189 2,810 June 25 40, 21 2,810 9,949 4,710 4,513 2,640 1,970 3,012 2,299 1,355 2,864 1,189 2,804 Other assets: May 21 50,512 3,456 13, 696 4,262 5,456 3, 2,158 5,49: 2,201 1, 551 2,354 2,227 4,566 May 28 51,819 3,529 14,105 4,408 5,566 3,176 2,190 5, 661 2,226 1,593 2,435 2,270 4,660 June 4 51, 782 3,549 13,982 4,317 5,618 3,136 2,213 5,634 2,262 1,618 2,453 2, 321 4,679 June 11 53, 799 3,529 14, 296 5,736 5,685 3,211 2,218 5,676 2,291 1,622 2, 464 2, 332 4,739 June 18 42, 412 2,812 11,31 3,613 4, 673 2,649 1,814 4,580 1,841 1,321 1,972 1,919 3, 907 June 25 43, 329 2,866 11,719 3,708 4,726 2,706 1,844 4, 650 1,863 1,336 2,010 1,964 3, 937 Total assets: May 21 23, 885, 5781, 465, 94710,331,433 1, 490, 8341, 823, 448887, 407585,1073, 598,123654, 092415, 435623, 903 449, 20. ,560, 644 May 28 23, 768, 267I, 469, 31710,217,418 1, 463, 4961, 836, 237891, 036588,1543, 626,5 5565 659, 762 441188, 386614,130 438,093 , 545, 682 June 4 23, 794, 58<1, 466, 92910, 045, 0911, 429, 1, 854, 912885, 674604, 7523, 726, 294744,050 427, 391n»25, 537 444, 066 540,198 June 11 23, 818, 3101, 434, 3089, 841, 6101, 464, 2101, 889, 569890, 080622, 7643, 807, 457738.565 439', 212 637, 212 466, 679586, 644 June 18 24, 045, 4571, 447, 8909, 836, 2731, 521, 6081, 977, 335399, 257625, 29.3, 869, 971727, 680 440, 614 i34, 759 464, 513 600, 262 June 25 23, 804, 6691, 455, 2049, 730, 9751, 494, 4831. 947,144 891,170 663300,, 0823, 835, 475'22, 266 430, 789 >20,016 461, 656 585, 409 Liabilities Federal Reserve notes in actual circulation: May 21 . 6, 384, 38: 524, 331 1, 679, 022 441,121 592, 705299,176 209, 6021, 385, 599239, 913L68, 006218, 574.01, 445 524, 893 May 28..: 6, 460, 010 532. 940 1, 704, 088 447, 658 600, 294304, 204209, 4511, 398,156240.949 L68. 574217,027 .02,106 534,563 June 4 6, 534,194 538, 272 1, 733,187 450, 609 603, 606309,122 217, 8791, 402, 793245,107 169, 549220,192 05, 714 538,164 June 11 6, 542,175 538, 581 1, 732. 339 453, 308 609, 662308, 781215, 7761, 404, 889243, 641169,95: 220,103 .04, 043 541, 095 June 18 6, 573,156 542, -" 1, 749, 770 454, 365 609, 460309, 090216, 3291, 412, 138244, 537.69, 725220,153 .03, 956 540, 951 June 25 6, 633,192 549, 943 1, 772, 030 458, 916 616, 777312, 549217, 6251,421,216 245,153 L69, 901219,911 .04, 051 545,120 Deposits: Member bank — reserve account: May 21. _. .3, 731, 835 740, 113 6, 837, 675 784, 180 973, 769 430, 532276, 848 , 849, 443291, 007 71, 376 289, 494244,151 843. 247 May 28 .3, 748, 879 738,766 6, 857, 261 777,180 971, 385 412, 423273, 464 , 895, 721295, 718 70, 907285, 980 "2"4.1,,297 828, 777 June 4 .3, 201, 494 678, 631 6, 440, 246 706, 420 956, 264 4<'04, 055286, 456 , 896, 718339, 761 69, 471286, 623235, 217 801, 632 June 11 .3, 312,189 679, 310 6, 527, 945 707, 019 954, 314396, 673279, 504 , 889, 074342, 217 70,173 291,996 246,,7792 827,172 June 18 3, 130, 642 686, 833 6, 427, 28" 699, 815 962, 347382, 907267, 967 ,870,167320, 500 70,109 285, 546 233,179 823,985 June 25 .2, 985,110 677, 793 6, 364, 978 697,128 938, 523 397, 826 227799,; 014 , 826, 282 316, 42662,162 284, 075 233, 006 807, 897 U. S. Treasurer—general account: May 21 477,144 22, 686 115, 744 43, 082 31,188 26, 900 18, 003 75, 621 26, 990 24,102 35, 760 33, 241 23, 827 May 28 461, 674 18, 977 126,057 42, 956 31, 545 38, 96: 21, 529 46, 116 27, 328 22, 961 36, 365 27, 831 21, 042 June 4 993, 072 73, 252 394, 604 71, 330 68, 859 35. 062 23, 321 138, 403 50,742 35, 806 40, 773 28, 664 32, 256 June 11 940, 973 47,024 338, 095 66,127 56, 764 36; 809 31,144 184, 992 42, 931 36, 683 38,800 36, 832 24, 772 June 18 1, 023, 809 43, 367 300, 633 83, 323 89, 469 43,131 34,163 227,159 50, 529 38,157 37, 293 44, 246 32, 339 June 25 1,081,125 57, 435 260, 379 100, 612 117,814 35, 040 37, 653 263, 072 53, 831 33, 556 33, 274 46, 689 41, 770 Foreign: May 21 1, 241, 201 57, 648 703,104 81, 327 77,135 36, 052 29, 345 100,611 25,153 18, 445 24, 314 24, 314 63, 753 May 28 1,240,046 56, 529 703,06: 81,327 77,135 36, 052 29, 345 100,611 25,153 18, 445 24, 314 24, 314 63, 759 June 4 1, 243, 661 58, 997 701,145 81, 849 77, 630 36, 283 29, 533 101, 256 25, 314 18, 564 24, 470 24, 470 64,150 June 11 _ . 1, 226, 526 57, 462 466, 273 118, 967 112, 835 52, 738 42,926 147,176 36, 794 26, 982 35, 568 35, 568 93, 237 June 18 1, 229, 892 55, 631 481, 683 117, 241 111,198 51, 973 42, 304 145, 040 36, 260 26, 591 35, 051 35, 051 91, 869 June 25 1, 240, 276 56, 966 474,195 120, 038 113,850 53, 213 43, 313 148, 500 37,125 27, 225 35, 888 35, 88S 94, 075 Other deposits: May 21 730, 450 14, 726 582,119 35, 970 15, 734 8,721 5,824 4,690 9,626 7,300 8,782 3,49£ 33, 463 May 28 686, 292 21, 294 526, 378 21, 364 20, 984 15, 369 7,568 8,700 9,796 8,738 9,615 3,606 32, 880 June 4 _ . . . 608,123 11, 544 474, 075 21, 234 16, 952 8,819 6,368 5,254 14,182 6,878 7,007 4,197 31, 613 June 11 582,106 7,425 467, 447 20, 362 16, 088 6,136 6,449 4,654 11. 620 6,708 4,298 3, 207 27, 712 June 18 624, 714 7,480 512, 572 19, 595 16, 636 5,982 7,554 4,436 10,153 6,081 3,702 2,944 27, 579 June 25 650, 690 8,010 536,042 16,414 20,000 6,734 6,767 4,789 9,853 8,445 3,237 1, 687 28, 712 * Less than $500. JULY 1941 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk P p h d h e i i l l - a a- C la le n v d e- m R o ic n h d - la A n t t - a Chicago Lo S u t i . s n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Liabilities—Continued Total deposits: May 21 1G,180,630 835,173 8, 238, 642 944,559 097, 826 502!,, 205330, 020 030, 365352, 776221, 223358, 350305,201 964, 290 May 28 IG, 136, 891 835, 566 8, 212, 758 922, 82' 101,049 .02,811331, 906 051,148357, 995221, 051356, 274297, 048 946, 458 June 4 16, 046, 350 822, 424 8, 010, 070 880, 833 119,705 484,219345, 678 141,631429, 999230, 719358, 873292, 548 929, 651 June 11 16, 061, 794 791, 221 7, 799, 760 912, 475 140,001492, 356360, 023 225, 896 433i,, 562240, 546 370i,,662322, 399 972, 893 June 18 16, 009, 057 793, 311 7, 722,175 919, 974 179, 650 483,,993 351, 988 246, 802 417, 442 24I0,, 938361, 592315, 420 975, 772 June 25 15, 957, 201 800, 204 7, 635, 594 934,192 190,18' 492, 813366, 74" 242, 643 41 235 231,388 3"5\64;74 317, 270 972, 454 Deferred availability items: 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 May 28 793, 881 74, 605 170,570 57, 94' 99, 945 67. 662 33, 030 128, 983 48, 876 18, 919 29, 379 27, 298 36, 667 June 4 836, 781 80, 061 171,849 63, 286 96,6; 75, 997 27, 434 133, 686 57, 002 17, 271 35,019 34,171 44, 331 June 11 835, 205 78, 343 179, 333 62, 090 104,918 72, 564 33,184 128,416 49, 398 18,846 34, 968 28, 584 44, 561 June 18 1,085,664 85, 738 234, 200 112,281 153,245 89, 802 43,198 162, 806 53, 761 20,104 41, 564 33, 494 55, 471 June 25 836,114 78, 880 193, 028 66, 303 105,168 69,41 31,913 123,319 47, 905 19,633 32, 144 28, 668 39, 736 Other liabilities, including accrued dividends: May 21 5,11 541 1.525 453 50. 391 144 559 174 166 173 185 301 May 28 ' 5,61 595 1,608 549 57' 423 168 638 188 153 208 206 299 June 4 5,31 573 1, 563 458 544 403 153 570 180 152 192 198 326 June 11 7,133 553 1,739 1,829 607 434 167 648 200 165 207 216 368 June 18 5,610 563 1, 704 476 59 418 161 614 180 150 202 204 341 June 25 . 6,086 568 1,886 546 433 174 686 201 171 214 225 357 Total liabilities: May 21 23, 513, 7751, 440, 32510, 203, 0681, 456, 325 789, 08; 871,474 .71, 5143, 550, 492642, 349 405, 750612,660437, 7751, 532, 956 May 28 23, 396, 3941, 443, 70610,089,024 1,428,981 801,865875,100 .74, 5553, 578, 925648. 008 408, 697 602, 888 426»,, 6581,517,987 June 4 23, 422, 63' 1,441,330 9,916,669 ,395,186 , 820, 52"9 869, 741591, 1443, 678, 680 732, 288 417',, 691614,276 432, 6311, 512, 472 June 11 23, 446, 30' 1, 408. 6989,713,171 ,429,702 ,855,188 874, 135 609J', 1503, 759, 849726, 801429, 514625, 940 455, 2421, 558, 917 June 18 23, 673, 48' 1, 422, 2949, 707, 849 , 487, 096 942, 952883, 303611676 3;,, 822, 360 71155,, 992200 430, 623, 511 45i33,, 0741, 572, 535 June 25 23, 432, 5931,429, 59£ 9, 602, 538 , 459, 95^,912,75; 875, 212616,4593, 787, 864 10, 494 421, 093608, 743 4500,, 2141, 557, 667 Capital Accounts Capital paid in: 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 May 28 140, 284 9, 353 51, 585 ll,90C 14, 483 5,439 4,802 14, 925 4,291 3, 002 4,516 4,270 11.718 June 4 140,311 9, 353 51, 589 11,902 14, 484 5,439 4,806 14, 928 4,295 3, 002 4,516 4,270 11,727 June 11 140,331 9,353 51, 593 11,901 14, 486 5, 447 4,809 14,932 4.295 3,001 4,516 4,270 11,728 June 18 140, 324 9, 341 51, 582 11,902 14,492 5, 449 4,813 14, 936 4,296 2, 998 4,51 4,270 11,728 June 25 140, 376 9,344 51,584 11,912 14,496 5,453 4,816 14, 940 4,298 2, 998 4,520 4,272 11,743 Surplus (section 7): May 21. _ 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 28 157, 065 10, 906 56, 447 15, 144 14,323 5, 24; 5, 725 22, 824 4,925 3,152 3,613 3,974 10, 785 June 4 157, 065 10, 906 56, 447 15, 144 14,323 5,24; 5,725 22, 824 4,925 3, 152 3,613 3,974 10, 785 June 11 157, 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 June 18 __ 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 June 25 157,065 10, 90( 56, 447 15, 144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Surplus (section 13b): May 21 26, 785 2,874 7, 07C 4, 393 1,007 3,244 713 1, 429 533 1, 000 1,138 1, 263 2,121 May 28 26, 785 2, 874 7,07C 4,393 1,007 3,244 713 1,429 533 1, 000 1,138 1, 263 2,121 June 4 .__ 26, 785 2,874 7, 07C 4,393 1,007 3,244 713 1,429 533 1, 000 1,138 . 1, 263 2,121 June 11 26, 785 2,8: 7,07C 4,393 1, 007 3,244 713 1,429 533 1, 000 1,138 1, 263 2,121 June 18 26, 785 2,874 7, 07C 4,393 1, 007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 June 25 26, 785 2,874 7,07C 4,393 1,007 3, 244 713 1,429 533 1, 000 1,138 1,263 2,121 Other capital accounts: May21.__ _ 47,67 2,489 13,262 3,067 4,554 2, 003 2, 353 8, 454 1,995 2, 531 1, 979 1, 923 3,064 May 28 47, 739 2,478 13, 292 3, 0' 4, 559 2,006 2, 359 8, 453 2,00J 2, 535 1,975 1,928 3,071 June 4 47, 786 2,46C 13,316 3, 065 4, 569 2, 003 2,364 8,433 2.009 2, 546 1,994 1,928 3,093 June 11 47, 822 2,477 13, 329 3, 070 4, 565 2,36' 8,423 2,011 2, 54, 2,005 1,930 3,093 June 18 47, 796 2,475 13,325 3, 073 4,561 2, 014 2,368 8,422 2,006 2, 547 1,980 1,932 3,093 June 25 47, 850 2, 485 13, 336 3, o; 4,561 2,014 2, 369 8,418 2,016 2, 546 2,002 1,933 3,093 Total liabilities and capital accounts: May 21 _ 23, 885, 578 1, 465, 94'10,331,435 1, 490, 8341,823,448887, 40' 585, 3,598,123 654, 092415, 435623, 1,205 1, 560, 644 May 28 .23, 768, 2671,469,31710,217,41* I, 463, 4961,836,237 491, 036588,1543, 626, 556659. 762418,386514,130 438,;, 0931, 545, 682 June 4 23, 794, 584L, 466, 92910, 045, 09: 1, 429, 6901, 854, 912385, 674504, 7523, 726, 294744, 050427, 391325, 537444, 0661, 540,198 June 11 23,818,31 1, 434, 3089, 841, 6101, 464, 2101, 889, 569590, 080622, 7643, 807, 45"738,565439,212637, 212 46666, ,6791, 586, 644 June 18 24, 045, 457 1, 447, 8909, 836, 2731,521,6081,977,335899, 257625, 2953, 869, 971727, 680 440I,, 614534, 759 4"6 4:,, 5131, 600, 262 June 25 23, 804, 669 1, 455, 2049, 730, 9751, 494, 4831,947,144591, 170530, 0823, 835, 475722, 266430, 789 ~5~2~i0,, 016461, 6561, 585, 409 Commitments to make industrial advances: May 21 11,080 172 1,634 2,281 1,695 1,101 346 26 3,740 May 28 12, 342 172 1,611 2,279 1, 691 1,101 346 1,314 3,728 June 4 12, 272 172 1,61 2,291 1,74' 1, 096 364 1,164 3,731 June 11- 11,629 172 1,61 2. 333 1, 732 1,114 364 1,094 3,076 June 18 11,814 171 1, 535 2, 342 1,683 1, 110 363 819 3,676 June 25 13, 072 1, 521 1,535 2, 186 1,679 1,016 360 1,039 3.628 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date ( e la a s c t h W m e o d n n th e ) sday of Ap r p ec li e c i a v t e i d ons Ap c p o l n ic s a id ti e o r n a s t i u on nder A a p p p p li r c o a v t e io d ns A s (a t d a m o v n u a o d t n u i - n c n e g t) s ! 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 u l m c p e t o r t o m e o n u d - v o n e t s t d ) d c e o a r x a r a n p p w w t p i , r n i l e e t i h t - d b c - , y . ( s P p a ta m a a o n t r u i o t d o t i u i - c n n n i s - g t) 8 Number Amount Number Amount Number Amount (amount) 1934—Dec. 26... 4,386 146,972 2,955 984 49,634 13, 589 8,225 20,966 5,558 1,296 1935—June 26... 6,325 237, 581 11,349 1,646 88,778 27, 518 20, 579 11,248 24,900 4,533 Dec. 31 *_ 7,437 293,084 2,823 1,993 124, 493 32,493 27, 649 11, 548 44,025 8,778 1936—June 24___ 8,006 314,471 1,880 2,183 133, 343 30,484 24, 454 9,381 61, 425 7,599 Dec. 30... 8,247 328,998 1, 245 2,280 139, 829 25, 526 20,959 8,226 77, 910 7,208 1937—Mar. 31__. 8,344 333,300 1,322 2,323 141, 545 23, 059 18,611 7,898 85,210 6,767 June 30... 8,430 339, 509 1,263 2,361 145, 758 23,019 16,331 1,470 97, 663 7,275 Sept. 29.. 8,474 341,842 800 2,381 146, 724 21,415 14,880 537 102, 588 7,304 Dec. 29__. 8,534 350, 551 550 2,406 150,987 20, 216 12,780 3,369 107, 384 7,238 1938—Mar. 30.. 8,708 358, 936 1,299 2,464 154,918 19, 371 13,110 3,419 111, 193 7,825 June 29___ 8,976 369,853 476 2,566 161,158 18,444 13,649 3,084 117, 555 8,426 Sept. 28.. 9,102 378,974 146 2,617 168, 380 17, 567 13, 597 5,737 122,447 9,032 Dec. 28... 9,188 387,490 247 2,653 175,013 17, 345 14,161 1,946 128,839 12, 722 1939—Mar. 29__ 9,249 392, 230 344 2,683 177, 895- 15, 798 12, 647 1,975 135,004 12,471 June 28. _. 395,499 255 2,721 179,778 15, 255 11,175 2,067 139,281 12,000 Sept. 27.. 9,366 402, 305 370 2,752 185, 234 14, 454 10,517 1,938 146,156 12,169 Dec. 27___ 9,418 405, 225 41 2,781 188, 222 13,683 9,220 2,659 151,679 10,981 1940—Jan. 31___ 9,433 406, 097 76 2,793 188, 879 12, 860 8,376 2,504 154, 629 10,510 Feb. 28___ 9,456 407, 392 32 2,805 190,055 12, 997 8,966 1,454 155, 574 11,064 Mar. 27__ 9,476 410,192 199 2,814 192, 665 12, 723 8,224 2,471 158,110 11,137 Apr. 24... 9,487 411,628 118 2,825 194,096 12,001 8,725 2,264 159,950 11,156 May 29... 9,504 413,178 45 2,832 195, 404 11,242 8,852 2,474 161,491 11, 345 June 26 . 9,512 413, 646 33 2,838 195, 739 10,988 8,762 2,195 162, 612 11,182 July 31... 9,536 415, 599 76 2,853 197, 439 10, 907 8, 582 1,991 164,949 11,010 Aug. 28... 9,546 416, 454 444 2,856 197, 906 10, 779 8,238 2,095 165, 865 10, 929 Sept. 25... 9,556 417, 260 10 2,865 198, 966 10,778 8,078 2,315 167,046 10,749 Oct. 30.... 9,573 420, 837 740 2,875 201, 750 10, 484 7,351 4,260 169,746 9,909 Nov. 27__. 9,581 421,139 650 2,883 202,041 9,893 7,106 4,056 171, 394 9,592 Dec. 31 4_. 9,609 431, 236 222 2,908 212, 510 9,152 5,226 13, 954 177, 792 6,386 1941—Jan. 29 .. 9,633 435, 474 1,929 2,923 214,800 9,483 5,207 12, 325 179,021 8,764 Feb. 26... 9,659 442, 712 600 2,945 223, 226 9,451 5,066 20,424 179,569 8,716 Mar. 26.. 9,682 448,506 823 2,959 228, 732 9,526 7,315 19, 986 180, 989 10,916 Apr. 30... 9,719 444, 985 35 2,987 225, 849 9,157 8,464 13, 035 183, 646 11,547 May28__. 9,793 455, 868 1, 725 3,046 234, 714 9,639 12,342 14,134 186, 062 12, 537 June255_. 9,817 458, 092 35 3,067 238, 505 10, 549 13, 072 8,090 192,783 14,011 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,206,- 609, June 25, 1941. 4 Tuesday. 5 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS7 ACCOUNTS, BY WEEKS [In thousands of dollars! Total B to os n - Y N o e r w k P p d h h e i l l i - a a - C la le n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is n M o e l a i i n s p - - K C s a a i n s ty - Dallas F c S r is a a c n n o - Federal Reserve Notes: Issued toF.R. Bank by F. R. agent M ay 28 6, 767, 692551,5621, 780, 734 464, 707 623, 293318, 470 232, 621 433, 416 255, 628 174-., 431227, 971115, 435589, 424 June 4 6, 835, 331556, 7591,817,879 467,611 627, 324, 353234, 379 434, 618258, 751174, 080— -49115, 370594, 587 June 11 6, 865, 638554, 7971, 827, 040 469, 818 633, 2633 2352,5 8, ;855 2i3,5 ,597 440, 056259, 010175, 261230, 994115,054598,893 June 18 6, 899, 789568,1331, 833, 336 475, 224 633, 234325, 4'2 23;55,, 760 442, 575—I, 234 175, 346 231,,507116, 97(0 602\, 998 June 25 . 6, 942,165567, 6061, 847, 775 t4/7b6,, i265 640,146332, 003 238, 249 453, 654 2581;,659175, 206 231,366116, ,844 Held by Federal Reserve Bank: May 28 307, 682 18, 622 76, 646 17, 049 22, 999 14, 266 23,170 35, 260 14, 679 5,857 10, 944 13, 329 54, 861 June 4 301,137 18, 487 84, 692 17,002 23, 589 15, 231 16, 500 31,825 13, 644 4, 531 9, 557 9,656 56, 423 June 11.. . .... 323, 463 16,216 94, 701 16, 510 23, 601 17, 074 19, 821 35, 167 15, 369 5, 304 10, 891 11,011 57, 798 June 18 326, 633 25, 451 83, 566 20, 859 23, 774 16, 382 19, 431 30, 437 14, f" 5,621 11, 354 13,014 62, 047 June 25 308, 973 17, 663 75, 745 17, 349 23, 369 19, 454 20, 624 32, 438 13, 506 5,305 11,455 12, 341 59, 724 In actual circulation;i May 28 6, 460, 010532. 940 1,. 704, 0884 4474,7 ,6 5685680 600,0 2,9 2494 304, 204 209, 415,1 398, 156 240, 168, 574217, 027102, ,,563 June 4 6. 534,194538', 272 1, 733,187 450, 609 603, 606 309,122 217, 8719, 402, 793 245, 169,549 222200,,192105, 714538,164 June 11 6, 542,175538, 5811, 732, 339 453, 308 609, 662 308, 781 215, 717,6 404, i 169, ~~\ 103104,043 541,095 June 18 6, 573,156542, 6821, 749, 770 454, 365 609, 460 309, 090 216, 312,9 412, 138 244; 169, 725 220I,, 153103, 956 540),,951 June 25 6, 633,192549, 9431, 772, 030 458, 916 616, 777 312, 549 217, 612,5421,216 245, 169,901219, 911104, 051545,120 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: May 28 6, 909, 000570, 0001, 795, 000 470, 000625,000 350, 000 240, 0001, 460, 000 269,000 177,000 230, 000 119, 000 604, 000 June 4 6, 971, 000570, 000 1, 835, 000 480, 000' 613,00,00350, 0C00 240, 0001, 460, 000 269,000 177,000 235, 000 121, 000 604,000 June 11 7, 011, 000570, 000 1,845,000 480, 000 640, 000350, 0C00 240, 0001, 460, 000 269, 000 177,000 235, 000 121, 000 624,000 June 18 _ _ 7, 033, 000590, 000 1,845,000 480, 000 640, 000350, 0C00 240, 0001, 460, 000 269, 000 177,000 235, 000 123, 000 624, 000 June 25 7, 063, 000590, 0001, 865, 000 480, 000 000 350, 000 245, 0001, 460, 000 269, 000 177,000 235, 000 123, 000 624, 000 Eligible paper: May 28 3,742 134 673 202 85 2, 305; 179 164 June 4 1,642 154 815 220 55 159 171 June 11 1,693 114 841 259 50 182 189 June 18 1,475 121 514 261 158. 35 182 204 June 25 1,739 134 963 153 58 50 216 165 Total collateral: May 28 6, 912, 742570,1341, 795, 673470, 202625,000350, 000 1, 460, 000 271, 305 1'7,71,7179 23i0,1,64119,000 604,:i, 000 June 4 6, 972, 642570,1541, 835, 815 480, 220' 6 310,i000350, 068 240; 000 1,460,000 269,055 1777,,158235,171121, 000 604:,,1 000 June 11 ',012,693 70,1141, 845, 841480, 259640, 000350, 058 2401,,0001, 460, 000 26'9,,050177,1 i, 189121, 000 624,,0 (00 June 18 7, 034, 475590,1211, 845, 514480, 261640, 000350,158240, 0001, 460, 000 2619,,035177,182 235i,,: 204123, 000 624, 000 June 25 ", 064, 739590,1341,865,963 480,153 6-4'5, ~ 000350, 058- • ->, oo1o, 460,000 269, 050 177, 216 235,165123, 000624, 000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. JULY 1941 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, MAY, 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 m p G o d d r a e e s o n - - i s t d s s p m o N d d s a e e e i n - - t t s d ] p T o d i e s m - it e s R F e R e - d e e se r B a r H v l a n e e R s k l d e s w se i r th v E e x- b m a b A e n m e l k r l - si C Y N e o c e n i r w t t k r y a l b a re n c C s k a e h g s r i o v - e b s c e R a i r n e t v - y k e s b C a t o n r u k y n s - * quired Total reserves held: 1940—May _ 13,086 6, 660 1,097 3, 615 1,714 All member banks,. 45, 385 37, 240 12, 466 7,819 13, 650 5,831 June __ 13, 596 6, 941 1,182 3,716 1,757 Central reserve city banks: July ._ 13, 735 6, 979 1,168 3,837 1,751 New York lfi,959 16, 208 814 3,728 6, 243 2,514 August 13, 408 6, 709 1,154 3,804 1,740 Chicago 3,412 3,012 499 710 1,144 434 September 13, 643 6, 705 1,234 3,905 1,800 October 14,043 1,279 4,024 1,851 Reserve city banks: November 14,131 6,975 1,218 4,080 1,858 Boston district 1,427 1,283 229 283 December 14,049 6, 997 1,142 4,096 1,815 New York district 257 204 150 43 16 1941—January 14,339 7,135 1,051 4,240 1,913 Philadelphia district.. 1,638 1,384 232 254 316 February 13, 996 6, 807 1,033 4,258 1,898 Cleveland district 2,247 1,784 736 349 430 March 13, 979 6, 924 931 4,197 1,928 Richmond district 1,007 724 232 138 166 April 13, 600 6, 518 966 4,204 1,912 Atlanta district 963 655 181 124 49 May 13, 650 6, 243 1,144 4,298 1,965 Chicago district._ 1,781 1,273 702 258 200 Week ending (Friday): St. Louis district 1, 015 781 171 145 67 1941—Apr. 25 13, 503 6, 342 1,036 4,220 1,904 Minneapolis district... 453 318 83 60 37 May 2 13, 556 6, 245 1,118 4,252 1,941 Kansas City district... 1,174 776 160 144 72 May 9 13, 483 6,133 1,131 4,246 1,973 Dallas district 901 555 136 104 52 May 16 13, 539 6,128 ,135 4.300 1,976 San Francisco district. 2,811 2,281 2,058 502 261 May 23 13,779 6, 330 ,157 4,333 1,959 May 30 13, 809 6, 372 ,155 . 4, 335 1,946 Total 15, 67512,018 4,923 2,349 4,298 1,949 June 6 13,365 6, 078 ,149 4.193 1,945 June 13 13, 310 5, 990 ,193 4,193 1,934 Country banks: June 20 13. 228 5, 957 ,147 4,179 1,945 Boston district 1,108 807 565 118 Excess reserves: New York district 1,684 1,207 1, 455 252 1940—May_ 6,288 3,389 477 1,607 815 Philadelphia district.. 786 523 888 98 June.. 6,696 3, 594 547 1,703 851 Cleveland district 781 497 733 90 July _ 6,752 3,588 522 1,803 839 Richmond district 735 411 388 57 August 6,407 3, 344 499 1,748 816 Atlanta district 692 400 250 44 September _ 6,582 3, 324 570 1,821 866 Chicago district 1,138 696 836 121 October 6,864 3, 465 610 1,888 902 St. Louis district 471 289 256 30 November 6,830 3, 493 546 1,895 897 Minneapolis district.. 366 228 283 30 December 6,646 3,443 476 1,887 840 Kansas City district.. 515 307 162 30 1941—January 6,832 3, 505 381 2,016 930 Dallas district 644 382 110 42 February 6,422 3,166 347 2,004 906 San Francisco district 418 255 303 20 March 6,304 3, 203 252 1,923 927 April 5,883 2, 812 295 1,885 891 Total 9,339 6,002 6,230 1,032 1,965 933 May 5,831 2, 514 434 1,949 933 Week ending (Friday) 1941—Apr. 25 5,754 2, 637 347 1,893 877 1 Gross demand deposits minus demand balances with domestic banks May 2 5,797 2, 548 423 1,914 912 (except private banks and American branches of foreign banks) and May 9 5, 733 2, 450 432 1,910 942 cash items in process of collection. May 16 5,757 2, 439 425 1,948 945 NOTE.—See table on p. 644 for percentages of deposits required to be May 23 5,921 2, 581 441 1,974 927 held as reserves. May 30 5,898 2, 583 438 1,963 914 June 6 5, 515 2, 329 440 1, 844 910 June 13 5,447 2, 263 470 1,825 890 June 20 P5, 375 2,241 424 1,809 P901 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 I\.ll member bank3 (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time May Apr. May Apr. May Apr. May Apr. May Apr. May Apr. Boston 2,535 2 499 647 649 2,397 2,364 526 528 138 135 121 121 New York 18, 900 18,733 2, 419 2,433 i 1, 609 i 1, 553 i 1,100 i 1,099 332 319 506 499 Philadelphia _ 2,425 2,395 1,120 1,117 2,150 2,125 657 655 274 270 463 462 Cleveland ... . . . . . . . __ 3,028 2,957 1,469 1,469 2,738 2,670 1,131 1,132 290 287 339 338 Richmond. 1,742 1,719 620 619 1, 525 1,504 421 421 217 214 199 197 Atlanta 1, 656 1 652 432 430 1,493 1,487 348 347 163 165 84 83 Chicago .. . 6, 332 6,054 2,038 2,001 i 2, 504 i 2, 423 i 1, 206 i 1,169 416 409 333 331 St. Louis 1 486 1 533 427 436 1 211 1 265 303 314 275 269 124 122 Minneapolis 819 809 367 371 645 635 198 200 174 174 169 170 Kansas Citv_ 1,689 1,679 322 322 1,341 1,332 210 211 348 347 112 111 Dallas 1, 545 1,542 245 244 1, 184 1,187 193 197 361 355 53 47 San Francisco 3,229 3,167 2, 361 2,361 3,102 3,040 2,260 2,260 127 127 100 101 Total 45 385 44, 739 12, 466 12, 453 121, 898 121, 584 i 8, 552 i 8, 534 3,115 3,072 2,601 2,584 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 650 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 G c 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 1 r t y a 8 e s 9 s - 0 S s u c i i a b l o v r s i y e n id r - M c i o n in or U S n n t o a i t t t e e e s 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 n b i N o o a n n t a e - a k s l 1940— April 7,559 68 45 1,557 1 377 166 248 4,906 23 168 May _ __ 7,710 67 46 1,590 1 382 168 241 5,025 23 167 June 7,848 67 46 1,582 1 384 169 248 5,163 22 165 July 7,883 66 46 1,565 1 386 172 249 5,212 22 164 August 8,059 66 47 1,605 1 389 174 258 5,334 22 162 September . ._ _ ... 8,151 66 48 1,615 1 394 177 259 5,409 22 161 October 8,300 65 48 1,620 1 400 180 264 5,541 22 160 November 8,522 65 49 1,658 1 407 183 275 5,705 21 159 December 8,732 65 50 1,667 1 412 185 290 5,883 21 157 1941—January 8,593 64 50 1,595 1 403 183 278 5,842 21 156 February 8,781 64 50 1,635 1 406 184 278 5,985 21 155 March 8,924 64 51 1,651 1 413 186 277 6,106 21 154 April 9,071 63 51 1,654 1 418 189 274 6,247 21 153 May 9,357 63 52 1,697 1 426 191 286 6,468 20 152 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 and small (ienomination currency 2 Large denomination currency End of month in cir- as U so n r - ttion * Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed* 1940—April 7,559 5,437 588 534 34 992 1,739 1,551 2,126 463 951 195 439 30 48 4 May 7,710 5,519 595 546 35 1,009 ,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 ,798 1,605 2,286 489 • 1,025 211 486 26 49 2 August 8,059 5,748 611 556 36 1,044 1,858 1,644 2,313 495 1,035 213 493 26 51 2 September 8,151 5,814 618 566 36 1,055 876 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 1,107 977 1,748 2,426 523 1,089 225 512 26 51 3 December _ 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941—January 8,593 6,094 635 577 37 1,091 1,973 1,781 2,502 540 1,126 230 530 24 52 4 February . _ 8,781 6,243 641 582 38 1,116 2,041 1,826 2,541 551 1,144 232 535 24 55 4 March ___ 8,924 6,342 650 590 38 1,132 2,074 1,858 2,583 560 1,163 238 543 24 56 1 April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 1,197 241 550 25 56 2 May 9,357 6,683 669 615 40 1,176 2,211 1,972 2,675 587 1,218 242 546 24 57 2 * 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 IHeld by Treasury and Federal Reserve Banks and in <jirculation. In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month"" Total d S s b o a i i l l l n u v v la d l e e - r r r s s S c i i s a l u o i v d r i b e n - y - r M c i o n i o n r U S n n t o a i t t t e e e s s d B s F e e R a r e r e n a d v - l - k e t n b i N o o a n a n te - a k s l Year or month m E S e u n h r t i o s p p - t e o R E e f u r c r o e o m ip p t e s 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 c100 3 1940—April . . 2,999 1,886 400 172 347 23 171 1940 17.7 7 17 0 May 3,008 1,894 402 173 347 23 169 June 3,014 1,900 402 174 347 23 167 1940—April 3 5 (0 3 5 July. 3,024 1,909 404 175 347 23 167 May 1.1 1 1 August 3,036 1,915 409 178 347 23 164 June _. .5 1 c 3 September. 3,044 1,920 411 181 347 22 163 July .6 5 October 3,059 1,931 415 183 347 22 162 August _ 3 0) 3 November 3,072 1,937 419 187 347 22 160 September .1 (1) 1 December 3,087 1,945 425 189 347 22 159 October . 1 . 1 1 November 1 2 I 1941—January 3,097 1,953 427 191 347 22 158 December _ .1 .1 February... 3,102 1,959 428 192 347 21 156 A M p a r r i c l h 3 3 , , 1 1 2 0 2 9 1 1 , , 9 9 7 6 1 5 4 4 3 2 4 9 1 19 9 4 3 3 3 4 4 7 7 2 21 1 1 1 5 5 4 5 1941— F J e a b nu ru a a ry r y . .2 . . 1 1 •« .1 May 3,134 1,977 440 196 347 21 153 A M p a r r i c l h 0) 1 I <l) May ... 0) (l) i Includes silver held against silver certificate3 amounting to $1,915- 000,000 on May 31,1941 and $1,817,000,000 on May 31, mu. c Corrected, i Less than $50,000. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. JULY 1941 651 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] Ear- Period of a s G t t p o o e e c l n r d k i d od In s g c t i o r o n e c ld a k se im g N o p e l o d t rt g m o c o a l r r d e r : a k i n s e d e - d e- p D ti r c o t o i m g d o o n u e l c s d i - - From or to May April Jan.-May crease (—) Im- Ex- Im- Ex- Im- Exports ports2 ports ports ports ports2 19342 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. 3 11,258 1,132. 5 1,116.6 -85.9 131.6 Portugal 68 134 1937. 3 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 2. 1940. 21,995 4,351.2 4, 744. 5 —644. 7 168.1 U. S. S. R 11, 236 Canada 16,309 20. 218 260, 562 Mexico 969 1,147 4, 943 1939—December. 17, 644 285.1 451.2 -200. 8 13.4 Central America 835 902 4, 594 West Indies and Ber- 1940—January.. 17, 931 287.5 236.4 40.0 13.6 muda... 55 67 324 February. 18,177 246.0 201.4 37.0 11.4 Argentina 15 39 76 March 18, 433 256.0 459.8 -213.4 12.0 Bolivia...'. 1 48 April. 18,770 336.9 249.9 67.2 13.0 Brazil _ 6 13 May 19,209 439.0 435.1 -36.7 14.1 Chile 935 683 3,491 June 19,963 754.2 1,163.0 -437. 2 10.9 Colombia 2,794 2, 934 11,140 July 20, 463 499.4 520.0 -55.1 16.0 Ecuador 5' 347 1,101 August 20,913 450.2 351.6 67.0 12.3 Peru 413 1, 280 3,640 September. 21, 244 331.6 334.1 36.6 13.3 Venezuela 418 320 1,781 October... 21, 506 261.1 326.0 -117.9 19.0 British Guiana 71 79 476 November. 21,801 295.2 330.1 -39.5 16.4 Australia 4,194 4, 720 33, 050 December. 21,995 194.0 137.2 7.4 16.1 New Zealand 42 379 1,173 British Oceania 270 1,588 1941—January... 22,116 121.7 234.2 -52.8 13.5 British Tndia 4, 501 February. 22, 232 115. 4 108.6 -46.2 12.6 Netherlands Indies 323 103 748 March 22, 367 135.4 118.6 .2 12.0 China and Hong April 22, 506 138.5 172.0 -10.5 12.8 Kong 2,146 May 22, 575 69.1 34.8 4 -3. 8 P!3. 0 Japan 313 9,444 June 1-25P. 22, 620 44.8 27.5 4 4.0 Philippine Islands 3. 384 3, 587 16,913 South Africa 3,594 132, 255 288, 468 All other countries 80 163 1,095 1 p F P i r g e u l r i e m s in a a re ry t . hose for United States published in table on p. 703, Total 34, 835 171, 994 20 adjusted to exclude Philippine Islands production received in United St 2 a t F e i s g . ures based on rate of $20.67 a fine ounce in January 1934 and $35 1 Figures represent customs valuations which, with some exceptions, a f 3 i n In e c o lu u d nc e e s g th o e ld re a in ft e t r h . e Inactive Account amounting to $27,000,000 on are 2 B at e g ra in te n i o n f g $ M 35 a a y f 1 in 9 e 4 1 o , u th n e ce D . epartment of Commerce has temporarily December 31, 1936, and $1,228,000,000 on December 31, 1937. suspended publication of export statistics by country of destination. 4 Gold held under earmark at Federal Reserve Banks for foreign ac- Back figures.—See table, p. 703 and Annual Report for 1937 (tables count, in millions of dollars: May 31—1,920.8; June 25—1, 916. 8. 31 and 32). NOTE.—For back figures see Annual Report for 1937 (table 29). BANK DEBITS Debits to deposit accounts, except interbank accounts. BANK SUSPENSIONS1 [In millions of dollars] Total, 140 133 Member Nonmember all New other other Total, banks banks Year and month re i p n o g rt- Y C o it r y k le in a g d- rep in o g rtcenters centers i centers2 banks Na- State In- Not tional sured 2 insured 1929 982, 531 603,089 331,938 47,504 1936 461,889 208,936 219, 670 33, 283 1937 469, 463 197,836 235, 206 36,421 Number of banks suspended: 1938.. 405,929 168, 778 204,745 32,406 1934 57 1 8 48 1939. 423,932 171,382 218, 298 34,252 1935 34 4 22 8 1940 -445, 863 171, 582 236,952 -37, 329 1936 44 1 40 3 1937 59 4 2 47 6 1940— April r37,779 15, 519 19, 250 3,010 1938 55 1 1 47 6 May 37,257 14,536 19, 659 3,063 1939 . . 42 4 3 25 10 June 35,005 13,110 18,850 3,045 1940 22 1 18 3 July 35, 959 13,612 19, 244 3,103 1941—Jan.-May 5 2 3 August 32,844 11,604 18, 314 2,926 September 33,812 12, 594 18, 267 2,951 Deposits of suspended banks October 39, 695 14,952 21, 365 3,378 (in thousands of dollars): 3 November 39,088 14, 952 20,819 3,317 1934 36,937 40 1,912 34,985 December. 46, 673 18, 626 24,327 3,721 1935 10,015 5,313 3,763 939 1941—January... 41,133 15,147 22, 498 3,488 1936.- 11,306 507 10, 207 592 February.. 35, 783 13, 268 19,457 3, Of 7 1937 19, 723 7,379 1,708 10,156 480 March 44, 558 17, 402 23, 586 3, 570 1938 13,012 36 11,721 1,044 April 42, 237 15,657 23, 074 3,505 1939 34, 998 1,341 24, 629 6,589 2,439 May 43, 665 16,124 23, 795 3,746 1940 5,943 256 5,341 346 1941—Jan -May 2,436 1,933 503 T Revised. i Represents banks which, during the periods shown, closed tem- 1 Comprises centers for which bank debit figures are available beginporarily or permanently on account of financial difficulties; does not ning with 1919, except that one substitution was made in 1920 and one include banks whose deposit liabilities were assumed by other banks at in 1928. the time of closing (in some instances with the aid of Federal Deposit 2 Centers (other than the 141 centers) for which bank debits are current- Insurance Corporation loans). ly reported. The number has changed very little since 1934 and has' * Federal deposit insurance became operative January 1, 1934. been 133 since 1936. 3 Deposits of member banks and insured nonmember banks suspended Back figures.—For corresponding monthly totals for 1928-1937 see are as of dates of suspension, and deposits of noninsured nonmember Annual Report for 1937 (Table 71), which also gives a definition of bank banks are based on the latest data available at the time the suspensions debits. Monthly figures for individual reporting centers with totals by were reported. Federal Reserve districts for recent years, and annual figures for indi- Back figures—See Annual Report for 1937 (table 76). vidual reporting centers with totals by Federal Reserve districts for the years 1919-1939, are available and will be furnished upon request. 652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Nonmember Member banks banks Member banks Nonmember banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u k g s al s m n b o e e m n r - - Call date ba A n l k l s Total ti N on a- al State M sav u i t n u g a s l no O n t m he e r mbanks banks ber banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29... 53,852 32, 284 19,411 12,873 8,983 12, 584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31.-- 55,289 33, 865 20,290 13, 575 8,916 12,508 1933—June 30_ 14, 519 5,606 4,897 709 576 8,337 1933—June 30. . 37, 998 23, 338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30.._ 38, 505 23,771 15, 386 8,385 9,708 5,026 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. 4^ 14, 871 6, 528 5,138 1,390 550 7,793 1941—Apr. 44. ._ 65, 210 46,179 29, 467 16, 712 10, 684 8,347 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,S45 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 31, 752 13, 958 17, 794 10.187 4,996 5,191 6,627 3,244 113,383 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_. 56,148 24, 322 31,826 38, 983 15, 878 23,104 10, 276 4,954 5,322 6,889 3,490 3,393 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,OCO 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" are preliminary. Back figures.—See Annual Report for 1937 (tables 48-49). JULY 1941 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans i Investments * Loans for U. S. Government obligations Call date m T l v o a i o e e n a n s t n n d - a t t - s l s Total i C t m d a c r i o u i n i n e a a m s d - r l l - - 3 - A cu g l r - i- p O m k a p a p e e r t e n - r b o a p r T e s n o r u r o e s d k r c c c - u a h r r a r i o t y s t i i i h T e n n s e o g g rs3 e l R s o e t a a a n t l s e L ba o t n o a k n s s l O o t a h n e s r 4 Total Total Bills N D o ir t e e c s t Bonds G t a e u n e a - d r- g S p O d s a a i o t u i c o b t a n v l i b a f l t o 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. 31 -35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1.393 4,528 1933—June 30. _24, 786 12,858 595 953 3,752 2,372 330 4,857 11,928 6,887 113 2,049 3,725 1,744 3,297 1938—June 30- 30,721 12,938 492 701 2,614 2,613 120 6,397 17,783 12,343 316 3,653 6,246 128 2,143 3,296 Dec. 3L._ 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 ',720 7,786 2,831 2,654 3,131 Oct. 2 B .33,075 13,470 19,605 13,811 920 2,764 3,030 Dec. 30.. 33,941 13, 962 5,3 730 455 790 700 2,957 66 2,888 19,979 14,328 563 ,223 8,398 3,144 2,959 1940— Mar. 26 •34,163 13, 939 20,224 14.421 3,107 2,905 2,898 June 29. 34,451 13,969 5,538 450 447 668 3,069 3,020 20,482 14, 722 797 ,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 City * 1929—Dec. 31__ 8,774 6,683 195 1,257 2,145 322 2,595 2,091 1,112 58 166 222 758 1933—June 3O._ 7,133 3,424 364 759 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1938—June 3O._ 8,013 3,172 141 556 717 132 85 1,541 4,840 3,740 222 1,358 1,451 709 394 707 Dec. 31__ 8, 335 3,262 1,456 138 787 220 121 99 436 5,072 3,857 158 1,142 1,663 894 517 698 1939—Tune 30._ 8,688 2,988 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Oct. 2« _ 9,044 3,116 5,928 4,558 1,157 662 708 Dec. 30._ 9,339 3,296 1,768 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 693 1940—Mar. 26 • 9, 594 3,211 6,383 4,972 1,286 726 686 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 1 0 1 . , 9 6 1 9 0 6 3 3 . , 3 5 8 0 4 2 2,025 100 465 190 130 443 7 8, . 