Federal Reserve Bulletin, 1941-08

FEDERAL RESERVE BULLETIN AUGUST 1941 Review of the Month—Incomes, Supplies, and Prices The Tax Savings Plan Defense Savings Bonds Statistics of All Banks in United States BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Contents PAGE Review of the Month—Income, Supplies, and Prices. 723-728 The Tax Savings Plan. 729-731 Banks Participating in Sale of Defense Savings Bonds. 732 From a Legal Standpoint: Analysis of Restrictions in State Laws on Payment of Dividends by Banks and Trust Companies. 733-739 Proclamation Authorizing List of Certain Blocked Nationals and Controlling Certain Exports 739-740 Treasury Regulations on Reports of Foreign Owned Property 740 General Rulings and General Licenses Issued by the Secretary of the Treasury 740-744 Current Events 744 From the Board's Correspondence—Limitations Upon Individual Purchases of Defense Savings Bonds; Bank Deposits Not Altered by Purchases of Defense Savings Bonds 745 National Summary of Business Conditions. 746-747 Statistics of All Banks in United States. 794-798 Member Bank Earnings, 1940, by Size of Bank. 799-801 Financial, Industrial, Commercial Statistics, United States (see p. 7W for list of tables) 749-801 International Financial Statistics (see p. 80s for list of tables) . 803-819 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 820 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. 821 Federal Reserve Publications. 822-823 Map of Federal Reserve Districts. 824 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

Federal Reserve Bank of Atlanta Digitized for FRASER 104 Marietta Street, Atlanta, Georgia http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 27 AUGUST 1941 No. 8 , Jfujzplled, and upp Under the growing stimulus of an expand- of the advance is indicated by the fact that ing defense program, economic activity rose 44 of the 48 subgroups in this index were further in June and July and the higher than in March. The cost of living, situation Board's index of industrial produc- which had shown little rise before March, tion reached 162 in the latter month. advanced steadily thereafter and by July was This level compares with 104 before the out-about 5 per cent higher than in March and 8 break of the war and 115 before the inauguration of the defense effort in May of last COMMODITY PRICES year. Activity is currently at a point where dUGUST 1939" 100 (0 170 shortages are evident in many lines, par- 60 160 ticularly in the supply of metals and other basic materials. As in other recent months, 50 / 150 consumer demand has been unusually heavy, 40 / 140 28 BASIC COMMODITIES / particularly for automobiles and other dur- 30 / 130 able goods, and there has been active bidding / 120 \ 120 by manufacturers and distributors in antici- / pation of limitations on the supply of materi- 110 / N/ no —N^ / als and finished goods. Demand for agri- 100 100 cultural products and their manufactures has 90 90 also been unusually strong, reflecting in part 130 130 higher consumer incomes and Government 120 120 900 COMMODITIES purchases. Crop loan legislation has been 110 y no another factor in the market situation for 100 — —/ 100 these commodities. In these circumstances, commodity prices 90 90 120 120 have advanced rapidly since early March, not- 1 10 110 withstanding further action taken by govern- ' mental agencies to limit price increases. In the latter part of July basic commodity prices 90 90 as a group were one-fourth higher than early 1939 1940 1941 Bureau of Labor Statistics data; general wholesale price index in March and 50 per cent above the pre-war and cost of living index shifted to August 1939 base and monthly data for cost of living prior to September 1940 estimated by Fedlevel, as is shown on the chart. The increase eral Reserve. July 1941 estimated. in the average since March has occurred per cent higher than before the war. The notwithstanding stability in the prices of most marked increases were in prices of metals. The general index of wholesale prices foods and textiles. in July reached a point 20 per cent above the Higher rents, particularly in centers of depre-war level and the widespread character fense activity, have accounted for part of the 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month increase in the cost of living and real estate munities incomes have not increased to the values have been rising. Construction costs same extent. Increases in income have been have advanced considerably over the pre- arger in the metal and metal products induswar level, with increases in wage rates, prices tries than in most other lines of activity. of materials, and other costs. Preliminary estimates indicate that farm Yields of high-grade corporate securities income this year, with perhaps somewhat have reached record low levels and yields fewer people on farms, may be 17 per cent on some lower-grade obligations, especially larger than in 1940, reflecting generally inthose of the railroads, have also declined in Teased prices of farm products and, for the past year. Common stock prices have ome commodities, increased output. fluctuated moderately in an inactive market Wage and salary payments have risen about and at the end of July, after some advance, one-fourth since May 1940, reflecting for the were about half way between the high and greater part a sharp increase in the number low points of 1940. employed, including some people drawn in Total appropriations and contract authorifrom rural areas, and a rise in the average zations under the defense program, including number of hours worked. Payments to facdefense outlays by various civil departments tory workers have increased 55 per cent in and by agencies outside the Budget, amounted this period, as shown in the chart. The numby July to about $47,000,000,000 as compared with $39,000,000,000 in May and $6,000,000,- FACTORY EMPLOYMENT AND PAYROLLS 000 a year ago; including British Government orders the aggregate exceeded $50,- PER C NT • PER 180 180 000,000,000. 160 160 Cash expenditures under this broad program, including British Government orders, 140 / 140 totaled $9,800,000,000 by the middle of July 120 120 EMPLOYMENT V^^"" and recently have been running at a rate of 100 IOO PAYROLLS $1,100,000,000 a month. Such of these ex- 80 80 penditures as are reported on the daily Treas- 60 ury statements amounted to over $900,000,- 1939 1940 1941 000 in July. Latest figures shown are for June. As a result of increased activity growing ber of factory employees is up 25 per cent; out of the defense program, and also of higher the average number of hours worked per prices for various goods and week has increased over 10 per cent; and Ris!ng , . services, national income payaverage hourly earnings have risen 10 per national income _ , .. , , ments b y T June had advanced cent. Most of the rise of 4 per cent in hourly to a rate of about $88,000,000,000 a year, ap- earnings from May last year through the first proximately $14,000,000,000, or 19 per cent quarter of this year reflected an increase in higher than in May 1940, when the defense the amount of overtime work, for which program was initiated. Income changes of higher rates are paid; since that time a convarious individuals, groups, and areas have siderable part of the rise has reflected inbeen probably more uneven in this period creases in wage rates. than is usual at a time of expanding income. Profits of large industrial corporations In defense centers activity has been greatly have been about 25 per cent larger than durstimulated, population has increased, and ing the first half of 1940, notwithstanding people generally have had considerably more increases in taxes and other costs, and divimoney at their disposal; in many other com- 724 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month dend disbursements of all corporations have most part producers of nondurable goods, the been about 15 per cent larger. increase has been 25 per cent. Buying power arising from increases in Most, though by no means all, of the shortindividual incomes throughout the country ages that have developed have been in the has been offset to some extent by higher taxes, metal and metal products group, where conbut people generally have had more funds sumption of materials in the manufacture of available for spending or saving. The other finished products has risen more than proside of the economic equation is the supply duction of materials. What has happened in of goods available for purchase. this field is indicated roughly in the chart Currently supplies of most commodities are on page 726. Broadly speaking, since last larger than in May 1940, with output at a autumn output of basic metals, including ' much higher rate and stocks larger iron and steel and nonferrous metals, has Available j n ^ e aggregate. Increases in out- shown little further increase, while activity put have been general throughout in the industries producing a wide range the economy, except in agriculture and some of finished metal products—airplanes, ships, service industries, where there has been little machinery, railroad equipment, and automochange. Industrial production as a whole biles—has continued to increase. Some additional supplies of materials have been pro- INDUSTRIAL PRODUCTION vided by importation of such metals as copper INDEXES ADJUSTED FOR SEASONAL VARIATION, 1935-39 AVERAGE • 100 and lead, and exports of steel have declined. The most rapid increases shown have been in the airplane and shipbuilding industries 140 140 and there has been very sharp expansion in TOTAL >/ 120 _ y 120 the output of machine tools, of airplane engines and of turbines. Electrical machinery, 100 100 a substantial part of which is for defense 80 80 220 220 purposes, has risen more than "other ma- 200 / 200 chinery", which includes agricultural implements, textile machinery, and radios, but 180 / 180 these also have increased materially. The 160 METALS AND / f 160 marked rise shown for the railroad equip- METAL PRODUCTS / 140 y< / 140 ment industries is due partly to the arma- \_ J .*• ^ / ment work being done in these industries. 120 120 **——""ALLOTHER Automobile production has been at an un- 100 100 usually high level and has been taking substantial amounts of steel and other metals. 1939 1940 1941 ''Metals and Metal Products" includes metal mining, iron and With metal production already close to steel, nonferrous metals, machinery and transportation equipment. "All Other" includes nondurable manufactures, lumber capacity and with capacity in the finished and products, stone, clay and glass products, and fuels. Latest figures shown are estimates for July. In that month metals and products group being increased faster than metal products amounted to 70 points in the index of industrial production, or about 43 per cent of the total of 162 points. in the materials group, shortages in metals has risen by about 40 per cent since May last have appeared; priorities have been extended year. For industries producing metals and to a growing number of materials; and plans metal products, the increase has been much have been developed for sharp curtailment in greater, about 75 per cent, as is indicated on the use of materials for production of passenthe chart. For other industries, generally ger automobiles and some other consumers' less affected by military demands and for thedurable goods. AUGUST 1941 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month OUTPUT OF METALS AND METAL PRODUCTS value of their shipments was about 54 per cent larger. In both cases part of the increase reflected higher prices. Increases in inventories were most marked in industries making finished metal products and reflected to a considerable extent increases in goods in process. At department stores there was an increase of about 12 per cent in the value of stocks in this period. Orders outstanding meanwhile more than doubled. Sales, particularly of household equipment and furnishings, have been running considerably higher than a year ago and in the first three weeks of July were 23 per cent larger than in the corresponding period last year. Stocks of some agricultural products, such as grains and cotton, are larger than last summer but their prices are substantially higher. The supply of dairy products has been increasing. Marketings of livestock are no larger than a year ago owing to a reduction in the number of hogs available; current developments indicate the prospect of some increases in meat supplies eventually, but not during the remainder of this year. To increase supplies through importation is now more difficult than it was last summer on account of developments in the ocean shipping situation. Also domestic transportation facilities are being called upon to take care of "Metals" includes metal mining, iron and steel and nonferrous a greatly increased volume of business. Conmetals. The machinery series shown represent a breakdown, on the basis of man-hours data, of the machinery series regularly pub- sequently there is some question as to the lished. Latest figures shown are for June. adequacy of facilities for expeditious hand- In view of the generally tightening supply ling of the traffic during the period of peak situation, manufacturers, distributors, and seasonal activity in the autumn. consumers have bought more than they other- Generally speaking, the total volume of wise would, thereby hastening the shortages goods on hand and being produced is larger already developing. Buyers, however, have than in May 1940 but considerable and growoften not been able to obtain prompt delivery ing portions of these supplies are being earand in many cases increased buying has re- marked for military purposes or are othersulted in larger unfilled orders rather than in wise unavailable to the market on terms increased inventories. similar to those prevailing at that time. It Reports by manufacturers to the Depart- is the growing lack of supplies sufficient to ment of Commerce indicate that the value of match increased demands that has caused the their inventories at the end of June was 18 recent rapid and widespread rise in the genper cent higher than in May 1940 while the eral level of prices. 726 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month The rapid rise in prices in both wholesale quotations; they met with little trade acceptand retail markets beginning in March is ance, however, and on July 19 were raised shown on the chart on page about 10 per cent. With the announcement Rising 723. The increase in whole- of the upward revision of these prices, raw cotton advanced sharply and in the latter commodity prices . . . sale prices has been gen- part of July was between 16 and 17 cents per eral, including agricultural and industrial pound, considerably above the loan rate indiproducts, raw materials and finished prod- cated earlier for the coming season. ucts, domestic and imported commodities. The present price situation may be con- By June about 500 of the 900 series in the trasted with that in 1937 when prices reached wholesale price index of the Bureau of Labor a peak about as high as the present level and Statistics were higher than in February, then declined sharply, as shown in the chart. while only about 50 were lower. The outstanding difference is that now there The only important group of commodities is in prospect a continuous, strong and growshowing little change was the metals, whose ing demand for a wide range of products as a part of the defense program and as the result prices had been stabilized by governmental of a rising level of income caused by expendiaction. Since the middle of June prices of a tures for armaments. As a consequence of number of other commodities, including some this sustained demand, supplies of many com- WHOLESALE PRICES modities may be short for an indefinite 1926 AVERAGE FOR TOTAL = IOO period, whereas in 1937 supplies became excessive quickly when the demand of the expansion period proved short lived. Also high prices for grains and livestock products in 1937—prices higher than those reached thus far in 1941—reflected the temporary influence of sharply reduced supplies following the droughts of 1934 and 1936. Large crops in 1937 contributed to subsequent reductions in these prices while crops in prospect in 1941 are not expected by the Department of Agriculture to lead to declines in prices of these products. Metal prices also reached a higher level in 1937 but much of the demand was of a temporary nature and subsequently prices declined, whereas now they are prevented from rising mainly by Government 1934 1935 1937 1940 1941 action. Incomes and the supply of goods are Bureau of Labor Statistics data, with Federal Reserve classification of livestock and products and other farm products and both substantially higher now than in 1937. foods. July 1941 estimated. The economic situation may be summarized in another way. Ordinarily goods produced consumer goods, have been brought under appear presently on the market Federal control, and prices of most of the The main f i t those who have earned commodities affected have not advanced fur- o r sae 0 factors . . , . ,, ther. In a few instances, such as hides and an income in producing them. cotton goods, there were reductions. Maxi- The greater part of these goods are ordimum prices first issued for leading cotton narily available for consumer purchase and fabrics were about 15 per cent below market use; now, however, a growing proportion of 727 AUGUST 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month the national output represents armaments, How great this pressure on prices may be which do not appear on the market. Con- as the defense program develops further will sequently the supplies available for purchase depend partly on the nature of the transition are not increasing in proportion with in- from civilian to military production. This come payments and, unless an unusually will be important in determining how rapid large part of consumer income is saved or and how continuous further increases in inpaid out in taxes, the growth of buying come may be, and to what extent shortages power is reflected in a growing upward may develop. The effects of changes in inpressure on prices of such goods as are come and supply conditions in turn will deavailable for purchase. The existence of this pend in part on such regulatory measures as pressure on commodity prices has been re- may be adopted. They will depend also on flected for some time in a rise in wholesale the extent of improvement in the efficiency markets, where increases in consumer in- of operation and management that may be comes as well as changes in supply have been achieved, and the proportion of the increased anticipated, and more recently in retail income that will be absorbed in taxes or held markets. back as savings. 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Tax J3avin an $> THE Treasury announced on August 1 the These notes will be redeemed for cash at the sale of interest-bearing notes which may Federal Reserve Bank of issue at any time at be purchased in anticipation of tax payments. the price paid by the taxpayer. By purchasing such notes, which are avail- Notes of Tax Series B-1943 will be issued able in denominations as low as $25, tax- in denominations of $100, $500, $1,000, $10,payers can make provision for taxes on cur- 000, and $100,000. The amount of these rent income that do not come due until the notes which can be presented in payment of following year. If, for example, a taxpayer taxes is limited only by the amount of taxes purchases a $25 note out of each month's in- due. The Secretary of the Treasury, howcome from August to December of this year, ever, reserves the right to reject any and all he will have $125, plus accrued interest, to subscriptions. The notes will provide a reapply on payment of his 1941 Federal income turn of slightly less than 1/2 of 1 per cent tax, due in 1942. (about 0.48%) a year, but here, as in Series Besides helping the taxpayer meet his pay- A, in order to simplify computations, the rate ments, these notes have two other public ad- per cent will not be expressed. It will be vantages : they help reduce the danger of in- stated as 4 cents a month for the $100 denomiflation and they also provide the Government nation, 20 cents for the $500 denomination, with defense funds in advance of tax pay- and so on. There will be a schedule of values ments. printed on each note. These notes will be The notes will not be registered, but will redeemed for cash at the Federal Reserve have the purchaser's name and address in- Bank of issue, after sixty days and upon scribed thereon so that the Collector of In- thirty days' notice, at the price paid by the ternal Revenue can compare the purchaser's taxpayer. name with that on his tax return. They will Since the notes bear interest for as long as not be transferable; nor can they be used as two years, taxpayers may wish to use them collateral. Applications for purchases of in anticipation not only of next year's taxes both series of notes can be made through the but of those for the year following. taxpayer's bank and the bank may credit the The twelve Federal Reserve Banks, acting proceeds to its War Loan Deposit Account, if as fiscal agents for the Treasury, are arrangit has such an account. Applications can also ing for the general distribution of these notes. be made directly to the Federal Reserve Banks A description of the Tax Savings Plan has or to the Treasurer of the United States. been published by the Treasury in the form These notes may be used to pay any Fed- of a pamphlet, reading substantially as foleral income taxes (current and back personal lows: and corporation taxes, and excess-profits taxes). Notes of Tax Series A-1943 will be issued in denominations of $25, $50, and $100. The SAVE FOR TAXES amount of this series which can be presented in payment of income taxes will be limited to TO make it easier for taxpayers to meet the in- $1200 in any one tax year by any one tax- creased taxes required by the National Defense payer. The notes will provide a return of Program, the Treasury Department is offering for sale two series of notes, both dated August 1, 1941, about 1.92 per cent a year, but the rate per and maturing August 1, 1943. cent will not be expressed. For the $25 de- On January 1 of each year hereafter, two new nomination, it will be expressed at 4 cents a series will be provided so that a taxpayer can always month, $50 denomination at 8 cents a month, purchase notes during the entire year in which he is receiving his income for use in payment of taxes due and for the $100 denomination at 16 cents a the following year. The reason for the two-year note month. By following this method it is made is to permit a taxpayer, if he so desires, to begin savsimple to compute the cost of the notes to ing in January of one year and continue through that the taxpayer at the time of purchase, and the year to save for his taxes due the following year. value of the notes with accrued interest when All notes are sold at par and accrued interest. When presented in payment of income taxes they will used in payment of taxes. There will be a be received at par and accrued interest up to and inschedule of values printed on each note. cluding the month in which such taxes are paid. In- AUGUST 1941 729 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Tax Savings Plan terest will not accrue beyond the maturity of the Q. In what form should payment be made for notes. If not presented in payment of income taxes, these notes? they will be redeemed for cash under certain specified A. Remittance should be by check, bank draft, or conditions at the purchase price paid for the notes. money order, drawn to the order of the Treasurer of In other words, the taxpayer, if he redeems the notes the United States, as payee. for cash, gets back just the amount he paid. For further information, read the Questions and Q. Can a $100 denomination of Series A be ex- Answers that follow and consult the Purchase Price changed for two $50's or four $25's of that Series? and Tax-Payment Value Tables. A. Yes. Denominational exchange from a higher to a lower is permitted in either Series A or Series B. Applications for such exchanges should be made to the Federal Reserve Bank which issued the notes. an Q. Can the notes be purchased on a monthly basis? Q. Just what is the Treasury Department's TAX A. Yes. They were designed for that very purpose, SAVINGS PLAN? so that the taxpayer can save a specified amount each A. It is a plan starting1 August 1, 1941, to help the month and invest it in these notes which can later be taxpayer set aside money, during the year in which turned in to the Collector of Internal Revenue in payearned, to pay income tax bills due the next year. ment of income taxes. Q. How does the plan operate? Q. Who can buy the notes issued under the Treasury^ new "TAX SAVINGS PLAN"? A. By the taxpayer purchasing the special notes offered by the Treasury Department to be used in A. Only those who pay Federal income taxes should payment of Federal income taxes. buy these notes. The Series A notes, however, are especially designed for the small taxpayer. Series B Q. What are these notes? notes are designed for larger taxpayers, either indi- A. They are direct obligations of the United States vidual or corporate. issued in the form of Treasury notes and are dated Q. Can I use these notes to pay any kind of taxes? in the month in which payment is received. A. You can use them only to pay Federal income Q. Where may these notes be purchased? taxes (current and back personal and corporation A. Through local banks, from Federal Reserve taxes, excess-profits taxes). Banks, their branches, or direct from the Treasury Q. Wlmt happens to a person's Tax Savings notes Department, Washington, D. C. if he dies? Q. How much do they cost? A. The notes can be presented by the estate for A. The purchase price during each month is shown the payment of income taxes due from the decedent, in the tables on page 731. or they can be redeemed for the amount paid for them. For further instructions consult the Federal Q. Do these Tax Savings notes earn interest? Reserve Bank that issued the notes. A. Yes, provided they are used to pay income taxes. Q. Are these Tax Savings notes transferable? Q. How much interest do these notes earn? A. No. Nor can they be used as collateral. A. Series A earn about 1.92% a year; Series B notes about 0.48% a year. Q. Will the Tax Savings notes be registered? A. No, but they will have the owner's name and Q. How is the interest figured? address inscribed thereon so that the Collector of In- A. By specified monthly amounts so as to be easily ternal Revenue can compare the owner's name with computed on each denomination. See table on page that on his tax return. 731 for exact Purchase Price and Tax Payment Value of notes during successive months. Remember, none Q. Are the Treasury's Tax Savings notes taxable? of these notes earn interest unless used in payment A. The income from these notes is not exempt of income taxes. from Federal taxation. Q. What are their denominations? Q. Can I redeem my Treasury Tax Savings notes A. There are two series of notes as follows: for cash? A. Yes. Series A notes can, at the option of the Series A owner, be redeemed at the price you paid for them at any time without advance notice. Series B notes can $25, $50, and $100 each. (Amount acceptable be redeemed at the price you paid for them any time in payment of income taxes limited to $1,200 in after 60 days from the time of issue, upon 30 days' any one tax year.) notice. Series B Q. Where can I redeem them? $100, $500, $1,000, $10,000, and $100,000 each. A. At the Federal Reserve Bank that issued them, (Amount acceptable in payment of income taxes in accordance with instructions on the back of each limited only by the amount of taxes due.) note. 730 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Tax Savings Plan PURCHASE PRICE AND TAX-PAYMENT VALUE DURING SUCCESSIVE MONTHS The Tables below (covering 2-year period from August 1941 to August 1943) show the purchase price and the value of each note in any given month. This amount in each case includes the principal plus accrued interest. During the period when the notes are on sale—August through December 1941—the figure in each case is the purchase price of the note during that month. Thereafter, the figure in each case represents the Tax-Payment Value (amount for which the note will be acceptable during that month in payment of Federal income taxes). SERIES B-1943 SERIES A-1943 $50 $ioo $100 $500 $1, 000 $10, 000 $100, 000 1941 PURCHASE PRICE 1941 PURCHASE PRICE Atig $25.00 $50. 00 $100. 00 Aug $100.00 $500. 00 $1, 000. 00 $10, 000 $100, 000 Sept 25.04 50.08 100.16 Sept 100.04 500. 20 1, 000. 40 10, 004 100, 040 Oct 25.08 50.16 100. 32 Oct 100.08 500.40 1,000.80 10, 008 100, 080 Nov 25.12 50.24 100. 48 Nov 100.12 500. 60 1,001. 20 10, 012 100,120 Dec 25.16 50.32 100. 64 Dec 100.16 500.80 1,001.60 10,016 100,160 1942 TAX-PAYMENT VALUE 1942 TAX-PAYMENT VALUE Jan $25.20 $50. 40 $100. 80 Jan $100.20 $501. 00 $1,002. 00 $10,020 $100,200 Feb. 25.24 50.48 100. 96 Feb. 100. 24 501. 20 1,002. 40 10, 024 100, 240 MAR 25.28 50. 56 101.12 MAR.. 100. 28 501. 4'0" 1,002.80 10,028 100, 280 Apr 25.32 50.64 101. 28 Apr 100.32 501. 60 1, 003. 20 10, 032 100, 320 May 25.36 50.72 101. 44 May.__ 100. 36 501. 80 1, 003. 60 10, 036 100, 360 JUNE 25.40 50. 80 101. 60 JUNE 100. 40 502. 00 1, 004. 00 10, 040 100, 400 July.... 25.44 50.88 101. 76 July.... 100. 44 502. 20 1, 004. 40 10, 044 100, 440 Aug 25. 48 50.96 101. 92 Aug.... 100. 48 502. 40 1,004. 80 10, 048 100, 480 SEPT. 25.52 51.04 102. 08 SEPT.. 100. 52 502. 60 1, 005. 20 10, 052 100, 520 Oct.._._ 25. 56 51.12 102. 24 Oct 100. 56 502. 80 1, 005. 60 10, 056 100, 560 Nov. 25.60 51.20 102. 40 Nov 100. 60 503. 00 1, 006. 00 10, 060 100, 600 DEC... 25.64 51.28 102. 56 DEC._. 100. 64 503. 20 1,006. 40 10, 064 100, 640 1943 1943 Jan 25.68 51. 36 102. 72 Jan 100. 68 503. 40 1,006. 80 10, 068 100, 680 Feb.... 25.72 51. 44 102. 88 Feb . 100. 72 503. 60 1, 007. 20 10, 072 100, 720 MAR.. 25. 76 51.52 103. 04 MAR 100. 76 503. 80 1, 007. 60 10, 076 100, 760 Apr 25.80 51.60 103. 20 Apr 100. 80 504. 00 1,008. 00 10, 080 100, 800 May... 25.84 51.68 103. 36 May 100.84 504. 20 1, 008. 40 10, 084 100, 840 JUNE. 25.88 51. 76 103. 52 JUNE 100. 88 504. 40 1, 008. 80 10, 088 100, 880 July..__ 25.92 51.84 103. 68 July 100. 92 504. 60 1, 009. 20 10, 092 100, 920 Aug 25. 96 51.92 103. 84 Aug 100. 96 504. 80 1, 009. 60 10, 096 100, 960 Application For United States Treasury Tax Notes When completed, mail to Federal Reserve Bank, or branch, of your district, or make application through your bank or trust company. TAX SERIES A-1943—TAX SERIES B-1943 To the Federal Reserve Bank of Number of Notes Denomination Purchase Price Amount (See table the undersigned hereby applies for United States Treasury Notes of • Tax (Face value) above) (Total cost) Series A-1943 DTax Series B-1943 as Tax Series A $25 $.. indicated on the form to the left. (All remittances should be drawn to Tax Series A $50 the order of the Treasurer of the United States, as payee.) Tax Series A $100 Tax Series B $100 $.. (Purchaser's name—type or print plainly) Tax Series B $500 Tax Series B $1,000 (Signature of purchaser) Tax Series B $10,000 (Address of purchaser) Tax Series B $100,000 Notes will be forwarded by registered mail to address above unless other in- TOTAL AMOUNT OF PURCHASE (remittance herewith) $.... structions are given. AUGUST 1941 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Hanlt5 Participating in JSaLa t/efienle Jsaving5 Eona.5 UPON the basis of the latest reports received, according to the United States Number of banks Treasury, 9,699 banks, out of 14,846, have Number Percentage qualified as issuing agents for the sale and State qualified qualified issue to the public of United States Defense Total to sell Defense Savings Bonds of Series E. The number of Bonds banks so qualified is shown by States in the Alabama — 217 112 51.6 accompanying tabulation. As indicated by Arizona 12 11 91.7 this tabulation, 65 per cent of the banks of Arkansas 234 102 43.6 California 205 153 74.6 the country have qualified. Colorado 148 66.2 Banks can be of great service to their cus- Connecticut 202 164 81.2 tomers in qualifying as issuing agents for Delaware 45 30 66.7 Series E Bonds, inasmuch as such qualifica- District of Columbia. 22 21 95.5 Florida. 167 143 85.6 tion permits them to carry stock on hand Georgia 286 150 52.4 which may be delivered immediately upon Idaho. 50 31 62.0 receipt of payment. To qualify, banks should Illinois... 836 558 66.7 communicate directly with the Federal Re- Indiana 510 299 58.6 Iowa 643 394 61.3 serve Bank of the district, which will furnish Kansas 670 340 50.7 all necessary forms and instructions relating Kentucky 399 147 36.8 thereto. Louisiana. 146 87 59.6 United States Savings bonds, designated M Ma a i r n y e land 1 1 0 8 1 5 1 8 1 4 6 6 8 2 3 . . 7 2 Defense Series F and Defense Series G, are M assachusetts 405 322 79.5 issued only at the Federal Reserve Banks and Michigan 442 292 66.1 at the Treasury Department. Banks of the Minnesota 676 379 56.1 country are, however, participating in the M M i i s s s s i o s u s r ip i pi 2 6 0 2 7 8 3 1 1 2 3 2 4 5 9 8 . . 8 9 sale of these bonds, as well as Series E bonds, Montana 111 72 64.9 to the public by the acceptance of applications Nebraska 430 46.3 for such bonds from their customers and Nevada 11 72.7 others for transmission direct to the Federal N N e e w w J H e a rs m ey pshire 3 1 8 0 3 9 35 9 4 6 8 92 8 . . 4 1 Reserve Banks. New Mexico 41 33 80.5 A wide and successful distribution of De- New York 785 91.0 fense Savings bonds is obviously desirable, North Carolina 197 127 64.5 both from the point of view of the banks and North Dakota 163 91 55.8 Ohio 487 70.1 the general public. The sale of these bonds to Oklahoma 391 228 58.3 private investors, rather than to commercial banks, lessens the expansion of bank deposits P O e re n g n o s n ylvania 1,06 7 3 3 85 5 8 3 8 7 0 2 . . 7 6 and thereby tends to restrain consumer spend- Rhode Island 32 27 84.4 South Carolina 150 84 56.0 ing and to reduce the danger of inflation. South Dakota 162 103 63.6 The Bank Management Commission of the American Bankers Association, 22 East 40th Tennessee.... 104 34.9 Texas. 556 67.1 Street, New York, has prepared a bulletin Utah 60 42 70.0 Vermont 82 60 73.2 (Special Bulletin No. 83, April 1941) and Virginia 316 245 77.5 other material for the use of Association members in handling the sale of Defense Washington 140 94 67.1 West Virginia 180 128 71.1 bonds and stamps. The Treasury will also Wisconsin 573 357 62.3 supply material and information upon re- Wyoming 59 40 67.8 quest. 14, 846 1,699 65.3 732 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtont a Jleaat Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Analysis of Restrictions in State Laws on Payment of Dividends have been dealt with herein; and the seven by Banks and Trust Companies classifications of restrictions are based upon either a fair implication from the language This analysis shows, as of January 1, 1941, the provisions contained in the laws of of the laws or the express terms thereof. the several States, relating specifically to Except for certain provisions relating to the banks and trust companies, which restrict retirement of preferred interests,1 the analythe payment of dividends by such institu- sis deals with restrictions or limitations upon tions. The analysis has been prepared in the the payment of dividends as between different office of Counsel of the Board of Governorsclasses of stock or interests only where such of the Federal Reserve System with the as- restrictions or limitations may operate to consistance of the Counsel of the Federal Reserve tract or relax the restrictions or limitations Banks. upon the payment of any dividends whatso- The laws of each of the forty-eight States ever. Following the analysis will be found contain some provision of the type in ques- the citations to the State statutes upon which tion, and in a majority of the States there this study is based. are as many as four such provisions. As indicated both herein and in the tabular sum- (1) Payment only from net profits mary of the analysis set forth on page 737, The most common restriction is that rethis subject has been divided according to quiring dividends to be paid only from "net seven general types of provisions which are profits", "net earnings", "undivided profits", as follows: etc. (Compare 12 U.S.C.A., sees. 56, 60, 324; (1) Payment only from net profits. Federal Reserve Act, sec. 9, para. 5, and pp. (2) Payment conditioned on transfers of earn- 186, 189-190.2) While the laws of Maine and ings for maintenance of required surplus. (3) Payment conditioned on unimpaired capital Vermont are not entirely clear, all of the stock. States except Mississippi and South Carolina (4) Payment conditioned on unimpaired reserves may be considered as falling within this classagainst deposits. ification. In Maine this restriction appar- (5) Suspension or regulation of payment by banking authority or court. ently applies only to savings banks. (6) Payment conditioned on total or partial re- Some of the States, particularly Missouri, tirement of preferred stock, capital notes New York, North Carolina, Ohio, Oregon, or debentures, etc. (7) Payment of preferred stock dividends gov- Pennsylvania and Washington, have imposed erned by bylaws or charter rather than rather detailed methods for determining net general law relating to dividend payment. or undivided profits, while other States merely Attention is invited to the fact that the limit dividends to net or undivided profits banking laws of some States contain pro- without specifying any such method, e.g., visions which, by their general character, California, Colorado, Delaware, Maine, New might operate as, or give rise to, additional Mexico, Rhode Island and Vermont. The rerestrictions on dividend payments, e.g., pro- maining States indicate in a more or less genhibitions against engaging in unsafe or un- eral way that expenses, losses, etc., must be sound banking practices, or grants of broad supervisory power to the State banking au- 1 See Division (6) of this analysis. thorities. However, except for the few cases 2 Throughout this analysis, citations to the Federal Reserve Act in which the contrary is indicated, only provi- refer to "The Federal Reserve Act, as amended to Oct. 1, 1935," sions of law expressly relating to dividends published by the Board of Governors of the Federal Reserve System. AUGUST 1941 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint deducted in arriving at the sum available for to any dividends if the ratio of unimpaired dividends. apital funds to deposits is greater than 1 to 10 and if the banking authority gives its (2) Payment conditioned on transfers of earnings approval. for maintenance of required surplus This restriction was suspended in Vermont during the years 1933-1936, inclusive, and as Except for Mississippi, Tennessee, and to all dividends except those on common stock Rhode Island, all of the States have express during the years 1937-1940, inclusive. requirements that dividends be paid only if the required surplus or guaranty fund is un- (3) Payment conditioned on unimpaired impaired or, if below a required amount, that capital stock a portion of the earnings be transferred to The next most prevalent restriction is that such fund before the payment of a dividend. forbidding the payment of dividends which In Connecticut and Maine this restriction apwould create, or while there exists, an impairparently applies only to savings banks, and ment in capital stock; or, as found in some in New Hampshire it apparently applies only of the laws, forbidding any impairment of to savings banks and savings departments of capital stock by the payment of dividends or trust companies. In Iowa, Kentucky, Massaotherwise, except as may be expressly prochusetts (trust companies), Mississippi, Ne- vided by law. (Compare 12 U.S.C.A., sec. braska (if banking authority approves), New 56; Federal Reserve Act, pp. 189-190.) Re- Jersey and Wisconsin, this restriction (or strictions of this nature are found in the other provision relating to accumulation of banking statutes of all of the States except surplus, as in the case of Mississippi) has the following fifteen: Arizona, California, no application to dividends on preferred Delaware, Kentucky, Maine, Mississippi, stock. (Compare 12 U.S.C.A., sec. 60; Fed- Montana, New Hampshire, North Carolina, eral Reserve Act, p. 186.) Oregon, South Carolina, Utah, Vermont, While not expressly a restriction on the Washington and Wyoming. payment of dividends, the law of Mississippi While not expressly referring to dividends, provides that, until the required surplus is the banking law of West Virginia does proaccumulated, a portion of the "net earnings", hibit the paying out or withdrawal "in any after the payment of preferred stock divi- manner whatever, any part of the capital dends, must be carried to surplus. Aside of" a banking institution, except as may be from any express preference as to preferred provided by law. stock dividends and except as to banks organ- In Connecticut, Idaho and New Jersey this ized under a special statute reducing the restriction appears only in the law relating minimum capital stock requirements, the law to preferred stock dividends. The law of of South Carolina is similar in this respect Vermont, while containing no express restricto that of Mississippi. Neither of these States, tion of this kind, as indicated above, provides as indicated above, expressly requires that that preferred stock dividends may be paid dividends be paid from net profits. Also, the notwithstanding a capital impairment, so law of Maine relating to trust companies, long as the institution's assets exceed its while not containing an express restriction liabilities, other than capital liabilities, by of this nature on the payment of dividends, not less than ten per cent of its deposit liarequires that a portion of the "net earnings" bility. be carried to surplus until the required In this connection, attention is invited also amount is accumulated. A similar situation to the laws of North Dakota and South Daprevails in New Hampshire. kota requiring a bank to retain, and apply Savings banks in Rhode Island must re- against any unpaid liability of a shareholder serve a guaranty fund from "net profits"; to the bank, any dividend on his shares. but, as noted above, this State does not ex- Although beyond the precise scope of this pressly condition the payment of dividends analysis, it seems desirable at this point to upon the accumulation or maintenance of a refer to the general rule of law under which guaranty fund or surplus. it is regarded as a misfeasance for directors In Wisconsin, this restriction, in addition to dissipate or diminish the paid-in capital to being inapplicable to preferred stock divi- of a corporation in any way not authorized dends, as indicated above, has no application by statute. In addition, the statutes relating 734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint to corporations generally and related bank- serve assets or protect depositors", and after ing statutes, such as those discussed under hearing before the court, the judge thereof divisions (1) and (2) of this analysis, should may "make an order restraining any bank, be consulted with reference to the status of savings bank, trust company or private the law in those States indicated above as banker" from, inter alia, "declaring or paying having no express statutory restriction in dividends on any deposits or capital stock for their banking statutes covering the payment such time as such judge shall deem necesof dividends while there exists, or which sary." This latter provision of the Connectiwould create, an impairment in capital. cut law is substantially the same as that found in the laws of Maine. (4) Payment conditioned on unimpaired reserves The law of Mississippi provides that, after against deposits hearing, the State Comptroller shall order A provision similar to that contained in the any bank or trust company not to pay a Federal Reserve Act, sec. 19, para. 9 (12 "dividend upon its common stock until further U.S.C.A., sec. 464), forbidding the payment ordered by him", if he is "of the opinion that of dividends while the required reserves the condition" of any such institution makes against deposits are impaired or until any such action desirable. such impairment is corrected, is found in the The Bank Commissioner of New Hamplaws of twenty-five States, namely, Arkansas, shire "may regulate * * * the payment California, Colorado, Connecticut, Delaware, of dividends" by any institution under his Florida, Georgia, Indiana, Kansas, Michigan supervision "whenever and during such time (see comment in next paragraph), Minne- and to the extent that he deems such action sota, Nebraska, Nevada, New Jersey, New necessary for the protection of its depositors Mexico, New York, North Carolina, North and other creditors." Dakota, Ohio, Oklahoma, Oregon, Pennsyl- The law of Indiana in this regard provides vania, Rhode Island, Tennessee and Wyom- that the Department of Financial Institutions ing. However, in Connecticut and Rhode may make rules and regulations for the estab- Island this restriction apparently does not lishment of, inter alia, "the rate of dividend apply to savings banks. declared or paid by any mutual savings bank", In Michigan a substantial variation pre- which rules and regulations "may apply to vails in that the law conditions the declara- one or more financial institutions and/or to tion of dividends upon the absence of losses one or more localities * * * as the deequal to or exceeding the "undivided profits partment, in its discretion, may determine." and reserves then on hand." The law of New York provides that the New York Banking Board may prescribe the (5) Suspension or regulation of payment by banking rates of dividends which may be paid on deauthority or court posits with any savings bank, which rates Apparently, nine States have express pro- need not be uniform; and the Board is also visions of law subjecting the payment of divi- given express power to "prohibit the payment dends to a veto or other restrictive regulatory of * * * such dividends." power of the banking authority or court. The laws of Oregon and Washington pro- These States are Connecticut, Indiana, Maine, vide that the banking authority of each such Mississippi, New Hampshire, New York, State, in its discretion, may "suspend the North Dakota, Oregon and Washington. Be- payment" of any dividends by banks or trust cause of the nature of the restrictions dealt companies "until all requirements made" by with in this and the following division, they such authority or its examiners shall have will be discussed more fully. been complied with. Suspension of dividend Under the law of Connecticut the Bank payments by the State Banking Board of Commissioner may, if it appears that the North Dakota is more limited in that such assets of "any savings bank" at their "fair power is conditioned upon the existence of an market valuation" are "insufficient to pay its impairment in capital stock. obligations", order a "reduction in the rate or In addition to the laws of the nine States suspension of dividends" until the aforemen- just discussed, attention is invited to the protioned insufficiency is corrected. The law of visions of law in certain other States giving Connecticut also provides that after citation the banking authorities power to relax reby the Bank Commissioner, in order "to pre- strictions in the law relating to distribution AUGUST 1941 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint of earnings. The law of Massachusetts pro- While it is not entirely clear, the law of vides that the net income restrictions on the Maine appears to forbid only the payment payment of dividends by mutual savings of liquidating, as distinguished from ordibanks may be obviated "upon written ap- nary, dividends on common stock until after proval of the commissioner." The law of the retirement of certificates issued to deposi- Vermont provides that with the consent of tors in the matter of reorganization of trust the Bank Commissioner, and if "the best in- companies. Maine has been omitted, thereterest of its depositors so require,", a mutual fore, from the list of States falling within savings bank "may pay interest on deposits this classification, since it is not the purpose at not to exceed three and one-half per cent of this analysis to treat the subject of liquiper annum, irrespective of other provisions dating dividends, as distinguished from ordiof law." In this connection see also those nary dividends from earnings. provisions in the laws of Indiana, Iowa, Ne- Generally, the laws of both Massachusetts braska and Wisconsin, discussed elsewhere and Michigan provide that as a condition to herein,3 which permit relaxation of certain the payment of common stock dividends, the restrictions on the payment of dividends with requirement of the preferred stock retirethe consent of the banking authority. ment fund, if any, must be complied with. (Compare 12 U.S.C.A., sees. 51a-51c, 60; (6) Payment conditioned on total or partial retire- Federal Reserve Act, pp. 171-172, 186, 244ment of preferred stock, capital notes or deben- 245.) tures, etc. The New Hampshire law provides that no Ten States appear to have laws expressly "dividends on stock or shares issued and outrequiring that, as a condition to the payment standing at the time of the first issue of preof dividends, provision must be made for the ferred stock or shares * * * shall be deretirement of preferred stock, capital notes clared or paid until all preferred stock or or debentures, or claims of depositors and shares * * * shall have been retired uncreditors deferred in reorganization or re- less such preferred stock or shares otherwise sumption of business. These States are Indi- provide." In addition, the New Hampshire ana, Iowa, Massachusetts, Michigan, New law relating to the reorganization of trust Hampshire, New Jersey, New York, South companies provides that no dividends shall Dakota, Vermont and Washington. be declared or paid, except on preferred The law of Indiana provides that if a "part shares, until certificates issued to depositors of the sound capital of any * * * bank or for the amount of deficit charged to their actrust company consists of the proceeds of the counts have been redeemed or provision for sale of debentures, no dividends shall be redemption has been made. paid, without the consent of the department The law of New Jersey provides that no [of financial institutions], until all of such "dividend shall be declared or paid on comdebentures shall have been retired." Except mon stock or depositors' common stock [stock for a provision relating to the consent of the issued depositors or creditors in satisfaction banking authority, South Dakota has a simi- of their claims in the reorganization or relar law, conditioning the payment of divi- opening of a bank, trust company or sayings dends upon the retirement of "capital notes bank] until all of the outstanding depositors' or debentures." common stock shall have been redeemed." The law of Iowa provides that "no divi- The New York law provides that no "dividends on any common stock * * * shall dends shall be paid on the stock [of a bank] be paid as long as any trust certificates [issued * * * while any * * * certificates pro rata to depositors waiving claims in re- [issued for the claims of depositors or crediorganization, reopening, etc.] are outstand- tors in the matter of resuming business] are ing, unless otherwise agreed upon" between outstanding" until an amount sufficient to the bank or trust company and a majority of pay all such outstanding certificates has been the unsecured and unpreferred depositors set aside with the approval of the banking "and approved by the superintendent of bank- authority. ing." The law of Vermont provides that trust companies which have issued "deferred in- 3 See division (6) for Indiana and Iowa, and division (2) for come participation receipts" shall not "pay Nebraska and Wisconsin. See also division (7) for provisions of any dividends" until there is first paid to the law involving approval of the banking authorities of certain States 736 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint holders of such certificates not to exceed 5 plan, an amount equal to the aggregate of per cent per annum out of funds which might the reduction. otherwise have been available for division among stockholders. (7) Payment of preferred stock dividends governed The law of Washington provides that no by by-laws or charter rather than general lawrelating to dividend payment dividend shall be declared or paid until there shall have been set aside for, and credited This division of the analysis might well be ratably to, the unsecured creditors, whose de- considered as one dealing with the removal mands were reduced under a reorganization of restrictions upon the payment of divi- TABULAR SUMMARY OF ANALYSIS Payment of prefr P o a m y m n e et n t p o ro n f l i y ts ti r P o m e o n a q f a e y u i d e m n i a r t o r e e e n n d n n i t n a t s r n g c u a s c o r n e n p f s d o l o f u e r i f - s rs P c u d a a n y i p t i m i i m o ta e n p l n e a d t s i t r o c o e o c d n n k - i d m a P i g t p a i a a o i y i n n m r s e e t d d e d n r t e o e p n s c o e o s r u n v i n - t e s - s b S l y a u t s i b p o i a e t n y n n k s o o i i f o r n n g p c o a o a y u r u r m r t t h e e g o n u r t - - r P e s a t o o t i y r o r n e m c d m t k e o e , b e n t c a e n t l a n t p c t o o u o i r f t r n a e p p d l s a r i , n t e r i t o f e o i e t t a n e r c l r e s . e d d i r d b a f e y t e l n h - a r l d e r w a e s r w d r t g s e h s o l a t o a v o n r t e c i r n c k g n g h e e d a n d t i r e o v t r e - b a r y l dividend payment Alabama Alabama Alabama Arkansas Connecticut n> u Indiana 15 California Arizona Arizona Arkansas California Indiana " Iowa 18 Kansas Arkansas Arkansas Colorado Colorado Maine 10 Massachusetts 17 Maine California California Connecticut7 Connecticut8 Mississippi *2 Michigan 17 Michigan Colorado Colorado Florida Delaware New Hampshire 10 New Hampshire 1718 Mississippi Connecticut Connecticutl Georgia Florida New York " New Jersey ™ Oklahoma Delaware Delaware Idaho 7 Georgia North Dakota 13 New York 18 Florida Florida Illinois Indiana Oregon 14 South Dakota 15 Georgia Georgia Indiana Kansas Washington H Vermont16 Idaho Idaho Iowa Michigan» Washington 18 Illinois Illinois Kansas Minnesota Indiana Indiana Louisiana Nebraska Iowa Iowa 2 Maryland Nevada Kansas Kansas Massachusetts New Jersey Kentucky Kentucky 2 Michigan New Mexico Louisiana Louisiana Minnesota New York Maine 1 Maine 1 Missouri North Carolina Maryland Maryland Nebraska North Dakota Massachusetts Massachusetts 2 Nevada Ohio Michigan Michigan New Jersey 7 Oklahoma Minnesota Minnesota New Mexico Oregon Missouri Mississippi2 3 New York Pennsylvania Montana Missouri North Dakota Rhode Island 8 Nebraska Montana Ohio Tennessee Nevada Nebraska 2 Oklahoma Wyoming New Hampshire Nevada Pennsylvania New Jersey New Hampshire * Rhode Island New Mexico New Jersey 2 South Dakota New York New Mexico Tennessee North Carolina New York Texas North Dakota North Carolina Virginia Ohio North Dakota West Virginia Oklahoma Ohio Wisconsin Oregon Oklahoma Pennsylvania Oregon Rhode Island Pennsylvania South Dakota South Carolina 4 Tennessee South Dakota Texas Texas Utah Utah Vermont Vermont5 Virginia Virginia Washington Washington West Virginia West Virginia Wisconsin Wisconsin 2 6 Wyoming Wyoming 1 Savings banks. i° Suspension of payment to preserve assets or protect depositors. 2 Preferred stock dividends (in Nebraska, if banking authority ap- 11 Dividends of savings banks may be regulated or prohibited. proves) excepted. 12 Suspension of common stock dividends if bank's condition warrants. 3 While not an express restriction on payment of dividends, portion 13 Suspension until capital stock impairment corrected. of "net earnings" must be carried to surplus until required amount 14 Suspension until any requirement of banking authority complied accumulated. with. 4 Express limitation only on banks organized under statute reducing 15 Debentures or capital notes first must be retired; in Indiana, unless minimum capital stock requirements. Not an express limitation on banking authority approves. other banks, which are required merely to carry portion of "net earning" 16 Income payments to holders of deferred income participation receipts to surplus until required amount accumulated. must first be made. 5 Suspended during the years 1933-1936, inclusive, and as to all divi- 17 Before common stock dividends, preferred stock retirement requiredends except those on common stock during 1937-40. ments must be complied with. 6 All dividends excepted if ratio of capital funds to deposits is greater 18 Reduce claims of depositors or creditors deferred in reorganization than 1 to 10 and if banking authority approves. or resumption of business first must be retired (in New York, if banking 7 Only an express limitation on preferred stock dividends. authority approves; in Iowa, unless bank and unsecured depositors 8 Apparently inapplicable to savings banks. agree otherwise and banking authority approves; in New Hampshire, 9 No dividend if losses equal or exceed undivided profits and reserves. preferred stock dividends are excepted). AUGUST 1941 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint dends, for the provisions of law here perti- Georgia nent provide, in substance, that, notwith- Code of Ga. Anno., Sees. 13-201, 13-206, 13-2028 to standing other provisions of law, whether 13-2032, 13-9925. Idaho relating to restrictions upon the payment Idaho Code Anno. 1932, Sees. 25-102, 25-503; Idaho of dividends or otherwise, preferred stock, Code Anno. 1932, 1940 Supp., Sec. 25-215A. the payment of dividends thereon, etc., shall Illinois be governed by the by-laws or charter of the Smith-Hurd 111. Anno. Stats., Ch. 16y , Sec. lla. 2 issuing bank with the approval of the bank- Indiana ing authority. In this connection, it will be Burns Ind. Stats. Anno. 1933, Sees. 18-207, 18-1403, 18-1601, 18-1602, 18-2623, 18-2630 to 18-2635. recalled that numerous provisions of law have Iowa been mentioned earlier herein which relieve Code of Iowa 1939, Sees. 9191, 9262, 9263, 9283.16, preferred stock dividends of one restriction 9283.17, 9299, 9304. or another; but, under the provisions of law Kansas here considered, all such general restrictions Gen. Stats of Kan. 1935, Sees. 9-112, 9-136, 17-2003, 17-2010; Gen. Stats, of Kan. 1935, 1939 Supp., as may exist in the law on the payment of Sees. 9-134, 9-135, 9-178. dividends would appear to be removed. At Kentucky least six States have provisions of this nature, Carroll's Ky. Stats. Anno., Baldwin's 1936 Rev., namely, California, Kansas, Maine, Michigan, Sec. 596. Mississippi and Oklahoma. (Compare 12 Louisiana U.S.C.A., sees. 51a-51c; Federal Reserve Act, Dart's Gen. Stats, of La., Anno. 1939, Sees. 570, 593 to 595, 612. pp. 171-172, 244-245.) Maine Of course, many of the other States have Revised Stats, of Me. 1930, Ch. 57, Sees. 34, 57, 81, special provisions relating to preferred stock, 85; Laws of Me. 1933, Ch. 93, Sec. 3; Revised specifying that such stock shall have prefer- Stats, of Me. 1930, Ch. 57, Sec. 71A, as amended by Laws of Me. 1939, Ch. 61. ences as to dividends, assets upon liquidation, Maryland etc., or that such stock in the foregoing re- Anno. Code of Md. 1939, Art. 11, Sees. 43, 44, 95, spects shall be governed by by-laws, charter, 96. etc.; but only in the States named above does Massachusetts it appear clearly that none of the restrictions Anno. Laws of Mass., Ch. 168, Sees. 45, 47, 49, 50, and Ch. 172, Sees. 18, 64, 80, and Ch. 172A, Sec. in the general law upon the payment of dividends is applicable to the payment of divi- Michigan dends on preferred stock. Mich. Stats. Anno., Sees. 23.774, 23.776, 23.783, 23.784, 23.925, 23.932 to 23.934, 23.1022, 23.1024, 23.1031, 23.1032. CITATIONS TO LAWS Minnesota Mason's Minn. Stats. 1927, Sees. 7681, 7717; Ma- There follow the citations to the laws of son's Minn. Stats. 1927, 1940 Supp., Sees. 7671, the several States upon which the foregoing 7680. analysis and tabular summary thereof are Mississippi based. Miss. Code Anno. 1930, 1938 Supp., Ch. 85, Sees. 591, 596, 647, 651. Alabama Missouri Ala. Code Anno. 1928, Sees. 3404, 3411, 6372. Mo. Stats. Anno., Ch. 34, Sees. 5348, 5376, 5415, Arizona 5447, 5506 to 5509. Ariz. Code Anno. 1939, Sees. 51-101, 51-524, 51-1006.Montana Arkansas Revised Code of Mont. Anno. 1935, Sees. 6014.2, Stats, of Ark. 1937, Sees. 705, 719 to 721. 6014.38. California Nebraska Deering's Gen. Laws of Calif. 1937, Act 652, Sees. 2, Compiled Stats, of Nebr. 1929, 1939 Supp., Sees. 20, 21, 64, 68, 135d, and Act 3603, Sec. 7. 8-135, 8-142, 8-153. Colorado Nevada Colo. Stats. Anno. 1935, Ch. 18, Sees. 1, 53, 54, 147. Nev. Compiled Laws 1929, Sees. 747.13, 747.25 to Connecticut 747.27, 747.86. Gen. Stats, of Conn. 1930, Sees. 3870, 3917, 3953; Neiv Hampshire Gen. Stats, of Conn. 1930,1935 Cumulative Supp., Sees. 1436c, 1442c, 1452c, 1481c; Gen. Stats, of Pub. Laws of N. H. 1926, Ch. 261, Sees. 18, 21, 22, Conn. 1930, 1939 Supp., Sec. 1241e. and Ch. 262, Sees. 4, 8, and Ch. 265, Sec. 34; Delaware N. H. Laws 1927, Ch. 109, p. 130; N. H. Laws Revised Code of Dela. 1935, Sees. 2298, 2307, 2397. 1933, Ch. 67, Sec. 3, and Ch. 114, Sees. 1, 9, 11. Florida New Jersey Compiled Gen. Laws of Fla. Anno. 1927, Sec. 6140; Rev'd Stats, of N. J. 1937, Sees. 17:4-30, 17:8-13; Compiled Gen. Laws of Fla. Anno. 1927, Perm. Rev'd Stats, of N. J. 1937, 1939 Supp., Sees. Supp., Sees. 6071, 6075, 6076, 6134, 6150(10). 17:4-59, 17:6-49, 17:8-3. 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint New Mexico Proclamation Anthorizing List of Certain Blocked Nationals N. Mex. Stats. Anno. 1929, Sees. 13-146, 13-147; and Controlling Certain Exports N. Mex. Stats. Anno. 1929, 1938 Supp., Sees. 13-108, 13-157. The President of the United States on July New York 17, 1941, issued a proclamation authorizing N. Y. Banking Law, Sees. 14, 109,110 to 112, 243 to a proclaimed list of certain blocked nationals 245, 309, 309-a to 309-c, 609. North Carolina and controlling certain exports. The list will N. C. Code Anno. 1939, Sees. 216(a), 221 (j), 222(i), be published in the Federal Register and may 225 (m). be obtained in pamphlet form from various North Dakota governmental institutions and the Federal Laws of N. Dak. 1931, Ch. 93, Sec. 1, and Ch. 96, Reserve Banks. The text of the proclamation Sees. 18, 21, 31, 32, 49; Laws of N. Dak. 1937, Ch. 96. is as follows: Ohio Throckmorton's Ohio Code Anno., Baldwin's 1940 Rev., Sees. 710-1, 710-2, 710-129, 710-130, 710-134, By the President of the United States of America 710-148, 710-148e. A Proclamation Oklahoma Oklahoma Stats. Anno., title 6, Sees. 72, 77, 115 to I, FRANKLIN D. ROOSEVELT, President of the United 115c. States of America, acting under and by virtue of Oregon the authority vested in me by Section 5(b) of the Act Ore. Code Anno. 1930, Sees. 22-704, 22-1003, of October 6, 1917 (40 Stat. 415) as amended and 22-2535, 22-2409; Ore. Laws 1937, Ch. 358, Sec. Section 6 of the Act of July 2, 1940 (54 Stat. 714) as 2; Ore. Laws 1939, Ch. 177, Sec. 5. amended and by virtue of all other authority vested Pennsylvania in me, and by virtue of the existence of a period of Purdon's Pa. Stats. Anno., title 7, Sees. 819-403, unlimited national emergency and finding that this 819-412 to 819-414, 819-701, 819-702, 819-1205. Proclamation is necessary in the interest of national Rhode Island defense, do hereby order and proclaim the following: Gen. Laws of R. I. 1938, Ch. 116, Sees. 38, 41, 88, and Ch. 133, Sec. 1, and Ch. 136, Sees. 1, 2. SECTION 1. The Secretary of State, acting in con- South Carolina junction with the Secretary of the Treasury, the Code of Laws of S. C. 1932, Sec. 7863; Code of Laws Attorney General, the Secretary of Commerce, the of S. C. 1932, 1938 Supp., Sec. 7836-1. Administrator of Export Control, and the Coordi- South Dakota nator of Commercial and Cultural Relations Between S. Dak. Code 1939, Sees. 6.0101, 6.0310, 6.0409, the American Republics, shall from time to time 6.0439, 6.0440. cause to be prepared an appropriate list of Tennessee (a) certain persons deemed to be, or to have Williams Tenn. Code Anno. 1934, Sees. 5924, 6022, been acting or purporting to act, directly or indi- 6044, 6055a. rectly, for the benefit of, or under the direction of, Texas or under the jurisdiction of, or on behalf of, or in Vernon's Civ. Stats, of Tex. Anno., title 16, Arts. collaboration with Germany or Italy or a national 419, 423, 424, 507, 509. thereof; and Utah Revised Stats, of Utah Anno. 1933, Sees. 7-3-2-7, (b) certain persons to whom, or on whose behalf, 7-3-28, 7-7-21. or for whose account, the exportation directly or Vermont indirectly of any article or material exported from Pub. Laws of Vt. 1933, Sees. 6741, 6791 to 6794, the United States, is deemed to be detrimental to 6806, 6818; Laws of Vt. 1933, Act No. 124, Sec. the interest of national defense. 24; Laws of Vt. 1935, Act No. 176; Laws of Vt. 1937, Act No. 175; Laws of Vt. 1937, Act. No. In similar manner and in the interest of national 183; Laws of Vt. 1939, Act No. 195. defense, additions to and deletions from such list shall Virginia be made from time to time. Such list and any addi- Va. Code Anno. 1936, Sees. 4149(1), 4149(32). tions thereto or deletions therefrom shall be filed pur- Washington suant to the provisions of the Federal Register Act Remington's Revised Stats, of Wash. Anno., Sees. and such list shall be known as "The Proclaimed List 3240, 3293-7, 3293-10, 3353, 3354, 3862-12. of Certain Blocked Nationals". West Virginia SECTION 2. Any person, as long as his name appears W. Va. Code Anno. 1937, Sees. 3196, 3211; W. Va. in such list, shall, for the purpose of Section 5(b) Code Anno. 1937, 1939 Supp., Sec. 3201. of the Act of October 6, 1917, as amended, and for Wisconsin the purpose of this Proclamation, be deemed to be Wis. Stats. 1939, Sees. 221.047, 221.37, 221.38 a national of a foreign country, and shall be treated 222.16, 223.01. for all purposes under Executive Order No. 8389, Wyoming as amended, as though he were a national of Germany Wyo. Stats. Anno. 1931, Sees. 10-126,10-142,10-301 or Italy. All the terms and provisions of Executive 10-405; Wyo. Stats. Anno. 1931, 1940 Supp., Sec Order No. 8389, as amended, shall be applicable to 10-124. 739 AUGUST 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint any such person so long as his name appears in such Treasury Regulations on Reports of Foreign Owned Property list, and to any property in which any such person Treasury Regulations issued under auhas or has had an interest, to the same extent that such terms and provisions are applicable to nationals thority of the Executive Order of April 10, of Germany or Italy, and to property in which na- 1940, as amended June 14, 1941, provide, tionals of Germany or Italy have or have had an among other things, for a census of all propinterest. erty, subject to the jurisdiction of the United SECTION 3. The exportation from the United States directly or indirectly to, or on behalf of, or for the States, in which any foreign country or any account of any person so long as his name appears national thereof has any interest whatsoever. on such list of any article or material the exporta- Under Public Circular No. 1, the time for tion of which is prohibited or curtailed by any procla- filing the census reports has been extended mation heretofore or hereafter issued under the auuntil August 30, 1941. The Treasury Reguthority of Section 6 of the Act of July 2, 1940, as amended, or of any other military equipment or muni- lations were published at page 621 of the tions, or component parts thereof, or machinery tools, Federal Reserve BULLETIN for July 1941, or material, or supplies necessary for the manufac- and the text of Public Circular No. 1 is as ture, servicing, or operation thereof, is hereby profollows: hibited under Section 6 of the Act of July 2, 1940, as amended, except (1) when authorized in each case by a license as provided for in Proclamation No. Treasury Department, Office of the Secretary, 2413 of July 2, 1940, or in Proclamation No. 2465 of July 9, 1941 March 4, 1941, as the case may be, and (2) when the Public Circular No. 1, Under Executive Order No, Administrator of Export Control under my direction 8389, April 10, 19%0, as Amended, and Regulations has determined that such prohibition of exportation Issued Pursuant Thereto, Relating to Transactions would work an unusual hardship on American in- in Foreign Exchange, etc. terests. Reference is made to Section 130.4 of the Regula- SECTION 4. The term "person" as used herein means tions providing that reports on Form TFR-300 shall an individual, partnership, association, corporation be filed on or before July 14, 1941. or other organization. The time within which such reports on Form TFR- The term "United States" as used herein means 300 shall be filed is hereby extended from July 14, the United States and any place subject to the juris- 1941 to August 30, 1941. diction thereof, including the Philippine Islands, the E. H. FOLEY, JR., Canal Zone, and the District of Columbia and any Acting Secretary of the Treasury. other territory, dependency or possession of the United States. General Rulings and General Licenses Issued by the SECTION 5. Nothing herein contained shall be Secretary of the Treasury deemed in any manner to limit or restrict the provisions of the said Executive Order No. 8389, as Since the publication of certain General amended, or the authority vested thereby in the Sec- Licenses on pages 623 through 628 of the retary of the Treasury and the Attorney General. July 1941 Federal Reserve BULLETIN, the So far as the said Executive Order No. 8389, as following General Rulings and General Liamended, is concerned, "The Proclaimed List of Cercenses have been issued by the Office of the tain Blocked Nationals", authorized by this Proclamation, is merely a list of certain persons with re- Secretary of the Treasury under authority spect to whom and with respect to whose property of the Executive Order of April 10, 1941, as interests the public is specifically put on notice that amended, and Regulations issued pursuant the provisions of such Executive Order are apthereto relating to transactions in foreign plicable ; and the fact that any person is not named in exchange, etc. such list shall in no wise be deemed to mean that such person is not a national of a foreign country designated in such order, within the meaning thereof, or Treasury Department, Office of the Secretary, to affect in any manner the application of such order June 27, 1941 to such person or to the property interests of such General Ruling No. 6, as Amended, Supplementing person. General Ruling No. 5 Under Executive Order No. 8389, April 10, 19 W, as Amended, and Regulations In Witness Whereof, I have hereunto set my hand Issued Pursuant Thereto, Relating to Transactions and caused the seal of the United States of America in Foreign Exchange, etc. to be affixed. (1) The provisions of General Ruling No. 5 of Done at the city of Washington this 17 day of July, June 6, 1940, and all instructions issued pursuant in the year of our Lord nineteen hundred and forty- thereto, are hereby continued in full force and effect, one, and of the Independence of the United States of provided, that any Federal Reserve Bank to whom America the one hundred and sixty-sixth. securities or evidences thereof (hereinafter referred to as securities) have been forwarded under such FRANKLIN D. ROOSEVELT. general ruling may, as fiscal agent of the United By the President: States, deliver the securities, at any time, under appropriate arrangements with the addressee of the SUMNER WELLES, securities, to a domestic bank. Acting Secretary of State. (2) Prior to such delivery by a Federal Reserve 740 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Bank of any such security, a complete description Treasury Department, Office of the Secretary, of the security shall be made or received and retained July 8, 1941 by such Federal Reserve Bank, and in any case in which a security bears a stamp, seal or other Amendment of General Ruling No. 4, as Amended, mark not lending itself to precise description, a Under Executive Order No. 8389, April 10, 194,0, photostat of such mark shall be made at the expense as Amended, and Regulations Issued Pursuant of the addressee and retained by such Federal Re- Thereto, Relating to Transactions in Foreign Exserve Bank. This requirement may be dispensed with change, etc. in any case in which appropriate arrangements are General Ruling No. 4 is hereby amended in the folentered into for furnishing such Federal Reserve lowing respects: Bank with this description within a reasonable time after such delivery. (1) The citation "Executive Order No. 8389 of (3) Upon the delivery of any such security by a April 10, 1940, as amended", shall be substituted Federal Reserve Bank to any domestic bank, such for the citation "Executive Order No. 6560 of Janubank shall execute such form of receipt as may be ary 15, 1934, as amended by Executive Order No. prescribed by the Secretary of the Treasury. 8389 of April 10, 1940, as amended", in the first (4) Any domestic bank to which any such security paragraph of such general ruling. shall be delivered by a Federal Reserve Bank shall (2) The citation "section 4 of the Order" shall place such security in a General Ruling No. 6 account be substituted for the citation "sections 10 and 14 in such bank. of the Order" in subdivision (7) of such general (5) Any outstanding account in which securities ruling. or the proceeds thereof have been placed pursuant (3) The citation "section 5F of the Order" shall to the provisions of General Ruling No. 6 prior to this be substituted for the citation "Section 11D of the amendment shall be deemed to be a General Ruling Order" in subdivision (9) of such general ruling. No. 6 account. E. H. FOLEY, JR., (6) Federal Reserve Banks shall release any se- Acting Secretary of the Treasury. curity referred to in Paragraph (1) hereof, or shall authorize the release of the contents of any General Treasury Department, Office of the Secretary, Ruling No. 6 account, if and when the Treasury July 23, 1941 Department is satisfied that no blocked country, or national thereof, has, at any time, on or since the General Ruling No. 9, Under Executive Order No. effective date of the Order, had any interest in such 8389, as Amended, and Regulations Issued Pursecurity or in such account. suant Thereto, Relating to Transactions in Foreign (7) Any application for a license authorizing Exchange, etc. any transaction or dealing with respect to a General Inquiry has been made as to whether a person Ruling No. 6 account (including the contents thereof) within Tangiers may engage in transactions pursuant shall specifically indicate that such account is a Gento General License No. 52 relating to Spain. eral Ruling No. 6 account. General License No. 52 does not permit such (8) As used in this general ruling and in any transactions and, accordingly, any such transactions other rulings, licenses, instructions, etc., the term which are not authorized by a general license other "General Ruling No. 6 account" shall mean an account of the type referred to in paragraphs (4) than General License No. 52 may only be effected and (5) hereof, and no payments, transfers, or with- pursuant to a specific license. drawals may be made from, and no other transaction E. H. FOLEY, JR., or dealing may be effected with respect to, any such Acting Secretary of the Treasury. account except pursuant to paragraph (6) above or pursuant to license, provided, that: Treasury Department, Office of the Secretary, (a) No license shall be deemed to authorize June 27, 1941 transactions with respect to a General Ruling No. General License No. 29, as Amended, Under Execu- 6 account unless the provisions of such license are tive Order No. 8389, April 10, 1940, as Amended, specifically made applicable to a General Ruling and Regulations Issued Pursuant Thereto, Relating No. 6 account. to Transactions in Foreign Exchange, etc.