1 5 9 2 4 7 6 6 , . 6 0 2 4 5 4 207 1,245 2,977 1 1, , 6 6 2 1 0 5 6 77 9 1 5 788 City of Chicago' 1929—Dec. 31 . 1,757 1,448 251 533 88 535 116 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 69 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 60 1,536 1,203 153 176 701 172 162 170 1940—Mar. 26» 2,222 564 1,658 1.319 139 175 164 June 29.. 2, 205 603 417 1,602 1,258 254 161 710 134 177 167 1941— D A e p c r . . 3 4 1 6... 2 2 . , 3 6 7 4 7 9 6 7 9 8 6 0 476 1 1, , 8 6 6 8 9 1 1 1 , , 3 4 0 6 7 6 297 145 752 1 1 1 2 2 5 1 22 8 6 8 1 1 8 7 6 7 Reserve City Banks 1929—Dec. 31 _. 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 30.. 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30. 11,150 4,853 163 95 998 1,201 26 2,369 6,298 4,658 ;268 2,603 718 732 908 Dec 31_. 11, 654 4,963 1,914 149 119 242 1,230 20 1,081 6,691 5,018 1,224 2,997 740 808 1939—Tune 30_. 11,756 5,004 1,884 234 138 115 221 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 2,100 119 222 1,335 1,168 5,194 63 819 3,339 972 890 860 1940—Mar. 26 12,153 5,305 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, 052 969 981 868 1941— D A e p c r . . 4 3 < 1 L__1 1 3 3 , . 0 4 1 9 3 4 6 5 , , 1 9 6 3 5 1 2,436 153 115 207 1,436 1,307 7 7, , 0 3 8 2 1 8 5 5 , , 4 2 4 0 0 4 103 771 3,281 1 1 , , 0 0 4 4 7 9 1, 9 0 8 3 4 4 8 8 9 5 3 5 Country Banks 1929—Dec. 31 __13, 375 8,936 201 291 2,231 1,462 4,705 4,439 1,267 171 627 2,546 1933— June 30._ 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1938—June 30.. 9,752 4,388 173 21 790 1,269 2,126 5,364 2,964 715 1,657 579 878 1,522 Dec. 31__ 10,113 4,444 1,048 138 25 243 1,353 1,149 5,669 3,233 732 1,893 597 982 1,453 1939—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 5,270 3,030 36 451 1,849 695 1,097 1,144 Dec 31 10.826 5,309 1,267 187 201 1,644 1,397 5,517 3,269 433 2,081 710 1,146 1,102 1941—Apr. 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 smce 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.—See Annual Report for 1937 (tables 52-58). 654 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 deposit3, Time deposits, Interbank except interbanl except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w Fe it d h - Cash a w n i c t e h s m d a e n - d u v a i l d s - , States Certi- u v a id ls - , States banks Bor- C it a a p l - Call date e R r e a - l va in ult m d e o s - tic po a s d i - ts p n a e r r t - - p a o n li d t- f a i n e d d u. s. p n a e r r t - - p a o n l d it- Postal For- r i o n w gs - co a u c- nts serve banks1 justeds ships, ical offi- Geronv-- ships, ical sav- eign Banks and sub- cers' ment 4 and sub- ings 4 De- Time banks cor- divi- checks cor- divi- mand 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 6 8,243 e 142 6757 5 5,530 Oct. 2 11,604 841 5,506 25,681 24,C04 2,321 563 743 11,215 432 61 8,507 144 759 3 5,522 Dec. 30 12, 279 862 s 5, 63426,461 24,965 2,499 558 725 11,368 411 52 «8,717 6 145 6 737 2 6,562 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 L, 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 6 163 9,562 9,652 219 260 68 742 35 fi 3, 629 6 1 6672 .601 1940—Mar. 26 7.072 88 119 10, 235 10, 283 258 147 67 732 29 3,840 650 ]', 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 * 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 f88 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 6 ]4 270 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 f997 6 7 253 1940—Mar. 26 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 June 29 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 fi 1,151 270 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 3?8 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 1, 812 1939—June 30 3,053 323 8 2,485 8,017 7,803 801 158 410 4,319 198 14 r 3, 307 6 116 6 71 ,821 Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 ,828 Dec. 30 3,336 364 fi 2, 632 8,400 7,978 942 150 431 4,386 214 12 6 3, 525 8 115 6 56 ,833 1940—Mar. 26 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3, 526 105 44 ,873 June 29 4,027 396 2,741 9,581 9, 468 995 228 327 4,506 226 19 3,919 106 51 .904 Dec. 31 4,107 361 6 2, 859 10,137 9,552 1,206 171 273 4,540 202 19 s 4, 023 6 108 6 49 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 ,128 154 143 5,509 147 44 446 23 2 6 ,798 Dec. 31 1,403 307 2,117 6,255 5,272 ,130 135 136 5, 619 145 40 439 26 2 5 1,828 1939—June 30 L, 555 329 «2,473 6,677 5,736 ,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 ,090 172 154 5,677 140 35 571 26 2 3 ,851 Dec. 30 1,648 389 6 2, 645 6,954 5,832 ,205 131 147 5,757 151 35 «566 6 29 62 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 ,115 164 143 5,816 147 37 538 29 2 3 1,876 June 29 ,857 452 3,002 7,845 6,846 ,184 187 151 5,917 150 33 633 29 2 3 ,909 Dec. 31 1,894 372 6 3, 044 8,039 6,886 1,269 163 114 6,006 142 31 6 677 629 62 3 1,943 1941—Apr. 4 1 Prior to Dec. 31,1935, excludes balances ^ includes time balances with domes'""' *'—1 l 2 Demand deposits other than „„ „ . „. „ 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. i 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). JULY 1941 655 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 obligat]ons Date or month m T l v a o i o e e n n a s n t d n - a t t - s s l Total C t m c d a r i o i u i n n e a a m s d - r l l - - , , - p O m a k p p a e e r t e n - r b o p r T s o r u o e k r c c - c u a h r r a r it y s i i i e n n s g g e l R o st a e a n a t s l e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1940—May 23, 555 8, 599 4,397 327 574 475 1,191 1,588 14, 956 11, 460 638 1, 905 6,510 2,407 3.496 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 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 5,506 351 482 450 1,230 1,789 17, 421 13, 628 847 2,185 7,701 2,895 3,793 May 27, 764 10, 029 5,621 360 479 446 L237 1, 847 17, 735 14,024 949 2,214 7,789 3,072 3,711 1941—Apr. 2 26, 952 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 May 28 27, 915 10, 226 5,673 367 571 451 1,239 1, 883 1.7, 689 13, 996 929 2,212 7,833 3,022 3,693 June 4 28, 061 10,183 5,706 366 496 444 1,240 1,892 17, 878 14,186 950 2,231 7,975 3,030 3,692 June 11 28,131 10, 238 5, 764 373 478 447 1,241 1,895 17, 893 14, 233 1,030 2,235 7,931 3,037 3,660 June 18 28,155 10, 262 5,792 370 471 444 1,246 1,897 17, 893 14, 287 1,056 2,232 7,961 3,038 3,606 June 25 28, 279 10, 324 5,825 372 452 1,246 1, 904 17, 955 14, 304 1,098 2,236 7,940 3,030 3,651 New York City 1940—May 9,172 2,905 1,673 108 433 160 120 371 6,267 4,995 242 950 2,528 1,275 1,272 1941—January 10, 350 3,049 1,926 93 331 169 113 393 7,301 5,913 170 1,239 2,923 1,581 1,388 February 10,712 3,063 1,983 90 300 166 112 389 7,649 6,183 149 1,498 2,947 1,589 1,466 March 10,916 3,209 2,058 96 357 165 111 393 7,707 6,237 227 1,471 2,961 1, 578 1,470 April 11,263 3,229 2,090 96 341 163 112 395 8,034 6,578 351 1,374 3,185 1,668 1,456 May 11,635 3, 314 2,141 92 349 161 114 426 8,321 6,929 1,449 3,219 1, 774 1,392 1941—Apr. 2 11,053 3, 252 2,073 370 165 111 394 7,801 6,334 250 1,340 3,168 1, 576 1,467 Apr. 9 11,132 3,225 2,084 344 165 112 394 7,907 6,430 318 1,359 3,173 1,580 1,477 Apr. 16 11,155 3,.226 2,095 337 164 111 396 7,929 6,471 345 1,366 3,174 1,586 1,458 Apr. 23 11,456 3,202 2,088 323 162 112 395 8,254 6,799 409 1,390 3,207 1,793 1,455 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 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 May 28 11,759 3,442 2,166 427 163 114 448 8,317 6,942 503 1,455 3,247 1, 737 1, 375 June 4 11.832 3, 387 2,182 359 159 113 450 8,445 7,060 575 1,456 3, 293 1,736 1,385 June 11 11,769 3,406 2.210 347 160 114 451 8.363 6,987 589 1,453 3,223 1,722 1,376 June 18 11,761 3,420 2,227 340 159 114 454 8,341 6,986 587 1,454 3,229 1,716 1,355 June 25 11,812 3,433 2,231 349 164 114 451 8,379 6,977 579 1, 460 3,222 1,716 1,402 Outside New York City 1940—May 14,383 5,694 2,724 219 141 315 1,071 1,217 8,689 6,465 396 955 3,982 1,132 2,224 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 7,062 669 981 4,229 1,183 2,326 April 16,007 6,620 3,416 • 255 141 287 1,118 1,394 9,387 7, 050 496 811 4, 516 1, 227 2,337 May 16,129 6,715 3,480 268 130 285 1, 123 1,421 9,414 7, 095 462 765 4,570 1,298 2,319 1941—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 1.6, 033 6,632 3,423 256 135 285 1,122 1,403 9,401 7,069 432 776 4,550 1,311 2,332 May 7 16,071 3,445 261 127 282 1,120 1,406 9,423 7,110 472 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 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 4,574 1,286 2,326 May 28 16,156 6,784 3,507 275 144 288 1,125 1, 435 9,372 7,054 426 4,586 1,285 2,318 June 4 16, 229 6,796 3,524 273 137 285 1,127 1,442 9,433 7,126 375 4,682 1,294 2,307 June 11 16,362 6,832 3, 554 279 131 287 1,127 1,444 9,530 7.246 441 782 4,708 1,315 2,284 June 18 16, 394 6,842 3,565 277 131 285 1,132 1,443 9, 552 7,301 469 778 4,732 1,322 2,251 June 25 16, 467 6,891 3,594 278 138 288 1,132 1,453 9,576 7,327 519 776 4,718 1,314 2,249 I 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 Keport for 1937 (tables 65-67) and corresponding table; in previous Annual Reports. 656 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 Re- B s s w F e e a R e r e r n i r v e a t d v k - h e l - e s s v C a i a n u s l h t m b a w B a n d e i n a c o s t l e - k h t - s i s c j m u p D s o a d a t d s e e e n i - - - d t d s : s I p u v n h a c n a a o i n e i d d l r p r r d s t i - - - s - - , , S p d s a i t o u i c a n v l b a t i d i - e l t - - s c C c h o f a e e i e f n e f r r c i d d s t - k i ' - s m U G e e . r o n n v S - t - 2 . s I p u v h n a c n a a o n i e i d d r p l r r d s t i - - - s - - , , S p d s a i t o u i c a n v l b a t i d i - e l t - - s P in s o a g s v s t - a 2 l m D a D e n - o b d m an e k T s s t i ic me b F e a i o n g r k n - s r B i o n o w g r s - - co C i a u t a c a n p - l t - s Date or month pora- sions etc. pora- sions tions tions Total 101 Cities 11,032 474 3,240 19,971 19,460 1,540 481 560 5,119 192 8,380 115 708 3,750 1940—May 12,109 530 3,404 22, 757 22, 303 1,537 482 318 5, 244 190 9,039 117 653 3,824 1941—January 11, 765 520 3,381 23,092 22,511 1,673 484 331 5,262 193 9,005 117 630 3,834 February 11,714 515 3,468 23, 324 22, 826 1, 657 489 328 5,282 173 9,180 115 645 3,833 March 11,371 510 3,472 23, 515 22, 947 1,769 491 390 5,275 172 9,077 114 645 3,847 April 11, 294 546 3,495 24, 010 23, 356 1,853 461 394 5,246 183 9,069 115 3, 862 May 11,315 491 3,588 23, 093 22, 518 1,747 527 396 5,269 171 9,228 115 633 3,839 1941—Apr. 2 11, 428 521 3,439 23,430 22, 716 1,709 442 390 5,286 171 9,054 114 644 3,844 Apr. 9 11,668 501 3,548 23, 577 23, 245 1,688 475 389 5,280 168 9,265 113 653 3,847 Apr. 16 11,235 522 3,400 23, 762 23,08£ 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 1,845 397 394 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, 6321, 849 520 397 5,242 182 9,053 116 658 3,862 May 21 11,493 563 3, 532 24, 311 23, 612 1,870 514 390 5,240 183 9,107 113 663 3,864 May 28 10, 982 565 3,511 23, 888 23, 337 1,752 583 5,233 181 9,122 114 649 3,877 June 4 11,046 596 3, 465 24, 071 23, 675 1,757 516 454 5,225 181 9,055 114 667 3,873 June 11 10, 883 581 3,500 23, 872 23, 517 1,706 477 457 5,235 170 9,123 113 666 3,873 June 18 10, 788 3,439 24, 046 23, 507 1,749 495 458 5,239 169 8,934 114 671 3,868 June 25 New York City 6,384 87 9,203 9,306 267 292 3,727 650 1,502 940—May 6,809 85 10,578 10, 330 287 3,929 594 1,502 941—January 6,514 93 10, 765 10,758 345 290 707 3,839 574 1,507 February 6,622 120 10, 982 11,054 313 294 717 3,928 589 1,507 March 6,202 10, 987 11,064 307 282 719 3, 585 1,511 April 5,897 11,055 11,108 353 231 700 3,844 597 1,517 May 6,472 11,026 11,100 289 713 3,934 577 1,510 941—Apr. 2 6,315 120 10,994 10,991 276 251 727 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 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 85 105 11,181 11, 281 370 226 698 3,833 596 1,519 May 21 6,042 116 11,291 11,314 367 277 698 3,897 601 1,515 May 28 5,658 112 11,030 11, 06E 306 352 695 586 1,522 June 4 5,752 123 100 11,048 11,18C 300 324 696 3,867 603 1, 521 June 11 5,640 125 10, 879 11,020 262 274 702 3, 889 602 1,520 June 18 5,617 132 10, 986 ll,08C 295 270 704 3, 814 609 1,513 June 25 Outside New York City 4,648 395 3,153 10, 768 10,154 1, 273 189 516 4, 485 166 4,653 115 2,248 .940—May 5,300 443 3,319 12,179 11,701 1,207 195 299 4,554 148 5,110 117 2,322 941—January 5,251 436 3,288 12, 327 11,75c 1,328 194 317 4,555 144 5,166 117 " 327 February 5,092 432 3,348 12, 342 11,7"" 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 5,397 457 3,396 12. 955 12,248 1,500 230 375 4,546 157 5,225 115 2, 345 May 4,843 412 3,431 12, 067 11,41* 1,458 223 377 4,556 140 5,294 115 2,329 .941—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, 02£ 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, 505 199 377 4,546 160 5,252 115 2,344 May 14 5,432 450 3,425 13, 084 12, 351 I, 479 294 378 4,544 156 5,220 116 2, 343 May 21 5,451 466 3,416 13, 020 12, 298 1,503 237 371 4,542 157 .5. 210 113 349 May 28 5, 324 453 3.402 .2, 858 12, 272 1,446 231 435 4,538 155 5,251 114 2, 355 June 4 5,294 473 I 3, 365 .3, 023 12, 495 1,457 192 435 4, 529 156 5,188 114 2, 352 June 11 5,243 456 3,413 2, 993 12, 497 1,444 203 438 4,533 151 5, 234 113 2, 353 June 18 5,171 464 3,343 13, 060 12, 427 1,454 225 439 4,535 150 5,120 114 2, 355 June 25 r Revised. 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. JULY 1941 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars.] Losns Investments Loans for U. S. Government obligations Com- purchasing mer- or carrying Total cial, securities d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 1 d e ) s d er a v te e l v o a i e n a n s d n - t- s Total t d a r i u i n n s a - d - l, p O m k a p a p e e r t e n - r br T o o k- e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G t a e u n e a - d r- O s r e i t t c h i u e e s - r ments agri- ers To cul- and others tural dealers Boston (6 cities) May 28 1, 355 733 384 82 18 16 81 4 148 622 486 33 39 343 71 136 June 4 1,386 731 387 81 13 16 81 4 149 655 520 42 40 368 70 135 1 382 739 393 81 15 16 81 4 149 643 508 30 40 370 68 135 June 18 1,368 736 395 80 11 16 81 4 149 632 498 19 40 371 68 134 June 25 1,375 741 398 79 13 16 81 4 150 634 500 18 39 374 69 134 New York (8 cities)* May 28 12, 706 3,839 2, 307 108 434 210 195 32 553 8,867 7,346 503 1,498 3, 509 1,836 1,521 June 4 12, 784 3,786 2,326 108 365 206 194 31 556 8,998 7,469 575 1,501 3, 558 1,835 1,529 June 11 12, 732 3,809 2,356 109 355 207 195 30 557 8,923 7,403 592 1,500 3,493 1,818 1,520 June 18 12, 733 3,822 2,372 108 347 206 198 33 558 8,911 7,412 601 1,498 3,499 1,814 1,499 June 25 12, 778 3,837 2,378 109 356 211 198 30 555 8,941 7,398 597 1,503 3,488 1,810 1,543 Philadelphia (4 cities) May 28 1,293 525 276 39 24 31 50 105 768 496 25 387 84 272 June 4 1,296 529 277 40 24 31 51 106 767 503 25 395 83 264 June 11 1,296 534 283 40 23 32 51 105 762 500 25 393 82 262 June 18 1,299 539 286 39 25 31 52 106 760 499 25 391 83 261 June 25 1,304 545 290 38 27 32 52 106 759 498 25 391 82 261 Cleveland (10 cities) May 28 ' . 2,125 851 393 12 17 20 182 1 226 1,274 1,007 9 153 692 153 267 June 4 _ 2,135 854 397 13 16 19 183 1 225 1,281 ,031 9 163 706 153 250 June 11 2,155 854 398 13 15 19 183 1 225 1,301 ,051 9 169 719 154 250 June 18- 2,167 849 397 13 15 19 182 1 222 1,318 ,069 9 168 736 156 249 June 25 2,173 854 401 13 17 20 182 1 220 1,319 ,070 9 169 735 157 249 Richmond (12 cities) May 28 719 310 149 12 3 14 48 84 409 340 1 50 226 63 69 June 4 741 310 149 11 3 13 48 86 431 362 1 56 232 73 69 June 11 767 308 148 11 3 13 48 85 459 390 1 57 246 86 69 June 18 111 308 147 11 3 13 48 86 469 401 2 57 254 88 68 June 25 763 310 146 12 4 13 48 87 453 384 2 58 236 88 69 Atlanta (8 cities) May 28 711 377 195 5 7 11 36 2 121 334 218 5 45 106 62 116 June 4 716 373 192 5 7 11 36 1 121 343 227 5 45 116 61 116 June 11.- . .... 725 376 192 6 6 11 35 3 123 349 233 7 46 115 65 116 June 18 722 377 194 5 6 11 36 2 123 345 229 7 45 112 65 116 June 25 717 379 195 5 6 11 36 2 124 338 222 6 44 109 63 116 Chicago (12 cities)* May 28 3,920 1,258 806 46 45 68 133 160 2,662 2,055 266 220 1,249 320 607 June 4 3,931 1,258 809 45 44 67 133 160 2,673 2,049 253 221 1,255 320 624 June 11 4,011 1,270 821 47 40 67 134 161 2,741 2,136 346 219 1,242 329 605 June 18 4,000 1, 274 822 46 42 67 134 163 2,726 2,145 368 218 1,230 329 581 June 25 4 070 1,286 831 46 41 68 135 165 2,784 2,205 418 220 1,236 331 579 St. Louis (5 cities) May 28 859 395 222 18 5 13 60 2 75 464 348 58 37 183 70 116 June 4 ._ 825 393 221 18 5 13 60 1 75 432 314 16 37 191 70 118 June 11 817 395 223 19 4 13 60 1 75 422 305 1 37 197 70 117 June 18 829 400 227 19 5 13 60 1 75 429 313 1 35 208 69 116 June 25 832 403 229 20 5 13 60 76 429 312 35 206 71 117 Minneapolis (8 cities) May 28 422 208 101 3 1 6 14 83 214 173 19 119 35 41 June 4 433 212 104 3 2 6 14 83 221 179 2 19 123 35 42 June 11 433 214 1C5 3 1 7 14 84 219 179 2 19 123 35 40 June 18 434 215 106 3 ] 6 14 85 219 180 3 19 123 35 39 June 25 439 220 108 3 2 6 14 87 219 180 3 19 123 35 39 Kansas City (12 cities) May 28 760 356 210 24 4 10 32 76 404 265 20 40 106 99 139 June 4 760 357 212 24 4 10 32 75 403 264 14 40 103 107 139 June 11 756 358 212 24 4 10 32 76 398 258 8 39 104 107 140 June 18 760 359 212 25 4 10 32 1 75 401 262 7 42 106 107 139 June 25 762 362 214 25 4 11 32 76 400 261 6 40 110 105 139 Dallas (9 cities) May 28 603 318 213 3 3 12 24 63 285 224 33 34 115 42 61 June 4 603 316 213 2 3 12 23 63 287 227 32 34 119 42 60 June 11 601 314 211 2 3 12 23 63 287 228 33 34 119 42 59 June 18 608 315 211 3 3 12 23 63 293 234 38 34 119 43 59 June 25 606 315 211 3 2 12 23 64 291 232 38 34 117 43 59 San Francisco (7 cities) May 28.. 2,442 1,056 417 15 10 40 384 1 189 1,386 1,038 1 52 798 187 348 June 4 2,451 1,064 419 16 10 40 385 1 193 1,387 1,041 1 50 809 18? 346 June 11... 2,456 1,067 422 18 9 40 385 1 192 1,389 1,042 1 50 810 181 347 June 18 2, 458 1,068 423 18 9 40 386 192 1,390 L, 045 1 51 812 181 345 June 25 2,460 1,072 424 19 10 39 385 1 194 1,388 1,042 1 50 815 176 346 City of Chicago* May ?8 2,577 809 582 25 40 55 21 86 1,768 1,362 265 125 843 129 406 June 4 2,566 804 584 25 34 54 21 86 1,762 1,341 252 125 835 129 421 June 11 2,646 810 592 25 31 54 21 87 1,836 1,430 345 125 821 139 406 June 18 2,640 815 594 25 32 54 21 89 1,825 1,440 367 125 809 139 385 June 25.— 2,703 825 601 24 33 55 21 91 1,878 1,496 417 127 812 140 382 * 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. 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w F e R e r i e a t d h - l - v C a i a n u s l h t m a w n d e i o c s t e - h ti s c m po d a a d s e n i - - t d s p u v n a a i e d l r r s t - - - , S p a i t o c a n l a d t i l e t- s C a o f e i f n e f r d i d t - i- I G e T o r . n v - - S. p u n v a a e id l r r s t - - - , S p a i t o c a n l a t d i e l t- s P s o a s v t - al banks F ei o g r n - r B i o n o w g r s - - co C i a u t a c a n p - l t - s d F i e s d tr e ic r ( a 1 t l 9 a 4 R n 1 d e ) se d r a v te e serve banks justed1 ships, sub- cers' ment2 ships, sub- ings 2 banks Banks and divi- checks and divi- De- Time cor- sions etc. cor- sions mand pora- porations tions Boston (6 cities) 609 149 191 1,431 1,390 96 24 12 229 398 22 250 May 28 551 150 182 1,407 1,379 22 13 229 383 23 250 June 4 552 152 189 1,410 1,384 19 13 229 387 23 250 June 11 558 151 206 1,417 1,407 22 13 229 392 23 248 June 18 558 150 200 1,428 1,396 27 13 229 381 22 248 June 25 New York (8 cities) * 6,241 120 252 12,061 11,933 545 295 33 1,057 3,975 602 1,640 May 28 5,869 136 254 11,829 11,689 503 373 38 1,053 3,951 587 1,648 June 4 5,934 150 241 11, 842 11,815 503 342 37 1,054 3,945 605 1,646 June 11 5,836 151 230 11,714 11, 666 479 293 37 1,061 3,972 604 1, 646 June 18 5,797 157 243 11,822 11,718 518 292 37 1,062 3,892 611 1,640 June 25 Philadelphia (4 cities) 590 24 211 1,224 1,156 141 13 13 259 447 219 May 28 517 25 204 1,137 1,150 61 12 16 259 454 220 June 4 514 26 206 1,142 1,164 61 11 16 259 450 219 June 11 505 25 217 1,133 1,167 58 12 16 259 459 219 June 18 506 25 207 1,134 1,152 62 14 16 259 454 219 June 25 Cleveland (10 cities) 800 53 1,743 1,722 119 26 39 722 487 391 May 28 780 52 387 1,713 1,695 109 23 45 722 493 392 June 4 780 55 382 1,737 1,740 109 21 45 722 487 391 June 11 788 52 379 1,736 1,747 105 24 45 722 496 391 June 18 765 53 374 1,726 1,722 103 34 44 723 391 June 25 Richmond (12 cities) 301 29 292 634 607 71 16 27 206 359 102 May 28 282 26 295 630 618 71 11 29 205 367 102 June 4 269 28 288 643 629 12 29 205 363 102 June 11 259 26 276 630 619 16 29 205 365 101 June 18 276 28 285 649 625 14 30 205 358 102 June 25 Atlanta (8 cities) 172 17 267 514 477 92 36 187 358 May 28 182 16 260 507 486 87 44 187 363 June 4 177 17 261 510 487 83 45 187 365 97 June 11 171 259 502 488 81 45 187 360 97 June 18 177 256 508 480 84 45 187 352 97 June 25 Chicago (12 cities)* 1,579 657 3, 382 3,154 396 109 991 1,357 421 May 28 1,581 667 3,375 3,113 427 127 989 1,366 424 June 4 1, 567 615 3,402 3,157 449 126 982 1,361 424 June 11 1, 552 621 3,357 3,137 429 127 982 1,371 426 June 18 1,518 606 3,405 3,156 432 127 982 1,345 426 June 25 St. Louis (5 cities) 216 183 495 504 50 14 189 . 483 97 May 28 258 190 520 542 50 17 188 473 97 June 4 258 194 555 568 51 17 188 435 97 June 11 238 192 564 54 18 188 423 97 June 18 233 185 563 53 18 188 412 97 June 25 Minneapolis (8 cities) 114 140 340 303 65 1 112 174 62 May 28 112 132 335 296 69 1 112 179 62 June 4 112 137 338 303 66 1 112 182 62 June 11 111 133 336 293 74 1 112 178 62 June 18 104 135 336 299 71 1 112 178 62 June 25 Kansas City (12 cities) 205 304 591 559 92 9 140 445 1C8 May 28 208 298 577 559 84 12 140 451 108 June 4 211 313 599 584 83 12 140 446 108 June 11 206 330 595 583 83 12 140 463 109 June 18 204 315 597 577 81 12 139 449 109 June 25 Dallas (9 cities) 149 310 561 532 61 29 127 284 91 May 28 144 315 546 539 62 35 126 293 91 June 4 153 316 559 542 59 35 126 288 91 June 11 143 326 556 543 57 36 127 294 91 June 18 146 315 555 536 55 127 91 June 25 San Francisco (7 cities) 517 326 1,335 1,275 142 68 1,021 • 340 386 May 28 498 327 1,312 1,271 136 1,023 349 385 June 4 519 323 1,334 1,302 135 1, 021 346 386 June 11 516 331 1,340 1,303 133 1,023 350 386 June 18 504 318 1,329 1,283 134 1,026 341 386 June 25 City of Chicago* 1,169 314 2, 245 2,138 212 488 1,027 269 May 28 1,176 323 2,237 2,116 220 486 1,027 271 June 4 1,156 267 2, 237 2,114 245 481 1,032 271 June 11 1,132 271 2,194 2,104 224 482 1,039 273 June 18 1,088 267 2,230 2,126 223 482 1,018 273 June 25 * 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. JULY 1941 659 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- Com- Held by Based on mercial paper Total Accepting banks Goods stored in or End of month Im shipped between s i t n a g n d i - st i a n n g d- Total O bi w ll n s bo B u il g ls ht Other s* U S p i n t o n a i r t t t o t e e s s d E U S x fr n t p o a i o t m t e e r s d ts c D h o e a x l n l - g ar e Unit p ed oints F i c o n o r u ei n g - n States tries 1940—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 42 26 March _ 263 217 170 107 63 47 120 24 8 41 25 April 275 220 1 170 105 .66 49 126 25 7 38 23 May 295 215 164 105 60 51 125 24 3 41 22 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n r c s e ' s * Other credit balances End of month C b u ( a d s n l t e a e o b n t m ) c i t e i e s rs' a i b n n p a a v d l c a a e c r n s t t o r n t c u a m e e d n s r e t i s s n n i ' n g t a i b n n a a v d l c a e f c n t i s o r r c t u m a m e d n s e i t s n n in g t C a b h a n a a s 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 s n t r - s d ' m i e n f n v i I t r n e m a s n t- d a c c a c p I o n i u ta n l ts trading trading (net) accounts accounts 1935—December 1,258 75 135 179 930 286 79 24 10 410 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December —._ 985 34 108 232 688 278 85 26 10 355 193g__june 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 30fi 1939—June 834 25 73 178 570 230 70 21 6 280 Deoember 906 16 78 207 637 266 69 23 7 277 1940_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 May 622 10 102 185 403 262 61 17 223 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). 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES (Per cent per annum! AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate1 on— Average rate on— [Per cent per annum] Aver- 7 other mo Y w n e e t a e h r k , , or m m p P 4 c a r o e o p i t r n m m o c e t i r h - e 6 a , s la a b P c d n e a c r a 9 c r n i e y s 0 m e k p ' s s - t e , - c l S h d t o i t e a a a 9 o m x n n y 0 c - e g s s k , e c S n h l c o t e r a e a o a e x a l w n l - c s n - l g k - e w i f N U s e u s i o r . e t u r f e h y w - e S d b i s n . i 9 l T l 1 s t - r D a q 2 d e e t u a e a r i y s o a s o ' - - l n - y e T i 3 n U x y e t u a r - o a l e e t e . g r d o x t m S a a y e e - - r . s s 5 o p - t f 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 7 5 8 6 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 1 1 1 1 T 9 o c t 3 2 2 2 i 2 a t . . . . . i 4 l 5 9 6 5 e 5 9 3 8 3 s Y N C o e i 2 1 1 1 1 t r w y . k . . . . 4 7 7 7 6 5 6 3 2 9 e E N r c a n o i s t r t i a 3 2 3 2 3 t e e . . . . n . h s 0 8 3 r 7 7 d - n 4 8 9 1 5 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 . . . . . d t 7 2 4 2 3 n h 6 6 0 5 2 period 1939 average. 2.78 2.07 2.87 3.51 1940 average. 2.63 2.04 2.56 3.38 1938 average __ 1.25 1.00 .053 Monthly figures1 1939 average __ 1.25 1.00 .023 1938—June 2.56 1.70 2.78 3.31 1940 average_. 1.25 1.00 .014 July 2.57 1.70 2.78 3.35 August 2.52 1.67 2.71 3.28 1940—May..._ 1.25 1.00 .042 September 2.53 1.70 2.74 3.26 June 1.25 1.00 .071 October 2.57 1.70 2.90 3.21 July.... 1.25 1.00 .009 November 2.49 1.70 2.68 3.20 Aug 1.25 1.00 .019 December „ 2.60 1.70 2.95 3.23 Sept 1.25 1.00 .021 Oct 1.25 1.00 (3) 1939—January. _. 2.64 1.73 2.97 3.32 N D o ec v 1 1 . . 2 2 5 5 1 1 . . 0 0 0 0 .003 February.. 2.52 1.70 2.69 3.26 1941—Jan 1.25 1.00 () Quarterly figures Feb 1.25 1.00 .034 1939—March 2.95 2.13 3.05 3.77 Mar.... 1.25 1.00 .089 June 2.91 2.15 3.05 3.62 April___ 1.25 1.00 .092 September 2.68 2.04 2.78 3.31 May 1.25 1.00 .082 December 2.59 1.96 2.59 3.32 Week ending: 1940—March 2.65 2.03 2.67 3.35 May 31. 1.00 .107 June 2.59 2.00 2.49 3.38 June 7__ IX 1.00 .100 September.. 2.68 2.14 2.56 3.43 June 14. IX 1.00 .103 December.. 2.59 2.00 2.53 3.36 June 21. 11A 1.00 .066 June 28. IX 1.00 .087 1941—March 2.58 2.06 2.53 3.25 1 Monthly figures are averages of weekly prevailing rates. i Prior to March 1939 figures were reported monthly on a basis not 2 Tax-exempt bills prior to March 1941; taxable bills thereafter. strictly comparable with the current quarterly series. » Rate negative. Back figures.—See November 1939 BULLETIN, pp. 963-969 for descrip- Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures tion and for back figures. for Treasury bills and Treasury notes available on request BOND YIELDS1 [Per cent per annum] Corporate 4 Year, month, or week T U r . e a S s . - Munic- By ratings By groups ury 2 ipal3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c Number of issues 2-6 15 120 30 30 30 30 40 40 40 1938 average 2 56 2.91 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3.87 1939 average 2 36 2 76 3 77 3.01 3.22 3.89 4.96 3 30 4.53 3.48 1940 average -_ . .. 2.21 2.50 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1940—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 Novftmbftr 1 97 2.18 3 40 2.75 2.96 3.40 4.48 2.98 4.07 3.14 December __ 1.89 2.07 3.36 2.71 2.92 3.36 4.45 2.93 4.03 3.13 1941—January ... _. 1.99 2.16 3.36 2.75 2.95 3.36 4.38 2.96 3.96 3.17 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 Mav ... 1.92 2.14 3.37 2.81 2.99 3.34 4.32 3.02 3.95 3.13 Week ending: May 31 1.90 2.11 3.37 2.82 2,99 3.33 4.33 3.01 3.96 3.13 June 7 1.89 2.08 3.36 2.81 2.98 3.33 4.33 3.01 3.96 3.12 June 14 1.89 2.08 3.35 2.78 2.96 3.32 4.32 2.97 3. 95 3.11 June 21 1.94 2.08 3.33 2.77 2.94 3.31 4.31 2.96 3.95 3.09 June 28 - - . _ __......_ 1.91 2.07 3.32 2.75 2.92 3.29 4.29 2.93 3.94 3.08 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 Standaid Statistics Co. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each been reduced from 10 to 3 issues, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. 661 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate 3 Stock prices l Vol- U.S. ume of Year, month, or date Treas- Munic tradury » ipal 3 Indus- Rail- Public Year, month, or Common (index, 1926=100) ings Total trial road utility date Pre- (in ferred » thou- Indus- Rail- Public sands of Number of issues. 20 20 20 Total trial road utility shares) ..-, 1938 average 102.5 113.7 78.9 82.9 58.6 95.3 1939 average 105.2 116.3 81.6 86.0 58.0 100.9 Number of issues.. 20 420 348 32 40 1940 average 107.2 121.2 82.0 87.5 57.9 100.6 1938 average 135.6 1,104 1940—May 104.9 115.3 79.4 85.3 53.5 99.3 1939 average __. 141.2 105 977 June 104.8 114.6 78.5 84.7 52.0 98.7 1940 average _. 140.1 97 767 July.. 106.3 120.4 81.2 86.3 57.1 100.2 August 106.7 121.2 81.5 86.8 57.5 100.2 1940—May 138.2 97 1,651 September. 107.7 122.3 82.7 87.8 59.7 100.6 June 133.2 85 708 October.... 108.8 124.6 83.6 89.2 61.0 100.6 July 136.9 87 310 November. 110.7 127.3 83.9 90.3 60.9 100.5 August 137.3 89 317 December.. 111.8 129.3 84.0 90.2 61.1 100.7 September. _. 139.1 94 553 1941—J anuary 110.4 127.7 85.3 90.5 64.3 101.2 October 140.4 95 599 February... 108.8 125.6 84.5 89.9 62.7 100.9 November... 141.9 96 1,044 March 110.1 125.4 85.3 90.2 64.3 101.3 December._. 143.9 94 814 April 110.8 126.8 85.8 90.2 65.9 101.1 1941—January 145.4 94 564 May 111.4 128.1 86.0 90.1 66.7 101.2 February 143.0 444 March 142.1 440 May 28.___ 111.7 128.5 85.6 89.9 65.8 101. 1 April 141.8 495 June 4 111.8 129.0 85.6 90.0 65.8 101. 1 May 140.9 420 June 11 111.8 129.0 85.8 90.2 66. 1 101.1 June 18 111. 1 129.0 85.8 90.6 65.7 101. 3 May 28 140.6 337 June 25 111.5 129.3 85.8 90.7 65.6 101.2 June 4 140. 6 410 June 11 140.6 557 June IS 141. 1 419 1 Monthly data are averages of daily figures except for municipal bonds, June 25 141.7 501 which are averages of Wednesday figures. » Prices derived from average of yields of all outstanding partially tax-exempt Government bonds due or callable in more than 12 years 1 Standard Statistics Co. Monthly data are averages of Wednesday on basis of a 2^ per cent, 16 year bond. For description see November figures. 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. Weekly * 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 8 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] ]Tor 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 a 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 o 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,762 1,944 1,942 757 461 724 589 135 2 2,818 2,818 478 344 1,996 1,804 193 0 1940—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.... 226 114 114 46 0 68 64 4 0 113 113 24 26 62 61 1 0 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 n Feb 337 77 77 37 8 32 25 6 0 260 260 26 17 217 200 17 0 Mar.... 407 182 182 86 9 86 55 31 0 225 221 93 11 117 85 32 4 Apr 921 745 745 60 645 39 29 10 176 176 40 28 108 108 0 0 May 406 107 107 37 5 64 61 3 0 299 299 74 28 197 162 35 0 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. a Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle- for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—See Annual Report for 1937 (table 78). 662 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 SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing bearing Public issues Specia 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 i b n e t a e r r i e n s g t Total T b u r i e r l y a ls s- T n u r o e r t y a e s s - b T o u r n e ry d as s - 2 S p P a r a o e v n s w i d t n a a g l r s S b U a o v . n i S n d . g s s s j b e u o A r s v n t d e i d - c d s e Total c S u o s r c e i i - t a y l 3 s j e u r A v st d i e c - d e i ot A h l e l r5 t d u e r b ed t Other bonds 1932—June 19,487 19,161 618,852 616 1,261 13,460 790 309 105 204 60 266 1933—June 22, 539 22,158 «21, 834 954 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 19 127 480 169 620 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 1,601 549 526 141 447 1939—June 40,440 39, 886 36,116 1,308 7,243 25,218 196 1,868 283 3,770 2,511 556 702 142 411 1940—Apr 42, 658 42,117 37, 620 1,306 6,125 26, 908 196 2,818 267 4,496 3,282 515 699 150 391 May 42,808 42,253 37, 668 1,304 6,125 26,908 196 2.869 265 4,585 3,363 515 707 166 389 June_ 42, 968 42, 376 37, 602 1, 302 6,383 26, 555 196 2,905 261 4,775 3,528 536 712 205 386 July 43, 771 43,186 38, 333 1,302 6, 384 27, 226 196 2,966 258 4,853 3,536 515 803 198 386 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 3,777 517 808 197 380 Nov 44, 273 43, 707 38, 498 1,308 5, 660 27, 960 196 3,123 251 5,209 3,885 516 808 187 379 Dec 45, 025 44,458 39,089 1,310 6,178 27, 960 196 3,195 249 5,370 4,047 516 806 189 377 1941_ F jan eb 4 4 5 6 , , 0 8 9 7 0 7 4 4 5 5 , , 3 5 2 3 0 5 3 40 9 , , 8 0 9 0 5 2 1 1 , , 3 3 0 0 7 6 6 6 , , 8 8 1 1 3 3 2 2 7 7, , 9 9 6 60 0 1 1 9 9 6 6 3 3, 4 3 8 7 0 1 2 2 4 4 8 7 5 5, 5 4 3 2 4 6 4 4 ,1 0 7 6 4 6 5 5 1 1 7 8 8 8 4 4 2 1 1 18 8 0 1 3 37 7 4 6 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 May 47, 721 47,160 41,326 1.603 5, 721 29, 554 .196 4,008 243 5, 834 4,485 530 819 190 370 1 Including amounts held by Government agencies and trust funds which aggregated $2,064,000,000 on April 30, and $2,065,000,000 (preliminary) on May 31, 1941. These amounts exclude holdings by production credit associations and joint stock land banks. 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. « Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000 SECURITIES FULLY GUARANTEED BY U. S. GOVERNMENT, BY ISSUING AGENCIES1 [In millions of dollars] Interest-bearing Non- Total interest End of month o a u m t i s o n ta g u n n d t - Total M C F o F o e t r r d a i p t o r e g o m n r a r a a g l - e C O H o L w t r o i o p n o m a o e n n r r e a s' - s C F t R r o i t u e n r i c p c a o o t o n n i n r c o a - e n - C m C o C t o r r i o p e d o m d o n it - r i y t a- H A o U u i u t . t h s y S i o n . r g - H i A F s o t e d r d u a m e s ti i i r o n n a n g - l m be a d a t e u r b i r t n e g d 10Q4 TnnP 681 681 312 134 235 Dec 3,063 3,063 980 1,834 249 1935 Tune 4,123 4,123 1,226 2, 647 250 Dec 4,449 4,449 1,387 2,855 252 1Q36—June 4 718 4, 718 1,422 3 044 252 Dec 4,662 4,662 1,422 2, 988 252 (2) (2) 1937—June 4,665 4, 665 1,422 2,987 255 (2) (2) Dec. 4,645 4, 645 1, 410 2,937 297 (2) (2) 1938—June 4,853 4,853 1.410 2 937 299 206 1 (2) Dec 4,992 4,992 1, 388 2,888 509 206 1 (2) 1939—June 5,451 5, 450 1,379 2,928 820 206 114 3 1 Dec. - - 5,704 5,621 1,269 2,731 1,096 407 114 4 83 1940—Apr. -- 5,657 5,624 1, 269 2, 731 1.096 407 114 7 32 M^ay 5 535 5 497 1,269 2 603 096 407 114 7 38 June - -- .......... .. 5,529 5,498 1,269 2,603 ,096 407 114 8 31 July 5,526 5,499 1,269 2. 603 , 096 407 114 8 28 August --_ . - . 5,813 5,788 1,269 2, 603 , 096 696 114 9 24 Sept 5,808 5,787 1,269 2. G02 L, 097 696 114 9 21 Oct. 5,810 5, 790 1,269 2, 602 L, 097 696 114 12 19 Nov. 5,919 5,901 1,269 2, 600 ,097 696 226 13 18 Dec 5,917 5,901 1,269 2. 600 ,097 696 226 13 15 1941—Jan. . _ .. __ 5,915 5,901 1, 269 2, 600 ,097 696 226 12 14 Feb. 5,914 5. 901 1, 269 2,600 ,097 69(> 226 13 13 Mar. 5,916 5, 905 1,269 2,600 ,097 696 226 16 11 Apr 6,560 6, 550 1,269 2. 600 ,741 696 226 17 10 May _____ .. ___ 6,371 6, 359 1,269 2,409 ,741 696 226 17 12 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. 2 Less than $500,000. JULY 1941 663 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MATURITIES OF PUBLIC ISSUES OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED, MAY 31, 1941 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total fully Treas- guar- Boiids ury Federal Recon- anteed Maturing or bonds Farm Home struc- Com- U. S. securicallable Treas- Treas- due or Mort- Owners' tion modity Housing ties Total ury ury callable? Total s gage Loan Finance Credit Author- due or bills notes Treas- Other' Corpor- Corpor- Corpor- Corpor- ity callable2 ury ation ation ation ation 1941—Before July 1 725 701 24 July l-Sept.30... 1,737 902 834 0) 834 414 211 203 414 Oct.l-Dec.31..