* (b) In the event that any security placed in a General Ruling No. 6 account is sold or otherwise The provisions of the following general licenses are dealt with under license, except a license of the hereby made applicable to General Ruling No. 6 actype referred to in paragraph (8) (c) below, the counts to the extent that such general licenses are not proceeds thereof shall be placed in a General otherwise applicable by reason of their specifying Ruling No. 6 account in the same domestic bank blocked accounts or accounts of blocked countries or and in the same name in which the security sold nationals thereof: or otherwise dealt with was held. General License No. 1 (c) The contents of a General Ruling No. 6 General License No. 2 account cannot be transferred to a blocked ac- General License No. 4 count, except pursuant to a license specifically General License No. 5 authorizing such transfer. Applications for li- General License No. 27 censes authorizing the transfer of the contents of any General Ruling No. 6 account to a blocked E. H. FOLEY, JR., account shall be accompanied by adequate evidence Acting Secretary of the Treasury. respecting the interest therein of blocked countries * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. or nationals thereof. E. H. FOLEY, JR., 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941; Regulations, April 10, 1940, as amended Acting Secretary of the Treasury. June 14, 1941. AUGUST 1941 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, Treasury Department, Office of the Secretary, June 30, 1941 June 30, 1941 General License No. 25, as Amended, Under Execu- General License No. 2, as Amended, Under Executive tive Order No. 8839, April 10, 1940, as Amended, Order No. 8389, April 10, 194-0, as Amended,, and and Regulations Issued Pursuant Thereto, Relating Regulations Issued Pursuant Thereto, Relating to to Transactions in Foreign Exchange, etc.* Transactions in Foreign Exchange, etc.* General License No. 25 is hereby amended so that (1) A general license is hereby granted authoriz- the citation "section 2A(1)" shall be substituted for ing any banking institution within the United States the citation "section 13A(1)" wherever such citation to debit any blocked account with such banking insti- appears in such general license. tution (or* with another office within the United E. H. FOLEY. JR., States of such banking institution) in payment or re- Acting Secretary of the Treasury. imbursement for interest due to such banking institution, cable, telegraph, telephone charges, or post- Treasury Department, Office of the Secretary, age costs, custody fees, small adjustment entries to June 30, 1941 correct bookkeeping errors, and service charges, in- General License No. 27, as Amended, Under Execucluding but not by way of limitation minimum balance tive Order No. 8389, April 10, 1940, as Amended, charges, account carrying charges, notary and proand Regulations Issued Pursuant Thereto, Relating test fees, and charges for reference books, photostats, to Transactions in Foreign Exchange, etc.* credit reports, transcripts of statements, registered mail insurance, stationery and supplies, checkbooks A general license is hereby granted authorizing: and other similar items owed to such banking insti- (1) The payment to, and receipt by, a banking tution by the owner of such blocked account. institution within the United States of funds or (2) Banking institutions within the United States other property representing dividends or interest making any such debits shall file promptly with the on securities held by such banking institution in a appropriate Federal Reserve Bank monthly reports blocked account, provided that the funds or other setting forth the details of such transactions during property are credited to or deposited in a blocked such period. _ _. account in the name of the national for whose ac- TT E. H. FOLEY, JR., count the securities were held, and in the banking institution within the United States which held Acting Secretary of the Treasury. such securities; and (2) The payment to, and receipt by, a banking Treasury Department, Office of the Secretary, institution within the United States of funds pay- June 30, 1941 able in respect of securities (including coupons) presented by such banking institution to the proper General License No. 5, as Amended, Under Executive paying agents within the United States for redemp- Order No. 8389, April 10, 194-0, as Amended,, and tion or collection for the account and pursuant to Regulations Issued Pursuant Thereto, Relating to the authorization of nationals of any blocked coun- Transactions in Foreign Exchange, etc.* try, provided that: (1) A general license is hereby granted authoriz- (a) The proceeds of the redemption or collecing the payment from any blocked account to the tion are credited to a blocked account in the United States or any agency or instrumentality name of the national for whose account the rethereof, or to any state, territory, district, county, demption or collection was made and in the bankmunicipality, or political subdivision in the United ing institution within the United States which States, of customs duties, taxes, fees, and other obli- held the securities for such national; and gations, owed thereto by the owner of such blocked (b) This general license shall not be deemed account. to authorize the presentment for redemption of (2) Banking institutions within the United States any security registered or inscribed in the name making any such payments shall file promptly with of any blocked country, or any national thereof, the appropriate Federal Reserve Bank monthly re- irrespective of the fact that at any time (whether ports setting forth the details of such transactions prior to, on, or subsequent to April 10, 1940) the during such period. registered or inscribed owner thereof may have, or appears to have, assigned, transferred or E.^H. FOLEY, JR., Acting Secretary of the Treasury. otherwise disposed of the security; and (3) The performance of such other acts, and the Treasury Department, Office of the Secretary, effecting of such other transactions, as may be nec- June 30, 1941 essarily incident to any of the foregoing. Revocation of General Licenses No. 16 and No. 23 This general license shall not be deemed to author- Under Executive Order No. 8389, April 10, 1940, ize any payment, transfer or withdrawal from a as Amended, and Regulations Issued Pursuant blocked account in which the issuer of, or other obli- Thereto, Relating to Transactions in Foreign Ex- gor with respect to, a security has an interest if such change, etc.* issuer or obligor is a blocked country or national thereof. General Licenses No. 16 and No. 23 are hereby * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. revoked. _ TT _ 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941; Regulations, April 10, 1940, as amended E. H. FOLEY, JR., June 14, 1941. Acting Secretary of the Treasury. 742 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Banking institutions within the United States en- Spain, has at any time on or since the effective gaging in any transactions authorized by this general date of the Order had any interest; and license shall file promptly with the appropriate Fed- (c) If such transaction is not by, or on behalf eral Reserve Bank monthly reports setting forth the of, or pursuant to the direction of the Instituto details of the transactions effected by them under this Espanol de Moneda Extranjera, such transaction license, including a description of the securities in- shall not be effected until the Instituto Espanol volved, the dates of payment or distribution, the per- de Moneda Extranjera has certified in writing that sons for whose account the payments or distributions the Instituto Espanol de Moneda Extranjera has were received, and the amounts received. determined that such transaction complies with the conditions of paragraphs (a) and (b) above. E. H. FOLEY, JR., Acting Secretary of the Treasury. (2) This general license also authorizes any payment or transfer from a blocked account in which Treasurv Department, Office of the Secretary, any national of Spain has an interest to a blocked July 8, 1941 account in a domestic bank in the name of the In- Amendments of General Licenses No. 12, No. 20, No. stituto Espanol de Moneda Extranjera; provided, 26, No. 28, and No. 31, as Amended, Under Execu- however, that this authorization shall not be deemed tive Order No. 8389, April 10, 19W, as Amended, to authorize any payment or transfer from a blocked and Regulations Issued Pursuant Thereto, Relating account in which any national of a blocked country, to Transactions in Foreign Exchange, etc.* other than Spain, has an interest, or has had an interest at any time on or since the effective date of General License No. 12 is hereby amended so that the Order. the reference "Form TFR-300" shall be substituted (3) Except as provided in paragraph (2), this for the reference "Form TFR-100" wherever such general license shall not be deemed to permit any reference appears in such general license. payment, transfer or withdrawal from any blocked General License No. 20 is hereby amended so that account other than blocked accounts in the name of the last paragraph therof shall be deleted from such the Instituto Espanol de Moneda Extranjera, until general license. the Instituto Espanol de Moneda Extranjera has cer- General License No. 26 is hereby amended so that tified, with respect to the transaction, as provided in the citation "section 2A(2)" shall be substituted for paragraph (1) (c) above. the citation "section 13A(2)" wherever such citation (4) This general license shall not apply with reappears in such general license. spect to any national of Spain who is also a national General License No. 28 is hereby amended so that of any other blocked country. the last paragraph thereof shall read as follows: (5) Banking institutions within the United States "This general license shall not be deemed to affect engaging in any transactions authorized by this gensecurities or evidences thereof delivered, or re- eral license shall file promptly with the appropriate quired to be delivered, to a Federal Reserve Bank Federal Reserve Bank weekly reports setting forth under the provisions of General Ruling No. 5, as the details of transactions effected by them under this supplemented, or to authorize payments, transfers license. TT or withdrawals from General Ruling No. 6 ac- E. H. FOLEY, JR., counts." Acting Secretary of the Treasury. Treasury Department, Office of the Secretary, General License No. 31 is hereby amended so that July 15, 1941 the citation "section 2A(1)" shall be substituted for the citation "section 13A(1)" wherever such citation Amendment of General License No. 4-5, Under Execuappears in such general license. tive Order No. 8389, April 10, 191+0, as Amended, E. H. FOLEY, JR., and Regulations Issued Pursuant Thereto, Relating Acting Secretary of the Treasury. to Transactions in Foreign Exchange, etc.* (a) Paragraph (1) thereof is amended to read as Treasury Department, Office of the Secretary, follows: July 11, 1941 " (1) A general license is hereby granted author- General License No. 52, Under Executive Order No. izing any banking institution within the United 8389, April 10, 19%0, as Amended, and Regulations States to make payments from blocked accounts, Issued Pursuant Thereto, Relating to Transactions other than blocked accounts of Norway, Denmark, in Foreign Exchange, etc.* the Netherlands, Belgium, Luxembourg, France, (1) A general license is hereby granted licensing Latvia, Estonia, Lithuania, Rumania, Bulgaria, any transaction referred to in Section 1 of the Order, Hungary, Yugoslavia, or Greece, or any national if (i) such transaction is by, or on behalf of, or thereof, of documentary drafts drawn under irrepursuant to the direction of Spain, or any national vocable letters of credit issued or confirmed by a thereof, or (ii) such transaction involves property in domestic bank prior to June 14, 1941." which Spain, or any national thereof, has at any time (b) Paragraph (4) thereof is amended to read as on or since the effective date of the Order had any follows: interest, provided, that: "This license shall expire at the close of business (a) Such transaction is not by, or on behalf of, on August 15, 1941." or pursuant to the direction of any blocked country E. H. FOLEY, JR., or any national thereof, other than Spain or any Acting Secretary of the Treasury. national of Spain; and (b) Such transaction does not involve property * 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 in which any blocked country or any national 8785, June 14, 1941 ; Regulations, April 10, 1940, as amended thereof, other than Spain or any national of June 14, 1941. AUGUST 1941 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, (2) Subject to all other terms and conditions of July 17, 1941 this general license any national of a blocked country doing business within the United States pursuant to General License No. 53, Under Executive Order No. license is also hereby authorized, while so licensed, 8389, April 10, 1940, as Amended, and Regulationsto engage in any transaction referred to in paragraph Issued Pursuant Thereto, Relating to Transactions (1) to the same extent that such national is licensed in Foreign Exchange, etc.* to engage in such transaction involving persons within any of the American Republics who are not nationals (1) A general license is hereby granted licensing of a blocked country. all transactions ordinarily incident to the importing (3) As used in this general license: and exporting of goods, wares and merchandise be- (a) The term "American Republics" shall mean tween the United States and any of the American the following: Republics or between the American Republics if (i) Argentina, Bolivia, Brazil, Chile, Colombia, such transaction is by, or on behalf of, or pursuant to Costa Rica, Cuba, the Dominican Republic, Ecuathe direction of any national of a blocked country dor, El Salvador, Guatemala, Haiti, Honduras, within the American Republics, or (ii) such trans- Mexico, Nicaragua, Panama, Paraguay, Peru, action involves property in which any such national Uruguay, and Venezuela; and also, as so used, has at any time on or since the effective date of the Canada. Order had any interest, provided, the following terms (b) The term "any national of a blocked country and conditions are complied with: within the American Republics" shall mean any (a) Such transaction is not by, or on behalf of, national of a blocked country who was situated or pursuant to the direction of (i) any person within and doing business within such American whose name appears on "The Proclaimed List of Republics on and since June 14, 1941. Certain Blocked Nationals", or (ii) any blocked (c) The term "The Proclaimed List of Certain country or national thereof not within any of the Blocked Nationals" shall mean "The Proclaimed American Republics; and List of Certain Blocked Nationals" promulgated (b) Such transaction does not involve property pursuant to the Proclamation of July 17, 1941. in which (i) any person whose name appears on E. H. FOLEY, JR., "The Proclaimed List of Certain Blocked Nation- Acting Secretary of the Treasury. als", or (ii) any blocked country or national thereof not within any of the American Republics, has at * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. any time on or since the effective date of the Order 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941; Regulations, April 10, 1940, as amended had any interest. June 14, 1941. tzuttent Regional Business Consultants Admissions of State Banks to Membership in the Federal On July 31 the newly designated Regional Reserve System Business Consultants of the Regional Re- The following State banks were admitted to membership in the Federal Reserve System search Unit of the Bureau of Foreign and during the period June 16, 1941, to July 15, Domestic Commerce met at the offices of the 1941, inclusive. Board of Governors with members of the District of Columbia Board's staff. Governor Szymczak addressed Washington—McLachlen Banking Corporation the meeting, and Dr. Goldenweiser and others Illinois described the Federal Reserve System's re- Arthur—State Bank of Arthur search program. The Regional Business Con- Blue Mound—The State Bank of Blue Mound sultants will shortly take up their duties in Du Quoin—Du Quoin State Bank Indiana the several Federal Reserve Bank cities. The Reynolds—Bank of Reynolds object of the meeting was to facilitate cooper- Iowa ation in research work between the Bureau's Keota—Security State Bank representatives and the Federal Reserve Lohrville—The Commercial Savings Bank System. Kentucky Middletown—Bank of Middletown Death of Class B Director Missouri Harvey C. Couch, President of the Arkan- Paris—Paris Savings Bank sas Power & Light Company, Pine Bluff, Pennsylvania Arkansas, who had serv#d as a Class B Glen Rock—Peoples Bank of Glen Rock director of the Federal Reserve Bank of St. Jersey Shore—Jersey Shore State Bank Wisconsin Louis since January 1, 1938, died on July Fox Lake—State Bank of Fox Lake 30, 1941. Francis Creek—State Bank of Francis Creek 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtont the Hoatd 5 (zotte5&ondence i Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN. limitation5 Upon DndividuaL }&utcha5e5 oft 'Peftenle Savinal. £ond5 QUESTION invest only in the new bonds yielding the Why should there be any limit on the amount of higher interest. In addition, if the amount of Defense Savings Bonds purchased by an individual purchases of Series E Bonds were not limited, or corporation? the Government would have to pay an equally ANSWER high interest rate on all new security issues. THE Series E Bonds, like the "baby bonds" Similarly, in the case of bonds of Series F that preceded them, were designed for in- and G, which "are meant primarily for perdividuals with small and moderate incomes. sons and corporations who make a practice of To facilitate their sale to such individuals, investing their earnings" (as stated by Mr. they were made to yield, if held to maturity, Harold Graves, Assistant to the Secretary of considerably more than other Government the Treasury, in his radio address on May 5), bonds of comparable maturity. Because of the yield is somewhat more generous than the this higher interest yield, it was essential yield of other Government bonds of comthat a limit be placed on the amount that any parable maturity and presumably some one investor might purchase in any one calen- limitations upon the amount that might be dar year; otherwise, investors would attempt purchased by individuals and corporations in to sell their other Government securities and any one year was thought to be desirable. Hank 'Papolitl A/ot -filtetecl J?^ Putckala oft tPefienle Saving3 £ond& QUESTION deposits are replenished. In the end, there is Do purchases of Defense Savings Bonds decrease no net change in the public's deposits. bank deposits? The purchase of savings bonds does, however, contribute to a redistribution of de- ANSWER posits as distinguished from a net change in PURCHASES of Defense Savings Bonds do the aggregate amount of deposits. The Govnot increase or decrease total bank deernment uses the proceeds of its savings bond posits. This is true regardless of whether sales, along with funds received from other payment is made by withdrawals from savsources, to finance its expenditures; and exings accounts or from checking accounts. penditures in a given community or region do Since commercial banks are not permitted not necessarily balance the receipts from that to buy Defense Savings Bonds for their own region. Consequently, individual banks, or account, no new deposits are established. banks as a whole in a given area, may gain Purchases are made solely with existing deor lose deposits as a result of Government posits and currency by investors other than financing, though the aggregate deposits for commercial banks. Funds drawn from existthe country as a whole remain unchanged. ing deposit accounts are immediately credited to the Government's account. Therefore, the There may also be a shift in the makeup of deposits of the public and of the Government total deposits. Thus, if funds used to buy are not changed in aggregate. What occurs savings bonds are withdrawn largely from is merely a transfer of funds from private savings accounts and are returned largely to accounts to the Government's account. As checking accounts, there is a growth of dethe Government spends its borrowed funds, mand deposits and a decrease of savings deits deposits are diminished and the public's posits. AUGUST 1941 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/ationaL Summatu <yk Uu.5ln.Q55 Condition5 Compiled July 18 and released for publication July 20. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 723-728 of this BULLETIN. INDUSTRIAL production increased further mostly to unusually large retail sales. Outin June, continuing the rapid advance that put of iron and steel and nonferrous metals, began about a year ago. Commodity prices, already close to capacity, did not show an both in retail and in wholesale markets, rose increase to correspond with the rise in output considerably between the early part of June of finished metal products and official stateand the third week of July. ments indicated growing concern over shortages of numerous materials. Steel ingot pro- Production duction remained close to 99 per cent of Reflecting the continued advance in in- capacity during June, but the rate in the dustrial activity at a time when output ordi- middle of July was slightly lower. For the narily declines, the Board's adjusted index year to date output of steel has averaged 98 advanced from 150 per cent of the 1935-1939 per cent of the rated capacity as of December average in May to 156 in June and prelimi- 1940. nary estimates indicate a further rise in July. Output of textiles and most other non- The current level compares with 104 before durable manufactures in June continued at the start of the European war and 111 in the recent advanced levels, which in some inspring of 1940, when the current advance in stances represent capacity production. Outindustrial activity began. put of chemicals continued to increase Further increases in output were reported rapidly. Also, there was a sharp rise in in June for a considerable number of indus- rubber consumption, reflecting continued tries, particularly those associated closely heavy demand for rubber products and the with the defense program, and there were no fact that June was the last month before curimportant declines. As in other recent tailment of rubber consumption by industry months, activity in the aircraft, shipbuilding, was to go into effept and was the month to machinery, and railroad equipment industries be used in apportioning July consumption rose sharply. Automobile production was among various manufacturers. maintained at the high level of May, owing Mineral production increased in June, with INDUSTRIAL PRODUCTION WHOLESALE PRICES A* A OTHER LfiBfi« ^ COMMODITIES ,-"v J \ i TOTAL V\ i 1 A AA/ FARM PRODUCTS 1935 1936 1937 1939 1940 1941 1935 1936 1937 1938 1939 1940 Federal Reserve index of physical volume of production, ad- Bureau of Labor statistics' indexes, 1926 = 100. "Other" injusted for seasonal variation, 1935-39 average = 100. 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 July 19, 1941. months, January 1935 to June 1941. 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions a marked rise in output of anthracite, some finished products. Following earlier marked further increase in output of bituminous coal, advances, prices of hides and cotton gray and a continued advance in crude petroleum goods were reduced by Governmental action. production to a new high level. Retail prices for foods and many other com- Value of construction contract awards in modities have been rising and in June the June continued at the high level reached in cost of living was about 4 per cent higher May and was nearly two-thirds above a year than 4 months earlier. Preliminary figures ago, according to figures of the F. W. Dodge indicate further advances in July. Corporation. Awards for public construc- Bank credit tion again increased sharply, reflecting continued expansion in the volume of defense Holdings of United States Government seconstruction projects. Private residential curities by member banks in 101 leading building contracts declined somewhat more cities increased further during June and than seasonally, following an increase in early July, reflecting in part new offerings May. by the Treasury. Commercial loans con- Distribution tinued to rise sharply. Sales of general merchandise showed little Notwithstanding the greater volume of change from May to June. Department store bank loans and investments, deposits of city sales decreased more than seasonally, while banks declined somewhat over the period, rural retail and variety store sales remained reflecting mainly a growing demand for curat the May level, although a decline is usual rency and a building up of Treasury deposits at this time of the year. In the early part of at the Reserve Banks. These developments July sales at department stores rose some- also resulted in a decrease in the volume of what and were 24 per cent higher than a excess reserves, which amounted to about year ago. $5,300,000,000 on July 16, compared with $6,900,000,000 a year earlier. Loadings of revenue freight increased further in June, reflecting continued expansion United States Government security prices in shipments of coal and miscellaneous merchandise, and by the end of the month were United States Government securities adin larger volume than at any time during the vanced further during the latter part of June. seasonal peak last autumn. Partially tax-exempt 1960-65 bonds on June 26 were at an all-time peak, on a 2.02 yield Commodity prices basis. Since that time they have declined Wholesale prices of most groups of com- slightly. Taxable bonds generally continued modities continued to advance from the early to advance to successive new high levels. part of June to the middle of July. Prices Yields on Treasury notes showed little change of foodstuffs showed large increases and during the latter part of June and the first there were substantial advances in prices of half of July. a number of industrial raw materials and MEMBER BANK RESERVES MEMBER BANK RESERVES AND RELATED ITEMS li. 1939 1940 1941 1939 1940 1941 Wednesday figures, January 2, 1935 to July 23, 1941. Required Wednesday figures, January 4, 1939 to July 23, 1941. and excess reserves, but not the total, are partly estimated. AUGUST 1941 747 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. . 751 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 752 Federal Reserve Bank statistics 753-757 Reserve position of member banks; deposits in larger and smaller centers. . 758 Money in circulation. . 759 Gold stock and gold movements; bank suspensions; bank debits. . 760 All banks in the United States, number, deposits, loans and investments. . 761 Condition of all member banks.... 762-763 Weekly reporting member banks 764-767 = Commercial paper, bankers' acceptances, and brokers' balances . 768 Money rates and bond yields. . 769 Security markets. . 770 Treasury finance 771-773 Governmental corporations and credit agencies; Postal Savings System. . 774-776 Business indexes 777-787 Department store statistics. . 788 Wholesale prices. . . . 789 Current statistics for Federal Reserve chart book. . 790-792 July crop report, by Federal Reserve Districts. . . 792 Earnings and expenses of Federal Reserve Banks during the six-month period ended June 30, 1941 . 793 Statistics of all banks in United States. 794-798 Member bank earnings, 1940, by size of bank. 799-801 Tables on the following pages tinclude 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. AUGUST 1941 749 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 GOLD STOCK / mm • 12 12 F - 10 1EMBER BANK 10 RESERVE BALANCIES / - - ^*-"~*~ MONEY IN CIRCULATION t 1 ••"•• - TF?EASURY CASH AND DEPOSIT!3 . . ••••••\A /"*'•.. .. RESERVE BA^IK CREDIT NONMEMBER DEPOSITS 0 0 1935 1936 1937 1938 1939 1940 1941 10 10 - - REQlJIRED RESERVES ^^ X 6 - 4 - /EXCESS RESERVES - 1935 1936 1937 1938 1939 1940 1941 Latest figures for July 23. See page 751. 750 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 dollai Reserve Bank credit outstanding Mem'3er Treas- bank reserve Treas- ury de- Other balan3es Date o B d u i i n s ll t - s ed T U ot . a S l . s e G c t w u o M u r v i r i t a i e t h n i - r e - g n s m t e a M u n f r t t a i e n - r g c l B o e r A e t s a h d e l n l e r i k t v r » e Total s G to o c ld k s r t o e c u i a n u n u r n y r c g t 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 o n a e r l g s a y d h s s - - B p s w F e o R e a e r i r s n e a t d v i h - k l t - e s s m p N o b d e o e s e m n r - i - t - s c s F e o R e a e r u r c e a d v n - - l - e ts Total c E e x s - s 2 * in 5 5 years years Monthly averages of daily figures: 1940—ADril 2 2,467 1, 205 1,262 58 2,527 18, 608 2,994 7,532 2,327 554 757 256 12, 703 6,003 May 3 2,472 1,205 1,267 54 2,529 18, 974 3,004 7,617 2,231 440 879 255 13,086 6,288 June 2 2,474 1,206 1,269 65 2,542 19, 560 3,010 7,752 2,194 286 1,026 259 13, 596 6,696 1941—April 2 2,184 983 1,201 85 2,272 22, 441 3,115 8,995 2,277 892 1,774 288 13, 600 5,883 May 2 2,184 1,008 1,177 75 2,262 22, 547 3,129 9,193 2,264 618 1,926 287 13, 650 5,831 June 2 2,184 952 1,232 94 2,280 22, 602 3,141 9,442 2,249 987 1,856 290 13, 201 5, 351 End of month figures: 1940—Apr. 30 3 2,467 1,205 1,262 48 2,518 18, 770 2,999 7,559 2,320 446 787 256 12,919 6,149 May 31 3 2,477 1,206 1,271 39 2, 519 19, 209 3,008 7,710 2,198 365 973 253 13, 237 6,385 June 29 2 2,466 1,204 1,262 63 2,531 19, 963 3,013 7,848 2,186 234 1,198 261 13, 781 6,857 1941—Apr. 30 2 2,184 1,008 1,177 48 2,234 22, 506 3,122 9,071 2,283 865 1,830 288 13, 524 5,771 May 31 4 2,184 1,008 1,177 92 2,280 22, 575 3,134 9,357 2,215 443 1,965 285 13, 724 5,801 June 30 2 2,184 951 1,234 81 2,267 22, 624 3,149 9,612 2,275 980 1,831 290 13, 051 5,210 Wednesday figures: 1940—Sept. 4 6 2,434 1,191 1,243 51 2,490 20,944 3,036 8,092 2,292 791 1,510 261 13, 524 6,494 Sept. 11 5 2,434 1,191 1,243 47 2,485 20,981 3,038 8,080 2,287 762 1,520 260 13, 596 6,541 Sept. 18.— 4 2,434 1,191 1,243 57 2,495 21, 093 3,040 8,084 2,311 790 1,549 270 13,624 6,531 Sept. 25- — 5 2,434 1,191 1,243 34 2,472 21,166 3,041 8,090 2,298 793 1,525 270 13, 703 6,645 Oct 2 6 2,424 1,181 1, 243 53 2,482 21, 271 3,046 8,172 2,294 678 1,587 268 13,800 6,721 Oct. 9 8 2,399 1,075 1,325 38 2,445 21, 349 3,048 8,199 2,294 579 1,574 270 13, 927 6,816 Oct. 16 4 2,384 1,108 1,276 94 2,481 21, 373 3,052 8,229 2,268 463 1,660 271 14,016 6,869 Oct. 23 4 2,352 1,086 1,266 32 2,388 21, 428 3,055 8,236 2,232 383 1,600 272 14,148 6,940 Oct. 30 4 2,333 1,074 1,259 44 2,381 21, 499 3,056 8,265 2,187 376 1,569 272 14,177 6,930 Nov. 6 4 2,327 1,070 1,258 30 2,362 21, 581 3,060 8,385 2,221 465 1,681 271 13,979 6,732 Nov. 13 4 2,254 1,044 1,210 67 2,326 21, 637 3,062 8,395 2,211 404 1,688 275 14,052 6,795 Nov. 20 4 2, 231 1,036 1,195 67 2,302 21, 716 3,066 8,436 2,188 310 1,749 276 14,127 6,800 Nov. 27 4 2,204 1,025 1,180 68 2,276 21, 755 3,069 8,465 2,182 199 1,685 278 14, 292 6,931 Dec. 4 4 2,195 1,020 1,176 67 2,266 21,827 3,074 8,569 2,204 255 1,708 278 14,154 6,816 Dec. 11— 5 2,184 1,020 1,165 51 2,241 21, 858 3,077 8,625 2,197 235 1,687 279 14,152 6,785 Dec. 18 4 2,184 1,048 1,136 117 2,306 21,898 3,081 8,716 2,204 570 1,702 289 13, 804 6,395 Dec. 24— 4 2,184 1,048 1,136 149 2,336 21,930 3,082 8,817 2,213 481 1,711 289 13, 837 6,438 Dec. 31— 3 2,184 1,048 1,136 88 2,274 21, 995 3,087 8,732 2,213 368 1,732 284 14,026 6,615 1941—Jan. 8 3 2,184 1,048 1,136 50 2,237 22,034 3,034 8,628 2,203 220 1,740 284 14, 284 6,835 Jan. 15.— 4 2,184 1,048 1,136 67 2,254 22,066 3,092 8,542 2,195 237 1,742 283 14, 414 6,896 Jan.22 4 2,184 1,048 1,136 69 2,256 22,089 3,095 8,541 2,196 261 1,750 283 14, 410 6,864 Jan. 29. — 3 2,184 1,048 1,136 41 2,228 22,110 3,097 8,548 2,200 258 1,799 283 14, 347 6,799 Feb. 5 2 2,184 1,048 1,136 31 2,217 22,122 3,099 8,627 2,212 692 1,784 283 13,842 6,306 Feb. 12.... 3 2,184 1,048 1,136 74 2,260 22,130 3,100 8,665 2,212 622 1,837 283 13, 871 6,331 Feb. 19.... 2 2,184 1,048 1,136 49 2,235 22,140 3,102 8,668 2,222 479 1,785 282 14,021 6,440 Feb. 26— 3 2,184 1,048 1,136 36 2,223 22,179 3,101 8,725 2,204 368 1,752 281 14,175 6,542 Mar.5 2 2,184 1,048 1,136 51 2,237 22, 237 3,103 8,805 2,192 391 1,772 280 14,136 6,435 Mar. 12.._ 1 2,184 1,048 1,136 59 2,244 22, 318 3,106 8,811 2,196 421 1,748 280 14, 211 6,483 Mar. 19... 1 2,184 984 1,201 73 2,259 22,335 3,104 8,826 2,208 913 1,721 289 13, 741 6,106 Mar. 26... 1 2,184 984 1,201 35 2,221 23, 359 3,108 8,842 2,230 906 1,788 288 13,633 6,011 Apr. 2 1 2,184 955 1,230 59 2,244 22, 384 3,110 8,944 2,251 1,045 1,704 288 13, 506 5,941 Apr. 9 5 2,184 955 1,230 46 2,235 22, 413 3,113 8,993 2,272 813 1,740 288 13,656 6,027 Apr. 16.— 1 2,184 1,008 1,177 100 2,286 22,421 3,116 8,989 2,269 534 1,763 289 13,979 6,264 Apr. 23 2 2,184 1,008 1,177 53 2,239 22, 482 3,118 8,992 2,299 947 1,808 289 13, 506 5,760 Apr. 30 2 2,184 1,008 1,177 48 2,234 22, 506 3,122 9,071 2,283 865 1,830 288 13, 524 5,771 May"7 1 2,184 1,008 1,177 43 2,229 22, 525 3,125 9,151 2,292 804 1,905 288 13, 440 5,711 May'14_._. 2 2,184 1,008 1,177 53 2,239 22, 538 3,129 9,155 2,283 762 1,961 287 13, 458 5,689 May 21.... 2 2,184 1,008 1,177 50 2,237 22, 565 3,131 9,186 2,280 477 1,972 286 13,732 5,855 May28__._ 4 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 2,184 951 1,234 54 2,240 22, 579 3,136 9,394 2,229 993 1,852 285 13, 201 5,407 June 11 2 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 2,184 951 1,234 55 2,241 22, 612 3,142 9,433 2,258 1,024 1,855 295 13,131 5,314 June 25 2 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 July 2 3 2,184 951 1,234 86 2,273 22, 627 3,150 9,704 2,276 837 1,820 289 13,125 5,265 July 9 3 2,184 951 1,234 61 2,249 22, 640 3,152 9,695 2,291 1,039 1, 756 289 12, 971 5,124 July 16 2 2,184 951 1,234 108 2,294 22, 655 3,157 9,645 2,309 849 1,792 288 13,223 5,336 July23..._ 3 2,184 951 1.234 61 2,248 22, 664 3,161 9,634 2,320 954 1,759 288 13,117 5,181 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6, 1937 on maturity distribution of security holdings will be supplied on request. AUGUST 1941 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10(b) of the Federal Reserve Act Secured by direct and Federal Reserve Bank eligible guaranteed ob- All other To banks To others ligations of the U. S. Ju R l a y t e 31 beg e i f n I f n e n c in t g- Ju R l a y t e 31 beg e i f n I f n e n c in t g- Ju R l a y t e 31 beg e i f n I f n e n c i t ng- Ju R l a y t e 31 beg e i f n I f n e n c i t ng- J R ul a y t e 31 beg e i f n I f n n ec in t g- Boston.. Sept. 1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York.... Aug.27, 1937 Aug.27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia.. Sept. 4, 1937 Sept. 4, 1937 Sept. 4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Aug.27, 1937 Aug.27, 1937 Sept.10, 1937 Sept. 1, 1939 Feb.19, 1934 Atlanta Sept.16, 1939 Aug.21, 1937 Aug.21, 1937 Sept. 16, 1939 Apr.23, 1938 Chicago Sept. 1, 1939 Aug.21, 1937 Aug.21, 1937 Sept. 1, 1939 Oct.16, 1933 St. Louis Sept.21, 1939 Sept.2, 1937 Sept. 2, 1937 Sept, 16, 1939 Feb.23, 1935 Minneapolis.. Aug.24, 1937 Aug.24, 1937 Aug.24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept.3, 1937 Sept. 3, 1937 Sept. 16, 1939 Apr.16, 1938 Dallas Sept.16, 1939 Aug.31, 1937 Aug.31, 1937 Sept. 16, 1939 Apr.16, 1938 San Francisco Sept. 3, 1937 Sept.3, 1937 Sept.17, 1937 Sept. 1, 1939 Oct.19, 1933 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 July 31 on advances and commitments under Maturity e R ff a ec te t i o n n In g i e n ff n e i c n t g — be- Pre ra v t i e ous [Per cen S t e p c e ti r o n a n 1 n 3 u b m o f e x th c e e p F t e a d s e r in al d i R ca e t s e e d rv b e y A f c o t otnote6] July 31 Advances to or in participation with financ- 1-15 days i___. Oct. 20, 1933 Advances ing institutions 16-30 days.... ...do.. direct to Commit- 31-45 days ....do. Federal Reserve industrial On por- ments 4 6 9 1 6 1 - - - 9 6 1 0 2 0 0 d d a a d y y a s s y . . s . . . . . . . . . . . . . . . . . . . . d d d o o o. Bank m ga o e n r r i c c z i o a al t m i o o - r n - s t i i w n o s h n t i i c t f u h o - r m O a n in r i e n - g a to d v m an a c k e e s 121-180 days.. ....do... tion is portion i obligated i i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of Boston 3 New York on prime bankers' acceptances payable in dollars; higher New York I2-3 2-5 rates may be charged for other classes of bills. The same minimum Philadelphia rates apply to purchases, if any, made by other Federal Reserve Banks. Cleveland Back figures—See Annual Report for 1937 (table 41). Richmond. _ 4-6 ($4 1-2 Atlanta 4-6 4-6 1-2 Chicago 3-6 4 3-6 MEMBER BANK RESERVE REQUIREMENTS St. Louis._ 3-6 [Per cent of deposits] M inneapolis _ 3-6 1H-2 1-2 Kansas City. 4-6 3-6 4 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Dallas 4-6 4 4-6 1 Classes of deposits 1917- 1936- 1937- 1937- 1938- San Francisco 4-6 4 4-5 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 3-4 1936 1937 1937 1938 after 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, O O n n d R C C e e e o n t p i s n u e m o e t t n s r r e i t v a d t r l e s d e y : m r e 1 c e p i s a t o e n y s r d i v t e s: ci i ty.. 1 1 0 5 H 12 m l R o i w a 4 2 3 c y O S e O h r a m n n c m h e t e o h a e p n a r p e d g a n e r , e s r c r r A s a e a c a n t t t e m e e l t n a e l t c s n e h h t s r l a o a s e a , r s w t t g e s h C n e a d a . t h n h s i b a c r c n a o a h g t r e a r r o o a r , c g w t h e e M e a d c r r i g h n b b e a n o y d r e r g r a f b e o i p d o n w o r a r b l e n o i r o s c w , r i b r n e o y K g r w a b f i e n i n y n r s s a a f t b i n s i n y t c u a i C f n t n i i i c g n o t i y a n n i n , . n g c s a i i t n n n i d t g s u t i t i D t i n u o s a t n t i l i , l o t a u n i s f - . All member banks. _. 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 at ( e se c e h n ar o g t e e d » ) b • orrower by financing institution with minimum of four per cent (see note l). i See footnote to table on p. 758 for explanation of method of com- « Minimum charge one-fourth of one per cent. puting net demand deposits. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS1 Maximum rates that may be paid by member banks as established by Prescribed by Board of Governors of the Federal Reserve System in the Board of Governors under provisions of Regulation Q accordance with Securities Exchange Act of 1934 [Per cent per annum] [Per cent of market value] Apr. 1, Nov. 1, Nov. to 1, 1933 Feb. t 1 o , 1935 b I e n g i e n f n fe i c n t g 1936- 1937 Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Oct. 31, and 1937 after Savings deposits For extensions of credit by brokers and dealers on Postal savings deposits listed securities, under Regulation T. 55 40 Other time deposits pay- For short sales, under Regulation T__ (2) 50 able in: For loans by banks on stocks, under Regulation U__. 3 55 40 6 months or more 90 days to 6 months i Regulations T and U limit the amount of credit that may be ex- Less than 90 days tended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference be- NOTE.—Maximum rates that may be paid by insured nonmember tween the market value (100%) and the maximum loan value. banks as established by the Federal Deposit Insurance Corporation, * Requirement under Regulation T was the margin "customarily effective February 1, 1936, are the same as those in effect for member required" by the broker. banks. Under Regulation Q the rate payable by a member bank may 3 Regulation U became effective May 1, 1936. not in any event exceed the maximum rate payable by State banks or NOTE.—Regulations T and U also provide special margin requirements trust companies on like deposits under the laws of the State in which on "omnibus" accounts and loans to brokers and dealers. the member bank is located. 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1941 1941 1940 July 23 July 16 July 9 July 2 June 25 June 18 June 11 June 4 June May June Assets Gold certificates on hand and due from U.S. Treasury 20,302, 53120, 307, 532 20, 310, 53120, 312, 23120, 313, 730 20,313, 73120, 313, 73120, 314, 730 20, 312, 73120, 316, 728 17, 743, 476 Redemption fund—F. R. notes 16, 271 12,186 10, 553 8,853 9,508 9,508 10, 945 9,944 8,878 7,945 10,862 Other cash 293,072 283, 282 252, 279 241,080 285,141 287, 750 289,010 276, 625 261, 307 290, 773 366,090 Total reserves 20,611, 87420, 603,000 20, 573, 363 20, 562,164 20,608, 379 20, 610, 98920, 613, 686 20,601, 299 20, 582, 916 20, 615,44618,120,428 Bills discounted: For member banks 2,728 2,296 3,357 2,508 2,013 1,977 1,916 1,772 4,174 2,194 For nonmember banks, etc 10 Total bills discounted. 2,728 2,296 3,357 2,508 2,013 1,977 1,916 1,772 4,174 2,204 Industrial advances 9,853 9,807 9,352 9,273 9,088 8,906 8,774 8,736 9,227 8,596 8,947 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, 200 1, 329,843 Notes 820, 300 820, 300 820, 300 820,300 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 1,127,933 Guaranteed 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4, 600 4,600 8,500 Total U. S. Government securities, direct and guaranteed. 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2, 466, 276 Other Reserve Bank credit outstanding '. 51,103 97, 788 52, 274 77,189 54, 209 46, 416 53,909 45,448 71, 590 83, 302 53,904 Total Reserve Bank credit outstanding... 2, 247, 784 2, 293,991 2, 249, 083 2, 273, 0702, 249, 410 2, 241, 228 2, 248, 760 2, 240, 200 2, 280,172 2, 531,331 Liabilities F. R. notes in actual circulation 6, 771,077 6, 774,078 6, 797,124 6, 787, 914 6, 633,192 6, 573,156 6, 542,175 6, 534,194 6, 723, 5676, 503, 424 5,198,920 Deposits: Member bank—reserve account 13,117,089 13, 223, 03212, 971, 07713,125, 37612, 985,110 13,130, 642 13, 312,189 13,201,49413,050,968 13,724,387 13,781,177 U. S.Treasurer—general account 954,398 849, 372 1,038, 545 836, 852 1,081,125 1,023,809 940,973 993,072 980,403 443,062 233,772 Foreign 1,165,141 1,185,116 1,191, 575 1, 208, 225 1, 240, 276 1, 229, 892 1, 226, 526 1,243,661 1, 233, 273 1, 238, 754 682,869 Other deposits 593, 544 607,199 564, 481 611, 503 650, 690 624, 714 582,106 608,123 725,920 515, 298 Total deposits 15,830,172 15,864, 71915, 765,67815, 781,95615,957, 20116,009,057 16,061, 79416,046, 350 15, 862, 672 16,132,12315,213,116 Ratio of total reserves to deposit and F. R. note liaabilities combined (per cent) _. 91.2 91.0 91.2 91.1 91.2 91.3 91.2 91.2 91.1 91.1 88.8 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h ys s 6 1 m t y o o e n a t r hs 2 1 y y to 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: July 2 2,508 1,950 142 100 26 290 July 9 3,357 2,870 122 81 20 264 July 16 _ 2,296 1,732 122 42 105 295 July 23- 2,728 2,236 20 93 143 236 Industrial advances: July 2 9,273 1,525 321 526 839 860 1,495 1,400 2,307 July 9 . 9,352 1,524 696 193 977 814 1,442 1,412 2,294 July 16 9,807 1,515 754 181 1,386 869 1,398 1,416 2,288 July 23 9, 853 2,072 309 228 1,225 852 1 408 1 475 2 284 U. S. Government securities, direct and guaranteed: July 2 .. 2,184,100 43,000 84, 800 238, 700 584,000 1,233,600 July 9. 2,184,100 43, 000 84,800 238, 700 584, 000 1, 233,600 July 16 2,184,100 43, 000 84,800 238,700 584,000 1, 233, 600 July 23 2,184,100 43,000 84,800 238,700 584,000 1, 233, 600 AUGUST 1941 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston N Yo e r w k P p d h h e i l i l - a a - C l l a e n v d e- m Ri o c n h d - l A an t- ta Chicago Lo S u t. is n M o e l a i i n p s - - K C a s i n a 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: June 18 20,313, 731 161, 769 8, 880,048 , 223, 891 562,084 •53, 39854, 8413, 400, 496547, 741137, 994461, 391321, 526 ,308,552 June 25 ... __ __ 20, 313, 730 , 185, 741 8, 812,1001, 220, 497 590, 452 664, 754 4"6 4•,, 5583, 407, 728>45, 007330, 951456, 794323, 049 , 312, 099 July 2 20, 312, 231 ,201,000 8, 802, 8591, 222, 344 582,130684,851481, 4373, 319, 314.73, 593337, 607461,124326, 742 ,319, 230 July9 20, 310, 531 , 214, 249 8, 771, 5381, 209, 462 563, 688 689i., 052482, 721 1,351,915 '58, 943345, 328467, 633331,229 , 324, 773 July 16 20, 307, 532 , 214, 415 8,779, 5621, 201, 628 564, 028>92, 026 474,115 ,, 360,120.50, 410339, 855 4"6 31.,044324,178 , 344,151 July 23 20, 302, 531 ,213, 8, 816, 271 38, 943 , 574, 362 471, 784 325, 273544, 558340, 233t73.185321,346 , 360, 626 Redemption Fund—Federal Reserve notes: 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 July 2 8,853 217 1,041 581 941 1,395 737 762 333 112 88 807 1,839 July9 10, 553 217 1,041 581 941 1,395 737 762 1,033 612 588 807 1,839 July 16 _. . . 12,186 154 1,810 482 862 1,761 687 1,655 1,013 603 560 794 1,805 July 23 16, 271 5,113 1,656 416 1,324 656 1,593 594 548 786 1,787 Other cash: June 18 287, 750 20, 03' 54, 283 24,085 16, 428 18,006 25, 661 40,008 18,838 5,716 16, i 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, i 15,069 32, 818 July 2 241,080 17, 784 43, 403 19, 961 17, 565 13,289 20, 956 31, 021 16, 545 5,591 14,146 13,485 27, 334 July9 252, 279 19, 851 52, 358 19, 348 13,521 16, 452 22, 075 32,177 17, 991 5,049 13,083 12, 603 27, 771 July 16 283, 282 23, 644 66,057 19,033 21,003 15,431 22, 572 35,105 17,979 5,574 12, 769 13,907 30,208 July 23 293, 072 22, 478 68, 053 20, 458 17,191 18, 647 26. 613 38,956 18, 718 5,972 11,953 13,115 30,918 Total reserves: June 18 20, 610, 989 , 182,133 8, 935, 7581, 248, 7041, 579,114672, 622 481, 3533, 441, 451566, 960343t,, 855 478, 32'338, 210 342, 502 June 25 20, 608, 379 ,206,431 8,863,9391, 245,4491,605,662 !,0773, 448,149 565,836336,479) 473, 737338,950 , 346,831 July 2 20, 562,164 , 219,001 8, 847, 3031, 242,8861, 600, 636 535 503,1303, 351, 097 i,471343;,, 310 475, 335481, 034 ,348,403 July9 20, 573,363 ,234, 317 8, 824,9371, 229, 3911, 578,150 706,899 505, 5333, 384, 854577,9673501,,989 481, 304344,1"" , 354, 383 July 16 20, 603, 000 , 238, 213 8, 847, 4291, 221,1431, 585, 893 709, 218 497, 337,4 396, 880569, 402346, 032 47'66,, S3"73338, 879 , 376,164 July 23 20, 611,874 ,241,488 8,885,9""80" 1,209,8171, 592, 352 692, 024 499,0533, 365,822564, 275346, 799 4'85", e'3"35, 247 ,393, 331 Bills discounted: Secured by U. S. Government obligations,direct and guaranteed: June 18 1,119 372 216 100 158 20 25 June 25 1,421 110 871 97 100 58 60 45 July 2 . 1,365 81 971 5, 100 60 45 25 July 9 1,868 T. 1,515 56 100 40 22 25 July 16 930 47 515 80 100 40 27 25 July 23 905 37 420 50 100 45 40 19 25 Other bills discounted: June 18 24 142 45 29 34 162 150 June 25_ _ .. 592 24 92 56 22 156 132 102 July 2 1,143 21 627 46 22 179 105 135 July 9 1,489 21 1,026 50 22 175 52 135 July 16 1,366 790 46 22 38 169 87 204 10 July 23 1, 823 1,285 36 22 38 168 10 Total bills discounted: June 18 1,806 121 514 261 129 158 8 182 216 123 25 June 25 2,013 134 963 153 122 58 8 216 177 132 July 2 2,508 102 1,598 101 122 8 8 239 150 25 July9 ._ ... 3,357 93 2,541 106 122 8 8 215 74 25 July 16 2,296 47 1,305 126 122 38 50 209 114 250 35 July 23 2,728 37 1, 70.c 86 12: 58 50 209 114 259 35 Industrial advances: June 18 8,906 768 1,536 3,360 350 866 193 366 435 579 27, 178 June 25 9,088 1,016 1,536 3,514 350 851 190 384 43J 359 275 178 July 2 9,273 1,010 1,534 3, 515 328 834 179 390 434 597 275 177 July 9. . 9,352 1,010 1,534 3, 524 329 834 179 383 428 679 27, 177 July 16 9,80' 1,009 1,533 3,522 323 818 17. 402 448 1,129 274 174 July 23 9,853 1,106 1, 533 3,55' 340 800 168 419 447 959 353 171 U. S. Government securities, direct and guaranteed: Bonds: June 18 1, 363, 80C 98, 544 389, 312 108,110 136, 462 75, 859 59, 24' 156, 506 63, 283 41,178 66, 27' 54, 979 114, 043 June 25 1, 363, 80C 98, 54' 389, 312 108,110 136, 462 75, 859 59, 24' 156, 506 63, 283 41,178 66, 277 54,979 114, 043 July 2 1, 363, 99, 286 384,113 107, 301 141, 895 74, 720 57, 48' 166, 999 65, 886 38, 477 66, 280 53, 594 107, 765 July 9 1, 363, 80C 99, 286 384,113 107, 301 141, 895 74, 720 57, 48' 166, 999 65, 886 38, 477 66, 280 53, 594 107, 765 July 16 1, 363, 80C 99, 286 384,113 107, 301 141,"" 74, 720 57, 48' 166, 999 65, 886 38,47 66, 280 53, 594 107, 765 July 23 1, 363, 80C 99, 286 384,113 107, 301 141, 895 74, 720 57, 48' 166, 999 65, 886 38, 477 66, 280 53, 594 107, 765 Notes: June 18 820, 30C 59, 273 234,163 65, 027 82, 079 45, 627 35, 637 94,136 38, 062 24, 769 39, 33, 068 June 25 820, 30C 59, 273 234,163 65, 027 82, 079 45, 62; 35, 637 94,136 38, 062 24, 769 39.863 33, 068 68, 596 July 2 820, 30C 59, 719 231, 036 64, 54 85, 348 44, 943 34, 577 100, 446 39, 630 23,144 39.864 32, 235 64,817 July9 820, 30C 59,719 231, 036 64, 541 85, 348 44, 943 34, 577 100, 446 39, 630 23,144 39, 864 32, 235 64, 817 July 16 820, 30C 59, 719 231, 036 64, 541 85, 348 44, 943 34, 577 100, 446 39, 630 23,144 39,864 32, 235 64,817 July 23 820, 30C 59, 719 231, 036 64, 541 85, 348 44, 943 34,5; 100, 446 39, 630 23,144 39,804 32, 235 64, 817 Total U. S. Government securities, direct and guaranteed: June 18. 2,184,10C 157,817 623, 475 173,137 218, 541121, 486 94, 884 250, 642101, 345 65, 106,140 88, 041 182, 639 June 25 2,184,10C 157, 817 623, 475 173,137 218,541121,486 94,884 250, 642101,345 65,947106,140 88,047 182,639 July 2 2,184,10( 159, 005 615,149 171, 842 227, 243119, 663 92, 061 267, 445105, 516 61, 621106,144 85, 829 172, 582 July9 2,184,10C 159,005 615,149 171,842 227, 243119,663 92, 061 267,445105, 516 61,621106,144 85, 829 172, 582 July 16 .. . 2, 184,10C 159,005 615,149 171, 842 227, 243119, 663 92, 061 267, 445105, 516 61, 621106,144 85, 829 172, 582 July 23 2,184,10C 159,00.B 615,149 171, 842 227, 243119,663 92,061 267, 445105, 516 61, 621106,144 85, 829 172, 582 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets—Continued Total bills and securities: June 18 2,194,812 158, 706 625, 525 176, 758 219, 020122, 510 95,085 251,042101, 380 66, 564106, 935 88,445 182, 842 June 25 2.195, 201 158, 967 625, 974 176,804 219,013122, 395 95, 082 251, 026 101, 3956666,, 5~98 110066,,667766 88,454 182,817 July 2 .. 2,195,881 160,117 618, 281 175, 458 227,693 120,i,505 92, 248 267, 835 105, 51662.294 106, 891 172, 784 July9 2,196,809 160,108 619, 224 175,472 227, 694 1201,,505 92, 248 267, 105, 516 62, 264 106, 897 172, 784 July 16 2.196, 203 160, 061 617, 987 175,490 227, 120,481 92, 274 267, 897105, 516 62, 278107, 387 86, 353 172, 791 July 23 2,196, 681 160,148 618, 387 175, 485 227, 705120, 471 92, 287 267.914105, 561 62, 277107, 217 86, 441 172, 788 Due from foreign banks: June 18 4' 18 5 4 2 2 1 1 4 June 25 4' 18 5 4 2 2 1 1 4 July 2 4' 18 5 4 2 2 1 1 4 July9 .. 4' 18 5 4 2 2 1 1 4 July 16 47 18 5 4 2 2 1 1 4 July 23 4' 18 5 4 2 1 1 4 Federal Reserve notes of other banks: June 18 24,918 568 2,137 1,426 1,550 6,190 2,723 2,722 2,078 842 1,981 557 2,144 June 25. 27, 222 659 2,040 1,142 V 7,124 2,692 3,13' 2,350 1,262 1,627 1,004 2,516 July 2 23, 779 729 1,704 1, 254 1,306 5,568 2,422 2,86J 2,230 393 1,610 732 2,966 July9 29, 503 739 2,022 1,771 1,793 5, i""" 3,427 3,509 3,007 905 2,274 1,139 3,028 July 16 30,130 1,083 3,646 1,915 1,483 6,654 2,745 3,011 1,874 1,417 1,949 965 3,388 July 23 29,911 2,904 1,588 1,736 6, 356 2. 305 2,804 2,586 1,781 2,050 762 4,056 XJncollected items: June 18 1,132, 033 100,858 251, 575 86, 382 168,449 92, 645 42, 345 167,158 53,120 26, 677 42, 579 34,192 66, 053 June 25 890, 276 83, 468 217, 336 62, 665 111,557 71,464 36, 415 125, 495 48, 522 23, 759 33, 001 30,094 46, 500 J J J J u u u u l l l l y y y y 2 9 1 2 6 3 . 1,1 9 8 9 9 7 2 3 5 9 0 6 , , , , 0 3 5 5 ' 3 9 0 4 1 7 1 8 9 9 2 1 7 2 0 , , , , 0 7 2 2 4 5 0 2 ; 7 6 4 2 2 2 2 2 0 6 4 0 5 5 6 , , , , 1 8 5 5 0 9 0 8 1 3 7 6 6 7 6 5 2 8 6 9 , , , , 1 6 2 4 1 5 1 4 5 9 4 8 1 1 1 1 2 1 4 0 4 6 8 0 , , , , 1 8 9 5 2 2 2 8 4 9 1 4 8 8 8 7 1 3 2 1 , , , , 1 6 4 4 6 4 3 7 7 0 4 3 3 3 3 3 2 1 9 5 , , , , 0 5 5 9 9 8 8 0 3 6 3 5 1 1 1 16 3 2 3 4 9 6 1 , , , , 1 3 7 5 6 9 3 5 8 6 4 5 6 5 4 2 8 0 , , , , ' 7 1 9 1 4 5 9 0 5 2 2 2 22 6 4 4 , , , , 4 2 5 6 2 5 1 0 6 7 0 3 4 3 4 37 0 7 3 , , , , 7 6 8 2 9 6 7 0 6 4 7 3 3 3 3 3 1 4 8 0 , , , , 8 8 3 2 8 0 6 3 9 2 9 0 5 5 5 5 8 3 2 1 , , , , 9 0 1 7 1 7 1 9 9 0 4 3 Bank premises: June 18 40, 246 2,810 9,949 4,720 4,525 2,639 1,973 3.012 2,300 1,355 2,964 l,: 2,810 June 25 40, 215 2,810 9,949 4,710 4,513 2.640 1,970 3,012 2,299 1,355 2,964 1,189 2,804 July 2 40,162 2,805 9,930 4,710 4,513 Z 644 1,970 3,00: 2,297 1,353 2,948 1,181 2,804 July9 40,175 2,805 9,930 4,710 4,513 2.654 1,970 3,007 2,300 1,353 2,948 1,181 2,804 July 16 40, 444 2, 80;~ 10,10' 4,766 4,513 2,687 1,970 3,007 2,303 1,353 2,948 1,181 2,804 July 23 40, 429 2,80; 10,107 4,766 4,500 2, 687 1,969 3,00: 2, 302 1,353 2,948 1,181 2,804 Other assets: June 18 42, 412 2,812 11,311 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 July 2 44, 641 3,084 11,667 3,790 5,035 2,707 1,870 5,110 2,023 1,313 2,139 2,016 3,887 July 9 45, 283 3,048 12, 004 3,839 5,113 2,739 1,859 5,227 2,056 1,337 2,157 1,969 3, 935 July 16 . 45, 896 3,102 12, 090 3,866 5,207 2, 789. 1,925 5,251 2,103 1,357 2,166 2,025 4,015 July 23 46, 641 3,153 12, 415 3,942 5,263 2,824 1,960 5,374 2,126 1,378 2,189 1,994 4,023 Total assets: June 18 24,045, 4571, 447, 8909, 836, 2731, 521, 1, 977, 335 899, 257 625, 295 3, i,971727, 680 440, 614 634, 759 464, 513 1, 600, 262 J J u u l n y e 2 25 . 2 23 3 , , 8 8 4 0 5 4 , , 6 7 6 5 9 21 1 , ,4 4 5 7 5 6 , , 2 7 0 9 4 6 9 9 , , 7 7 3 3 0 5 , , 9 0 7 0 5 41 1 , , 4 4 9 9 6 4 , , 3 4 1 8 7 31 1, , 9 9 4 6 7 4 , , 1 1 4 7 4 1 8 90 9 3 1 , , 1 4 7 3 0 4 6 6 3 3 0 3 , ,1 0 4 8 ' 2 3 3i , ., 7 8 6 3 9 5 , 4, 7 4 5 56 7 2 7 2 5 . 2 , . 2 . 6 6 6 _ 7 8 4 3 4 0 3 , 3 , 789 620, 1 0 5 1 0 6 4 . 4 6 6 9„ 1 , , 5 6 9 5 2 6 1 1 , , 5 8 58 2 5 , , 9 1 4 8 09 July9 23, 780, 7711, 493, 7659, 673, 6421,474, 3031,917,391922,122640,1323, 791, 229 739, 566 441,105 377 466, 0871, 588, 052 July 16 24,036, 2271, 525, 4919, 756,8631, 483, 633 1,173, 617923,471636, 27"3 31;,840, 945 745, 687 439,040 634; 488 46;3,6,341, 613, 085 July 23 23,861, 9171,495, 7869, 750, 7041,458, 262 1,948, 081905, 531630,162 3:!, 776, 297229,806 436, 098 637, 968457, 4281, 635, 799 Liabilities Federal Reserve notes in actual circulation: June 18 6, 573,156 542, 682 1, 749, 770 454, 365 609, 460 309,090 216, 3291,412,138 244, 537 9, 725220,153103, 956 540, 951 June 25 6, 633,192 549, 943 1, 772, 030 458, 916 616, 777 312, 549217,625 1, 421,216 245,153169, 901219,911104, 051 545,120 July 2 6, 787, 914 562, 66r 1, 813, 043 467, 660 628^ 068 32i; 594 22224<, 966 1,,4 4U8S,, .5.9 4 251, 694 172,, 470224,121108, 959 564,080 July 9 6, 797,124 564, 56: 1, 806,154 468,151 635,824 321, 716 224, 2231, 453,770 251, 563 173, 750 225, 218108,140 564, 053 July 16 6, 774,078 561, 896 1, 792, 458 469, 210 663366,, 548 320, 454 22!2,,1 5175 '7.1, 4570,66 251, 798 172, 586 224, "'"106, 802 558, 425 July 23 6, 771, 077 560, 594 1, 790,887 469, 384 639,316 318, 744220, 6431, 457,220 251, 692 172, 710 226, 005106, 655 557, 227 Deposits: Member bank —reserve account: June 18 13,130, 642 686, 833 6, 427, 287 699, 815 962, 347 382, 907267, 9671, 870,16:320, 500170,109 285, 546 233,179 823, 985 J J J u u u n l l y y e 2 9 2 5 . 1 1 12 3 2 , , , 1 9 9 2 8 7 5 5 1 , , , 1 3 0 1 7 7 0 6 7 6 6 6 8 7 8 6 7 9 , , , 7 2 2 9 8 1 3 9 2 6 6 6 , , , 3 3 2 6 9 6 4 6 3 , , , 9 4 4 7 6 1 8 9 2 6 6 6 9 9 9 6 0 7 , , , 1 6 9 2 2 6 8 3 8 9 9 9 5 3 3 9 8 8 , , , 9 9 _ 5 .0 7 2 _7 4 3 . 4 3 4 1 9 1 6 7 7 , , , 3 8 89 2 2 1 6 2 2 2 2 8 7 9 4 9 2 , , , 0 5 1^ 1 1 7 4 4 9. 1 1 , ,^ 8 8 g 2 4 6 3 1 , ^, 6 1 8 6 2 - 9 6 8 " 2 3" 3 3 4 1 3 7 6 3 , , , 4 1 6 2 7 1 6 4 2 1 1 1 6 6 6 3 8 2 , , , 1 5 0 6 6 5 "2 8 6 " 2 2 2 8 8 8 7 4 6 , . , : , 4 0 0 6 8 7 2 2 5 2: 2 2 3 4 4 3 3 4 , , , 0 7 3 0 1 7 6 8 2 8 8 7 1 9 0 4 5 7 , , , 8 5 2 9 4 5 7 0 4 July 16.. _ 13, 223, 032 707, 688 6, 386, 437 699,048 973, 361411, 599 2"8"4 ';:, 3518, 901,920 323, 35"165, 902 292!,, 365 242, 312834, 685 July 23 13,117,089 683, 970 6, 416, 098 688, 859 967 "1"5"0 395, 494 2801,, 2431,840, 13 319, 439167, 700 286, 445 236,106 834, 872 U. S. Treasurer—general account: June 18 1, 023, 809 43, 367 300, 633 83, 323 89, 469 43,131 34,163 227,159 50, 529 38, 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 46,1"' 41, 770 July 2 836, 852 49, 583 244, 034 93, 549 96,186 22, 395 22, 734 134, 751 46, 885 31,813 31, 490 31,105 32, 327 July 9 1, 038, 545 67, 752 375, 516 90,71 87, 218 32,495 35, 171, 768 49, 958 35, 614 37,079 35, 331 19, 499 July 16 . 849, 372 62, 694 282, 567 72, 691 69,093 37, 217 30, 218 123, 061 49, 376 34,148 28, 545 32, 925 26, 837 July 23 954, 398 79,136 301, 647 69, 221 63,140 39, 496 36,103 154, 015 49, 421 34, 309 41,043 37,124 49, 743 Foreign: 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 94, 075 July 2 . . 1, 208, 225 57, 066 457, 687 117, 392 111,341 52, 040 42, 358 145, 228 36, 307 26, 625 35, 097 35, 097 91,987 July9 . 1,191, 575 54, 830 453, 724 115, 623 109, 663 51, 255 41, 720 143, 038 35, 760 26, 224 34, 568 34, 568 90, 602 July 16 1,185,116 56, 227 449, 497 114, f " 109, 071 50, 979 41, 494 142, 266 35, 567 26, 082 34,381 34, 381 90,173 July 23 1,165,141 54, 345 443, 201 113, 008 107,183 50, 096 40. 776 139, 804 34, 951 25, 631 33, 786 33, 786 88, 574 Other deposits: 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 3,23' 1,687 28, 712 July 2 611, 503 12, 629 484, 022 19, 734 21, 669 7,378 6,697 8,252 9,764 8,486 3,459 2,144 27, 269 July9 564, 481 9,149 457,113 16, 048 17, 236 6,319 6.170 4,493 8,979 5, 915 2,710 1, 643 28, 706 July 16 607,199 11,371 487, 046 16, 813 19, 276 6,647 6,372 8,452 10,116 7,449 2,901 1,788 28, 968 July 23 593, 544 9,194 474, 601 18, 426 27, 731 5, 754 7, 329 4,446 9,264 5,860 2, 582 1,515 26, 842 * Less than $500. AUGUST 1941 755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p h d h i e i l l a a - - C la le n v d e- m R o ic n h d - l A a t n - ta Chicago Lo S u t i . s n M o e i l n a i - p s - K C s a a it n s y - Dallas F c S i r a s a c n n o - Liabilities—Continued Total deposits: June 18 .6,009,057 793,311 7, 722,175 919,9741,179, 650 483,993 351,9882, 246,802 417,442 240,938 361,,592315,420 975,772 June 25 .5,957,201 800,204 7,635, 594 934,192 1"., 190,18479 24,9821,38 1336 6?, 7472,242,643 417;235 231,388 356!i, 474317,270 972,454 July 2 .5, 781,956 805, 567 7, 582, 212 927,3431,189,103 498,135363,9682,129,397 440, 568 229^ 980356,128312, 718 946, 837 July 9 .5, 765, 678 820,943 7, 549, 765 913,3111,153,091 5f07,960368,0022,157,988 427,871236,321361,"8 19" 315,260 953,347 July 16 .5,864, 719 837, 980 7, 605, 547 903, 550 11,170,801506,442362,442 175, 699 418,416 233,581358,192311,406 980,663 July 23 .5, 830,172 826,645 7, 635, 547 889, 514 11,165, 204 4"910,;840364, 451 138,978 413,075 233, 5"0"0" 363, 856 308, 531, 000,031 Deferred availability items: June IS 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 _ 836,114 193,028 66, 303 105,168 69, 417 31,913 123, 319 47,905 19, 633 32,144 28, 668 39, 736 July 2 901, f"" 82, 559 211,008 66,644 112, 426 67, 510 30, 557 143, 661 48, 559 20, 866 37, 522 36, 387 44, 237 July 9 843,364 82, 334 188, 774 58,122 93,826 76,199 34, 230 131, 562 48, 239 21,245 34,918 31,093 42,822 July 16 . 1,022, 766 99, 679 229, 930 76,177 131, 627 80, 322 38, 008 160,149 23,101 40, 238 33,761 46,186 July 23 885, 278 82, 383 195,157 64, 609 79, 631 31, 369 131, 970 53,118 20, 095 36, 696 30, 659 50, 707 Other liabilities, including accrued dividends: June 18 5,610 563 1,704 476 597 418 161 614 180 150 202 204 341 June 25 6,086 568 1,886 546 625 433 174 686 201 171 214 225 357 July 2 1,747 420 210 157 174 244 178 66 72 92 79 19 July 9 2,229 330 399 194 245 271 261 77 88 107 138 68 July 16 2,115 335 359 161 227 252 229 75 78 107 205 48 July 23 2,658 553 527 212 259 278 295 81 90 109 120 Total liabilities: June 18 23,673,487 1,422,294 9, 707, 8491,487,096 1,942,952 883,303 611, 676 3i,, 822, 36015,920 430,917623, 511453,0741, 572, 535 June 25 23, 432, 5931,429, 595 9, 602, 5381,459, 957 1,912, 757 875, 212 616,4593,787,864 10,494 421,093 608,743 4'5"01,,2141, 557, 667 July 2 23,473, 5531,451, 211 9, 606, 473* .1, 461,804 1,929, 771 887,483 619, 532,7 721, 830740,887 423,388 617. 8""6"3 '4"5"8",1431, 555,173 July 9 23,408, 3951,468,169 9, 545,092 .1, 439, 778 1,882, 986 906,146 626, 5"I0,6 7 343,, 581"27, 750 431,404 622; 062 454,6311, 560, 290 July 16 23, 663, 6781,499, 8909,628,2941,449,098 1,939, 203 907,470 622,646 31,, 793,143r33, 877 429, 346 6232!15 452,1741, 585, 322 July 23 23,489,185 1,470,175 9, 622,1181,423, 719 1,913, 663 889,493 616, 5331, 728,463717,966 426,395 626,666 445,9651,608,031 Capital Accounts Capital paid in: June 18 140, 324 9,341 51, 582 11,905 14,492 5,449 4,813 14,936 4,296 2,\ 4,517 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 July 2 140,469 9,344 51,619 11,912 14,499 5,456 4,821 14,960 4,306 2,997 4,540 4,272 11,743 July 9 140, 578 9,351 51, 623 11,918 14, 505 5,473 4,827 14,977 4,318 4,551 4,277 11.760 July 16 140, 797 9,352 51,637 11,921 14, 515 5,495 4,830 15,134 4,332 2,999 4,543 4,278 11.761 July 23 140, 889 9,352 51, 639 11, 925 14, 515 5, 528 4,834 15,165 4,343 3,000 4,544 4,278 11,766 Surplus (section 7): 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 10,906 56,447 15,144 14, 323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10,785 July 2 157,065 10,906 56,447 15,144 14, 323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10, 785 July 9 _ 157,065 10,906 56,447 15,144 14, 323 5,247 5, 72f 22,824 4,925 3,152 3,613 3,974 10, 785 July 16 157, 065 10, 906 56, 447 15,144 14,323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10, 785 July 23. 157, 065 10, 906 56,447 15,144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Surplus (section 13b): June 18 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 June 25 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 July 2 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 July 9 26,785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 July 16 26, 785 2,874 7,070 4, 39f 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 July 23 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Other capital accounts: June 18 47, 796 2,475 13, 325 3,073 4,561 2,014 2,368 8,422 2,006 2,547 1, 1,932 3,093 June 25 47,850 2,485 13, 336 3,077 4,561 2,014 2,369 8,418 2,016 2,546 2,002 1,933 3,093 July 2 47,880 2,461 13,395 3,064 4,571 2,004 2,361 8,413 2,027 2,552 1,996 1,940 3,096 July 9 47, 948 2,465 13,410 3,070 4,570 2,012 2,361 8,418 2,040 2,551 2,013 1,94" 3,096 July 16 47, 902 2,469 13, 415 3,077 4,569 2,015 2,359 8,415 2,020 2,543 1,979 1,945 3,096 July 23 47, — 2,479 13, 430 3,081 4,573 2,019 2,359 8,411 2,039 2,551 2,007 1,948 3,096 Total liabilities and capital accounts: June 18 24,045,45: 1,447,890 1,836, 2731, 521,6081, 977, 335899, 257625,29i 3,869, 971727,680440,614 634, 759 464,,5131,600,262 June 25 23,804,669 1,455, 204 1, 730,9751,494,4831,947,144891,170 630,0823,835,475722,266 430,,789 6201,,016461,6561, 585,409 July 2 . . 23, 845, 752 1,476, 796 1, 735,0041, 496,3171, 964,171 903; 434 633; 14'3, 769, 456752, 678 433,089 6291.,150469,5921, 582,918 July 9... 23,780, 7711,493, 765 1, 673, 6412,474, 3031,917,391922,122640,13: 3, 791,2 2292 9773399,, 566441,105633, 377 466, 1, 588,052 July 16 24,036,227 1, 525,491 1,756,8631,483,6331,973,617923,471 6"3'6.,;27! 3,840,945745, 687439,040634, 488463, 6341, 613,085 July 23 23,861, 9171, 495, 786 1, 750, 7014,458,2621, 948, 081905, 531630,16! 3, 776,292729,806436,098637,968 4•5-7";,4281,635,799 Commitments to make industrial advances: 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 July 2 . 12, 590 1,521 1,534 2,193 1,575 869 363 800 3,613 July 9 12, 432 1,521 1,534 2,204 1,573 784 363 719 3,612 July 16.. _ 11, 950 1,521 1,528 2,203 1,570 779 34 269 3,612 July 23 1.1, 393 1,419 1,528 2,186 962 779 352 437 3,609 756 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 (last Wednesday 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 o n n der A a p p p p li r c o a v ti e o d ns Ad o v u a t n - ces C m om en m ts it- A b p u p t r o n v o e t d e o x r p w ir i e th d - , P pa a t r i t o ic n i s each month) ( s a ta m n o d u in n g t) 1 ( s a ta m o n u o d t u i - n n g t) ( p a l m c e o t o m e u d - n 2 t) d ca r a a n p w t p , n l e i t - b c y . ( s a ta m o n u o d t u i - n n g t) 3 Number Amount Number Amount Number Amount (amount) 1934—Dec. 26__ 4,386 146,972 2,955 49,634 13,589 8,225 20.966 5,558 1,296 1935—June 26.. 6,325 237,581 11,349 1,646 88,778 27, 518 20,579 11,248 24,900 4,533 Dec. 31 4. 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.. 9,308 395,499 255 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 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 MayF29. 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. 314 9,609 431,236 222 2,908 212, 510 9,152 5,226 13,954 177,792 6,386 1941—Jan. 29... 9,633 435, 474 1,929 2,923 214,800 9,483 5,207 12,325 179,021 8,764 Feb. 26.. 9,659 442, 712 600 2,945 223,226 9,451 5,066 20,424 179,569 8,716 Mar. 26. 9,682 448,506 823 2,959 228, 732 9,526 7,315 19,986 180,989 10, 916 Apr. 30.. 9,719 444,985 35 2,987 225,849 9,157 8,464 13,035 183,646 11,547 May 28.. 9,793 455,868 1,725 3,046 234, 714 9,639 12, 342 14,134 186, 062 12, 537 June 25 . 9,817 458,092 35 3,067 238, 505 10, 549 13,072 8,090 192,783 14,011 July 23 5. 9,847 468, 629 100 3,091 246, 550 10, 684 11,393 11.967 199.945 12, 561 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 $1,200,- 705, June 25,1941. 4 Tuesday. 5 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is n M o e l a i i n s p - - K C s a a i n t s y - Dallas F c S r is a a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent July 2 7,067,169 584, 886 1,885,087 484, 326 649,342 338,377 240,499 1,476, 576 263,311676, 712 233,481118,618 615,949 July 9 7,113,287 582,979 1.8,9 38 9238,5 2 4858 6438368,3 63587 6 5779,4 739349 343692, 426424 124940, "11 9,04~ 817,492 267,433 178,806 236, 573 120,930 618,005 July 16... 7,138, 328590,056 1., 894, 978 487, 947 660, 217 342, 588 247,182 1,490, 292 2671,7 7e,929 235,490121, 267 622,692 July 23 7,150,196 587,0821,899,890 491,295 665,493 341, 3312 T4 6,8811,49"1,898 266,733178, 491 236, 684120, 627 623, 791 Held by Federal Reserve Bank: July 2 279, 255 22, 221 72,044 16,666 21, 274 16,783 15, 533 27,982 11,622 4,242 9,360 9,659 51, 869 July 9 316,163 18,417 87,131 18,187 21,970 17, 746 19,967 33, 722 15,870 5,056 11, 355 12, 790 53,952 July 16 364, 250 28,160 102, 520 18, 737 22,134 25,025 33, 226 15,892 5,343 10, 812 14, 465 64, 267 July 23 379,119 109,003 21, 911 26,177 22, 587 26, 238 34, 678 15, 041 5, 781 10, 679 13, 972 66, 564 In actual circulation :i July 2 », 787,914562,665 1., ,813,,0,4 3 467, 66,0 ,6 28,068 321,, 594 224, 19,6 6448, 594 251,694172,470 224,121108,959 564,080 July 9 >, 797,124564, 562 1.,,88006,6 ,•1"5• 4 •4"68,151 635,824 321, 716 224, 223 1,453, 770 251, 563 173; 750 225, 211088,140 564,053 July 16 6, 774, 078561,896 1-,i 779922,,458 469, 210 636, 548 320, 454 222,157 1,457,066 251, 798 172, 586 224, 617086,802 558, 425 July 23 \ 771,077 1,790,887 469, 384 639, 316 318, 744 220,6413,457, 220 251, 172, 710 226,005106, 655 557, 227 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: July 2 7,184,000 590,000 1,900,000 490,000 655,000 350, 000 245,0001, 500,000 279,000177,000 235,000 000 639,000 July 9 7, 243, 500590, 000 1,910,000 500,000 660,000 370,000 250,0001, 500,000 279,000179,000 240,000 500 639,000 July 16 7, 293, 500615,000 1,910, 000 500,000 665,000 370,000 250,0001, 520, 000 279,000179,000 240, 500 639,000 July 23 7, 305, 500615>,,0 0000 01 ,1910, 000 500,000 670,000 370,000 255,0001, 520, 000 279,000181,000 240, 000 500 639,000 Eligible paper: July 2 2, 102 1,598 101 239 150 July 9 3,037 93 2,541 106 215 74 July 16 1,801 47 1,305 126 209 114 July 23 2,204 37 1,705 45 209 114 Total collateral: July 2 7, 590,1021,901, 598 490,101655,000 350,008 245,000 11, 500,000 279,000177, 239 235,150124,000 639, 000 J J u u l l y y 9 16 7 7 , , 2 2 4 9 6 5 , , 3 5 0 3 1 7 6 5 1 9 5 0 , , 0 0 9 4 3 7 1 1, , 9 9 1 1 1 2 , , 5 3 4 0 1 5 5 5 0 0 0 0 ; ^ 1 1 0 2 6 6 „ "6 6 ' 6 6 10 i5 ,; ,^ 0 00 0 00 0 0 0 3 37 3 70 7 0, 0 i , C 0 0 0 0 8 0 2 2 5 5 0 0 | , 0 0 0 0 0 0 ,1 1 5, , 2, 0 5 , 0 0 0 0 , 0 0 0 2 0 7 9 2 , 70 0 90 0 ,0 0 1 1 7 7 9 9 , , 2 2 0 1 9 5 2 2 4 4 0 0 , ,0 1 7 1 4 4 1 12 2 6 6 , , 5 5 0 0 0 0 6 6 3 3 9 9 , , 0 0 0 0 0 0 July 23 7. 307, 704615,0371,911, 705 500,086 670,000 370; 008 255,000 1,, 552200,, 000 279, 045 181, 209J240,111246, 500 639, 000 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. AUGUST 1941 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JUNE, 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 G d d r a e e o n - - s d s p m o N d d s a e e e i n - - t ts d p T o d i s m e i - t e s qu R i F r e R e e - d d es e e r B a r H v a l n e e R s l k d e s w se i r th v E e x- b m a b A n e e k m l r l s - * C Y N e c o e n i r w t t k r y a l b a re n c C s k a e h s g r i v o - e b s c R a e i n r e t v y k - e s b C a t o n r u y k n s - * Total reserves held: 1940—June.._ __. 13, 596 6,941 1,182 3,716 1,757 All member banks _ _45,652 37, 448 12,448 7,850 13, 201 5,351 July.. _. 13, 735 6,979 1,168 3,837 1,751 Central reserve city banks: August. , 13,408 6,709 1,154 3,804 1,740 New York 16,934 16,176 808 3,721 5,958 2,238 September 13, 643 6,705 1,234 3,905 1,800 Chicago 3,464 3,057 495 720 1,144 424 October _. 14,043 1,279 4,024 1,851 November 14,131 6,975 1,218 4,080 1,858 Reserve city banks: December 14,049 6,997 1,142 4,096 1,815 Boston district 1,408 1,260 81 225 471 247 1941—January 14,339 7,135 1,051 4,240 1,913 New York district 265 211 149 44 52 8 February. _. 13,996 6,807 1,033 4,258 1,898 Philadelphia district.. 1,569 1,323 231 243 256 March 13, 979 6,924 931 4,197 1,928 April 13, 600 ,6,518 966 4,204 1,912 Cleveland district 2,275 1,808 735 353 767 414 May 13, 650 6,243 1,144 4,298 1,965 Richmond district 1,020 739 233 141 276 135 June 13, 201 5,958 1,144 4,184 1,914 Atlanta district 972 671 181 126 180 53 Week ending (Friday) 1941—June 6 13, 365 6,078 1,149 4,193 1,945 Chicago district 1,849 1,334 699 268 490 222 June 13 13, 310 5,990 1,193 4,193 1,934 St. Louis district 1,053 803 175 149 242 93 June 20 13, 228 5,957 1.147 4,179 1,945 Minneapolis district... 473 334 83 63 97 35 June 27 13, 036 5,900 1,116 4,117 1,904 July 4 13, 032 5,855 1,086 4,152 1,939 Kansas City district.__ 1,175 782 158 145 213 July 11 12, 966 5,780 1,108 4,151 1,928 Dallas district 909 558 136 105 149 45 July 18 13, 222 5,876 1,144 4,243 1,959 San Francisco district. 2,817 2,282 2,056 502 748 245 Excess reserves: 1940—June 3,594 547 1,703 851 Total 15, 785 12,105 4,917 2,364 4,184 1,820 July 6,752 3,588 522 1,803 839 August 6,407 3,344 499 1,748 816 Country banks: September 6,582 3,324 570 1,821 866 Boston district 1,114 563 125 214 October . 6,864 3,465 610 1,888 902 New York district 1,710 1,238 1, 456 221 459 November 6,830 3,493 546 1,895 897 Philadelphia district.. 811 534 108 206 December 6,646 3,443 476 1,887 840 1941—January 6,832 3,505 381 2,016 930 Cleveland district 799 515 736 99 188 90 February 6,422 3,166 347 2,004 906 Richmond district 739 414 389 69 123 54 March 6,304 3,203 252 1,923 927 Atlanta district 696 409 252 62 101 40 April 5,883 2,812 295 1,885 891 May 5, 831 2,514 434 1,949 933 Chicago district 1,157 712 839 127 243 115 June 5, 351 2,238 424 1,820 870 St. Louis district 473 292 255 48 79 31 Week ending (Friday) Minneapolis district... 382 235 281 42 71 29 1941—June 6 5,515 2,329 440 1,844 902 June 13 5,447 2,263 470 1,825 890 Kansas City district.__ 516 309 162 45 73 28 June 20 5,375 2,241 424 1,809 901 Dallas district 646 383 107 51 91 39 June 27 5,200 2,196 393 1,752 859 San Francisco district. 425 261 303 47 65 19 July 4 P5, 178 2,143 363 1,779 P894 July 11... P5, 104 2,074 385 1, 763 P883 Total 9,468 6,110 6,228 1,045 1,914 870 July 18 P5, 302 2,152 409 1,826 1 Gross demand deposits minus demand balances with domestic banks p Preliminary. (except private banks and American branches of foreign banks) and i Weekly figures of excess reserves of all member banks and of country cash items in process of collection. banks are estimates. NOTE.—See table on p. 752 for percentages of deposits required to be held as reserves. 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 • ^.11 member bank3 (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time June May June May June May June May June May June May Boston 2,522 2, 535 644 647 2,384 2,397 524 526 139 138 120 121 New York 18, 909 18, 900 2,414 2,419 11,632 i 1, 609 11, 098 i 1,100 343 332 508 506 Philadelphia 2,380 2,425 1,116 1,120 2,100 2,150 655 657 280 274 462 463 Cleveland 3,074 3,028 1,471 1,469 2,775 2,738 1,128 1,131 299 290 343 339 Richmond 1,760 1,742 622 620 1,542 1,525 422 421 218 217 200 199 Atlanta 1,668 1,656 433 432 1, 503 1,493 348 348 165 163 85 84 Chicago . 6,471 6,332 2,033 2,038 i 2, 583 i 2, 504 11, 204 i 1, 206 424 416 334 333 St. Louis 1,526 1,486 430 427 1,248 1,211 306 303 278 275 124 124 Minneapolis 855 819 364 367 677 645 197 198 178 174 167 169 Kansas City__._ __ _ _ 1,691 1,689 319 322 1,342 1,341 208 210 349 348 111 112 Dallas 1,554 1,545 242 245 1,204 1,184 195 193 351 361 47 53 San Francisco... . _. 3,242 3,229 2,359 2,361 3,112 3,102 2,259 2,260 130 127 100 100 Total 45, 652 45, 385 12, 448 112, 466 122,101 121, 898 i 8, 545 i 8, 552 3,152 3,115 2,600 2,601 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s S c c e il a r v t t i e e f s r i- o T n f u r o e 1 r t y a 8 e s 9 s - 0 S s u i i a b lv r s y e id r - M c i o n i o n r U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F B n e e o d s a e t e n e r r k v s a e l t n b i N o o a n n t a e a - k s l 1940—May 7,710 1,590 382 168 241 5,025 167 June 7,848 1,582 384 169 248 5,163 165 July 7,883 1,565 386 172 249 5,212 164 August 8,059 1,605 389 174 258 5,334 162 September. 8,151 1,615 394 177 259 5,409 161 October.... 8,300 1,620 400 180 264 5,541 160 November. 8,522 1,658 407 183 275 5,705 159 December. 8,732 1,667 412 185 290 5,883 157 1941—January- 8,593 1, 595 403 183 278 5,842 156 February.. 8,781 1,635 406 184 278 5,985 155 March 8,924 1,651 413 186 277 6,106 154 April 9,071 1,654 418 189 274 6,247 153 May .„._.. 9,357 1,697 426 191 286 152 June 9,612 1,714 434 194 300 6,684 150 Back figures—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] i T n o c t i a r l - Coin and small denomination currency 2 Large denomination currency Un- End of month cula- assorttion i ed 2 Total Coin $1 3 $2 $5 $10 Total $50 $100 $500 $1,000 $5,000 $10,000 1940—May 7,710 5,519 595 546 1,009 1,766 1,568 2,193 471 979 202 464 June 7,848 5,584 599 546 1,015 1,791 1,599 2,264 485 1,013 210 481 July 7,883 5,599 604 544 1,013 1,798 1,605 2,286 489 1,025 211 486 August 8,059 5,748 611 556 1,044 1,858 1,644 2,313 495 1,035 213 493 September 8,151 5,814 618 566 1,055 1,876 1,663 2,340 503 1,048 216 496 October 8,300 5,911 627 575 1,068 1,908 1,696 2,392 512 1,071 223 508 November 8,522 6,098 639 591 1,107 1,977 1,748 2,426 523 1,089 225 512 December 8,732 6,247 648 610 1,129 2,021 1,800 2,489 538 1,112 227 523 1941—January 8,593 6,094 635 577 1,091 1,973 1,781 2,502 540 1,126 230 530 February 8,781 6,243 641 582 1,116 2,041 1,826 2,541 551 1,144 232 535 March 8,924 6,342 650 590 1,132 2,074 1,858 2,583 560 1,163 238 543 April 9,071 6,430 658 595 1,135 2,112 1,892 2,642 573 1,197 241 550 May 9,357 6,683 669 615 1,176 2, 211 1,972 2,675 587 1, 218 242 546 June 9,612 6,890 681 625 1,207 2,289 2,047 2,725 607 1,244 244 548 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve Banks and in circulation. In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s l b i a o i i o l l l n u v v n l d a l e e - * r r r s s S c i i s a l u o i v r d b i y e n - - r M c i o n i o n r U S n n t o a i t t t e e e s s d B s n F e R e o a e r r e t a n v d e - l k e - s t b n i N o o a n t n a e - k a s l 1937 Year or month m E S e u n h r t o i 2 s p 1 p - t e . o 5 R E e f u r c r o e 4 o m i 7 p p . t e 6 s m s N h e i e n p t t - s rec N e e ip 2 t 6 ts .1 1938 ________ 33.1 34.4 1.3 1939 110 2 9 8 100 3 1940—May 3,008 1,894 402 173 347 23 169 1940 17 7 7 17 0 June 3,014 1,900 402 174 347 23 167 July 3,024 1,909 404 175 347 23 167 1940—May 1 l (l) 1.1 August 3,036 1,915 409 178 347 23 164 June 5 1 3 September 3,044 1,920 411 181 347 22 163 July._ 6 , l .5 October 3,059 1,931 415 183 347 22 162 August .3 (i) .3 November 3,072 1,937 419 187 347 22 160 September 1 0) .1 December 3,087 1,945 425 189 347 22 159 October .1 .1 .1 November .1 .2 .1 1941—January 3, 097 1,953 427 191 347 22 158 December 1 .1 February... 3,102 1,959 428 192 347 21 156 March 3,109 1,965 429 193 347 21 155 1941—January 2 1 (l) April 3,122 1,971 434 194 347 21 154 February . 1 .1 May. 3,134 1, 977 440 196 347 21 153 March ___ (1i 0) (*) June 3,149 1,983 447 199 347 21 152 April (1) .1 May. 0) 0) June. (1) (0 i Includes silver held against silver certificates amounting to$1,914,- 000,000 on June 30, 1941 and $1,829,000,000 on June 30, 1940. i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. AUGUST 1941 759 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- 1941 Period of a s G t t p o e o e c n l r d k i d od In s g c t i o r o n e c l a d k se im g N o p e l o d t rt g m o o c a l r r d e r a k : i n s e d e - d e- D p ti r c o t o i m g d o o u n e l c s d i - - From or to— June May Jan.-June crease (-) Im- Ex- Im- Ex- Im- Exports ports2 ports ports2 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 48 68 181 1937 3 12, 760 1, 502. 5 1, 585. 5 -200. 4 143.9 Sweden 1 1,747 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 474 2 2.570 1940 21, 995 4, 351. 2 4, 744. 5 —644. 7 170. 2 U S. S. R 11, 236 Canada . _ 17, 521 16,309 278,083 Mexico 800 969 5,744 1940—February... 18,177 246.0 201.4 37.0 11.6 Central America 652 835 5,246 March 18, 433 256.0 459.8 -213. 4 12.2 West Indies and Ber- April 18, 770 336.9 249.9 67.2 13.2 muda 42 55 366 May 19, 209 439.0 435.1 -36.7 14.2 Argentina 22.. _.. 15 97 June 19, 963 754. 2 1,163. 0 -437. 2 11.1 Bolivia 5 1 53 July 20, 463 499.4 520.0 -55.1 16.2 Brazil 6 13 August 20, 913 450.2 351.6 67.0 12.5 Chile 1,117 935 4,608 September.. 21, 244 331.6 334.1 36.6 13.5 Colombia . 7 2,794 11,147 October 21, 506 261.1 326.0 -117.9 19.2 Ecuador 449 57 1,550 November. _ 21,801 295.2 330.1 -39.5 16. 6 Peru 1,329 413 4,969 December._ 21,995 194.0 137. 2 7.4 16.3 Venezuela 416 418 2,197 British Guiana 98 71 574 1941—January 22,116 121.7 234.2 -52.8 13.5 Australia ._ _ . __ 4,593 4,194 37,642 February... 22, 232 115.4 108.6 -46.2 12.6 New Zealand 199 42 1,372 March 22, 367 135.4 118.6 .2 12.0 British Oceania.. 329 270 1,918 April 22, 506 138.5 172.0 -10.5 12.8 British India 131 4,633 May 22, 575 69.1 34.8 -3.8 12.6 Netherlands Indies 75 323 822 June 22,624 49.2 30.7 4 4.0 14.4 China and Hong July>23p__. 22, 664 39.3 32.8 4 -27. 7 Kong 2,981 Japan 9,444 Philippine Islands 2,114 3.384 19,027 p Preliminary. ' Revised. A So ll u t o h th A er f r c ic o a u . ntries 22 6 9 9 3,59 8 4 0 288 1 , , 3 5 2 3 4 7 1 Figures are those for United States published in table on p. 805, a S d ta ju te s s te . d to exclude Philippine Islands production received in United Total 30, 719 7 34,835 5 698,978 27 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a f 3 i n In e c o lu un d c 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 F a i t g r u a r t e e s o r f e p $ r 3 e 5 s e a n f t i n c e us o t u o n m ce s . valuations which, with some exceptions, De 4 c . G o 3 l 1 d , 1 h 9 e 3 l 6 d , a u n n d d e $ r 1 , e 2 a 2 r 8 m ,00 a 0 rk ,0 0 a 0 t o F n e d D e e r c al . 3 R 1 e , s 1 e 9 rv 3 e 7 . Banks for foreign ac- susp B e e n g d i e n d n in p g u bl M ic a at y io n 19 4 o 1 f , e t x h p e o r D t e s p ta a t r is tm tic e s n t b y o c f o C un o t m ry m o e f rc d e e s t t e i m na p t o io r n ar . ily count, in millions of dollars: June 30—1,916.8; July 23—1,944.5. Back figures.—See table, p. 805 and Annual Report for 1937 (tables NOTE.—For back figures see Annual Report for 1937 (table 29). 31 and 32). BANK DEBITS Debits to deposit accounts, except interbank accounts. BANK SUSPENSIONS1 [In millions of dollars] Total, 140 133 Member Nonmember all New other other banks banks Year and month report- York lead- report- Total, ing City ing ing oil centers centers i centers2 banks ti N on a a - l State su I r n e - d 2 in N su o r t ed 1929 982, 531 603,089 331,938 47, 504 1936 461,889 219, 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—May 37, 257 14,536 19,659 3,063 1938 55 1 1 47 6 June 35,005 13,110 18,850 3,045 1939 42 4 3 25 10 July 35,959 13,612 19, 244 3,103 1940 22 1 18 3 August 32,844 11,604 18,314 2,926 1941 Jan June 5 2 3 September 33,812 12, 594 18,267 2,951 October... 39, 695 14,952 21,365 3,378 Deposits of suspended banks November 39,088 14,952 20,819 3,317 (in thousands of dollars):3 December. 46, 673 18, 626 24, 327 3,721 1934 36, 937 40 1,912 34,985 1941—January... 41,133 15,147 22, 498 3,488 1935 10,015 5,313 3,763 939 February.. 35, 783 13, 268 19, 457 3,057 1936 11, 306 507 10, 207 592 March 44, 558 17, 402 23, 586 3,570 1937 19, 723 7,379 1,708 10,156 480 April 42, 237 15,657 23,074 3,505 1938 13,012 36 211 11, 721 1,044 May 43, 665 16,124 23, 795 3,746 1939 34,998 1,341 24, 629 6,589 2,439 June 45, 942 17, 282 24,853 3,807 1940 5,943 256 5,341 346 1941—Jan .-June 2,436 1,933 503 1 Comprises centers for which bank debit figures are available begin- 1 Represents banks which, during the periods shown, closed tem- ning with 1919, except that one substitution was made in 1920 and one porarily or permanently on account of financial difficulties; does notin 1928. include banks whose deposit liabilities were assumed by other banks at 2 Centers (other than the 141 centers) for which bank debits are currentthe tune of closing (in some instances with the aid of Federal Depositly reported. The number has changed very little since 1934 and has Insurance Corporation loans). been 133 since 1936. J Federal deposit insurance became operative January 1, 1934. Back figures.—Fox corresponding monthly totals for 1928-1937 see 3 Deposits of member banks and insured nonmember banks suspended Annual Report for 1937 (Table 71), which also gives a definition of bank are as of dates of suspension, and deposits of noninsured nonmemberdebits. Monthly figures for individual reporting centers with totals by banks are based on the latest data available at the time the suspensions Federal Reserve districts for recent years, and annual figures for indiwere reported. vidual reporting centers with totals by Federal Reserve districts for the Back figures—See Annual Report for 1937 (table 76). years 1919-1939, are available and will be furnished upon request. 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS [In millions of dollars] Nonmember Member banks banks Member banks Nonmerriber banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n k u s g a s l b m n a b o e n e m n r k - s - Call date ba A n l k l s Total ti N on a- al State M s b a a v u n i t n u k g s a s l b n e o r O n t b m h a e e n r m ks - 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29.._ 53,852 32,284 19,411 12,873 8,983 12, 584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31... 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30... 37, 998 23, 338 14, 772 8,566 9,713 4,946 Dec. 30. 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38, 505 23, 771 15,386 8,385 9,708 5,026 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. 4 ._ 65, 211 46,179 29, 467 16, 712 10, 684 8,347 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 1929—June 29 58,474 41, 531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11, 928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1936—June 30 48,458 20,679 27, 778 32, 259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13, 360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 _. _ 49, 696 22, 514 27,182 32, 739 14, 285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48, 566 22,198 26, 368 31,752 13,958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47, 381 21,130 26, 252 30, 721 12, 938 17, 783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 312 48,929 21, 354 27, 575 32,070 13, 208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 - _ 49, 616 21, 318 28, 299 32,603 13,141 19,462 10, 342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50, 885 22,169 28, 716 33, 941 13, 962 19, 979 10, 314 4,961 5,353 6,630 3,246 3,384 1940—Mar. 26 51,135 22,190 28,945 34,163 13,939 20,224 3 10, 226 4,922 5,304 3 6, 746 3,329 3,417 June 29 51, 335 22,341 28, 995 34,451 13,969 20,482 10,188 4,926 5,262 6,696 3,445 3,251 Dec 31 54,188 23, 741 30,448 37,126 15, 321 21, 805 10, 248 4,959 5,289 6,815 3,461 3,353 1941—Apr. 4 56,147 24, 322 31, 825 38, 983 15,878 23,104 10, 276 4,954 5,322 6,889 3,490 3,399 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June, 1940, the nonmember bank figures on some call dates included some interbank deposits not show n 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. s 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 sa\ings bank, is now included in figures in the "Other nonmember banks" column. Back figures—See Annual Eeport for 1937 (tables 48-49) AUGUST 1941 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans i Investments i Loans for U. S. Government obligations Obli- Total Com- purchasing gations Call date m l v o a i e e a n n s n n d - t t - s s Total' t m d a r c i u i n n i e a a s d - r l - l - * A c tu u g l r r - - i- p O m k a p a p e e r t e n - r b o a r T e s n o r r o e d s k c c - u ar r r o it y t i h i T e n s e o g rs3 e l R o st e a a n a t l s e b L a o t n o a k n s s l O o t a h n e s r 4 Total Total Bills«N D o i t re e c s t Bonds G t a e u n e a d - r- S p d s a i o t u i c o n a v l b a f t d i i - l e t - - 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 9,784 249 520 3,094 1,393 4,628 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 2,128 2,143 3,296 Dec. 31_. 32,070 13, 208 4,737 442 973 775 2,716 125 2,728 18,863 13,222 286 3,389 7,208 2,340 2,448 3,192 1939—June 30__32,603 13,141 4,783 420 731 736 2,828 58 2,796 19,462 13, 777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30__ 33, 941 13, 962 455 790 700 ' 957 56 19,979 14,328 563 2,223 3,144 2,692 2,959 1940— Mar. 26634,163 13.939 20,224 14.421 3,107 2,905 2,898 June 29 34, 451 13,969 5,538 450 447 668 3,069 3,020 20,482 14, 722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 456 642 652 3,228 3,230 21,805 15,823 652 2,594 9,091 3,486 3.013 2,970 1941—Apr. 46.. 38, 983 15,878 23,104 16, 988 3,487 3,206 2,911 June 30P . 40,665 16, 717 23,? 18,087 2, 985 2,876 New York City'' 1929—Dec. 31__ 8,774 6,683 1,257 2,145 169 322 2,595 2,091 1,112 166 222 758 1933—June 30__ 7,133 3,424 759 1,044 157 162 937 3,709 2,551 987 926 478 680 1938—June 30__ 8,013 3,172 141 556 717 132 85 1,541 4,840 3,740 222 1,358 1,451 709 394 707 Dec. 31__ 8,335 3,262 1,456 138 787 220 121 99 436 5,072 3,857 158 1,142 1,663 894 517 698 1939—June 30.. 8,688 2,988 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 ,123 480 736 Dec. 30__ 3,296 1,768 120 611 188 133 44 425 6,043 4,772 315 797 2,385 ,275 679 693 1940—Mar. 26 • 9,594 3,211 4,972 ,286 726 686 June29_. 9,829 3,014 1,801 103 320 188 137 426 6,815 5,486 421 1,092 2,650 ,324 634 695 Dec. 31 10.910 3,384 2,025 100 465 190 130 443 7,527 6,044 207 1,245 2,977 ,615 695 788 1941—Apr. 46... 11,696 3, 502 8,194 6,625 ,620 771 798 June 30P . 12, 492 3, 777 8,715 7,268 651 796 City of Chicago 7 1929—Dec. 31_. 1,757 1,448 251 533 535 309 116 3 19 94 96 96 1933—June 30__ 1,287 677 61 251 30 237 610 384 206 82 97 87 138 1938—June 30.. 1,806 525 29 109 361 1,281 981 12 313 535 122 140 159 Dec. 31__ 1,969 539 319 43 70 62 1,430 1,114 59 291 655 109 141 176 1939—June 30_. 2,052 544 329 39 71 59 1,507 1,175 185 234 621 135 154 179 Dec. 30__ 2,105 569 365 41 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 Dec. 31 2,377 696 476 1,681 1,307 297 145 752 112 188 186 1941—Apr. 46... 2,649 780 1,869 1,466 125 226 177 Junc30p. 2,707 846 1,861 1,483 190 188 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—Jane 30._ 11,150 4,853 163 95 998 1,201 26 6,298 4,658 1,268 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 2,997 740 808 866 1939—June 30.. 11, 756 5.004 1,884 138 115 221 1,284 12 1,116 6.751 4,991 1,014 3,010 895 866 Dec. 30_. 12, 272 5,329 2,100 155 119 222 1,335 1,168 6,943 5,194 819 3,339 972 890 860 940—Mar. 26*12.153 5.305 6,848 5,070 928 850 June 29_ 12,160 5,365 2,134 176 156 87 210 1,372 1,224 6,795 4,947 87 3,052 981 868 Dec. 31 13.013 5,931 2,436 153 115 207 1,436 1,307 7,081 5,204 103 771 3,281 1,049 984 893 1941—Apr. 4«__.13, 494 6.165 7,328 5,440 1,047 1,034 855 June 30 14, 014 6,490 7,524 5,701 980 844 Country Banks 1929—Dec. 31__13, 375 201 291 2,231 1,462 4,705 4,439 1,267 171 627 2,546 1933—June 30_. 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1938—June 30__ 9,752 4,388 173 21 790 1,269 2,126 5,364 2,964 715 1,657 579 878 1,522 Dec. 31__ 10,113 4,444 1,048 138 25 243 1,353 1,149 5,669 3,233 732 1,893 597 982 1,453 1939—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 Dec. 30_ 10, 224 4,768 1,151 163 20 224 1,477 1,234 5,456 3,159 431 1,972 725 1,061 1,236 1940—Mar. 26 • 10,194 4,860 5,334 3,060 719 1,076 1,197 June 29.. 10, 257 4,987 1,187 174 1,544 1,308 5,270 3,f30 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,267 187 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 1,176 1,081 June 30P _ 11,453 5,605 5,848 3,636 1.164 1,048 1 Classifications indicated were revised as of Dec. 31,1938: for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. 3 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures. 5 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately 7 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). p Preliminary. 762 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] Demanddeposits, Time deposits, Interbank except interbanlc except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w F e R e r e i a d - th l - v C a i a n u sh lt m a w n d e o i c s - t e h ti s c m po a d a e d s - n i - t d s p u n v a a i e d l r r s t - - - , S p a t o a n l t d i e t- s C a e n r d ti- U G . o v S - . p u n v a a i e d l r r s t - - - , S p a t o a n l t d i e t- s Postal banks For- r B i o n o w g r s - - c C o i a t u a c a - p n l - ts Call date B s a e n rv k e s banks! justeds sh a co n ip r d - s, d s i u c i b v a - i l - ch c o e e ff c r i s k - ' s m e e rn n - t4 sh a co n ip r d - s, d s i u c iv a b i l - - i s n a g v s - 4 m D a e n - d Time b e a i n g k n s pora- sions etc3 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 6 5,304 25,118 23,983 2,390 666 675 11,104 418 51 6 8,243 6 142 6 757 5 5,530 Oct. 2 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 12, 279 862 «5,634 26,461 24,965 2,499 558 725 11,368 411 52 « 8,717 6 145 6 737 2 5,562 1940—Mar. 26 13. 751 789 5,751 27,877 26, 397 2,529 475 711 11,459 410 59 8,852 134 7t)3 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 6137 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 192P—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 1938—June 30 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 1939__june 30 5,929 85 6 109 8,676 8,812 321 349 72 683 52 6 3, 573 6 670 1 1,587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 6,386 84 e 163 9,562 9,652 219 260 68 742 35 6 3,629 e x 6 672 1,601 1940—Mar. 26 7,072 88 119 10,235 10,283 258 147 67 732 29 3,840 650 1,599 June 29 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 Dec. 31 6,715 85 6 154 11, 645 11, 629 302 302 29 806 38 6 4, 021 6 577 1,623 1941—Apr. 4 City of Chicago * 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 L, 386 221 23 86 443 16 688 6 249 1938—June 30 884 35 235 1,688 L, 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 14 270 Oct. 2 993 42 283 1,739 L, 676 167 24 80 483 10 3 879 9 250 Dec. 30 909 25 6 195 1,544 L, 503 133 18 80 482 11 5 6 997 67 253 1940—Mar. 26 1,187 39 242 1,898 L. 782 199 17 79 489 15 5 949 7 260 June 29 1, 051 42 319 1,941 1^ 905 174 27 90 496 8 5 997 8 270 Dec. 31 815 20 6 283 1,755 1,685 181 26 108 486 10 4 61,151 6 7 270 1941—Apr. 4 Reserve City Banks 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1929— Dec. 31 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1933—June 30 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2,514 113 32 1,753 1938—June 30 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 Dec. 31 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 1939—June 30 3,053 323 fi 2,485 8,017 7,803 801 158 410 4,319 198 14 6 3,307 6 116 1,821 Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 Dec. 30 3,336 364 6 2,632 8,400 7,978 942 150 431 4,386 214 12 6 3, 525 6 115 6 56 1,833 1940—Mar. 26 3, 759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 1,873 June 29 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 Dec. 31 4,107 361 6 2, 859 10,137 9,552 1,206 171 273 4,540 202 19 6 4, 023 6 108 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 L, 353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 ,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 1939—June 30 1,555 329 6 2, 473 6,677 5,736 1,073 131 133 5,632 148 35 6 509 6 27 62 4 1,852 Oct. 2 L, 578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 ,648 389 62,645 6,954 5,832 1,205 131 147 5,757 151 35 6 566 6 29 62 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 June 29 ,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 Dec. 31 1,894 372 "3,044 8,039 6,886 1,269 163 114 6,006 142 31 6 677 6 29 62 3 1,943 1941—Apr. 4 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). AUGUST 1941 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars.] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month m v a i e e n n n s d - t t - s Total t d a r i u i n n a s d - l - , p O m a k p p a e e r e t n - r br T o o k- e l R o st a e a n a t 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 s ri e t t c h ie u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1940—June 23, 591 8,446 4,383 313 422 471 1,199 1,616 15,145 11,603 751 1,993 6,457 2,402 3,542 1941—February 26, 316 9,408 5,186 317 440 458 1,231 1,741 16,908 13,138 729 2,565 7,085 2, 759 3,770 March 26, 793 9.698 5,374 335 503 455 1,227 1,766 17,095 13, 299 896 2.452 7,190 2,761 3,796 April 27, 270 9,849 5,506 351 482 450 1,230 1,789 17,421 13, 628 847 2,185 7,701 2,895 3,793 May 27, 764 10.029 5,621 360 479 446 1,237 1,847 17,735 14.024 949 2.214 7,789 3,072 3. 711 June 28,157 10, 252 5,772 370 483 447 1,243 1,897 17,905 14, 253 1,033 2,234 7,952 3,034 3,652 1941—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 17, 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 5,825 372 487 452 1,246 1,904 17, 955 14, 304 1,098 2,236 7,940 3,030 3,651 July 2 28, 325 10, 453 5,897 371 529 453 1,244 1,919 17,872 14, 293 1,080 2,246 7,929 3,038 3,579 July 9 28, 481 10, 453 5,933 374 505 446 1,248 1,906 18,028 14, 471 1,071 2,248 7,940 3,212 3,557 July 16 23, 577 10, 523 382 505 447 1,249 1,913 18,054 14, 506 1,087 2,247 7,951 3,221 3,548 July 23 28,646 10, 504 6,011 388 461 441 1, 252 1, 91418,142 14, 593 1,081 2,251 7, 959 3,302 3,549 New York City 1940—June 9,263 2,763 1,671 101 159 122 6,500 5,207 396 989 2,540 1,282 1,293 1941— February 10,712 3,063 1,983 90 300 166 112 7,649 6,183 149 1,498 2,947 1,589 1,466 March 10, 916 3,209 2,058 357 165 111 393 7,707 6,237 227 1,471 2,961 1,578 1,470 April 11,263 3,229 2,090 341 163 112 395 8,034 6,578 351 1,374 3,185 1,668 1,456 May 11,635 3,314 2.141 349 161 114 426 8,321 6,929 487 1,449 3.219 1,774 1,392 June 11, 794 3,412 2,213 349 161 114 451 8,382 7,003 582 1,456 3,242 1,723 1,379 1941—Apr. 30 11,517 3,238 2,109 330 160 113 396 8,279 6,858 437 1,414 3,203 1,804 1,421 May 7 11, 530 3,244 2,123 317 160 114 406 8,286 6,911 459 1,434 3,211 1,807 1,375 May 14 11,616 3,251 2,127 318 160 114 409 8,365 6,983 500 1,451 3,212 1,820 1,382 May 21 11,635 3,321 2,149 332 163 113 443 8,314 6,879 486 1,454 3,206 1,733 1,435 Afay28 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 July 2 11, 865 3,500 2,264 168 111 452 8,365 7,021 610 1,459 3,245 1,707 1,344 July 9 11,930 3,492 2,278 369 165 112 450 8,438 7,098 607 1,444 3,244 1,803 1,340 July 16 11, 954 3,507 2,295 363 165 112 450 8,447 7,112 630 1,438 3,242 1,802 1,335 July 23 11,896 3,477 2,300 333 162 112 452 8,419 7,081 587 1,433 3,214 1,847 1,338 Outside New York City 1940—June 14, 328 5,683 2,712 212 124 312 1,077 1,239 8,645 355 1,004 3,917 1,120 2,249 1941—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 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 June 16, 363 6,840 3,559 276 134 286 1,129 10 1,446 9,523 7,250 451 778 4,710 1,311 2,273 1941—Apr. 30 16, 033 6,632 3,423 256 135 285 1,122 1,403 9,401 7,069 432 4,550 1,311 2,332 May 7 16, 071 6,648 3,445 261 127 282 1,120 1,406 9,423 7,110 472 774 4,560 1,304 2,313 May 14 16,126 6,702 3,477 268 127 283 1,123 1,416 9,424 7,106 461 769 4,559 1,317 2,318 May 21 16,163 6,725 3,490 271 123 284 1,124 1,425 9,438 7,112 489 763 4,574 1,286 2,326 May 28.... _ 16,156 6,784 3,507 275 144 1,125 1,435 9,372 7,054 426 757 4,586 1,285 2,318 June 4 16,229 6,796 3,524 273 137 285 1,127 1,442 9,433 7,126 375 775 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 7,301 778 4,732 1,322 2,251 June 25 16,467 6,891 3,594 278 138 288 1,132 1,453 9,576 7,327 776 4,718 1,314 2,249 July 2 16,460 6,953 3,633 280 147 285 1,133 1,467 9,507 7,272 470 787 4,684 1,331 2,235 July 9 16, 551 6,961 3, 655 285 136 281 1,136 1,456 9,590 7,373 464 804 4,696 1,409 2,217 July 16 16, 623 7,016 3,693 291 142 282 1,137 1,463 9,607 7,394 457 809 4,709 1,419 2,213 July 23 16, 750 7,027 3,711 300 123 279 1,140 1,462 9,723 7,512 494 818 4,745 1,455 2,211 NOTE.—For description of figures see BULLETIN for Noven ber 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BUIIFTTN for November 1935 (pp 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Eeport for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 764 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 i n r e v a t d - v k h e l - e s s v C a i a n u sh lt m b a w B n a d e a o i n c s l - t - e t k h i s c s - j m u p D s o d a a t e e d s e n - - i - d t d s l s I p u p v h n a c n o a a o i n e i d r d l r p r r d s a i t - - - s - - , - , S p s d s a t i i o u i c a o n b v l a t n d - i i e l t s - - s c C c h o a f e e e i t f n e c e f r r . c d i d t s - k i ' - s m U G e e . r o n n v S - t - . 2 s p I p u v n h a c n o a a o i n e i d r r d l p r r d a s t i - - - s - , - - , S p s d s a i t i o u i c a o n b v l a t n - d i i e l t s - - s P i s n 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 i m c e b F e a i o n g r k n - s r B i o n o w g r s - - co C i a u a t c p a n - - l ts Date or month tions tions Total 101 Cities 11, 500 499 3,262 20, 524 20,034 1,494 402 561 5,127 183 23 8,361 113 688 1 3,773 1940—June 11,765 52(. 3, 381 !3, 092 22, 511 1,673 484 331 5,262 193 24 9, 005 117 630 3,834 1941—February 11.714 515 3,468 23, 324 22, 82f 1,657 489 328 5,282 173 26 9,180 115 645 1 3,833 March 11,371 510 3,472 23,515 22, 947 1,769 491 390 5,275 172 25 9,077 114 645 3 3,847 April 11,294 546 3. 495 94, 010 23, 356 1,853 461 394 5, 246 183 26 9,069 115 660 2 3,862 May 10, 925 585 3,479 23, 969 23, 509 1,741 518 456 5,233 175 26 9,059 114 663 1 3,873 June 11, 208 516 3,386 23, 712 23,173 1,903 514 386 5,269 181 26 8,929 114 643 6 3,855 1941—Apr. 30 11,124 532 3,437 23, 616 22, 804 1,845 397 394 5, 255 183 26 9. 047 114 661 2 3,862 May 7 11,125 554 3,484 23,846 23,378 1,847 412 395 5,247 186 26 9,067 115 661 1 3,861 May 14 11,433 535 3,530 24,265 23, 632 1,849 520 397 5,242 182 26 9,053 116 658 1 3,862 May 21 11,493 563 3, 532 24, 311 23,612 1,870 514 390 5,240 183 26 9,107 113 663 3 3,864 May 28 10, 982 565 3,511 23, 888 23, 337 1,752 583 455 5,233 181 26 9,122 114 649 1 3,877 June 4 11, 046 596 3,465 24, 071 23, 675 1,757 516 454 5, 225 181 26 9, 055 114 667 1 3, 873 June 11 10, 883 581 3,500 23, 872 23, 517 1,706 477 457 5,235 170 26 9.123 113 666 1 3,873 June 18 10, 788 596 3,439 24, 046 23, 507 1,749 495 458 5,239 169 26 8,934 114 671 1 3,868 June 25 10, 863 570 3,516 23, 949 23, 667 1,604 616 463 5,243 174 26 9,158 114 666 1 3,872 July 2 10,665 597 3,412 23, 920 23, 562 1, 569 488 465 5,258 165 26 9,071 113 662 2 3,876 July 9 10, 899 546 3,583 24, 260 24,157 1,560 552 467 5, 255 161 24 9,195 114 654 1 3,871 July 16 10, 855 548 3,496 24, 381 24, 004 1, 593 451 470 5. 254 158 26 9,002 113 654 1 3, 877 July 23 New York City 6,622 82 83 9, 524 9,653 213 224 43 647 24 3,724 634 1,500 1940—June 6.514 84 93 10,765 10, 75b 345 290 14 707 49 3,839 574 1, 507 1941—February 6.622 83 120 10,982 11,054 313 294 14 717 32 3,928 589 1,507 March 6, 202 82 116 10, 987 11, 064 307 282 18 719 27 3.862 585 1,511 April 5, 897 89 99 11,055 11,108 353 231 19 700 26 3,844 597 1,517 May 5,667 123 97 10,986 11, 086 291 305 19 699 22 3,860 600 1, 519 June 5,888 84 88 10,946 11,079 386 301 18 716 25 3,819 579 1,515 1941—Apr. 30 5,800 86 86 10, 843 10, 821 333 206 19 705 26 3,831 597 1, 518 May 7 5, 745 89 89 10,905 11,016 342 213 18 701 26 3, 815 596 1,517 May 14 6,001 85 105 11,181 11, 281 370 226 19 698 26 3,833 596 1, 519 May 21 6,042 97 116 11,291 11,314 367 277 19 698 26 3,897 601 1,515 May 28 5, 658 112 109 11, 030 11, 065 306 352 20 695 26 3 871 586 1 ^22 June 4 5,752 123 100 11,048 11,180 300 324 19 696 25 3 867 603 1, 521 June 11 5,640 125 87 10,879 11,020 262 274 19 702 19 3,889 602 1,520 June 18 5,617 132 96 10, 986 11, 080 295 270 19 704 19 3,814 609 1,513 June 25 5,622 128 91 10, 988 11,166 250 359 20 708 20 3,877 603 1,509 July 2 5,465 126 89 10, 925 11,052 236 285 20 721 22 3,838 599 1,511 July 9 5,593 94 88 11,008 11, 234 226 313 19 724 22 3,881 588 1,511 July 16 5,660 91 86 11,088 11,211 244 229 17 724 21 3,807 591 1,512 July 23 Outside New York City 4,878 417 3,179 11, 000 10, 381 1,281 178 518 4,480 159 23 4,637 113 54 1 2,273 1940—June 5, 25 i 431 3, 288 2,327 ll,75r. 1,328 194 317 4, 555 144 24 5,166 117 56 .. 2,327 1941—February 5, 092 432 3,348 12,342 11,772 1,344 195 314 4,565 141 26 5, 252 115 56 2,326 March 5,169 428 3,356 12, 528 11,883 1,462 209 372 4,556 145 25 5,215 114 60 3 2,336 April 5. 397 457 3, 396 12.955 12,248 1,500 230 375 4, 546 157 26 5, 225 115 63 2 2, 345 May 5,258 462 3,382 12, 983 12, 423 1,450 213 437 4,534 153 26 5,199 114 03 1 2,354 June 5,320 432 3, 298 12, 766 12, 094 1,517 213 368 4,553 156 26 5,110 114 64 6 2,340 Apr. 30 5,324 446 3.351 12,773 11,983 1,512 191 375 4, 550 157 26 5,216 114 64 2 2,344 May 7 5,380 465 3, 395 12, 941 12, 362 1, 505 199 377 4,546 160 26 5,252 115 65 1 2,344 May H 5,432 450 3,425 13, 084 12, 351 1,479 294 378 4,544 156 26 5,220 116 62 1 2,343 May 21 5, 451 466 3,416 13, 020 12, 298 1,503 237 371 4,542 157 26 5, 210 113 62 3 2, 349 May 28 5. 324 453 3,402 12, 858 12, 272 1,446 231 435 4,538 155 26 5,251 114 63 1 2,355 June 4 5,294 473 3, 365 13,023 12, 496 1,457 192 435 4, 529 156 26 5,188 114 64 1 2, 352 June 11 5,243 456 3,413 12,993 12,497 1, 444 203 438 4,533 151 26 5, 234 113 64 1 2,353 June 18 5,171 464 3,343 13,060 12, 427 1,454 225 439 4,535 150 26 5,120 114 62 1 2,355 June 25 5,241 442 3,425 12, 961 12, 501 1,354 257 443 4,535 154 26 5, 281 114 63 1 2,363 July 2 5,200 471 3,323 12, 995 12, 51C 1,333 203 445 4,537 143 26 5, 233 113 63 2 2,365 July 9 5,306 452 3,495 13, 252 12, 923 1,334 239 448 4,531 139 24 5, 314 114 66 1 2,360 July 16 5,195 457 3, 410 13, 293 12, 79E 1,349 222 453 4,530 137 26 5,195 113 63 1 2, 365 July 23 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 TJ. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. AUGUST 1941 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars.] Loans Investments Loans for U. 3. Government obligations Com- purchasing Total mer- or carrymg Federal Reserve loans cial, securities district and date and in- Open Real Loans Other Other (1941) in- Total dus- mar- estate to loans Total Guar- secum ve e s n t t - s t a ri n a d l, p k ap et er br T o o k- loans banks Total Bills Notes Bonds t a e n e - d rities agri- ers To cul- and others tural dealers Boston (6 cities) July 2 1 384 745 400 81 14 16 81 4 149 639 505 21 39 377 68 134 July 9 1,386 749 403 83 13 16 81 7 146 637 509 19 39 377 74 128 July 16 1,400 757 409 85 13 16 81 4 149 643 515 22 39 380 74 128 July 23 1,408 757 410 86 11 16 81 4 149 651 524 23 38 386 77 127 New York (8 cities) * July 2 12,828 3,902 2,411 106 387 215 195 32 556 8,926 7,445 634 1,501 3,501 1,809 1,481 July 9 12, 900 3. 895 2,426 103 374 212 196 29 555 9,005 7,530 627 1,485 3,507 1,911 1.475 July 16 12, 920 3,913 2,446 105 368 212 196 31 555 9,007 7, 537 651 1,477 3,497 1,912 1,470 July 23 12, 871 3, 882 2,451 102 338 208 196 30 557 8.989 7, 516 610 1,472 3, 467 1,967 1,473 Philadelphia (4 cities) July 2 1 305 546 230 38 28 32 51 107 759 498 25 391 82 261 July 9 ._. 1,313 550 295 39 26 31 51 108 763 503 25 390 88 260 July 16 1, 315 553 297 40 26 30 51 109 762 502 25 389 88 260 Julv 23 1, 320 552 296 40 25 30 52 109 768 507 25 390 92 261 Cleveland (10 cities) July 2 2, 186 855 402 13 17 20 182 1 220 1,331 1,078 7 178 734 159 253 Julv 9 2.192 852 401 14 15 19 182 1 220 1,340 1,087 2 182 730 173 253 July 16 2,201 859 405 17 15 20 183 1 218 1,342 1,089 2 182 731 174 253 July 23 - 2, 209 862 409 20 14 20 183 1 215 1,317 1, 094 2 182 730 180 253 Richmond {12 cities) July 2 750 315 147 13 4 14 49 88 435 366 2 64 207 93 69 July 9 765 312 146 13 3 13 50 87 453 386 2 79 204 101 67 July 16 774 314 147 13 3 14 49 88 460 393 2 89 200 102 67 July 23 790 312 147 13 3 13 49 87 478 411 2 87 220 102 67 Atlanta (8 cities) July 2 718 382 197 5 7 11 36 1 125 336 220 7 45 107 61 116 July 9 730 378 193 6 6 11 37 2 123 352 238 8 47 115 68 114 July 16. __ 732 381 192 5 11 37 2 127 351 237 7 47 114 69 114 July 23 730 377 191 6 6 11 37 2 124 353 239 8 46 114 71 114 Chicago (12 cities)* July 2 4,040 1,313 849 43 50 62 136 173 2,727 2,148 362 218 1,237 331 579 July9 4,081 1,316 856 44 46 61 136 173 2,745 2,168 369 218 1,238 343 577 Julv 16 4.075 1 331 869 44 47 62 136 173 2,744 2,171 360 214 1,246 3*1 573 July 23 4 127 1 336 876 45 43 61 137 174 2,791 2,225 397 215 1,252 361 566 St. Louis (5 cities) July 2 833 404 231 20 4 13 60 1 75 429 316 1 35 208 72 113 July 9 838 403 232 20 4 13 60 1 73 435 323 1 34 210 78 112 Julv 16 842 407 235 20 4 13 60 1 74 435 325 1 34 214 76 110 July 23 849 405 234 20 4 13 60 74 444 333 35 219 79 111 Minneapolis (8 cities) July 2 444 225 111 3 2 6 14 89 219 180 3 19 123 35 39 July 9 448 227 115 3 2 6 14 87 221 182 3 19 123 37 39 July 16 452 230 117 3 2 6 15 87 222 183 3 19 124 37 39 July 23. _ 455 230 117 3 1 6 15 88 225 184 3 21 122 38 41 Kansas City (12 cities) July 2 769 366 215 25 4 11 32 1 78 403 269 9 40 110 110 134 July 9__. 772 367 215 26 4 11 33 1 77 405 272 7 40 111 114 133 July 16 776 370 217 27 4 10 33 79 406 273 6 41 112 114 133 July 23 782 374 220 27 3 10 33 81 408 275 6 45 114 110 133 Dallas (9 cities) July 2 605 318 211 3 3 14 23 64 287 228 33 32 120 43 59 July 9 608 319 212 3 2 14 23 65 289 230 32 32 120 46 59 July 16 609 320 214 2 3 14 23 64 289 230 32 32 120 46 59 Julv 23 614 322 215 3 3 14 23 64 292 233 30 34 122 47 59 San Francisco (7cities) July 2. _ 2 463 1 082 433 21 9 39 385 195 1,381 1,040 1 50 814 175 341 July 9 2 488 1 085 439 20 10 39 385 192 1,383 1,043 1 48 815 179 340 July 16 2 481 1 038 440 21 13 39 385 190 1,393 1,051 1 48 824 178 342 Julv 23 2 491 1 095 445 23 10 39 3S6 192 1,396 1,052 51 823 178 344 City of Chicago* July 2 2 663 848 618 25 41 55 21 88 1,820 1,438 361 125 813 139 382 July 9 2 685 851 625 25 37 54 21 89 1, 834 1,453 368 125 813 147 381 July 16 2 694 863 638 25 38 54 21 89 1, 831 1, 452 359 121 820 152 379 Julv 23 2. 741 870 643 26 37 54 21 89 1,871 1,499 396 122 822 159 372 * 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. 766 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] Demanddeposits, 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 sh lt m a w n d e i o c t s - e h t s ic m po a d a s d e n - i - d ts p u v n a a i e d l r r s t - - - , S p a t i o c a n l a t d i e l t- s C o a f e i f n f e r d i t d - i- u G er . o n v 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 P s o a s v t - al banks e F i o g r n - r B i o n o w g r s - - co C i a u a t c p a n - - l ts F d e i d st e r r i a c ( l t 1 9 R a 4 n e 1 d s ) e d rv a e te serve banks justed1 ships, sub- cers' ment2 ships, sub- ings 2 De- banks Banks and divi- checks and divi- mand Time cor- sions etc. cor- sions pora- porations tions Boston (6 cities) 553 149 201 1,418 1,404 88 25 13 229 1 1 395 22 248 July 2 557 152 202 1,433 1,404 90 23 13 229 1 1 391 23 248 July 9 567 151 219 1,460 1,442 89 26 13 229 1 1 403 24 248 July 16 554 150 203 1,458 1, 428 90 24 13 229 1 1 386 22 249 July 23 New York (8 cities)* 5,803 152 241 11, 754 11,812 402 387 39 1,066 29 7 3,961 605 1,635 July 2 5,621 152 233 11,673 11, 677 384 305 39 1,086 24 3,919 601 1,637 July 9 5,758 119 250 11,774 11,884 380 336 39 1,089 24 7 3,966 590 1,636 July 16 5,815 116 244 11,840 11,851 386 250 37 1,089 23 7 3,891 593 1,638 July 23 Philadelphia (4 cities) 507 24 229 1,136 1,170 45 20 16 259 2 474 6 218 July 2 502 25 207 1,141 1,165 49 10 16 259 2 454 5 218 July 9 508 24 213 1,139 1,183 49 15 16 258 2 469 6 218 July 16 503 24 216 1,152 1,175 48 14 17 258 2 459 6 218 July 23 Cleveland (10 cities) 774 49 383 1,742 1,737 113 27 44 723 22 499 1 392 July 2 759 53 375 1,739 1,722 109 23 44 724 20 491 1 392 July 9 789 52 393 1,781 1,795 110 27 43 724 22 506 1 392 July 16 792 52 395 1,806 1,797 106 26 42 724 21 496 1 393 July 23 Richmond (12 cities) 292 25 292 644 639 59 14 30 206 3 2 369 101 July 2 289 28 285 644 635 68 13 30 206 3 2 374 102 July 9 285 26 293 656 641 71 14 31 206 3 2 375 102 July 16 268 26 277 653 640 72 13 31 206 3 2 361 102 July 23 Atlanta (8 cities) 188 14 252 503 488 78 8 45 187 4 3 363 98 July 2 184 17 245 505 495 74 5 44 187 4 3 367 98 July 9 182 15 265 528 517 72 13 46 187 4 2 362 97 July 16 185 17 254 527 502 81 6 46 187 4 3 354 July 23 Chicago (12 cities)* 1,527 81 633 3,369 3,144 416 54 128 982 19 8 1,382 July 2 1,524 86 609 3,389 3,155 408 47 128 981 19 8 1,360 July 9 1,579 82 620 3,439 3,249 407 55 128 980 19 8 1,391 425 July 16 1,521 81 616 3,451 3,221 417 51 128 980 19 8 1,366 425 July 23 St. Louis (5 cities) 261 13 191 570 572 58 11 18 189 3 2 433 97 July 2 251 15 190 567 575 54 7 19 189 4 2 430 97 July 9 241 13 207 580 602 53 8 19 188 4 2 427 97 July 16 236 15 199 585 593 55 9 24 188 3 2 414 97 July 23 Minneapolis (8 cities) 105 7 132 339 298 75 8 1 112 1 178 62 July 2 109 8 128 343 301 73 7 1 112 1 179 62 July 9 109 7 126 343 308 71 7 1 111 1 180 62 July 16 111 8 125 349 306 72 7 1 111 1 179 62 July 23 Kansas City (12 cities) 207 17 314 593 582 83 12 12 139 4 1 460 109 July 2 207 19 314 598 591 78 10 12 139 4 1 460 109 July 9 210 18 345 629 624 81 11 12 139 3 1 109 July 16 207- 19 339 629 612 87 11 12 139 2 1 109 July 23 Dallas (9 cities) 153 12 317 553 535 60 14 37 127 9 1 295 90 July 2 155 14 309 558 540 59 9 37 125 9 1 290 91 July 9 152 12 322 571 563 58 10 37 125 9 287 91 July 16 148 13 312 573 551 58 12 37 124 9 1 278 91 July 23 San Francisco (7 cities) 493 27 331 1,328 1,286 127 36 80 1,024 78 349 394 July 2 507 28 315 1,330 1,302 123 29 82 1,021 75 356 394 July 9 519 27 330 1,360 1,349 119 30 82 1,019 70 361 394 July 16 515 27 316 1,358 1,328 121 28 82 1,019 71 352 395 July 23 City of Chicago* 1,121 41 284 2,222 2,123 216 31 95 482 17 5 1,036 274 July 2 1,114 44 270 2,240 2,130 215 28 95 480 17 5 1,019 275 July 9 1,156 41 274 2,262 2,180 218 30 95 480 17 5 1, 052 271 July 16 1,115 41 273 2,287 2,170 223 30 95 479 17 5 1,032 271 July 23 * See note on preceding page. 1 Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. AUGUST 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial Accepting banks Goods stored in or End of month paper Total 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 Others? U S p i t n o n a i r t t t o t e e s s d E U S f x r 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 U S n ta i t t p e e s d oints F i c o n o r u ei n g - n tries 1940—March 233 230 184 121 63 46 90 47 14 49 30 April 239 223 178 118 61 45 86 45 13 46 33 May 234 214 171 113 58 43 78 47 12 41 34 June 224 206 166 112 54 40 79 43 13 36 34 July 232 188 152 103 49 36 75 32 13 35 32 August 245 182 148 103 44 34 80 24 11 38 29 September 251 177 142 100 42 35 80 22 11 35 28 October ._ 252 187 149 96 53 38 91 20 11 37 28 November 232 197 159 99 60 38 98 20 9 41 29 December ._ ___ . - - .. - 218 209 167 100 67 42 109 18 10 44 27 1941—January 232 213 168 103 65 45 115 16 11 44 26 February _ ._ 241 212 164 99 65 48 119 18 7 42 26 March 263 217 170 107 63 47 120 24 8 41 25 April 275 220 170 105 66 49 126 25 7 38 23 Mav _ - - - 295 215 164 105 60 51 125 24 3 41 22 June.. _ - .- - 299 213 161 101 59 52 123 24 3 43 20 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 iMember firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances * Other credit balances End of month C b u a ( d s n l t e a e o b n t m ) i c t e i e s rs' a i b n n p a a v d l c a a e c r n s t t o r n c t u a m e e n d s r e t i s s n i n ' n g t a i b n n a a v d l c a e f c n i s t o r r c t u m a m e n d s e t i s i n n n g t C a b h a n a s a d n h n k d i o n s n r M o b w o o n e r d e - y 2 Free O (n th et e ) r m p i a e n r n v t I t n n e a s e 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 JO 35fi 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 30S 1939—June _ _ 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—Tune __ 653 12 58 223 376 267 62 22 5 269 July 642 12 64 213 376 261 62 22 fi 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 7 223 June 616 11 89 186 395 255 65 17 7 222 * 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). NOTI.— For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for Septen ber 1936. T he 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). 768 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 annuml AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate1 on- Average rate on— [Per cent per annum] mo Y w n e e t a e h r k , , or m m P p 4 c a r o e o i p t r n m m o c e t i - r e h 6 a , s la a b P c d n e a c r 9 a c r n i e s 0 y e m k p ' s s - t e , - c l S h t d o t i e a a 9 a o m x n n 0 y c - e g s s k , e c S h n l c t e o r a a e o a e x a l n w c l s - - n l g k - e w i U f N s u e i o s . r e t r u f e h y w - S e b d i s n . i 9 l T 1 ls - t r D d a q 2 e e a t e u a r i y s a s o o ' - l - n - e i T A 3 U n e y x t a - u r l o v a e t e g e d . o r x e t a m S a e y e - r - r s . 5 o s - p - f t 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 6 4 7 8 a a a a a v v v v v e e e e e r r r r r a a a a a g g g g g e e e e e 1 1 1 1 1 - - . . . 1 T 9 o c t 3 2 2 i 2 2 a t . . . . . i l 4 6 9 5 5 e 5 8 3 9 3 s Y N C o e i 2 1 1 t 1 1 r w y k . . . . . 7 7 6 7 4 6 2 9 3 5 e E 7 N r c a n o o i s t t r t i 3 3 3 a 2 2 h t e e . . . h n . . e s r 3 0 7 8 7 - d r n 9 4 1 8 5 1 W e 1 r c n e i S s ti o a t e e 4 3 3 3 3 u n s r . . . . . d t 7 4 2 2 3 n h 6 0 6 5 2 period 1939 average.. 2.78 2.07 2.87 3.51 1940 average.. 2.63 2.04 2.56 3.38 1 1 1 9 9 9 3 4 3 8 0 9 a a a v v v e e e r r r a a a g g g e e e _ . . . . _ . . . 4 4 4 4 4 4 1 1 1 . . . 2 2 2 5 6 5 1 1 1 . . . 0 0 0 0 0 0 . . .0 0 0 1 5 2 4 3 3 1938 M — o J A J n u u u t l n h y g e l u y st figures1 2 2 2 . . . 