- 204 204 616 300 204 112 616 1942— Jan.l-Mar.31.._ 426 426 (4) 310 310 649 Apr l-June30 Julyl-Sept.30_.._ 342 342 (4) 276 276 * 1,151 Oct. 1-Dec. 31-.- 232 232 320 320 320 1943 1,395 1,395 0) 1,855 613 324 289 613 1944 1,849 1,849 0) 2, 555 989 875 114 1, 823 1945 .. 3,606 1,249 1,941 415 1,755 755 1946 1,848 1,519 329 2, 344 1947 2,791 2,370 421 1,460 1,094 339 755 1948 1,979 1,487 492 3,361 - -- 1949 1,632 819 813 2,278 835 835 1950 2,700 1,687 1,014 1,186 1951 2,034 1,223 811 3, 500 1952 2,454 2, 436 18 1,024 779 779 1953 2,932 2,904 27 725 1954 3,709 3,687 22 681 1955 1,515 1.480 35 2,611 1956 -- - 1,170 1,170 982 1958 919 1959 - - 982 982 1960 2,611 2.611 1,485 1961 50 50 1963 919 919 1964 95 95 1965 1,485 1,485 Total 41, 326 1,603 5,721 29, 554 4,447 29, 554 6,341 1,269 2,409 1,741 696 226 6, 341 1 Includes Postal Savings, pre-war, U. S. Savings bonds, and adjusted service bonds of 1945. U.S. Savings and adjusted service bonds are redeemable at option of their holders. 2 Securities not callable prior to maturity are shown as of date of maturity. s Excluding debentures of Federal Housing Administration which amounted to $17,000,000 on May 31. 4 Less than $500,000. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held 2 agencies and trust funds Held Other investors3 Total by End of interest- Federal June bearing Reserve Other Mutual Insur- u. s. securities Banks Total Member com- savings ance Savings Special Public banks mercial banks com- Market- and issues i issues banks panies 3 able adjusted issues s service bonds 1916- 972 2 57 913 703 50 10 200 1917 - 2,713 2 66 2,645 1,065 480 100 1 000 1918 11, 986 53 255 11, 678 2,465 750 300 8 200 1919 25, 234 149 292 24, 793 3,803 1 340 670 19 000 1920 24, 061 207 341 23,513 2,811 940 840 18 900 1921 23,737 349 259 23,129 2,561 830 950 18 800 1922 - . 22,711 422 555 21, 734 3,205 780 1 010 16 700 1923 22, 008 412 102 21, 494 3, 835 870 1,120 15' 700 1924 20, 982 386 431 20,165 3,575 860 1 160 14 600 1925 20, 211 95 421 353 19, 342 3,780 850 1 130 13 600 1926 19,384 204 422 385 18, 373 3,745 810 960 12, 900 1927 18, 251 359 369 370 17,153 3,796 800 810 11 700 1928 17,318 462 359 235 16, 262 4,225 940 720 10, 400 1929 16, 639 607 277 216 15, 539 4,155 790 560 10 000 1930 15, 922 764 208 591 14, 359 4,061 920 520 8 900 1931 16, 520 291 144 668 15,417 5,343 670 650 8 800 1932 19,161 309 261 1,784 16, 807 5,628 590 680 800 9 100 1933 22,158 323 366 1,998 19,471 6,887 590 720 1,000 10 300 1934 27,161 396 1, 055 2,432 23,278 9,413 890 970 1,500 10 500 1935 31, 768 633 1,365 2,433 27, 337 11,429 1,290 1,540 2,600 10, 400 100 1936 37, 707 626 1,703 2,430 32, 948 13, 671 1,600 2,050 3,900 10, 500 1,200 1937 40, 465 1,558 2,036 2,526 34, 345 12, 689 1,870 2 390 5 000 11 300 1 100 1938 41, 429 2,676 2,123 2,564 34, 066 12, 343 1,700 2,690 5,200 10, 700 1,400 1939 _- 45, 336 3,770 2,138 2,551 36,877 13, 777 1,920 3,040 5,800 10, 400 1,900 1940 47, 874 4,775 2,321 2,466 38,312 14, 722 1,830 3,110 6,100 9,700 2,900 1 Special issues include those issued to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account (recent years only), and issues to the Government life insurance fund, the adjusted service fund, Government employees' retirement funds, Postal Savings System, and the Federal Deposit Insurance Corporation. 2 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for insurance companies and other investors have been rounded to nearest 100 millions. 3 Holdings of insurance companies included with "Other investors" prior to 1932. 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS LOn basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Trust Increase or deac- crease (luring Receipts Expenditures (excl. debt retirements) counts perod etc.,' excess Period Mis A c g u r l- i- Un- Trans- E o x f c e e x s - s c o e f i p re ts c ta o Ti x nn m e - e s n i c n e n e t o l a e l u l a r s - - s S t e a o i c x t c y u e ia r s - l o A th l e l r c i e r o i e p i - a ts i ce • IN \ r i T e p e « - t t t s1 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 s c n s - t t t o s o A th l e l r Total* p t e u (- n r ) e 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 o t s * s reve- Pro- lief etc.* (-) ance * nue gram Fiscal year ending: June 1938— 2,640 2,279 755 567 6,242 5,855 926 1,028 362 1,914 220 2,789 7,239 -1,384 +306 -338 +740 June 1939.. 2,189 2,232 740 507 5,668 5,165 941 1,163 787 2,595 182 3,040 8,707 -3, 542 +890 +622 +3,275 June 1940. . 2,125 2,345 838 617 5,925 5,387 1,041 1,559 1,020 1,919 208 3,251 8,998 -3,611 +136 -947 +2, 528 11 months ending: May 1939.. _ 1,833 2,040 715 468 5,055 4,608 668 1,057 714 2,399 182 2,791 7,812 -3,203 +795 +708 +3,117 May 1940.- 1, 662 2,144 806 529 5,141 4,738 736 1,406 978 1,768 208 3,016 8,112 -3,374 +197 -809 +2, 368 Mayl941_._ 2,553 2,702 900 836 6,991 6,331 771 5,240 936 1,606 235 2,394 11,182 -4,851 +111 +14 +4, 753 1940—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 May. 63 254 165 58 541 394 12 837 39 145 108 1,141 -747 -264 -521 +490 Details of trust accounts, etc. Details of general fund balance (end of period) tr r u O e s t t l i d r f e - u a m n g d e e n a i t n n d s a u c r r c a a o i n l u r c o n e a t d Un t e r m us p t l o fu y n m d ent a N cc e o t u e n x ts p e o n f d G it o u v re e s r n in m e c n h t e c a k g i e n n g cies All other Period Incre- Workc N e r i e e p - t ts m v I e e n s n - t t - s m B p e f e a n i n y t e t - s - 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 - er i- s C F t R r o i u e n r c p c a o t o n i n r c o a - e n - C m C o C o r r o p e d m d o it i r - y t a- U i S H n n t g o a i u t t A e e s s d - u-o A th l e l r ce R i e p - ts p tu E e r n x e d - s i- Total m g o o e n l n d t 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 11 months ending: May 1939 554 433 109 806 408 401 *573 137 *70 *174 374 269 2,924 142 528 2,254 May 1940 524 398 117 913 454 460 *252 *35 22 177 353 251 2,030 143 584 1,303 May 1941 786 413 168 1,063 544 524 *7 73 94 *15 459 402 1,904 143 604 1,157 1940—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 (i) •17 107 20 17 2,030 143 584 1,303 June 179 175 12 46 •11 54 17 45 *5 •11 62 72 1,891 143 585 1,163 July 56 *5 13 59 13 57 25 10 25 •57 120 103 2,258 143 588 1,527 Aug 145 1 13 143 85 53 (4) •144 *6 •32 18 15 2,454 143 590 1,720 Sept 11 148 14 67 •18 81 *13 *1 15 16 24 17 2,415 143 592 1,680 Oct 32 *5 15 107 31 84 •10 21 51 •13 29 17 1,920 143 595 L, 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 L, 188 1941—Jan. 42 *10 15 78 29 41 16 12 32 •43 38 50 2,025 143 599 L, 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 no 17 69 40 35 *406 33 24 •12 57 48 2,425 143 603 1,679 May 148 *6 17 167 137 30 82 57 31 241 43 32 1,904 143 604 1, 157 1 Beginning with July 1, 1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. 3 For details, see preceding page. * Less than $500,000. • Excess of credits. NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052. JULY 1941 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars.] 1940 1941 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Assets Loans and preferred stock: Loans to financial institutions - . 410 386 429 430 433 437 441 469 485 445 425 409 400 Preferred stock, etc. . ._ _ 788 784 783 772 756 757 757 739 736 729 711 706 703 Loans to railroads. .. . 521 515 524 552 553 513 512 515 516 523 518 523 523 Home and housing mortgageloans 2,347 2, 355 2,323 2,342 2,336 2,348 2,387 2,387 2,390 2,424 2,395 2,406 2,427 Farm mortgage loans 2,560 2,553 2,549 2,540 2,534 2,526 2,517 2,508 2,500 2,481 2,485 2,475 2,467 Other agricultural loans 665 667 675 693 815 802 785 772 757 728 727 776 867 All other loans . - 1,160 1,183 1,187 1,185 1,197 1,200 1,214 1,291 1,298 1,309 1,352 1,386 1,409 Total loans and preferred stock 8,450 8,442 8,470 8,513 8,623 8,583 8,613 8,680 8,682 8,639 8,614 8,681 8,796 Cash 553 461 412 462 566 572 521 549 533 580 595 620 771 U. S. Govt. direct obligations... 760 762 748 740 715 693 704 699 701 723 736 756 771 Obligations of Government credit agencies: Fully guaranteed by U. S 131 131 131 131 131 131 130 128 128 127 127 124 126 Other i .- 46 46 48 35 36 36 30 24 22 21 22 20 21 Accounts and other receivables.. 421 417 404 394 519 512 521 513 491 552 524 551 555 Business property 558 559 562 567 569 570 597 601 593 599 600 602 608 Property held for sale 1,090 1,088 1.067 1,067 1,061 1,081 1,094 1,113 1,141 1,190 1,206 1,245 1,297 Other assets 167 179 179 184 191 193 188 210 211 214 251 310 338 Total assets other than interagency 2 12,176 12, 085 12,021 12, 092 12, 410 12, 371 12,398 12, 518 12, 500 12, 645 12, 676 12,909 13,282 Liabilities Bonds, notes, and debentures: Guaranteed 5,657 5,535 5,529 5,526 5,811 5,809 5,808 5,919 5,917 5,915 5,914 5,916 6,560 Other i 1,327 1,337 1,343 1,351 1,354 1,356 1,354 1,422 1,395 1,389 1,386 1,390 1,385 Other liabilities 1,069 1,039 1,105 1,103 1,234 1,238 1,243 1,237 1,214 1,294 1,292 1,391 1,432 Total liabilities other than interagency 2 8,053 7,912 7,977 7,980 8,400 8,403 8,406 8,579 8,526 8, 599 8,592 8,696 9,377 Excess of assets over liabilities, excluding interagency transactions .. ._ _ 4,122 4,174 4,044 4,112 4,010 3,968 3,992 3,939 3,974 4,046 4,084 4,213 3,906 U. S. Govt. interests 3,719 3,770 3.639 3,706 3,603 3,558 3,580 3,526 3,559 3,629 3,666 3,792 3,484 Privately owned interests,_ 403 404 405 406 407 410 412 413 415 417 418 421 422 1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. 2 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, APRIL 30, 1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets pr T s l e o a t o o f n a e t c n d a r k s r l ed Cash o d G U t b i i o o l . r i e n v g S c s t a . t . - G o t u b t i e o a li e r n g d a s a n - - A r o e a c a c b c t n h e o l d e e i u v s r n - ts p B r u o s p in e e rt s y s P h r e o s l a d p l e e f r o t r y Reconstruction Finance Corporation 1,488 143 50 25 0) National defense corporations 0) 0) 15 0) Home mortgage and housing agencies: Home Owners' Loan Corporation 2,082 266 6 3 Federal home loan banks 142 93 41 12 1 RFC Mortgage Company 70 0) 0) 2 Federal National Mortgage Association 190 4 0) United States Housing Authority 266 5 6 2 127 Farm credit agencies: Federal Farm Mortgage Corporation 637 70 50 Federal land banks 1,830 51 96 167 6 Federal intermediate credit banks 242 21 36 2 BPraondkusc ftoiorn c ocorpeedriat ticvoersporations 6 6 2 8 0) 25 4 2 0 2 10 0) 1 ( 0 0 ) Regional agricultural credit corporations 6 16 0) Commodity Credit Corporation .. ...... 353 1 65 7 Farm Credit Administration. 262 23 0) Farm Security Administration 434 30 Insurance agencies: Federal Crop Insurance Corporation 8 0) Federal Deposit Insurance Corporation 55 12 419 39 0) Federal Savings and Loan Insurance Corporation 0) 24 103 3 Federal Housing" Administration 14 32 26 1 Export-Import Bank of Washington 114 1 70 0) Tennessee Valley Authority 6 371 U S Maritime Commission 33 20 29 Rural Electrification Administration .. _ _ 274 5 Public Works Administration 94 Other .. .... 94 16 4 13 63 Total 8,796 771 771 126 555 608 CO CO CO Liabilities Bonds, notes, and debentures Guar- anteed by United Other States 1,741 2,610 0) 76 0) 85 226 11 1,270 >978 72 224 0) 0) 631 696 1 30 11 17 2 8 1 12 1.297 6,560 1,385 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 666 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] May 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31f 1940 1940 1940 1941 1941 1941 1941 1941 Loans to financial institutions 154,163 167,153 171, 583 166, 278 162,197 157, 920 154,107 149, 299 Loans on preferred stock of banks and insurance companies-_ 29, 685 56, 470 52, 947 49, 991 48, 797 48, 512 48, 501 48,197 Preferred stock, capital notes, and debentures 471, 072 454, 941 452, 380 447, 374 442, 226 436, 756 433, 832 432, 293 Loans to railroads (including receivers) 466, 093 472, 596 473, 881 481, 661 481,977 486,877 486,938 469, 658 Loans for self-liquidating projects 61, 273 35, 597 35,797 36, 669 34, 742 35,208 36, 281 36, 920 Loans to industrial and commercial businesses ! 130, 566 131, 484 128, 561 127, 204 127, 984 131,794 134, 684 174, 831 Loans to drainage, levee, and irrigation districts 83, 740 83, 507 83, 460 83, 231 82,897 83,161 75, 859 74,497 Other loans 4,631 4,884 4,862 4,731 5,128 5,138 5,281 5,379 Securities purchased from Public Works Administration 111,323 115, 224 115, 699 114,075 113, 338 113,153 112,862 111,450 Total loans and investments, other than interagency___ 1, 512, 546 1, 521, 857 1, 519,170 1, 511, 515 1, 499, 287 1,498, 518 1,488,346 1, 502, 525 Preferred stock of, and loans to Export-Import bank 74, 000 99,000 99,000 174, 000 174,000 174,000 174, 000 174, 000 Loans to Rural Electrification Administration. 146, 498 146, 498 146, 498 152, 498 157,498 164,498 168, 498 175, 498 Capital stock of, and loans to R. F. C. Mortgage Co 59, 484 64,115 67,110 68,042 67, 992 69,412 70, 517 71, 353 Capital stock of, and loans to Fed. Natl. Mtge. Assn 71, 846 87, 077 90, 380 93, 491 95, 641 98,676 99,036 100, 755 Loans to Tennessee Valley Authority 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 Capital stock of, and loans to National Defense Companies. _ 33, 387 44, 503 63,106 83,392 121,205 168,038 218, 668 Loans to Farm Security Administration 23,000 28,000 17,671 32, 671 59,771 81,194 97,144 Capital stock of Federal Home Loan banks 124, 741 124,741 124,741 124, 741 Total loans and investments- 1, 872, 673 1, 983, 234 !, 002, 961 2,088,622 2, 243, 522 2,319,120 2, 382,669 2, 472, 984 1 Include national defense loans amounting to $61,475,000 on May 31, 1941, and $21,160,000 on April 30, 1941. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS fin millions of dollars] Farm mortgage loans Short-term credit Loans to cooperatives Emer- Agricul- End of year or month Total Total F b e l a a d n n e k d r s al C B L m o a a i n m n s d k - - Total i m F c i e e n r d e d te e d ia r r i - t a te l P a c s r t r s o i e o o d d c n u i i a t c - - c d r g r r o o e e p l u n ie c g a f y n h d t Total * a c B t o i a o f v o n p e r e k s r s 3 - m r i e n t a v u g r o r k a a l e v c l t t - sioner banks 2 tions 3 loans ing fund 1934 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2.867 2,072 795 358 47 94 173 97 50 44 1936 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2,848 2, 035 813 367 40 138 173 120 88 31 1938 3,211 2,735 1,982 753 364 34 148 171 112 87 24 1939 3,058 2,596 1, 905 691 364 33 154 168 99 76 21 1940—May 3,058 2,553 1,883 671 422 38 195 181 83 64 18 June.. . -. 3,060 2,549 1,880 669 429 40 200 181 81 62 18 July 3,056 2,540 1, 875 665 434 42 204 181 82 65 15 August 3,050 2,534 1,871 663 433 42 203 180 83 67 15 September . 3,035 2.526 1,867 659 420 41 195 178 89 73 16 October 3,008 2,517 1,862 655 394 35 180 173 96 79 17 November ... 2,986 2,508 1, 856 652 383 34 173 170 96 77 17 December.._ 2,973 2,500 1, 851 648 381 34 172 168 93 75 16 1941—January . _ . 2,964 2,489 1,844 645 382 35 174 167 92 75 16 February 2,970 2, 485 1,842 643 393 36 182 169 91 74 16 March 2,976 2,475 1, 836 640 413 37 195 175 88 70 16 April 2,982 2,467 1,830 637 431 39 207 179 85 68 16 May. 2,988 2, 458 1,824 634 440 40 215 179 90 74 16 1 Includes loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $6,000,000-$8,000,000 since 1939. 2 Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives, amounting to a total of $217,000,000 in May 1941. These loans and discounts are included in the columns for the institutions concerned. < 3 Some of the regional agricultural credit corporation loans (made prior to October 1935) and banks for cooperatives loans and most of the production credit association loans are discounted with the Federal intermediate credit banks. 4 Includes loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 in 1935, and a negligible amount since 1935. JULY 1941 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars Assets Home mortgage loans by— U. S. Government Federal securities home Depos- Cash Federal savings and loan End of month itors Cash reloan associations bank bal- in de- Di- Guar- serve End of month Home loans to ances1 Total posi- rect an- funds, Owners' member tory Total obli- teed etc. 2 Loan Cor- Number institu- banks ga- obliporation of asso- Loansi tions 2 tions gaciations tions 1934—December 2,379,491 639 81,300 86, 651 1935—June 1,205 1,236 385 777 630 147 74 1935—December . . . 2, 897,162 1,023 348, 000 102, 791 1936—June ... 1,232 1,265 203 967 800 167 95 1936—December 2, 765,098 1,212 586, 700 145, 394 1937—June 1,268 1,307 136 1,100 933 167 71 1937—December 2, 397, 647 1,328 853, 500 200,092 1938—June 1,252 1,290 115 1,103 936 167 73 1938—December 2,168, 920 1,368 1, 034,162 198,840 1939—June 1,262 1,304 68 1,157 1,011 146 78 1939—December 2, 038,186 1,410 1,271,161 181,313 1940—May 1,299 L, 342 43 1,224 1,078 146 74 1940—February 2,026, 614 1,407 1, 296,464 144,515 June.. .. 1,293 L, 337 43 1,224 1,078 146 69 March 2,021, 951 n. 413 1,317,975 137, 642 July 1,297 ,339 42 1,224 1,078 146 73 April 2, 020, 572 1,420 1, 348,072 133,811 August 1,297 ,340 41 1,224 1,078 146 75 May 2, 017, 395 L, 4211, 376, 700 137, 509 September 1,295 ,339 40 1,224 1,078 146 74 June 2, 012, 760 1,430 1, 405,100 157, 397 October 1,296 ,338 38 1,224 1,078 146 75 July... 2, 004, 737 L, 4311,432,100 162, 222 November 1,298 .341 37 1,224 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 L, 4341,487, 974 176, 047 1941—January... _. 1,314 1, 356 34. 1, 239 1,093 146 84 October 1, 980, 704 ,440 1, 515, 392 181, 526 February 1,318 November . 1, 968, 816 1,443 1, 533, 246 185, 547 March P1,320 December 1, 956, 268 .445 1, 546, 270 201,492 April P1, 317 1941—January 1, 942, 427 1,446 1, 564, 168 170, 849 May February 1, 929, 346 1,447 1, 578, 543 156, 899 March 1, 913, 862 1,450 1, 600, 482 145, 959 April. 1, 899, 856 1,452 1, 628, 421 141,828 p Preliminary. May 1, 885, 087 1,454 1, 657, 647 145, 273 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. 668 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted ' and ''unadjusted" refer to adjustment of monthly figures for seasonal variationj Construction I ( n p d h u y s s t ic ri a a l l v p o r l o u d m u e c ) t i * o r * 1 awar c d o e n d t r ( a v c a ts lue) 3 Employment4 Y m ea o r n a th nd 1 ( I 9 m v n p 2 a c e 9 a l o n = u y m e 1 t - s ) 0 e 1 0 Total 1935 D - a 3 b u f 9 M l a r e = - c 1 a tu 0 n N 0 r d u e u o - s r n - - M era in ls - Tota 1 l 923 R d - t 2 e i e a n 5 s l i - = - 10 o 0 A th ll er 1 t = N 9 a u c 3 1 g u r o 5 r 0 a l n - i - 0 l - 3 - 5 9 19 F 23 a - c 2 t 5 o = ry 100 r 1 o = 9 p F t l o 2 1 a a ls 3 r c 0 y y - - 0 - 4 25 F 1 i l 9 r n o c e 3 g a a i 5 s g r d - 3 - h * 9 t- ( D v 1 m s 9 s a e t a 2 l p e o u l 3 a e n r e - e s r 2 t ) t 5 * - ep m W r c 1 i s o o c h 9 a d m e 2 o le s i 6 l - t e * y - 1 = 9 C i l n 3 1 i o o g v 5 0 f s - - 0 t 3 4 9 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 r100 2 1938 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 82.3 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 99 98 104 1Q2 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 55 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 >118.3r115. 5 120.7 122 101 80.8 100.8 February 97.3 141 138 172 123 118 99 76 118 111.6 117.8 126.8 124 103 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 . 97.9 140 142 167 131 101 103 80 121 111.6 122.1 122.7 134.8 112 104 83.2 102.2 J M u a n y ee « P 1 1 5 51 7 . P 1 1 5 5 7 4 P .1 1 9 79 1 «138 P "1 1 3 27 4 P108 P112.8 P124.7P124.7 P141.9 "1 1 3 3 9 5 «1 1 0 0 2 5 " 8 8 4 7 . . 9 1 102.9 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. 670-673; for description, see pp. 753-771 of BULLETIN for August 1940. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 678. 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. 674-677 for employment and payrolls and p. 681 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 680 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; for freight-car loadings, June 1941, pp. 529-533. JULY 1941 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. L935-39 average= 100] 1940 1941 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total... Ill 115 121 121 121 125 129 133 139 140 141 143 140 P151 Manufactures—Total. 110 114 122 121 122 127 132 135 142 143 145 146 147 P156 Durable 113 119 131 132 135 146 150 154 165 170 172 170 167 P179 Nondurable ___ 107 110 114 112 112 112 116 120 124 122 123 127 131 P136 Iron and Steel 99 118 154 156 158 164 165 166 181 174 168 168 160 piee Pig iron ..... 117 127 148 157 162 167 169 173 182 186 178 170 162 166 Steel ingots 97 118 154 156 157 164 165 165 181 173 167 169 160 pi66 Machinery 123 124 128 133 138 145 146 153 163 173 176 181 192 P210 Transportation Equipment 117 117 122 111 107 138 157 162 168 188 199 188 164 P195 Aircraft .. . . 306 323 364 394 455 517 544 584 624 686 '726 751 801 P845 Automobiles . 103 101 106 87 76 109 130 133 134 149 159 144 110 141 Railroad cars . 125 121 111 119 127 148 148 166 177 '209 '189 168 173 P195 Locomotives . . ._ 103 102 102 113 123 140 160 168 174 204 '217 239 279 ^296 Shipbuilding 156 164 170 1S9 213 220 227 226 261 '291 316 '322 339 #363 Nonferrous Metals and Products 124 127 130 138 146 153 164 169 177 181 I84 186 186 P191 Nonferrous metal smelting J 129 131 128 138 134 130 134 133 137 136 '140 141 PUS Copper smelting 131 130 131 140 135 126 130 132 138 134 141 136 137 142 Zinc smelting 133 135 130 141 140 148 147 146 147 150 155 155 160 170 Copper deliveries 111 113 115 119 134 154 170 179 203 212 218 211 211 223 Lead shipments 104 110 119 127 128 126 127 131 136 136 140 139 140 150 Zinc shipments.. 112 113 124 135 141 143 144 142 143 142 146 142 143 142 Tin deliveries 132 137 141 146 Lumber and Products 110 112 111 107 114 121 123 127 132 137 135 128 132 P134 Lumber 109 110 110 104 113 121 124 128 133 139 139 125 128 P123 Furniture 111 115 113 115 115 121 122 125 128 132 129 132 139 P154 Stone, Clay and Glass Products 115 113 112 115 119 124 126 ISO 140 154 158 150 142 P141 Cement 115 115 113 110 115 125 133 140 155 181 183 156 139 134 Common and face brick 108 109 118 117 129 131 126 135 147 Common brick 107 111 120 117 130 124 126 136 147 Face brick 107 105 112 118 125 146 127 132 148 Glass containers 116 112 111 117 114 116 115 114 119 123 131 139 135 148 Polished plate glass 96 91 80 100 114 118 111 113 117 137 138 135 142 142 Textiles and Products. . 100 104 107 113 113 116 123 134 140 134 135 144 155 P!62 Textile fabrics 97 100 103 108 111 113 121 131 136 130 131 140 149 ^156 Cotton consumption 107 109 114 121 124 120 126 135 145 138 142 147 156 164 Rayon deliveries 137 142 144 137 127 120 129 146 156 157 150 158 171 P189 Silk deliveries . 61 58 56 57 61 65 71 77 74 69 67 71 73 P70 Wool textiles 79 87 89 100 106 123 132 142 142 134 136 152 165 P168 Carpet wool consumption. 97 95 79 69 95 109 125 128 141 125 131 131 148 P157 Apparel wool consumption 68 82 88 113 108 137 152 160 158 152 152 177 182 "187 Woolen yarn 78 86 92 102 104 120 124 131 135 124 122 139 149 Worsted yarn.. 76 90 93 112 118 136 150 154 146 146 157 170 177 j>177 Woolen and worsted cloth. 76 83 89 105 104 122 126 144 142 134 134 154 173 P174 Leather and Products 87 88 96 94 97 95 97 107 108 107 108 114 114 P118 Leather tanning 86 88 90 85 92 90 93 100 102 102 103 113 109 Cattle hide leathers 86 87 90 88 98 95 100 110 113 115 112 119 117 Calf and kip leathers 80 91 88 75 83 82 85 92 86 88 92 112 100 Goat and kid leathers 91 89 91 84 83 83 81 '81 86 79 87 97 96 Shoes 87 88 101 101 101 99 100 112 113 110 112 115 117 P124 Manufactured Food Products 111 111 115 110 114 110 118 117 121 117 121 122 P127 Wheat flour 100 105 98 100 99 100 104 99 104 98 105 105 110 110 Cane sugar meltings 89 97 112 101 90 86 116 136 122 124 107 122 123 P130 Manufactured dairy products 112 106 111 113 109 114 122 117 125 128 126 126 129 P128 Ice cream 113 104 112 116 104 114 127 121 131 Butter... 108 102 105 105 104 105 108 106 110 119 118 118 119 117 Cheese 116 117 110 114 114 115 114 117 118 123 124 131 138 134 Canned and dried milk 118 112 117 121 132 130 136 128 139 139 131 126 136 139 Meat packing 117 117 126 116 119 121 127 133 134 114 126 134 126 132 Pork and lard 131 135 152 132 141 147 152 159 165 121 145 159 143 147 Beef... __ 106 101 101 101 99 95 101 106 107 110 109 110 110 120 Veal 86 89 91 97 91 92 98 102 97 86 94 91 96 97 Lamb and mutton 98 93 99 98 96 95 106 110 109 112 112 111 108 109 Other manufactured foods 112 112 115 110 115 109 118 116 120 117 119 120 122 P127 us Alcoholic Beverages 104 100 108 91 103 103 96 101 105 108 104 107 114 Malt liquor. 102 99 99 103 91 93 100 94 104 105 106 100 102 106 Whiskey 78 84 84 72 44 71 80 77 85 78 81 80 82 90 Other distilled spirits... 132 114 131 148 208 231 118 86 85 112 132 132 140 129 Rectified spirits _ 123 114 201 154 87 126 134 131 105 126 131 130 137 170 Tobacco Products 111 110 115 103 106 108 115 113 U4 113 116 117 120 119 Cigars 102 104 98 101 105 102 105 103 108 111 110 109 117 109 Cigarettes 119 117 127 106 110 113 120 119 121 118 125 127 127 131 Manufactured tobacco and snuff.. 99 100 99 99 96 100 112 106 101 101 96 97 101 100 r Revised. P Preliminary. 1 Includes also lead production shown under "Minerals." 670 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 ilumbers o fthe Board of Governors. 1935-39 average = 100] 1940 Industry Apr. May June July Aug. Sept. Oct. Paver and Paper Products 116 127 132 130 124 120 122 Paper and pulp 117 128 132 130 123 118 121 Pulp 140 149 159 153 150 150 148 Groundwood DUID 118 118 118 117 119 117 118 Soda pulp 135 148 142 120 114 124 Sulphate pulp 164 175 186 179 179 185 184 Sulphite pulp 136 145 157 151 148 145 140 Paper 113 125 128 126 118 113 117 Paperboard _ ._ 114 131 128 130 121 118 123 Fine paper 99 110 118 121 114 107 Newsprint production 113 113 115 111 113 111 Printing paper 115 125 135 126 117 111 Tissue and absorbent paper 119 123 137 131 121 125 Wrapping paper 114 127 126 126 117 107 Paperboard containers 115 125 128 128 Printing and Publishing 1 108 115 120 114 no 108 Newsprint consumption. 101 106 106 102 104 104 Petroleum and Coal Products 115 114 115 112 116 Petroleum refining 114 113 112 108 110193 112 Gasoline 112 111 110 106 109 113 Fuel oil 117 113 113 111 116 113 Lubricating oil 120 118 122 113 98 102 Kerosene 120 126 116 116 111 121 Coke 119 123 132 139 139 142 Byproduct coke 120 123 131 137 136 139 Beehive coke 84 101 142 206 248 252 Chemicals 111 in 116 117 115 in Rubber products ... . ... 119 122 117 109 115 124 Rubber consumption 120 122 116 109 116 125 Tires and tubes 114 121 126 106 105 109 Pneumatic tires 115 122 127 108 106 110 Inner tubes 109 112, 113 95 102 107 Minerals—Total 119 117 118 120 113 116 Fuels 116 114 116 117 112 114 Bituminous coal 120 120 116 121 121 119 Anthracite,, 83 82 113 129 112 105 Crude petroleum 118 116 116 114 108 114 Metals 135 135 134 139 124 127 Iron ore shipments . 149 152 155 159 159 155 144 143 143 150 144 132 Lead 118 124 117 120 117 108 Zinc 123 119 118 129 125 131 Gold 123 124 122 125 93 107 Silver 127 125 114 122 88 109 oot .>* 1941 Nov. Dec. Jan. Feb. Mar. Apr. May 125 130 129 128 rl32 134 124 131 129 128 133 136 150 159 153 153 160 161 123 119 119 122 119 121 113 142 128 129 137 135 186 200 190 193 199 199 143 148 144 144 153 156 120 127 126 124 129 132 132 143 138 134 138 143 158 114 114 110 no 114 116 109 109 113 115 115 114 114 114 117 119 123 126 128 124 120 131 132 125 133 133 110 114 120 120 119 124 129 109 no 112 111 in 116 117 P118 104 106 107 103 105 106 106 107 116 118 120 121 121 123 121 P124 112 114 116 117 117 118 120 111 112 115 117 118 120 120 115 116 120 120 122 121 121 109 115 107 112 104 105 118 123 123 130 120 123 113 117 144 146 147 148 148 150 133 151 141 143 142 143 144 144 134 141 251 265 305 314 295 347 77 515 116 118 121 123 123 123 130 P141 126 132 144 141 153 155 158 162 128 133 147 143 156 158 161 164 109 116 117 123 128 134 131 144 110 118 118 124 128 135 131 144 103 107 115 121 127 132 130 145 113 118 119 118 118 125 101 vl27 109 113 113 in 113 121 86 P123 98 112 115 117 114 149 22 P149 91 94 105 98 102 102 71 pgQ 115 115 113 114 113 112 113 P117 137 148 151 144 151 148 191 P!55 163 192 186 188 189 191 ••354 212 140 141 142 148 152 148 150 161 119 107 112 116 116 118 120 120 131 134 135 137 142 140 147 150 125 127 141 120 133 124 122 113 136 132 119 133 127 121 r Revised. P Preliminary. 1 Includes also printing paper production shown under "Paper." NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. 671 JULY 1941 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total 112 116 121 118 120 129 134 135 135 134 138 143 142 P154 Manufactures—'Total 112 116 122 118 120 130 136 138 139 137 142 148 150 P159 Durable 120 125 134 127 128 144 155 158 162 161 167 175 176 P188 Nondurable 106 109 112 111 114 119 121 121 121 118 122 126 129 P135 Iron and Steel 106 123 151 147 153 161 164 166 172 170 172 181 171 P173 Pig iron . . 123 133 150 154 161 164 169 173 173 177 176 178 170 175 Steel ingots 104 122 151 147 152 161 163 165 172 170 172 181 171 P173 Machinery 126 126 129 129 135 142 149 153 164 168 176 185 195 P215 Transportation Equipment... _- 141 132 131 96 63 120 167 184 183 186 199 202 190 p*16 Aircraft 306 329 371 394 455 501 544 590 624 672 726 751 801 P862 Automobiles 130 118 114 70 23 89 142 161 152 151 161 160 139 164 Railroad cars 141 137 124 117 130 135 141 153 172 182 178 196 P221 Locomotives 98 102 106 116 124 137 152 163 186 204 222 234 266 P296 Shipbuilding __ 162 172 176 185 202 213 229 219 263 '282 307 ••335 352 P381 Nonferrous Metals and Products 129 129 ISO 131 141 154 167 172 172 176 181 190 194 P!95 Nonferrous metal smelting1.. ._ 135 131 127 126 127 131 138 137 138 137 142 142 147 P148 Copper smelting 139 132 131 126 127 129 138 139 135 133 140 136 145 144 Zinc smelting ... 137 135 128 133 133 143 147 147 152 153 158 163 164 170 Copper deliveries 116 116 116 118 133 156 173 181 188 200 209 219 221 230 Lead shipments 106 109 113 118 122 127 133 141 141 138 138 140 143 149 Zinc shipments _ - - . . -. 114 113 118 125 130 140 145 149 149 149 149 145 145 142 Tin deliveries 141 146 148 143 Lumber and Products 109 114 116 111 123 132 132 126 121 116 119 123 130 P136 Lumber ._ 109 117 119 112 126 134 132 i23 114 113 115 118 128 P131 Furniture 108 108 110 107 118 127 133 130 133 123 129 133 135 P145 Stone, Clay and Glass Products 114 129 129 127 133 139 14B 136 125 110 112 125 142 P164 Cement . . 115 140 143 136 141 150 *154 145 124 100 102 117 139 163 Common and face brick 103 131 146 147 150 161 154 147 125 Common brick 102 134 153 149 153 162 160 149 120 Face brick 107 126 129 140 142 161 140 141 . 133 Glass containers .. 116 119 117 121 124 118 119 115 111 110 120 130 135 159 Polished plate glass 96 91 79 66 93 118 127 129 141 144 131 141 142 142 Textiles and Products 97 100 101 105 111 118 126 137 140 138 143 147 150 P157 Textile fabrics 95 97 98 101 108 115 124 134 136 133 140 143 146 P152 Cotton consumption 110 109 108 109 114 120 129 139 142 144 152 156 160 164 Rayon deliveries ... . ._ 127 127 131 134 137 138 144 151 154 154 148 150 158 P168 Silk deliveries 60 55 51 51 57 65 77 87 79 72 68 74 73 P65 Wool textiles.. 73 85 88 98 109 120 129 140 146 136 149 152 152 P165 Carpet wool consumption 91 91 77 67 101 111 124 126 131 119 143 146 139 P150 Apparel wool consumption 63 82 88 108 113 137 145 162 163 149 165 179 171 P187 Woolen yarn 73 86 92 102 108 119 121 129 135 125 134 135 140 P153 Worsted yarn... 72 90 93 107 120 130 150 154 160 150 163 163 166 P177 Woolen and worsted cloth 68 80 88 102 107 116 121 143 150 142 153 154 156 P167 Leather and Products.. 89 86 88 91 104 102 98 98 99 104 117 '122 117 P116 Leather tanning 87 86 88 83 89 89 93 101 104 103 112 112 110 Cattle hide leathers 86 85 86 82 93 94 101 114 115 116 125 121 117 Calf and kip leathers 79 86 90 83 87 81 82 87 88 87 97 105 99 Goat and kid leathers 94 88 91 83 81 84 80 79 87 79 91 96 99 Shoes 91 86 89 98 114 111 102 96 95 106 121 128 123 P122 Manufactured Food Products 101 107 116 120 131 133 126 116 115 104 104 107 111 P!23 Wheat flour 94 95 92 99 100 115 113 103 100 99 104 102 103 100 Cane sugar meltings 98 95 116 116 95 102 113 112 98 103 105 135 135 P127 Manufactured dairy products 112 143 168 164 144 116 96 80 79 83 91 106 128 P173 Ice cream 108 142 179 195 168 123 91 73 68 Butter 107 132 147 128 114 104 95 84 87 95 101 105 118 151 Cheese . 113 154 169 147 128 119 107 89 82 89 96 107 133 177 Canned and dried milk 133 161 173 148 136 120 109 90 96 106 112 124 153 200 Meat packing 111 117 123 109 102 112 127 151 159 133 122 122 119 132 Pork and lard 124 135 148 119 106 117 143 191 212 157 145 143 135 147 Beef 99 101 99 102 100 107 110 111 107 110 98 100 102 120 Veal 85 93 92 96 92 101 108 104 92 83 83 86 95 101 Lamb and mutton . 95 95 94 93 95 107 113 107 104 118 112 107 105 111 Other manufactured foods 98 102 110 117 136 140 132 117 115 103 103 105 107 P116 Alcoholic Beverages 106 107 120 112 89 108 108 104 93 87 94 100 108 120 Malt liquor 111 117 126 127 106 94 82 77 81 84 90 96 111 124 Whiskey 86 84 67 40 24 56 76 96 98 104 106 98 91 90 Other distilled spirits ... 79 68 77 70 100 317 314 181 105 73 79 86 84 77 Rectified spirits .. 110 100 161 130 68 134 174 207 140 92 113 124 122 149 Tobacco Products 105 112 124 112 110 118 120 115 98 108 108 110 113 121 Cigars _. 97 102 104 105 108 117 127 123 83 90 96 100 111 108 Cigarettes . .. 111 119 140 119 116 121 118 114 108 119 118 119 118 133 Manufactured tobacco and snuff 98 101 101 101 97 108 115 105 89 98 95 99 100 100 r Revised. v Preliminary. 1 Includes also lead production shown under "Minerals." 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 Industry Apr. May Paper and Paper Products 119 127 Paper and pulp 120 128 Pulp 144 150 Groundwood pulp 132 131 Soda pulp 122 135 Sulphate pulp 164 175 Sulphite pulp 138 145 Paper 116 124 Paperboard 116 128 Fine paper 108 114 Newsprint production _ 113 114 Printing paper 119 127 Tissue and absorbent paper 121 122 Wrapping paper 115 124 Paperboard containers 115 123 Printing and Publishing 1 114 119 Newsprint consumption 108 110 Petroleum and Coal Products 115 115 Petroleum refining 114 113 Gasoline 111 111 Fuel oil 115 113 Lubricating oil 125 123 Kerosene 123 126 Coke 118 122 Byproduct coke 120 123 Beehive coke . 76 76 Chemicals . 114 113 Rubber Products 118 122 Rubber consumption _ . . 119 122 Tires and tubes 114 121 Pneumatic tires 115 122 Inner tubes .. _. 109 112 Minerals—Total 111 118 Fuels 113 113 Bituminous coal 100 102 Anthracite _ 89 90 Crude petroleum 121 Metals 95 Iron ore shipments 14 Copper 150 Lead 119 Zinc .. 127 Gold 109 Silver 130 OC oOW^ 1941 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 130 124 123 124 127 124 123 128 133 '138 139 131 123 121 120 124 124 124 128 133 137 139 157 147 148 147 150 151 154 154 159 164 165 120 104 101 102 no 126 124 124 127 128 136 147 133 120 115 124 113 138 128 133 141 139 184 175 179 185 188 186 190 192 199 203 199 154 144 148 145 143 144 144 144 148 156 159 127 120 117 116 120 120 120 124 129 133 135 128 123 123 125 130 132 127 132 138 144 146 155 116 110 107 102 no 110 112 111 118 122 126 116 108 110 111 112 112 110 113 113 115 114 115 132 118 113 no 115 113 116 119 126 132 134 135 124 121 131 129 119 126 128 130 134 135 123 122 116 108 113 114 116 120 124 126 130 127 125 119 103 102 108 113 112 112 109 115 121 123 P121 107 88 91 105 111 111 109 98 104 110 113 111 116 113 114 118 118 119 119 120 120 119 121 P124 113 109 110 114 114 115 115 115 115 114 119 112 109 112 116 114 113 112 113 114 114 118 112 109 114 114 116 117 122 123 124 119 119 122 111 97 102 109 115 106 108 103 104 122 113 110 107 119 123 126 131 126 124 115 119 131 135 138 141 144 147 149 150 152 154 133 148 131 134 136 139 141 143 142 143 145 145 134 141 116 171 198 209 259 292 357 367 398 434 69 386 110 110 112 116 120 120 122 121 123 128 134 117 109 115 126 126 135 137 145 151 155 157 162 116 109 116 128 128 138 140 148 153 158 160 164 126 106 105 109 109 116 117 123 128 134 131 144 127 108 106 no 110 118 118 124 128 135 131 144 113 95 102 107 103 107 115 121 127 132 130 145 118 121 117 124 122 119 114 113 115 116 96 Pi 29 111 111 109 115 112 115 116 117 118 121 87 P!20 100 106 111 124 no 128 127 130 134 143 19 104 101 83 100 97 96 112 114 112 105 76 ^88 116 114 111 114 114 111 111 111 112 114 116 P120 161 179 164 171 184 W 102 91 98 90 149 PI 82 288 315 308 301 294 162 323 140 133 135 136 146 147 146 145 155 151 156 159 122 116 112 114 112 117 114 118 116 116 116 121 117 119 116 121 118 127 131 135 139 140 144 147 151 150 117 97 134 100 121 156 146 141 112 122 103 107 120 114 113 91 107 115 135 133 118 137 132 124 r Revised. P Preliminary. c Corrected. 