5 5 5 6 7 2 1 1 1 . . . 7 7 6 0 0 7 2 2 2 . . . 7 7 7 8 8 1 3 3 3 . . . 3 2 3 1 8 5 1940— J A S J u u e u l n p g y e t — ... . . . . . . 4 4 4 4 4 4 4 4 1 1 1 1 . . . . ^ 2 2 2 2 5 5 5 5 1 i 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 0 0 0 0 7 0 1 2 1 9 9 1 N S O D e o c e p t c v o t e e e b m m m er b b b e e e r r r 2 2 2 2 . . . . 5 4 5 6 7 9 3 0 1 1 1 1 . . . . 7 7 7 7 0 0 0 0 2 2 2 2 . . . . 7 9 6 9 4 0 8 5 3 3 3 3 . . . . 2 2 2 2 0 6 1 3 N O D c o e t c v . . . 4 4 4 4 4 4 1 1 1 . . . 2 2 2 5 5 5 1 1 1 . . . 0 0 0 0 0 0 . ( 0 3) 03 1939— F J e a b n r u u a a ry ry 2 2 . . 6 5 4 2 1 1 . . 7 7 3 0 2 2 . . 9 6 7 9 3 3 . . 3 2 2 6 Quarterly figures 1941—Jan .44 1.25 1.00 () 1939—March 2.95 2.13 3.05 3.77 F M A e p a b r ril... . . . 4 4 4 4 4 4 1 1 1 . . . 2 2 2 5 5 5 1 1 1 . . . 0 0 0 0 0 0 . . . 0 0 0 3 8 9 4 9 2 J D S u e e n p c e t e e m m b b e e r r. _„_ 2 2 2 . . . 6 9 5 8 1 9 2 2 1 . . . 9 0 1 6 4 5 3 2 2 . . . 7 0 5 8 5 9 3 3 3 . . . 6 3 3 2 1 2 J M u a n y e . . 4 4 4 4 1 1 . . 2 2 5 5 1 1 . . 0 0 0 0 . . 0 0 8 8 9 2 1940— J M un a e rch 2 2 . 6 5 5 9 2 2 . .0 0 0 3 2 2 . .4 6 9 7 3 3 . . 3 3 5 8 Week ending: September.. 2. 68 2.14 2.56 3.43 June 28. IK 1.00 .087 December.. 2.59 2.00 2.53 3.36 July 5_. IX 1.00 .097 July 12. IX 1.00 .097 1941—March.. 2.58 2.06 2.53 3.25 July 19. IX 1.00 .098 June 2.55 1.95 2.58 3.23 July26. IX 1.00 .094 1 Prior to March 1939 figures were reported monthly on a basis not 1 Monthly figures are averages of weekly prevailing rates. strictly comparable with the current quarterly series. 2 Tax-exempt bills prior to March 1941; taxable bills thereafter. Back figures—See November 1939 BULLETIN, pp. 963-969 for descrip- 8 Rate negative. tion and for back figures. Back figures—See Annual Report for 1937 (tables 43 and 44). Figures for Treasury bills and Treasury notes available on request. BOND YIELDS * [Per cent per annum] Corporate 4 U. S. Year, month, or week Treas- Munic- By ratings By groups ury 2 ipal » Total Indus- Rail- Public- Aaa Aa Baa trial road utility Number of issues 2-6 120 30 30 30 40 40 1938 average. 2.56 2.91 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3.87 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1940 average 2.21 2.50 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1940—June 2.39 2.85 3.72 2.96 3.10 3.70 5.11 3.25 4.57 3.33 July 2.28 2.54 3.57 2.88 3.01 3.57 4.80 3.15 4.32 3.23 August 2.25 2.49 3.55 2.85 3.03 3.55 4.76 3.12 4.30 3.23 September. 2.18 2.44 3.50 2.82 3.01 3.52 4.66 3.10 4.23 3.19 October 2.10 2.32 3.46 2.79 3.01 3.48 4.56 3.06 4.15 3.18 November. 1.97 2.18 3.40 2.75 2.96 3.40 4.48 2.98 4.07 3.14 December.. 1.89 2.07 3.36 2.71 2.92 3.36 4.45 2.93 4.03 3.13 1941—January... 1.99 2.16 3.36 2.75 2.95 3.36 4.38 2.96 3.96 3.17 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 May 1.92 2.14 3.37 2.81 2.99 3.34 4.32 3.02 3.95 3.13 June 1.91 2.08 3.34 2.77 2.95 3.31 4.31 2.96 3.95 3.10 Week ending: July 5 1.90 2.05 3.31 2.75 2.92 3.28 4.30 2.92 3.94 3.08 July 12 1.90 2.03 3.30 2.74 2.91 3.27 4.29 2.91 3.94 3.08 July 19 1.91 2.04 3.30 2.74 2.90 3.26 4.28 2.90 3.93 3.07 July 26 1.90 2.03 3.29 2.74 2.90 3.25 4.27 2.90 3.92 3.06 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, a Standard 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. AUGUST 1941 769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate a Stock prices ' Vol- U. S. ume of Year, month, or date Treas- Munic- tradury 3 ipal 3 Indus- Rail- Year, month, or Common (index, 1926=100) ing3 Total trial road date Pre- (in ferred 2 thou- Indus- Rail- Public sands of Number of issues 2-6 20 20 Total trial road utility shares) 1938 average 102.5 113.7 78.9 82.9 58.6 1939 average 105.2 116.3 81.6 86.0 58.0 Number of issues.. 20 420 348 32 40 1940 average 107.2 121. 2 82.0 87.5 57.9 1938 average 135.6 1.104 1940—June 104.8 114.6 78.5 84.7 52.0 1939 average 141.2 105 977 July 106. 3 120.4 81.2 86.3 57.1 1940 average 140.1 97 767 August 106.7 121.2 81.5 86.8 57.5 September. 107.7 122.3 82.7 87.8 59.7 1940—June 133.2 708 October.... 108.8 124.6 83.6 89.2 61.0 July 136.9 310 November. 110.7 127.3 83.9 90.3 60.9 August 137.3 317 December.. 111.8 129.3 84.0 90.2 61.1 September... 139.1 553 1941—January 110.4 127.7 85.3 90.5 64.3 October 140.4 599 February... 108.8 125.6 84.5 89.9 62.7 November 141.9 1,044 March 110.1 125.4 85.3 90.2 64.3 December.. 143.9 814 April 110.8 126.8 85.8 90.2 65.9 1941—January 145.4 564 May 111.4 128.1 86.0 90.1 66.7 February 143.0 444 June 111. 5 129.2 85.8 90.4 65.8 March 142.1 440 April 141.8 495 July 2 111.7 129.7 85.9 90.8 65.8 May 140.9 420 July 9 111.7 130.0 86.2 90.9 66.7 June 141.0 463 July 16 111.5 129.9 86.3 91.3 66.6 Julv 23 111.7 130. 0 86.4 91.3 66.9 July 2 142.1 377 July9 142.4 9F0 July 16 142.6 79 558 i Monthly data are averages of daily figures except for municipal bonds, July 23 143.2 867 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 2^4 per cent, 16 year bond. For description see November figures. 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. Weekly 2 Average prices of industrial high-grade preferred stocks, adjusted to a data are averages of daily figures for week ending on Saturday following $7 annual dividend basis. date shown. 3 Average daily volume of trading in stocks on the New York Stock 3 Prices derived from average yields, as computed by Standard Sta- Exchange. Weekly figures are averages for the week ending Saturday. tistics Co. Back figures.—For stock prices, see Annual Report for 1937 (table 79) Back figures—See Annual Report for 1937 (table 79). For U. S. Treasury bonds see November 1940 BULLETIN. CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Year or and (do- Total month re- mestic State Fed- Corporate (do- State Fed- Corporate fund- and and eral For- mestic and eral Foring) for- Total mu- agen- eign * and Total mu- agen- eign 2 eign) nici- cies 1 Bonds for- nici- cies 1 Bonds pal Total and Stocks eign) pal Total and Stocks notes notes 1931 4,038 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 821 789 32 51 1932 . 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3.937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2, 289 2, 239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 T-4, 804 n, 956 T-1,954 757 461 T-736 7-601 135 2 T-2, 848 T-2, 848 478 344 T-2, 026 T-1,834 193 0 1940—June.... 227 83 83 71 2 10 8 2 0 144 144 14 29 101 101 0 July.... T-712 T-401 T-401 62 289 T-50 T-47 2 0 T-311 T-311 20 48 T-242 7-240 3 0 Aug T-284 130 129 61 0 68 53 15 1 T-154 T-154 14 28 T-113 T-108 4 0 Sept.. T-229 114 114 46 0 68 64 4 0 7-116 T-116 24 26 7-66 T-64 1 0 Oct 711 T-258 T-258 98 112 7"48 T-22 26 0 453 453 80 28 345 332 14 0 Nov T"442 T-264 7-264 53 42 169 166 3 0 T-178 T-178 25 59 T-94 7-68 26 0 Dec '•613 T-191 T-191 129 0 T-62 T-46 16 0 T-422 '422 73 14 T-335 T-292 43 0 1941—Jan r421 95 95 40 2 53 51 2 0 T-325 '•325 23 31 T-271 T-269 3 0 Feb T-347 77 77 37 8 32 25 6 0 T-270 T-270 26 17 T-227 T-210 17 0 Mar 182 182 86 9 T-87 T-56 31 0 r223 T-219 93 11 T-115 T-84 32 4 Apr T-920 745 745 60 645 39 29 10 (3) T-175 7-175 40 28 T-107 T-107 0 0 May 406 107 107 37 5 64 61 3 0 299 299 74 28 197 162 35 0 June -.. 881 519 519 59 370 90 77 14 362 362 26 223 113 108 5 0 (3) T Revised. 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). 770 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] Interest-bearing No b n e i a n r t i e n r g est- Public issues Special issues Total Nonmarketable End of month g d r e o b s t s in T t o e t r a e l st — Marketable issues i issues Social Ad- t d M u e re a b - d t Other bearing Total Treas- Treas- Treas- S P a o v s i t n a g l s U. S. ju A st d e - d Total cu s r e i - ty 3s j e u r s v t i e c d e4 ot A h l e l r5 ury ury ury and Savings bills notes bonds2 prewar bonds bonds bonds 1932—June 19,487 19,161 618,852 616 1,261 13,460 790 309 105 204 60 266 1933—June 22,539 22,158 621,834 954 4,548 13,417 806 323 92 231 66 315 1934—June 27,053 26,480 *26,084 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—May 42,808 42, 253 37, 668 ,304 6,125 26, 908 196 2,869 265 4,585 3,363 515 707 166 389 June 42, 968 42, 376 37, 602 L, 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 ,303 6,384 27, 235 196 3,044 254 5,063 3,751 517 796 212 381 Oct. 44,137 43, 560 38,459 ,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 jaenb 4 46 5 , 8 0 7 9 7 0 4 45 5 , 3 5 2 3 0 5 3 4 9 0 ,0 8 0 9 2 5 1,3 3 0 07 6 6 6, 8 8 1 1 3 3 2 27 7 , 9 9 6 6 0 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 1 8 8 1 0 3 3 7 7 6 4 Mar 47,173 46, 581 40,898 L, 604 5,722 29, 532 196 3,599 245 5,683 4,324 518 840 220 372 Apr 47, 231 46,673 40,967 L, 603 5,721 29, 554 196 3,647 244 5,707 4,354 529 824 186 372 May 47, 721 47,160 41, 326 I, 603 5, 721 29, 554 196 4,008 243 5,834 4,485 530 819 190 370 June 48,961 48, 387 42, 267 1,603 5,698 30, 215 196 4,314 241 6,120 4,728 553 839 205 369 1 Including amounts held by Government agencies and trust funds which aggregated $2,072,000,000 on May 31, and $2,072,000,000 (preliminary) on June 30, 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] Tnteresi-bearing Non- Total interest End of month o a u m t i s n o ta g u n n d t - Total M C F F o o e t r a r d i p o t r e g o m n r a r a a g l - e C O H o L w t r i o o p n o m a o n e n r r e a s' - s C F t R r o i t u n e r i c p c o a 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 U o u i u . t t h y s S i o n . r g - H i A F st o e d r d u a m e s ti i r i o n n a n g l - m be a d a t e u r b i r n t e g d 1934—June.. 681 681 312 134 235 Dec... 3,063 3,063 980 1,834 249 1935—June.. 4,123 4,123 1,226 2,647 250 Dec... 4,494 4,494 1,387 2,855 1936—June- 4, 718 4, 718 1,422 3,044 252 Dec... 4,662 4,662 1, 422 2,988 252 (2) (2) 1937- D Ju e n c e .. . . . 4 4 , , 6 6 6 4 5 5 4 4 , , 6 6 6 4 5 5 1 1 , , 4 4 2 1 2 0 2 2 , , 9 9 8 3 7 7 2 29 5 7 5 ( ( 2 2 ) ) ( ( 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—May.. 5,535 5,497 1,269 2,603 1.096 407 114 7 38 June.. 5,529 5,498 1,269 2,603 1,096 407 114 8 31 July.. 5,526 5,499 1,269 2,603 ,096 407 114 8 28 Aug. _. 5,813 5,788 1,269 2,603 1,096 696 114 9 24 Sept,. 5,808 5,787 1,269 2,602 1,097 696 114 9 21 Oct... 5,810 5, 790 1,269 2,602 1,097 696 114 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 1,097 696 226 13 15 1941—Jan... 5,915 5,901 1,269 2,600 1,097 696 226 12 14 Feb... 5,914 5,901 1,269 2,600 1,097 696 226 13 13 Mar. . 5,916 5,905 1,269 2,600 1,097 696 226 16 11 Apr... 6,560 6, 550 ,269 2,600 L, 741 696 226 17 10 May.. 6,371 6,359 1,269 2,409 1,741 696 226 17 12 June.. 6,371 6,360 1,269 2,409 1,741 696 226 17 11 1 Principal amount of obligations guaranteed as to interest and principal, Excludes obligations held by V S. Treasury and reflected in the public debt. 2 Less than $5C0,000. AUGUST 1941 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MATURITIES OF PUBLIC ISSUES OF UNITED STATES GOVERNMENT SECURITIES, DIHECT AND FULLY GUARANTEED, JUNE 30, 1941 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total fully Ma c t a u ll r a i b n l g e or 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 - T u re ry as B - ond O s theri c d T b a u o u l r l e e n r a a y d b o s s l - r e2 Total 3 C F M a F e o g t a d r a i o p o r g e r m o n r e t a - r- l C O H a L o w t o r o i p n o m a o e n n e r r- s' F C R s a i o t t n e t i r r i c o a p u o o n n o c n n c - r - e - C m C C a o o r t r o i e d p o m d i o n t i - r y t - H A U o u i u . t t h s y S i o n . r g - c a s d a g e n u l t u c l i t e a e e u a s b e r r o - i d l r - e2 1941—Before Oct. 1 1,650 1,603 47 («) 47 414 211 203 414 Oct. 1-Dec. 31..- 204 204 616 300 204 112 616 1942—Jan. 1-Mar. 31.._ 426 426 0) 310 310 649 A nr 1-June 30 Julyl-Sept.30... 342 342 (4) 276 276 1,151 Oct. 1-Dec. 31 232 232 320 320 320 1943 1,396 1,396 1,855 613 324 289 613 1944 1,849 1,849 («) 2, 555 989 875 114 1,823 1945 3,603 1,249 1,941 413 1, 755 755 1945 1,848 1,519 329 2,344 1947 2,790 2,370 420 1,460 1,094 339 755 1948 1,978 1,487 492 3,361 1949 1,630 819 811 2,278 835 835 1950 2.698 1,687 1,011 1,186 1951 1,754 1,223 5 530 3, 500 1952 2. 454 2, 436 18 1,024 779 779 1953 3,524 2, 904 5 620 725 1954 3,709 3,687 22 681 1955 1, 515 1,480 35 2.611 1956 1,170 1,170 2,430 1958 1,448 1, 448 919 1959 9S2 982 I960 2,611 2,611 1,485 1961 50 50 1963 919 919 1964 95 95 1985 __ 1,485 1,485 Total -.. 42, 267 1,603 5,698 30, 215 4,751 30, 215 6,342 1,269 2,409 1,741 696 226 6, 342 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 June 30. * Less than $500,000. s "Unclassified" United States savings banks in the amount of $132,000,000 are included in 1953 maturities. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held i agencies and trust funds Held Other investors 2 Total by End of interest- Federal Month bearing Reserve Other Mutual Insur- U. 8. securities Banks Total Member com- savings ance Savings Special Public banks mercial banks com- Market- and issues issues banks panies 2 able adjusted issues2 service bonds 1Q25 Tune 20,211 95 421 353 19,342 3,780 850 1,130 13,600 1 qofi Tune 19, 384 204 422 385 18,373 3,745 810 960 12, 900 1927 June 18, 251 359 369 370 17,153 3,796 800 810 11, 700 1Q28 Tune 17, 318 462 359 235 16, 262 4,225 940 720 10, 400 1929 June 16, 639 607 277 216 15, 539 4,155 790 560 10,000 1 Q^O Tuns 15,922 764 208 591 14, 359 4,061 920 520 8,900 1931 June 16, 520 291 144 668 15, 417 5,343 670 650 8,800 IQQO—June 19,161 309 261 1,784 16, 807 5,628 590 680 800 9,100 1933—June 22,158 323 366 1,998 19, 471 6,887 590 720 1,000 10, 300 1934—June _- _ _ _ 27,161 396 1,055 2,432 23,278 9,413 890 970 1,500 10, 500 1935—June 31, 768 633 1,365 2,433 27, 337 11, 429 1,290 1,540 2,600 10, 400 100 iQQft—June 37, 707 626 1,703 2,430 32, 948 13, 671 1,600 2,050 3,900 10,500 1,200 Dec 38, 362 632 1,820 2,430 33,480 13, 545 1,710 2,330 4,400 10, 600 900 1937—June 40, 465 1,558 2,036 2,526 34, 345 12, 689 1,870 2,390 5,000 11, 300 1,100 Dec. 41, 353 2,227 2,049 2,564 34, 513 12, 371 1,790 2,450 5,200 11, 500 1,200 1938—June 41, 428 2,676 2,123 2,564 34,065 12, 343 1,700 2,690 5,200 10, 700 1,400 Dec 43, 891 3,156 2,198 2,564 35, 973 13, 222 1,850 2,880 5,500 10,900 1,600 1939—June 45, 336 3,770 2,138 2,551 36, 877 13, 777 1,920 3,040 5,800 10, 400 1,900 Dec 47, 067 4,231 2,323 2,484 38, 029 14, 328 1,970 3,100 6,100 10, 300 2,200 1940—June 47, 874 4,775 2,320 2,466 38, 313 14, 722 1,830 3,110 6,100 9,700 2,900 Dec 50, 360 5,370 2,269 2,184 40, 537 15, 823 1,940 3,220 6,500 9,900 3,200 1 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. 2 Holdings of insurance companies included with "Other investors" prior to 1932. NOTE.—For end of June figures 1916-1924, see BULLETIN for July 1941, p. 664. 772 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Trust Increase, or deac- crease during Receipts Expenditures (excl. debt retirements) c e o t u c n ., t 2 s period excess Period Mis- Agri- Excess of recella- cul- Un- Trans- of ex- ceipts In- neous Social Total Net Inter- Na- tural em- fers to pendi- (+) or Gencome inter- secur- All re- re- est tional Ad- ploy- trust All Total1 tures ex- eral taxes nal ity other ceipts ceipts1 on de- just- ment ac- other ( ) pendi- fund Gross reve- taxes debt fense ment re- counts tures bal- debt * nue Pro- lief etc.1 (—) ance 2 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 June 1941— 3,470 2,967 932 900 8,269 7,607 1,111 6,048 968 1,741 235 2,609 12, 711 -5,103 -148 +742 +5, 994 1940—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 M ay- 63 254 165 58 541 394 12 837 39 145 108 1,141 -747 -264 -521 +490 June _ 916 265 32 64 1,277 1,276 339 808 32 135 215 1,528 -252 -259 +729 +1,241 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age insurance trust fund and railroad Unemployment Net expenditures in checking All other retirement account trust fund accounts of Government agencies Period In- Recon- Com- United cre- Work- Net In- Bene- In- Other struction modity States Ex- Total ment Seign- ing re- vest- fit Re- vest- ex- Finance Credit Hous- All Re- pendi- on iorage balceipts ments pay- ceipts ments pendi- Corpora- Corpora- ing Au- other ceipts tures gold ance ments 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 June 1941__. 844 637 186 1,114 563 555 80 58 121 *33 545 485 2,633 143 605 1,885 1940—May 4 12 145 81 58 *6 (4) *17 107 20 17 2,030 143 584 1,303 June 179 175 12 46 54 17 45 *5 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 1,183 Nov 143 *5 15 145 113 31 59 24 *103 *50 18 6 1,817 143 596 1,078 Dec. 1 151 15 51 11 33 15 17 8 21 35 25 1,928 143 597 1,188 1941 Jan 42 *10 15 78 29 41 16 12 32 *43 38 50 2,025 143 599 1 283 Feb 152 *5 16 149 113 43 160 7 *8 *30 33 42 143 601 '957 Mar 11 160 17 28 *10 37 64 37 25 *56 46 49 2^ 715 143 602 1,970 Apr 46 *10 17 69 40 35 *406 33 24 *12 57 48 2,425 143 603 1,679 May 148 *6 17 167 137 30 82 57 31 241 43 32 1,904 143 604 1,157 June 58 224 17 51 19 31 87 *16 27 *18 86 83 2,633 143 605 1,885 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. * Details given in lower section of table. 3 For details, see page 771. 4 Less than $500,000. * Excess of credits. NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052. AUGUST 1941 773 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Assets Loans and preferred stock: Loans to financial institutions-. . - 386 429 430 433 437 441 469 485 445 425 409 400 397 Preferred stock, etc. 784 783 772 756 757 757 739 736 729 711 706 703 702 Loans to railroads 515 524 552 553 513 512 515 516 523 518 523 523 505 Home and housing mortgage loans 2, 355 2,323 2, 342 2,336 2,348 2,387 2,387 2,390 2,424 2,395 2,406 2,427 2,436 Farm mortgage loans 2,553 2,549 2,540 2, 534 2,526 2,517 2,508 2, 500 2,481 2,485 2,475 2,467 2,458 Other agricultural loans 667 675 693 815 802 785 772 757 728 727 776 867 830 All other loans 1,183 1,187 1,185 1,197 1,200 1,214 1,291 1,298 1,309 1,352 1,386 1,409 1,472 Total loans and preferred stock 8,442 8,470 8,513 8,623 8,583 8,613 8,680 8,682 8,639 8,614 8,681 8,796 8,800 Cash 461 412 462 566 572 521 549 533 580 595 620 771 464 U. S. Govt. direct obligations... 762 748 740 715 693 704 699 701 723 736 756 771 780 Obligations of Government credit agencies: Fully guaranteed by U. S._._ 131 131 131 131 131 130 128 128 127 127 124 126 125 Other i 46 48 35 36 36 30 24 22 21 22 20 21 17 Accounts and other receivables.. 417 404 394 519 512 521 513 491 552 524 551 555 549 Business property _ 559 562 567 569 570 597 601 593 599 600 602 608 623 Property held for sale 1,088 1,067 1,067 1,061 1,081 1,094 1,113 1,141 1,190 1,206 1,245 1,297 1,392 Other assets 179 179 184 191 193 188 210 211 214 251 310 338 359 Total assets other than interagency 2 12, 085 12,021 12, 092 12, 410 12, 371 12, 398 12, 518 12, 500 12, 645 12, 676 12, 909 13, 282 13,108 Liabilities Bonds, notes, and debentures: Guaranteed 5,535 5,529 5,526 5,811 5,809 5,808 5,919 5,917 5.915 5,914 5,916 6,560 6,371 Other i 1,337 1,343 1,351 1,354 1,356 1,354 1,422 1,395 1,389 1,386 1,390 1, 385 1,434 Other liabilities 1,039 1,105 1,103 1,234 1,238 1,243 1,237 1,214 1,294 1,292 1,391 1,432 1,492 Total liabilities other than interagency 2 7,912 7,977 7,980 8,400 8,403 8,406 8,579 8,526 8, 599 8,592 8,696 9,377 9,297 Excess of assets over liabilities, excluding interagency transactions 4,174 4,044 4,112 4,010 3,968 3,992 3,939 3,974 4,046 4,084 4,213 3,906 3,811 U. S. Govt. interests... . 3,770 3,639 3,706 3,603 3,558 3,580 3,526 3,559 3,629 3,666 3,792 3,484 3,388 Privately owned interests.. 404 405 406 407 410 412 413 415 417 418 421 422 423 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, MAY 31, 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 r s l ed Cash o d G U t b i i o . r l o i e n g v S c s a t . t . - G o t b u t i e o l a e i n r g d a s a n - - A r o e a c a c b c t n h e o le e d i u v s r n - ts p B r u o s p in e e rt s y s Reconstruction Finance Corporation. _ 1,503 63 51 24 0) National defense corporations 0) 0) 14 0) Home mortgage and housing agencies: Home Owners' Loan Corporation __ 2,068 91 6 3 Federal home loan banks 145 85 44 12 1 RFC Mortgage Company 70 0) 0) 2 Federal National Mortgage Association 192 4 0) United States Housing Authority 288 21 6 3 127 Farm credit agencies: Federal Farm Mortgage Corporation ._ 634 15 46 Federal land banks 1,824 48 97 169 6 Federal intermediate credit banks 247 17 36 2 BPraondkusc ftoior nc ocorpederiat ticvoersporations ._ 7 6 4 1 1 5 5 2 4 3 2 9 0) 1 Regional agricultural credit corporations 6 15 (0 Commodity Credit Corporation 304 1 63 Farm Credit Administration 263 20 0) Farm Security Administration. _ __ 447 29 Insurance agencies: Federal Crop Insurance Corporation 8 0) F F e e d d e e r r a a l l D S e a p v o in s g it s In an su d r a L nc o e a n C o In rp su or r a a t n io ce n Cor- 54 14 419 40 poration 1 25 103 2 Federal Housing Administration 14 32 27 Export-Import Bank of Washington 114 0) 70 15 7 T U e n S n e M sse a e ri t V im al e le y C o A m u m th i o ss r i i o ty n 33 20 Rural Electrification Administration 281 5 Public ^Vorks Administration 95 Other , 95 16 4 14 Total . 8,800 464 780 125 549 I CO Liabilities Bonds, notes, and debentures Property Guar- held for anteed by sale United Other States 43 1,741 216 326 2,420 0) 76- 1 1 85 226" 11 1,270 46. 71 2 978 226- 0) 0) 681 696 1 0) 28 1 10 17 2* 0) 379 8, 38 63 1 13: 623 1,392 6,371 1,434 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 774 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding at end of month. In millions of dollars] 1940 1941 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Loans to financial institutions 150 147 145 142 142 167 172 166 162 158 154 149 145 Loans on preferred stock of banks and insurance companies _ 57 57 57 57 57 56 53 50 49 49 49 48 48 Preferred stock, capital notes, and debentures_ 470 466 459 460 460 455 452 447 442 437 434 432 429 Loans to railroads (including receivers) _ __ 476 507 508 470 470 473 474 482 482 487 487 470 470 Loans for self-liquidating projects 48 39 42 38 47 36 36 37 35 35 36 37 37 Loans to industrial and commercial businesses: For national defense 0) 0) 0) 3 3 6 7 9 11 17 21 61 65 Other 131 130 129 129 128 126 121 119 117 115 114 113 111 Loans to drainage, levee, and irrigation districts 84 83 83 83 83 84 83 83 83 83 76 74 79 Other loans_ _ 5 5 5 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration _ 111 107 110 116 116 115 116 114 113 113 113 111 122 Total loans and investments, other than interagency 1,531 1,541 1,538 1,503 1,511 1,522 1,519 1,512 1,499 1,499 1,488 1,503 1,511 Preferred stock of, and loans to Export-Import Bank 74 74 74 74 74 99 99 174 174 174 174 174 174 Loans to Rural Electrification Administration 146 146 146 146 146 146 146 152 157 164 168 175 182 Capital stock of, and loans to RFC Mortgage Company 59 59 60 61 63 64 67 68 68 69 71 71 73 Capital stock of, and loans to Federal National Mortgage Association 74 76 79 81 85 87 90 93 96 99 99 101 102 Loans to Tennessee Valley Authority 8 8 8 8 8 8 8 8 8 8 8 8 8 Capital stock of, and loans to national defense companies 2 ._ _________ 1 2 10 24 33 45 63 83 121 168 219 282 Loans to Farm Security Administration 10 10 10 21 23 28 18 33 60 81 97 116 Capital stock of Federal Home Loan banks.__ 125 125 125 125 125 Total loans and investments 1,893 1,915 1,918 1,894 1, 932 1,983 2,003 2,089 2,244 2,319 2,383 2, 473 2,573 1 Less than $500,000. 2 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. 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 L B m a o a i n m n s d k - - Total i m F c i e e n r d d e te e d ia r r i - a t 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 n u i e c g a f y n h d t Total i a c B o ti a o f v o n p e r k e s r s 3 - m r in e t a u v 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 1940—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 36 382 169 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 June 2,988 2,448 1,818 630 450 42 221 179 90 74 16 1 Including 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 $225,000,000 in June 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 Including loans of Federal intermediate credit banks to cooperatives (not show^n in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 in 1935, and a negligible amount since 1935. AUGUST 1941 775 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—June 1,293 1,337 43 1,224 1,078 146 69 1940—March 2, 021, 951 1,413 1,317,975 137, 642 July 1,297 1,339 42 1,224 1,078 146 73 April 2,020, 572 1,420 1, 348,072 133,811 August 1,297 1,340 41 1,224 1,078 146 75 May 2,017,395 1,421 1, 376, 700 137, 509 September 1,295 1,339 40 1,224 1,078 146 74 June 2,012,760 1,430 1, 405,100 157, 397 October 1,296 1,338 38 1,224 1,078 146 75 July 2,004, 737 1,431 1, 432,100 162, 222 November 1,298 1,341 37 1,224 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 1,434 1, 487, 974 176,047 October 1, 980, 704 1,440 1, 515, 392 181, 526 1941—January 1,314 1, 356 34 1, 239 1,093 146 84 November . __ 1, 968, 816 1,443 1, 533, 246 185, 547 February. _._ 1,318 1,361 33 1,245 1,098 146 83 1, 956, 268 1,445 1, 546, 270 201,492 March 1,320 1,364 31 1,259 1,113 146 74 April 1,317 1,362 30 1,259 1,113 146 73 1941—January 1, 942, 427 1,446 1, 564,168 170,849 May PI, 310 February 1, 929, 346 1,447 1, 578, 543 156,899 June. PI, 304 March 1, 913, 862 1,450 1, 600, 482 145, 959 April 1, 899, 856 1,452 1, 628, 421 141,828 May 1, 885, 087 1, 454 1, 657, 647 145, 273 p Preliminary. June.. 1, 870, 305 1,459 1, 688,297 169,897 1 Outstanding principal, represented by certificates of deposit Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and 1 Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post- 2 Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures—See BULLETIN for August 1935, p. 503. 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted'' and 'unadjusted" refer to adjustment of monthly figures for seasonal variation] ] ( n p d h u y s s t ic ri a a l l v p o r l o u d m u e c ) t i 2 o n * aw C ar o c d n o e s n d t t r r u a ( c v c t a t i s l o u n e) 3 Employment4 Y m ea o r n a th nd ( I 1 m v n = 9 p a c 3 1 e a l o 5 u 0 n y m - 0 e t 3 - s ) 9 e 1 Total 1935 D -3 f u 9 M a r = c - 1 a tu 0 n N r 0 u e - o s n- M era in ls - Tota 1 l 923 R d - t 2 e e ia 5 n s l = i - - 100 o A th ll er 1 t N 9 a u c g 3 r u o 5 r a l n i - i - 3 - s 9 19 F 23 a - c 2 t 5 o = ry 100 r 1 o = 9 p F t l o 2 1 a l a s r 3 y 0 c y - * - 0 - 25 F 1 i l 9 r n o c e 3 g a a i 5 g d r s * - h 3 t 9 - ( D v 1 m — s 9 s a e t a 2 l p o e u 1 l 3 a e n r 0 e - ? e r 2 t 0 ) t 5 - *6p m W r = c 1 i s o o o 1 h a 9 m d p 0 2 l o e p i 0 6 l - t e y * - 1 « T 9 i l = n 3 i o o 1 g v 5 f s 0 - - t * 3 0 9 able dur- =--100 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 usted justed usted 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 14^.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 1?1 9 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98 1 12? 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 12R 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 122.3 110 133 93 107 117 87 142 107.6 106 0 110.4 152 111 95.3 122.5 1930 110.9 91 99 84 93 92 50 125 100.9 92.4 89 4 131 102 86 4 119 4 1931 94.3 75 68 79 80 63 37 84 92.3 - — 78 1 67.8 105 92 73.0 108 7 1932 73.2 58 41 70 66 28 13 40 82.8 66 3 46.7 78 69 64 8 97 6 1933 69.5 69 54 79 76 25 11 37 83.3 73 4 50.1 82 67 65 9 92 4 1934 80.2 75 66 81 80 32 12 48 90.5 85 7 64.5 89 75 74 9 95 7 1935 87.2 87 84 90 86 37 21 50 94.2 91 3 74.1 92 79 80 0 98 1 1936 101 2 103 108 100 99 55 37 70 100.0 99 0 85.8 107 88 80 8 99 1 1937 107.2 113 122 106 112 59 41 74 105.0 108 6 102 5 111 92 86.3 109.7 1938 98 9 88 78 95 97 64 45 80 98.5 90 9 78.5 89 85 78 6 100 8 1939 105. 5 108 108 108 106 72 60 81 102.3 99 9 92.2 101 90 77 1 9Q 4 1940 112.5 122 135 113 117 81 72 89 105.6 107.5 105.4 109 94 78 6 r100 2 1938 May 96.9 80 81 67 88 90 61 37 62 97.2 87.3 87 0 73.6 83 80 78 1 June _ . _ _ 97.0 81 81 65 90 92 54 42 64 96.8 86.3 85.4 71.6 85 82 78 3 100 9 July 97.2 86 85 71 95 94 59 49 68 97.0 87.2 85.9 71.7 88 83 78.8 August 98.1 90 90 77 99 97 66 53 77 97.6 89.3 90.2 77.9 90 83 78 1 September 99.1 92 95 81 100 98 78 56 96 98.2 91 0 93.6 82.3 92 85 78.3 100 7 October... 100.2 95 99 88 100 98 82 57 102 98.7 92.0 94.2 85.0 95 86 77 6 November. 100.7 100 102 96 103 102 96 56 128 99.6 94.8 95.3 85.3 95 87 77.5 December 101.4 101 100 97 104 102 96 57 128 100.3 96.7 96.2 88.1 96 88 77.0 r100 2 1939 January 101.3 102 98 98 104 103 86 55 111 100.5 96.8 94.5 84.7 98 88 76.9 February 101.9 101 99 98 104 102 73 58 85 100.7 96.8 96.1 87.1 95 88 76 9 March 103. 0 101 100 96 104 103 69 55 80 100.8 96.7 97.0 88.8 94 88 76.7 99 1 April 101.8 97 98 93 103 92 67 58 74 99.8 96.6 96.9 86.8 87 88 76 2 May 103 6 97 99 90 104 96 63 55 68 100.6 96.3 95.9 86.3 90 87 76 2 June . 104.8 102 102 97 106 105 63 58 67 101.7 97.3 96.4 87.9 97 86 75.6 98 6 July.,.. 104.6 104 102 101 106 107 67 62 71 102.0 98.4 96.6 85.8 99 87 75.4 August 106.5 104 103 106 108 92 73 67 78 102.4 99.0 99.5 91.2 101 88 75 0 September 107.8 113 116 115 111 114 73 68 76 103. 0 100.8 103.7 95.4 111 90 79 1 100 6 October 109 1 121 126 129 115 119 76 68 82 104. 2 104.8 107.3 103.2 114 92 79 4 November 109.9 124 126 133 117 120 83 61 101 104.9 107.0 107.5 103.2 114 93 79.2 December 111.2 126 124 140 117 115 86 60 107 105.4 108.2 107.8 105.4 110 95 79.2 99 6 1940 January 110.6 122 117 135 113 118 75 53 93 104.9 107.6 105.0 99.8 111 92 79.4 February __ 110.1 116 114 124 110 114 63 56 68 104.2 105.8 105.0 99.3 105 90 78.7 March 108.8 113 112 118 107 117 62 57 66 104.0 104.0 104.4 99.8 100 89 78.4 99 8 April.. 109.1 111 112 113 107 119 64 62 66 103.3 102.8 103.2 97.9 103 89 78.6 May- 110 1 115 '117 119 110 117 64 64 65 103.8 102.8 102.5 97.8 106 89 78 4 June 110 2 121 121 131 114 ••119 74 69 77 104.2 103.9 103.1 99.5 111 91 77 5 100 6 July 111.7 121 118 132 112 120 85 77 91 104.7 105.1 103.2 98.2 110 92 77.7 August 113 3 121 120 135 112 '114 90 82 98 105.6 107.4 107.4 105.5 112 98 77 4 September _ 114.6 125 129 146 112 116 93 82 101 106.1 108.9 111.4 111.6 112 97 78.0 166 4 October 115.8 129 134 ••151 116 113 95 85 103 107.3 111.4 113.8 116. 2 110 94 78.7 100.2 November 116.6 133 135 154 120 118 111 87 130 108.8 1H.2 114.7 116.4 116 100 79.6 100 1 December 119 0 139 135 165 124 119 115 90 136 110.6 116.6 116.2 122.4 119 101 80.0 100 7 1941 January- 121 3 140 134 170 122 118 103 84 117 111.0 118.3'115. 5 120.7 122 101 80.8 100.8 February 123.0 141 138 172 123 118 99 76 118 111.6 118.6 117.8 126.8 124 103 80.6 100.8 M Ap a r r i c l h 1 12 2 4 3 .7 5 1 14 4 0 3 1 14 4 2 3 1 1 7 6 0 7 1 1 2 31 7 1 1 2 0 5 1 1 9 03 4 7 80 4 1 1 0 21 9 '1 1 1 1 1 1 . . 5 4 '1 1 2 1 2 9 . . 0 4 1 1 2 1 2 9 . .9 6 r1 1 3 3 4 1 . .2 7 1 11 2 2 6 1 10 0 4 3 8 00 1 .5 2 1 10 0 2 1 .2 2 May 128 0 150 152 176 136 126 101 88 111 112.9 124.8 124.8 144 0 135 105 84.9 102 9 J Ju u n ly e- 130.7 P " 1 1 5 6 7 2 P « 1 1 5 5 7 9 P «2 18 0 9 2 • P 1 1S 4 9 . P e1 1 2 3 8 3 *>111 P100 *>120 *114. 0 P128. 4P127. 6 *152. 0 •1 1 3 3 9 9 e1 1 1 0 0 4 e8 8 8 7 . . 6 1 104.6 p Preliminary. * Average per working day. • Revised. ! Estimated 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. 782 -785 for employment and payrolls and p. 789 for prices. 6 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 788 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. AUGUST 1941 777 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 <3f Governors. 1935-39 average= 100] 1940 1941 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total — 115 121 121 121 125 129 133 139 140 141 143 140 150 P157 Manufactures—Total 114 122 121 122 127 132 135 142 '144 145 146 147 154 P161 Durable 119 131 132 135 146 '151 154 165 170 172 170 167 176 ^189 Nondurable* 110 114 112 112 112 116 120 124 122 123 127 131 136 ?139 Iron and Steel . .. _. 118 154 156 158 164 165 166 181 174 168 168 160 165 P182 Pig iron 127 148 157 162 167 169 173 182 186 178 170 162 166 177 Steel ingots _ 118 154 156 157 164 165 165 181 173 167 169 160 165 P1S2 Machinery 124 128 133 138 145 146 153 163 173 176 181 202 P216 Transportation Equipment 117 122 111 107 138 157 162 168 188 199 188 164 194 P210 Aircraft .. . . 323 364 394 455 517 544 584 624 686 726 751 '803 832 P87H Automobiles .. . 101 106 87 76 109 130 133 134 149 159 144 110 141 152 Railroad cars 121 111 119 127 148 148 166 177 209 189 168 173 193 P216 Locomotives . .. _ _ .. 102 102 113 123 140 160 168 174 204 217 239 279 280 P27C) Shipbuilding 164 170 189 213 220 227 226 261 291 316 322 339 301 P410 Nonferrous Metals and Products 127 130 138 146 153 164 169 177 181 184 186 186 191 P!91 Nonferrous metal smelting 1 131 128 138 134 130 134 133 137 136 141 140 141 148 P145 Copper smelting . . 130 131 140 135 126 130 132 138 134 141 136 137 142 136 Zinc smelting 135 130 141 140 148 147 146 147 150 155 155 160 170 173 Copper deliveries 113 115 119 134 154 170 179 203 212 218 211 211 224 221 Lead shipments. 110 119 127 128 126 127 131 136 136 140 139 140 150 155 Zinc shipments ._ 113 124 135 141 143 144 142 143 142 146 142 143 142 150 Tin deliveries 137 141 146 Lumber and Products 112 111 107 114 121 123 127 132 137 135 128 132 132 P135 Lumber _ 110 110 104 113 121 124 128 133 139 139 125 128 122 123 Furniture 115 113 115 115 121 122 125 128 132 129 132 139 151 ^158 Stone, Clay and Glass Products . _ 113 112 115 119 124 126 ISO 140 154 158 150 142 141 P!50 Cement 115 113 110 115 125 133 140 155 181 183 156 139 134 138 109 118 117 129 131 126 135 147 111 120 117 130 124 126 136 147 105 112 118 125 146 127 132 148 Glass containers.._ 112 111 117 114 116 115 114 119 123 131 139 135 148 155 Polished plate glass 91 80 100 114 118 111 113 117 137 138 135 142 142 152 Textiles and Products* 104 107 113 113 116 123 134 rl39 134 135 144 155 162 P162 Textile fabrics* ._ 100 103 '109 111 113 121 '130 136 130 131 140 149 156 P157 Cotton consumption 109 114 121 124 120 126 135 145 138 142 147 156 164 168 Rayon deliveries 142 144 137 127 120 129 146 156 157 150 158 171 189 P189 Silk deliveries 58 56 57 61 65 71 77 74 69 67 71 '74 71 P7S Wool textiles* 87 89 '101 106 123 132 '140 '140 134 136 152 165 168 ^163 Carpet wool consumption. 95 79 69 95 109 125 128 141 125 131 131 148 154 Apparel wool consumption 82 88 113 108 137 152 160 158 152 152 177 182 196 P192 Woolen yarn* '85 92 102 104 120 124 131 '132 124 122 139 149 153 P151 Worsted yarn* 90 '92 '113 '117 '135 '149 '152 '143 146 157 170 177 178 P176 Woolen and worsted cloth* '84 89 105 '105 122 '127 '140 '141 134 134 154 173 174 Leather and Products _ _ 88 96 94 97 95 97 107 108 107 108 114 123 P129 Leather tanning 88 90 85 92 90 93 100 102 102 103 113 109 119 Cattle hide leathers .. 87 90 88 98 95 100 110 113 115 112 119 '118 129 Calf and kiD leathers 91 88 75 83 82 85 92 86 88 92 112 '97 99 Goat and kid leathers 89 91 84 83 83 81 C82 86 79 87 97 96 108 Shoes. _ . . 88 101 101 101 99 100 112 113 110 112 115 117 126 P136 Manufactured Food Products* 111 115 110 114 110 118 117 121 117 120 121 rlgS 124 P123 Wheat flour _ _ _ 105 98 100 99 100 104 99 104 98 105 105 110 110 P107 Cane sugar meltings 97 112 101 90 86 116 136 122 124 107 122 123 119 >>115 Manufactured dairy products* 106 111 '114 '110 '115 122 117 125 '131 '127 '125 '135 134 132 Ice cream* r113 '117 104 114 '128 '122 131 138 132 129 144 Butter* '104 '106 105 104 105 108 106 110 119 118 118 119 117 111 Cheese* 117 'HI '116 '115 115 114 117 118 123 124 131 138 134 121 Canned and dried milk* 'HO '118 '124 132 '133 '135 '126 '138 '136 '129 '124 '135 139 132 Meat packing 117 126 116 119 121 127 133 134 114 126 134 126 132 124 Pork and lard . 135 152 132 141 147 152 159 165 121 145 159 143 147 134 Beef.. . 101 101 101 99 95 101 106 107 110 109 110 110 120 120 Veal 89 91 97 91 92 98 102 97 86 94 91 96 97 91 Lamb and mutton ._ 93 99 98 96 95 106 110 109 112 112 111 108 109 101 Other manufactured foods 112 115 110 115 109 118 116 120 117 119 120 122 122 P123 Alcoholic Beverages- 100 113 108 91 103 103 96 101 105 108 104 107 114 122 Malt liquor . 99 99 103 91 93 100 94 104 105 106 100 102 106 107 Whiskey 84 84 72 44 71 80 77 85 78 81 80 82 90 94 Other distilled spirits - 114 131 148 208 231 118 86 85 112 132 132 140 129 154 Rectified spirits . 114 201 154 87 126 134 131 105 126 131 130 137 170 206 Tobacco Products 110 115 103 106 108 115 113 114 113 116 117 120 119 118 Cigars 104 98 101 105 102 105 103 108 111 110 109 117 109 106 Cigarettes ._ 117 127 106 110 113 120 119 121 118 125 127 127 131 131 Manufactured tobacco and snuff.. 100 99 99 96 100 112 106 101 101 96 97 101 100 97 ' Revised. P Preliminary. e Corrected. Includes also lead production shown under "Minerals." 778 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 ]lumbers of the Board of Governors. ] 935-39 average= 100] 1940 1941 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Paver and Paper Products 127 132 130 124 120 122 125 130 129 128 132 134 Paper and pulp 128 132 130 123 118 121 124 131 129 128 133 136 145 Pulp 149 159 153 150 150 148 150 159 153 153 160 161 162 Groundwood pulp _ 118 118 117 119 117 118 123 119 119 122 119 121 120 Soda pulp 135 148 142 120 114 124 113 142 128 129 137 135 141 Sulphate pulp 175 186 179 179 185 184 186 200 190 193 199 199 203 Sulphite pulp 145 157 151 148 145 140 143 148 144 144 153 156 155 Paper 125 128 126 118 113 117 120 127 126 124 129 132 142 Paperboard 131 128 130 121 118 123 132 143 138 134 138 143 158 154 Fine paper 110 118 121 114 107 110 114 114 110 110 114 115 126 Newsprint production 113 115 111 113 111 112 109 109 113 115 115 114 114 114 Printing paper. _ _ 125 135 126 117 111 114 114 117 119 123 126 130 137 Tissue and absorbent paper 123 137 131 121 125 124 120 131 132 125 133 132 137 Wrapping paper 127 126 126 117 107 110 114 120 120 119 124 129 139 Paperboard containers 125 128 128 Printing and Publishing l 115 120 114 110 108 109 no 112 111 114 116 rll8 122 v!22 Newsprint consumption 106 106 102 104 104 104 106 107 103 105 106 106 107 106 Petroleum and Coal Products* 114 115 112 113 116 116 118 120 121 121 123 121 126 vl26 Petroleum refining 113 112 108 109 112 112 114 116 117 117 119 120 122 Gasoline ._ _ 111 110 106 109 113 111 112 115 117 118 120 120 124 Fuel oil 113 113 111 116 113 115 116 120 120 122 121 121 120 Lubricating oil 118 122 113 98 102 109 115 107 112 104 105 118 118 Kerosene 126 116 116 111 121 123 123 130 120 123 113 117 115 Coke* 123 132 139 140 143 145 147 148 148 148 150 133 151 156- Byproduct coke* _ 124 132 137 137 139 141 143 143 143 144 144 134 141 14& Beehive coke* _. 