1 Includes also printing paper production shown under "Paper." NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. JULY 1941 673 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total* 102.8 102.8 103.9 105.1 107.4 108.9 111.4 114.2 116.6 118.3 118.6 119.4 122.1 124.7 Durable goods* 97.7 97.9 99.0 100.4 104.3 107.4 111.2 114.6 117.6 121.1 122.1 123.0 126.3 129.3 Nondurable goods* 107.6 107.4 108.5 109.6 110.2 110.3 111. 5 113.8 115.7 115.6 115. 2 115.9 118.0 120.4 Iron, Steel, Products 100.8 101.2 103.7 107.3 111.1 112.9 116.1 118.9 122.4 124.8 125.5 126.2 128.2 131.6 Blast furnaces, steel works 107 109 115 120 123 123 125 127 130 133 133 133 136 140 Bolts, nuts, washers, rivets 108 105 104 110 116 119 121 128 135 139 145 151 153 159 Cast-iron pipe ___ 75 76 75 76 78 81 84 89 89 88 92 92 93 94 Cutlery, edge tools 102 101 102 104 104 107 109 110 110 110 108 110 114 117 Forgings 67 66 66 70 74 77 81 83 88 90 94 96 100 101 Hardware 97 95 82 84 98 102 105 109 113 113 114 116 115 117 Plumbers' supplies 82 82 83 84 87 89 90 94 '98 99 98 100 101 102 Stamped, enameled ware.. 155 153 153 157 169 179 188 190 196 194 '201 204 213 Steam, hot-water heating 85 84 85 87 91 92 97 100 103 106 106 107 109 111 Stoves 89 88 91 95 96 95 98 100 108 113 106 106 106 109 Structural, ornamental 71 71 73 75 78 81 84 86 91 96 100 100 101 103 Tin cans, tinware 98 97 100 100 98 96 99 103 104 109 112 113 113 120 Tools . . 93 92 92 95 98 101 106 111 116 121 126 128 132 135 Wirework 158 156 151 139 152 170 189 201 207 206 208 208 203 206 Machinery US. 4 113.4 114.9 116.6 120.0 122.5 126.6 130.9 136.0 141.2 144. 2 148.1 156.2 161. 4 Agricultural implements 133 136 136 133 139 141 143 140 143 147 140 126 165 172 Cash registers, etc 128 128 130 130 129 132 132 134 137 137 140 146 151 150 Electrical machinery 102 101 103 104 107 111 116 120 126 131 137 142 147 153 Engines, turbines, etc 134 142 152 165 175 181 195 212 219 238 239 242 243 255 Foundry, machine-shop products. 97 96 97 98 101 103 107 110 114 118 120 124 129 133 Machine tools 215 220 228 237 247 247 257 265 275 286 296 304 315 323 Radios, phonographs 153 155 144 145 145 138 134 142 150 155 165 178 189 198 Textile machinery . . 84 82 79 77 76 79 81 83 86 89 92 95 98 102 Typewriters 114 113 112 116 119 123 126 128 130 131 110 134 138 142 Transportation Equipment.. 111.2 111.6 111.8 110.7 120.9 130.2 140.2 r143.9 r145. 6 150.4 '154. 0 158.6 163. 8 Aircraft ._ 2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,447 4,731 5,089 5, 398 5,509 5,798 6,040 Automobiles 106 105 102 97 107 116 125 127 124 123 123 123 125 128 Cars, electric-, steam-railroad 54 52 49 51 50 55 58 64 67 75 71 70 70 73 Locomotives ._ 27 28 29 31 33 36 39 42 46 52 55 56 59 63 Shipbuilding 148 154 164 175 186 187 195 204 220 244 262 268 284 294 Nonferrous Metals, Products 105.9 106.0 108.2 110.7 115.7 118.6 122.3 126.3 129.4 133.3 135.1 136.1 139.0 140.6 Aluminum* 177 180 183 190 199 202 207 214 218 229 224 '220 229 233 Brass, bronze, copper 125 124 128 132 140 147 153 162 168 173 176 179 181 182 Clocks, watches 90 92 94 95 98 100 101 101 102 107 109 111 ' 115 118 Jewelry 96 96 99 100 99 94 96 98 101 102 105 107 111 114 Lighting equipment _ 85 84 86 81 92 100 103 105 106 110 112 110 112 112 Silverware, plated ware 70 70 68 71 70 72 74 75 76 77 79 79 81 83 Smelting, refining 86 86 87 89 92 92 94 94 96 98 100 101 102 103 Lumber, Products 67.2 67.9 67.4 67.5 69.0 70.6 71.3 73.6 75.2 76.3 75.5 74.O 74.2 74.5 Furniture 90 90 90 89 90 91 91 93 96 97 98 98 101 104 Lumber, millwork 61 60 61 62 63 65 68 71 72 74 72 70 69 Lumber, sawmills 60 61 60 60 62 64 64 66 67 68 67 65 65 64 Stone, Clay, Glass Products 79.8 78.9 79.8 81.3 81.8 83.0 84.7 88.4 90. 4 94. 6 r92. 9 92.3 92.3 92.3 Brick, tile, terra cotta 59 58 58 60 60 61 61 65 68 75 74 71 70 70 Cement... 68 66 67 66 69 70 72 74 76 75 76 75 74 73 Glass... 104 103 103 105 107 109 112 117 117 120 116 118 121 122 Marble, granite, slate. 45 47 47 45 45 46 46 45 46 46 47 46 45 44 Pottery 89 88 91 94 94 94 96 100 105 108 108 108 109 109 Textiles, Products 96.6 96.3 96.8 100.2 101.1 101.9 102.6 105.3 107.2 107.3 107.1 107 6 109.9 112.8 Fabrics _ 87.8 87.7 88.0 91.3 92.6 93.5 95.2 97.7 98.7 98.8 99.1 100.4 103.3 105.8 Carpets, rugs 79 76 70 71 72 75 79 82 82 85 84 83 86 89 Cotton goods 89 88 89 91 93 94 95 97 99 99 100 101 103 106 Cotton small wares _ 76 76 76 77 79 81 82 87 90 92 93 94 . 97 103 Dyeing, finishing textiles 121 123 119 125 128 129 129 129 132 132 134 136 138 141 Hats, fur-felt 65 68 74 85 83 84 80 84 85 82 82 83 80 82 Hosiery 139 134 133 136 138 138 140 141 144 144 142 142 141 144 Knitted outerwear 60 61 65 69 72 69 70 71 74 69 69 68 71 77 Knitted underwear 74 72 72 76 75 74 75 76 77 81 78 78 79 81 Knitted cloth 130 127 131 138 147 151 153 151 149 144 141 143 141 155 Silk, rayon goods 65 67 64 63 62 61 63 65 64 63 64 66 69 74 Woolen, worsted goods 70 73 77 85 86 90 93 99 98 98 98 102 109 109 Wearing apparel 112.4 111.6 112.5 116.1 116.1 116.5 114.8 118.0 121.9 122. 0 120.5 119.3 119.9 123. 7 Clothing, men's 100 98 102 105 104 104 102 109 115 114 111 110 114 122 Clothing, women's 156 158 158 166 164 165 164 168 170 166 166 164 160 161 Corsets, allied garments. _ 111 113 113 106 112 112 112 114 114 114 113 114 114 116 Men's furnishings 115 114 111 120 125 126 122 118 116 116 118 118 119 120 Millinery.. . 78 72 71 71 73 78 74 68 69 76 82 78 78 74 Shirts, collars 122 121 116 116 118 119 117 117 122 131 125 124 127 130 r Revised. * Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569. NOTE.—Figures for May 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. 674 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Leather, Manufactures 91. 87.9 89.6 90. i 89.1 91.1 94., 93.8 93.2 95., Boots, shoes 90 86 88 89 87 88 90 92 93 91 91 93 95 Leather ._ 81 81 81 82 81 82 84 85 85 90 90 Food, Products 129.1 131 9 129.8 1X6.9 129.9 132.4 183. 3 rlSl.O 132.8 135.1 Baking 144 145 146 146 146 144 144 144 144 143 145 146 148 149 Beverages 274 273 278 268 272 265 271 281 285 281 279 278 277 286 Butter 97 98 97 96 96 96 96 102 101 98 99 102 106 107 Canning, preserving 150 147 161 137 146 130 152 152 157 149 144 139 140 146 Confectionery 82 84 83 86 88 86 86 90 91 89 88 91 92 89 Flour 79 81 80 79 79 79 78 78 78 78 77 79 78 Ice cream 79 76 77 75 76 75 79 81 81 80 81 83 79 Slaughtering, meat packing 107 107 109 111 108 109 110 114 121 112 111 113 115 120 Sugar, beet 98 99 102 106 110 100 102 145 240 ••111 97 98 Sugar refining, cane 94 95 93 91 95 95 97 97 103 101 Tobacco Manufactures 65.0 65.2 62.8 63.0 63.7 68.3 63 64.7 66. S 64.9 64.O 65.0 65.7 Tobacco, snuff 59 59 59 58 56 57 57 55 57 57 54 54 54 53 Cigars, cigarettes 66 64 64 64 65 64 65 66 68 66 65 66 67 Paper, Printing 114.8 115.8 115.7 116.5 116.. 115.7 116.1 116.8 117.8 117.1 rtl7. '118.5 119.8 121.2 Boxes, paper 115 116 118 119 119 117 117 120 122 123 122 125 129 132 Paper, pulp 112 115 116 117 117 117 115 116 116 116 117 119 120 123 Book, job printing 101 100 100 101 100 100 102 101 102 103 101 103 104 104 Newspaper, periodical printing 116 117 116 116 117 116 116 118 117 116 117 117 117 Chemicals, Petroleum, and Coal Products 121.1 122.0 122.4 121. 7, 122. 121.7 124.1 125.8 126.6 127.4 128.1 182.2 134. S Petroleum refining 122 122 123 122 122 121 121 120 120 120 120 121 121 122 Other than petroleum 120. 9 121.9 122.3 121. 5 122. 2 121.8 123. 5 124. 9 126.4 128.1 129.1 129.9 134. 137.7 Chemicals 136 137 138 138 141 141 143 147 151 154 157 161 163 167 Cottonseed oil, cake, meal 97 94 83 78 75 62 92 101 102 102 100 94 108 106 Druggists' preparations 119 122 120 119 117 116 114 113 113 116 118 119 122 129 Explosives 116 120 127 133 139 145 141 144 147 151 162 163 0) Fertilizers 109 119 120 114 113 107 107 107 103 104 103 95 112 119 Paints, varnishes 123 121 122 124 126 127 125 127 128 130 130 134 135 135 Rayon, allied products 312 311 315 308 306 309 310 311 314 310 306 308 324 330 Soap 81 82 82 83 85 86 82 87 90 91 Rubber Products 83.9 83.5 812 87.0 89.7 93.6 99.0 100.4 r 102.0 104.2 106.1 Rubber boots, shoes 57 56 57 56 54 54 57 60 64 67 69 74 78 Rubber tires, inner tubes 70 69 69 69 71 73 74 75 77 78 Rubber goods, other 136 138 140 141 149 155 157 160 167 171 174 177 • Revised. 1 Data not available. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total Employees irI nonagricultural establishments non- Trans- Finan- M ta i r l y i- Year and month m e a m e g tu n r p i t r c l a o u * l y l - 1 - 2 Total *2 M fa i c n a t n g u * u r- - Mining s C t t i r o o u n n c - - t u i p p o t u i o n l b r i t t l a i a i e n c - s d Trade ci i l m c a a e l n , i , s e s c o a e e n u r l- v d s - m G e e r o n n v t - - 2 f n o a a r n v c d e a s l Seasonally adjusted 1940—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, 777 31, 634 11,321 572 1,859 3, 133 6,474 4,258 4,017 1, 554 May 38, 204 32, 061 11, 532 885 1,666 3,191 6,447 4,278 4,062 1, 679 Unadjusted 1940—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, 686 30,843 10,735 853 1,709 3, 065 6,433 4,167 3,881 822 Dec. 37, 608 31, 465 10, 856 855 1,720 3,039 6,884 4,180 3,931 884 1941—Jan 36 621 30 478 10 797 852 1,623 3 012 6,165 4,142 3, 887 958 Feb 36, 928 30, 785 10, 982 854 1,678 3,028 6,173 4,164 3,906 1,145 Mar. 37, 227 31, 084 11,152 864 1,631 3,056 6, 259 4,187 3,935 1,343 Apr. 37, 676 31, 533 11,370 564 1, 775 3,113 6,463 4,265 3,983 1,546 May- . _ . - 38, 278 32,135 11, 532 875 1,748 3,184 6,419 4,325 4,052 1,662 * 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.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for May 1941 are preliminary. For back figures, adjusted for seasonal variation, see pp. 534-535 of the BULLETIN for June 1941. JULY 1941 675 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; adjustedto Census of Manufactures through 1937. 1923-25 average=100] Factors7 employment Factory payrolls Industry and group 1940 1941 1940 1941 Apr. May i Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May Total* 103.2 102. 5 115.5 117.8 119.9 122 7 124 7 979 97.8 120.7 r!26. 8 131. 2 134.8 141.9 Durable goods* 98.7 99.2 118 3 121.0 123 7 127.7 131.0 98.4 98.7 132.0 139. 2 144.6 150.0 159.1 Nondurable goods* 107.5 105.6 112.7 114 7 116.3 117.8 118 7 97.3 96.8 108.1 112.9 -116. 3 117.8 122.5 Iron, Steel, Products 101.7 101.9 rl22. 3 125. 0 127. 2 129.4 132. 5 94.9 97.2 130.8 n37. 0 141.2 150. 8 159.1 Blast furnaces, steel works 108 109 131 133 135 137 140 99 103 140 145 149 164 171 Bolts, nuts, washers, rivets 109 106 139 146 151 155 160 114 110 171 193 199 212 231 Cast-iron pipe. _ .. 76 88 89 91 93 94 62 67 93 97 99 104 110 Cutlerv edge tools 104 103 108 109 113 117 118 94 92 107 "115 -123 125 131 Forcings 67 67 91 05 97 100 102 75 73 124 130 138 ! 141 152 Hardware 98 96 113 115 117 117 117 104 102 130 135 138 136 143 Plumbers' supplies 82 82 98 99 101 101 102 -75 '92 '97 -101 : 98 107 Stamped, enameled ware 160 156 '191 -202 '207 210 218 164 162 214 233 -241 243 263 Steam, hot-water heating. . 85 85 103 106 107 109 112 76 75 105 110 112 117 122 Stoves 91 91 95 99 '103 108 113 82 84 87 94 103 109 116 Structural, ornamental 70 71 94 96 97 99 102 61 62 89 . 94 97 103 114 Tin cans, tinware.__ 95 96 102 104 107 109 119 101 101 116 117 -122 127 145 Tools 94 92 121 126 130 133 135 91 90 141 153 161 166 169 Wirework.. . 162 161 200 208 210 207 212 175 170 238 253 256 243 275 Machinery 113.6 11S.9 139.8 143.5 U7.7 156. 5 162. 3 121.6 122 3 167.5 176.9 186.2 198. 2 217.4 Agricultural implements 141 140 150 144 133 176 177 166 164 181 174 162 242 240 Cash registers, etc. 129 129 136 140 146 151 151 134 134 152 166 179 191 195 E lectrical machinery 102 102 129 136 142 147 154 113 114 163 176 186 192 214 Engines, turbines, etc.. 140 149 224 237 247 255 268 183 194 332 345 376 368 452 Foundry, machine-shop products- 97 97 117 120 124 130 135 95 95 129 136 144 153 165 Machine tools 216 221 286 297 307 317 325 287 290 415 450 462 472 506 Radios, phonographs 128 137 148 145 149 159 174 116 127 145 146 157 164 192 Textile machinery 85 82 89 93 96 99 102 80 11 98 105 110 112 125 Typewriters 114 113 131 109 134 138 143 112 114 141 122 159 175 189 Tran A sp ir o c r r t a a f t t ion Equipment 2, 4 1 7 1 4 6.9 2, 6 1 7 1 6 6.7 5, 0 15 3 2 8 . 6 \ 1 3 5 4 7. 4 ' 2 \ r! 5 6 6 1. 4 1 5. 9 1 1 6 4 6.2 6, 1 2 7 2 0 2 .9 2,4 1 1 2 5 4. 3 2,6 1 0 1 2 8.5 5,9 1 2 7 0 6.2 6, r 1 4 9 4 0 1 . 8 >, 1 6 9 7 7 8 .2 7,1 1 8 9 3 1. 4 7,7 1 2 9 0 7.2 Automobiles ._ 112 110 128 130 131 132 134 121 111 148 159 163 147 145 Cars, electric-, steam-railroad 57 56 69 (59 71 74 79 52 50 64 67 66 74 83 Locomotives __ ._ 28 28 49 53 56 00 65 26 27 55 61 64 72 80 Shipbuilding 153 158 240 -257 272 294 303 169 180 308 338 365 393 425 Nonferrous Metals, Products 105. 6 105. 3 131. 1 134. 7 136. 9 138. 8 139. 7 103. 1 103. 6 146.0 151.2 r155. 1 157. 0 165. 9 Aluminum * 178 180 225 225 r224 231 233 208 210 281 285 257 290 322 Brass, bronze, copper 126 126 172 176 181 183 184 133 134 220 224 237 234 244 Clocks, watches.. _. 89 90 100 109 '•111 114 116 92 94 115 125 129 134 145 Jewelry 90 89 90 102 104 104 105 72 73 82 -90 94 94 98 Lighting equirjment 86 84 108 111 112 113 112 74 72 99 105 105 106 110 Silverware, plated ware __. 71 70 75 78 80 82 83 63 61 71 77 82 82 92 Smelting, refining. _ . ... 86 86 98 100 101 101 102 84 84 102 105 106 108 111 Lumber, Products 66.9 68.0 71.3 72.0 r72. 6 73 8 74.6 61.4 63.3 68.1 rro.e 72.8 75. 7 77.9 Furniture __ ._. ___ 86 87 94 96 97 98 100 74 75 84 90 94 95 102 Lumber, millwork. _ _. 61 61 70 70 70 70 70 48 48 58 58 58 59 62 Lumber, sawmills 60 62 63 63 64 65 06 55 58 59 -61 63 66 66 Stone, Clay, Glass Products . _ 80.5 82.0 85. 9 '86. 9 r89. 7 93 0 95.7 72,2 74.6 79. 6 r82. 0 85. 2 91.1 97.0 Brick, tile, terra cotta 58 61 65 64 65 69 74 45 49 55 55 56 62 69 Cement 68 71 65 06 69 74 78 64 69 61 62 66 76 85 Glass 105 104 114 116 120 122 124 114 112 131 -135 141 144 148 Marble, granite, slate 46 49 39 42 43 45 46 34 39 27 30 31 35 38 Pottery ... 93 91 105 108 111 113 112 85 84 90 100 104 111 113 Textiles, Products 98.8 96.0 106.4 110.1 111.6 112.2 112.4 81.4 77.9 *95. 0 103. 9 107.1 107.1 110.3 Fabrics 88. 3 87.0 99." 101." 102." 103. " 105. 0 75. 2 73.9 93.1 98.5 101.1 104. 1 109.0 Carpets, rugs. 80 76 82 84 86 87 89 68 60 75 79 83 81 89 Cotton goods _ 91 89 101 103 104 105 106 81 78 97 102 105 113 117 Cotton small wares 79 76 92 95 98 101 103 73 68 93 101 105 107 114 Dyeing, finishing textiles. _ 125 123 135 140 142 143 141 105 99 120 129 133 135 132 Hats, fur-felt 65 66 82 84 85 81 80 39 46 80 89 88 67 75 Hosiery . 140 134 143 143 144 142 143 144 134 149 156 161 155 159 Knitted outerwear 00 62 60 68 68 71 77 47 50 56 60 61 64 72 Knitted underwear 77 74 77 78 80 83 82 69 65 73 77 82 84 84 Knitted cloth 131 127 140 142 146 142 155 101 104 125 129 133 133 150 Silk, rayon goods 64 62 65 67 67 69 08 50 49 53 56 58 i 60 62 Woolen, worsted goods . 67 72 100 103 103 104 106 53 60 94 100 100 i 102 113 Wearing apparel 118.6 112. 2 '•116." 124.? 127.0 126. 4 124.0 88. 81. -93.1 -108.: 112.3 106.6 106.2 Clothing, men's .. 104 95 -109 114 110 118 119 65 87 97 100 99 101 Clothing, women's 168 163 162 173 178 173 166 119 112 120 143 148 133 133 Corsets, allied garments 115 114 112 115 118 118 118 120 117 116 127 133 133 137 Men's furnishings 118 115 108 119 123 122 121 101 96 103 124 129 124 128 Millinery .. 87 75 75 89 91 88 76 74 54 55 76 85 76 52 Shirts, collars 125 121 119 125 128 130 131 111 101 104 117 121 126 130 r Revised. * Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 676 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 through1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May Leather, Manufactures 94.2 86.8 93. 4 96.9 98.7 98.0 95.7 70.7 63.6 83.3 91.5 96.1 92.3 91.0 Boots, shoes _ 93 85 91 95 97 96 93 67 58 80 89 94 89 87 Leather 83 81 86 88 89 90 90 78 77 87 92 94 95 98 Food, Products 119.7 121.7 121.4 119.1 '120.3 123.9 117.7 121.5 120.2 119.6 122.5 125.5 134. 7 Baking _ 143 145 141 143 145 147 149' 134 138 135 138 140 141 149 Beverages 268 279 256 255 264 272 292 312 331 289 295 313 331 361 Butter... 94 100 92 96 102 109 81 85 80 81 85 90 98 Canning, preserving 103 100 91 85 80 97 99 83 90 79 76 76 88 90 Confectionery. . _ . 76 87 86 89 86 81 74 75 87 89 94 86 84 Flour 78 79 77 77 77 77 72 73 72 73 73 76 75 Ice cream _ _ _ 75 84 68 68 71 79 87 63 70 59 60 63 70 75 Slaughtering, meat packing 104 106 116 111 111 111 118 110 110 120 114 114 116 133 Sugar, beet 44 47 103 53 -43 44 47 48 49 96 57 '46 48 54 Sugar refining, cane 94 95 88 89 96 103 101 77 80 70 73 92 93 89 Tobacco Manufactures 63 8 62 2 60.8 63.7 63.3 63.5 64.8 58.7 60.7 59.3 61.7 62.7 59.1 66. A Tobacco, snuff 59 59 58 57 54 54 53 64 67 67 64 64 62 65 Cigars, cigarettes 64 63 61 65 64 65 66 58 60 58 61 62 59 66 Paper, Printing _ .__ __ 113.8 115.0 ni6.6 r117.1 119.4 120.8 109. 7 113.1 115.4 117.1 r120. 3 121.3 124. 9 Boxes, paper __ ___ 113 114 118 119 123 127 129 121 125 132 136 145 151 159 Paper, pulp 112 115 116 117 119 120 123 115 124 128 133 136 139 146 Book, job printing. 100 99 104 103 102 103 104 87 88 95 93 95 94 96 Newspaper, periodical printing 117 117 115 116 117 117 118 111 112 108 110 112 113 114 Chemicals, Petroleum, and Coal Products 123 4 120 6 126 0 127 8 130 7 134 5 133 1 133 4 133 5 142 1 144 2 148 2 156 6 162 2 Petroleum refining. _ ____ 121 122 119 119 120 121 122 137 137 132 132 133 142 147 Other than petroleum 123. 9 120.4 127.7 129.9 133.4 137.8 135.9 132.3 132.5 145.2 148.0 152. 7 161.0 167.0 Chemicals _ __ _ . _ 135 136 152 155 159 162 166 160 162 188 194 202 208 222 Cottonseed, oil, cake, meal 79 64 114 112 99 88 72 69 57 111 105 94 83 68 Druggists' preparations _ _ 119 118 116 119 121 122 125 131 129 131 136 138 138 142 Explosives 114 118 150 159 161 133 141 203 209 207 (i) Fertilizers 175 129 104 113 141 179 128 136 118 86 93 117 177 129 Paints, varnishes. ___ 124 126 126 129 133 137 141 132 136 137 142 147 158 169 Rayon, allied products 306 304 314 311 312 318 324 311 311 336 328 333 342 356 Soap 81 81 86 90 91 92 92 98 98 108 113 115 116 125 Rubber Products 84 7 83 8 98 8 100 7 r102 8 105 1 106 4 86 5 87 1 111 6 115 3 119 5 122 5 129 2 Rubber boots, shoes 56 54 68 68 69 72 75 55 54 79 79 80 84 88 Rubber tires, inner tubes. 70 69 78 79 80 83 84 78 80 98 100 103 107 112 Rubber goods, other 140 140 169 175 179 180 181 133 131 174 185 195 195 207 r Revised. x Data not available. NOTE.— Figures for May 1941 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1940 1941 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. Totml 37.5 39.8 40.0 40. 4 40.0 66.5 66. 5 68.3 68.9 69.2 69.7 70. S Durable goods. 41.2 40.6 41.6 42.0 41.5 72.8 72.9 74.9 75.8 76.2 76.8 78. 5 Iron, Steel, Products 36. 1 36.0 41.0 39.8 40. 7 41.0 40.8 76.3 76.4 78.0 78.6 79.1 79.5 84. 1 Machinery 40.7 40.5 43.6 43.2 44.2 44.9 44.7 73.9 73.9 76. 1 76.8 77.1 77.8 78.8 Transportation Equipment 38.4 38.3 40.2 40.4 42.1 42.3 39.7 90.0 90.2 90.0 91.1 91. 8 92.1 92.5 Nonferrous Metals, Products 38.9 38.6 42.7 41.4 41.8 42.1 42.0 69.7 70.0 73.8 74.0 74.0 74.8 74.9 Lumber, Products 38.4 38.4 39. 5 38.9 '•39.4 r39. 7 40.2 51.5 51.8 52.8 52.9 r53.4 54.1 54. 7 Stone, Clay, Glass Products 35.7 36.5 38.2 36.5 37.2 37.2 38.0 66.4 66.4 68.0 68.4 '"68. 5 68.9 69.5 Nondurable goods 36.9 38.4 37. 3 38.3 38.8 61.0 60.9 61.7 62.0 62.1 62.4 62.9 Textiles, Products 35. 1 34.2 36.7 35.7 37.4 37.8 37.3 50.5 49.5 50.7 51.2 51.4 51.6 52.2 Fabrics 35. 1 34.5 37.9 36. 9 38.3 38.6 38.3 48.2 48.2 48.8 49.2 49.2 49.4 50.9 Wearing apparel 35.2 33.6 34.3 33. 3 35.7 36.3 35.4 54.3 51.9 54.4 55.2 55.5 55.6 54.7 Leather, Manufactures 1 35.6 32.5 36.5 37.3 39.1 39.7 38.0 54. 1 54.3 55.2 55.5 56.4 57.2 57.9 Food, Products 39.8 39.4 40.6 39. 0 39.5 40.0 39.6 64.1 64.3 64.1 64.9 65.1 65.5 65. 5 Tobacco Manufactures 34.5 34.7 38.1 35.7 35.4 36. 1 33.2 49.0 49.3 49.0 49.8 49.5 49.7 50. 6 Paper, Printing 38.0 38.1 39.3 38.8 39.1 39.6 78.9 79.3 79.9 79.6 80.3 *-80.7 80.5 Chemicals, Petroleum, and Coal Products 38.4 38. 5 39.6 38. 9 38.8 39.1 39.9 74.6 74.2 76.6 77 0 77.0 76.6 77.3 Petroleum refining 36.2 36.5 37.3 35. 7 35.6 36.0 37.0 97.1 97.4 96.8 97.0 97.0 96.7 99.5 Other than petroleum refining. 39.2 39.2 40.4 39.9 39.8 40.1 40.7 67. 0 66. 5 70.1 70.6 70.7 70.5 70. 7 Rubber Products 35.8 36.0 39.7 39. 0 39.3 39.7 39.4 77.9 77.9 78.4 78.8 79.2 79.9 80.4 r Revised. 1 Beginning with October 1940 figures are not comparable because of expansion in reporting sample. JULY 1941 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Public works Total Residential and public Month building Factories Commercial Educational! Other i utilities * 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 January 196.2 305.2 77.4 111.3 12.9 55.9 15.9 26.9 6.1 11.6 17.7 24.2 66.3 75.1 February 200.6 270.4 74.9 116.5 15.4 37.8 20.2 20.9 8.1 7.9 26.9 23.5 55.2 63.9 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 Month 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 January 215 243 192 252 196 305 149 112 118 148 93 February 140 188 119 220 201 270 79 69 51 111 82 March 199 231 227 301 272 480 96 66 95 128 April 235 270 222 330 301 407 105 74 99 160 May 216 244 283 308 329 549 94 93 144 135 June 233 318 251 288 325 116 137 108 128 July . 295 322 240 300 399 153 131 98 137 August 275 281 313 312 415 153 104 171 158 September 234 207 301 323 348 116 80 160 144 October 226 202 358 262 383 101 78 203 92 November 208 198 302 300 380 89 93 179 144 December ... _ . 200 209 389 354 456 82 115 279 225 Year 2,675 2,913 3,197 3,551 4,004 1,334 1,152 1,705 1,708 OxOC OOC Private ownership i 1941 1936 1937 1938 1939 1940 1941 111 66 130 75 104 104 194 96 62 119 68 109 119 174 226 103 165 132 173 177 254 169 130 195 123 170 197 238 112 255 122 151 139 174 217 294 147 116 180 143 161 177 205 141 191 142 163 194 195 122 178 142 154 220 144 119 127 141 179 204 175 125 124 154 170 209 195 119 106 123 156 186 258 117 94 110 129 198 1,802 1,341 1, 761 1,492 1,842 2,202 ' Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the[Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1941 1940 Number Liabilities Federal Reserve district May April May Federal Reserve 1941 1940 1941 1940 district Boston 40,311 31,410 23,130 May April May May April May New York.__ 79, 528 50,176 62, 993 Philadelphia. 21,316 22, 048 15, 408 Boston 108 103 999 1,213 1,154 Cleveland.. 63, 447 37, 371 34, 089 New York 389 407 477 3,273 5, 795 4,540 Richmond . 100, 005 48, 098 39,339 Philadelphia 81 56 71 1,342 667 1,072 Atlanta 47, 935 44, 240 31, 297 Cleveland 65 61 79 528 881 1,120 Richmond 37 42 51 281 281 604 Chicago 76, 392 71,749 61,185 Atlanta 46 45 55 361 958 462 St. Louis 38,137 34, 532 20,379 Chicago 143 150 175 1,030 1,971 1,392 Minneapolis.. 15, 978 11,505 11,857 St. Louis 33 36 43 234 185 415 Minneapolis 10 24 25 87 302 362 Kansas City. 36, 436 10,312 13, 890 Kansas City 36 44 37 416 194 302 Dallas 29, 215 45, 234 15, 347 Dallas 35 22 24 371 196 316 San Francisco 136 159 113 1,143 1,184 1,329 Total (11 districts). 548, 700 406, 675 328,914 Total 1,119 1,149 1, 238 10, 065 13, 827 13, 068 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. 678 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 Month 1937 January. 223 February 233 March 257 April ... 269 May 290 June 265 July 268 August September October November December... Year Jan.-Apr. Ot Ot M Merchandise imports 2 Excess of exports 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 289 213 370 325 240 171 178 242 229 -18 118 35 128 97 262 219 347 303 278 163 158 200 234 -45 99 61 147 70 275 268 351 357 307 173 190 217 268 -51 102 77 134 89 274 231 323 385 287 160 186 212 288 -18 115 45 111 98 257 249 324 285 148 202 211 5 109 47 112 233 236 350 286 146 179 211 -21 87 57 138 228 230 317 265 141 169 232 3 87 61 84 231 250 351 246 166 176 221 31 65 74 130 246 289 295 233 168 182 195 63 79 107 101 278 332 344 224 178 215 207 108 100 117 137 315 252 292 328 223 176 235 224 92 76 57 104 323 269 368 322 209 171 247 253 115 98 121 69 3,349 3,094 3,177 4,021 3,084 1, 960 2,318 2,625 265 1,134 859 1, 396 981 1,101 930 1,391 1, 371 1,112 667 713 871 1,018 -131 434 217 520 354 i Including both domestic and foreign merchandise. s General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses Source.—-Department of Commerce. Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUE, EXPENSES AND INCOME OF CLASS I RAILROADS [ [Index numbers; 1935-39 average=100] [Millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p u e r c o s t t d s - Ore l o c a e n u l- s e- c l d . h c i a s .l e n . - o r p a T e i r o lw a t t a a i l n y g e r x f T i p il o e w t n a s i l e v s o r p a e i N l r w a e t t a i y ng in N co e m t e revenues income SEASONALLY ADJUSTED SEASONALLY 1940— M Ap a r y 1 1 0 0 6 3 1 1 1 1 5 0 1 1 0 1 8 7 1 10 0 1 9 9 9 1 1 1 1 0 0 6 4 1 1 3 3 4 4 ••1 9 0 9 3 9 9 3 4 ADJUSTED* June 111 119 145 98 95 108 134 111 94 1940—Mar 329 290 39 -1 July 110 120 158 100 88 108 138 108 95 Apr 328 289 '40 -1 S A e u p g t.... _ 1 1 1 1 2 2 1 1 2 1 4 4 1 1 4 6 7 2 1 9 0 6 6 9 9 6 8 1 1 1 2 5 2 1 1 4 3 5 9 1 1 1 1 0 2 9 9 5 5 J M un ay e.__ 3 3 4 6 2 0 2 3 9 0 0 0 6 5 0 1 1 1 1 9 Oct 110 91 149 100 99 128 181 116 96 July___- 356 303 54 13 Nov 116 109 150 98 98 131 181 120 97 Aug.. 365 308 57 16 Dec 119 107 153 96 96 133 164 125 99 Sept.— 377 309 67 25 1941—Jan 122 109 145 102 88 138 180 130 99 N Oc o t v. _ 3 37 6 9 3 3 31 1 2 1 6 5 7 2 2 8 5 Feb. 124 113 149 102 93 133 181 131 101 Dec... 401 316 85 43 Mar 126 128 168 113 93 127 192 128 100 Apr 112 45 137 113 93 130 266 130 102 1941—Jan 389 316 73 32 May 135 138 182 124 91 130 26G 136 102 Feb. 402 319 84 43 Mar. .. 417 334 83 41 UNADJUSTED Apr. ... 382 323 59 17 1940— M A a p y r.. _.- 1 9 0 6 3 r9 9 8 2 1 9 0 5 8 8 9 7 3 8 8 2 1 1 11 0 0 4 18 5 4 7 1 1 0 0 0 5 9 9 4 4 UNADJUSTED June 109 100 131 96 75 112 233 112 94 1940—Mar. __ 327 290 37 -5 July____ 110 102 136 145 74 108 250 107 94 Apr '322 r2*7 34 -9 Auc 113 109 136 117 91 121 244 110 96 May___ 343 296 47 4 Sept 125 120 144 117 129 132 254 124 100 June..__ 345 297 47 7 Oct 125 104 149 107 152 135 238 132 100 July— 366 309 57 16 Nov. 122 121 159 96 124 129 145 125 98 Aug 381 315 66 22 Dec 112 121 167 87 92 119 46 116 95 Sept.._. 383 308 74 31 Oct 414 327 87 43 1941—Jan. _. 113 124 174 90 84 124 45 115 94 Nov.... 375 304 71 31 Feb 115 129 183 85 75 128 45 118 98 Dec 382 303 79 51 Mar... 120 132 175 97 74 127 50 124 101 Apr..... 108 38 120 96 82 130 203 131 103 1941—Jan 377 315 f>2 20 May 131 117 167 107 82 135 276 138 102 Feb.... 358 300 58 15 Mar..., 416 336 81 35 r Revised. Apr. .._ 375 322 53 7 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Associa- r Revised. tion of American Railroads. Total index compiled by combining- indexes for •Derived from Interstate Commerce Commission data. classes with weights derived from revenue data of the Interstate Commerce 1 Excludes switching and terminal companies. Commission. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. JULY 1941 679 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^ Percentage change from corresponding periods of preceding year Seasonally adjusted Unadjusted 1938 1939 1940 1941 1938 1939 1940 SALES Jan. 90 88 92 101 70 69 71 Feb 88 88 90 103 70 69 71 Mar. 86 88 89 103 82 86 Apr 83 88 89 104 86 88 86 May 80 87 89 105 80 87 June 82 86 91 79 83 July 83 87 92 58 60 Aug 83 88 98 65 69 Sept. 85 90 97 91 97 Oct 86 92 94 92 99 Nov 87 93 100 99 106 Dec. 88 95 101 156 168 Year 85 90 STOCKS Jan. 71 67 68 71 63 60 Feb 70 68 71 73 67 65 Mar. 70 68 70 74 71 69 Apr 69 67 69 74 71 69 May 69 66 68 74 71 68 June 68 67 67 65 64 July 67 67 68 61 60 Aug 67 67 69 65 65 Sept. 67 68 70 70 71 Oct 67 69 71 74 Nov. 67 71 72 78 82 Dec... 66 68 71 62 04 Year ~~~ 68 68 OO 03 OC I- May Five Department 1941 months 1941 1941 NET SALES—entire store +13* 79 Main Store + +13 81 Basement Store 93 Women's, girls', and infants' apparel and ac- +15 106 cessories +15 105 Main store ! +15 Women's and misses' coats and suits- _. + 3 +13 64 Women's and misses' dresses +16 +10 Blouses, skirts, sportswear, sweaters, 105 knit apparel +30 +19 101 Juniors' and girls' wear +22 +18 114 Aprons, housedresses, uniforms +23 +17 179 Women's underwear, slips, negligees. _ +16 + 9 Infants' wear +11 + 14 94 Women's and children's shoes +17 +13 Furs +20 +20 Basement2 +16 +15 61 64 Men's and boys' wear +20 +13 68 70 Alain store l +21 71 75 Men's clothing +27 + 17 71 76 Men's furnishings, hats, caps + 19 +10 70 76 Boys' clothing and furnishings + 12 + 16 64 Basement2 +17 +10 61 66 Homefurnishings +22 +18 73 Main store i 8 7 3 9 D Fu o r m n e it s u ti r c e , f l b o e o d r s c , o m v a er tt i r n e g s s ses, springs... + + 2 1 9 9 + + 2 2 0 3 66 Draperies, curtains, upholstery +10 +11 Major appliances (refrigerators, wash- 69 ers, stoves, etc.) +37 +26 Domestics, blankets, comforters, lin- Back figures.—Department store sales, see BULLETIN for August 1936, ens, towels +26 p. 631, for October 1938, p. 918, and for January 1941, p. 65; department Basement (including domestics, blankets, storo stocks, see BULLETIN for March 1938, p. 232. linens, towels)2 +15 +15 Piece goods (dress and coat yard goods, all WEEKLY INDEX OF SALES materials) + 7 + 1 Weeks ending on dates shown. 1935-1939 average=100 Main store 0 Basement + 7 + s 1938 1939 1940 1941 Shoes (basement only) +11 +10 May 7 107 May 6 104 May 4 108 May 3 124 * Based on reports from 249 stores. Reports of total sales from a larger 14 87 13 106 11 114 10 128 number of stores, including many stores not reporting sales by depart- 21 89 20 94 18 99 17 110 ments, showed an increase of 20 per cent for May and 15 per cent for 28 91 27 97 25 97 24 117 the first five months of 1941, as indicated in the table below. June 4 91 June 3 99 June l-.-__ 90 31 109 1 Group totals for main store include sales in departments>ot shown 11 96 10 105 8 120 June 7 127 separately. 18. . 93 17 98 15 107 14 120 2 Group totals for basement are not strictly comparable with those 25 81 24 .-84 22 92 21 107 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 M 19 a 4 y 1 A 19 p 4 r 1 . m F 19 i o v 4 s e 1 . M 19 a 4 y 1 A 19 p 4 r 1 . m F 19 i o v 4 s e 1 . ; M 19 a 4 v 1 A 19 p 4 r 1 . m F 19 i o v 4 s e 1 . ! ' M 19 a 4 v 1 A 19 p 4 r 1 . m F 19 i o v 4 s e 1 . B U o n N P s i t o t e o e r w n d t l a H S n a d t v a e t n es.-. + + + + 2 2 2 2 4 0 2 0 + + + + 2 2 2 1 4 6 3 8 + + + + 1 1 1 1 5 5 4 4 [ Cl C C T ev o l o e e l l l e v a u d e n m l d o a b n u ( d c s ont'd) + + + 2 1 1 1 9 9 + + + 2 3 3 0 2 3 + + + 2 1 1 0 4 5 Ch P C F ic e o h a o r i g t c r o i a a W go ayne... + + + + 2 1 2 1 7 5 2 5 + + + + 4 2 1 1 0 0 4 8 + + + + 2 1 1 4 2 5 8 | ! | | K a O T ns u k a ( l l c s s a o a h n o C t m ' i d t a y .) City + + 2 1 4 1 + + 1 1 2 0 + + 1 1 3 5 Boston + 14 + 21 + 10 ji Youngstown... +31 +32 +24 Indianapolis __ +24 +29 +19 \Dallas +23 +21 +14 Springfield +27 + 32 +18 Erie +24 +31 +20 Des Moines._. + 15 + 10 + 9 Shreveport +17 +15 +11 Providence +25 + 18 +18 I1 Pittsburgh + 15 +25 + 14 Sioux City +14 +13 + 8 Dallas + 19 + 17 + 11 II Wheeling + 19 +44 + 18 : Detroit +28 +20 +21 ;! Fort Worth.... +18 +27 +14 Ne N A B w r e l i b w d Y a g a o n e r r y k k port + + + +1 1 2 1 7 5 8 6 + + + + 2 2 4 1 5 1 3 9 + + + + 1 2 1 1 2 4 2 4 i \ | ! \ Ri W B ch a a m l s t o h i n m i d n o g r t e on + + 2 2 0 2 + + + 3 3 3 3 5 5 + + + 2 2 2 1 0 0 1 \< L F G M l a r i i n a n l s w n t i d a n g u R k a e p e ids. + + + + 2 1 2 3 4 6 7 3 + + + + 2 3 2 3 1 1 1 9 + + + + 2 1 2 1 7 8 7 3 \ | \ Sa P S H n a h o n F o u r e s A a n t n n i o x c n t i o sc n o io ... + + + + 2 2 3 1 6 2 7 9 + + + + 3 2 2 2 3 1 3 1 + + + + 2 2 1 1 1 2 4 3 P C h l A C W Y T P R e S L N P B E B N R il v y h o r a i k a e l o u o i i e e i B n m e a r n d n u a i r f w r l l c a a c n l k f g o e k r d c g g h i a a c n i o l n t a a e r i h p h e l n Y d o d u a n o o r s s h s k a n n a s e g t k - o i t e e e m a a B l e l r r e p F t k y r i a t p n h a o r a s i l r n n i a l e e s . d . . . . . . . . . . + + + + + + + + + + + + + + + + + + 2 2 2 2 2 2 2 2 2 1 1 2 1 1 1 1 1 0 9 0 4 1 2 2 4 1 3 4 2 8 6 8 9 5 5 - + + + + + + + + + + + + + + + + + 2 4 3 2 3 2 3 3 3 2 3 3 3 2 2 1 1 4 0 7 9 3 7 3 0 8 9 7 5 0 1 5 8 8 + + + + + + + + + + + + + + + + + + 2 1 2 2 2 3 1 1 1 1 1 1 1 1 1 1 1 6 5 2 0 2 3 8 6 6 6 8 2 8 8 2 5 { || A !| tl J N J A N K W C N M T M B C L H R B C a a a a y h a a n n o h e i h t i u c c a o i c l r w s t m t r n a o a n a n k k c a n a o h m f h t r x c r s s o s t o n n p t t m l v l t i v h o o n O a i g l e t a e o n i k a n n i n b n R o s o l s n l r g l t v g u o l n t l m o e - o t e o i e d h r o S o n u l g e n a g l n a a g e r n a ^ m l e y e . s . m . . . C . _ . . . . _ . . . . . + + + + + + + + + + + + + + + + + + + 2 4 2 2 2 1 2 2 3 3 2 3 3 1 1 2 1 1 1 4 0 1 1 2 2 4 6 4 8 5 3 4 2 7 6 4 5 6 : + + + + + + + + + + + + + + + + + + + + 3 3 2 2 3 3 3 5 2 4 6 2 2 3 4 2 3 2 4 2 1 0 7 0 1 5 8 0 1 2 9 0 8 8 6 6 7 3 6 + + + + + + + + + + + + + + + + + + + + 2 2 4 3 2 1 2 2 1 1 1 1 1 1 1 1 1 1 1 0 0 2 9 3 8 1 3 4 5 8 3 2 8 7 4 6 8 6 8 : , i i | j ' i i 1 ! I • : ; , ; M K S a t i T J K S O S L W M S . F L E Q D H n n o t t o p o L o a n m i v . . u e p s e i u t r u o p n r e c a n i t l a J m i L t t a u i e a n i s l n n h o c v s n e s h i o a k p c g p s i s v s h S e a s u a t y o y f e h r i a C i R m i i l l i p n i e s i l C l s i h e s o l s i t l d e y t i o c h t n k y . . - . . - . . . . + + + + + + + + + + + + + + + + + + + 2 4 2 2 2 2 2 1 3 1 1 2 2 1 2 1 1 1 1 1 9 3 1 1 2 3 5 6 8 2 3 2 3 3 9 7 2 9 + + + + + + + + + + + + + + + + + + 2 3 2 2 1 2 2 2 2 1 4 2 1 2 2 1 1 9 0 1 1 8 6 1 8 8 3 3 1 3 0 2 5 4 4 + + + + + + + + + + + + + + + + 1 2 1 1 1 3 1 1 4 1 1 1 1 1 1 2 3 3 9 3 6 5 4 1 3 5 1 8 3 4 2 " j ! | J ' ! j I j ; j ! ! I | i l ! | S T W B L Y S P B F O L S S E S B S S S a a r o o a e a a o a e v a a a p a o B a l e n N s n k c a r l c n n t n k k i e o l s l t e t s o e r g l t l r i : a k A n l t L e D a F a r a r J a ; m m e l a o m a k s n o e m n B r a n i t n a f n a a e t a s R g e W g d k i p d e n e e e l g n e h e e o a a e d n o l c l a a a s y c d e t i a m n C o l h s s l d c i . a t - o . y ._ . . . - . + + + + + + + + + + + + + + + + + + + - 1 3 2 1 4 2 1 2 1 2 4 9 7 4 7 1 0 8 2 6 8 1 5 5 5 4 1 3 3 4 + + + + + + + + + + + + + + + + + + + 2 2 1 3 3 2 4 3 1 3 1 4 4 6 9 8 7 4 1 9 7 5 5 2 1 7 0 6 7 2 + + + + + + + + + + + + + + + + S 1 3 2 1 2 2 1 1 1 4 5 0 3 4 5 1 6 2 4 6 7 2 4 2 4 0 0 2 r Revised 680 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 corn- prod- Foods Chemimodi- ; ucts Hides and Textile Fuel and Metals Building cals and House- Miscelties Total leather products lighting and metal materia s 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 06.3 79.8 77.0 7?, 1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79 0 80.6 68.3 1936 . _ 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78 7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104 6 76.3 77.6 95.7 95.2 82. 6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77 0 86.8 73.3 1939 ,___ 77.1 65.3 70.4 81.3 95.6 69.7 73. 1 94.4 90.5 76,0 86.3 74. g 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—April 78.6 69.4 71.6 82.5 01.8 72.9 71.8 94.5 92.5 76.8 88.4 77.7 May. _ _ 78.4 | 67.9 71.4 82.5 L01.3 72.9 71.7 94.5 92.5 76 7 88.5 77.7 June 77.5 66.2 70.3 82.2 99 ?, 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 LOO. 4 73.6 71.6 97.3 97.8 76.9 88.6 76.9 November 79.6 68.2 72.5 84.1 02,3 74.5 71.9 97.6 98.9 77 5 88.6 77.5 December _ 80.0 69.7 73.5 84.1 L02. 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 L02. 4 75.2 72.1 97.7 99.6 78 6 89.0 77. 1 February 80.6 70.3 73.5 84.4 01.6 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 May 84.9 76.4 79.5 87.4 LOO. 4 83.0 75. 6 98.1 100.4 83.6 91.4 79.6 Week ending— 1941—April 5 ._ 82.2 72.7 76.7 85.8 03.9 80.1 73.2 97.8 99.8 K0 9 91.5 78.0 April 12 82.9 74.9 77.5 85.9 L03. 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 04.3 80.5 73.3 97.8 100.0 82.2 91.6 "8.4 April 26 83.0 74.3 78.1 86.1 L04. 7 80.7 73.5 97.9 100.1 82 6 91.6 '8 4 May 3 83.2 74.4 78.0 86.4 LOS. 0 80.9 74.2 97.9 100.3 82.8 91.9 •8 5 May 10 84 0 75 1 79.0 86.9 05. 3 81.4 74 9 97 9 100 3 S3.1 92 3 "Q 0 May 17 _ 84.6 76.3 79.7 87.3 LOO. 1 82.4 75.6 98.1 100.3 S3, 7 92.3 "9 4 Mav 24 85.0 77.3 79.5 87.7 06 9 82.9 76.2 98.2 100.5 S4 ?, 92.5 "9 7 Mav 31 85.2 77.3 79.2 88.2 07. 8 83.2 98.2 100. 5 S3 9 92.7 "9. 7 June 7 85. 9 79.6 81.5 88.4 07. 6 S3. 2 78.3 98.3 100. 5 S3. 6 93.3 June 14 86.7 81.1 82.6 88.8 08.4 83.8 78. 7 98. 4 100. 9 S3 7 93.7 SO. 2 June 21 87.2 83.0 83. 7 89. f I 08. 2 84.5 79. 0 98. 3 101. 1 S3. 8 93.7 SO. 3 June 28 87.7 I 84.2 84.3 89.1 108. 5 84.7 78.7 98. 4 101.1 ^4.3 93.8 SO. 9 II 1940 1941 1940 1941 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May Farm Products: Metals and Metal Products: Grains 64. 5 67.8 70.9 74. 5 Agricultural implements 92. 5 92.8 92.7 92.3 92. 4 Livestock and poultry 69. 6 82.4 82.5 86.2 88.0 Farm machinery . 93. 7 94.0 93.9 93.5 93. 5 Other farm products 65. 5 64.2 65.6 67.8 69.5 Iron and stee 94. 2 95.5 95.7 95.9 96. 1 Foods' Motor vehicles 94.8 99.8 99.8 100.1 100. 2 Dairy products 72.8 79.7 80.3 81.0 81.6 Nonferrous metals . __ 80. 3 84.0 84.3 84.3 84.4 Cereal products 81.0 73.8 75.2 76.8 78.2 Plumbing and heating _ 80.(5 82.2 82.8 83.0 83.0 Fruits and vegetables 69.2 59.4 60.7 63.8 64. 0 Building Materials: Meats 73. 8 83.6 83.7 85.6 87.2 Brick and tile 90. 2 91.4 91.5 91.7 91.9 Other foods 62. 2 64.2 68.9 73.9 76.9 Cement __ 90. 5 90.8 90.8 91.0 91.5 Hides and Leather Products: Lumber l 96. 0 117.2 116. 7 116.7 116.8 Shoes 107.9 107.4 107.4 107. 8 110.1 Paint and Daint materials 86. 0 86.6 87.4 88.7 89.3 Hides and skins 92.2 94.8 99.1 104.7 110.3 Plumbing and heating 80. 6 82.2 82.8 83.0 83. 0 93 6 94 5 94 8 95 6 96 9 Structural steel LOT 3 107 3 107 3 107 3 107 3 Other leather products 100. 0 99.7 100.5 100.5 101.7 Other building materials 92.2 94.9 95.2 95.9 96. 3 Textile Products: Chemicals and Allied Products: Clothing 85. 0 87.2 87.7 88.7 90. 9 Chemicals ___ 85.1 85.7 85.9 86.4 86.8 Cotton goods 69.4 77.5 81.1 86.8 91. 0 Drugs and pharmaceuticals 82.0 96.9 97.2 97.5 98.7 Hosiery and underwear 61.3 60.3 60.4 61.1 61.3 Fertilizer materials 70.8 70.4 70.4 71.0 71.1 Silk 47.0 43.3 47.7 48.3 49.1 Mixed fertilizers 73 0 73 8 73 7 73 2 73 2 Rayon 29.5 29.5 29.5 29.5 29. 5 Oils and fats 46 1 46.8 55.7 69.3 SO 6 Woolen and worsted goods __ 83.4 91.2 93.2 93.3 94.1 Housefurnishing Goods: Other textile product3 75. 7 76.8 80.1 89.3 92.0 Furnishings.. 94.8 95.3 95.8 97.1 98.0 Fuel and Lighting MatericIs: Furniture 81.9 82.6 82.9 83. 4 84.3 Anthracite 76. 5 81.1 81.0 80.9 80.7 Miscellaneous: Bituminous coal 95. 8 100.3 100.3 100.0 102.9 Auto tires and tubes 58. 0 58.2 58.4 58.8 58.8 Coke 109 6 113.8 113.8 113.8 120. 4 Cattle feed 93 3 81 2 82 7 85 2 81 8 Electricity 73.9 Paper and puIP 90.7 93.3 93.5 94.5 96. 7 Gas 84. 4 77.6 77.0 78.1 Rubber, crude . 44.1 42.2 45.6 47.6 49. 8 Petroleum products.. 50.7 50.0 49.9 51.9 55.3 Other miscellaneous 84.3 82.9 83.4 84.3 85. 6 Revised series. Back figures.— For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). JULY 1941 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1941 Chart 1041 book book page M 2 a 8 y Ju 4 ne Ju 1 n 1 e Ju 1 n 8 e Ju 2 n 5 e page Mar. Apr. May WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total. 3 2.23 2.24 2.25 2.24 2.25 U. S. Gov't. securities, Reserve Bank credit, total 2, 7 2.26 2.27 2.26 by maturities, total,. 5 2.18 2.18 2. 18 2. 18 2.18 U. S. Gov't. securities 7 2.18 2.18 2.18 Within 5 yrs 5 1.01 .95 .95 .95 .95 Bills discounted __ 7 (6) After 5 yrs 5 1. 18 1.23 1.23 1.23 1.23 Gold stock 2 22.32 22.44 22.55 Gold stock. 3 22.57 22.58 22.59 22.61 22.62 Money in circulation 2 8.84 9.00 9.19 Treasury currency 3 3.13 3.14 3.14 3.14 3. 15 Treasury cash 2 2.20 2.28 2.26 Money in circulation 3, 11 9.29 9.39 9.39 9.43 9.49 Treasury deposits 2 .62 .89 .62 Treasury cash holdings 3 2.22 2.23 2.24 2.26 2.28 Reserve balances 2, 8 13.98 13.60 13.65 Treasury deposits 3 .46 .99 .94 1.02 1.08 Required reserves 8 7.68 7.72 7.82 Nonmember deposits 3 1.93 1.85 1.81 1.85 1.89 Excess reserves 8 6.30 5.88 5.83 Member bank reserves 3 13.75 13.20 13.31 13.13 12.99 Money in circulation, total ___ 10 8.92 9.07 9.36 Excess reserves—total« 9 5.90 5.52 5.45 P5. 38 P5. 20 Coins and bills under $50._ 10 6.34 6.43 6.68 New York City 9 2.58 2.33 2.26 2.24 2.20 Bills of $50 and over 10 2.58 2.64 2.68 Chicago 9 .44 .44 .47 .42 .39 Reserve city banks 9 1.96 1.84 1.82 1.81 1.75 TREASURY FINANCE Tota L B C l, M o a o d a l 1 o u E a 0 n m M n n 1 s c t B e r a c e y s E n i s t t R d i i b c d e a i s u B b n : n e A a v k t n N e s o k s K • t s S m ents 1 1 9 6 6 2 9 7 . . . 2 9 9 2 2 1 2 9 8 . . . 2 9 0 4 6 0 2 9 8 . . . 1 8 1 7 3 9 2 * 9 8 > . . . 2 1 9 6 4 0 2 9 8 . . 0 2 5 8 U. S D G . i u G r a e N o B B S r c a v p t i o o n l e e n l t o t c s r e d e b n i s a s e l m i l d g e i a s o n t s b i t u o l e i n d g s s e a , b ti t t o : o . n t s a l.- 1 1 1 1 1 1 9 9 9 9 9 9 4 33 6 5 5 1 5 . . . . . . 9 7 6 6 5 5 0 2 8 0 8 7 4 3 6 3 6 5 5 1 . . . . . . 5 7 7 6 6 6 5 1 4 2 7 0 3 4 5 6 4 1 5 7 . . . . . . 6 7 3 0 8 1 0 2 6 0 3 6 Adjusted demand deposits 16 24.31 23.89 24.07 23.87 24.05 MONEY RATES, ETC. Per cent per annum Time deposits..... 16 5.43 5.42 5.41 5.41 5.41 New York City: F. R. Bank discount Commercial loans 17 2.17 2.18 2.21 2.23 2.23 rate, N. Y 23 1.00 1.00 1.00 Brokers' loans 17 .43 .36 .35 .34 .35 Treasury bills (new issues) _ _ 23 0.08S 0.092 0.082 100 c U it . i e S s . o G ut o s v id 't e . o N b e l w ig a Y ti o o r n k s : 17 6.94 7.06 6.99 6.99 6.98 T T r r e e a a s s u u r r y y n b o o t n e d s s 2 * _ 2 2 9 3 2 . . 5 0 0 1 1 . .9 5 6 2 0 1 . .9 4 2 4 Commercial loans 17 3.51 3. 52 3.55 3.57 3.59 Commercial paper 25 .56 .56 .56 U. S. Gov't. obligations 17 7.05 7. 13 7.25 7.30 7.33 Corporate Aaa bonds 25, 29 2.80 2.82 2.81 Corporate Baa bonds 29 4.38 4.33 4.32 MONEY RATES, ETC. Per cent per annum In unit indicated T T r r e e a a s s u u r r y y b n i o l t ls e s ( 2 n ew issues) 2 2 1 1 . 1 4 0 1 7 1 . 0 3 0 8 .1 . 0 3 3 7 0 4 6 0 6 . . 0 3 8 9 ' Stoc T I k n o d p t u r a i l s c t e r s i al ( 1926=100): , 3 3 1 1 8 7 8 6 . . 2 0 8 7 5 3 . . 6 8 8 7 5 3 . . 6 0 T C r o e r a p s o u r r a y te b A on a d a s b 3 o nds 21, 2 2 9 9 2 1 . . 8 9 2 0 2 1 . 8 8 9 1 2 1 . .8 7 9 8 2 19 7 4 7 2 1. . 9 7 1 5 P R u a b il l r i o c a u d tility __ 3 3 1 1 2 74 6 . . 5 6 7 2 1 6 . 2 9 2 67 6 . . 5 7 Corporate Baa bonds 29 4.33 4.33 4.32 431 4.29 Volume of trading (mill. shares): 31 .44 .50 .42 Brokers'balances(rnill. dollars): Credit extended customers 33 633 606 622 In unit indicated Money borrowed._ 33 387 368 403 Customers' free credit Stock prices (1926=100): balances.. 33 268 265 262 Total 31 72.5 73.3 75.6 76.1 76.1 Industrial 31 84.9 85.5 88.6 89.4 89.5 BUSINESS CONDITIONS Railroad 31 26.2 26.5 26.8 26.6 26.8 Wholesale prices: Public utility.,. 31 67.0 69.3 70.7 70.0 69.3 All commodities (1926=100): Volume of trading (mill, Total 7 35,65 81.5 83.2 shares) 31 .34 .41 .56 .42 .50 Farm products..., 35 71.6 74.4 76.4 Other4 35 84.9 85.9 87.4 BUSINESS CONDITIONS Industrial commodities Wholesale prices: (Aug. 1939=100): All commodities (1926= 100)- Total.. 37 105.9 107.3 109.4 Total _._ 35 85.2 85.9 86.7 87.2 87.7 Finished 37 103.6 104.7 106. 5 Farm products 35 77.3 79.6 81.1 83.0 84.2 Raw and semifinished 37 110.9 112.7 115.9 Other 4 __. 35 88. 2 88.4 88.8 89.0 89.1 Cost of living (1935-39=100): Basic commodities All items 39 101.2 102.2 102.9 (Aug. 1939=100), total 36 142.9 144.0 145.7 140.7 149. 1 Rent 39 105.1 105.4 105.8 12 foodstuffs 36 148.2 150.4 153.5 154.8 159.2 Clothing 39 102.1 102.3 102.7 16 industrial Food 39 98.4 100.6 102.1 materials 36 138.9 139.3 140.0 140.8 141.8 Steel production (per cent of capacity) ... 44 98.6 99.2 98.6 99.0 99.9 * Estimated, P Preliminary. Automobile production 1 Figures for other than Wednesday dates are shown under the (thous. cars) 44 106.4 133.6 134.7 133.6 127.9 Wednesday included in the weekly period. Freight-car loadings (thous. cars): 2 Tax-exempt issues only. Total 45 801.8 852.9 863.0 885.6 908.7 3 Partially tax-exempt issues only. Miscellaneous... 45 339.8 362.3 368. 5 376.2 382.6 4 Other than farm products and foods. Electric power production 5 Revised series. Back figures may be obtained upon request. De (m pa i r ll t . m k e w n . t h s r t s o .) r s e sales 46 2,924 3,042 3,066 3,056 3,121 e 7 L E e s s ti s m th a a te n f $ o 5 r , 0 J 0 u 0 n ,0 e 0 i 0 s . shown on p. 669. (1935-39=100) 46 108 127 120 107 109 * Copies of this chart book can be obtained at a price of 50 cents F.H.A. home mortgages, each. new constr. (tbous.) 47 4.90 5.42 5.62 6.09 5.53 682 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEOERAL RESERVE CHART BOOK—Continued 1941 Chart Chart book book page Mar. Apr. May page Mar. Apr. May MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:*2 Wholesale prices: Total (1935-39=100)3 41, 42 143 140 P151 Canada 65 85.9 86.6 Durable manufactures3 41 64.5 63.3 P68. 0 Germany 65 83.1 Iron and steel 42 18.5 17.6 P18.3 Japan 65 136.0 136. 9 137.7 Machinery, etc. 42 30.7 30.4 P34. 3 Sweden 65 133.5 Other durable 42 15.3 15.3 P15. 4 Switzerland 65 118.2 Nondurable manufactures3 41 '59. 5 61.5 P64. 0 United Kingdom 65 121.8 121. 8 122.0 Textiles and leather 42 18.8 20.0 P20.9 In cents per unit of P F a o p o e d r s , a l n iq d u p o r r i s n , t a in n g d tobacco.. 4 4 2 2 1 1 1 6 . . 6 6 1 16 1 . . 8 7 T f l 1 l 7 . . 9 4 foreign currency New M o i r n d e O e r r t a s h l , e s s r 3 h n i o p n m d e u n r t a s b , l a e n d 41, 4 4 2 2 1 1 9 2 . . 0 4 1 1 5 3. . 0 4 P P1 1 3 9 . . 7 4 Fore A C ig a r n g n e a e n d x t a c i n h ( a a d n o ( g l p e l e a s r r o ) a ) t es: 6 6 7 7 2 8 9 4 . . 7 9 7 8 8 2 7 9 . . 6 7 5 7 2 8 9 7 . . 7 4 7 2 inventories (Jan. 1939=100): Japan (yen) 66 23.44 23.44 23.44 New orders, total. 43 194 196 Switzerland (franc) 66 23.21 23.20 23. 20 Durable, total 43 285 277 United Kingdom (pound) 67 403.19 402. 48 403. 10 Iron and steel.. 43 304 304 Machinery 43 277 266 P290 Shipments, total 43 165 172 P179 Inve D n u to r r a i b e l s e , total 4 4 3 3 1 1 9 2 8 2 2 1 0 2 5 4 P P 2 1 1 2 7 7 Jan. Feb. I Mar. Durable 43 132 134 ^138 Freight-c N a o r n l d o u ad ra in b g le s :1 3 6 43 112 112 P115 In billions of dollars Total (1935-39 = 100)3 57 126 112 135 Coal.... 57 27.2 96 29.4 Increase in U. S. gold stocks Miscellaneous 57 69.9 714 74.4 Total 63 15.09 I 15.21 I 15.35 All other 57 28.8 306 31.5 Ne T t o c t a al p ital inflow: 62, 63 6.26 6.15 6.18 Inflow of foreign capital 62 4.25 4.12 4.16 1923-25=100 Mer R ch e a t n u d rn is e o f e d x o p m or e t s s ti u c r p c l a u p s ital.. 6 6 2 3 4 1 . . 4 9 6 1 1 4. .9 53 3 4 1 . . 6 9 2 3 Other factors 63 4.38 4.52 4.54 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 o ly l y l s m ea e r n n t i ngs 5 5 1 1 , , 5 5 3 3 1 1 1 3 9 1 . . 9 2 1 1 2 3 2 4 . . 7 8 P P 1 1 2 4 4 1 . .9 7 Sh t o ie r L s t - i o a te f b r i b m li a t n i f e o k s r s e : t i o g n f o a r s e s i e g t n s e a rs n d liabili- 64 3.84 3.72 3.77 Av (c e e ra n g ts e p h e o r u h rs o u w r) o rked 51 69.7 70.8 N Fo e r t e f i o g r n e i a g s n s e l t i s a bilities 6 6 4 4 3 . .4 4 4 0 3 . .3 3 4 8 3 . .3 3 8 9 (hours per week) 51 40.4 40.0 Department store sales 3 59 103 104 105 Department store stocks J 59 74 74 74 1940 1941 In millions of dollars July- Oct.- Jan.- Sept. Dec Mar. Residential contracts awarded:1 Total .._ 47 137 143 174 Public. 47 26 29 47 In billions of dollars Private, total 47 111 115 127 QUARTERLY FIGURES 1- and 2-family dwellings 47 92 101 110 Con T s R t o e ru t s a i c O d l t e i t o h n n e ti r a c l o ntracts awarded:4 4 4 4 9 7 9 3 1 8 1 3 4 9 7 4 1 2 4 1 1 7 4 P P 4 1 0 5 1 1 6 7 Cash C C E i x a a n c s s c h h e o s m s o in u e o c t f o g a m o c n a d e s h o u o tg u o tg o o f U.S.Trea _ s , . _ _ : _ 1 1 1 8 8 8 1 2 .9 5 5 3 1 8 3 1 1 . . . 9 2 1 0 7 7 2 3 1 . . .0 8 8 4 4 9 No (m n T O a i g l o t l h r t , i a e c p l r u e r lt s u o r n a s l ) : employment 4 5 9 0 2 3 4 7. 7 23 2 3 7 7. 4 68 P245 Do to m t N R a e l e s e t f w i u c . n c d o in rp g o ration security issues, 3 3 3 2 2 2 5 4 1 8 0 8 1.0 2 7 4 8 7 . . . 7 1 6 7 7 0 Manufacturing and mining 50 12.02 11.93 P12.41 T G r o a v d e e r nment 5 5 0 0 6 3 . .9 2 4 6 6 3 . .9 4 8 6 P P 6 4 . . 4 05 2 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 on ts :1 _ 5 5 0 0 3 1 . . 0 6 6 3 3 1 . . 1 7 1 8 P P 3 I. . 7 1 5 8 Bank T N o e r w t a a t l e , Y s 1 o o 9 r n k c i c C t u i i e s t t s y o . . m ers' loans: 2 2 7 5 2 2 . . 6 1 8 4 2 2 . . 5 0 9 0 2 2 . . 5 0 8 6 T S O a o t l h t a a e r l r i es and wages 5 5 5 4 4 4 4 6 2 , , , 3 3 7 5 4 0 8 4 2 4 2 6 , , , 3 3 6 7 9 2 1 4 5 P P P 2 4 6 , , , 4 8 3 8 3 5 9 9 0 7 11 o c S t it h o i e e u r s t _ h N _ e _ o r . n r t a h n e d rn W a e n s d t e E rn a s c t i e ti r e n s _. 2 2 7 7 2 3 . . 5 4 6 3 2 3. . 3 5 6 3 3 2 . . 2 5 5 3 Cash farm income: Exp T o C L G r o i r o t v o t s v e a p ' l s a t s 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 5 5 5 5 6 4 1 8 1 9 7 1 3 7 1 4 7 1 3 8 7 0 9 6 9 4 P P 2 P 5 1 S 2 0 S 5 p * 1 s I A E P n s r d e t p j i l u o m i s m i t n a e i t t d n s e a i f f r n o o y r r . t o J s t e u a r a n l s e R o i n e n is d v a l e i s s x h v e . o d a w . ri n a t o io n n p . . 669. I E E m x xc p p e o o s r r s t t s s o f exports _ 6 6 6 1 1 1 3 2 8 5 6 9 8 7 3 2 8 9 8 5 8 8 re * 5 6 q u N C T e u h e s w m r t. e u e s C l e a m o r t i m e e o d s n p . t u f h r t o s T a m t a m i b o o J l n e a v n i o a n u n f g a d i r n a y c d v h e 3 e a x 1 r r a , t o g 1 n o e 9 f , 3 a 4 b a . 1 a d 9 c ju 2 k 3 s t - f 2 e ig d 5 u b r f e o a s s r e m s h e a a a y s s o b b n e e a e l o n b v d t a a is r in c ia o e t d n io ti u n n . p u o e n d. JULY 1941 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK —Continued [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 CALL REPORT FIGURES 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 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 7.32 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 54.19 P56. 15 Loans 13 21 05 21 04 21 30 21 15 21 32 21 63 22. 17 22.19 22.34 23.74 P24. 32 Investments 13 26.24 27.21 27.57 27.78 28.30 28.32 28. 71 28. 95 29.00 30.45 P31.83 MEMBER BANKS Investments, total! _ __ . 17.78 18.69 18.86 19.05 19.46 19.61 19.98 20. 22 20.48 21.81 23.10 U. 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 3.21 Other domestic securities 14 3. 13 3.19 3.01 2.96 2.94 2.77 2.70 2.80 Foreign securities 14 .18 .18 .18 .18 .19 .19 .17 .17 (2) Loans, total 1 _. -____-.. - 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 3 5.89 5.96 5.99 6.57 6.72 7.52 Street loans (Brokers'loans) . - 15 .53 .53 3 .79 .67 .56 .61 .32 .47 Other loans on securities4 15 2.79 2.77 3 .96 .90 .91 .88 .80 .83 (2) Real estate loans . 15 2.61 2.66 2.72 2.75 2.83 2.96 3.07 3.23 (2) All other loans *• ;> 2 85 2 77 2 85 2.94 3.06 3.27 (2) SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding ] 41 43 43.89 45 34 47.07 47.87 50.36 Amount held by: 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 •"14.04 '15.07 '15. 70 r16. 30 '16. 55 '17. 76 Mutual savings banks 20 '2.69 r2 88 r3 04 r3.10 '3.11 '3.22 Insurance companies 20 5.20 6 5.50 5 80 6 6 10 6.10 6 6. 50 Other investors 20 12. 10 612. 50 12 30 612. 50 12.50 613. 00 p Preliminary. 'Revised. 1 Series not shown in Chart Book. 2 Figures available for June and December dates only. 3 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. 4 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. & Includes loans to banks and other loans under new classification beginning December 31, 1938. 6 Partly estimated. 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1940, BY FEDERAL RESERVE DISTRICTS [Averages of individual bank ratios expressed as percentages] Federal Reserve district All Item districts Bos- New Phil- Cleve-| Rich- At- Chi- Min- Kan- San ton York a p d h e ia l- land mond lanta cago Louis C s i a t s y Dallas F c r is a c n o - Ratios to total earnings: Interest and discount on loans 57.5 52.9 50.8 52.7 55. 1 64.4 62.2 54. 6 58.1 52.4 63.4 67.5 (>2. 7 Interest and dividends on securities _ 26.6 29.6 32.8 35.8 32.2 22.7 21.6 27.2 26.5 25.4 19.1 17.7 21.5 Service charges on deposit accounts-. 5.7 7. 1 6.9 2.8 4. 1 4.4 5. 1 7.6 5.1 4.4 7.8 6.0 5.6 All other earnings 10.2 10.4 9.5 8.7 8.6 8.5 11.1 10. 6 10.3 17.8 8.8 10.2 Total earnings 100.0 100.0 100.0 100. 0 100.0 100.0 100. 0 100. 0 100. 0 100. 0 100.0 100.0 100. 0 Salaries and wages 29.9 31.2 29.9 23.8 25.9 26.9 30.0 30.9 28.9 29.9 34.5 35. 5 31.5 Interest on time deposits. 16.3 14.8 18.1 23.2 21.9 21.7 14.4 16.9 15.5 18.0 9.0 4.4 16.7 Real estate taxes 2.4 2.6 3.1 2.3 1.8 1.8 3.2 1.7 2.6 2.4 1.9 4.3 1.6 Other taxes 4.8 4.8 3.0 4.5 6.1 5.3 4.8 4.8 6.0 4. 1 5.0 5.3 4.5 All other expenses 18.9 20.7 21.2 17.5 16.8 17.1 19. 0 19.3 18. 6 19.1 19.0 20.2 18.0 Total expenses.. 72.3 74.1 75.3 71.3 72.5 72.8 71.4 73. 6 71.6 73.5 69.4 69.7 72.3 Net earnings.. 27.7 25.9 24.7 28.7 27.5 27.2 28.6 26.4 28.4 26. 5 30.6 30.3 27.7 Net charge-offs, etc.. 6.2 9.6 7.8 23.1 5.9 2.4 2.9 .7 2.7 6.6 3.3 2.6 3.8 Net profits. 21.5 16.9 5.6 21.6 24.8 19.9 27.3 27.7 23.9 Ratios to total capital accounts: Net earnings 8.4 6.0 6.8 6.8 7.5 7.9 8.8 8.6 8.6 10.2 10.5 9.6 9.9 Net charge-offs, etc 1.9 2.3 2.3 5.5 1.8 .9 1.1 .6 1.0 2.6 1.3 1.0 1.5 Net profits 6.5 3.7 4.5 1.3 5.7 7.0 8.0 7.6 7.6 9.2 8.6 8.4 Cash dividends declared-. 3.0 2.4 1.9 1.9 2. 1 2.8 3.5 2.5 3.2 3.2 4.8 4.6 3.4 Real estate assets.. 22.4 19.1 28.3 30.0 22.8 25.9 26.1 18.7 21.9 21.8 15.1 18.7 23.1 Ratios to total assets: Total earnings 3.7 3.4 3.3 3.7 3.5 3.6 3.8 3.2 3.5 4.0 4.2 4.2 3.9 Total expenses 2.6 2.5 2.5 2.6 2.5 2.6 2.7 2.3 2.5 2.9 2.9 2.9 2.8 Net earnings __ 1.1 1.1 1.0 1.0 1.1 .9 1.0 1.1 1.3 1.1 Net charge-offs, etc.. .3 .9 .2 .1 .1 .1 .1 .3 .2 Net profits .8 .5 .5 .2 .8 1.0 .8 .9 .8 1.1 1.1 .9 Loans 35.7 36.0 32.7 35.9 34.5 40.3 36.5 34.1 34.6 36.1 36.9 36.5 39.1 Securities 29.6 31.9 36.5 35.6 34.1 24.5 23.0 30.3 28.4 31.3 24.8 21.2 25.6 Real estate assets.. 2.8 2.7 3.4 4.8 3.0 3.3 3.2 1.9 2.6 2.4 1.9 2.5 2.6 Cash assets 31.7 29.4 27.2 23.6 28.2 31.7 37.1 33.6 34.2 29.9 36.4 39.6 32.5 Total capital accounts.. 13.4 13.4 16.5 13.9 13.3 13.4 10.5 12.7 11.3 13.2 15.0 11.3 Ratio to loans, sees., and real estate assets: Total capital accounts 23.8 18. £ 21.8 19.6 19.8 16.7 17.9 Ratios to total deposits: Total capital accounts 16.1 21.9 16.0 20.2 16.4 15.6 16.1 11.9 15.0 13.0 15.6 18.6 13.7 Time deposits 42.1 38.5 56.0 63.0 52.5 47.5 34.6 43.0 36.1 47.7 23.6 11.9 42.4 Ratios to loans: Interest and discount on loans 5.4 6.6 5.2 6.0 6.0 8.0 Recoveries on loans .5 .4 .2 .4 .3 .8 .4 Charge-offs on loans .8 .5 .5 .4 .4 .6 .9 .6 Net charge-offs on loansx .2 .3 .3 .1 .3 .0 .1 +• 1 . 1 Net return on loans 5.9 4.8 5.0 5.6 5.2 5.9 6.1 6.3 Ratios to securities: Interest and dividends on securities 3.1 3.0 3.5 3.2 3.1 3.3 3.1 3.2 Recoveries on securities .3 .5 .5 .4 .4 .3 .4 Profits on securities sold .8 1.0 1.1 1.0 .9 .9 .8 .5 .5 .7 Charge-offs on securities 1.0 1.5 1.5 2.5 1.2 .7 .5 .9 1.3 .4 . 5 Net charge-offs on securities 1 +.1 +.0 +.1 1.1 +.1 +.4 +.7 +.2 +.5 .4 +.4 +.3 +.4 Net return on securities 3.0 3.0 3.3 3.5 4.0 3.6 3.4 3.5 3.6 Memorandum ratios: Trust dept. earnings to total earnings 2._ 4.0 5.2 3.8 4.4 5.2 4.1 3.4 4.1 3.3 3.4 2.2 3.2 Interest on time deposits to timedep.3— 1.6 1.4 1.2 1.6 1.7 1.9 1.7 1.4 1.7 1.7 1.6 1.7 Personal and retail instal. paper to loans 4 9.5 8.3 9.6 8.2 7.8 6.9 8.8 9.9 9.3 11.1 10.2 10.6 13.3 Number of banks5 6,293 347 743 638 648 312 394 455 542 270 1 A plus indicates net recoveries, etc. 2 Averages comprehend only banks that reported some trust department earnings. 3 Averages comprehend only banks that had some time (or savings) deposits. They include some banks, however, in which no inter est was paid on time (or savings) deposits. ability of data coverdd were new memof the Federal Reserve Systemm inin 1 1994400.. NOTE.—These ratios, being arriitthhmmeettiicc aavveerraages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computtedd ffmro m agrgeretge atde lld o )llarm aumnotusnts. Such differences result from the fact that each bank's figures have an equal weight in calculation JULY 1941 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1940, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS All Districts Combined [Averages of individual bank ratios expressed in percentages] Size group—total deposits (in thousands of dollars) Ratio of time deposits to total deposits (per cent) All Item groups U 2 n 5 d 0 er 2 5 5 0 0 0 - 1 5 , 0 0 0 0 - 0 1 2 , , 0 0 0 0 0 0- 2 5 , , 0 0 0 00 0 - 5 10 , , 0 0 0 0 0 0 - 1 5 0 0, , 0 0 0 0 0 0 - 50 o a , v n e d 0 r 00 Undei 25-50 50-75 o a 7 v n 5 e d r Ratios to total earnings: Interest and discount on loans 57.5 70.7 65.1 60.1 56.3 52.0 47.3 40.8 .59. 7 58.2 56.1 51.4 I S n e t r e v r i e c s e t c a h n a d r g d e i s v o id n e d n e d p s o o s n it s a e c c c u o r u it n ie ts s 2 5 6 . . 7 6 1 5 5 . . 0 8 2 5 1 . . 0 3 2 5 5. . 7 3 2 5 9 . . 9 0 3 6 0 . . 5 7 3 7 0 . . 2 3 2 6 9 . . 3 3 3 3 5 . . 5 3 21.8 2 6 3. . 9 5 3 4 0 . . 4 8 4 2 0 . . 0 3 All other earnings 10.2 8.5 8.6 8.8 10.8 13.7 17.1 20.4 7.2 11.4 6.3 11.3 Total earnings- 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100. 0 100.0 100.0 100.0 Salaries and wages 29.9 35.1 31.4 29.1 28.4 28.7 30.2 31.5 31.7 35. 5 30.7 26.3 21.9 Interest on time deposits. 16.3 9.4 14.9 17.3 18.3 18.2 16.4 12.6 7.7 4.7 14.8 23.6 31.7 Real estate taxes 2.4 2.6 2.1 2.2 2.4 2.6 3.0 2.9 2.5 2.8 2.4 2.3 1.8 Other taxes 4.8 5.2 5.0 4.7 4.9 4.6 4.5 4.9 5.4 5.7 5.0 4.2 4.2 All other expenses 18.9 20.7 19.1 18.3 17.9 18.6 20.1 21.2 22.8 20.8 19.1 17.8 15.8 Total expenses. 72.3 73.0 72.5 71.6 71.9 72.7 74.2 73.1 70.1 69.5 72.0 74.2 75.4 Net earnings.-. 27-. 7 27.0 27.5 28.4 28.1 27.3 25.8 29.9 30.5 28.0 25.8 24.6 Net charge-offs, etc.l 6.2 8.2 6.8 6.6 6.4 7.0 5.0 1.6 +.2 2.4 4.7 8.9 16.7 Net profits,... 18.8 20.7 21.8 21.7 25.3 30.1 23.3 16.9 7.9 Ratios to total capital accounts: Net earnings 8.4 6.9 8.4 9.0 8.6 8.2 7.8 8.1 7.2 9.0 7.7 6.7 Net charge-offs, etc 1.9 2.2 2.0 2.0 1.9 2.1 1.6 .3 .8 1.7 2.5 4.1 .8 Net profits 6.5 4.7 6.4 7.0 6.7 6.1 6.2 6.9 8.1 7.3 5.2 2.6 7.3 Cash dividends declared.. 3.0 2.7 3.2 3.2 2.9 2.8 2.4 3.7 4.1 3.1 2.2 2.1 2.9 Real estate assets 22.4 15.0 17.7 20.2 23.0 26.3 29.4 25.7 17.0 23.0 25.8 21.7 30.8 Ratios to total assets: Total earnings 3.7 4.8 4.2 3.9 3.5 3.3 3.1 2.7 2.1 3.6 3.7 3.7 3.7 Total expenses 2.6 3.4 3.0 2. 7 2.5 2.4 2.3 1.9 1.5 2.5 2.6 2.7 2.7 Net earnings... 1.1 1.4 1.2 1.2 1.0 .9 .6 1.1 1.1 1.0 1.0 Net charge-offs, etc._ .3 .5 .3 .3 .2 .0 .1 .2 .4 .7 Net profits .9 .9 .7 .6 .6 1.0 .9 .3 Loans 35.7 44.4 40.9 37.7 34.4 32.2 30.4 28.5 24.4 33. 9 36.3 Securities 29.6 21.2 25.5 28.9 31.5 32.8 33.2 31.7 34.3 24.6 27.5 33.8 34.9 Real estate assets. 2.8 3.0 2.6 2.6 2.9 3.1 3.3 3.1 2.4 2.2 2.8 3.3 40.1 Cash assets 31.7 31.3 30.7 31.1 31.8 32.8 36.4 38.5 39. 2 33.3 26.2 3.3 21.7 Total capital accounts. 13.4 21.2 13.5 12.7 12.0 11.1 9.8 8.9 14.2 12.7 13.4 15.0 Ratio to loans, sees., and real estate assets: Total capital accounts 20.0 31.7 19. £ 18.9 18.0 16. £ 19.3 18.3 19.4 Ratios to total deposits: Total capital accounts 16.1 28.8 18.9 15.9 14.9 14.0 12.8 11.0 10.0 17.6 14.9 15.8 17.9 Time deposits 42.1 27.3 38.0 43.6 47.1 48.5 43.9 32.6 18.8 12. 2 38.2 61.7 80.3 Ratios to loans: Interest and discount on loans. 6.1 5.0 4.6 3.4 6.6 5.7 Recoveries on loans .6 .5 .6 .3 .5 .3 .2 Charge-offs on loans 1.0 .7 .5 .7 .6 .7 Net charge-offs on loans _ .4 .2 .1 .2 .2 .3 .5 Net return on loans. 6.8 4.5 3.2 6.6 5.9 5.4 Ratios to securities: Interest and dividends on securities 3.1 3.3 3.3 3.2 3.2 3.0 2.7 2.4 2.1 2.9 3.0 3.2 3.5 Recoveries on securities .3 .2 .3 .4 .3 .4 .3 .4 .4 .2 .3 .4 .5 Profits on securities sold .8 .5 .6 .7 .9 1.0 1.0 .8 .6 .8 1.0 1.1 Charge-offs on securities 1.0 .5 .9 1.1 1. 1 1.3 1.0 1.0 .8 .5 .8 1.5 2.2 Net charge-offs on securities V +• 1 +.2 +.0 .0 +.1 +. 1 +.2 +.4 +.4 +.3 +.3 .1 Net return on securities. 3.2 3.5 3.3 3.2 3.3 3.1 2.9 2.8 2.5 3.2 3.3 2.9 Memorandum ratios: Trust dept. earnings to total earnings 2 _.. 4.0 2.8 1.5 1.9 2.1 3.1 4.6 6.6 10.3 6.6 4.4 2.7 1.8 Interest on time deposits to time dep.3 1.6 1.9 1.8 1.7 1.6 1.4 1.3 1.1 .9 1.4 1.6 1.6 1.7 Personal and retail instal. paper to loans 4 9.5 9.4 10.0 10.4 10.0 9.2 8.4 7.5 5.4 9.4 9.7 9.5 9.7 Number of banks 5_ 6,293 396 1,046 1,523 1,333 1,085 423 361 126 1,589 2,128 ,279 297 For numbered footnotes, see page 685. of the averages whereas the figures of the many small and medium-size'd banks have but little influence on the aggregate dollar amounts. No figures are shown for groups that include less than three banks. Figures of earnings, expenses, etc., used in the calculations were taken from the two semiannual earnings and dividends reports for 1940. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for the three call dates in 1940 (namely, March 26, June 29, and December 31). Savings deposits are included in the time deposits figures used in these tables. Banks with no time deposits (198 in number) are included with 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1940, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK All Districts Combined [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over Item All Size group—total deposits (in thousands of dollars) U 5 n 00 der 2 5 , 0 0 0 0 - 0 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 n v ,0 d e 0 r 0 U 5 n 0 d 0 ei 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 e: 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 n v , d 0 e 0 r 0 Ratios to total earnings: Interest and discount on loans 57.5 68.4 59.9 54.3 44.3 67.3 59.7 51.7 46.4 63.6 56.7 49.5 47.9 Interest and dividends on securities 26.6 16.7 21.9 23.7 31.4 17.4 23.8 27.5 30.1 26.1 31.9 35.3 31.1 Service charges on deposit accounts 5.7 6.3 8.1 9.2 5.2 5.3 6.4 7.8 6.2 3.2 3.9 5.0 5.1 All other earnings 10.2 8.5 10.1 12.8 19.1 10.0 10.1 13.0 17.3 7.1 7.5 10.2 15.9 Total earnings.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.9 37.2 35.1 34.4 33.5 31.9 30.0 30.8 30.9 26.9 25.2 26.0 27.1 Interest on time deposits.. 16.3 3.8 4.6 5.7 6.2 14.1 15.5 14.5 14.3 24.5 25.1 24.1 20.2 Real estate taxes.. 2.4 2.8 2.9 2.7 2.6 2.1 2.2 2.7 2.8 1.7 2.1 2.7 3.6 Other taxes 4.8 6.0 5.6 5.4 5.7 4.9 5.1 4.9 4.7 4.2 4.2 4.1 3.9 All other expenses 18.9 20.2 19.7 21.6 23.9 19.3 18.4 19.9 19.8 19.0 17.1 17.5 18.7 Total expenses.. 72.3 69.9 67.9 69.8 71.9 72.3 71.2 72.8 72.5 76.3 73.7 74.4 73.5 Net earnings._. 27.7 30.1 32.1 30.2 28.1 28.8 27.2 27.5 23.7 26.3 25.6 26.5 Net charge-offs, etc.1 6.2 4.9 2.6 2.7 +3.6 7.2 3.7 4.6 3.4 10.0 10.2 9.1 10.1 Net profits- 25.2 29.5 27.5 20.5 25.1 22.6 24.1 13.7 Ratios to total capital accounts: Net earnings 8.4 8.3 9.4 7.2 8.8 9.6 8.4 6.9 7.9 7.4 Net charge-offs, etc.1 1.9 1.3 1.0 +.6 2.4 1.5 1.6 1.2 2.6 2.6 3.0 2.8 Net profits 6.5 7.0 9.0 8.4 7.8 6.4 8.1 6.8 7.3 4.3 4.8 5.2 5.1 Cash dividends declared.. 3.0 4.2 4.7 3.7 3.3 2.8 3.3 2.8 3.1 2.0 2.3 2.6 2.2 Real estate assets 22.4 13.5 16.8 20.3 22.4 18.4 20.8 27.2 33.0 19.6 29.4 43.3 24.1 Ratios to total assets: Total earnings 3.7 4.5 3.7 3.0 2.1 4.5 3.8 3.2 2.9 4.1 3.7 3.3 3.3 Total expenses 2.6 3.1 2.5 2.1 1.5 3.2 2.6 2.3 2.1 3.1 2.7 2.4 2.4 Net earnings._ 1.1 1.4 1.2 1.3 1.2 1.0 1.0 Net charge-offs, etc. .3 .2 .1 +.0 .4 .2 .4 .4 .3 .4 Net profits 1.2 1.1 .6 .9 1.0 .6 .6 .5 Loans 35.7 39.7 33. 3 30.4 25.1 43.2 36.7 32. 1 28.5 43.0 37.0 31.8 32.1 C S R e a e c s a u h l r e i a t s s i t e s a e s t t e s assets 3 2 1 9 2 . . 7 6 .8 3 2 6 1 2 . . 3 5 .3 2 39 5 2 . . 3 1 .1 4 2 2 5 2 . . . 0 2 1 4 2 2 2 9 . . . 0 6 9 3 2 1 2 2 . . 3 5 .8 3 2 2 3 7 . . . 5 4 2 3 3 4 0 3 . . 4 2 .0 3 3 4 3 3 . . 3 5 .3 2 2 4 9 3 . . 0 9 .1 2 3 5 4 3 . . 5 2 .1 3 2 7 7 3 . . 4 0 .6 2 3 5 7 4 . . 4 5 .6 Total capital accounts.. 13.4 18.8 13.4 10.8 15.9 12.4 11.3 9.8 16.1 13.4 12.5 11.1 Ratio to loans, sees., and real estate assets: Total capital accounts 21.4 18.2 15. 0 Ratios to total deposits: Total capital accounts 16.1 25.0 16.1 12.4 19.4 14.5 13.0 11.0 19.7 15.8 14.6 12.7 Time deposits 42.1 10.6 11.5 16.0 13.4 37.1 38.6 38.7 36.8 63.0 64.3 63.9 59.2 Ratios to loans: Interest and discount on loans 6.1 6.9 5.7 3.7 6.3 4.7 5.3 5.0 Recoveries on loans _ .5 .6 .4 .4 .5 .5 .8 .4 .5 Charge-offs on loans .7 .6 .4 .4 .8 .6 .8 . s 1.0 Net charge-offs on loans .2 .0 .0 .0 .3 .1 .0 .4 Net return on loans.. 5.9 6.9 3.7 6.8 4.9 Ratios to securities: Interest and dividends on securities 3.1 3.3 3.1 2.7 2.1 3.1 2.8 2.4 3.4 3.3 3.0 Recoveries on securities .3 .2 .2 .4 .3 .4 .4 .4 .4 .4 .4 Profits on securities sold .4 .5 .7 .9 1.0 .9 .9 1.1 1.0 Charge N -o e f t f s c h o a n rg s e e - c o u ff r s i ti o e n s securities i + 1 . . 1 0 +. . 3 3 +. .5 2 +.3 +. .8 5 +.1 +. . 3 7 + 1 . . 2 1 + 1 . . 4 0 1 . . 3 6 1 . . 3 6 + 1 . . 0 5 + 1 . . 1 3 Net return on securities .... 3.2 3.6 3.3 3.0 3.4 3.4 3.0 2.8 3.0 3.0 2.6 Memorandum ratios: Trust dept. earnings to total earnings 2 _. 4.0 2.4 2.4 4.2 9.5 1.4 2.6 4.4 6.4 1.8 1.7 2.9 4.7 Interest on time deposits to timedep.3 1.6 1.7 1.6 1.2 .9 1.9 1.7 1.3 1.2 1.9 1.6 1.4 1.3 Personal and retail instal. paper to loans 4 9.5 9.3 10.4 10.5 5.6 8.7 10.6 9.5 8.6 11.8 9.8 8.1 6.9 Number of banks 5_. 6,293 238 231 919 548 183 430 1,351 For numbered footnotes, see page 685. the banks having ratios of time to total deposits of less than 25 per cent. Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. JULY 1941 687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of Bank—Continued BOSTON FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits (in thousands of dollars) Under 500- 2,000- 10,000 Under 500- 2,000- 10,000 Under 500- 2,000- 10,000 500 2,000 10,000 o a v nd er 500 2,000 10,000 o a v nd er 500 2,000 10,000 o a v nd er Ratios to total earnings: Interest and discount on loans 52.9 56.1 49.0 49.2 44.3 55.2 54.2 52.2 46. 5 66.5 54.0 55.6 58.2 Interest and dividends on securities 29.6 29.8 30.7 28.8 23.2 25.6 25.2 27.8 31. 1 23.7 35.0 31. 1 20.9 Service charges on deposit accounts 7.1 8.5 9.3 7.6 5.0 9.0 12.3 8.3 6.3 3.2 4.6 4.6 All other earnings 10.4 5.6 11.0 14.4 27.5 10.2 8.3 11.7 16.1 6.6 6.4 16.3 Total earnings.. 100.0 100.0 100.0 100. 0 100.0 100.0 100.0 100.0 100. 0 100.0 100.0 100.0 100.0 Salaries and wages 31.2 39.0 37.4 35.4 38.0 36.7 33.6 32.3 31.8 26.6 25.0 24.5 25.5 Interest on time deposits. 14.8 .3 1.7 3.9 1.7 11.5 13.9 14.9 13.9 24.7 24.5 27.3 21.2 Real estate taxes 2.6 1.5 2.7 2.5 3.5 3.5 2.5 3.8 3.2 1.9 2.1 2.3 4.3 Other taxes 4.8 6.4 4.7 4.5 4.4 5.9 4.8 3.5 4.3 6.4 5.3 4.7 5.1 All other expenses 20.7 22.8 23.4 22.8 24.1 26.0 22.2 21.2 20.3 23.4 17.6 16.8 23.2 Total expenses.. 74.1 70.0 69.9 69. 1 71.7 83.6 77.0 75.7 73. 5 83.0 74.5 75.6 79.3 Net earnings... 25.9 30.0 30.1 30.9 28.3 16.4 23.0 24.3 26. 5 17.0 25.5 24.4 20.7 Net charge-offs, etc.l 9.6 19.7 11.3 10.6 +3.2 11.8 6.7 7.7 5.5 5.2 9.1 11.8 10.5 Net profits. 16.3 10.3 18.8 20.3 31.5 4.6 16.3 16.6 11.8 16.4 12.6 10.2 Ratios to total capital accounts: Net earnings 6.0 4. 1 5. 1 7. 1 5.3 2.6 6.2 6.2 6.8 3.9 6.6 6.9 6.5 Net charge-offs, etc.1 2.3 3.1 2. 1 2.5 +.5 2.5 1.9 2.2 1.7 1.4 2.6 3.0 3.1 Net profits 3.7 1.0 3.0 4.6 4.3 4.0 5.1 2.5 4.0 3.9 3.4 5.8 .1 Cash dividends declared 2.4 2.0 2.4 3.3 2.1 2.4 3.2 1.8 2.0 2.4 2.4 3.1 1.6 Real estate assets 19.1 6.0 16.3 17.3 17.5 14.6 19.1 26.9 25.7 18.1 17.7 19.0 57.4 Ratios to total assets: Total earnings 3.4 4.0 3.4 3.1 2. 1 3.5 3.7 3. 1 3.0 3.8 3.7 3.4 3.3 Total expenses 2.5 2.8 2.4 2. 1 1. 5 2.9 2.8 2.3 2.2 3.1 2.7 2.5 2.6 Net earnings .9 1.2 1.0 1.0 .6 .6 .8 .7 1.0 .9 .7 Net charge-offs, etc. J .4 .4 .3 +.0 .4 .3 .3 .2 .4 .4 .4 .8 Net profits.. .5 .6 .6 .2 .6 .5 .6 .5 .6 .5 .3 .4 Loans 36.0 31.6 34.5 29.1 34.8 36.5 34.9 30.2 45.1 38.6 38.2 40.3 Securities 31.9 37.7 29.8 28.8 24.4 29.4 29.8 30.5 37. 5 30.5 36.5 33.7 30.3 Real estate assets 2.7 31.0 3. 1 2.2 2.0 2.7 2.7 3.3 3.1 2.8 2.6 2.3 6.0 Cash assets 29.4 1.8 35.4 34. 4 44. 1 33.0 30.8 31.1 28.8 21.4 22.2 25.6 22.8 29.4 Total capital accounts 16.4 33.1 21.3 15.0 11.3 19.7 14.5 12.4 11.9 17.6 15.5 12.9 10.9 Ratio to loans, sees., and real estate assets: Total capital accounts 33.2 21.3 21.5 18.3 22.6 14.3 Ratios to total deposits: Total capital accounts. 21.9 62.3 28.4 18. 1 13.1 25.4 17.3 14.3 13.7 22.0 18.7 15.0 12.4 Time deposits 38.5 1.9 4.9 13.4 5.9 37.6 38.3 39.3 38. 0 66.0 65.9 64.6 53.7 Ratios to loans: Interest and discount on loans. 4.6 3.1 5.7 5.6 5.7 5.3 5.1 Recoveries on loans .4 .6 .2 .2 .5 1.2 .5 .3 .3 .2 Charge-offs on loans 1. 7 .4 .2 .5 .8 1.3 . 7 .5 .6 .5 Net charge-offs on loans1 1.0 +.2 .0 .3 .3 .1 .2 .2 .3 .3 Net return on loans.. 4.8 5.1 4.3 3.3 5.3 4.4 5.5 5.1 4.4 Ratios to securities: Interest and dividends on securities 3.0 3.4 3.3 4.3 3.1 2.7 2.5 2.9 3.4 3.0 2.3 Recoveries on securities .5 .3 .5 .7 .3 .1 .5 .4 .3 .4 .3 Profits on securities sold 1.0 1.0 .5 1. 1 1.0 1.4 1.0 1.2 .8 .9 1.1 Charge-offs on securities 1.5 L2 1.4 1.2 1.3 1.9 1.5 1.7 1.0 1.6 1.9 Net charge-offs on securities l +.0 .2 +.1 +.0 .2 +.4 +.0 .1 +.1 .3 .1 +.1 Net return on securities.. 3.0 3.2 3.4 2.9 2.6 4.1 3.5 2.7 3.1 2.9 2.4 Memorandum ratios: Trust dept. earnings to total earnings 2... 5.2 4.4 2.6 9.5 18.8 3.1 4.5 7.4 1.0 2.7 3.8 I P n e t r e s r o e n s a t l o a n n d ti m re e t a d il e p in o s s t i a ts l . to p a t p im er e to d e l p o . a 3 ns 4 8 1 . . 3 4 14. . 7 3 8 1 . . 0 2 7 1. . 0 6 3 . . 6 6 8 1 . . 2 4 12 1 . . 2 5 9 1 . . 1 3 7 1. . 3 1 6 1. . 7 1 1 7 . . 6 3 7 1 . . 1 6 5 1 . . 2 5 Number of banks5 30 48 For footnotes, see page 685. 688 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of Bank—Continued NEW YORK FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 50.8 37.4 45.3 57.3 36.0 63.2 51.4 50.5 45.6 59.9 53.3 47.6 43.9 Interest and dividends on securities. 32.8 50.2 39.7 16.7 34.3 23.2 32.6 24.0 27.3 30.1 33.7 35.5 32.9 Service charges on deposit accounts. _ 6.9 7.8 8.7 18.2 4.0 8.1 8.1 11.7 7.9 4.8 6.2 7.0 6.1 All other earnings 9.5 4.6 6.3 7.8 25.7 5.5 7.9 13.8 19.2 5.2 6.8 9.9 17.1 Total earnings.. 100.0 100.0 100. 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100. 0 Salaries and wages 29.9 49.0 40.4 35.7 36.6 33.2 33.2 33.4 30.4 30.1 28.1 28.2 29.0 Interest on time deposits. 18.1 1.0 4.0 4.0 2.4 15.2 14.1 11.7 12.4 20.8 20.6 21.2 17.9 Real estate taxes 3.1 1.3 2.7 .9 2.3 2.8 3.1 3.3 4.4 2.1 2.7 3.6 5.1 Other taxes 3.0 3.9 4. 1 5.7 3.7 2.5 4.0 3.2 2.6 2.5 3.2 2.7 2.4 All other expenses 21.2 22.1 20.0 27.9 28.1 24.8 22.0 24.8 23.8 21.5 19.9 20.0 21.2 Total expenses.. 75.3 77.3 71.2 74.2 73.1 78.5 76.4 76.4 73.6 77.0 74.5 75. 7 75. 6 Net earnings 24.7 22.7 28.8 25.8 26.9 21.5 23.6 23.6 26.4 23.0 25.5 24.3 24.4 Net charge-offs, etc.1 7.8 7.0 1.9 +5.5 7.8 2.4 7.2 10.6 10.4 9.9 7.1 Net profits. 16.9 21.8 23.9 32.4 21. 2 16.4 15.8 12.6 15.6 Ratios to total capital accounts: Net earnings 6.8 4.4 7.1 5.0 5.5 6.4 7.5 8.0 5.8 7.1 7.1 7.4 Net charge-offs, etc.1 2.3 .5 +1.0 1.9 1.1 2.4 3.3 2.7 2.3 3.6 1.0 .7 2.8 Net profits 4.5 2.3 6.0 3.6 5.3 5.1 4.7 4.4 4.8 3.8 3.4 6.4 3.0 Cash dividends declared 1.9 1.6 3.4 1.9 1.6 2.8 1.9 1.9 1.8 2.6 2.5 1.4 Real estate assets 28.3 8.7 18.5 23.4 29.2 36.7 41.1 25.4 33.2 53.4 16.4 5.7 16.4 Ratios to total assets: T T o o t t a a l l e ex ar p n e i n n s g e s s 3 2 . . 3 5 3 2 . . 3 5 3 2 . . 3 3 3 2 . . 6 7 1 1 . . 8 4 3 2 . . 3 5 2 3 . . 6 4 3 2 . . 1 3 4 3. . 0 0 3 2. . 6 5 3 2 . . 2 4 2 3 . . 3 0 Net earnings... 1.0 .4 1.0 Net charge-offs, etc.x .3 +.1 .3 .5 .4 .3 Net profits.. . o .8 .5 .5 .5 .5 .5 .5 Loans . 32.7 21.4 26.4 40.0 22.7 40.6 30.7 36.3 31.3 40.6 34.3 29.3 28.7 Securities 36.5 43.2 39.2 20.2 34.8 25.7 33.6 31.8 33.8 33.4 36.8 40.1 41.3 Real estate assets 3.4 1.8 3.4 1.0 1.6 3.8 4.0 3.9 4.2 2.6 3.1 3.7 5.2 Cash assets 27.2 33.6 30.8 36.7 40.3 29.9 31.6 27.6 30.2 23.3 25.6 26.7 24.3 Total capital accounts.. 13.4 27.2 24.7 14.3 9.5 16.7 14.8 11.3 10.6 17.5 13.7 11.8 10.7 Ratio to loans, sees., and real estate assets: Total capital accounts 18.9 38.3 23.2 16.4 24.1 23.6 16.4 14.3 Ratios to total deposits: Total capital accounts 16.0 39.1 34.9 17.5 10.8 20.6 17.9 13.0 12.0 21.9 16.2 13.5 12 2 Time deposits 56.0 3.7 4.9 17.8 7.6 45.3 43.5 41.6 39.2 62.1 64.2 64.2 58. 5 Ratios to loans: Interest and discount on loans.. 5.3 5.9 5.8 4.8 4.5 6.0 5.6 4.7 Recoveries on loans .5 .2 .3 .2 .4 .6 .5 .4 .4 Charge-ofls on loans .8 .0 .3 .8 1.1 1.1 .8 . 7 1.1 Net charge-offs on loansl .3 +.2 . 1 .4 .4 .6 .4 .3 .4 Net return on loans 5.0 6.2 5.3 5.2 3.9 5.3 4.3 Ratios to securities: Interest and dividends on securities 2.9 3.4 2.6 1.7 3.2 3.0 2.5 2.4 3.0 2.4 Recoveries on securities .5 .0 .3 .5 .4 .2 .4 .6 .3 .5 .5 .3 Profits on securities sold 1. 1 1.0 .9 .8 .9 1.3 1.5 .9 1.2 1.2 1.4 Charge-offs on securities 1.5 1.1 1.0 1.3 .8 .9 1. 