107 150 '218 '263 '267 '266 '281 '323 314 295 347 77 515 530 Chemicals 114 116 117 115 114 116 118 121 123 123 123 130 134 Rubber products 122 117 109 115 124 126 132 144 141 153 155 158 162 192 Rubber consumption 122 116 109 116 125 128 133 147 143 156 158 161 164 196 Tires and tubes 121 126 106 105 109 109 116 117 123 128 134 131 144 151 Pneumatic tires 122 127 108 106 110 110 118 118 124 128 135 131 144 151 Inner tubes .. 112 113 95 102 107 103 107 115 121 127 132 130 145 155 nu Minerals—Total _ 117 ni9 120 116 113 118 119 118 118 125 101 126 P133 Fuels* 116 117 112 r115 109 113 113 114 113 121 86 121 P129 Bituminous coal . . 120 116 121 121 119 98 112 115 117 114 149 22 149 Anthracite* '84 116 '133 '115 '108 '94 '97 '108 98 102 102 71 80 P12& Crude petroleum _ ._ 116 116 114 108 114 115 115 113 114 113 112 113 114 P119 Metals . 135 134 139 124 127 137 148 151 144 151 148 191 154 P156 Iron ore shipments 152 155 159 159 155 163 192 186 188 189 191 354 212 180 Copper 143 143 150 144 132 140 141 142 148 152 148 150 161 155 Lead __ 124 117 120 117 108 119 107 112 116 116 118 120 120 117 Zinc 119 118 129 125 131 131 134 135 137 142 140 147 150 152 Gold -. 124 122 125 93 107 125 127 141 120 133 124 122 114 157 Silver _ 125 114 122 88 109 113 136 132 119 133 127 121 138 107 ' Revised. » 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. * Revised Indexes 1939 1940 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Nondurable 104 104 104 103 104 106 106 108 Ill 115 117 117 113 110 107 Textiles and Products - _ 118 108 99 Textile fabrics __ . . _._ . 113 105 97 Wool textiles 106 93 76 Woolen yarn 99 89 Worsted yarn 98 93 75 Woolen and worsted cloth. 112 89 71 Manufactured Food Products 105 104 106 106 107 108 105 111 111 109 no 112 111 113 112 Manufactured dairy products 111 109 109 106 108 107 106 106 110 109 108 115 111 116 113 Ice cream 111 108 108 106 111 109 108 106 120 117 109 120 105 116 112 Butter 114 112 112 108 107 105 104 106 98 98 103 105 112 111 109 Cheese 103 104 110 110 108 106 106 109 105 102 107 110 106 113 121 Canned and dried milk 107 107 106 105 103 106 106 107 108 110 114 126 125 125 119 Petroleum and Coal Products 117 116 11R Coke 138 123 Byproduct coke 137 124 Beehive coke 154 94 Fuels 117 112 Anthracite 114 80 00 OC *J Apr. 1OT 100 97" 79 77 76- 76 111 114 113 112 125 120 115 119 120 89 114 116 86 86 AUGUST 1941 779* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100 1940 1941 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total nn 121 118 220 129 134 135 135 134 138 143 142 152 P157 Manufactures——Total _ __ 116 122 118 120 130 136 138 139 137 142 148 150 157 P161 Durable 125 134 127 128 144 155 158 162 161 167 175 '175 185 P193 Nondurable* 109 113 111 114 119 121 121 121 118 122 126 129 134 ?136 Iron and Steel 12s 151 W 163 161 164 166 172 170 172 181 171 172 P179 Pig iron _ 133 150 154 161 164 169 173 173 177 176 178 170 175 179 Steel ingots 122 151 147 152 161 163 165 172 170 172 181 171 172 P179 Machinery _ _ - 126 129 129 135 142 149 153 I64 168 176 185 195 206 P218 Transportation Equipment 182 131 96 63 120 167 184 183 186 199 202 190 215 P223 Aircraft __ _ 329 371 394 455 501 544 590 624 672 726 751 '803 849 P896 Automobiles 118 114 70 23 89 142 161 152 151 161 160 139 164 164 Railroad cars 137 124 117 130 135 141 153 172 178 182 178 196 218 P242 Locomotives _ _ 102 106 116 124 137 152 163 186 204 222 234 266 280 P287 Shipbuilding 172 176 185 202 213 229 219 263 282 307 335 352 379 P426 JVonferrous Metals and Products 129 ISO 131 W 164 167 172 172 176 181 190 194 196 P191 Nonferrous metal smelting1 __. 131 127 126 127 131 138 137 138 137 142 142 147 148 P144 Copper smelting 132 131 126 127 129 138 139 135 133 140 136 145 144 136 Zinc smelting 135 128 133 133 143 147 147 152 153 158 163 164 170 170 Copper deliveries __ 116 116 118 133 156 173 181 188 200 209 219 221 231 222 Lead shipments 109 113 118 122 127 133 141 141 138 138 140 143 149 147 Zinc shipments _ _ 113 118 125 130 140 145 149 149 149 149 145 145 142 143 Tin deliveries 146 148 143 Lumber and Products _ ______ 114 116 111 128 182 182 126 121 116 119 128 180 134 P140 Lumber 117 119 112 126 134 132 123 114 113 115 118 128 130 133 Furniture 108 110 107 118 127 133 130 133 123 129 133 135 142 P153 Stone, Clay and Glass Products 129 129 127 188 189 142 186 125 110 112 125 142 164 P!72 Cement _ __ 140 143 136 141 150 154 145 124 100 102 117 139 163 174 Common and face brick 131 146 147 150 161 154 147 125 Common brick 134 153 149 153 162 160 149 120 Face brick 126 129 140 142 161 140 141 133 Glass containers 119 117 121 124 118 119 115 111 110 120 130 135 159 163 Polished plate glass 91 79 66 93 118 127 129 141 144 131 141 142 142 149 Textiles and Products* 100 101 105 111 118 126 137 140 138 143 147 150 157 P155 Textile fabrics* _ 97 98 101 108 115 124 134 136 133 140 143 146 152 P149 Cotton consumption 109 108 109 114 120 129 139 142 144 152 156 160 164 160 Ravon deliveries 127 131 134 137 138 144 151 154 154 148 150 158 168 P172 Silk deliveries 55 51 51 57 65 77 87 79 72 68 74 73 67 P66 Wool textiles* 85 88 98 109 120 129 '139 '145 136 149 152 152 165 P162 Carpet wool consumption 91 77 67 101 111 124 126 131 119 143 146 139 148 P138 Apparel wool consumption 82 88 108 113 137 145 162 163 149 165 179 171 196 P192 Woolen yarn* _ '85 92 102 108 119 121 129 '132 125 134 135 140 153 P151 Worsted yarn* 90 '92 107 120 130 '149 '152 '157 150 163 163 166 178 P176 Woolen and worsted cloth* '81 88 102 107 116 '122 '139 '149 142 153 154 156 167 P165 Leather and Products 86 88 91 104 102 98 98 99 104 117 122 r118 121 P118 Leather tanning 86 88 83 89 89 93 101 104 103 112 112 110 116 Cattle hide leathers 85 86 82 93 94 101 114 115 116 125 121 '118 127 Calf and kip leathers 86 90 83 87 81 82 87 88 87 97 105 '96 94 Goat and kid leathers 88 91 83 81 84 80 79 87 79 91 96 99 106 Shoes _ _ _ 86 89 98 114 111 102 96 95 106 121 128 123 123 P120 Manufactured Food Products* _ 107 116 120 1S1 133 126 116 115 104 104 107 r112 120 P124 Wheat flour _ 95 92 99 100 115 113 103 100 99 104 102 103 100 P101 Cane susar meltings 95 116 116 95 102 113 112 98 103 105 135 135 117 P119 Manufactured dairy products* 143 '169 '165 144 '117 96 80 79 '84 '92 '105 '134 182 P201 Ice cream* 142 '180 '196 '169 '124 '92 73 68 69 78 99 138 Butter* _ _ '135 '148 128 '115 104 95 84 87 95 101 105 118 151 155 Chease* _ '155 '171 '150 '130 119 107 89 82 89 96 107 133 177 186 Canned and dried milk* '158 '175 '151 136 '123 '108 '88 '95 '103 '110 '121 '152 200 195 Meat packing 117 123 109 102 112 127 151 159 133 122 122 119 132 121 Pork and lard__ 135 148 119 106 117 143 191 212 157 145 143 135 147 130 Beef 101 99 102 100 107 110 111 107 110 98 100 102 120 118 Veal 93 92 96 92 101 108 104 92 83 83 86 95 101 92 Lamb and mutton _ 95 94 93 95 107 113 107 104 118 112 107 105 111 96 Other manufactured foods 102 110 117 136 140 132 117 115 103 103 105 107 111 P117 Alcoholic Beverages 107 120 112 89 108 108 104 93 87 94 100 108 120 129 Malt liquor.. __ 117 126 127 106 94 82 77 81 84 90 96 111 124 137 Whiskey 84 67 40 24 56 76 96 98 104 106 98 91 90 75 Other distilled spirits 68 77 70 100 317 314 181 105 73 79 86 84 77 91 Rectified spirits _ 100 161 130 68 134 174 207 140 92 113 124 122 149 165 Tobacco Products __ ___ 11% m 112 110 118 120 115 98 108 108 110 113 121 128 Cigars 102 104 105 108 117 127 123 83 90 96 100 111 108 113 Cigarettes 119 140 119 116 121 118 114 108 119 118 119 118 133 144 Manufactured tobacco and snuff 101 101 101 97 108 115 105 89 98 95 99 100 100 £9 r Revised. P Preliminary. 1 Includes also lead production shown under "Minerals." 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued [Indexnumbers of tb<* Board of Governors. 1935-39 average = 100] 1940 1941 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Paper and Paper Products 127 ISO 124 123 124 127 124 123 '126 '181 '186 137 141 Paper and pulp _- 128 131 123 121 120 124 124 124 128 133 137 140 145 Pulp 150 157 147 148 147 150 151 154 154 159 164 165 165 Groundwood pulp 131 120 104 101 102 110 126 124 124 127 128 136 133 Soda pulp 135 147 133 120 115 124 113 138 128 133 141 139 141 Sulphate pulp _ . _ 175 184 175 179 185 188 186 190 192 199 203 199 203 Sulphite pulp _ 145 154 144 148 145 143 144 144 144 148 156 159 155 Paper 124 127 120 117 116 120 120 120 124 129 133 136 142 Paperboard __ . 128 128 123 123 125 130 132 127 132 138 144 146 155 154 Fine paper 114 116 110 107 102 110 110 112 111 118 122 126 130 Newsprint production . ._. 114 116 108 110 111 112 112 110 113 113 115 114 115 115 Printing paper 127 132 118 113 110 115 113 116 119 126 132 135 140 Tissue and absorbent paper 122 135 124 121 131 129 119 126 128 130 134 135 136 Wrapping paper ___ __ 124 123 122 116 108 113 114 116 120 124 126 130 136 Paperboard containers 123 127 125 Printing and Publishing * 119 119 103 102 108 113 112 112 109 115 121 126 P121 Newsprint consumption 110 107 88 91 105 111 111 109 98 104 110 113 111 107 Petroleum and Coal Products* 115 116 113 114 118 118 119 119 120 120 119 121 126 H27 Petroleum refining 113 113 109 110 114 114 115 115 115 115 114 119 122 Gasoline HI 112 109 112 116 114 113 112 113 114 114 118 124 Fuel oil 113 112 109 114 114 116 117 122 123 124 119 119 120 Lubricating oil 123 122 111 97 102 109 115 106 108 103 104 122 122 Kerosene . 126 113 110 107 119 123 126 131 126 124 115 119 115 Coke* 122 132 136 139 142 145 148 149 150 152 154 133 148 154 Byproduct coke* __ 124 132 135 137 139 141 143 '143 143 145 145 134 141 145 Beehive coke*. '80 123 181 '210 '222 '274 '309 '378 367 398 434 69 386 435 Chemicals __ 113 110 110 112 116 120 120 122 121 123 128 134 133 P138 Rubber Products 122 117 109 115 126 126 135 137 145 151 155 157 162 192 Rubber consumption 122 116 109 116 128 128 138 140 148 153 158 160 164 196 Tires and tubes 121 126 106 105 109 109 116 117 123 128 134 131 144 151 Pneumatic tires 122 127 108 106 110 110 118 118 124 128 135 131 144 151 Inner tubes _.- 112 113 95 102 103 107 115 121 127 132 130 145 155 107 Minerals—Total 118 118 121 117 122 119 114 113 115 116 96 127 P131 124 Fuels* _ _ 113 111 111 109 lit 115 116 117 118 121 87 118 Bituminous coal... 102 100 106 111 ni6 110 128 127 130 134 143 19 126 Anthracite* '93 107 '104 '85 124 '99 '98 '115 114 112 105 76 88 J>116 Crude petroleum 119 116 114 111 '110134 114 111 111 111 112 114 116 118 PIIQ w Metals __ ._ 148 161 179 164 171 184 102 91 98 90 149 181 pl 84 I C ro o n p p o e r r e shi _ p me _ n _ ts . .- 2 1 1 4 3 1 2 1 8 4 8 0 3 1 1 3 5 3 3 1 0 3 8 5 3 1 0 3 1 6 2 1 9 4 4 6 116427 146 145 155 151 2 1 1 5 0 6 3 1 2 5 3 9 3 1 2 5 6 2 Lead 122 116 112 114 112 117 114 118 116 116 116 121 117 116 Zinc . . 119 116 121 118 127 131 135 139 140 144 147 151 150 149 Gold _. . 117 97 134 100 121 156 146 141 112 122 103 107 108 125 Silver 120 114 113 91 107 115 135 133 118 137 132 124 133 107 r Revised. P Preliminary. " Corrected. i Includes also printing paper production shown under "Paper." NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. * Revised Indexes • Annual 1939 1940 Industry ; | 1939 1940 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. j Feb. j Mar. | Apr. Nondurable __ 108 113 100 102 103 101 102 104 104 110 119 120 118 109 108 105 106 Textiles and Products ; 114 120 115 101 97 Textile fabrics _ _ i ill i 115 111 100 95 Wool textiles i j 106 ! ! ! 107 102 77 73 Woolen yarn i i 103 100 97 75 73 Worsted yarn i 112 101 97 72 72 Woolen and worsted cloth . _ 105 ! 118 102 71 Manufactured Food Products ! 108 114 94 91 95 96 104 109 115 127 135 117 107 100 99 100 101 Manufactured dairy prod- j 109 ucts 108 113 72 79 92 106 146 162 154 142 113 86 74 73 73 84 95 114 Ice cream _ ! in 113 56 1 64 83 101 151 175 182 172 129 84 66 62 53 69 86 108 Butter 1 106 108 91 96 i 100 107 138 146 127 117 97 86 81 83 90 95 97 110 Cheese | 107 116 74 81 l 90 107 143 163 137 124 108 96 81 77 76 88 99 121 Canned and dried milk. 108 124 81 91 104 119 148 156 129 110 99 88 80 87 95 135 Petroleum & Coal Products ! 116 iiel 115 114 115 Coke B yprod . u ct _ c oke 1 1 3 3 3 5 s i 1 13 3 7 8 1 1 2 2 5 5 1 1 2 2 0 0 1 12 1 0 9 Beehive coke 189 i 180 I 127 106 80 i I Fuels ! 114 120 I 116 114 113 Anthracite 101 ! i r 132 i 88 89 ' 92 AUGUST 1941 781 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total* 102.8 103. 9 105.1 107 4 108 9 111.4 114.2 116.6 118.3 118.6 119.4 '122. 0 124.8 128.4 Durable goods* 97.9 99.0 100.4 104.3 107.4 111.2 114.6 117.6 121.1 122.1 123.0 126.3 129.4 133.6 Nondurable goods* 107.4 108.5 109.6 110.2 110.3 111.5 113.8 115.7 115.6 115.2 115.9 118.0 120.4 123.5 Iron Steel, Products 101.2 108.7 107.8 111.1 112.9 116.1 118.9 122.4 124.8 125.6 126.2 '128. 3 131.9 135. 7 Blast furnaces, steel works 109 115 120 123 123 125 127 130 133 133 133 136 140 144 Bolts, nuts, washers, rivets 105 104 110 116 119 121 128 135 139 145 151 153 160 165 Cast-iron pipe 76 75 76 78 81 84 89 89 88 92 92 93 94 94 Cutlery, edge tools 101 102 104 104 107 109 110 110 110 108 110 114 117 121 Forgings 66 66 70 74 77 81 83 88 90 94 96 100 102 105 Hardware . 95 82 84 98 102 105 109 113 113 114 116 115 116 118 Plumbers' supplies 82 83 84 87 89 90 94 98 99 98 100 101 102 103 Stamped, enameled ware 153 153 157 169 179 188 190 196 194 201 202 204 214 218 Steam, hot-water heating. _ 84 85 87 91 92 97 100 103 106 106 107 109 111 114 Stoves 88 91 95 96 95 98 100 108 113 106 106 110 113 Structural, ornamental 71 73 75 78 81 84 86 91 96 100 100 101 103 105 Tin cans, tinware 97 100 100 98 96 99 103 104 109 112 113 113 125 134 Tools 92 92 95 98 101 106 111 116 121 126 128 133 136 138 Wirework __ _ _ 156 151 139 152 170 189 201 207 206 208 208 203 205 211 Machinery _ _ 118.4 114-9 116.6 120.0 122.5 126.6 180.9 186.0 141.2 144.2 148.1 r155 8 161.0 166.7 Agricultural implements. 136 136 133 139 141 143 140 143 147 140 126 '158 166 170 Cash registers, etc. 128 130 130 129 132 132 134 137 137 140 146 151 150 154 Electrical machinery _. _ 101 103 104 107 111 116 120 126 131 137 142 147 153 158 Engines, turbines, etc. 142 152 165 »"176 '182 '197 '237 239 '243 r245 259 275 Foundry, machine-shop products. 96 97 98 101 103 107 110 114 118 120 124 129 133 139 Machine tools . 220 228 237 247 247 257 265 275 286 296 304 315 324 336 Radios, phonographs 155 144 145 145 138 134 142 150 155 165 178 189 197 184 Textile machinery 82 79 77 76 79 81 83 86 89 92 95 98 101 104 Typewriters __ 113 112 116 119 123 126 128 130 131 110 134 138 143 150 Transportation Equipment 111.6 111.8 110.7 120.9 180.2 140.2 148.9 145.6 160. 4 152.9 154.0 '158. 8 164-2 172.6 Aircraft 2,598 2,829 3,115 3,479 3,881 4,243 4,447 4,731 5,089 5, 398 5 509 5,813 r 6,110 6 455 Automobiles _ _ _ . 105 102 97 107 116 125 127 124 123 123 123 125 127 132 Cars, electric-, steam-railroad 52 49 51 50 55 58 64 67 75 71 70 70 74 82 Locomotives 28 29 31 33 36 39 42 46 52 55 56 59 64 64 Shipbuilding 154 164 175 186 187 195 204 220 244 262 268 284 298 325 Nonferrous Metals, Products 106.0 108.2 110.7 115.7 118.6 122.8 126.8 129.4 188.8 185.1 186.1 189. C 140.8 Aluminum* 180 183 190 199 202 207 214 218 229 224 220 229 234 228 Brass, bronze, copper 124 128 132 140 147 153 162 168 173 176 179 181 183 191 Clocks, watches 92 94 95 98 100 101 101 102 107 109 111 115 118 120 Jewelry 96 99 100 99 94 96 98 101 102 105 107 111 113 118 Lighting equipment 84 86 81 92 100 103 105 106 110 112 110 112 112 116 Silverware, plated ware 70 68 71 70 72 74 75 76 77 79 79 81 82 84 Smelting, refining 86 87 89 92 92 94 94 96 98 100 101 102 103 103 Lumber, Products 67.9 67.4 67.6 69.0 70.6 71.8 78.6 75.2 76.8 75.6 74.O 74.2 74.7 76.7 Furniture 90 90 89 90 91 91 93 96 97 98 98 101 104 107 Lumber, millwork 60 61 62 63 65 68 71 72 74 72 71 70 69 71 Lumber, sawmills 61 60 60 62 64 64 66 67 68 67 65 65 65 66 Stone, Clay, Glass Products. _. . 78.9 79.8 81.3 81.8 83.0 84.7 88.4 90.4 94.6 92.9 92.8 92.3 92. / 93.0- Brick, tile, terra cotta 58 58 60 60 61 61 65 68 75 74 71 70 69 69 Cement 66 67 66 69 70 72 74 76 75 76 75 74 73 73 Glass 103 103 105 107 109 112 117 117 120 116 118 121 122 123 Marble, granite, slate _. _ 47 47 45 45 46 46 45 46 46 47 46 45 45 44 Pottery 88 91 94 94 94 96 100 105 108 108 108 109 109 116 Textiles, Products _ 96.8 96.8 100.2 101.1 101.9 102.6 105.8 107.2 107.3 107.1 107.6 109.9 112.9 116.1 Fabrics 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 9 109 3: Carpets, rugs 76 70 71 72 75 79 82 82 85 84 83 86 89 90 Cotton goods 88 89 91 93 94 95 97 99 99 100 101 103 106 111 Cotton small wares 76 76 77 79 81 82 87 90 92 93 94 97 103 107 Dyeing, finishing textiles . 123 119 125 128 129 129 129 132 132 134 136 138 141 144 Hats, fur-felt 68 74 85 83 84 80 84 85 82 82 83 80 82 86 Hosiery.. 134 133 136 138 138 140 141 144 144 142 142 141 144 145 Knitted outerwear 61 65 69 72 69 70 71 74 69 69 68 71 76 81 Knitted underwear. 72 72 76 75 74 75 76 77 81 78 78 79 81 84 Knitted cloth 127 131 138 147 151 153 151 149 144 141 143 141 155 162 Silk, rayon goods 67 64 63 62 61 63 65 64 63 64 66 69 74 74 Woolen, worsted goods 73 77 85 86 90 93 99 98 98 98 102 109 109 110 Wearing apparel 111.6 112.5 116.1 116.1 116.5 114.8 118.0 121.9 122.0 120.5 119.3 '119. 8 123.8 126.4 Clothing, men's 98 102 105 104 104 102 109 115 114 111 110 114 122 124 Clothing, women's .. _ 158 158 166 164 165 164 168 170 166 166 164 r159 160 168 Corsets, allied garments 113 113 106 112 112 112 114 114 114 113 114 114 116 119 Men's furnishings 114 111 120 125 126 122 118 116 116 118 118 119 121 123 Millinery 72 71 71 73 78 74 68 69 76 82 78 78 73 67 Shirts, collars 121 116 116 118 119 117 117 122 131 125 124 127 130 133 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 June 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. 782 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 May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June Leather, Manufactures.. 87.9 89.6 90.9 89.9 91.1 93.8 93.3 93.2 95.5 96.8 101.7 Boots, shoes 86 88 89 87 88 90 92 93 91 91 92 93 94 99 Leather 81 81 81 82 81 82 84 85 85 86 88 90 90 95 Food, Products 129.1 131.9 129.0 129., 129.9 135.6 133.3 131.0 131.4 rl32. 5 135.0 136.8 Baking 145 146 146 146 144 144 144 144 143 145 146 148 149 151 Beverages 273 278 268 272 265 271 281 285 281 279 278 277 287 286 Butter 98 97 96 96 96 96 102 101 98 99 102 107 105 Canning, preserving 147 161 137 146 130 152 152 157 149 144 139 140 147 155 Confectionery 84 83 86 88 86 86 90 91 89 88 91 92 89 89 Flour 81 80 79 79 79 78 78 78 78 77 78 79 78 80 Ice cream 76 77 75 76 75 79 81 81 80 81 80 83 80 79 Slaughtering, meat packing. 107 109 111 108 109 110 114 121 112 111 113 '114 119 121 Sugar, beet 99 102 99 106 110 100 102 145 240 144 111 97 99 95 Sugar refining, cane 95 96 97 93 91 95 95 97 92 89 97 103 102 95 Tobacco Manufactures.. 63.2 65.2 62.8 63.0 63.7 63.3 64.7 66.3 64.9 64.O 65.0 65.8 65.8 Tobacco, snuff 59 59 58 56 57 57 55 57 57 54 54 54 54 53 Cigars, cigarettes.. 64 66 64 64 65 64 65 66 68 66 65 66 67 68 Paper, Printing 115.3 115.7 116.5 116.. 115.7 116.1 116.8 117.3 117.1 117., 118.5 119.8 121. 1 Boxes, paper 116 118 119 119 117 117 120 122 123 122 125 129 132 138 Paper, pulp 115 116 117 117 117 115 116 116 116 117 119 120 123 125 Book, job printing 100 100 101 100 100 102 101 102 103 101 103 104 104 104 Newspaper, periodical printing 117 116 116 117 116 116 118 117 116 116 117 117 117 118 Chemicals, Petroleum, and Coal Products 122.0 122.4 121.7 121.7 122. 9 124.1 125.3 126.5 127.4 128.1 1-132. 134.9 138. 4 Petroleum refining 122 123 122 122 121 121 120 120 120 120 121 121 123 125 Other than petroleum 121.9 122.3 121.5 122.2 121.8 123.5 124.9 126.4 128.1 129.1 129.9 r134.8 138.0 141. 6 Chemicals 137 138 138 141 141 143 147 151 154 157 161 163 168 172 Cottonseed oil, cake, meaL. 94 83 78 75 62 92 101 102 102 100 94 108 104 103 Druggists' preparations 122 120 119 117 116 114 113 113 116 118 119 122 129 132 Explosives 120 127 133 139 145 141 144 147 151 162 163 0) Fertilizers 119 120 114 113 107 107 107 103 104 103 95 112 118 123 Paints, varnishes 121 122 124 126 127 125 127 128 130 130 134 135 136 140 Rayon, allied products 311 315 308 306 309 310 311 314 310 306 308 324 330 336 Soap 82 82 83 85 86 86 82 87 88 90 89 91 93 94 Rubber Products 83.5 84.2 84.7 87.0 89.7 91.6 93.6 96.8 99.0 100.4 102.0 i-lOS. 9106.0 112.0 Rubber boots, shoes 56 57 56 54 54 57 60 64 67 69 69 74 78 83 Rubber tires, inner tubes.. 69 69 69 71 73 74 75 77 78 79 80 r82 83 87 Rubber goods, other 138 140 141 149 155 157 160 167 I 171 174 177 176 179 191 r Revised. 1 Data not available. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total Employees in nonagricultural establishments non- Mili- Year and month m e a m g e tu n r p i r t c l a o u * l y l - - 12 Total M fa i c n a t g n u * u r- - Mining s C t t i r o o u n n c - - ti T p p o u o r n a b r n t a l a i s n c - - d Trade ci i m c F a e l i i , , n s s c a a e e n n r l v - d - - m G e e r o n n v t - - 2 f n o t a a a r n c v r d e y a s l utilities laneous SEASONALLY ADJUSTED 1940—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 August 35, 747 29, 604 10,160 862 1,256 3,058 6,282 4, 175 3, 811 546 September 35, 936 29, 793 10, 280 849 1,318 3,059 6,285 4, 174 3,828 634 October 36, 324 30,181 10, 477 835 1,490 3,053 6,289 4,181 3, 856 737 November 36, 827 30, 684 10, 698 833 1,669 3, 053 6,341 4,204 3,886 822 December 37, 460 31,317 10, 899 837 1,974 3,064 6,437 4,226 3,880 884 1941—January 37, 571 31, 428 11,021 849 2,014 3,077 6,298 4,233 3,936 958 February r31, 644 ^11,045 846 2,132 3,087 6,333 4,250 3, 951 1,139 March '37, 724 ••31, 581 m, 108 855 1,933 3,105 6,351 4,254 3,975 1,343 April r37, 772 ••31, 629 Ml, 316 572 1,859 3,133 6,474 4,258 4,017 1, 554 May 38, 227 32, 084 11, 536 870 1,698 3,192 6,449 4,280 4,059 1,679 June 38, 612 32, 469 11,823 881 1,638 3,216 6, 528 4,293 4,090 1,758 UNADJUSTED 1940—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 August 35, 902 29, 759 10,163 839 1,443 3,081 6,168 4,226 3,839 549 September 36, 528 30, 385 10, 479 846 1, 511 3,120 6,321 4,255 3,853 634 October 36, 867 30, 724 10, 668 856 1,654 3,121 6,362 4,187 3,876 733 November 36, 986 30, 843 10, 735 853 1,709 3,065 6,433 4,167 3,881 822 December 37, 608 31, 465 10, 856 855 1,720 3,039 6,884 4,180 3, 931 884 1941—January 36, 621 30, 478 10, 797 852 1,623 3,012 6,165 4,142 3,887 958 February 36, 928 30, 785 10, 982 854 1,678 3,028 6,173 4,164 3,906 1,145 March 37, 227 31, 084 11,152 864 1,631 3,056 6,259 4,187 3,935 1,343 April 37, 676 31, 533 11,370 564 1,775 3,113 6,463 4,265 3,983 1,546 May 38, 306 32,163 11, 537 862 1,782 3,185 6,421 4,327 4,049 1,662 June 38. 790 32, 647 11, 757 868 1,810 3,234 6, 522 4,350 4,106 1,740 * 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 June 1941 are preliminary. For back figures, adjusted for seasonal variation, see pp. 534-535 of the BULLETIN for June 1941. AUGUST 1941 783 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] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Total* 102.5 103 1 117.8 119.9 rl22. 6 124.8 127.6 97.8 99.5 126.8 131.2 '134. 7 144 0 152.0 Durable goods* 99 2 99 8 121.0 123 7 127.7 131 2 134 7 98 7 101 4 '139.3 144 6 149 9 163 0 173.9 Nondurable goods* 105.6 106 .2 114.7 116.3 117.8 118.7 120.8 96 8 97.4 112.9 116 3 '117 7 122.7 127.4 Iron, Steel, Products 101.9 108.7 125.0 127. 2 129.4 132.9 135.7 97.2 102.9 137.0 141.2 r!50. 9 160.9 167.7 Blast furnaces, steel works 109 114 133 135 137 140 143 103 114 145 149 164 173 179 Bolts, nuts, washers, rivets 106 104 146 151 155 161 165 110 111 193 199 212 234 245 Cast-iron pipe. . _ _ _ _ 76 77 89 91 93 94 96 67 70 97 99 104 110 115 Cutlery, edge tools 103 101 109 113 117 119 120 92 92 115 123 125 134 138 Forgings 67 66 95 97 100 102 105 73 74 130 138 140 152 162 Hardware _ 96 82 115 117 117 117 118 102 86 135 138 136 142 148 Plumbers' supplies 82 83 99 101 101 102 103 '75 75 97 101 98 105 108 Stamped, enameled ware_ 156 153 202 207 210 218 218 162 163 233 241 243 265 276 Steam, hot-water heating 85 85 106 107 109 112 114 75 77 110 112 117 129 138 Stoves 91 93 99 103 109 113 115 84 83 94 103 111 119 123 Structural, ornamental 71 74 96 97 99 102 106 62 65 94 97 103 114 118 Tin cans, tinware 96 103 104 107 110 123 137 101 114 116 122 127 152 171 Tools _ . 92 92 126 130 133 136 138 90 89 153 161 166 172 184 Wire work 161 152 208 210 207 211 213 170 161 253 256 243 273 281 Machinery 113.9 115.1 147.7 rl56. 2 162.0 167.2 122.8 125.1 176.9 186.2 rl97. 6 217.1 229.7 Agricultural implements 140 137 144 133 169 171 172 164 158 174 162 '230 229 234 Cash registers, etc. 129 130 140 146 151 151 154 134 138 166 179 191 196 202 Electrical machinery 102 103 136 142 147 154 158 114 118 176 186 192 215 226 Engines, turbines, etc 149 158 '2?>6 '248 '257 272 287 194 211 '347 '379 '373 459 493 Foundry, machine-shop products- 97 97 120 124 130 134 139 95 96 136 144 153 165 177 Machine tools 221 229 297 307 317 326 337 290 303 '448 462 472 505 525 Radios, phonographs 137 141 145 149 159 174 180 127 134 146 157 164 192 200 Textile machinery . 82 79 93 96 99 101 104 77 74 105 110 112 124 130 Typewriters 113 111 109 134 138 144 148 114 112 122 159 175 190 208 Transportation Equipment 116.7 111.3 157.2 nei.2 '166. 4 171.3 176.1 118. 6 121.0 r 191.0 197.2 191.4 216.8 242.4 Aircraft. . 2,676 2,914 5,344 <\564 '5, 929 6,294 6,648 2,602 2,968 3,441 6,678 r7,134 7,701 8,126 Automobiles _ _ 110 105 130 132 132 134 135 111 112 160 163 147 171 195 Cars, electric-, steam-railroad 56 51 69 71 74 80 86 50 45 67 66 '73 84 93 Locomotives- 28 29 53 56 60 65 65 27 29 61 64 72 80 82 Shipbuilding _ 158 163 257 272 294 307 322 180 186 338 365 393 430 484 Nonferrous Metals, Products... _. 105.3 106.6 181 7 136.9 rlS8. 9 139.9 l&.h 103.6 105.8 151.2 155.1 157.0 166.3 174.6 Aluminum * 180 182 225 224 231 234 227 210 212 285 '258 290 322 317 Brass, bronze, copper 126 127 176 181 183 184 190 134 141 224 237 234 245 264 Clocks, watches 90 91 109 111 114 116 117 94 92 125 129 134 143 147 Jewelry _ _ 89 91 102 104 104 104 109 73 76 90 94 94 98 102 Lighting equipment 84 84 111 112 113 112 114 72 70 105 105 106 110 118 Silverware, plated ware 70 68 78 80 82 83 84 61 56 • 77 82 82 91 93 Smelting, refining 86 87 100 101 101 103 103 84 86 105 106 108 111 116 Lumber, Products 68 0 68 3 72 0 72 6 73.8 74.8 77.7 63.8 63.6 70.6 72.8 75.7 78.0 84.I Furniture 87 88 96 97 98 100 104 75 76 90 94 95 103 110 Lumber, mill work 61 62 70 70 70 70 73 48 49 58 58 59 62 67 Lumber, sawmills 62 62 63 64 65 66 68 58 58 61 63 66 66 72 Stone, Clay, Glass Products 82.0 82.9 86.9 89.7 93.0 95.6 96.5 74-6 73.4 82.0 85.2 91. 1 97.8 99.7 Brick, tile, terra cotta 61 63 « 64 65 69 73 74 49 51 55 56 62 69 71 Cement 71 72 66 69 74 78 79 69 70 62 66 76 85 89 Glass 104 105 116 120 122 124 125 112 111 135 141 144 150 153 Marble, granite, slate 49 49 42 43 45 46 46 39 36 30 31 35 39 35 Pottery 91 90 108 111 113 113 114 84 76 100 105 111 114 118 Textiles, Products 96 0 93 7 110 1 111.6 nn. I 112.4 112 5 77.9 75.4 rlOS. 8 rlO7. 0 rl07. 0 110.3 111.3 Fabrics 87 0 85.7 101 7 102.7 103.7 105.1 106.4 73.9 72.5 98.5 101.1 104.1 109.2 111.7 Carpets, rugs 76 70 84 86 87 89 90 60 55 79 83 81 90 90 Cotton goods 89 87 103 104 105 106 109 78 75 102 105 113 117 120 Cotton small wares 76 74 95 98 101 103 104 68 67 101 105 107 114 116 Dyeing, finishing textiles 123 116 140 142 143 141 140 99 93 129 133 135 134 133 Hats, fur-felt 66 71 84 85 81 80 82 46 58 89 88 67 75 84 Hosiery 134 130 143 144 142 143 142 134 128 156 161 155 158 157 Knitted outerwear 62 63 68 68 71 77 79 50 51 60 61 64 72 75 Knitted underwear. 74 73 78 80 83 82 85 65 64 77 82 84 85 88 Knitted cloth... . 127 128 142 146 142 155 159 104 107 129 133 133 149 152 Silk, rayon goods 62 60 67 67 69 69 69 49 46 56 58 '60 62 64 Woolen, worsted goods _ _ 72 76 103 103 104 107 108 60 65 100 100 102 113 117 Wearing apparel 112.2 107. 124.2 127.0 126. 2 124.0 121.3 81.0 76.6 107. 9 112. 2 106.2 105.7 103.8 Clothing, men's 95 99 114 116 118 119 120 65 71 '96 '99 '98 101 108 Clothing, women's. 163 148 173 178 172 165 157 112 95 143 148 132 131 118 Corsets, allied garments 114 112 115 118 118 118 117 117 109 127 133 133 137 137 Men's furnishings 115 110 119 123 122 122 122 96 95 124 129 124 130 131 Millinery 75 66 89 91 88 76 62 54 47 76 85 76 51 42 Shirts, collars 121 115 125 128 130 131 132 101 92 117 121 126 130 134 r Revised. " Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 784 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Jndex numbers of the Bureau of labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100J Factory employment Factory payrolls Industry and group 1940 1941 1940 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Leather, Manufactures 96.9 95.5 98.6 63.6 67.0 91.5 91.0 97.4 Boots, shoes 85 85 97 93 96 58 63 89 94 89 87 92 Leather 81 90 90 95 77 76 92 94 95 107 Food, Products 121.7 129. 119.1 120.3 rl23. 6 127.5 134.7 121.5 129.0 119.6 122.5 '125. 2 134.7 143.8 Baking 145 147 143 145 147 149 152 138 141 138 140 141 148 154 Beverages 279 302 255 264 272 293 310 331 376 295 313 331 362 393 Butter 100 105 91 96 102 110 114 85 91 81 85 90 97 105 Canning, preserving 100 141 85 97 100 135 90 117 76 76 91 130 Confectionery 76 75 86 86 81 80 75 72 89 94 84 85 Flour 78 77 77 77 77 78 73 72 73 73 76 76 80 Ice cream 92 68 71 79 88 94 70 78 60 63 70 76 84 Slaughtering, meat packing 106 108 111 111 no 117 120 110 115 114 114 ••115 133 137 Sugar, beet 47 53 53 43 47 49 49 54 57 46 48 54 58 Sugar refining, cane 95 98 89 44 103 97 80 89 73 92 93 90 95 103 Tobacco Manufactures 64.9 63.7 63.3 63.5 64.9 65.5 60.7 61.7 62.7 '58.9 Tobacco, snuff 58 57 54 54 53 52 67 67 64 64 62 67 67 Cigars, cigarettes 63 64 '65 66 67 67 61 62 '59 67 70 Paper, Printing 115.C 114.5 117.1 118.1 119. 4 120.8 121.4 113.1 112.3 117.1 120.3 124.9 127.7 Boxes, paper 114 115 119 123 127 130 135 125 127 136 145 151 159 170 Paper, pulp 115 116 117 119 120 123 125 124 126 133 136 139 146 155 Book, job printing 99 97 103 102 103 103 101 88 85 93 95 94 96 94 Newspaper, periodical printing 117 116 116 117 117 118 118 112 111 110 112 112 114 114 Chemicals, Petroleum, and Coal Products 120.6 119.C 127.8 130.7 rlU-4 133.5 134.5 133.5 133.2 144.2 '148. 1 156.6 162.4 169.2 Petroleum refining 122 123 119 120 121 122 126 137 137 132 133 142 146 157 Other than petroleum 120.4 118.0 129. 133.4 '•I37. 7 136.3 136.6 132.5 132.0 148.0 152.7 160.9 167.4 173.0 Chemicals 136 138 155 159 162 167 172 162 165 194 202 208 222 233 Cottonseed, oil, cake, meal 64 51 112 '100 '89 71 64 57 46 105 r9S 83 66 59 Druggists' preparations 118 116 119 121 122 125 127 129 126 136 138 138 143 150 Explosives 118 126 159 161 0) 0) 0) 141 154 209 207 (0 0) 0) Fertilizers ' 129 89 113 141 179 127 91 118 78 93 117 177 127 92 Paints, varnishes 126 126 129 133 137 141 145 136 136 142 147 158 170 178 Rayon, allied products 304 306 311 312 318 324 326 311 314 328 333 342 356 364 Soap 81 82 90 91 92 92 93 100 113 115 116 126 129 Rubber Products 83.4 100.7 102.8 105. C 106.3 110.9 87.1 86.4 115.3 119.5 '122. 8 129.0 141.7 Rubber boots, shoes 54 55 68 72 75 79 54 56 79 80 84 88 100 Rubber tires, inner tubes 69 69 79 82 83 87 80 78 100 103 107 112 124 Rubber goods, other 140 138 175 180 182 189 131 133 185 195 195 207 223 r Revised. 1 Data not available. NOTE.— Figures for June 1941 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payrroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES fCompiled by the Bureau of Labor Statistics] Average hours worked per week A,rerage hourly eeirnings (cents per hour) Industry and group 1940 1941 1940 1941 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May Total 37.2 37.2 59.0 40.0 40.4 40.0 40.8 66.5 66.9 68.9 69.2 69.7 70.8 72.6 Durable goods 38.2 38.2 40.6 41.6 42.0 41.5 42.5 72.9 73.0 75.8 76.2 76.8 78.5 80.6 Iron, Steel, Products 36.0 36.6 39.8 40.7 41.0 40.8 41.5 76.4 76.7 78.6 79.1 79.5 84.1 85.9 T M r a a c n h s i p n o e r r t v at i . o .. n . E quipment __ __ 4 3 0 8 . . 5 3 4 36 0 . . 7 5 4 40 3 . . 4 2 4 42 4 . . 1 2 4 4 2 4. . 9 3 4 3 4 9 . . 7 7 4 4 5 2 . . 4 4 9 7 0 3 . . 2 9 9 7 0 4 . . 2 1 9 7 i 6 . . 8 r 9 7 1 7 . . 8 1 77.8 '9 7 2 8 . . 3 8 8 9 1 4 . . 8 5 Nonferrous Metals, Products 38.6 38.8 41.4 41.8 42.1 42.0 42.8 70.0 70.1 74.0 74.0 74'. 8 74.9 77.0 Lumber, Products 38.4 38.7 38.9 39.4 39.7 40.2 40.1 51.8 52.1 52.9 53.4 54.1 54.7 55.6 Stone, Clay, Glass Products 36.5 37.1 36.5 37.2 37.2 38.0 38.5 66.4 66.4 68.4 68.5 68.9 69.5 71.0 Nondurable goods 36.2 36.3 37.3 38.3 38.8 38.4 38.9 60.9 61.5 62.0 62.1 62.4 62.9 64.1 Textiles, Products _ _ _- . 34.2 33.7 35.7 37.4 37.8 37.3 37.9 49.5 49.6 51.2 51.4 '51.7 '52. 4 53.0 Fabrics 34.5 34.3 36.9 38.3 38.6 38.3 38.8 48.2 48.4 49.2 49.2 49.4 50.9 52.0 Wearing apparel . _ 33.6 32.7 33.3 35.7 36.3 36.2 51.9 51.8 55.2 55.5 '56.1 '55.3 55.0 Leather, Manufactures1 __. 32.5 30.9 37.3 39.1 39.7 38^0 37.5 54.3 55.5 55.5 56.4 57.2 57.9 59.0 Food, Products 39.4 40.1 39.0 39.5 40.0 39.6 40.3 64.3 64.7 64.9 65.1 6-5.5 65.5 67.0 Tobacco Manufactures.. _ _ 34.7 36.4 35.7 35.4 36.1 33.2 36.8 49.3 49.7 49.8 49.5 49.7 50.6 50.5 Paper, Printing 38.1 38.8 38.8 39.1 39.7 39.6 40.0 79.3 79.4 79.6 80.3 80.7 80.5 81.1 Chemicals, Petroleum, and Coal Products 38.5 38.8 38.9 38.8 39.1 39.9 39.8 74.2 76.0 77.0 77.0 76.6 77.3 80.6 Petroleum refining 36.5 36.2 35.7 35.6 36.0 37.0 37.0 97.4 97.5 97.0 97.0 96.7 99.5 100.8 Other than petroleum refining. 39.2 39.7 39.9 39.8 40.1 40.7 40.7 66.5 68.6 70.6 70.7 70.5 70.7 74.4 Rubber Products __ _ 36.0 36.4 39.0 39.3 39.7 39.4 40.3 77.9 77.8 78.8 79.2 79.9 80.4 81.8 p Revised. L Beginning with October 1940 figures are not comparable because of expansion in reporting sample. AUGUST 1941 785 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 Total R b e u si i d ld e i n n t g ial P a u n b d l ic p u w b o li r c ks Month Factories Commercial EducationalJ 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 _. 328.9 548.7 145.9 201.3 23.2 81.1 26.1 50.8 15.3 17.1 25.6 53.5 92.8 144.9 June 324.7 539.1 135.3 205.6 15.2 102.3 33.1 35.7 14.3 13.5 29.4 49.0 97.5 133.0 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 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Public ownership * Private ownership i Month 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 January 215 243 192 252 196 305 149 112 118 148 93 111 66 130 75 104 104 194 February _ _ 140 188 119 220 201 270 79 69 51 111 82 96 62 119 68 109 119 174 March 199 231 227 301 272 480 96 66 95 128 95 226 103 165 132 173 177 254 April 235 270 222 330 301 407 105 74 99 160 103 169 130 195 123 170 197 238 May 216 244 283 308 329 549 94 93 144 135 112 255 122 151 139 174 217 294 June 233 318 251 288 325 116 137 108 128 147 116 180 143 161 177 July 295 322 240 300 399 153 131 98 137 205 141 191 142 163 194 August 275 281 313 312 415 153 104 171 158 195 122 178 142 154 220 September 234 207 301 323 348 116 80 160 144 144 119 127 141 179 204 October 226 202 358 262 383 101 78 203 92 175 125 124 154 170 209 November 208 198 302 300 380 89 93 179 144 195 119 106 123 156 186 December __ 200 209 389 354 456 82 115 279 225 258 117 94 110 129 198 Year 2,675 2,913 3,197 3,551 4,004 1,334 1,152 1,705 1,708 1,802 1,341 1,761 1,492 1,842 2,202 » Back figures.—SeeB ULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the[Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1940 Number Liabilities Federal Reserve district June May June Federal Reserve 1941 1940 1941 1940 district Boston 52,027 40,311 21, 244 June May June June May June New York___ 112, 850 79, 528 50, 699 Philadelphia. 38? 158 21, 316 21, 254 Boston. 86 108 82 1,063 999 1,030 Cleveland.. 51, 477 63, 447 37, 009 New York. 377 389 446 3,763 3,273 5,756 Richmond. 92. 503 100,005 29,161 Philadelphia 55 81 75 856 1, 342 857 Atlanta 42, 323 47, 935 29, 535 R C i l c ev h e m la o n n d d 4 2 1 7 3 6 7 5 4 4 2 7 3 1 5 5 1 2 5 2 2 8 8 1 8 8 7 0 3 1 Chicago 73,113 76, 392 56, 767 Atlanta _ 38 46 48 319 361 555 St. Louis 2 1 6 2 , ,6 9 5 2 1 6 3 15 8 , ,1 9 3 7 7 8 1 1 8 1 , , 2 2 3 4 9 5 S C t h . ic L a o g u o is 1 2 3 8 0 1 3 4 3 3 1 3 3 6 8 1,0 2 9 3 7 3 1,0 2 3 3 0 4 1,6 2 7 9 8 9 Minneapolis- Minneapolis 14 10 17 137 87 110 Kansas City. 2 15 1 , , 8 24 3 7 1 3 2 6 9 , , 4 2 3 1 6 5 3 1 7 1 , , 9 61 6 0 3 K Da a l n l s a a s s City 3 2 5 1 3 3 6 5 4 1 4 8 3 1 3 4 5 4 4 3 1 7 6 1 4 1 9 6 9 6 Dallas San Francisco 118 136 121 999 1,143 1,110 Total (11 districts). 539,106 548, 700 324, 726 Total 970 1,119 1,114 9,449 10, 065 13, 734 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. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Month 1937 1938 1939 January 223 289 February .. _ _. 233 262 March 257 275 April 269 274 May. _- _ -. _ 290 257 June 265 233 July 268 228 August _ . . 277 231 September 297 246 October 333 278 November 315 252 December 323 269 Year 3,349 3,094 Jan.-May 1,271 1,358 ototg Merchandise imports 2 Excess of exports 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 370 325 240 171 178 242 229 -18 118 35 128 97 347 303 278 163 158 200 234 -45 99 61 147 70 351 357 307 173 190 217 268 -51 102 77 134 89 231 323 385 287 160 186 212 288 -18 115 45 111 98 249 324 385 285 148 202 211 297 5 109 47 112 88 236 350 286 146 179 211 -21 87 57 138 230 317 265 141 169 232 3 87 61 84 250 351 246 166 176 221 31 65 74 130 289 295 233 168 182 195 63 79 107 101 332 344 224 178 215 207 108 100 117 137 292 328 223 176 235 224 92 76 57 104 368 322 209 171 247 253 115 98 121 69 3,177 4,021 3,084 1,960 2,318 2,625 265 1,134 859 1,396 1,180 1,715 1,756 1,397 815 916 1,083 1,315 -126 543 264 632 441 1 Including both domestic and foreign merchandise. * 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 REVENUES, EXPENSES; AND INCOME OF CLASS 1 T RAILROADS1 [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 s o t t d s - Ore la o c n e u l e s - - c l d . h c i a s .l e n . - o r r e p a T v e i e r o lw a n t t a u a i l n e y s g e r x a T p i o l e w n ta s a l e y s o r i p a n e i N c l r w o a e m t t a in y e g in N co e m t e SEASONALLY ADJUSTED 1940—May. ___ 106 115 117 101 91 106 134 103 94 S A EA D S JU ON ST A E L D L * Y June 111 '120 145 98 95 108 134 111 94 July.... 110 120 158 100 88 108 138 108 95 1940—Apr 328 289 40 -1 Aug 112 124 162 96 96 115 139 110 95 May.__ 342 290 '52 11 Sept 112 114 147 106 98 122 145 112 95 June... 360 300 60 19 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 O o ct v 3 37 6 9 3 3 3 1 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 91 130 266 136 102 Feb.... 402 319 84 43 June ... 139 156 189 126 88 136 152 139 102 Mar. __ 417 334 83 41 Apr. ... 382 323 59 17 UNADJUSTED 439 346 93 1940—May____ 103 98 108 87 82 110 184 105 94 UNADJUSTED June 110 '101 131 96 75 112 233 112 94 July____ 110 102 136 145 74 108 250 107 94 1940—Apr 322 287 34 -9 Aug 113 109 136 117 91 121 244 110 96 May... 343 296 47 4 S O e c p t t 1 1 2 2 5 5 1 1 2 0 0 4 1 1 4 4 4 9 1 1 1 0 7 7 1 1 2 5 9 2 1 1 3 3 2 5 2 2 3 5 8 4 1 1 2 3 4 2 1 1 0 0 0 0 J Ju u l n y e . . . . . . . 