1 1.4 1.4 1.5 1.7 1.4 1.4 Net charge-offs on securities 1 +.1 .4 .1 +.2 +.5 +.1 +.2 +.5 +.4 .1 .0 +.3 +.3 Net return on securities 3.0 3.4 3.3 2.8 2.2 3.3 3.2 3.0 2.8 3.0 Memorandum ratios: Trust dept. earnings to total earnings 2... 3.8 3.5 1.0 16.2 1.2 I 4.5 6.2 2.0 1.2 2.6 4.7 Interest on time deposits to timedepA_. 1.2 .9 1.0 .5 1.5 1.2 I 1.0 1.1 1.6 1.3 1. 1 1.0 Personal and retail instal. paper to loans 4 9.6 4.6 13.4 4.0 8.5 12.2 I 10.0 10.1 10.8 10.6 8.5 6.3 Number of banks5. 29 43 200 25 For footnotes, see page 685. JULY 1941 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of Bank—Continued PHILADELPHIA FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios te total earnings: Interest and discount on loans 54.0 33.4 58.9 54.8 47.9 42.7 60.8 54.8 46.5 42.6 Interest and dividends on securities _ 35. 27.6 39.2 27.8 29.8 29.8 34.6 32.7 36.3 40.5 37.7 Service charges on deposit accounts.. 2.8 8.7 1.9 4.4 6.0 6.6 4.0 1.7 2.3 2.5 3.1 All other earnings 8.7 9.7 25.5 9.4 15.7 18.7 4.8 6.6 10.5 16.6 Total earnings.. 100.0 100.0 100.0 100.0 100.0 100.0 100. 0 100.0 100.0 100.0 Salaries and wages 23.8 33.9 32.3 29.8 27.4 28.6 29.1 24.7 22.4 21.7 22.2 Interest on time deposits. 23.2 6.8 3.2 13.2 13.4 12.8 14.6 27.1 25.7 25. 3 18.9 Real estate taxes 2.3 1.8 2.1 2.7 2.6 3.9 1.4 2.1 2.8 3.5 Other taxes 4.5 6.2 6.6 5.0 4.9 5.4 3.6 4.4 4.1 4.9 4.1 All other expenses 17.5 19.3 21.3 22.1 20.0 18.7 16.7 19.4 17.0 15.4 16.0 Total expenses.. 71.3 68.5 65.2 72.2 68.4 68.1 67.9 77.0 71.3 70.1 64.7 Net earnings.. 28.7 31.5 34.8 27.8 31.6 31.9 32.1 23.0 28.7 29.9 35.3 Net charge-offs, etc.. 23.1 18.3 10.5 20.3 18.9 16.2 12.7 23.4 25.9 21.9 42.3 Net profits. 5.6 13.2 24.3 7.5 15.7 2.8 8.0 -7.0 Ratios to total capital accounts: Net earnings 6.8 6.3 6.9 6.3 8.3 7.9 7.8 5.2 6.9 6.9 8.4 Net charge-offs, etc 5.5 3.8 2.0 4.9 3.9 3.5 5.3 6.2 5.1 10.2 5.2 Net profits 1.3 2.5 4.9 1.4 4.0 4.3 -.1 .7 1.8 -1.8 3.1 Cash dividends declared. 1.9 2.3 4.6 .7 2.2 2.4 1.2 1.7 2.4 3.3 1.7 Real estate assets 30.0 20.2 26.5 30.5 37.5 49.2 23.8 28.5 32.6 44.3 31.9 Ratios to total assets: Total earnings 3.7 3.0 2.3 4.0 3.5 3.6 2.8 3.9 3.8 3.5 3.3 Total expenses 2.6 2.1 1.5 2.9 2.3 2.4 1.9 3.0 2.7 2 4 2.1 Net earnings... .9 1.2 1.1 1.1 1.2 Net charge-offs, etc.. .5 .7 .9 1.0 .8 1.4 Net profits. .4 .5 .3 .5 -.0 . 1 .3 -.2 Loans 35. 31.8 23.1 40.6 35.9 32.0 27.0 42.1 37.6 31.6 29.6 Securities 35.6 28.6 35.0 27.0 30.5 33.0 35.1 33.0 36.3 38.7 41.0 Real estate assets.. 4.8 3.1 3.4 6.0 4.7 5.7 5.7 4.4 4.6 5.1 6.3 Cash assets 23.6 36.3 37.6 26.4 28.5 31.7 20.4 21.5 24.4 22.8 Total capital accounts.. 16.5 15.8 12.1 20.1 15.4 15.2 12.0 18.7 16.5 16.3 14.7 Ratio to loans, sees., and real estate assets: Total capital accounts 21.8 19.8 21.6 18.1 23.6 21 2 21.9 19.1 Ratios to total deposits: Total capital accounts.. 20.2 19.1 14.2 25.7 18.9 18.4 13.8 23.4 20.2 19.9 17.7 Time deposits 63.0 17.3 10.5 43.8 44.8 41.5 39.2 67.0 69.6 68.4 58.1 Ratios to loans: Interest and discount on loans 5.4 3.1 5.4 5.4 4.5 5.7 5.6 5.3 Recoveries on loans .2 .1 .3 .1 .1 .1 Charge-offs on loans 1.1 1.7 .5 1.0 3.3 Net charge-offs on loans. .7 .7 .6 .9 1.4 .4 .9 3.2 Net return on loans.. 4.7 2.4 5.2 3.1 5.0 4.4 1.5 Ratios to securities: Interest and dividends on securities 3.5 2.8 2.5 4.3 3.4 3.0 2.8 3.7 3.7 3.5 3.0 Recoveries on securities .2 .1 .3 .3 .6 .4 .4 .4 .3 Profits on securities sold 1.0 .3 2.3 .9 1.3 1.4 1.0 1.1 1.0 Charge-offs on securities 2.5 1.8 3.7 2.0 1.6 1.1 2.9 3.0 2.1 1.4 Net charge-offs on securities1 1.1 1.3 +.2 1.3 .0 +.9 1.6 1.6 .6 .1 Net return on securities 1.5 2.7 3.0 2.6 3.0 3.7 2.1 2.9 2.9 Memorandum ratios: Trust dept. earnings to total earnings 2 __ 4.4 3.6 19.9 3.0 9.4 .5 2.5 3.2 5.7 Interest on time deposits to time dep.3._ 1.6 1.3 .8 1.5 1.2 1.3 1.2 1.9 1.6 1.5 1.3 Personal and retail instal. paper to loans 6.9 5.8 11.4 10.8 10.2 8.0 11.0 6.2 3.9 Number of banks 5_. 638 None 34 145 For footnotes, see page 685. 690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 19%0, by Ratio of Time to Total Deposits, by Size of Bank—Continued CLEVELAND FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time anks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over Item g A ro l u l ps Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 55.1 71.9 58.9 45.1 36.9 62.4 58.2 48.1 44.4 62.0 56.4 51.8 45.8 Interest and dividends on securities 32.2 18.2 29.6 32.3 42.8 28.7 29.1 33.0 33.4 28.7 33.6 34.2 32.3 Service charges on deposit accounts 4.1 3.9 5.8 5.0 3.5 3.5 4.8 6.1 5.3 3.1 3.3 4.3 3.9 All other earnings 8.6 6.0 5.7 17.6 16.8 5.4 7.9 12.8 16.9 6.2 6.7 9.7 18.0 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100. 0 Salaries and wages 25.9 36.8 33.4 30.0 27.4 30.0 27.6 27.3 29.8 24.9 23.5 25.0 25.5 Interest on time deposits 21.9 1.6 4.6 8.8 8.9 14.8 16.6 15.8 13.9 24.5 27.9 25.8 21.1 Real estate taxes 1.8 1.1 2.2 .6 1.6 1.3 1.7 1.8 2.4 1.2 1.7 2.2 3.0 Other taxes 6.1 11.6 7.0 6.4 9.1 6.8 6.7 6.8 6.7 5.7 5.7 5.3 5.9 All other expenses 16.8 20.1 19.6 21.2 21.0 17.5 16.6 17.8 18.0 17.7 15.5 16.5 15.3 Total expenses 72.5 71.2 66.8 67.0 68.0 70.4 69.5 70.8 74.0 74.3 74.8 70.8 Net earnings 27.5 28. 8 33.2 33.0 32.0 29.6 30.8 30.5 29.2 26.0 25.7 25.2 29.2 Net charge-offs, etc.l 5.9 +1.1 4.0 9.3 +1.5 2.7 5.6 6.8 5.0 5.6 6.0 8.0 .11.5 21.6 29.9 29.2 23.7 33.5 26.9 25.2 24.2 20.4 17.2 17.7 Net profits Ratios to total capital accounts: 7.5 4.6 9.9 6.1 6.4 8.1 8.0 7.0 7.7 7.0 7.2 Net earnings 1.8 +.1 .9 2.4 .0 .9 1.6 2.1 1.4 1.5 1.9 2.3 2.8 Net charge-offs, etc. * 5.7 4.7 5.7 7.5 6.1 5.5 6.5 6.5 6.6 5.5 5.8 4.7 4.4 Net profits 2.1 2.4 2.7 2.6 2.6 1.9 2.6 2.7 2.3 1.6 2.0 1.9 2.4 Cash dividends declared 22.8 12.1 16.3 9.5 23.9 13.9 18.4 25.9 30.4 14.9 22.3 31.2 41.0 Real estate assets __ 3.5 3.4 3.2 3.0 2.1 3.9 3.6 3.4 2.8 4.1 3.6 3.3 3.4 Ratios to total assets: 2.5 2.4 2.1 2.0 1.4 2.7 2.5 2.3 2.0 3.0 2.7 2.5 2.4 Total earnings 1.0 1.0 1.1 1.0 1.2 1.1 1.1 1.0 Total expenses .2 +.0 .1 .3 +.0 .1 .2 .3 .2 .3 .4 Net earnings 1.0 1.0 .7 .7 1.1 .9 .7 .5 Net charge-offs, etc.1 34.5 42.3 32.2 24.8 21.4 40.8 35.6 29.2 27.9 42.8 35.7 31.1 30.1 Net profits 34.1 22.0 30.2 32.1 35.8 30.9 32.3 36.0 34.4 31.3 34.9 36.6 36.5 3.0 2.6 2.6 1.0 2.5 2.4 2.6 3.2 3.4 2.4 2.8 3.9 5.7 Loans 28.2 33.1 34.9 42.0 39.9 25.8 29.4 31.5 33.9 23.5 26.4 28.3 27.4 Securities Real estate assets 13.9 23.7 16.7 10.3 12.1 19.7 14.2 12.4 10.8 16.4 13.0 12.7 14.0 Cash assets Total capital accounts Ratio to loans, sees., and real estate assets: 19. < 36.8 20.2 26. 8 20.3 16.3 21.8 17.9 Total capital accounts Rati T T os i o m t ta o e l to d c t e a a p p l o it d s a i e l t p s a o c s c it o s u : nts __ 5 1 2 6 . . 5 4 3 5 1 . . 8 6 2 1 0 0 . . 4 0 1 1 9 1 . . 5 6 1 1 8 4 . . 3 2 4 2 0 5 . . 4 3 4 1 1 6 . . 3 8 4 1 1 4 . . 2 4 3 1 5 2 . . 9 2 6 2 2 0 . . 3 0 6 1 3 5 . . 8 1 6 1 0 4 . . 8 7 6 1 0 6 . . 4 5 Ratios to loans: Interest and discount on loans 5.7 5.8 5.9 5.5 6.0 5.6 4.5 6.0 5.9 5.3 Recoveries on loans .4 .1 .5 .0 .5 .3 .4 .4 .3 .4 .3 Charge N -o e f t f s c h o a n rg l e o - a o n ff s s on loansx . . 1 5 . . 2 3 .4 . . 1 1 +. . 2 3 . . 0 3 . .3 7 . . 4 1 . . 1 5 . . 6 3 +. . 1 5 +.1 Net return on loans 5.6 6.0 4.2 5.8 5.4 5.4 Ratios to securities: Interest and dividends on securities 3.2 3.0 3.5 3.1 3.2 2.6 3.6 3.3 3.1 2.9 Recoveries on securities .4 .6 .3 .7 .4 .3 Profits on securities sold .7 .7 1.1 . 7 1.0 1.0 Charge-offs on securities 1.2 .4 .5 1.0 1.7 1.1 1.3 1.3 1.1 2.4 Net charge-offs on securities1 +.1 +.9 +.1 +.4 +.1 .0 +.2 +.3 +.1 .0 +.0 .7 Net return on securities 3.3 3.5 3.1 2.9 3.6 3.1 3.4 2.9 3.7 3.3 3.1 2.2 Memorandum ratios: Trust dept. earnings to total earnings 2 ._ 5.2 1.6 2.0 17.1 7.3 4.9 6.8 8.0 2.6 3.4 5.9 Interest on time deposits to timedep.3 1.7 1.0 1.8 1.5 1.1 1.7 1.6 1.4 1.2 1.9 1.8 1.6 1.4 Personal and retail instal. paper to loans 4 7.8 4.2 6.5 7.4 2.8 8.4 7.1 6.4 4.9 11.1 8.5 7.3 4.8 Number of banks5 648 34 84 64 219 For footnotes, see page 685. JULY 1941 691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of Bank—Continued RICHMOND FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over Item All groups Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2,000 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 00 0- 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 64.4 59.5 50.6 59.4 46. 0 68.3 63.6 62.3 52.3 70.6 68.5 65.2 63.6 Interest and dividends on securities _ 22.7 17.6 31. 1 17.2 31.4 20.1 21.8 21.8 22.8 22.3 22.9 23.0 26. 5 Service charges on deposit accounts._ 4.4 6.0 3.6 9.1 5.9 4.9 5.9 5.9 4.9 2.7 3.0 2.8 4.4 All other earnings 8.5 16.9 14.7 14.3 16.7 6.7 8. 7 10.0 20.0 4.4 5.6 9.0 Total earnings- 100.0 100.0 100.0 100. 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100. 0 Salaries and wages 26.9 50.5 37.0 33.4 32.7 26.5 27.4 28.4 31.0 25.1 23.5 24.4 33.2 Interest on time deposits.. 21.7 6.9 8.0 6.1 8.2 17.2 17.9 18.1 15.2 29.3 28.0 27.7 23.6 Real estate taxes 1.8 2.3 2 7 2.1 1.4 2. 1 2.4 2.1 2.8 1.1 1.4 1.6 1.9 Other taxes 5.3 3.2 5^7 7.3 6.0 4.2 4.4 6.0 6.1 5.6 5.2 5.4 5.2 All other expenses 17.1 39.7 16.6 21.5 22.6 18.6 17.4 17.0 18.4 17.5 15.0 15.3 17.3 Total expenses.. 72.8 102.6 70.0 70.4 70.9 68.6 69.5 71.6 73.5 78.6 73.1 74.4 81.2 Net earnings 27.2 -2.6 30.0 29.6 29.1 31.4 30.5 28.4 26.5 21.4 26.9 25. 6 18.8 Net charge-offs, etc. x_ 2.4 + 1.9 +.1 .1 +4.3 5.7 2 7 2.3 1.1 1.6 4.8 +.9 +16.4 Net profits 30.1 29.5 33.4 27.8 26.1 25.4 19.8 26.5 35.2 Ratios to total capital accounts: N N e e t t e c a h r a n rg in e g -o s ffs, etc.1 7 . . 9 9 +. . 4 8 + 6 . . 0 8 8 . . 2 4 + 8 . . 7 2 1.6 8 1 . . 9 1 1.2 7 . . 3 1 0. . 4 / 8 1 . . 1 6 + 8 . . 0 2 +4 6 . . 8 8 Net profits 7.0 1.2 6.8 8.2 8.9 7.1 6.6 6.8 5.3 6.5 8.2 11.6 Cash dividends declared- 2.8 1.5 2.8 2.9 4.0 1.7 3.0 3.1 3.1 2.1 2.8 3.0 2.2 Real estate assets- 25.9 9.1 20.5 21.2 25.0 23.0 26.3 26.1 42.-8 20.3 27.3 28.0 30.0 Ratios to total assets: T T o o t t a a l l e ex ar p n e i n n s g e s s . 3 2 . . 6 6 3 3 . . 2 2 2 2 . . 9 0 2 2 . . 8 0 2 1. . 5 1 4 2 . . 0 7 3 2 . . 7 5 3 2 . . 3 3 3 2 . 0 2 4 3 . . 0 1 3 2 . . 9 8 3 2 . . 7 7 3 2 . . 3 7 Net earnings... 1.0 .0 .6 1.3 1.2 1.0 1.1 1.0 Net charge-offs, etc.l .1 +.1 .0 +• 1 .2 .2 .1 .1 .2 .0 Net profits .1 1.1 1.0 .9 ..8 1.0 1.1 Loans 40.3 26. 1 27.8 34.0 25.4 43.1 38.1 37.8 31.6 45.5 44.5 44.2 40.8 Securities 24.5 19.4 24 8 19.3 27.5 23.6 23.5 22.5 26.4 25.0 25.8 24.3 33.3 Real estate assets.. 3.3 2.0 2.8 2.4 1.9 3.5 3.4 3.2 5.3 3.2 3.5 3.4 2.8 Cash assets 31.7 52.2 44.5 44.1 44.8 29.7 34.8 36.2 36.4 26.2 26.1 27.7 22.5 Total capital accounts.. 13.3 21.4 14.1 10.9 15. 5 13.3 13.0 11.6 16.0 13.4 12.3 10.5 Ratio to loans, sees., and real estate assets: Total capital accounts 19.8 48.9 26.7 20.5 18.3 21.8 18.5 13.9 Ratios to total deposits: Total capital accounts.. 15.6 27.8 16.8 12.4 8.4 18.6 15. 6 15.3 13.4 19.5 15.8 14.3 11.9 Time deposits 47.5 16.5 16.5 15.7 15.8 39.9 39.1 38.5 34.1 63.3 61.3 61. 1 56.8 Ratios to loans: Interest and discount on loans 5.8 5.3 5.0 6.5 6.2 6.3 6.1 5.6 5. 2 Recoveries on loans .3 .1 .5 . 5 .4 Charge-offs on loans . 1 .2 . 1 .2 .4 Net charge-offs on loans *• +.2 +.1 +.0 +.0 +.1 +*2 Net return on loans.. 5.4 5.0 6.3 6.3 6.3 5.9 5.4 5.4' Ratios to securities: Interest and dividends on securities 3.1 2.9 4.0 2.2 3.2 3.0 2.5 3.2 3.3 3.1 2.3 Recoveries on securities .1 .1 .2 .8 .1 .1 .3 .2 .4 .3 .4 Profits on securities sold .3 . 5 .8 .5 1.5 1.4 Charge-offs on securities .3 .1 . 5 1.2 .3 .4 .6 .4 .8 9 .4 Net charge-offs on securities L +.4 +.1 +.2 +.2 +.4 +.3 +.4 +.5 +.3 +.4 +.9 +1.4 Net return on securities. 3.5 3.0 2.7 2.6 3.5 3.6 3.5 3.0 3.5 4.0 3.7 Memorandum ratios: Trust dept. earnings to total earnings 2 _. 4.1 .6 4.6 8.8 4.4 3.0 1.9 1.5 Interest on time deposits to time dep.3.. 1.9 1.7 1.6 1.2 1.2 2.0 1.9 1.7 1.5 2.2 2.0 1. 6 Personal and retail instal. paper to loans 6.9 5.5 6. 1 3.7 7.3 ! 7.8 7.9 6.0 1.6 Number of banks5 64 35 For footnotes, see page 685. 692 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 19U0, by Ratio of Time to Total Deposits, by Size of Bank—Continued ATLANTA FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over Item gr A o l u l ps Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 62.2 67.6 60.6 52.7 45.5 73.7 64 2 58 2 46 9 72 3 69 4 66 7 Interest and dividends on securities _ 21.6 15.7 21.3 24.0 32.6 13.6 21.6 24 1 26 3 20 0 19 9 17 6 Service charges on deposit accounts 5.1 6.5 6.1 9.5 5.6 2.8 5.0 5.3 3.8 2.9 3.5 4.5 \11 other earnings 11 1 10 2 12 0 13 8 16 3 9 9 9 2 12 4 23 0 4 8 7 2 11 2 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30 0 33 7 34 7 33 5 29 0 32 3 28 4 29 5 27 9 30 4 25 3 25 9 Interest on time deposits _ 14.4 4.1 7 8 6.0 7 4 14.4 16 0 16 7 15 3 25 5 23 7 23 8 Real estate taxes 3 2 3 7 4 0 2 2 2 7 2 8 2 7 4 0 3 8 4 0 4 0 4 0 Other taxes __ __ _ 4 8 6 1 5 3 4 5 6 1 5 4 4 9 3 5 5 7 4 5 4 0 4 5 \11 other expenses 19 0 17 1 20 1 22 1 23 6 17 6 17 7 20 1 20 5 18 4 15 4 16 8 Total expenses _ 71 4 64 7 71 9 68 3 68 8 72 5 69 7 73 8 73 2 82 8 72 4 75 0 Net earnings 28 6 35 3 28 1 31 7 31 2 27 5 30 3 26 2 26 8 17 2 27 6 25 0 Net charge-offs, etc.* 2 9 3 9 2 7 2 2 +2 3 4 0 3 5 2 8 o +4 3 8 0 9 1 Net profits 25 7 31.4 25.4 29.5 33.5 23.5 26.8 23.4 26.8 21.5 19.6 15.9 Ratios to total capital accounts: Net earnings _ _ 8 8 7 5 8 1 10 0 9 6 7 8 9 6 8 2 9 0 5 2 9 7 10 1 Net charge-offs, etc. *_ 1.1 .8 8 .5 +.2 1.3 1 4 1 0 5 + 4 3 0 3 6 Net profits _. 7.7 6.7 7 3 9.5 9.8 6.5 8 2 7 2 8 5 5 6 6 7 6 5 Cash dividends declared 3.5 3.4 3 8 3.0 3 2 2.9 4 0 3 2 3 8 2 6 3 8 3 2 Real estate assets 26.1 13.7 17.3 21.0 28.9 19.8 24.1 34.8 46.3 37.2 27.3 38.2 Ratios to total assets: Total earnings 3.8 3.9 3 4 3.1 2.4 4.6 4 0 3 4 3 0 4 4 4 5 3 8 Total expenses 2.7 2.5 2.3 2.1 1.6 3.3 2.8 2.5 2.2 3.6 3.2 2.8 Net earnings 1 l 1 4 1 i 1 0 8 1 3 1 2 9 $ 8 1 3 1 0 Net charge-offs etc 1 .1 .2 .1 .1 +.0 .2 .2 .1 .0 +.1 .4 .4 Net profits 1.0 1.2 1.0 .9 .8 1.1 1.0 .8 .8 .9 .9 .6 Loans 36 5 32 4 32 1 29 5 25 3 44 2 38 4 33 6 30 6 44 1 43 9 42 4 Securities 23 0 17 8 22 1 25.8 30 2 16.4 23 6 24 2 28 0 21 6 22 4 18 2 Real estate assets 3.2 2.7 2.0 2.2 2.5 3.7 3 1 3 8 4 3 4 8 3 5 3 8 Cash assets 37.1 46.9 43.5 42.4 41.3 35.4 34.7 38.1 36.6 29.4 30.0 35 2 Total capital accounts 13.4 19.4 14.0 10.3 8.4 18.8 13.6 11.4 9.5 15.3 13.2 11.1 Ratio to loans, sees., and real estate assets: Total capital accounts 21.6 36.6 25.4 18.0 14.5 29.1 21.1 18.7 15.3 22.0 19.1 17.6 Ratios to total deposits: Total capital accounts 16.1 24. 7 17.1 11.6 9.3 24.5 16.1 13 1 10 6 18.6 15.4 12 7 Time deposits _ _ 34.6 10.9 17.4 17.9 16.2 38.0 38.7 37.2 32.6 58.6 57.9 55.9 Ratios to loans: Interest and discount on loans 6.6 8.3 6.6 5.8 4.3 7.8 6.8 6.1 4.8 7.5 7.3 6.0 Recoveries on loans .2 .2 .3 .2 .4 .2 .2 .3 2 .3 .1 . 1 Charge-offs on loans 5 5 4 .2 5 5 6 5 3 5 Net charge-offs on loans! .3 .3 .1 +.0 . 1 .3 .4 .2 .3 +.0 .6 .4 Net return on loans _ _ 6.3 8.0 6.5 5.8 4.2 7.5 6.4 5.9 4.5 7.5 6.7 5.6 Ratios to securities: Interest and dividends on securities. _ 3.3 3.4 3.4 2.8 2.5 3.7 3.4 3.3 2.8 3.8 3.7 3.5 Recoveries on securities .3 1.6 .1 . 1 .7 .2 .1 .3 . 1 .3 .3 .1 Profits on securities sold .9 .2 1.1 .9 1.1 .3 1.1 1. 1 2.3 .8 1.9 Charge-offs on securities .5 .1 .8 .5 1.0 .3 .3 .8 .5 . 1 .4 1.8 Net charge-offs on securitiesx +.7 +1.7 +.4 +.5 +.8 +.2 +.9 +.4 +.7 +2.5 +.7 +.2 Net return on securities - 4.0 5.1 3.8 3.3 3.3 3.9 4.3 3.5 6.3 4.4 3.7 3.7 Memorandum ratios: I T n r t u e s r t e s d t e o p n t. t e im ar e n i d n e g p s o t s o i t t s o t t o a l ti e m ar e n d in ep g . s 3 2 ___ 3 1 . . 4 7 ~~T6~ 6 1. . 6 9 3 1. . 1 5 5 1 . . 2 1 4 2 . . 9 0 2 1. . 8 9 2 1. . 7 1 5 1. . 5 0 2.2 2 . . 6 1 1 1 . 8 3 Personal and retail instal. paper to loans 4. 8.8 6.6 9.8 11.6 7.5 7.4 9.1 7.5 5.6 11.0 11.4 8.2 Number of banks5 312 13 24 25 25 40 86 45 10 13 24 7 None For footnotes, see page 685. JULY 1941 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of Bank—Continued CHICAGO FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 00 0- 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 54.6 65.5 57.9 50.8 39.0 65.0 58.8 45.7 41.8 68.4 57.2 44.6 40.9 Interest and dividends on securities 27.2 18.2 21.8 25.0 36.2 18.8 23.6 29.9 31.7 19.5 29.7 38.1 37.5 Service charges on deposit accounts 7.6 7.5 9.8 11.4 7.8 7.4 8.0 10.6 9.0 4.6 4.9 6.7 7.2 All other earnings 10.6 10.5 12.8 17.0 9.6 13.8 17.5 7.5 8.2 10.6 14.4 Total earnings- 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.9 35.5 35.8 36.9 36.8 31.1 31.2 32.0 33.0 28.0 27.0 28.4 27.5 Interest on time deposits 16.9 5.4 4.7 7.2 7.9 15.2 16.2 13.5 14.3 23.7 25.5 23.8 22.4 Real estate taxes 1.7 1.9 1.6 1.7 1.2 1.1 1.6 2.1 2.0 1.5 1.6 2.2 2.3 Other taxes 4.8 8.3 7.2 6.3 5.6 6.4 5.6 5.2 4.1 3.1 2.9 3.0 3.2 All other expenses 19.3 20.7 20.1 22.9 24.1 19.0 18.8 21.1 20.3 18.2 L7. 4 17.8 18.0 Total expenses 73.6 71.8 69.4 75.0 75.6 72.8 73.4 73.9 73.7 74.5 74.4 75.2 73.4 Net earnings... 26.4 28.2 30.6 25.0 24.4 27.2 26.6 26.1 26.3 25.5 25.6 24.8 26.6 Net charge-offs, etc.1 .7 2.2 .6 2.7 + 11.0 2.3 1.1 1.1 +2.2 5.0 1.1 +.3 +.3 Net profits.. 25.7 26.0 30.0 22.3 35.4 24.9 25.5 25.0 20.5 24.5 25.1 Ratios to total capital accounts: Net earnings 8.6 6.9 9.0 8.0 6.9 7.8 8.7 8.5 9.1 9.3 Net charge-offs, etc.1. .6 .7 .5 .9 +2.4 1.0 .7 +.5 1.7 .8 +.1 Net profits 8.0 6.2 8.5 7.1 9.3 8.0 9.0 8.5 8.1 9.7 Cash dividends declared.. 2.5 3.0 3.9 3.0 2.3 2.3 2.4 2.1 2.9 2.1 2.3 3.1 Real estate assets.. 18.7 15.0 18.3 17.4 12.6 13.1 16.2 21.5 26.1 16. 6 19.5 22.8 24.4 Ratios to total assets: Total earnings 3.2 3.3 2.9 2.8 1.9 3.7 3.2 2.9 2.5 4.1 3.4 3.1 3.1 Total expenses 2.3 2.3 2.0 2.1 1.4 2.7 2.3 2.1 1.8 3.0 2.5 2.3 2.3 Net earnings__.. 1.0 .9 .5 1.0 .8 .7 1.1 Net charge-offs, etc.l .1 .1 .0 +.2 .1 .1 +.0 .2 .0 +.0 Net profits .8 .9 .9 .9 .7 .7 .9 .7 Loans 34.1 39.7 37.5 32.5 43.1 37.1 28.2 23.5 43.6 35.2 27.8 26.4 Securities 30.3 22.5 22.7 24.0 21.3 22.9 26.6 32.8 35.2 27.4 33.2 40.9 40.7 Real estate assets.. 1.9 2.2 1.8 1.7 35.6 1.8 1.7 2.0 2.2 2.0 2.0 2.2 2.1 Cash assets 33.6 35.6 37.8 41.7 1.0 32.2 34.5 36.8 38.8 26.9 29.5 29.0 30.6 41.8 Total capital accounts.. 10.5 15.2 10.7 9.4 7.2 14.0 10.7 9.3 8.2 12.5 10.4 9.4 8.9 Ratio to loans, sees., and real estate assets: Total capital accounts 16.2 25.2 17.9 16.4 12.7 20.9 16.7 14. c 17.3 15.0 13.3 13.0 Ratios to total deposits: Total capital accounts 11.9 18.1 12.1 10.6 7.8 16.4 12.1 10.3 9.1 14. 5 11.7 10.4 9.9 Time deposits 43.0 13.4 13.5 19.8 15.4 37.7 38.0 39.6 38.4 65.0 61.8 61.8 64.6 Ratios to loans: Interest and discount on loans.. 5.8 5.7 5.2 4.7 6.5 5.1 Recoveries on loans .4 .3 .3 .4 .4 .4 .3 .6 .5 .2 .3 .5 Charge N -o e f t f s c h o a n r g l e o - a o n f s fs on loans1 . . 4 0 . . 4 1 +. . 1 2 . . 5 1 +. . 2 2 . . 6 2 . . 3 0 +. . 0 6 +. . 0 5 . . 3 1 . . 4 1 +. . 1 4 +. . 3 3 Net return on loans.. 5.2 5.7 4.8 4.4 5.5 5.2 4.7 4.6 6.4 5.6 5.4 Ratios to securities: Interest and dividends on securities 2.7 2.5 2.8 2.7 1.8 2.4 2.2 2.9 2.7 2.4 Recoveries on securities .3 . 1 .3 .3 .2 .5 .3 .2 .4 .3 .2 Profits on securities sold .8 .6 .8 .5 .7 .7 .6 Charge-offs on securities .9 .3 .8 .7 .5 1.3 .8 .7 1.3 1.0 1.0 1.0 Net charge-offs on securities V +.2 +.4 +.3 +.1 +.4 .0 +.3 +.2 +.4 .3 +.2 +.2 . 1 Net return on securities.. 2.9 3.1 2.8 2.2 2.9 3.0 2.6 2.6 2.6 3.1 2.9 2.3 Memorandum ratios: Trust dept. earnings to total earnings 2... 4.1 2.6 3.8 10.3 1.9 4.4 4.5 1.4 2.5 4.5 Interest on time deposits to time dep.3__. 1.4 1.3 1.2 1.1 .9 1.5 1.0 1.0 1.6 1.5 1.3 1.2 Personal and retail instal. paper to loans 4 9.9 10.7 8.2 8.8 5.4 9.3 8.3 14.1 12.2 13.0 Number of banks5. 36 25 103 36 For footnotes, see page 685. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 19UO, by Ratio of Time to Total Deposits, by Size of Bank—Continued ST. LOUIS FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over Item gr A ou ll p Size group—totaldeposits (in thousands of dollars) U 5 n 0 d 0 e 2 5 , 0 00 0 0 - 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 e 2 5 , 0 00 0 0 - 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 e 2 5 ,0 0 0 0 0 - 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 58.1 63.4 56. 7 53.7 49.2 66.7 60.2 51.0 53.9 72.1 54.3 50.5 Interest and dividends on securities ___ 26.5 22.2 23.2 21.7 30.4 22 2 24.7 29.7 26.4 22.2 35.0 32.8 Service charges on deposit accounts 5.1 4.6 7.3 8.2 3.6 4.0 5.4 7.1 4.1 1.2 3.2 5.4 All other earnings 10.3 16.4 9.7 12.2 15.6 4.5 11.3 9.8 12.8 16.8 7.1 7.5 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28 9 31.7 27 5 30.4 29 8 22.9 28 2 Interest on time deposits 15.5 353..01 354..01 6.8 371. 68 2197..31 16.9 15.9 18.7 24.5 2263..95 20.1 Real estate taxes __ __ __ 2.6 2.7 2.8 2.3 2.2 2.6 2.5 2.9 2.1 1.7 2.6 2.9 Other taxes 6 0 7.5 8.2 7.6 5.8 6.3 5.7 4.9 5.0 6.1 5.2 4 2 All other expenses _ _ 18.6 20.2 19.4 20.1 21.9 19.1 18.0 17.8 22.0 17.2 16.9 17.1 Total expenses __ . 71.6 68.5 69.5 68.5 69.3 74.4 70.6 71.9 77.6 72.4 75.1 72.5 Net earnings 28 4 31.5 30.5 31.5 30.7 25.6 29.4 28.1 22.4 27.6 24.9 27.5 Net charge-offs, etc.x- ._ 2.7 1.8 +1.2 1.1 5.0 4.4 4.0 2.8 .1 3.0 1.6 5.2 Net profits 25.7 29.7 31.7 30.4 25.7 21.2 25.4 25.3 22.3 24.6 23.3 22.3 Ratios to total capital accounts: Net earnings 8.6 8.2 9.5 9.2 9.5 7.0 9.2 9.1 7.0 7.9 7.8 8.9 Net charge-offs, etc.x _ _ _ _ 1.0 .2 +.1 1.7 1.4 1.6 1.2 .2 1.1 .4 1.7 .7 Net profits 7.6 8.0 9.6 7.8 5.6 7.6 7.9 6.8 6.8 7.4 7.2 8.5 Cash dividends declared _ 3.2 3.4 4.4 3.5 2.6 3.3 2.9 3.2 2.6 2.2 3.0 4.4 Real estate assets __ ___ 21.9 15.3 17.0 22.1 21.7 23.6 24.0 28.3 14.5 21.2 32.9 24.0 Ratios to total assets: Total earnings 3 5 3 8 3.4 3.1 2.2 3.9 3.7 3.1 2.6 4.5 3.6 3.2 Total expenses 2.5 2.5 2.3 2.1 1.5 2.9 2.6 2.2 2.0 3.2 2.7 2.3 Net earnings 1 0 1.3 1.1 1.0 .7 1.0 1.1 9 .6 1.3 .9 .9 Net charge-offs, etc.* .1 .1 +.0 .1 .1 .2 .2 .1 .0 2 .1 .2 Net profits _ _ _ .9 1.2 1.1 .9 .6 .8 .9 .8 .6 1.1 .8 .7 Loans 34 6 33 9 31 1 30.8 31 0 38.4 35.5 30.8 31.3 48.2 34.7 34.9 Securities ___ __ 28.4 24.3 24.6 24.7 27.4 25.4 27.1 31.1 26.6 26.7 35.7 35.8 Real estate assets 2.6 2.4 2.0 2.7 2.0 3.3 2.8 2.4 2.3 2.9 2.5 3.4 Cash assets 34 2 39 0 42 0 41.4 39.3 32.8 34.5 35.5 39.7 22.2 27.0 25.8 Total capital accounts 12.7 16.0 12.3 12.0 7. 7 15.5 12.9 10.4 8.4 17.4 12.2 10.3 Ratio to loans, sees., and real estate assets: Total capital accounts _ _ 19.8 27.4 21.9 21.2 12.9 23.2 19.8 16.4 14.5 22.3 17.0 14.1 Ratios to total deposits: Total capital accounts 15 0 20.4 14.2 14.4 8.4 18.7 15.0 11.8 9.2 21.7 14.1 11.6 Time deposits __ 36.1 10.8 12.2 17.1 15.2 37.5 38.0 37.5 35.0 56.1 61.5 60.6 Ratios to loans: Interest and discount on loans 6.0 7.3 6.3 5.4 3.5 7.0 6.4 5.2 4.7 6.9 5.8 4.7 Recoveries on loans 3 .5 .3 .4 .2 .3 .3 .2 .3 .2 .2 .3 Charge-offs on loans .4 .4 .4 .2 .3 .4 .6 .3 .4 .6 .4 .3 Net charge-offs on loans * * 1 + 1 1 + 2 1 1 3 . 1 . 1 .4 .2 .0 Net return on loans 5.9 7.4 6.2 5.6 3.4 6.9 6.1 5.1 4.6 6.5 5.6 4.7 Ratios to securities: Interest and dividends on securities 3.1 3.4 3.0 2.7 2.4 3.2 3.3 2.9 2.6 3.1 3.3 2.8 Recoveries on securities _ .4 .4 .1 .2 .2 .1 .5 .6 .2 .3 .3 .5 Profits on securities sold _____ _ .8 .9 .9 .6 .7 .6 1.0 .7 1.3 .8 1.0 . 7 Charge-offs on securities . 7 .4 .4 .5 1.0 .5 .6 1.2 1.3 1.5 .9 .9 Net charge-offs on securitiesx +.5 +.9 +.6 +.3 .1 +.2 +.9 +.1 +.2 .4 +.4 +.3 Net return on securities 3.6 4.3 3.6 3.0 2.3 3.4 4.2 3.0 2.8 2.7 3.7 3.1 Memorandum ratios: Trust dept. earnings to total earnings 2 ___ 3.3 3.4 2.9 2.4 4.4 1.0 3.2 4.7 4.6 1.5 1.6 1.6 Interest on time deposits to timedep.3 1.7 1.8 1.6 1.3 1.1 2.0 1.8 1.4 1.5 2.2 1.7 1.2 Personal and retail instal. paper to loans 4_ 9.3 9.0 9.4 11.3 5.3 8.1 9.5 9.8 18.8 10.1 8.7 9.4 Number of banks5 _ 394 35 41 17 17 42 102 40 8 16 53 22 1 For footnotes, see page 685. JULY 1941 695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 19%0, by Ratio of Time to Total Deposits, by Size of Bank—Continued MINNEAPOLIS FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over All Size group—total deposits (in thousands of dollars) Item group; U 5 n 0 d 0 er 2 5 ,0 0 0 0 0 - 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 00 0 0 - 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 52.4 52.5 41.8 51.3 46. 0 59.8 52.0 43.5 39.3 60.7 51.6 41.0 Interest and dividends on securities 25.4 20. 6 25.8 20.5 28.9 15.6 23.4 31.9 43.6 20.2 30.1 39.4 Service charges on deposit accounts . 4.4 4.8 6.5 8. 7 4.3 4.2 5.0 6.6 3.9 2.9 3.3 5.3 All other earnings 17.8 22.1 25.9 19.5 20.8 20.4 19.6- 18.0 13.2 16.2 15.0 14.3 Total earnings 100.0 100.0 100. 0 100. 0 100.0 100.0 100.0 100.0 100. 0 100. 0 100.0 100.0 Salaries and wages 29.9 34. 1 35. 1 32.4 33.6 31. 1 29.8 33.1 32.0 27. 8 27.6 30.1 Interest on time deposits 18.0 7.4 5.9 6.0 6.0 14.5 15. 1 11.8 12.0 22.8 25.3 23.6 Real estate taxes - 2.4 3.6 4.8 3.2 1.8 2.8 2.6 1.8 1.8 2.0 1.9 2.6 Other taxes - 4.1 6.5 6.8 5.0 6.8 4.0 4.4 4.3 8.5 3.4 3.6 3.1 All other expenses - 19.1 17.7 19.8 24.4 24.6 19.6 19.5 22.2 21.6 18.6 17.0 18.5 Total expenses 73.5 69.3 72.4 71.0 72.8 72.0 71.4 73.2 75.9 74.6 75.4 77.9 Net earnings 26.5 30. 7 27.6 29.0 27.2 28.0 28.6 26.8 24.1 25.4 24.6 22.1 Net charge-offs, etc.l 6.6 4.0 6.2 7.3 +7.3 11.0 4.3 6.2 +16.0 7.9 7.8 5.3 34. 5 24.3 20.6 40.1 16.8 16.8 Net profits Ratios to total capital accounts: 10.2 8.5 10.8 11.2 8. 1 10.3 12.1 9.5 6.9 9.9 10.3 7.4 Net earnings 2.6 1.3 2.7 +2.3 2.3 2.3 +3.3 2.9 3.2 1.8 1.8 3.8 Net charge-offs, etc.x 7.6 7.2 8.5 10.4 9.8 7.2 10.2 7.0 7.1 5.6 9.0 6.5 Net profits 3.2 1.9 3.4 3.4 3.9 3.0 5.6 2.9 3.0 2.3 8.5 2.8 Cash dividends declared 21.8 14.5 24.5 20.7 24.5 23.2 17.8 21. 3 20.8 22.3 14.4 22.7 Real estate assets 4.0 4.1 3.5 3.3 2.5 4.8 4.2 3.2 2.3 4.6 4.0 3.1 Ratios to total assets: 2.9 2.8 2.5 2.3 1.8 3.5 2.9 2.3 1.7 3.4 3.0 2.4 Total earnings 1. 1 1.3 1.0 1.0 1.3 1.3 .6 1.2 1.0 Total expenses .3 .1 .2 .2 +.2 .5 .2 +.3 .3 .3 .2 Net earnings Net charge-offs, etc. * .8 1.2 .8 .8 .9 1.1 .9 .9 .5 Net profits 3 3 6 1 . . 1 3 3 25 0 . . 8 1 2 2 9 8. . 6 5 3 24 3 . . 7 6 30.3 4 2 2 2 . . 9 9 3 3 7 0. . 2 3 3 3 0 6 . . 3 7 20.4 4 2 3 8 . . 5 0 3 37 4 . . 0 8 3 2 9 5 . . 6 4 2.4 2.3 1.6 2.1 30.4 3.2 2.5 2.2 36.2 2.7 2.1 2.2 Lo ans 29.9 41.4 39.6 39.0 1.7 30.6 29.6 30.3 1.6 25.8 25.8 32.5 Securities 37.1 41.4 Real estate assets 11.3 15.9 10.6 8.6 8.5 14.0 10.6 9.3 8.7 12.9 10.4 9.7 Cash assets Total capital accounts Ratio to loans, sees., and real estate assets: 13.8 17.6 Total capital accounts Rati T T os o i m t ta o e l t o d c t a e a p p l i o t d s a e i l t p s a o c s c it o s u : nts 4 1 7 3 . . 7 0 1 18 9 . . 6 9 1 1 6 2 . . 8 0 2 9 1 . . 5 4 1 9 7 . . 4 4 3 1 8 6 . . 2 6 4 1 0 2 . . 9 0 10.3 3 9 2 . . 6 1 6 1 1 5 . . 2 0 6 1 3 1 . . 7 7 6 1 3 0 . . 0 8 Ratios to loans: Interest and discount on loans 5.2 5.1 3.8 6.9 5.9 4.6 6.2 Recoveries on loans 1.5 1.0 .4 .5 .6 .3 10.0 .5 Charge N -o e f t f s c h o a n rg l e o - a o n ff s s on loans1 +. . 1 6 + 1 . . 5 0 +. . 2 8 +. . 0 4 1 . . 4 0 • + . - 2 5 . . 0 3 +7 2 . . 7 3 . . 6 1 +. . 2 6 Net return on loans 6.5 4.6 13.9 6.5 5.3 Ratios to securities: Interest and dividends on securities 3.0 3.0 3.1 2.6 3.2 3.1 3.1 Recoveries on securities .4 . 1 .4 .4 .2 .5 .6 .5 Profits on securities sold . 5 . 1 .4 .4 .5 .6 .8 .5 Charge-offs on securities 1.3 .3 1.5 1.0 1.8 1.0 1.7 1.6 1.6 Net charge-offs on securities1 .4 .1 .4 .1 +• 1 .2 .2 .9 .2 .4 .5 .3 Net return on securities 2.4 2.3 3.1 2.8 2.6 2.8 Memorandum ratios: Trust dept. earnings to total earnings2.__ 2.8 1.2 5.7 2.9 6.1 .6 1.2 3.6 2.4 1.9 1.8 Interest on time deposits to time dep.3. -. 1.7 1.9 1.2 1.0 .9 2. 1 1.7 1.1 .9 2.0 1.7 1.3 Personal and retail instal. paper to loans 11.7 6.2 12.2 11.0 13.5 8.2 12.0 12.1 5.6 14.7 13.7 9.6 Number of banks5 455 92 29 36 None For footnotes, see page 685. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of Bank—Continued KANSAS CITY FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over All Size groui—total deposits (in thousands of dollars) Item groups U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loan5 63 4 67.4 60. 6 53.5 46.9 71.4 63. 6 54.6 49. 6 64.0 59.2 Interest and dividends on securities 19. 1 16.3 20.2 26.6 29.4 13.3 19.9 25.8 24.1 22.9 25.4 7.8 7.6 9.5 9.4 6. 1 6.3 7. 6 8.1 8.2 3 5 5 7 All other earnings 9.7 9. 7 10.5 17.6 9.0 8.9 11.5 18.1 9.6 9.7 8.7 Total earnings 100.0 100. 0 100. 0 100. 0 100.0 100.0 100.0 100. 0 100.0 100.0 100.0 34 5 34.4 36. 1 34.6 33.8 31.8 32.4 35.4 33.4 29.5 Interest on time deposits 9.0 357..24 5 7 5.7 6.2 12.3 13.4 12.9 12.0 24.7 20.7 Real estate taxes 1.9 1.8 •1.7 2.2 2.9 1.9 1.7 2.4 3.5 2.9 2.7 Other taxes 5 0 5.3 5.5 4.8 5.9 4.2 5.0 5.2 3.0 4.1 2.9 A.11 other expenses 19.0 19.5 18.6 20.8 26.2 18.9 16.7 20.0 17. 3 15.5 14.3 Total expenses 69.4 69.2 65.9 69. 6 75.8 71.1 68.6 72.9 71.2 80.6 70.1 Net earnings 30 6 30.8 34. 1 30.4 24.2 28.9 31.4 27.1 28.8 19.4 29.9 Net charge-offs, etc x 3.3 4.7 2.8 +3.3 +9.6 8.4 2.0 .1 2.3 7.9 10.7 Net profits _ 27.3 26.1 31.3 33.7 33.8 20.5 29.4 27.0 26. 5 11.5 19.2 Ratios to total capital accounts: Net earnings 10.5 9.6 11.4 9.6 6.4 10.8 12.0 9.9 16.0 6.3 11.1 Net charge-offs etc l 1.3 1.5 1.0 +.5 + 1.6 3.1 1.1 . 1 4.9 2.3 3.9 • Net profits 9.2 8.1 10.4 7. 7 10.9 9.8 11.1 4.0 7.2 10.1 8.0 Cash dividends declared 4.8 5.0 5.5 3.9 5.1 5.2 3.2 3.6 5.1 4.7 2.9 Real estate assets 15.1 12.7 14.9 14.3 14.8 23.4 17.1 14.4 14.3 17.6 19.1 Ratios to total assets: Total earnings 4.2 4.7 3.8 2.9 2.1 5.0 4.3 3.5 3.1 3.7 4.2 Total expenses 2.9 3.2 2.5 2.0 1.5 3.5 2.9 2.5 2.0 2.9 2.9 Net earnings 1.3 1.5 1.3 .9 .6 1.5 1.4 1.0 1.1 .8 1.3 Net charge-offs, etc.l .2 .2 . 1 +.1 +.1 .4 .1 .0 .3 .3 .5 Net profits 1.1 1.3 1.2 1.0 1.1 1.3 1.0 .8 .5 .8 S L e o c a u n r s ities 3 2 6 4 .8 9 3 2 9 3 . . 2 3 3 26 3 . . 4 0 2297.. 11 2 2 5 7 . . 4 9 4 2 5 0 . . 6 8 3 2 6 5 .1 8 3 2 1 8 . . 6 7 2359.. 15 3 3 5 0 . . 0 2 3360..91 Real estate assets 1 9 2 0 1 8 1.8 1.6 2 1 1 6 2 3 1 2 2 0 1.6 Cash assets 36 4 35.5 38.8 41.9 44.8 31.3 36.4 37.4 34.1 32.7 31.3 Total capital accounts. 13.2 16.2 12.1 9.9 8.4 15. 1 11.9 10.2 7.4 13.6 11.9 Ratio to loans, sees., and real estate assets: Total capital accounts __ _ 21.2 25.8 20.3 17.5 16.2 22.3 19.2 16.5 11.3 20.2 17.8 Ratios to total deposits : Total capital accounts 15 6 19.7 14.0 11. 1 9.2 18.3 13.7 11.5 8. I 16.1 13.6 Time deposits.. 23.6 14.5 15.0 15.6 13.1 33.1 34.2 34.3 33.2 53.0 53.1 Ratios to loans: Interest and discount on loans 7.4 8.3 7.3 5.9 3.8 8.1 7.6 6.1 5.3 7.4 6.9 Recoveries on loans . 7 . 7 .5 .8 1.0 1.0 .2 .9 Charge-offs on loans .9 .9 .6 'A .6 1.3 1.2 1.1 .3 1.0 Net charge-offs on loan*> * 9 2 1 + 3 + l 5 2 +'() ] 1 1 Net return on loans . 7.2 8.1 7.2 6.2 3.9 7.6 7.4 6.1 5 2 7.3 6.8 Ratios to securities: Interest and dividends on securities 3.0 3.1 2.8 2.6 2.1 3.2 3.1 3.0 2 0 2 7 3 2 Recoveries on securities .2 .1 .2 .4 .9 .2 .3 .3 .0 .9 Profits on securities sold .5 .4 .3 .5 1.0 .4 .6 .9 .8 .1 Charge-offs on securities 3 2 2 .5 1 0 3 4 6 12 1 1 0 Net charge-offs on securitiesl +.4 +.3 +.3 +.4 +.9 +.3 +.5 +.6 .3 +.7 .0 Net return on securities.. 3.4 3.4 3.1 3.0 3.0 3.5 3.6 3.6 1.7 3.4 3.2 Memorandum ratios: Trust dept. earnings to total earnings2 ___ 3.4 .2 2.2 2.9 6.9 .4 2.9 1.7 8.3 7 Interest on time deposits to timedep.3 1.7 2.0 1.6 1.2 .9 2.1 1.8 1.5 1.1 1.9 1.8 Personal and retail instal. paper to loans4. 10.2 8.5 11.8 11.9 4.7 9.3 12.3 10.4 10.3 8.1 9.9 Number of banks5 .. 737 183 148 52 29 134 130 40 3 6 10 2 None For footnotes, see page 685. JULY 1941 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of Bank—Continued DALLAS FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over Item gr A o l u l ps Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 d e 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 67. 5 75.4 65.3 59.7 55 7 73.0 64 1 54.9 54 6 Interest and dividends on securities 17.7 12.5 18.7 21.3 23.7 15.8 23.8 26.3 25 3 Service charges on deposit accounts 6.0 4.9 7. 1 7.8 5.9 5.1 5.0 6.8 4.0 All other earnings 8.8 7 2 8.9 11.2 14.7 6.1 7.1 12.0 16.1 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 35.5 37.9 35.0 33.3 32.6 34.1 33.0 32.6 28.6 Interest on time deposits 4.4 2.0 3.5 4.5 9.2 13.8 11.8 15.8 Real estate taxes 4.3 4.1 4.1 5.2 4! 9 3.7 5.3 5.8 4.4 Other taxes 5.3 5.8 4.9 4.8 6 1 3.9 5 2 4.4 5 7 All other expenses 20 2 20.3 19.9 20.6 22.3 23.7 17.8 19.5 13.1 Total expenses 69.7 70.1 67.4 68.4 73.1 74.6 75.1 74.1 67.6 Net earnings 30.3 29.9 32.6 31.6 26.9 25.4 24.9 25.9 32 4 Net charge-offs, etc 1 2.6 4. 1 1.3 3.4 +1.8 15.3 .1 1.9 4.6 Net profits 27.7 25.8 31.3 28.2 28.7 10.1 24.8 24.0 27.8 Ratios to total capital accounts: Net earnings 9.6 8.4 11.0 10.8 7.9 8.1 9.2 8.3 11.5 • Net charge-offs etc 1 1.0 1.3 1.3 4.1 1.7 . 7 +.2 .5 .7 Net profits 8.6 7. 1 9.5 4.0 9.8 10.3 8.1 8.7 7.6 Cash dividends declared 4.6 4.5 3.9 3.7 4.3 5.2 3.5 3.9 4.1 Real estate assets 18.7 14.7 26.0 17.3 31.3 17.9 31.3 18.5 30.1 Ratios to total assets: Total earnings 4.2 5.1 4.1 3.1 2.1 5.2 4.1 3.3 2.8 Total expenses 2.9 3.5 2.7 2.1 1.5 3.8 3.0 2.4 1.9 Net earnings 1.3 1.6 1.4 1.0 .6 1.4 1.1 .9 .9 Net charge-offs etc * 2 .3 .1 .1 +.0 .8 .1 .1 .1 Net profits 1.1 1.3 1.3 .9 .6 .6 1.0 .8 .8 Loans 36.5 43.8 34.1 28.5 25.2 42.6 35.9 26.4 31.1 Securities 21 2 17.0 23. 1 22.3 24.0 20.9 24.5 25.3 30.0 Real estate assets 2 5 2 7 2 2 2.6 2 5 3 1 2 2 3.2 2 7 Cash assets 39.6 36.4 40.5 46.5 48.1 33.3 37.3 44.9 36.0 Total capital accounts 15.0 20.3 12.9 10.1 7.7 17.8 12.8 10.9 8.2 Ratio to loans, sees., and real estate assets: Total capital accounts _. ___ 25.1 32.3 22.1 19.9 15.3 27.6 20.6 20.1 13.1 Ratios to total deposits: Total capital accounts 18.6 26.6 15.0 11.4 8.5 22.1 14.9 12.4 9.0 Time deposits 11.9 6.9 8.7 11.9 15. 1 30.0 32.3 32.2 33.5 Ratios to loans: 8.0 8.9 8.0 6.8 4.8 9.2 7.5 7.0 4.9 Recoveries on loans .8 .9 .8 .5 .4 .5 .6 .6 .3 Charge-offs on loans .9 1.0 .7 .5 2.0 .8 .4 .2 Net charffp-offs on loans 1 .1 .1 +.1 .2 . 1 1.5 .2 +.2 +.1 Net return on loans 7.9 8.8 8.1 6.6 4.7 7.7 7.3 7.2 5.0 Ratios to securities: Interest and dividends on securities 3.2 3.5 3.2 2.8 2.0 3.3 3.7 3.4 2.3 2 1 1 6 2 3 1 2 .2 Profits on securities sold 5 4 5 .6 8 4 1 3 .5 .2 Charge-offs on securities .4 .2 .4 .6 .4 .3 .4 .9 .5 Net charge-offs on securitiesl +.3 +.3 +.2 +.6 +.6 +.4 +1.0 2 .1 Net return on securities 3.5 3.8 3.4 3.4 2.6 3.7 4.7 3.2 2.2 Memorandum ratios: Trust dept. earnings to total earnings 2._ 2.2 .1 2.3 2.6 8 2 8 Interest on time deposits to time dep.3. _ 1.6 1.7 1.4 1.0 1.8 1.8 1.3 1.4 Personal and retail instal. paper to loans 4 10.6 io!o 11.1 11.4 7.3 10.6 11.6 14.8 2.6 Number of banks5 542 193 201 47 31 16 27 20 3 1 1 2 None For footnotes, see page 685. 698 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of Bank—Continued SAN FRANCISCO FEDERAL RESERVE DISTRICT [Averages of individual bank ratios expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of to total deposits of 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v , n 0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v , n 0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 62.7 62.2 60.3 58.4 46.8 72.0 64.4 57.4 52.5 68.0 64.7 66.8 Interest and dividends on securities 21.5 19.6 21.7 23.5 34.5 13.4 20.3 22.8 28.9 18.8 23.2 25.6 15.2 Service charges on deposit accounts 5.6 8.8 8.3 7.5 6.5 5.4 5.8 6.4 5.3 6.6 3.9 3.8 2.6 All other earnings 10.2 9.4 9.7 10.6 12.2 9.2 9.5 15.4 13.3 6.6 8.2 9.8 15.4 Total earnings- 100.0 100. 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.5 36.0 35.0 33.0 32.2 34.6 31.0 32.3 30.7 35.7 28.7 29.0 25.7 Interest on time deposits 6.4 5.7 9.8 11.1 14.1 15.6 14.9 14.9 19.2 24.4 25. 6 23.1 Real estate taxes 1.6 1.7 2.1 2.0 1.7 1.5 1.5 1.9 1.4 1.0 1.7 1.1 2.5 Other taxes 4.5 4.1 5.5 5.1 5.3 4.6 4.1 4.4 4.5 3.2 4.6 4.9 6.0 All other expenses 18.0 21.0 18.8 13.1 18.7 18.2 19.7 17.7 18.7 17.7 16.0 15.2 15.4 Total expense; 72.3 69.2 67.1 63.0 69.0 73.0 71.9 71.2 70.2 75.4 75.8 72.7 Net earnings.__ 27.7 30.8 32.9 37.0 31. 0 27.0 28.1 28.8 29.8 23.2 24.6 24.2 27.3 Net charge-offs, etc.x 3.8 4.9 3.6 11.1 + 1.0 4.3 4.3 6.3 4.3 .4 1.8 1.8 5.7 Net profits... 23.9 25.9 29.3 25.9 25.5 22.8 21.6 Ratios to total capital accounts: Net earnings 9.9 9.8 9.4 13.2 7.0 8.8 11.2 9.7 11.3 8.6 9.2 11.5 Net charge-offs, etc.1 1.5 1.8 1.1 4.0 .1 1.7 2.2 1.7 +.0 .6 .8 2.5 2.0 Net profits 8.4 8.0 8.3 9.2 6.9 7.1 7.5 9.6 8.6 8.6 8.0 9.0 9.2 Cash dividends declared- 3.4 4.1 3.6 3.9 4.4 3.2 2.8 4.0 3.5 3.3 3.3 4.1 3.2 Real estate assets 23.1 18.5 15.8 22.3 22.4 24.0 26.7 29.4 20.5 24.2 25.4 42.5 18.2 Ratios to total assets: Total earnings 3.9 4.5 3.6 2.9 2.1 4.6 4.1 3.5 3.0 5.4 4.1 3.8 3.9 Total expenses 2.8 3.1 2.4 1.8 1.4 3.3 2.9 2.5 2.1 4.1 3.0 2.8 2.8 Net earnings^.. 1.4 1.2 1.1 1.3 1.0 1.3 1.1 1.0 1.1 Net charge-offs, etc.1 .2 . 1 .3 .2 .2 .1 .1 .1 .2 Net profits .9 1.2 1.1 .8 1.1 1.0 1.2 1.0 .9 .9 Loans 39.1 37.8 32.8 23.4 24.0 46.2 39.0 34.9 31. 5 47.9 42.3 42.1 47.0 Securities 25.6 22 0 25.9 19.8 29.5 18.1 25.3 26.0 34.1 22.1 26.4 30.0 23.2 Real estate assets.. 2.6 2.8 2.3 1.8 1.9 3.3 1.9 3.0 2.5 3.0 2.9 2.5 4.1 Cash assets 32.5 37.3 39.0 55.0 44.4 32.4 33.7 35. 9 31.6 26.9 28.3 25.3 25.4 Total capital accounts-. 11.8 15.2 14.2 7.8 9.4 15.0 11.0 11.6 8.2 15.3 11.8 10.8 9.4 Ratio to loans, sees., and real estate assets: Total capital accounts 24.4 24.6 18.5 17.6 22.8 16. S 16.7 Ratios to total deposits: Total capital accounts 13.7 18.4 17.1 8.5 18.0 12.6 13.1 9.0 18.6 13.8 12.4 10.5 Time deposits 42.4 17.5 14.0 18.4 40.9 39.2 37.8 36.0 57.0 61.1 63.2 58.5 Ratios to loans: Interest and discount on loans.. 8.8 4.1 7.8 6.5 5.5 Recoveries on loans .2 .6 .6 .3 .2 Charge-offs on loans 1.6 .4 .9 .6 .4 .6 Net charge-offs on loans1 .8 .2 .3 +.0 .1 .4 Net return on loans-. 3.9 6.7 5.6 7.8 Ratios to securities: Interest and dividends on securities 3.2 3.1 2.5 3.3 3.1 2.9 2.4 3.3 3.5 3.1 2.6 Recoveries on securities .2 .3 .2 .5 .1 .1 .2 . 1 .2 .4 Profits on securities sold .3 .6 .8 .3 .5 .9 1.1 1.6 Charge-offs on securities .5 .6 .4 .4 .3 .7 .7 .5 .7 .6 .7 Net charge-offs on securities V +.4 +• 1 +.0 +.4 +.1 . 1 +.4 +.7 +1.1 +.3 +.3 Net return on securities 3.1 2.9 3.2 2.8 2.8 4.0 4.6 Memorandum ratios: Trust dept. earnings to total earnings2.__ 3.2 .6 .1 4.6 5.9 4.0 .4 5.6 4.6 Interest on time deposits to timedep.3 1. 7 1.8 1.6 1.5 1.4 1.8 1.8 1.5 1.4 2.0 1.8 1.7 1.7 Personal and retail instal. paper to loans 4_ 13.3 12.1 5.3 4. 1 10.8 15.8 13.4 11.9 21.4 14.8 11.7 9.2 Number of banks5. 24 45 For footnotes, see page 685 . JULY 1941 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 702 Gold production 703 Gold movements 703 International capital transactions of the United States 704-708 Central banks 709-712 Money rates in foreign countries 713 Commercial banks 714 Foreign exchange rates 715 Price movements: Wholesale prices 716 Retail food prices and cost of living 717 Security prices 717 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. JULY 1941 701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d g t A i e n r n a - - g B iu e m l- Brazil I B n i r s d h i i t a - g B a u r l i - a C a a d n a - Chile lo C m o b - ia C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r y - Greece 1936—Dec 11,258 501 632 25 275 20 188 29 19 91 54 55 2 995 27 26 12, 760 469 597 32 274 24 184 30 16 92 53 55 2 564 28 24 1938—Dec _. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec 17, 644 466 609 40 274 24 214 30 21 56 53 55 2,709 1 29 28 1940—May 19, 209 2 403 45 274 24 35 30 23 56 53 55 2 000 28 June 19, 963 403 ^734 46 274 24 8 30 22 56 53 55 28 July 20, 463 403 46 274 24 8 30 18 56 53 55 28 Aug. 20, 913 402 47 274 24 8 30 15 56 53 52 28 Sept. 21, 244 385 48 274 24 8 30 15 56 53 52 28 Oct 21, 506 369 49 274 24 5 30 17 58 53 52 28 Nov. 21,801 353 50 274 8 30 19 58 53 52 28 Dec 21, 995 353 734 51 274 7 30 17 58 52 52 2 000 28 1941—Jan. 22.116 353 734 51 274 7 30 20 59 51 28 Feb. 22, 232 353 734 55 274 8 30 18 49 28 Mar. 22, 367 353 50 6 30 18 48 \pr. 22. 506 353 57 7 30 17 48 May 22, 575 8 10 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico e N rl e a t n h d - sZe N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1936—Dec 25 25 208 463 60 46 491 23 98 20 75 68 114 203 * 718 1937—Dec. 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec. .. 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec 24 26 144 164 90 32 692 23 94 20 i 84 69 152 249 1940—May 24 26 i 137 164 100 28 625 23 i 84 20 69 155 298 June 24 26 164 98 31 625 23 19 69 155 302 July 24 164 103 33 627 23 20 69 156 305 Aug. 24 164 103 30 624 23 20 69 156 308 Sept. 24 164 109 25 634 23 21 69 156 314 Oct 24 164 109 28 629 23 21 59 157 328 Nov. 24 164 129 32 621 23 21 59 157 351 Dec 24 164 140 47 617 23 20 59 158 367 1941—Jan 24 164 152 50 616 23 59 158 376 Feb 24 164 171 52 614 23 59 158 388 Mar 24 178 54 014 23 158 401 Apr._ 24 174 50 23 413 May 58 Governm<;nt gold ieserves * not incltided End of month S d w en e- e S r w la i n tz d - T k u e r y - U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y 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 d s n i o i n f t m i g e g d - ure F s rance g B i e u l m - 1936—Dec. 240 657 26 2,584 T 59 48 11 183 1935—June (2) 103 1937—Dec. 244 650 29 2,689 74 52 51 5 185 1936—June 59 103 1938—Dec 321 701 29 2,690 69 52 57 14 142 1937—June... 169 3 934 115 1939—Dec. 308 549 29 8 1 68 52 59 7 149 1937—Dec. 4 1,395 81 1938—Mar. 1,489 1940—May 189 501 88 1 68 64 9 143 June 44 62 June 199 493 88 1 68 67 10 144 Sept 759 July . 173 488 86 1 9 90 68 10 144 Oct. 5 103 Aug. 153 490 87 1 88 69 10 145 Dec 80 331 44 Sept. 152 490 87 1 87 71 9 145 1939—Mar 154 1 732 559 Oct. 150 500 87 1 86 74 14 145 May 477 Nov. 157 501 87 1 88 77 11 145 June 85 17 Dec. 160 502 88 1 90 51 82 12 145 Sept. 164 1941—Jan 165 520 87 1 95 83 13 145 Dec 156 17 Feb 171 524 87 1 97 83 13 145 1940—Mar 145 Mar 172 527 89 1 100 52 13 145 June 86 17 Apr 174 528 1 145 Sept 105 May 1 145 Dec.._. 48 17 1 Figures reate to last official report dites for the respective countries, as follows: Germany 1 Reported at infreiuent intervals or on de- —Ju 2 n e B e 1 g 5 i , n n 19 in 3 g 9;I A ta p l r y i — l 1 I 9 si 4 t 0 e , i r n e p M or a t r s . o 19 n 4 0 ce ; r N ta o i r n w A ay r — gen M ti a n r e . 3 g 0 o , l d 1 9 r 4 e 0 s ; e r P v o e l s a n n d o — lo J n u g ly e r 3 a 1, v 1 a 9 il 3 a 9 b . le. layed basis: U. S.—Exchange Stabilization Fund 3 On May 1 1940, goId belonging to Bank of Canada transferred to Foreign Exchange Con (Special A/cNo. 1); U. K.—Exchange Equalizatrol Board. Gold reported since that time is goldheld by Minister of Finance. tion Accoun'; France—Exchange Stabilization 4 Change from previous December due largelyto inclusion of gold formerly not reported. Fund and Rentes "Fnnrl- "Rplcrinm—Trp.asnrv 5 Figures shown for December 1936 and December 1937 are those officially reported on Aug 1, 1936, and Apr. 30, 1938- resneotivelv. * Reportedas nil. 6 Beginning Mar. 29 1941, gold reserves no longer reported separately. 3 Figure foi end of March 1937, first date re- 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, BelgiarI ported. Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland 4 Figure for end of September 1937. Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certair of these countries have been carried forward from last previous official report. 5 First date reported, x or completemonthly 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to Brit- series from Oct. 1938-May 1939, see BULLETIN ish Exchange Equalization Account during 1939. for February1941. n 170. 9 Increase due to inclusion of additional foreign gold reserves not previously reported. NOTE —For details regarding special pold 925-9 N 3 O 4 T a E n . d — p F p o . r 1 d 00 e 0 sc -1 r 0 ip 0 t 7 i ; o d n e t o a f i ls ta r b e l g e a r a d n i d n g b s a p c e k c i f a ig l u in re te s r n se a e l g B o U ld L L t E ra T n IN sf e f r o s r a S ff e e p c t ti e n m g b t e h r e 1 r 9 e 4 p 0 o , r p te p d . transfers in 1939-40 between the BritishE.E. A. figures through April 1940 appear on p. 926 in thatissue. and the Bank of England, and between the French E. S. F. and the Bank of France, see BULLETIN for September 1940,p. 926. 702 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 produc- Africa North and South America Other Total U o . u S t . s S i . d R e .i A So fr u ic th a d R e h s o i - a A W fr e i s c t 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 l s ia tra- B In r d it i i a s 5 h $1=15-5/21 grainsof gold 9/10 fine; i e., an ouiice of finegold=$S6 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 n, 273, 755 1, 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—March . _ r103, 285 88, 059 40,163 2, 372 2,740 732 16, 201 15, 045 1,651 1,717 1,759 4,791 888 A M p a r y il r • 1 •1 0 0 6 5 , , 2 7 2 3 5 5 8 9 9 0 , , 0 1 1 9 4 0 4 41 0 , , 8 7 7 4 9 2 2 2 , , 4 4 4 5 2 4 2 2 , , 7 6 4 7 7 8 755 1 1 6 6 , , 4 3 8 9 3 1 1 1 5 4 , , 4 6 8 5 8 2 4 1, , 3 2 5 3 6 3 1 1 , , 9 8 4 2 1 5 1,2 7 7 6 1 6 4 4 , , 7 5 8 8 6 1 6 8 8 6 7 0 5 June '103, 670 86, 776 40,437 2,437 2,643 14,845 15, 795 2,562 1,715 780 4,688 875 July r109, 620 92, 381 41,936 2,459 2, 590 18,849 15, 982 3,010 1,952 850 4,263 490 August nO9,130 92, 272 41,989 2,4S8 2,725 16, 035 16, 318 4,027 2,184 1,243 4,693 560 September '106, 365 89, 388 40, 958 2,450 2, 652 17, 065 15,416 2,596 2,016 673 4,616 945 October ••113,190 97, 518 42, 362 2,477 2,709 21, 744 16,360 2,337 1,789 1,121 5,638 980 November r107, 940 92, 237 41, 620 2,404 2,687 19, 692 15, 750 1,905 1,713 929 4,592 945 December r107 660 91, 567 41,188 2,433 2,668 19, 434 15, 755 2,221 1,675 879 4,333 980 1941—January-.. '•I 06,190 P90, 371 42, 335 P2, 324 2, 618 16, 646 15,199 T 2, 945 2,137 784 4, 544 840 February 100, 555 P84, 095 39,608 P2 252 2, 566 15, 408 14, 446 P2, 660 1,844 695 3, 812 805 March ^88, 933 42, 075 pf2, 252 P2, 669 16, 023 15,629 pf2, 660 1,891 /695 P4. 200 840 April P88, 606 41,357 P/2 252 P/2, 669 16,413 /15, 629 pf2, 660 •0,891 /695 P/4, 200 /840 Gold produdion in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 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 estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 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. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1940, p. 101, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Total Net imports from or net exports (—) to: 1 net Y m e o a n r t o h r i e m o x ( r p p - o o n ) r r e t t t s s U K d n i o i n t m g e - d France g B iu e m l- N la e e n r t - d h s - S d w en e- S l w a 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 2 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, 82C 32, 304 1935 --. 1, 739, 019 315, 727 934, 243 3 227,185 968 95,17113, 667 10, 899 15, 335 3,498 65 75, 268 46,989 1936 1,116, 584 174, 093 573, 671 3,351 71, 006 2 7,511 72, 64839, S66 11,911 21, 513 23, 280 8 77, 892 39, 735 1937 1, 585, 503 891, 531-13,710 90, 859 6,461 6 54, 452 111,48038, 482 18, 397 25, 427 34, 713 181 246, 464 50,762 29, 998 1938 1, 973, 569 1, 208, 728 81,135 15, 488 163,049 60,146 1,363 76, 31536, 472 10, 557 27, 880 39,162 401 168,740 16,1E9 s 67,975 1939 3, 574, 1511, 826, 403 3,798165,122 341, 618 28, 715 86, 987 612, 94933,610 23, 239 35, 636 74, 250 22, 862 165, 605 £0, 956M02,404 1940 4, 744, 472 633, 083 241, 778 977 63, 260161,489 90, 3202, 622, 33029, 880 23,999 38, 62710?, 777; 184,756 111,739 49, 9895 388,468 1940 May 435,132 62, 042 40 9,431 11,452 281,182 2,331 2,113 2,405 5,177 31, 477 4,743 4,317 18,423 June.__ 1,162, 975 128, 003 241, 603 3,671 2,138 716, 685 4,182 2,130 3,895 6,603 23,091 3,399 2, 377 25,197 July 519, 974 301, 734 3,158 32 172, 268 1,891 5,856 2,830 5,262 3,482 23, 463 Aug 351, 553 10, 819 3,637 6 264, 32810, 335 4,516 3,738 6,746 11,687 954 34, 789 Sept 334,100 3,650 27 217, 627 545 2,330 3,764 14, 605 7,854 13, 228 523 69, 946 Oct 325, 964 1,738 222, 726 538 7 2,673 14, 770 6,704 11,815 784 64, 208 Nov. 330,107 936 7 262, 718 545 3,283 14, 441 6,240 12,186 2,17C 27,580 Dec 137,176 99 80, 389 347 2,814 3,268 14, £94 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 6 15, 093 Mar 118, 567 817 95, 619 866 2,232 3,984 6,262 2,788 3,046 2, 951 M Ap a r y i..._ 17 3 1 4 , , 9 8 9 3 2 0 2 2 1 2 1 0 6 , , 2 3 1 0 6 9 1,1 6 4 6 7 9 2 2 , , 9 7 3 9 4 4 3 3, , 5 3 8 8 7 4 4 4 , , 1 7 9 2 4 0 132 3 , , 5 2 9 5 4 5 313 6 3 , , 8 5 0 8 0 9 1 Beginning May 1941, figures by countries refer to gross imports since export data are no longer available. 2 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 3 Includes $31,830,000 from Argentina. 4 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. s Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. e Includes $11,236,000 from U. S. S. R. NOTE.—For gross import and export figures and for additional countries see table on p. 652. JULY 1941 703 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 Total C f b e u a n n n t d r k s al Other b a f a b u n r n k o d i a s n d g o R f f u e U t n u . d r s n S. In f f o f u l r o n e w i d g s n of b b r a o l k a e n r c a e g s e in N.Y.i 1935__Dec (jan. \t 1935) 1,412.5 603. 3 9.8 593. 5 361.4 125. 2 316.7 6.0 1936—Dec. 30 2, 608. 4 930. 5 81.1 849.4 431.5 316. 2 917.4 12.9 1937—Dec 29 3,410 3 1,168 5 243.9 924.6 449.1 583. 2 1,162. 0 47.5 1938—Mar 30 3 207 2 949.8 149.9 799.9 434.4 618.5 1,150. 4 54.2 June 29 3,045. 8 786.2 125.9 660.4 403.3 643.1 1,155. 3 57.8 Sept 28 3 472 0 1,180 2 187.0 993. 2 477.2 625.0 1,125. 4 64.1 Dec. CJan. 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. (Apr. 3) 5,133.5 2. 539. 0 539.1 1,990.9 631.6 761. 6 1,112.5 8S.7 1940—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 June 5 5,241 8 2, 573 0 623.2 1,949. 8 679.1 778.9 1,113.6 97.2 June 12 5,208. 4 2, 540.0 623.4 1,916.7 674.5 780.3 1,116.6 96.9 June 19 - 5 415 8 2,740 0 834 9 1,905 1 681 2 782.1 1,114 0 98.5 June 26 _. ._ 5, 401. 7 2, 729. 7 838.7 1, 891. 0 690.0 782.5 1,101.9 97.6 July 3 5, 490. 2 % 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 » 945. 0 2 1, 996. 2 764.8 789.7 1,070.0 99.6 Aug. 14 . .. , . . 5, 698 8 2,984. 9 996.3 1, 988. 6 769.2 790.3 1, 055. 3 99.1 Aug 21 5, 738. 9 3,022. 5 1,018.5 2,004.0 774.0 790.6 1,052. 7 99.1 Aug. 28 ... 5, 751 0 3,034 2 1, 047. 9 1, 986. 3 778.3 790.6 1,048.1 99.9 Sept 4 5, 752. 0 3, 040. 7 1, 054. 7 1, 986. 0 773.1 790.5 1, 047.1 100.5 Sept 11 5, 722. 7 3,014.1 1,012.8 2,001.3 768.4 791.0 1,049.4 99.9 Sept. 18 5, 807. 1 3, 087. 2 1,107. 7 1, 979. 5 773.2 791.3 1, 054. 8 100.6 Sept. 25 5, 788. 5 3, 062. 6 1,087. 0 1,975.5 782.0 791.7 1,051.4 100.8 Oct 2 5, 805. 5 3, 092. 8 1,112.3 1, 980. 5 773.6 793.2 1. 044. 3 101.6 Oct. 9 5, 825. 6 3,108. 5 1,133.6 1, 975. 0 781.8 793.6 , 040. 3 101.3 Oct. 16 5 796 4 3,086 3 1,129.9 1, 956. 4 780.9 794.0 , 034. 3 100.9 Oct. 23 5, 805.1 3,118.7 1, 140. 1 1, 978. 6 765.6 794.0 , 025. 6 101.2 Oct. 30 _ . _ ._ 5, 794. 0 3,112. 5 1,158. 9 1, 953. 6 765.7 794.6 , 020.6 100.7 Nov 6 5 813 0 3 137 0 1,190 7 1,946 3 762 3 795 5 ,018.2 100.0 Nov. 13 . _ 5, 806. 7 3,141.9 1, 195. 5 1, 946. 4 751.5 796.0 .017.8 99.4 Nov. 20 5 863 8 3,199 3 1, 248. 7 1, 950. 6 752.3 798.1 1,012.6 101.4 Nov. 27 5, 860. 0 3,194. 0 1,231.6 1, 962. 5 764.0 798.4 1, 003. 6 100.0 Dec. 4 5, 838. 7 3, 177. 1 1, 209. 1 1, 967. 9 763.0 800.4 998.6 99.6 Dec 11 5 797 2 3 141 0 1, 186 3 1,954 8 757 6 801.6 997.7 99.3 Dec 18 5 847 9 3 177 1 1, 209. 7 1, 967. 3 771.1 803.1 996.4 100.2 Dec. 25 5, 824. 0 3,154. 8 1, 182.4 1, 972. 4 771.6 803.1 993.2 101.3 1941_jan 1 5, 825. 4 3,152. 5 1, 200. 8 1,951.7 775.1 804.1 992.8 100.9 Jan. 8 5,813.7 3,146. 1 1,198.8 1, 947. 3 775.8 804. 9 985.6 101.3 Jan 15 5 912 1 3,251.8 1,301.3 1, 950. 6 772.2 806. 8 979.6 101.7 Jan. 22 5, 888. 8 3, 249. 9 1, 303. 3 1, 946. 6 757. 1 808. 0 974.0 99.8 Jan. 29 5, 847. 4 3, 210. 6 1, 288. 2 1, 922. 4 759.9 808.5 969.7 98.8 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 7,54.6 810.9 963. 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 Mar 5 5 757 9 3 123 8 1.249 6 1,874.2 764 9 814.4 958.2 96. 6 Mar. 12 5.801 9 3,183. 7 1. 300.1 1,883.6 752.1 814.6 954.7 96. 9 Mar 19 5 821 6 3 198 1 1, 346 2 1.851 9 756 2 815. 4 953.4 98.4 Mar 26 5 801 2 3, 180 9 1, 325. 6 1, 85.5. 3 755.4 816. 5 952. 5 95.8 Apr 2 5, 773. 9 3. 144. 5 1,307.7 1, 836. 7 767. 4 813.5 952.7 95.9 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. 2 In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 704 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- I 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- Asiai oth A e l r l i 1935—Dec. (Jan. 1, 1936) 1,412.5 554. 9 210.2 114. 5 130. 4 36.6 24.0 130.0 1, 200. 6 () 70.9 128. 3 12.7 1936—Dec. 30 2, 608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937—Dec. 29 3,410.3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 1938—Dec. (Jan. 4, 1939) 3, 844. 5 1,183. 8 339.6 328. 6 557. 5 140. 5 32.2 472.0 3, 054. 2 155.3 384.6 214.2 36.2 1939—Dec. (Jan. 3, 1940) 5,021.2 1,101.3 468.7 470. 3 773.0 165.9 58.0 752.9 3, 790.1 229. 4 483.4 431.0 87.4 1940—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 4.50.8 895.8 173.8 70.3 925.5 4,199. 2 415.5 606.5 557. 9 80.9 Dec. (Jan. 1, 1941) 5, 825. 4 969.6 670. 3 455. 6 911.5 175.9 55.4 922.7 4,161.0 411.7 606.8 555. 7 90.2 1941—Jan. 29 5. 847. 4 1, 024. 6 667.4 451. 5 890. 5 175.3 49.3 906.9 4,165. 5 416.5 611.2 558.1 96.1 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 Mar. 5 _. 5. 757. 9 948. 9 669. 3 469. 7 883. 2 75.4 47.4 904.4 4. 098. 4 402.0 600. 2 549.8 107. 5 Mar. 12,. 5. 801. 9 1, 004. 9 666. 6 470. 3 881. 9 76.6 47.0 897.4 4, 144. 6 403. 6 607.7 546. 8 99.2 Mar. 19 5. 821. 6 993. 1 667. 3 470. 3 881.9 76. 2 47.3 903. 6 4,139. 6 404. 4 623.0 553. 9 100. 7 Mar. 26.. 5. 801. 2 983. 0 666. 9 470. 3 881. 7 77.1 47.4 899. 1 4,125.5 399. 6 621. 1 552. 6 102.4 Apr. 2 73. 9 968. 5 665. 4 471. 0 883. 6 77. 1 47.4 898.1 4, 111.0 394. 9 623.7 542. 7 101.7 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From t h J r a o n u . g 2 h , — 1935, Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia :l ot A he ll r i 1935—Dec. (Jan. 1, 1936).. 603.3 128.6 129.6 55.7 72.4 7.3 453.5 46.0 33.5 58. 8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 588.9 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—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 -.9 603.7 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. 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 Mar. 5... 3,123. 8 272.8 456. 5 173.9 480.6 -3.3 583. 0 1,939.9 325. 3 324.1 455. 0 79.6 Mar. 12.. 3,183. 7 332. 2 453. 8 174. 1 480.7 -3.6 576. 4 1,990.9 330. 8 333. 7 456. 2 72. 1 Mar. 19.. 3,198.1 321. 5 454. 5 174.1 481.6 -24. 1 -3.4 582. 1 1. 986. 3 331. 3 347.0 460. 5 73.0 Mar. 26.. 3,180. 9 311.4 454. 4 172.9 481.0 -23.9 -3.4 577. 8 1, 970. 3 330. 6 345. 8 459. 3 74.9 Apr. 2_._ 3.144. 5 297. 3 452. 8 173. 4 484.2 -24.0 -3.5 576. 9 1,957. 1 .321. 4 349.3 442. 6 74.1 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From t h J r a o n u . g 2 h , — 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asiai oth A e l r l i 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30. 431.5 178.0 62.0 -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 1940—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 July 31 714.1 263.9 74.2 16.8 5.6 184.6 17.6 43.2 605.8 64.9 49.7 -7.2 1.0 Aug. (Sept. 4) 773.1 269.5 74.6 17.4 6.1 185.2 23.1 44.9 620.8 65.1 53.6 34.0 -.4 Sept. (Oct. 2) 773.6 271.9 75.3 17.6 6.5 185.6 24.5 45.0 626.6 65.4 52.9 26.9 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) 5.1 269.2 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 •59.9 269.2 75.4 17.8 5.9 192.4 25.5 48.7 634.8 62.6 40.1 20.2 2.0 Feb. 26 76.1 271.4 75.6 17.8 4.2 193.0 25.5 48.8 636.3 65.4 50.9 21.6 1.9 Mar. 5 r64. 9 272.5 75.6 17.8 4.9 193.1 25.5 49.5 639. 0 65. 5 42.9 15. G 1.8 Mar. 12 52. 1 269.2 75. 7 17.8 4.6 193.3 25.3 49.3 635. 3 64.3 40.5 11.1 .9 Mar. 19 '56. 2 268.4 75. 6 17.8 4.8 194.3 25.4 50.0 636. 3 64.1 41.5 12.7 1.6 Mar. 26 •55. 4 268. 3 75.9 17.8 5.0 195.0 25. 5 49. 5 637. 0 62. 5 42.2 12.4 1.2 Apr. 2 '67.4 268.2 76.0 17.8 5.0 195.0 25.6 49.7 637. 2 65. 3 44.4 19.2 1.3 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 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. JULY 1941 705 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 ed - France N la e e n r t d - h s - S l w a e n i r 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 i a m c t a i e n r- Asia ! oth A e l r l * 1935—Dec. (Jan. 1, 1936). 125.2 67.8 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. Man 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—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 3«. 5 28.1 196.1 510.6 23.5 199.8 51.2 13.3 Dec. (7an. 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. 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 Mar. 5 814.4 129. 5 43. 31.0 45.7 36. 5 28.1 198. 3 512.8 26.4 205.3 56.1 13.8 Mar. 12 814.6 129.4 43. 31.0 45.6 36.5 28.1 198. 3 512. 6 26.2 205.5 56.5 13.8 Mar. 19 815.4 129.3 43. 31.0 45.6 36. 5 28. 1 198.4 512.5 26.3 205.7 57.1 13.8 Mar. 26 816. 5 129.2 43.7 31. 0 45.4 36. 5 28. 1 198.7 512. 7 26.5 206.1 57.4 13.9 Apr. 2 813.5 129. 1 43. 31.0 45.2 36. 5 28.1 198. 9 512.6 26.5 203.0 57.6 13.9 TABLE 6.—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 ed - France N la e e n r t d - h s - S l w a e n r i - t d z - I m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L i m a c t a e in r- Asia l ot A he ll r1 1935—Dec. (Jan. 1, 1936).. 316.7 149.8 23.4 50.5 55.1 ; -5.4 12.9 235.2 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200. 2 ! -7.5 -3.3 33.5 818.0 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 51.7 9.8 1938—Dec. (Jan. 4, 1939). 1,219.7 472. 6 76.9 212.1 311. 1 -22.8 -5.5 56.6 1,094.1 217 23. 7 65.2 11. 1 1939—Dec. (Jan. 3, 1940). 1,133. 7 328.1 76.6 227.7 344.7 -23.2 -4.9 60.4 1,004.4 -2. 6 30. 1 87.6 14.3 1940—June (July 3) 1,091.4 278.8 74.7 230.4 378.3 -28.7 14.3 61.8 1,012.6 -19.4 27.9 57.2 13.2 July 31 1,069.9 279.5 74.8 230.4 376.3 -23.7 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 -23.8 5.9 64.6 994.9 -21.9 23.8 35.9 13.4 Sept. (Oct. 2) 1, 044. 3 271.1 74.5 230.7 365. 4 -28.8 26.2 61.5 1, 003. 5 -20. 7 25.6 22.0 12.8 Oct. 30 1, 020. 6 268.0 74. 1 230.6 349.6 -23. 1 23. 1 64.5 930.9 -19.0 23. 2 2).O 12.6 Nov. 27 1, 003. 6 264.4 74. 1 23). 9 346.8 -29. 1 17.0 64.6 968.7 -20. 3 2">. 1 17.5 12 6 Dec. (Jan. 1, 1941). 992.8 261.2 74.4 23 J. 2 348. 1 -29. 1 2.7 64.9 955. 4 -18.4 21.6 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. 25 958.4 257.7 74.2 233.2 33S. 9 -30.2 -3.0 64.5 935.3 -26. 9 21.8 16.8 11.4 Mar. 5_._ 958.2 257.0 74. 2 233.4 33S. 1 -30. 3 -3.0 64.4 933.7 -25. 8 22.1 16.8 11.4 Mar. 12. _ 954. 7 257. 5 74. 1 233. 4 337. 1 -30. 3 -3.0 64.4 933.3 -23. 4 21.6 16.9 11.3 Mar. 19__ 953.4 257. 4 74.0 233.4 335. 9 -30. 3 -3.0 64.4 931.9 -23. 4 21.4 17.3 11.3 Mar. 26.. 952. 5 257.2 74.2 234. 8 335. 8 -30. 3 -3.0 64.6 933.4 -30. 0 218 17.0 11.3 Apr. 2____ 952.7 257.1 74.2 234. 9 334.7 -30.3 -3.0 64.8 932.5 -28.9 20.9 16.9 11.3 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From t h J r a o n u . g h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936) 6.0 2.4 1.3 2.5 -.2 . 1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 . 12.9 4.0 10.4 -.9 9.1 —. 7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 -.2 .2 5.2 47.9 1.8 -.9 -1.5 .3 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—June""(July 3) 98.9 16.6 18.5 11.4 18.0 .1 8.1 72.7 12.0 7.6 6.0 .7 July 31 99.9 16.7 18.5 11.5 18.0 -.1 .1 8.3 72.9 11.1 8.8 6.3 .8 Aug. (Sept. 4) 100.5 16.3 18.6 11.9 18.8 -. 1 .1 8.0 73.6 10.9 9.4 6.0 .6 Sept. (Oct. 2) 101.6 16.3 18.8 12.3 19.2 -.2 .1 8.1 74.7 11.2 9.1 5.8 .7 Oct. 30 100 7 17 1 19 1 12 5 18 3 — 2 .2 7 3 74.4 10.2 8.3 6.8 1.0 Nov. 27 ._ 100.0 17.2 18.9 12.5 16.9 -.2 .1 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 .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 .2 8 9 74.4 10.4 6.8 6. 3 .9 Feb. 26 97.2 17.0 19.3 13.5 14.4 -.2 .2 9.1 73.3 10.9 6.1 6.1 .9 Mar 5 96.6 17.1 19.3 13.6 13.8 2 2 9.2 73.1 10.6 5.8 6.2 .9 Mar. 12 96.9 16.6 19.4 14.0 13.9 -.2 .2 8.9 72.6 10.8 6.3 6.1 1.0 Mar. 19 98.4 16.5 19.5 13.9 14.0 .2 8.7 72.6 11.1 7.4 6.3 1.0 Mar 26 95 8 16 9 18 6 13 8 14 5 — 2 2 8 4 72 2 10.0 6.2 6.5 1.0 Apr. 2 95.9 16.7 18.7 13.9 14.5 -.2 .2 7.9 71.7 10.6 6.1 6.4 1.1 i 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. 3 Inflow less than $50,000. 4 Outflow less than $50,000. 706 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 o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia i ot A he ll r i Reported by Banks in New York City 1929—Dec. 31 2, 672. 7 301.5 923.7 99.1 105. 2 204.5 157.4 371. 3 2,162.8 241. 8 188.2 49.0 31.0 1930—Dec. 31 2, 335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37. 5 1931—Dec. 30 1,303.5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. (Jan. 4, 1933). 733.8 171. 0 72.2 13.8 82.2 30.2 36.6 63.1 469.1 89.3 117.8 44.4 13.1 1933—Dec. (Jan. 3, 1934)_ 388. 2 48.3 24.9 8.3 11.9 16.3 9.9 30.1 149.7 88.7 96.4 43.1 10.4 1934—Nov. 28 2 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5 3 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103. 3 117.4 125.1 12.0 Dec. (Jan. 2, 1935).. 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 1935—Dec. (Jan. 1, 1936) _ 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30 1, 491. 6 235.7 176. 3 78.8 123. 5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Dec. (Jan. 4, 1939). 1, 996. 6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1, 237. 8 201. 8 248.5 274.3 34.1 1939—Mar. 29 2, 318. 8 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1, 432. 7 236.6 300.7 305.5 43.3 June 28 2, 683. 0 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1, 672. 7 291. 7 363.0 306.0 49.7 Sept. 27 3, 050. 7 656. 7 295.9 186.0 299.9 7.8 17.1 446.4 1, 909. 7 325. 3 383.0 366.5 66.2 Dec. (Jan. 3, 1940) _ 3, 057. 0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882. 6 274.6 336.0 491.4 72.5 1940—Jan. 31 3, 097. 4 404.5 290.6 200.3 395.5 9.1 43.7 569.0 1,912.6 266.9 352.2 494.8 70.9 Feb. 28 3, 105. 5 376.6 288.5 200.1 411.0 8.4 44.5 593.5 1,922. 6 268.7 354.6 497.3 62.4 Mar. (Apr. 3) 3,165. 2 361.3 290.7 199.7 432.2 8.4 69.3 618.7 1,980. 3 250.1 365.5 515.2 54.1 Apr. (May 1) 3,188. 3 326.6 286.7 213.1 447.6 8.5 71.3 616.1 1,969.9 255.3 389.9 517.6 55.6 May 29 3,178. 7 354.5 319.1 198.3 413. 6 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 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. 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 Mar. 5_. ^ 3,750.0 345. 0 488.7 187.9 494.3 5.9 15.4 630. 0 2,167.1 425. 4 445.0 4 621.0 91.6 Mar. 5... 3, 754. 3 345.0 488.7 187.9 494.3 5.9 15.4 630.0 2,167.1 425. 4 445.0 625. 3 91.6 Mar. 12.. 3, 814. 2 404. 3 485.9 188.1 494.4 6.9 15.2 623.3 2,218.1 430.9 454.6 626. 4 84.1 Mar. 19.. 3, 828. 6 393.7 486.6 188.0 495. 3 5.5 15.4 629.0 2, 213. 5 431. 4 468.0 630. 8 84. 9 Mar. 26- 3,811.4 383. 5 486.6 186.8 494.7 5.8 15.4 624.7 2, 197. 5 430. 8 466.7 629. 6 86.9 Apr. 2... 3, 775. 0 369. 4 484.9 187. 3 497.8 5.6 15.3 623.8 2,184. 3 421. 5 470.2 612.9 86.1 Additional Detail Available from January 3, 1940 ' 5 European countries 6 Latin American countries 4 Asiatic countries Date Pan- Total Bel- 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 Mex- C an .Z d . China H K o o n n g g Japan P Is p h l i a i n l n i e d p s - 1940—Jan. 3 407.1 159.2 28.1 21.4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 432.9 167.0 71.4 165.4 29.1 Jan.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. 183.7 23.0 27.2 67.5 158.9 297.1 80.6 35.0 23.4 46.4 67.2 44.5 461.3 184.1 81.1 164.1 32.0 May 29 443.3 172.0 21.1 29.5 64.1 156.7 311.8 83.3 34.8 24.8 49.6 68.6 50.6 446.2 178.8 79.4 151.8 36.2 June (July 3) 457.0 161.3 19.5 29.6 59.0 187.6 326. 5 88.7 39.0 30.2 49.7 65.3 53.5 448.4 181.8 78.4 152.6 35.6 July 31 457.7 154.9 18.4 29.1 57.8 197.5 321.3 93.1 38.0 29.2 48.1 60.3 52.7 446.6 181.6 84.3 142.6 38.2 Aug. (Sept. 4) 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 408.3 184.7 87.6 97.4 38.7 Sept. (Oct. 2) 470.3 147.9 16.8 29.1 51.2 225.3 338.8 110.1 33.4 26.1 63.2 57.3 431. 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 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. 115.1 44.1 26.9 46.4 62.6 58.6 475. 2 218.6 92.2 119.3 45.1 Dec. (Jan. 1, 1941) 462.7 144.8 17.3 16.5 48.7 235. 4 341.7 115.4 36.2 28.5 47.9 55.0 58.7 454. 5 207. 5 91.1 110.3 45.6 1941—Jan. 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. 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 Mar. 5 434. 2 139.1 17.1 11.9 46.0 220.2 323.1 36.3 25.9 48.7 53.2 57.0 461. 9 215. 6 96.7 100.5 49.0 Mar. 12 433.9 137.7 16.9 11.2 45.9 222.2 330.5 102.5 43.6 25.5 49.2 54.3 55.3 460. 213.9 96.4 101.6 48.9 Mar. 19 434. 6 137.6 16.8 10.8 45.9 223.5 345.1 104.7 55.1 26.0 51.2 53.0 55.2 462. 0 214.4 95.4 106.3 45.9 Mar. 26 432.0 135.2 16.6 10.9 45.7 223. 6 346.1 105.2 43.1 30.8 51.6 53.4 61.9 459. 6 212.4 95.0 105.3 47.0 Apr. 2 429.6 135.4 16.4 10.6 45.0 222.2 348.6 104.5 44.0 30.5 51.5 53. 5 64.5 44' 216.7 94.5 90.8 45.9 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 Figures adjusted to the basis employed in previous weeks. The reported figures for Asia on Mar. 5 and succeeding weeks are not strictly comparable to the corresponding figures for preceding weeks, owing to a change in reporting practice. For similar reasons adjustments were made with respect to the figures for certain areas on Aug. 12, 1936, Jan. 5, 1938, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 425; Apr. 1939, p. 295; and Apr. 1940, p. 362). The cumulative figures in Tables 1, 2, and 3 have been adjusted to exclude the unreal movements introduced into the data by these changes in reporting practice. 5 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. JULY 1941 707 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 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 er n - 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 i ot A he ll r i Reported by Banks in New York'City 1931—Dec. 30 1,103. 3 166.2 29. 5 20. 9 12.6 467 2 18.7 149.2 864.3 58. 1 136.5 41. 8 2.6 1932—Dec. (Jan. 4, 1933) 949.4 89.4 67. 6 14. 2 6.4 433 7 11.5 96.1 719.0 43. 9 158.2 24. 8 3.5 1933—Dec. (Jan. 3, 1934) 907.1 197.9 65. 0 18. 1 12.5 258 1 16.8 83.9 652.3 34. 7 159.2 54. 6 6.3 1934—Nov. 282 827.1 201.3 94. 1 15. 9 8.5 178 8 10.7 60.2 569.5 84. 4 124.4 46. 2 2.6 Reported by Banks in United States 1934—Dec. 53 1,137. 8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (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—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Mar. 29 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 June 28 496.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 14.8 Sept. 27 485.7 66.0 8.7 9.6 2.9 67.1 12.2 41.6 208.1 49.7 108.5 104.0 15.4 Dec. (Jan. 3, 1940)._.. 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Jan. 31 533.0 56.2 5.3 7.2 5.1 52.3 13.7 49.5 189.1 40.1 110.2 184.6 9.1 Feb. 28 531.4 44.7 5.4 5.7 5.5 51.8 15.5 49.3 177.9 44.2 109.8 190.3 9.2 Mar. (Apr. 3) 527.5 39.7 4.9 6.7 6.2 50.1 16.9 48.6 173.2 42.2 110.7 192.6 Apr. (May 1) 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 May 29 475.0 30.1 7.9 3.2 5.0 47.3 18.3 44.6 156.5 26.7 113.3 169.5 9.0 June (July 3) 475.0 32.0 6.2 2.6 3.8 47.3 14.2 41.0 147.2 35.3 117.0 167.9 7.7 July 31.... 444.9 28.2 4.5 1.9 2.5 46.6 9.6 36.6 130.0 31.3 116.3 159.8 7.5 Aug. (Sept. 4) 386.0 22.6 4.2 1.2 1.9 46.0 4.1 34.9 115.0 31.2 112.3 118.6 8.9 Sept. (Oct. 2) 385.5 20.2 3.5 1.1 1.5 45.6 2.8 34.8 109.4 30.8 113.1 125.7 6.4 Oct. 30 393.4 19.6 3.7 1.0 1.9 44.0 3.3 33.3 106.8 32.4 123.1 124.9 6.3 Nov. 27 395.1 21.4 4.3 1.1 1.9 43.0 2.2 32.0 106.0 29.7 125.9 126.2 7.3 Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Jan. 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. 26 383.0 20.7 3.1 .8 3.8 38.2 1.7 31.0 99.4 30.8 115.1 131.0 6.6 Mar. 5 394.2 19.7 3. 1 .9 3.2 38.0 1.7 30.3 96.8 30.8 123.0 137.0 6.7 Mar. 12 407.0 23.0 3.1 .8 3.4 37.9 1.9 30.4 100.5 32.0 125. 4 141.5 7.5 Mar. 19 402.9 23.8 3. 1 .8 3.3 35.9 1.8 29.8 99.5 32. 2 124.4 139.9 6.9 Mar. 26 403. 7 23.9 2.8 . s 3. 1 36.2 1.7 30.2 98.8 33.7 123.7 140.2 7.2 Apr. 2 391.7 210 2.8 !s 3.1 36.1 1.7 30.1 98.6 30. 9 121.6 133.4 7.2 Additional Detail Available from January 3,19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu el m - D m e a n rk - l F a i n n d - N w o ay r- S d w en e- Total g t A i e n r n a - - B z r 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 P Is p h l i a i n l n i e p d - s 1940—Jan. 3 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16,8 32.2 9.7 10.5 5.9 1.0 152. 5 22.0 1.9 102.1 26.4 Jan.31 22.2 7.2 3.7 1.2 3.7 6.5 71.5 12.9 31 ? 9.6 10.4 6.5 .9 161.9 22.5 1.6 111.2 26.6 Feb. 28 20.4 7.4 2.9 .8 4.0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 .9 168.0 25.4 3.2 111.2 28.2 Mar. (Apr. 3) 19.4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26.1 1.7 125.9 28.9 Apr. (May 1) 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 May 29 14.1 5.1 1.1 1.5 2.4 4.2 73.9 16.4 32.1 9.5 9.8 5.0 1.1 160.1 24.5 1.9 103.2 30.5 June (July 3) 10.6 3.4 .7 1.5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90.6 32.7 July 31 9.1 2.9 .4 1.6 1.3 2.8 75.6 16.4 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 6.1 103.8 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. 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 Mar. 5 5.0 1.3 1.9 1.0 69.5 10.4 25.1 14.2 11.3 5.9 2.5 120. 8 23.5 .9 73.9 22.6 Mar. 12 4.9 1.3 1.9 1.0 72.9 10.2 29.9 13.6 10.6 5.9 2.6 124.6 24.4 .8 76.6 22.7 Mar. 19 4.9 1.3 1.9 1.0 73.1 10.2 29.8 13.7 11.4 5.5 2.5 124.0 25.0 .9 77.4 20.6 Mar. 26 4.7 1.3 1.9 .8 72. 1 10.2 30.5 13. 0 10. 5 5.4 2.4 122.7 24.6 .9 77.5 19.6 Apr. 2 4.8 1.3 1.9 .9 71.1 10.4 30.0 12.2 10.7 5.4 2.5 115. 2 26.5 .9 67.3 20.4 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. * 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). 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS is A su ss e e t d s e o p f t. Assets of banking department Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d i s n s m te i r l l l i i n o g n ) s of Goldi a O ss t e h t e s r 2 C C o a in sh rese N rv o e t s es a c v n o D a d n u i c s n a - e t d s s - S t e i c e u s ri- ci t r i c o u n la s - Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - 1929—Dec. 25- 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930-Dec. 31_. 147.6 260.0 38.8 49.0 104.7 368.8 132.4 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- 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—May 29- .2 580.0 1.4 23.4 2.9 171.6 556.9 94.9 36.1 50.5 17.8 June 26— .2 630.0 1.5 28.1 4.7 174.6 602.2 82.7 58.0 50.3 17.9 July 31- .2 630.0 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug. 28- .2 630.0 .7 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25- .2 630.0 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 30.- .2 630.0 .5 38.7 3.0 153.3 591.6 108.0 18.3 51.5 17.7 Nov. 27- .2 630.0 1.0 36.9 6.9 161.2 593.3 110.8 27.1 50.3 17.8 Dec. 25- .2 630.0 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Jan. 29—. .2 630.0 1.0 31.0 3.8 175.4 599.2 107.9 32.4 53.0 18.0 Feb. 26... .2 630.0 1.4 27.0 3.7 175.4 603.2 121. 7 14.6 53.0 18.1 Mar. 26.- .2 630.0 1.1 18.8 45.3 145. 8 611.5 118.6 22.0 52.3 18.1 Apr.30__. 5 680. 0 1.5 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 May28p_. '.2 680.0 1.6 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- For- vances (Figures in millions of francs) eign to Short- Other Note Other Gold* ex- Open Spe- Gov- term Other assets circula- Govern- liabilichange market7 cial 7 Other ern- Govern- securi- tion ment Other ties ment 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 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 3,211 8,288 83, 412 3,718 15, 359 1,907 1935—Dec. 27- 66,296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60, 359 1,460 5,640 1,379 8,465 17, 698 715 3,583 8,344 89, 342 2,089 13, 655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31, 909 675 3,781 7,277 93, 837 3,461 19, 326 3,160 1938—Dec. 29,. 87.265 821 7,422 1,797 7,880 20,627 443 3,612 14,442 110,935 5,061 25, 595 2,718 1939—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 3,166 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, 694170,853 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 Dec. 26 9. 84, 616 42 43,194 661 3,646 1O136,217 721 3,967 18,491 218, 383 !,68, 602 3,586 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce. 3 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. 4 Fiduciary issue increased by £50,000,000 on April 30, 1941. « 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, see BULLETIN for July 1940, p. 732. 8 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund. 9 Figures taken from annual report of Bank for 1940, giving the only statement of the Bank's position which has been made public since June 10, 1940. J° By a series of Conventions between the Bank of France and the Treasury (for further details see BULLETIN for May 1941, p. 481) advances of 143,000,000,000 francs had been authorized through Dec. 26,1940, including 73,000,000,000 francs to meet the costs of the German army of occupation. Of the amount actually advanced on this date, 72,317,000,000 francs had been utilized for the latter purpose. By subsequent Conventions dated Jan. 20 and Mar. 22, 1941, the amount of authorized advances for occupation costs was increased to 85,000,000,000 and 100,000,000,000 francs respectively. ii Includes 41,400,000,000 francs due to the Central Administration of the Reichskreditkassen. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83. JULY 1941 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities (Figu r R r e e e i s c i c h i h n s s m m b a a i r l n k li k s o ) ns of R re e f T s s o e o e r r e r t v v a ig e l e n s s o e f x c g G h o a o l n d ld g a * e ndB i T c n i h l r c b l e e l s i u c a ll k s d ( s a u s in n ) r , y g d Se lo c a u n ri s ty E a c s li o g n v i o S e b r t e l e e curiti O es ther a O s t s h e e ts r c N i t r i o c o u t n e la- Deposits l O i t a i t e b h s i e li r - 1929—Dec. 31. 2,687 2, 283 2,848 251 92 656 5,044 755 736 1930—Dec. 31. 2, 685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30.. 396 386 3, 226 183 259 322 735 3,645 640 836 1934—Dec. 31. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31_. 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31.. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31.. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30.. 78 11,392 30 804 393 2,498 11, 798 2,018 1,378 1940—May 31.. 12, 569 31 142 363 2,135 12, 594 1,470 1,253 June 29.. 12,611 25 143 454 2,595 12, 785 1,854 1,266 July 31.. 12,613 28 114 408 2,377 12, 750 1,620 1,248 Aug. 31.. 12, 891 31 56 419 2,448 13, 026 1,608 1,287 Sept. 30_ 13,206 16 50 422 2,184 12, 847 1,795 1,314 Oct. 31-_ 13, 069 31 56 425 2,240 12, 937 1,610 1,352 Nov. 30. 13, 532 26 51 427 2,223 13,198 1,706 1,433 Dec. 31.. 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Jan. 31- 14, 503 28 28 349 1,834 13, 694 1,726 1,399 Feb. 28.. 15, 284 34 24 351 1, 445 13, 976 1,935 1,305 Mar. 31. 15, 367 23 32 352 1,672 14,188 2,127 1,210 Apr. 30.. 15, 644 32 22 488 1, 548 14, 689 2,006 1,117 May 31P 15, 918 23 18 (2) 15, 210 2,012 (2) p Preliminary. 1 Not shown separately on Reichsbank statement after June 15, 1939. 2 Figures not yet available. NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. Central Bank 1941 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine National Bank of Bohemia and Mo- (Dec. Republic (millions of pesos): ravia—Cont. 1940)i Gold reported separately _ 1,071 1,071 1,224 Other assets (4) 6,566 Other gold and foreign exchange- 302 291 183 Note circulation _ _ 6, 453 5,601 Negotiable Government bonds 333 296 199 Demand deposits 1,560 839 Rediscounted paper . 33 46 Other liabilities (4) 3,437 Other assets 211 205 228 Central Bank of Bolivia (thousands Note circulation ______ 1,231 1, 223 1,185 of bolivianos): Deposits—Member bank 497 486 423 Gold at home and abroad 104, 959 103, 552 95, 271 Government... _ 152 131 150 Foreign exchange 42 607 57, 875 52, 077 Other 4 3 3 Loans and discounts 224,182 216, 058 150,107 Foreign exchange sold forward 6 6 20 Securities—Government 440, 344 442, 886 430,104 Other liabilities _ _ _ 60 60 53 Other 8,513 7, 503 13, 320 Commonwealth Bank of Australia Other assets 202, 454 186, 850 121, 885 (thousands of pounds): Note circulation 508, 348 494, 616 413, 887 Issue department: Deposits __ _ __ 422, 463 427, 400 346, 100 Gold and English sterling 17, 705 17, 705 16, 082 Other liabilities ... 92, 248 92, 709 102, 777 Securities 49, 125 46, 645 45, 545 National Bank of Bulgaria (mil- (Oct. Banking department: lions of leva): 1940)i Coin, bullion, and cash. _ 2,969 3.090 4, 430 Gold 2,006 2,006 London balances 57, 253 55, 573 40, 394 Net foreign exchange in reserve _ 4 4 Loans and discounts 22, 397 22. 360 34,174 Foreign exchange. _ 1,472 1,664 Securities 42, 484 45, 947 35, 497 Loans and discounts 2, 749 1,260 Deposits _ 116, 670 119.062 106, 778 Government debt. . 3,373 3,393 Note circulation. _ _ 65, 619 63,119 52, 775 Other assets 2,756 2,155 National Bank of Belgium (millions Note circulation 6,262 4,510 of belgas): (Feb.)1 Deposits ... __ __ __ 3,119 3,460 Gold 4,331 Other liabilities 2,980 2,514 Foreign exchange 461 Bank of Canada (thousands of Ca- Credits to State and public bodies 1, 954 nadian dollars): Credits to private economy... . 172 Golds Due from Bank of Issue, Brussels 447 Sterling and United States ex- Other assets 499 change 216, 280 133, 994 69, 493 12, 601 Note circulation 7 409 Canadian Gov't. securities: Demand deposits. 300 2 years or less___ 375, 523 372, 484 411,142 417, 421 Other liabilities .... .. 155 Over 2 years _ _ __ 126, 482 118,151 114,489 93,995 National Bank of Bohemia and Mo- (Dec. Other assets.__ 9, 911 12, 813 16, 974 23, 074 ravia (millions of koruny): 1940)i Note circulation 379,426 372, 597 365, 323 230, 373 Gold 2 _ _ 1,447 1,596 Deposits—Chartered banks 239,789 228, 857 207, 994 238, 305 Foreign exchange 785 728 Dominion Gov't 88, 579 18, 248 17,052 52, 719 Discounts 24 445 Other _ 5, 382 3,770 8,311 7,532 Loans _ __ .. _ (3) 542 Other liabilities _ _ _ 15, 020 13,971 13,417 18,163 1 Latest month for which report is available for this institution. 2 Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. 3 Less than 500,000 koruny. 4 Figures not yet available. 5 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). 710 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) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of Chile (millions of Bank of Finland (millions of pesos): markkaa): Gold 147 147 146 Gold ... .. ._ 604 604 Discounts for member banks 224 204 116 Foreign assets 1.234 1,379 Loans to Government 742 742 750 Loans and discounts 5, 531 5,447 Other loans and discounts 496 486 356 Domestic securities 400 403 Other assets 118 74 50 Other assets 1,849 1,500 Note circulation 1,212 1 172 1,031 Note circulation 5,798 5,724 Deposits- Deposits 572 512 Bank 206 173 143 Other Liabilities 3,248 3,097 Other 73 86 78 Bank of Greece (millions of drach- Other liabilities _ _. 235 221 165 mas) : (Feb.)i Bank of the Republic of Colombia Gold and foreign exchange (net) 16, 873 4,430 (thousands of pesos): Loans and discounts 15, 307 14, 692 Gold 28, 405 29, 973 31, 451 39, 699 Government obligations 4,049 4,105 Foreign exchange. _. _ 29,140 21,771 15, 852 3,912 Other assets 3,404 2, 751 Loans and discounts 16 728 18 303 18 774 21 864 Note circulation 17, 039 11,004 Government loans and securities.. 55, 487 58, 498 58, 704 38, 606 Deposits 20, 182 13,056 Other assets 34, 456 36, 019 35, 988 29,781 Other liabilities 2,412 1,917 Note circulation 65, 477 62, 272 61, 416 53, 785 National Bank of Hungary (mil- Deposits 58, 600 63, 091 59, 831 53, 679 lions of pengo): Other liabilities __ _ 40 139 39 202 39 521 26, 398 Gold 124 124 124 National Bank of Denmark (mil- Foreign exchange reserve 28 27 59 lions of kroner): Discounts 844 729 647 Gold 105 105 117 Loans—To Treasury._. 732 610 343 Foreign exchange 24 28 9 Other 39 39 36 Clearing accounts (net) 479 485 71 Other assets 389 329 333 Discounts 9 9 34 Note circulation 1 681 1,369 1,040 Loans—To Government agencies 19 20 155 Demand deposits 182 177 186 Other 41 41 315 Consolidated foreign credits of 1931 51 51 Securities 156 160 190 Other liabilities 242 262 316 Other assets 641 610 116 Reserve Bank of India (millions of Note circulation . .. _ 719 707 703 rupees): Deposits.. 563 165 Issue department: (Feb.)i Other liabilities 192 196 138 Gold at home and abroad 444 444 Central Bank of Ecuador (thou- Sterling securities _ 1,405 1. 235 sands of sucres) • (Jan.)i Indian Gov't. securities __ 496 425 Gold 2 62, 023 31, 929 Rupee coin . 324 466 Foreign exchange (net) 15, 399 Note circulation 2,495 2, 485 Loans and discounts 55, 532 68,179 Banking department: Other assets 22 490 25 416 Notes of issue department _ 175 85 Note circulation 75, 046 62, 886 Balances abroad.__ . .. 672 199 Demand deposits 49, 443 36, 032 Treasury bills discounted... 28 Other liabilities 30, 955 26, 605 Loans to Government... __ 20 National Bank of Egypt3 (thou- (Dec. Investments... 71 87 sands of pounds): 1940)i Other assets 15 15 Gold 6, 241 Deposits . .. 786 315 Foreign exchange 1,928 Other liabilities . _ _. _ _ 146 119 Loans and discounts.__ _ 7,800 Bank of Japan (millions of yen): British, Egyptian, and other Cash, bullion, andforeign accounts 590 593 Government securities 58, 805 Special foreign exchange funds___ 300 300 300 Other assets ... 6,299 Advances—To Government .. 2 3 3 Note circulation 37, 309 Other? 539 652 522 Deposits—Government 2,480 Government bonds . 3, 623 3, 572 2, 652 Other 30 393 Other assets ... _ _ 559 489 Other liabilities.. 10, 890 Note circulation _ _ s 3, 928 4,197 3,186 Central Reserve Bank of El Salva- Deposits—Government. _ 838 938 745 dor (thousands of colones)' Other _ 404 121 169 Gold 13 233 13 242 13 232 Other liabilities 444 352 314 Foreign exchange 3,921 3,637 3,149 Bank of Java (millions of guilders): Loans and discounts 1 397 1 400 1 311 Gold9 327 336 147 Government debt and securities. 6,178 6, 536 4, 805 Foreign bills ___ 17 18 16 Other assets 1 494 1 420 1,231 Loans and discounts._. _ . 98 89 72 Note circulation 15 073 15 404 14 803 Other assets . 102 119 123 Deposits 4 891 4 576 5,018 Note circulation- 222 216 221 Other liabilities 6,259 6, 255 3,907 Deposits 286 310 109 Bank of Estonia (thousands of Other liabilities _ _ 37 37 28 krooni): (July Bank of Latvia (millions of lats): (July Gold and net foreign ex- 1940)1 1940)1 change 47, 846 45, 206 Gold 72 72 Loans and discounts 57 399 48, 851 Foreign exchange reserve 29 30 Other assets.. 47, 437 34, 084 Loans and discounts __ _ 234 212 Note circulation 88 492 62, 726 Other assets 45 46 Demand deposits 28, 285 34, 039 Note circulation- 123 104 Other liabilities 35, 905 31, 376 Deposits 204 202 Other liabilities _ 52 55 1 Latest month for which report is available for this institution. 2 Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre. 3 Items for issue and banking departments consolidated. 4 Included in "Other liabilities." 5 Less than 5C0,000 rupees. 6 No comparable figure available. Gold alone was reported at 501 million yen in May 1940. 7 Includes bills discounted, no longer shown separately beginning Mar. 29, 1941. 8 Reduction from previous month due largely to elimination from this item of notes held by Bank of Chosen and Bank of Taiwan. 9 Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder. JULY 1941 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1941 Central bank 1941 1940 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May N R B e a e d ( s n t t e h h e A S N N D G k D S D L O F O O L G O r G F r o e s t i o o o o v d o e o o e i t t t t o o ) o e l r u s h h h h r v a r e a p l p v l t t l r f : l s e c d e e e a d e e e e n d n e l o a o a i L o i i r r r n r r s * s g n s n g s n c c u i d B i i n l c a g a l n ( i i d t a t t n i i s r r i h e s s s s a a s a n n c c t b e s s e s — u n b b s d u u c B e e x i x o a k i i l _ l t l t l t c c f O l l l a n G s s u d a a o i s i h h n t t t t i d p i t o a i a i i i a s k h o i S e e o o o n v n c n f e s s n n u t ( o g e g g r ( a m n r e m u e t n s N e d n i r i u l m s t l e l e s b l o i ) s w e i o : s r o e n n i r n d t S s v s i e t Z a o a o r f e t y f e a l i l g c a t u u o u n n i i ) d l _ n - : - _ ) 20 2 , , 8 5 0 1 2 6 1 1 7 2 1 1 9 , , , , 4 8 2 2 1 1 5 1 1 0 1 5 0 0 2 6 4 6 7 2 1 3 8 8 4 6 8 1 9 9 1 ) 2 6 0 4 5 0 3 1 7 7 3 6 7 2 8 6 i 3 1 13 2 1 1 , , , , 2 8 2 2 1 1 7 1 1 6 0 0 6 6 6 7 0 6 3 7 1 7 6 1 1 3 2 8 6 0 3 6 6 2 7 6 9 9 8 0 5 8 S C S B w o e a f k u n r n i r a t s t N k D N D D L O O O G F O N D F O o O G O h r n s n a o o o o o i o e t t c t t o t e o o t t l s h h h h h r o r h A h a s m p m t l t l t N e e c e d e e e e e e ) n e o r e d e o f i i : o ) r r r r r a e r r s f r a 7 B g g s : c c c i u s n t n n c i s l a l a l a i i a i i t n t i d i i r a i r o r s s i s s n a a a g c c t c c e n a S s s s n b b s k b u h u d e u e x s e w a l i i i s t t l t l e t l c R o l l l l s s a a s a e i i i e p h o a l t t t t t e t t i d o a i i i f i n i s i B a s e e o e o o n e s s e b s s s n n ( a n n i g t r i t n a h n e v l s n e i e k e t t d i ) e ( B R m s i ( n m a e i v n l p i l e l k i u l o s — i b o t n m l n s i C c s e o n n o o o t t s f _ f _ f . - . . 6 3 2 3 9 2 2 1 2 3 1 1 , , , , , , , , , 9 1 6 1 4 8 6 2 2 2 7 2 3 7 7 3 0 5 1 0 3 9 0 2 4 5 3 4 4 8 8 8 7 2 8 1 3 2 6 3 8 3 3 3 5 0 5 6 1 2 8 0 4 2 6 3 3 2 5 2 2 8 3 9 1 4 1 1 , , , , , , , , , 1 8 2 5 2 2 2 1 3 7 7 6 4 5 4 5 5 5 4 3 9 1 4 0 1 5 3 8 8 6 2 7 9 7 3 3 6 9 6 5 1 5 1 3 0 0 2 2 2 5 5 2 7 2 4 2 2 2 2 4 1 5 1 1 . . , , , , . , 4 9 8 4 0 3 2 5 2 1 3 1 1 6 6 3 2 1 4 5 1 6 2 6 7 3 6 2 7 6 8 4 3 9 0 4 6 6 1 6 9 1 1 1 2 5 4 9 5 4 4 8 5 9 6 8 7 Ba k n r k N D I O o O G F T n n o o o o e t t d v h h e r t m l t e e e d a e r e e o r i ) s l r r a f t g : c t a n m n a l i k d i r s a d c i e a s N b n u o d e n s i o g s t l m e t l s a s e s r i p w t t e t o i i s s e o a s t s n y i i t c s ( c m re i d ll i i t _ o s _ n s _ a _ n _ o d _ f _ 2 2 1 1 8 2 3 2 1 , , . , , , 8 8 6 7 6 7 , 5 7 7 1 7 8 4 6 3 7 0 7 2 2 1 0 8 2 3 1 1 , , , . , , 6 6 7 4 0 4 2 8 4 7 4 2 9 0 1 2 5 6 ( 2 2 1 M 2 2 2 3 7 , , , , , a 1 9 4 1 1 5 2 5 r 5 7 7 8 0 3 2 3 . 1 6 2 6 2 7 0 6 )i I | ' Tu N L S D G F O O r e o o k e o o t t c h h r a p e l t e u d e e n e y o I i r n r r s g s i c ( t i n l a i a i t c t i r e s s h n l a c e — s s e o d b u e x a u i l t c r G l d O s a s i h i n t i a t o t a i s i g n h o l n c e d d e n o g s a r s . e u c . — c n o o t f s F u p r n o e t e s unds): 4 4 1 1 1 0 4 6 3 7 9 9 1 1 1 4 9 6 2 1 9 8 0 , , , , , , , , , 1 7 3 2 0 0 3 7 3 8 8 3 5 9 5 7 0 5 9 2 1 8 9 3 8 1 7 3 2 1 1 1 2 8 6 7 9 2 3 0 4 7 5 2 6 3 9 9 8 0 , , . . , . , , , 1 4 8 6 7 3 9 7 2 2 6 1 6 5 0 8 2 0 8 4 0 3 9 6 4 6 1 4 8 securities Bank of the Republic of Uruguay N O o th te e D S L r e o c i c s a i a r o u s n c s o r s u e i u t t l i n s a e t t s i s on () 599 (th I B s o a s u u n s e N k G G a i n o o o d n d l t l g e d e d s p s d c a a o i e n r f r t p d c p m a u e s r e l s i a t n o l m t v t s i : e o ) e r : n nt: 10 8 7 6 1 6 , , , 2 2 7 3 3 0 5 5 0 9 2 8 3 1 6 . , , 4 3 2 5 7 3 4 2 5 Ce ( n th t O D r o a t e u h l m s e a r a n R n l d i d e a s s b e d o i r l f e v i p t s e i o o e s l s e i B t s s ) a — : nk O G t o h v o e f e r rnm Pe e r n u t- 112 9 N A O O o t d t g h h t v o e e e a v s r r n e l a a c r o s n n e a s s d m n e t s e c s t o n o a t i n n d S b t o a d d t i e i s e c s a o n u d n ts t . o _. 9 4 9 3 1 0 3 0 , , , , 5 7 5 8 4 5 8 4 0 4 3 0 9 1 1 5 1 1 0 6 0 , . . 1 5 3 9 0 7 0 6 7 N B a a l e i t n s o i N G O O L O c G N G D O D N k o O G G O n u n o s o t t o o t o e t o i o o t t o d h h h h a s h a h p l t n v l l t v o o c e d l e e d e n e e o e d e o - e f e o r r s r * r r s r f r s s r c r c ) a e l u B n i l s a r : n l i e a a i n s t i n i e r i r m s i s s m a n a e a g d c c s P ) t s s b n r d b s : u h e u e e e e o v k i f i r t l t n l t n l o l e r s v a d s a i i t t t l r t t t e t i u i e e i o i i i s a s d l e o e g o i x c f o g b e s s n n a c o ( a n i b l n h l u n R t i a e s n e t u n t i x t ) e ( s g m c s m e h a i a n l n l i i g a o e ns ( mi o l- f 1 1 F 3 2 5 3 5 3 5 1 2 4 2 1 3 0 2 0 1 1 1 1 e , , , , , , , , , , , , b 7 0 7 8 9 3 9 8 7 3 7 9 2 5 0 8 0 6 . 3 2 6 3 6 9 6 7 2 5 5 2 3 1 3 2 ) 7 1 0 7 1 5 1 7 7 5 5 8 6 3 3 8 4 1 1 1 3 2 4 3 1 1 1 1 6 2 9 2 7 1 1 9 5 1 1 6 , , , , , , , , , , , , , 0 1 0 3 1 4 1 9 4 4 3 5 0 4 4 2 5 3 4 3 6 3 2 5 9 5 2 5 4 7 9 9 5 3 0 9 3 1 4 4 6 7 1 0 8 6 4 8 6 1 3 N Ba a f m Y r n t a i u e k N N O G S G F L O O C G o n g n i n o o c a o a o o t t t o a g o t h h h a r s s a t l l s t c v h s e d d i l h e e e e n f D O l c 1 o e t i o 0 r r a r s g o ) r c n i ( r e v f t B o n n n s l u a h t : u i a a p i i h i r n a m s a n e a n n l g o c b e o s n r t b d d h u s x e a e d ( u k h I i s i w m t l l t r n c e l n s t a s d i a s i s h f t a l a t i a t i t n o i e i e t a i l b i n s t a d d n f h l e o n r c i i d b s s e n i n l o g o s n t e i b i b a n a h t e l u t a i t i t n s e b e n e t i o n i d r o i s t o f e k l e s n l K s f s s s a o t S d i l n n w i g n i d c a s S s u o r s e m r ) r t g : t e o l n o e l . d t - _ f . 2 1 ' 4 4 0 1 1 1 F 0 1 2 3 7 3 3 9 1 3 1 6 8 e , , , , , , , , , , , , , b 0 9 0 5 6 1 1 4 7 1 5 8 0 . 9 1 5 0 8 6 2 3 6 6 9 1 1 ) 7 7 1 9 5 6 3 1 8 S 5 8 0 0 1 0 3 1 1 2 4 0 9 1 1 8 6 0 7 6 2 3 3 3 1 1 1 , , , , , , , , , , , , 8 1 5 1 0 4 9 7 8 9 0 9 3 5 9 8 3 6 8 7 2 5 4 1 8 8 4 8 5 2 6 5 2 4 3 8 2 3 6 2 5 2 So s u a F O t n L S N G S O D G O h d o p p o t o o t t e o s h r e e h h a l A m t v e d c c e e e e n o e i f i i r r r a s g a a r f r c i n n l l n b l a c i a p i d r s i m a l e n a o c l b o s n x l b d u e d u e i s a c i l t l n e n n l l h R s d a a s i p t s d t a t i n e o i i s s n d « d e o s c s ) g s e e n : i o l e t b r o u s v t a a n e c n t s c s B o a u n n k t s (thou- 50,1 6 2 9 5 1 3 6 4 3 1 1 S 8 8 9 8 4 0 7 , . , , , . , , 5 8 7 5 8 4 6 8 7 5 6 6 9 1 4 8 3 0 8 3 9 2 5 7 3 8 2 3 1 6 6 3 2 5 1 1 1 3 1 9 3 6 8 8 4 6 1 , , , , , , , , . . 1 0 0 1 2 9 2 9 6 0 7 5 0 3 7 9 5 1 9 0 8 6 0 1 3 2 4 2 3 9 3 2 1 T S D R O S L O h u i o e e t t a c c m h h o n n d m n u o e e r g d i e C O c r u t s r r a r - e r - n c e e t f n c t y s t a l h e u t o n n e o d i s s r e n a u c ( t r b u m s r r m a b d i n i d n a e e t l s i t e l t l s t l a s c p d i ) s a b t o o e . b a : i t . d l s e p s n a e t e i i s o ) d n n t p . b s s k t o i i i e s l t n s ( r l s g i s v e : t f o s s o e a l t S s r d n p t ) d m e o ( c v w a e i c a n a n c r l t i s e o a a p u c c t s - - - _ 2 1 1 ! 3 2 3 3 9 4 2 3 1 5 3 4 2 2 1 8 , , , , , , , , , 3 2 8 5 8 4 5 6 9 4 5 6 3 4 7 5 2 0 1 6 0 8 3 7 5 7 9 2 2 1 1 2 1 4 2 3 9 1 9 3 4 2 1 3 2 1 2 , , , , , , , , , 3 3 1 3 0 7 0 8 2 9 3 3 1 1 7 0 4 6 5 3 6 6 0 4 1 3 3 1 Latest month for which report is available for this institution. i Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder 3 Figures not available. 4 On October 16, 1940, gold revalued on basis of average cost. 5 Gold revalued M!ay 19, 1940, at 0.0043 gram fine gold per leu, and again on April 1, 1941, at 0.0047 gram per leu. 8 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. 712 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 iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- b C an e k n tr o a f— l R Ju 3 a n 0 te e eff D ec a t t i e ve b C an e k n tr o a f— l R Ju 3 a n 0 te e eff D ec 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 Oct. 1, 1940 Mexico 4 Jan. 2,1941 Oct. 9 Oct. 16 2 Oct. 20 w Nov 26 2 IX 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 3-434 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 2X Denmark 4 Oct. 16,1940 Rumania 3 Sept. 12,1940 May 30 3 Ecuador 7 May 26, 1938 South Africa 3 June 2,1941 Sept. 28 3 El Salvador.. 3 Mar. 30,1939 Spain 4 i Mar. 29,1939 Oct. 27 . 2K Estonia Oct. 1,1935 Sweden 3 May 29,1941 Nov. 25 2X Finland 4 2 Dec. 3,1934 Switzerland _ IX Nov. 26, 1936 Jan. 4, 1939 ..._ . 2 Apr. 17 4 May 11 3 July 6 France 18/ Mar. 17, 1941 Turkey 4 July 1,1938 Aug. 24 4 Germany ^72 Apr. 9,1940 United King- Aug. 29 3 Greece 6 Jan. 4,1937 dom 2 Oct. 26,1939 Sept. 28 3 Hungary 3 Oct. 22,1940 U. S. S. R... 4 July 1,1936 Oct. 26 2 Italy May 18,1936 Yugoslavia. 5 Feb. 1,1935 Dec. 15 3 Jan. 25, 1940 2 Apr. 9 3H 1 Not officially confirmed. May 17 3M NOTE.—Changes since May 31: South Africa—June 5, down from Mar. 17, 1941 IX 3\i to 3 per cent. May 29. 3 In effect June 30, 1941 2 IX 2 3 3 IX OPEN MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month Bankers' Treasury Bankers' Private Private Money Loans Private ac 3 c m ep o ta n n th c s es 3 m bi o l n ls ths Da m y o -t n o e - y day o a n l lo d w ep a o n s c i e ts dis r c a o te unt Da m y o -t n o e - y day dis r c a o te unt 1 m fo o r nth m up o n to th 3 s dis r c a o te unt 1929—Apr 5.21 5.18 4.43 3H 6. 63 3.85 5.36 5.81 41/2-61/2 3. 45 1930—Apr 2.48 2.49 2.28 4.46 1.40 2.52 3.08 3A-5A 2.61 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 6 4 3 5 7 1 2 — — — — — — — A A A A A A A p p p p p p p r r r r r r r 2 2 . . . . . . . 5 5 5 5 5 9 1 5 5 9 9 8 6 9 2 2 . . . . . . . 5 5 5 5 5 0 8 7 1 0 2 3 7 9 2 1 . . . . . . . 7 1 7 6 8 9 7 5 7 5 1 8 1 5 iy2-i 1 l A X A A 3 2 4 5 3 3 3 . . . . . . . 9 6 0 8 8 1 3 0 5 0 7 7 2 8 5 3 5 1 3 2 2. . . . . . . 5 8 7 6 6 1 0 5 3 6 7 4 7 5 3 1 2 1 1 . . . . . . . 1 5 0 0 6 0 6 9 7 6 0 7 2 5 3 1 1 1 1 1 . . . . . . . 0 8 0 2 6 2 9 0 5 0 7 1 6 4 2 2 2 3 3 } 1 H / ^ 3 5 4 2 2 - - - - - - b 5 5 4 7 5 X H 2 1 1 1 1 1 1 . . . . . . . 0 8 5 0 5 5 2 0 0 0 6 0 0 5 1938—Apr .53 .51 .75 11 2.88 3.04 .13 .50 2H-5 1.00 1939—Apr 1.40 1.36 .76 2.88 2.36 1.11 1.24 2^-5 1.00 1940—Apr 1.03 1.03 LOO 2.38 L. 90 1.68 2.75 2X-5 1.25 y2 3-5 1940—May 1.03 1.02 1.00 y2 2.38 L. 98 12.20 i 3.21 3K-5H 1.41 June 1.03 1.02 1.00 X 2.38 L. 98 (2) (2) 33^-53/2 1.50 July 1.03 1.02 1.00 XA 2.38 L. 73 (2) 2.83 3^-5>£ 1.50 A Se u p g t 1 1 . . 0 0 3 3 1 1 . . 0 0 3 2 . 1 1 . . 0 0 0 0 X 2 2 . . 3 2 1 5 L 2. . 0 7 3 7 2 ( .2 2) 5 3 2 . . 0 6 0 8 3 3 H H - - 5 5 3 H ^ 1 1 . . 5 5 0 0 Oct 1.03 1.02 1.00 y2 2.25 .87 2.25 2.75 3^-53/9 1.31 Nov. 1.03 1.02 1.00 X 2.25 .93 2.25 2.75 1.25 Dec 1.03 1.01 1.00 X 2.25 .95 2.25 2.75 1.25 1941—Jan... ... 1.03 1.01 1.00 y X 2 2.25 1.73 2.25 2.75 3^-5^ 1.25 Feb 1.03 1.02 1.00 X 2.25 1.68 2.25 2.75 3^-5>^ 1.25 Mar 1.03 1.01 1.00 X 2.07 2.75 3J/2 53^2 1.25 Apr 1.03 1.01 1.00 1. 25 1 Figures are for period May 1-9, inclusive. 2 No figures available. NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. JULY 1941 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities (Fi p g o u u re n s d s i n s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s o l h n l t o e i a y c r n t e d at B co il u ls n d te is d - T re d r c e e e p a i o s p s u ts i r t y 2 Se t c ie u s ri- Loa e n rs s to a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time 3 lia O b t i h li e ti r es 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 (4) (4) 232 11 London clearing banks 5 1935—Dec3mber 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 1,026 252 1933—December _ . _ 243 160 250 635 971 263 2, 254 1,256 997 269 1939—December 274 174 334 609 1,015 290 2,441 1,398 1, 043 256 1940—May 257 144 499 633 972 2S0 2,413 1,382 1,031 261 June 270 166 384 636 933 295 2,469 1,443 1,026 264 July 262 146 415 25 653 910 271 2,454 1, 465 989 264 August 273 148 430 26 632 927 255 2,481 1,485 995 260 September 283 144 401 92 697 948 287 2, 597 1,570 1,027 260 October 270 137 373 183 723 948 284 2,661 1,635 1,026 254 November. ,__ 285 140 339 23) 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 279 131 259 341 789 926 269 2,757 1,729 1,027 247 February 234 123 210 330 814 915 272 2,709 1, 695 1,013 243 March 233 132 194 374 821 922 276 2,764 1,723 1,036 242 Aoril 293 137 188 461 820 897 274 2,829 1, 769 1,060 247 Liabilities Deposits payable in Can- Entirely in Canada Security ada excluding interbank Canada loans deposits 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 i a o n f d m o o ll n a t r h s) re C se a r s v h es S l e o c a u n r s ity a O n l d t o h a d n e i s r s- a a f n o f b d d r r r o e u o m i e n g a e d n t Se ti c e u s ri- a O s t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time l O ia t t i b e h i s e li r counts banks 1932—December. 211 103 1,104 155 778 500 115 1,916 538 1,378 821 1933—December . 197 106 1,036 134 861 482 121 1,920 563 1,357 775 1934—December. 228 103 977 155 967 491 124 2,035 628 1,407 761 1935-December. 228 83 945 141 1,155 529 111 2,180 694 1,486 789 1936—December. 240 114 791 161 1,384 554 103 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 1,646 612 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 June 272 39 1,067 184 1,583 521 93 2,706 1,098 1,609 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 1,563 529 2,800 1,145 1,655 841 October.... 310 41 1,138 177 1,520 526 2,778 "., 178 1,600 845 November. 313 41 1,128 174 1,513 514 2,758 ,132 1,626 837 December. 323 40 1.108 159 1,531 570 2, 805 ,163 1,641 846 1941—January... 312 36 1,092 164 1,677 522 2, 873 ,205 1,668 851 February.. 293 34 1,104 170 1,788 531 2, 989 ,302 1,687 850 March 296 35 1,115 178 1,766 521 2,972 ,270 1,703 858 April 325 31 1,109 189 1,820 544 3,064 1, 356 1,708 877 Liabilities France Deposits Own (4 large b i a n n m ks i . l lio E n n s d of o f fr 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 Time a a c n c c e e p s t- lia O b t i h li e t r ies 1932—December.. 9,007 1,766 22, 014 7,850 1,749 37, 759 36, 491 1, 268 295 4,331 1933—December.. 5,870 1,416 19, 848 8,309 1,827 32, 635 31, 773 862 273 4,362 1934—December.. 5,836 1,421 18, 304 8,159 1,717 30, 943 30, 039 904 193 4,301 1935—December.. 3,739 2,484 16,141 8,025 1,900 27, 553 694 337 4,399 1936—December.. 3,100 2,975 17, 582 7,631 1,957 28, 484 27, 955 529 473 4,289 1937—December.. 3,403 4,116 18, 249 7,624 2,134 30, 348 29, 748 600 661 4,517 1938—December.. 3,756 4, 060 21, 435 7,592 1,940 33, 578 33, 042 537 721 4,484 1939—December.. 4,599 3,765 29, 546 7,546 2,440 42, 443 41, 872 571 844 4,609 1940—January.__ 4,066 4,080 29, 808 7,756 1,745 42, 850 42, 302 548 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 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 \y8 per cent, callable by the banks in emergency under discount at the bank rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. 8 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. 714 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] Argentina Australia (peso) (pound) Bel- Brazil (milreis) British Bul- Canada (dollar) Chile (peso) China Year or month Official S E p x e p c o ia rt l Official Free ( g b i e u lg m a) Official Free ( I r n u d p i e a e) g (l a e r v ia ) Official Free Official Export S ( h h y a a u n i a ) g n - 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 101 006 10 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 "4.6666 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 _ _ 29.773 305.16 16. 880 6. 0562 5. 0214 30.155 90. 909 85.141 5.1668 4. 0000 6.000 1940—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 May 29.773 23.704 322. 80 321.19 6. 0575 5. 0600 30. 129 90. 909 87. 421 5.1660 4. 0000 5.255 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 ) ( m D kr e a o n r n - k e) (m l F k a i a a n n ) r d - k- F (f r r a an n c c ) e ( m m r G e a a i e r c n r k h - y ) s- G (d m r r e a a e ) c c h e - ( H K do o o l n n la g g r) (p H g e a u n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x so ic ) o ( N g l e u a t i n h ld d e e s r r - ) Z (p N e o a e u l w a n n d d ) 1933 81. 697 3.8232 19. 071 1. 8708 5.0313 30. 518 . 7233 29.452 22. 360 6. 7094 25. 646 28.103 51. 721 340. 00 1934 61. 780 4. 2424 22. 500 2. 2277 6. 5688 39. 375 .9402 38.716 29.575 8.5617 29.715 27. 742 67. 383 402. 46 1935 56.011 4.1642 21. 883 2.1627 6. 6013 40. 258 .9386 48.217 29. 602 8.2471 28. 707 27. 778 67. 715 391. 26 1936 57. 083 4.0078 22.189 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7. 2916 29. 022 27. 760 64.481 398. 92 1937 56. 726 3.4930 22. 069 2.1811 4. 0460 40. 204 . 9055 30. 694 19.779 5. 2607 28.791 27. 750 55. 045 396. 91 1938 - 55. 953 3.4674 21. 825 2.1567 2.8781 40.164 .8958 30. 457 19. 727 5. 2605 28.451 22.122 55. 009 392. 35 1939 57. 061 3. 4252 20. 346 1. 9948 2. 5103 40. 061 .8153 27. 454 19.238 5.1959 25. 963 19. 303 53. 335 354. 82 1940 57. 085 19. 308 1.8710 2. 0827 40. 021 .6715 22. 958 18. 475 5. 0407 23.436 18.546 53.128 306. 38 1940—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 May 57 022 2.0100 39 968 24 285 5. 0805 23.439 20. 537 322. 45 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 e n 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 i u 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. 676 403.50 383. 00 65. 830 37. 601 2. 2463 1940—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. C94 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 May 4. 0017 398. 00 9.130 47.107 23.839 23. 203 403. 50 403.10 65. 830 41.161 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: Chile—May 21-31; 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. JULY 1941 715 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 States Canada Kingdom France Year or month (1926=100) (1926=100) (1930=100) (1913=100) 1926. 100 100 U24 695 1930. - .__ 86 87 100 554 1931 73 72 88 500 1932 65 67 86 427 1933 66 67 86 398 1934 75 72 88 1935 80 72 89 1936 81 75 94 1937. 86 85 109 1938 79 79 101 1939 77 75 103 1940 79 83 137 1940—May 78 82 134 June 78 82 134 July 78 82 140 August. _ 77 83 140 September.- 78 83 141 October 79 83 143 November. . 80 84 147 December... 80 84 149 1941—January 81 85 150 February 81 85 150 March 82 86 151 April 83 87 151 M^ay 85 151 CO 00 Nether- Switzer- Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 134 237 106 i 126 144 125 85 181 90 i 103 126 111 75 153 76 i 94 110 97 70 161 65 i 92 96 93 63 180 63 i 90 91 98 62 178 63 i 96 90 102 68 186 62 100 90 411 104 76 198 64 102 96 581 106 89 238 76 114 111 653 106 95 251 72 111 107 2 681 107 3 97 278 74 115 111 110 311 4 88 146 143 110 312 89 142 135 110 308 (5) 143 139 111 306 146 141 111 306 146 146 111 308 148 152 111 310 154 156 111 310 158 161 111 312 159 164 111 313 162 167 112 317 164 168 112 322 168 170 324 326 p Preliminary. i Approximate figure, derived from old index (1913=100). 3 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. 6 No data available since May 1940. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u u al s c - ts p a r n F o d d a u r f m c o t o s d p I r n o tr d d ia u u l s c - ts p A ro g tu d ri r u c a u c l t l s - P s r io o n v s i- a p t f r n i I r i n d n o a i l d d s s h u u e r e c s a m d - w ts i- p tr I r i i n o s a d d h l u u e f d s c i - n ts - 1926 100 100 100 581 793 129 132 130 150 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 _ 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 ... 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1938 „ 69 74 82 97 104 641 663 106 91 94 126 1939 65 70 81 97 106 1653 i 707 108 193 95 120 1940 68 71 83 133 138 111 99 129 1940—May 68 71 83 128 136 112 98 128 June 66 70 82 130 136 112 98 129 July 67 70 82 134 142 112 98 130 August 66 70 82 136 142 112 99 131 September 66 72 82 140 142 111 99 131 October 66 71 84 143 142 110 99 131 November. 68 73 84 143 149 111 99 131 Dp.ofvmhfir 70 74 84 145 150 111 100 131 1941—January 72 74 84 145 152 111 100 132 February 70 74 84 144 153 111 100 133 March 72 75 85 144 154 111 100 133 April 74 78 86 144 154 112 100 133 May 76 80 87 113 100 132 i Average based on figures for 8 months. J 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. 716 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 19 n t 1 3 a 0 i 5 t t 0 e e - ) 3 d s 9 (J U = K u d n 1 l i o y n 0 i m t l 0 g e 9 ) - d 14(J F - ul r 1 iy a 0 o n 0 m c ) e 14 ; \ (1 = W =1 G ( 3 M e - r 1 ) ' ) 4 | : I N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s 1 ) r 3 - ! | j (J S e = u r w 1 n l 0 e a it l 0 n z 9 ) d - 14 Y m e o a n r t o h r 1 ! 1 ( U 1 S = 9 t n 1 3 a i 5 0 t t - e e 0 3 s d ) 9 (J U K u = d n l i o y 1 n i m t l 0 g 9 e 0 - d 1 ) 4 F = ( r 1 1 a 9 0 n 3 0 c 0 ) e ( = 1 m G 9 1 a 1 e 0 3 n r 0 - y - ) 14 N ( = 1 l e a 9 1 t n 1 0 h 1 d 0 e - s ) 1 r 3 - (J e S = u r w 1 n l i 0 e a t 0 l n z ) 9 d - 14 1932 87 126 536 116 I 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 i 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 j 122 i 127 130 1937.. 103 154 102 125 137 137 1938 98 141 702 122 130 130 1938.. 101 156 117 126 139 137 1939 95 141 2 742 123 ! 130 132 1939.. 99 158 3 ]22 126 140 138 1940 97 | 164 128 , 4 140 146 1940.. 100 184 130 5148 151 1940-May 97 I 159 129 143 1940-May 180 130 149 148 June 98 158 129 145 June 181 131 150 July 97 168 131 145 July 187 132 151 August 96 164 133 146 August 185 133 151 September 97 166 130 149 September 100 187 132 153 October. __ 96 169 127 152 October... 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 98 169 128 161 March ; 101 197 132 164 April 101 170 129 April 102 198 132 May 102 May I 103 200 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 749. 3 Average based on two quarterly quotations; no data available since May 1939, when figure was 123. 4 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 5 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 United United Germany (1926=100) Nether- ( p a S r v t i e a c r e t a e ) g s i e ( 1 K D 9 i 2 e n 1 c g = e d 1 m o 0 m b 0 e ) r (1 F 91 r 3 a = n 1 ce 00) (a p v r e ic ra e g ) e 2 N la e n th d e s r 3 - U S n ta it t e e d s K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 1 s 00) 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 8 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—May 79.4 116.8 100.7 83.0 73.1 112.2 June 78.5 113.4 100 8 73.3 64.9 112.6 July 81.2 116.4 100.8 76.1 63.5 112.8 August 81.5 117.8 100.9 77.5 65.6 115.9 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. f> February 84.5 121.9 102.8 74 3 75.9 70.5 133.0 March. 85.3 122.5 102.8 76.0 69.9 131.1 April 85.8 121 7 103 0 JO O 69 7 131 0 M"ay 86.0 73 0 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 ±y2 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. 668; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. JULY 1941 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Directory Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District 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 M. S. SZYMCZAK President 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 J. P. DREIBELBIS, Assistant General Counsel PAUL S. DICK E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary R. G. ROUSE, Manager of System Open Market Account 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of— Agent Boston Frederic H. Curtiss Henry S. Dennison.. R. A. Young.. W. W. Paddock.. William Willett 1 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... Warren F. Whittier Alfred H. Williams Frank J. Drinnen W. J. Davis E. C. Hill C. A. Mcllhenny 2 C. A. Sienkiewicz Cleveland.. Geo. C. Brainard.. R. E. Klages.. M. J. Fleming. F. J. Zurlinden.. Wm. H. Fletcher R. B. Hays W. F. Taylor 2 G. H. Wagner Richmond Robt. Lassiter W. G. Wysor Hugh Leach.. J. S. Walden, Jr J. G. Fry Geo. H. Keesee * Atlanta Frank H. Neely... J. F. Porter. W. S. McLarin, Jr.. Malcolm H. Bryan.. H. F. Conniff Chicago F. J. Lewis Clifford V. Gregory. C. S. Young H. P. Preston J. H. Dillard St. Louis Wm, T. Nardin... Oscar Johnston Chester C. Davis.. F. Guy Hitt O. M. Attebery C. M. Stewarti Minneapolis.... W. C. Coffey Roger B. Shepard... J. N. Peyton O. S. Powell E. W. Swanson Harry I. Ziemer 2 Kansas City.. R. B. C aid well.... 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 i 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 JULY 1941 719 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

redetal Publication* Copies of the publications and releases listed below may be obtained from the Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES DAILY Brokers' Balances. Released about the 20th of the month. Foreign Exchange Rates (for previous day). National Summary of Business Conditions. Re- WEEKLY leased about the 18th of the month. Monday: Business Indexes. Released about the 18th of the Condition of Reporting Member Banks in Lead- month. ing Cities. Bank Debits—Debits to Deposit Accounts, except Bank Debits—Debits to Deposit Accounts, except Inter-Bank Accounts. Released between the 6th Inter-Bank Accounts. and 12th of the month. Tuesday: Foreign Exchange Rates. Released about the 1st Money Rates—Open-Market Rates in New York of the month. City. (Also monthly). Department Store Sales—Percentage Changes by Thursday: Federal Reserve Districts and by Cities. Re- Condition of the Federal Reserve Banks. leased about the 22nd of the month. Condition of Reporting Member Banks in Central Department Store Sales—Percentage Changes by Reserve Cities. (Also included in statement Departments. Released about the end of the of Condition of Reporting Member Banks in month. Leading Cities, released on following Monday). QUARTERLY Department Store Sales—Index for United States 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 charts with space for plotting through 1942. 50 pages. 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 Resc;rve 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. 720 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. JULY 1941 721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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