3 36 4 6 5 3 2 0 9 9 7 4 5 7 7 1 7 6 N De o c v 1 11 2 2 2 1 1 2 2 1 1 1 16 5 7 9 9 8 6 7 1 9 2 2 4 1 1 2 1 9 9 1 4 4 6 5 1 11 2 6 5 9 9 5 8 A Se u p g t.— 3 3 8 8 1 3 3 3 0 1 8 5 6 7 6 4 2 3 2 1 1941— M F Ja e a n b r . 1 1 12 1 1 0 5 3 1 1 1 2 2 3 9 4 2 1 1 1 7 8 7 4 3 5 8 9 9 5 0 7 8 7 7 4 5 4 1 1 1 2 2 2 4 7 8 4 4 5 5 5 0 1 1 1 1 2 1 5 4 8 1 9 9 0 4 8 1 N D O e o c c t v 4 3 3 1 8 7 4 2 5 3 3 3 0 2 0 4 7 3 8 7 7 7 9 1 4 3 5 3 1 1 Apr 108 38 120 96 82 130 203 131 103 1941—Jan 377 315 62 20 May 131 117 167 107 82 135 276 138 102 Feb.._ 358 300 58 15 June ... 136 131 170 123 69 141 265 141 101 Mar 416 336 81 35 Apr. ._. 375 322 53 7 r Revised. May._. 442 354 89 r ,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 InterstateCommerce Commission data. classes with weights derived from revenue data of the Interstate Commerce 1 Excludes £witching andterminal companies. Commission. NOTE.—Descriptive material and back figures may be obtained from the DivisionofResearch and Statistics AUGUST 1941 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS SALES BY DEPARTMENTS Index numbers based on value figures; 1923-25 average=100 Percentage change from corresponding periods of preceding year Seasonally adjusted Unadjusted June Six Department 1941 months 1938 1939 1940 1941 1938 1939 1940 1941 1941 NET SALES—entire store +11 +13* Jan... 101 79 Main Store +12 +13 Feb._. 103 81 Basement Store +5 +11 Mar.. 103 93 Women's, girls', and infants' apparel and ac- Apr... 104 106 cessories +6 +11 J M u a n y e . _ . . 8 9 9 1 1 1 0 0 5 4 79 87 1 1 0 0 5 0 Alain W s o t m or e e n l 's and misses' coats and suits... +22 +7 +14 +10 July.. 92 58 64 Women's and misses' dresses +5 +9 Aug... 98 65 77 Blouses, skirts, sportswear, sweaters, Sept.. 97 91 105 knit apparel +15 +18 Oct... 94 92 101 Juniors' and girls' wear +9 +17 Nov.. 100 99 106 114 Aprons, housedresses, uniforms +6 +14 Dec... 101 156 168 179 Women's underwear, slips, negligees. _ +9 +9 Infants' wear +11 +14 Year.. 85 90 94 Women's and children's shoes 0 +11 Furs +81 +22 Basement2 +6 +11 J M A M J F a p u e a a n r n b r y . . e . . . . . . . . . . . . . Men M 's * a a i M M B n n d o e e s y t n n b o s ' ' o r ' s s e y c f c s l l u l ' o o r t w n t h h i e i s i a n n h r g g i n a g n s d , f h u a r t n s, i s c h a i p n s gs + + + 6 1 4 + + 4 4 + + + 1 1 9 4 3 + + 1 1 1 2 July. Basement2 +2 +8 Aug.. Homefurnishings : +25 +19 S O e c p t t . . . . Main F u s r t n or i e tu l re, beds, mattresses, springs... +32 +26 +21 +20 Nov.. Domestic floor coverings +26 +23 Dec. Draperies, curtains, upholstery +10 +11 Major appliances (refrigerators, wash- Year. ers, stoves, etc.) +32 +27 Domestics, blankets, comforters, lin- Back figures.—Department store sales, see BULLETIN for August 1936, ens, towels +26 +20 p. 631, for October 1938, p. 918, and for January 1941, p. 65; department Basement (including domestics, blankets, store stocks, see BULLETIN for March 1938, p. 232. linens, towels)2 +17 +16 Piece goods (dress and coat yard goods, all WEEKLY INDEX OF SALES materials) +5 +1 Weeks ending on dates shown. 1935-39 average=100 B M a a s i e n m e s n to t re + + 5 5 + + 1 3 1938 1939 1940 1941 Shoes (basement only) -4 June 11 96 June 10....105 June 8 120 June 7 127 * Based on reports from 246 stores. Reports of total sales from a lamer 18.-.. 93 17-.-. 98 15-_.-107 14 120 number of stores, including many stores not reporting sales by depart- 25 81 24 84 22 92 21 107 ments, showed an increase of 13 per cent for June and 15 per cent for July 2...- 83 July l--_. 85 29.... 89 28 109 the first six months of 1941, as indicated in the table below. 9 61 8 62 July 6 67 July 5 86 1 Group totals for main store include sales in departments not shown 16.... 69 15 73 13-__- 78 12 93 separately. 23--.. 62 22.--. 68 20.-.- 72 19 89 2 Group totals for basement are not strictly comparable with those 30 67 29 66 27 69 26 87 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 June May June May m S o i s x . June May m S o ix s. June May m S o ix s. 1941 1941 1941 1941 1941 1941 1941 1941 1941 1941 1941 N B U P C o e h l n A N P N A B P B N W S Y C B B E N T L P R P S e R s w i i l t v p o r y o h a r l o r u i t a k e e o e i l o i o e e B i o m n i a e e r b r n r w n u f d w n a s i w r r l c l d i d Y v a f t g a n l c k r k t a o e c g d g n h i a l g a o c o a o n i l i a t n n a r e h a i g h e H l p Y d n n d u o e r a d r o S n o r y s s n f k s h k k a a e n p n s e g k a t o i - t d t i e e n e e m o a B a l e v a l r e r l F p y k c r t r d e t a i p t t e n h a n e o r s a i l r s i n a l n e e . s . „ d . . . . . _ . . + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 2 2 1 1 1 1 1 1 1 1 1 1 2 1 2 1 1 1 1 6 8 9 8 8 4 5 7 6 3 3 4 3 4 3 7 3 3 1 1 8 2 7 5 1 3 0 0 1 '+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 2 2 2 2 2 2 1 2 1 1 1 2 1 1 2 2 2 2 1 1 2 2 2 2 1 1 2 4 8 8 9 0 0 0 7 7 5 5 4 5 4 4 9 4 2 2 2 5 8 2 4 1 0 6 6 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 2 1 1 1 1 1 1 1 3 2 1 1 1 1 1 1 1 1 1 2 1 1 1 1 9 8 4 7 4 6 7 4 2 4 0 2 5 0 0 0 9 7 8 2 5 5 3 1 3 4 2 5 7 \ I I A R C t i l l J W M J A N C T M B N W B W H Y E P c T B C K L N C C R C e a a a h v i o r h n y a a h a h o l o i t e a n i u o c c m e a h o i a t i e c l r t w l l a m t s n r a a n l o e t l n k k u c a a s e e n t v o m o h f a u s h r r t c s x i h s s o t o e n n d n n p e n t l t l b m m m v t i h o o v n O e i i l g o e a l t d g a d l o n u k i i n a n n n b a i s s n o R b o o l n n s r g l r g t n t v g u l o n i r u g l t m - o ( g o e o t e d e t i e o h r d S s c o o h u n n o l g e a o w l a n g a g , n e r n n a l m e S n y e s t . . m _ ' . . . . . C d . . . . _ . . . . . ) . . + + + + + + + + + + + + + + + + + + + + + + + + + + + + + - 1 1 1 1 1 1 1 2 1 2 1 1 1 2 1 1 3 1 1 1 1 1 1 1 3 3 1 1 1 4 0 2 7 4 2 7 3 5 1 7 3 4 0 6 8 9 9 9 9 3 6 8 2 5 1 8 5 8 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 2 2 1 2 4 3 2 2 2 3 3 1 1 2 2 2 1 2 1 3 2 2 1 1 1 3 2 2 9 5 2 2 9 4 4 4 4 0 1 1 6 9 7 0 6 2 2 5 5 4 1 1 4 6 8 3 2 2 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 2 1 2 2 2 1 1 1 1 1 2 3 4 1 1 1 1 1 1 2 1 1 1 3 2 1 1 9 2 4 0 3 4 0 0 8 7 9 3 3 0 0 6 7 7 5 3 0 8 2 7 5 3 1 9 6 i ^ [ j K C M I a h t I P S L L T J C F D D G M Q E S W K F L S M D H S F O i . n i n n o i c e t p t o o l a o o v i L h s e u a r e e m u o . n . i p e d i a i t o a r n u s a r r a p o i n l n t c i n u e t t g i m t l t J c L i s r w a n r n s l i u n a e n t c h s x i v a o e o i M s a o n i h d i o c a p s a k g p h i e a S s v n n W g s a y i s t v C o u a C r f u h o g e i a o i t a R m i R l i i l n i . p i k i e i i s p l a t . l C s s n o t y e h a l s l i e y o e d y e t o p e c i h l s t n k i n i . y d s . . e . s . . . . . - . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 1 1 2 1 1 2 1 1 1 2 3 2 1 1 2 1 1 1 1 1 1 1 1 3 8 4 7 9 0 0 6 3 1 6 9 2 5 0 9 4 2 2 4 0 2 5 4 8 2 1 0 5 2 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 2 1 1 2 2 1 2 3 2 2 3 4 2 2 2 1 1 1 2 1 2 1 1 2 2 2 1 1 4 4 6 7 5 5 7 4 5 8 3 1 1 6 9 3 1 3 5 7 8 2 2 2 9 2 2 3 3 3 9 " + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 2 1 2 1 2 2 1 2 1 4 1 1 3 1 1 1 1 1 1 1 I u 7 9 8 7 2 3 6 7 5 3 1 3 2 2 2 1 7 3 4 1 5 1 5 9 1 7 2 " S K D a a a T H S S P D F B O F L L S S S S S B P S B E S T W n O S Y n l a a h h l a a a o r a p e a u o o o a a v o s e o a k a a a N B ( a n e n n n F l a c a s r o n k o r c l r n i l l e u k k c l s t s l t s e s l s l t r t e r a e e g o t a k r o l l s e i a i A a J n t l a D a A F v a L a r r h n e a n m m m l o a a t s n o W m k n s e e B r n o n t - i o i a n n g a n C t f R t ^ a c x a a e e p p W n g d ' e k m i e n d e t h i e i d g n o l a o e o o e s t e d n a e a o y . a c c l r s l r a a n y ) c m t d e t o a i t o h l n C i s s h l o d C c i a . _ o t i . . y _ t . . . y . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + + - + + 3 2 1 2 1 3 1 1 2 2 1 1 1 3 1 1 1 1 1 2 1 2 2 1 8 5 8 3 4 4 0 0 8 8 2 7 9 4 1 3 4 6 8 3 7 1 3 2 5 7 3 1 0 '+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + - 5 3 1 1 3 1 1 2 2 2 1 2 1 1 2 1 2 2 1 2 4 3 7 5 4 9 4 7 0 3 1 7 8 9 8 7 0 6 2 2 6 4 5 4 1 1 5 1 9 3 + + + + + + + + + + + + + + + + + + + + + + + + + + + + - 2 1 1 2 1 2 1 3 1 1 1 1 1 1 1 2 3 1 1 1 1 5 8 7 1 6 3 6 2 4 4 6 3 3 2 4 6 6 3 3 2 4 9 4 4 5 6 4 0 2 r Revised. 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week com- prod- Foods Chemimodi- ucts Hides and Textile Fuel and Metals Building cals and House- Miscelties Total leather products lighting and metal materials allied furnish- laneous products material- products products ing goods 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100. 5 95.4 H 0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 38 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 n 9 54.9 70.3 80 2 71.4 73 9 75.1 64.4 1933. . _ __ 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 n 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 S2, fi 89.7 77.8 1938 78.6 68.5 73.6 81.7 92,8 66.7 76.5 95.7 90.3 77 0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76 0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77 0 88.5 77.3 1940—May 78.4 67.9 71.4 82.5 101.3 72.9 71.7 94.5 92.5 76.7 88.5 77.7 June _ __ 77.5 66.2 70.3 82.2 99.2 72.6 71.4 94.7 92.4 76 1 88.5 77.3 July 77.7 66.5 70.3 82.3 99.0 72.4 71.1 95.1 92.5 77 0 88.5 77.7 August 77.4 65.6 70.1 82.0 96,9 72.3 71.1 94.9 93.3 76 7 88.5 76.7 September 78.0 66.2 71.5 82.3 98.3 72.5 71.0 95.4 95.6 76 8 88.5 76.5 October 78.7 66.4 71.1 83.5 100.4 73.6 71.6 97.3 97.8 76 9 88.6 76.9 November 79.6 68.2 72.5 84.1 102.3 74.5 71.9 97.6 98.9 77 5 88.6 77.5 December 80.0 69.7 73.5 84.1 102.3 74.8 71.7 97.6 99.3 77 7 88.9 77.3 1941—January 80.8 71.6 73.7 84.3 102.4 75.2 72.1 97.7 99.6 78 6 89.0 77.1 February _ 80.6 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78 5 89.1 76.9 March __ 81.5 71.6 75.2 84.9 102.6 78.4 72.0 97.7 99.5 79,8 89.5 77.6 April 83.2 74.4 77.9 85.9 103.9 81.0 72.9 97 9 100.1 S1 8 90.4 78.6 May ___ 84.9 76.4 79.5 87.4 106 4 83 0 75.6 98.1 100.4 S3 6 91.4 79.6 June 87.1 82.1 83.1 88.6 107.8 84.5 77.9 98.3 101.0 S3 8 93.1 80.6 Week ending— 1941—May 3 83.2 74.4 78.0 86.4 105.0 80.9 74.2 97.9 100.3 S? 8 91.9 78.5 May 10 _ 84.0 75.1 79.0 86.9 105.3 81 4 74.9 97.9 100.3 S3 1 92.3 79.0 May 17 84.6 76.3 79.7 87.3 106.1 82.4 75.6 98.1 100.2 S3 7 92.3 79.4 May 24 ._ 85.0 77.3 79.5 87.7 106.9 82.9 76.2 98.2 100.5 92.5 79 7 May 31 85.2 77.3 79.2 88.2 107.8 83.2 77 7 98.2 100.5 S3. 9 92.7 79.7 June 7__ __ __ . 85.9 79.6 81.5 88.4 107.6 83.2 78.3 98.3 100, 5 S3 6 93.3 79.7 June 14 86.7 81.1 82.6 88.8 108.4 83.8 78.7 98.4 100.9 S3 7 93.7 80.2 June 21 87.2 83.0 83.7 89.0 108.2 84.5 79.0 98.3 101.1 S3 8 93.7 80.3 June 28 87.7 84.2 84.3 89.1 108.5 84.7 78.7 98.4 101.1 S4 3 93.8 80.9 July 5 87.7 84.1 84.1 89.2 108.8 84.1 79 0 98.4 101.7 S4 6 94.3 81.2 July 12 88.1 85.0 84.1 89.5 ]09 3 84.3 79.1 98.6 102.4 S5 1 95.3 81.3 July 19 88.3 85.4 83.8 89.7 109.6 85.0 79.3 98.6 102.6 S5.0 95.4 81.7 July 26 88.8 86.7 84.6 90. 0 109.7 86.4 79.4 98.6 102.7 S5.0 95.5 81.8 1940 1941 1940 1941 Subgroups Subgroups June Mar. Apr. May June June Mar Apr. May June Farm Products: Metals and Metal Products: Grains 64. 4 67.8 70.9 74.5 75.9 Agricultural implements 92.5 92.7 92.3 92.4 92.4 Livestock and poultry 64 7 82.5 86.2 88.0 93.0 Farm machinery 93.6 93 f 93.5 93.5 93.5 Other farm products 67. 0 65.6 67.8 69.5 76.6 Iron and steel 94.3 95 7 95.9 96.1 96.5 Foods: Motor vehicks 94.8 99. £ 100.1 100.2 100.3 Dairy products 72 2 80.3 81.0 81.6 84.3 Nonferrous metals 81.2 84 r 84.3 84.4 84.5 Cereal products 77. 4 75.2 76.8 78.2 79.8 Plumbing and heating 80.5 H?, t 83.0 83.0 83.1 Fruits and vegetables 73. 9 60.7 63.8 64.0 73.0 Building Materials: Meats 70 7 83.7 85.6 87.2 90.8 Brick and tile 90 2 Q1 ,f 91.7 91.9 92.5 Other foods 61 3 68.9 73.9 76.9 79.5 Cement _ 90.6 90 £ 91.0 91.5 91.9 Hides and Leather Products' Luniber i 94.8 116 -7 116.7 116.8 117.6 Shoes 107.9 107.4 107.8 110.1 111.7 Pa nt and Daint materials 85.2 87 A 88.7 89.3 90.3 Hides and skins 81. 9 99.1 104.7 110.3 112.4 Plumbing and heating 80.5 8? ? 83.0 83.0 83.1 Leather 92.4 94.8 95.6 96.9 97.9 Structural steel ._ 107.3 107 ? 107.3 107.3 107.3 Other leather products 100 0 100.5 100.5 101.7 102.1 Other building materials 93.0 95 ? 95.9 96.3 96.9 Textile Products: Chemicals and Allied Products: Clothing 85 3 87.7 88.7 90.9 91.6 Chemicals 85 1 85.? 86.4 86.8 87.2 Cotton goods 68 4 81.1 86.8 91.0 94.6 Drugs and pbarmanfiutinals 82.2 Q7 rt 97.5 98.7 99.9 Hosiery and underwear_ . .. 61. 6 60.4 61.1 61.3 61.9 Fertilizer maierials _. 67.4 70.4 71.0 71.1 69.9 Silk 46 1 47.7 48.3 49.1 51.2 Mixed fertilizers 72.8 73 7 73.2 73.2 73.8 Rayon 9Q 5 29.5 29.5 29.5 29.5 Oils and fats 45 1 55.7 69.3 80.6 80.6 W Ot o h o e l r e n te a x n ti d le w p o ro rs d t u ed ct g s_ oods....— - S 74 3 . . 0 7 8 9 0 3. . 2 1 8 9 9 3 . . 3 3 9 9 4 2. . 0 1 9 9 4 4 . . 6 1 Hous F ef u u r r n ni i s s h h in in g gs C .. hods: 94.9 95. £ 97.1 98.0 99.0 FueLand Lighting Matericilx: Furniture 81.7 8? q 83.4 84.3 87.0 Anthracite . .. 77 1 81.0 80.9 80.7 81.0 Miscellaneous: Bituminous coal 7 100.3 100.0 102.9 103.7 Auto tires and tubes 58 2 58.4 58.8 £8.8 58.8 Coke 1(1Q 6 113.8 113.8 120.4 122.2 Cattle feed 80.0 8? 7 85.2 81.8 88.9 Electricity ... . 74. 2 70.0 Paper and puID 91.7 93.1 94.5 96.7 98.0 Gas 874 77.0 78.1 80.1 Rubber, crude 46 3 45 f 47 6 49.8 45 6 Petroleum products.. 50. 0 49.9 51.9 55.3 59.9 Other miscellaneous 83.7 83.4 84.3 85.6 87 4 iRevised 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). AUGUST 1941 789 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 Chart book book page June July July July July page Apr. May June 25 2 9 16 23* WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total. 3 2.25 2.27 2.25 2.29 2.25 U. S. Gov't. securities, Reserve Bank credit, total 2, 7 2.27 2.26 2.28 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 .95 .95 .95 .95 95 Bills discounted 7 (5) After 5 yrs 5 1.23 1.23 1.23 1.23 1.23 Gold stock 2 22.44 22.55 22.60 Gold stock 3 22.62 22.63 22.64 22.66 22.66 Money in circulation 2 9.00 9.19 9.44 Treasury currency 3 3.15 3.15 3.15 3.16 3. 16 Treasury cash 2 2.28 2.26 2.25 Money in circulation 3, 11 9.49 9.70 9.70 9.65 9 63 Treasury deposits 2 .89 .62 .99 Treasury cash holdings 3 2.28 2.28 2.29 2.31 2.32 Reserve balances 2, 8 13.60 13.65 13.20 Treasury deposits 3 1.08 .84 1.04 .85 .95 Required reserves 7.72 7.82 7.85 Nonm ember deposits 3 1.89 1.82 1.76 1.79 1.7fi Excess reserves 5.88 5.83 5.35 E M x e c m e N s b s e e w r r e s b Y e a o r n v r k k e s r C — es i e t t y o rv ta e l s e 9 3 9 1 2 5 2 . . . 2 2 9 0 0 9 P 1 5 2 3 . . . 1 1 1 4 3 8 P 1 5 2 2 . . . 0 9 1 7 7 0 P 1 5 2 3 . . . 1 2 3 5 2 0 p 1 * 2 3 . . . 2 1 ? 1 2 7 Mon B C e i o y l i l n s in s o a c f n i $ r d 5 c 0 u b l i a a ll n t s i d o u n o n , d v t e e o r r t . a $ l 5 _ 0 _ . _ . 9 6 2 . . . 0 4 6 7 3 4 9 6 2 . . . 3 6 6 6 8 8 9 6 2 . . . 8 6 7 9 1 3 Chicago 9 .39 .36 .38 .41 .40 R C e o s u e n rv tr e y c b it a y n b k a se n ks 9 9 1. . 7 8 5 6 P 1. . 7 8 8 9 P 1. . 7 8 6 8 P 1 . . 8 9 3 1 P 1 . . 7 8 0 7 U. S T . R G EA o S v U er R n Y m e F n I t N A de N b C t: E MEMBER BANKS Dire B ct o n o d b s ligations, total __ 1 1 9 9 4 3 6 3 . . 6 6 7 4 4 3 7 4 . . 1 0 6 0 4 3 8 4 . .9 3 7 9 Total, 101 cities: Notes 19 5.72 5.72 5.70 L B o a a la n n s c a e n s d d i u n e v t e o stments 16 28.28 28.33 28.48 28.58 28.65 B Sp il e l c s ial issues.__ 1 1 9 9 5 1 . . 7 6 1 0 5 1 . . 8 6 3 0 6 1 . .6 1 0 2 domestic banks 16 9.05 9.27 9.18 9.31 9.12 Guaranteed obligations.__ 19 6.55 6.36 6.36 Adjusted demand deposits 16 24.05 23.95 23.92 24.26 24.38 MONEY RATES, ETC. Per cent per annum New T Y im o e rk d e C p i o ty si : ts 16 5.41 5.42 5.43 5.42 5. 41 F. R. Bank discount 100 c B U C it r o . i e o m S s k . m o e G u r e s t o r ' s c v i l i d o ' a t e a . l n o N l s o b e a l w i n g s a Y ti o o r n k s : 1 1 1 7 7 7 6 2 . . . 9 2 3 8 3 5 2 7 . . . 2 0 3 6 2 8 2 7. . . 1 2 3 0 8 7 2 7. . . 1 3 3 1 0 6 2 7 . . . 3 0 3 0 8 3 T T Tr r r r e e e a a a a te s s s , u u u r r r N y y y . b n b Y i o o l t n l e s d s s ( 2 n 3 e w issues) _ _ 2 2 2 2 3 9 3 3 0 1 1 . . . . 9 0 0 5 6 9 0 2 2 0 0 1 1 . . . . 4 9 0 0 4 2 8 0 2 0 0 1 1 . . . . 0 9 3 0 0 1 8 89 C U o . m S. m G e o rc v i ' a t. l o lo b a li n g s a tions 1 1 7 7 7 3 . . 3 5 3 9 7 3 . . 2 6 7 3 3 7. . 3 6 7 6 3 7. . 3 6 9 9 3 7 , 7 5 1 1 C C C o o o r m r p p m o o r r e a a r t t c e e i a B A l a a p a a a p b b o e o r n n d d s s _ _ 25, 2 2 2 9 5 9 4 2 . . . 3 8 5 3 2 6 4 2 . . . 8 3 5 1 2 6 4 2 . . 5 3 7 6 1 7 MONEY RATES, ETC. Per cent per annum In unit indicated Stock prices (1926=100): Treasury bills (new issues) 21 .087 .097 .097 .098 .094 Total 31 73.8 73.0 75.3 Treasury notes 2 21 .39 .38 .39 .37 .35 Industrial. 31 85.6 85.6 88.3 Treasury bonds 3 21,29 1.91 1.90 1.90 1.91 1.90 Railroad 31 26.9 26.7 26.7 Corporate Aaa bonds 29 2.75 2.75 2.74 2.74 2 74 Public utility 31 71.2 675 69.8 Corporate Baa bonds 29 4.29 4.30 4.29 4.28 4! 27 Volume of trading (mill. shares): 31 .5f 42 .46 Brokers'balances (mill, dollars): Credit extended customers 33 606 622 616 In unit indicated Money borrowed 33 403 395 Customers' free credit Stock prices (1926=100): balances 33 265 262 255 Total 31 76.1 76.2 78.9 79.0 80.1 Industrial 31 89.5 89.7 93.3 93.4 95. 0 BUSINESS CONDITIONS Railroad 31 26.8 26.7 27.8 27.8 28.4 Wholesale prices: Public utility 31 69.3 69.2 70.1 70.3 70.5 All commodities (1926=100): Volume of trading (mill, Totals 35, 65 83.2 849 87.1 shares) 31 .50 .38 .98 .56 Farm products.. 35 74.4 76.4 82.1 BUSINESS CONDITIONS Indust O ri t a h l er c 4 ommodities 35 85.9 874 88.6 Wholesale prices: (Aug. 1939=100): All commodities (1926= 100): Total 37 107.3 1095 111.3 Total 35 87.7 87.7 88.1 88.3 88.8 Finished 37 104.7 1064 107.9 Farm products 35 84.2 84.1 85.0 85.4 86.7 Raw and semifinished 37 112.7 1159 118.2 Other * 35 89.1 89.2 89.5 89.7 90.0 Cost of living (1935-39=100): Basic commodities All items 102.2 1029 104.6 (Aug. 1939=100), total 36 149.1 146.1 147.7 147.9 149.9 Rent 105.4 1058 105.8 12 foodstuffs 36 159.2 154.1 156.2 154.4 156. 0 Clothing 39 102.3 1027 103.3 16 industrial Food 39 100.6 1021 105.9 materials 36 141.8 140.2 141.4 143.1 145. 4 Steel production (per cent of capacity) ... 44 99.9 93.7 96.8 97.2 97.9 * Estimated, v Preliminary. Automobile production 1 Figures for other than Wednesday dates are shown under the (thous. cars) 44 127.9 96.5 114.3 109.9 105. 6 Wednesday included in the weekly period. Freight-car loadings (thous. cars): 2 Tax-exempt issues only. Total 45 908.7 740.5 876.2 899.4 897.4 3 Partially tax-exempt issues only. Miscellaneous 45 382.6 327.3 362.7 366.6 368.0 4 Other than farm products and foods. Electric power production 5 Less than $5,000,000. (mill. kw. hrs.) 46 3,121 2,867 3,141 3,163 3,184 6 Estimate for July is shown on p. 777. Department store sales * Copies of this chart book can be obtained at a price of 50 cents (1935-39=100) 46 109 86 93 89 87 each. F.H.A. home mortgages, new constr. (thous.) 47 5.53 4.46 5.26 5.58 5.15 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued 1941 1941 Chart Chart book book page Apr. May June page Apr. May June MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926=100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production ;i2 Wholesale prices: Total (1935-39=100)3 41,42 140 150 P157 Canada 65 86.6 885 90.0 Durable manufactures3 41 63.2 66.8 P71.5 Germany 65 83.3 P&3.6 Iron and steel 42 17.6 18.2 P20.0 Japan 65 136.9 137!7 "l39.~8~ Machinery, etc __ 42 30.4 33.3 PS5.7 Sweden 65 135.0 ^135.8 Other durable 42 15.3 154 P15.8 Switzerland 65 121.5 125.8 Nondurable manufactures3 41 61.6 638 P65.0 United Kingdom 65 121.8 1221 " 123.6" T Pa ex p t e i r l e a s n a d n p d r l i e n a t t i h ng er 4 4 2 2 2 1 0 1 . . 0 8 2 1 1 2 .0 3 P P 2 1 1 2 . . 2 2 In cents per unit of Foods, liquors, and tobacco.. 42 16.9 17.1 P17.1 foreign currency Other nondurable 42 13.0 13.4 PUA Foreign exchange rates: Minerals3 41, 42 15.4 191 P20.2 Argentina (peso) __ 67 29.77 29.77 29.77 New orders, shipments, and Canada (dollar) 67 87.65 87.42 88.18 inventories (Jan. 1939=100): Japan (yen) 66 23.44 23.44 23.44 New orders, total.. 43 196 207 P228 Switzerland (franc)7 66 23.20 23.20 23.21 Durable, total 43 277 290 P328 United Kingdom (pound) 67 402. 48 403.10 403.16 Iron and steel . 43 304 307 P285 Machinery 43 266 287 1941 Shipments, total 43 172 180 Durable 43 205 219 Inventories, total __ _ 43 124 126 P128 Feb. Mar. Apr. Durable 43 134 137 P139 Nondurable 43 112 114 P117 Freight-car loadings :* 2 In billions of dollars Total (1935-39 = 100)3 57 112 135 139 Coal 57 9.6 29.4 33.1 Increase in U. S. gold stock:5 Miscellaneous... __ 57 71.4 744 76.3 Total 63 15.21 15.35 15.48 All other... _ 57 30.6 31.5 29.2 Net capital inflow: Total 62, 63 6.15 6.18 6.32 Inflow of foreign capital 62 4.12 4.16 4.27 '3-25=100 Return of domestic capital.. 62 1.93 1.93 1.96 Merchandise export surplus 63 4.53 4.62 4.72 Other factors 63 4.52 4.54 4.44 Factory employment 51, 53 122.6 124.8 p\27. 6 Short-term foreign assets and liabili- F A a v c e t r o a r g y e p h a o y u r r o ly ll s e arnings 51, 53 134.7 144.0 P152. 0 tie L s i o a f b i b li a t n ie k s s : to foreigners 64 3.72 3.77 3.88 Av ( e c r e a n g ts e p h e o r u h rs o u w r o ) rked 51 70.8 72.6 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. . 3 3 4 8 3 . .3 3 8 9 3 . . 3 5 6 2 (hours per week) 51 40.0 40.8 Department store sales 3 59 104 105 104 Department store stocks i 59 74 74 77 1940 1941 In millions of dollars Oct.- Jan.- Apr.- Dec. Mar. June Residential contracts awarded:* Total . 47 143 174 187 Public .. 47 29 47 72 In billions of dollars Private, total 47 115 127 115 QUARTERLY FIGURES 1- and 2-family dwellings 47 101 110 101 Construc O ti t o h n e r contracts awarded:4 47 14 17 14 Cash C i a n s c h o m in e c a o n m d e o .. u . tgo of U.S.Treas.: 18 1.90 2.84 2.82 T R o es ta id l ential _ 4 4 9 9 4 1 2 4 1 7 4 1 1 6 4 2 ?»184 E C x a c sh e ss o u o t f g o c ash outgo 1 1 8 8 3 1 . . 1 2 7 7 3 1 . . 8 0 9 5 4 1 . . 4 8 6 4 Non O ag t r h i e c r u ltural employment 49 274 252 P272 Do to m ta e l s tic corporation security issues, 32 1.05 '.78 .61 (mill, persons): New 32 .28 .17 .19 Total 50 37.68 38. 31 P38. 79 Refunding 32 .77 '.61 .42 Manufacturing and mining 50 11.93 12.40 P12. 63 Trade 50 6.46 6.42 ^6.52 Government 50 3.98 4.05 Per cent per annum Transportation and public utili- Inco C m o e ti n e p s s a t r y u m ct e i n on ts : i 6 _* 5 5 0 0 3 1 . .7 1 8 1 3 1 .7 1 8 9 P P3 I . . 8 2 1 3 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 ie i s t s t y o mers' loans: 2 2 7 5 2 2 . . 5 0 9 0 2 2 . . 5 0 8 6 2 1 . . 5 9 5 5 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 2 6 , , , 2 7 9 7 0 8 8 8 6 4 2 7 , , , 3 1 8 0 8 7 8 2 4 P P p 2 7 h , , . 3 0 3 3 0 2 4 9 5 7 11 o c S t i h t o i e e u r s t h N e o rn 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. . 3 5 6 3 2 3. . 2 5 5 3 2 3 . . 5 2 8 3 Cash farm income: Total 55 704 772 L C i r v o e p s s t ock and products 5 5 5 5 4 1 8 7 6 9 5 2 3 1 5 2 P237 p 1 A Pr d e j l u i s m te i d n a f r o y r . sea ' s R on e a v l i s v e a d r . iation. Expo G r o ts v ' a t n p d a y im m p e o n r ts ts : 55 39 24 3 2 I E n s t p i o m in at t e s i f n o r t o J t u a l l y i i n s d s e h x o . wn on p. 777. Exports 61 385 385 4 Three months moving average, adjusted for seasonal variation, I E m xc p e o ss r t o s. f . . e xports __ 6 6 1 1 2 9 8 8 8 297 s 6 R C e u v m is u e l d a te s d e ri f e ro s. m J T a a n b u l a e ry a n 3 d 1 , c 1 h 9 a 3 r 4 t . of back figures may be obtained upon request. 7 No rate certified since June 14, 1941. AUGUST 1941 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued fin billions of dollars] Chart 1938 b p o a o g k e June Se 22 pp 88 t . D 33 e 11 c Mar. June O 2 ct. D 3 e 0 c. M 2 a 6 r . Ju 2 n 9 e D 3 e 1 c. Ap 4 r. CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 56.74 57.65 59.12 59.11 60.95 62.87 64.10 64.88 70. 7b P72. 43 Demand deposits adjusted __ 24.39 25.10 26.01 26.04 27.35 29.09 29.79 30.54 31.96 34. 94 P36. 10 Time deposits .. 26.27 26.27 26.38 26.56 26.80 26.81 27.06 27.28 27.47 27.74 P27. 90 Currency outside banks 5.47 5.50 5.83 5.63 6.01 6.19 6.40 6.23 6.70 7.3? P 7.78 Loans and investments, total 47.30 48.24 48.87 48.93 49.62 49.95 50.88 51.14 51.34 54. lfe P56. 15 Loans 21.05 21.04 21.30 21.15 21.32 21.63 22.17 22.19 22.34 23. 74 P24. 32 Investments 26.24 27.21 27.57 27.78 28.30 28.32 28.71 28.95 29.00 30. 4f P31. 83 MEMBER BANKS Investments, totall 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 10.22 10.71 10.88 10.69 10.95 10.89 11.18 11.31 11.60 12.34 13. 50 Guaranteed 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 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 3.13 3.19 3.01 2.96 2.94 2.77 (2, 2.70 2.8C Foreign securities 18 .18 , 18 .18 .19 () .19 (2) .17 .17 () Loans, total i 12.94 12.94 13.21 13.05 13.14 13.47 13.96 13.94 13.97 15.3: 15.88 Commercial loans (incl. open-market paper). 7.01 6.97 3 5.89 5.96 5.99 6.57 6.72 7.52 () Street loans (Brokers' loans) .53 .53 3 .79 .67 .56 .61 .32 .47 Other loans on securities<_. 2.79 2.77 3 .96 .90 .91 .88 .80 .83 Real estate loans 2.61 2.66 2.72 2.75 2.83 2.96 3.07 3.23 All other loans 15 2.85 2.77' 2.85 2. 94 3.06 3.27 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 '2.32 '2.32 2.27 Special issues 20 2.68 3.16 3.77 4.23 4.78 5.3' 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 16.30 16.55 17.76 Mutual savings banks 20 2.69 2.88 3.04 3. 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 6 13.10 p frelmunary. rRevised i 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 purnoses are included in commercial loans and in all other loans. 5 Includes loans to banks and other loans under new classification beginning December 31, 1938 6 Partly estimated. JULY CROP REPORT, BY FEDFRAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of July 1, 1941] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion July 1, tion July 1, tion July 1, tion July 1, 1940 1941 1940 1941 1940 1941 1940 1941 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,366 7,592 88 80 88 80 New York 25, 393 26, 934 8,878 7,552 8,786 7,472 92 80 Philadelphia . _ _ _ _ 47, 863 47, 639 17, 059 16, 301 16, 901 16,139 158 162 Cleveland 160, 404 203,146 47, 428 47,133 47, 351 47, 075 77 58 Richmond 135, 014 129, 882 26, 663 25, 696 26, 663 25, 696 Atlanta 178, 019 163, 971 6,508 6,788 6,508 6,788 Chicago 965, 662 1, 046, 075 65, 219 61,187 63, 298 59, 202 1,921 1,985 St. Louis _ _ -. . 326,128 327, 416 62, 608 52, 258 62, 531 52, 224 77 34 Minneapolis 265, 502 264, 899 212, 272 238, 291 24, 756 31, 241 187, 516 207,050 Kansas City - - -___ 225, 245 240,143 239,128 301,090 232, 606 294,160 6,522 6,930 Dallas 105,113 82, 976 30, 062 41, 043 29, 957 40,900 105 143 San Francisco . - 7,491 8,036 100, 785 126,194 69, 794 101, 424 30, 991 24, 770 Total 2, 449, 200 2, 548, 709 816, 698 923, 613 589,151 682, 321 227, 547 241, 292 Oats Tarne hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion July 1, tion July 1, tion July 1, tion Julv 1, 1940 1941 1940 1941 1940 1941 1940 1941 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 7, 047 6,663 3, 485 3,061 32, 923 35,159 54,600 55,191 New York . .. 31, 264 26,124 5, 858 4,280 1,983 2,132 32,153 30,110 Philadelphia 19, 499 19, 086 2,359 1,948 49,590 52, 245 24, 843 22, 908 Cleveland 57, 472 56, 290 5,978 5,215 123,150 101, 089 20,132 19, 010 Richmond . 21, 064 22,154 4,099 3,423 743, 939 711,485 28, 489 21,105 Atlanta 15, 205 19,145 3,259 2,918 178,516 147, 878 15, 337 15,105 Chicago 525, 658 488,153 21, 291 20, 263 36, 785 32, 366 41,618 40, 994 St. Louis - 60, 057 59, 398 8,210 7,666 277, 570 227,167 13,817 12,179 Minneapolis 302, 514 307, 667 10, 550 11,624 3,034 2,640 52, 330 44,101 Kansas City 127, 627 135,119 7,302 8,625 4,476 4,320 35, 334 30, 685 Dallas 40, 507 39, 287 1,781 1,699 3,949 7,579 San Francisco 27, 714 33, 697 12,140 12, 773 75,120 68, 683 Total... ____ 1, 235, 628 1, 212, 783 86, 312 83, 495 1, 451, 966 1,316,481 397, 722 367, 650 NOTE.—1940 figures for tobacco are as revised in July 1941. 792 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

a a EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 1941 New Phila- Cleve- Rich- St. Minne- Kansas San Fran- Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas cisco Current Earnings D Pu is r c c o h u as n e te d d b b il i l l s ls $15,341 $456 $5, 200 $2, 085 $1,011 $489 $159 $1, 090 $808 $1,466 $2,133 $299 $145 U. S. Government securities 19, 644, 626 1422, 404 5, 647, 767 1,564, 806 1,951, 291 1,086,007 836, 701 2, 228, 968 919,484 597,165 970, 413 786, 564 1633, 056 Industrial advances ______ _ _ 181, 244 19, 825 37, 416 58, 263 6,314 23, 420 1,321 8,091 24 8770 2,500 5, 857 9,443 Commitments to make industrial advances 40, 307 858 4,416 533 5,249 4,448 85 102 1,157 229 265 73 22. 892 All other 340, 312 3,929 58, 851 13, 268 33,141 14, 683 1,277 97, 201 9,667 4 135 75,182 6,742 22, 236 Total current earnings .._ __ 20, 221, 830 1,447, 472 5, 753, 650 1,638, 955 1,997, 006 1,129, 047 839, 543 2, 335, 452 931,140 611,765 1, 050,493 799, 535 1687, 772 Current Expenses Operating expenses: Salaries: Officers 1,127, 737 64, 077 242, 488 62, 503 91, 723 72. 309 70, 823 116, 206 81, 966 53, 854 97,050 63, 950 110,783 Employees 9, 826,118 582, 380 2, 444, 632 677, 778 834, 865 503, 823 533, 629 1,402,115 513, 557 335,012 567, 372 668. 954 761, 951 Retirement System contributions for current service 514, 833 29, 059 131, 421 35, 870 43, 262 28, 305 27, 521 71, 580 29,195 17, 885 30, 635 27, 063 43,042 Legal fees 17, 542 2,076 5,783 4,252 2 4,617 788 14 10 Directors' fees and expenses 71, 878 4,031 6,374 4,477 3,902 8,479 5,358 5,997 3,935 9,844 6,364 8,828 Federal Advisory Council fees and expenses 9,335 550 606 550 638 649 842 850 886 943 705 1,850 Traveling expenses (other than of directors and members of Federal Advisory Council) 180, 585 6,513 27, 964 13, 931 15, 223 14, 725 24,150 12,135 10, 939 11,185 13,079 15, 786 Postage and expressage 1, 976, 449 218, 279 332, 728 147, 694 195, 628 124,195 249, 341 91, 648 71,310 114,510 98,132 169, 729 Telephone and telegraph 253, 663 11,145 50, 415 16,186 23, 947 23, 749 17, 842 20, 254 9,996 21,356 18, 946 25,136 Printing, stationery, and supplies 597, 249 62, 584 126, 048 41,114 48, 941 33, 583 84,112 33, 944 23, 531 29, 771 28, 788 51, 660 Insurance on currency and security shipments 133, 295 21,122 23, 841 10, 840 11, 756 8,825 15,158 3,602 4,027 4,910 4,330 13,124 Other insurance 100,135 5, 992 15, 273 8,198 6,947 7,814 8,508 8,264 6,532 9,892 7,483 9,204 Taxes on bank premises 757, 918 78, 000 242, 347 38, 809 68, 484 31, 323 89, 942 26,144 33, 630 48, 330 17, 242 48, 612 Depreciation on bank building 595, 516 27, 916 111,301 63, 266 73, 874 21, 274 36, 045 22, 247 14, 423 95, 517 45,110 45, 099 Light, heat, power, and water 201, 649 13, 793 33, 440 15, 631 23,411 16, 989 19, 346 13, 071 9,768 9,279 14, 476 14, 002 Repairs and alterations to bank building 70, 959 3,458 13, 485 3,980 5,556 2,484 7,253 6,311 2,803 8, 652 7,480 7,838 Rent 74,105 48 389 39, 506 258 1,520 25 120 23, 270 Furniture and equipment 233,184 17,527 23, 743 59, 584 30, 479 6,351 26, 754 10, 023 7,148 7,585 14, 587 19, 768 All other 364, 545 23, 041 62, 392 35, 934 25, 903 29, 383 43, 903 24, 293 19, 698 19, 271 29, 473 34, 664 Total operating expenses 17,106, 700 1,171, 591 3,893, 548 1, 242, 567 1, 548, 297 962, 061 2, 218, 455 905, 021 629, 994 1, 086, 915 1, 066, 296 1,404, 356 Less reimbursements for certain fiscal agency and other expenses 3, 533, 494 162, 058 618, 050 146,193 182, 348 350, 922 539, 873 235, 834 176, 864 249,091 466,100 262,119 Net operating expenses 13, 573, 206 1,009, 533 3, 275, 498 1, 096, 374 1, 365, 949 611,139 1, 678, 582 669,187 453,130 837, 824 600,196 1,142, 237 Assessment for expenses of Board of Governors 973, 732 69, 806 346,131 94, 886 89,176 33, 614 117,136 29, 202 21, 524 27,821 28, 523 74, 065 Federal Reserve currency: Original cost 866, 056 87, 266 179, 312 61, 268 117, 633 39, 703 169, 831 29, 670 14, 643 23, 252 16, 957 58,434 Cost of redemption 88, 623 6,017 16, 621 6,390 8,706 7,287 14, 351 3,787 2,090 4,218 3,527 8,729 Total current expenses 15, 591, 617 1,172, 622 3, 817, 562 1, 258, 918 1, 581, 464 950, 392 691, 743 1, 979, 900 731, 846 491, 387 893,115 649, 203 1, 283, 465 Current net earnings 4, 720, 213 274, 850 1, 936, 088 380, 037 415, 542 178, 655 147,800 355, 552 199, 294 120, 378 157, 378 150,332 404,307 Dividends paid 4,195, 320 280, 418 1, 545, 996 356, 884 432, 500 162, 594 143, 644 442, 355 127, 856 89,693 135,063 127, 751 350, 566 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANKS '—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loans and investments Deposits, exclusive of Number of interbank deposits banks Total Loans Investments Federal Reserve district Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. 4, 31, 26, 4, 31, 26, 4, 31, 26, 4, 31, 26, 4, 31, 26, 1941 1940 1940 1941 1940 1940 1941 1940 1940 1941 1940 1940 1941 1940 1940 ' All banks :i Boston 5,793 5,652 5,600 2,738 2,693 2,666 3, 055 2,959 2,934 6,532 6,466 6,154 867 869 869 New York __ 21, 876 20, 964 19, 438 8,383 8,238 7,971 13,493 12,726 11, 467 24, 326 24, 378 21, 716 1,193 1,196 1,213 Philadelphia 3,542 3,467 3,409 1,365 1,341 1,265 2,177 2,125 2,145 4,212 4,170 3,952 908 909 018 Cleveland..- _ - 3,854 3,756 3,660 1,694 1,609 1,504 2,160 2,146 2,157 4,718 4,682 4,249 1,224 1,225 1,237 Richmond 2,171 2,133 2,011 1,101 1,080 968 1,070 1,054 1,043 2,787 2,726 2,487 1,055 1,055 1,059 Atlanta 1,597 1,580 1,447 890 896 756 707 683 691 2,064 1,974 1,817 1,049 1,047 1,051 Chicago ___-..__ 6,673 6,211 5,856 2,580 2,403 2,152 4,093 3,808 3,704 7,889 8,009 7,058 2,445 1,506 2,464 St. Louis 1,793 1,694 1,605 907 892 805 886 802 800 2,031 2,026 1,859 1,500 2,450 1,518 Minneapolis.- _ 1,190 1,175 1,124 622 609 537 568 566 587 1,416 1,422 1,327 1,281 1,285 1,294 Kansas City 1,513 1,499 1,410 815 814 716 698 685 694 1,863 1,833 1,749 1,835 1,837 1,858 Dallas _ _ _- _ - 1,183 1,167 1,054 667 666 566 516 501 488 1,638 1,602 1,466 948 949 951 San Francisco. _. _. _ 4,961 4,891 4,521 2,560 2,499 2,287 2,401 2,392 2,234 5,734 5,733 5,183 566 567 574 Total 56,147 54,188 51,135 24, 322 23, 741 22,190 31, 825 30, 448 28, 945 65, 211 65, 021 59,017 14,871 14,895 15, 006 Member banks: Boston 2,074 1,972 1,919 1,077 1,032 993 997 940 926 2,687 2,647 2,387 349 350 350 New York 14, 366 13, 467 11,997 4,641 4,477 4, 253 9,724 8,990 7,744 16, 424 16, 389 14,074 781 765 766 Philadelphia __ 2,474 2,399 2,308 1,044 1, 020 950 1,430 1,379 1,358 2,994 2,951 2,726 653 651 651 Cleveland 3,089 2,989 2,893 1,323 1,237 1,142 1,765 1,752 1,751 3,852 3,814 3,398 663 658 645 Richmond _. 1,467 1,431 1,327 734 722 637 733 708 691 1,877 1,833 1,634 434 431 417 Atlanta _ 1,276 1,261 1,149 682 687 570 594 574 578 1,588 1,521 1,406 317 316 316 Chicago 5,550 5,120 4,734 1,924 1,768 1,528 3,626 3,352 3,206 6,383 6,522 5,591 869 856 810 St. Louis . __ 1,328 1,227 1,156 640 622 543 689 604 612 1,432 1,427 1,290 420 415 396 Minneapolis 840 831 788 424 417 363 416 413 425 997 1,014 930 456 460 464 Kansas City 1,219 1,205 1,134 629 629 541 589 576 593 1,482 1,455 1,385 737 739 735 Dallas 1,039 1,026 912 579 580 482 460 446 430 1,437 1,405 1,258 570 568 546 San Francisco 4,261 4,200 3,847 2,181 2,130 1,938 2,080 2,071 1,909 5,023 5,030 4,499 279 277 281 Total 38,983 37,126 34,163 15,878 15, 321 13,939 23,104 21,805 20, 224 46,179 46,007 40,579 6,528 6,486 6,377 Nonmember banks: Boston 3,719 3,680 3,681 1,661 1,661 1,673 2,058 2,019 2,008 3,845 3,818 3,767 518 519 519 New York _ _. 7,511 7,497 7,441 3,742 3,761 3,718 3,769 3,736 3,723 7,902 7,989 7,641 412 431 447 Philadelphia 1,068 1,068 1,102 321 321 315 747 746 786 1,217 1,220 1,226 255 258 267 Cleveland- 765 767 767 371 372 361 394 395 406 866 868 851 561 567 592 Richmond 704 703 684 367 357 331 337 345 352 910 893 853 621 624 [642 Atlanta 321 319 298 208 209 186 113 109 113 476 453 411 732 731 735 Chicago 1 123 1,091 1,122 656 636 624 467 456 498 1,506 1,487 1,467 1,576 1,594 1,654 St. Louis 465 468 449 267 270 261 198 198 188 599 599 569 1,080 1,091 1,122 Minneapolis 350 344 336 198 192 174 152 153 162 419 409 397 825 825 [830 Kansas City 294 294 276 185 185 175 109 109 102 381 378 364 1,098 1,098 1,123 Dallas _ 144 142 142 88 87 84 56 55 58 201 197 208 378 381 405 San Francisco 701 691 674 379 369 349 321 322 325 711 704 684 287 290 1 [293 Total 17,164 17, 062 16, 972 8,443 8,420 8,251 8,721 8,642 8,721 19, 032 19, 014 18,438 8,343 8,409 8,629 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 797. 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued ALL BANKS -PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p si o v s e i t o s f inter- Nu b m an b k e s r of State Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. 4, 31, 26, 4, 31, 26, 4, 31, 26, 4, 31, 26, 1941 1940 1940 1941 1940 1940 1941 1940 1940 1941 1940 New England: Maine 112, 291 111, 386 110, 188,995 183, 780 192, 320 340, 404 337, 271 327, 774 100 100 100 New Hampshire 110, 695 110, 224 104, 600 156, ( " 154, 308 167,594 285, 390 285,008 276, 782 107 107 107 Vermont 96, 722 95,046 87,309 63, 228 62, 215 67,859 172, 542 173, 484 166, 586 82 82 83 Massachusetts __. 1, 792, 4731, 759, 3291, 760,1501,869, 5191,819, 3091, 781, 2504, 088,1554, 056, 3843, 880, 297 388 390 388 Rhode Island 192, 397 186, 625 175, 515 266, 867 259,350 268, 772 517,167 514.894 489, 827 35 35 35 Connecticut 587,074 581,109 572,358 645, 282 612, 403 581, 388 1,477,295 1,448,451 1, 332, 724 202 202 203 Middle Atlantic- New York 7, 621, 3797,491, 5567, 268,11512, 495, 25411,760,16510, 519, 00822,126, 33722,168,482 9, 665, 624 870 New Jersey 729,709 717,100 672,721 1,017,919 983,177 963,931 2,244, 5092, 254,0742,078,889 385 385 389 Pennsylvania 1, 687, 3781, 629,6371, 546,4542,981,161 2,962, 5103,006, 7095, 355,9845, 288,3654,997,844 1,087 1,097 East North Central: Ohio 1, 051, 7331,001,161 916,94' 1,001, 337 971,866 973, 5042, 692,5042,661,175 2,3 696 704 Indiana 347, 280 335, 796 300,076 402,449 380, 330 387, 507 957,178 957, 523 506 506 511 Illinois 1, 255, 5561,158, 973 998, 6982,460, 7832,233,968 2, 208,8594,019,987 4, 238,4003,632,076 836 840 845 Michigan 528, 730 500,037 436, 577 827,615 795,922 703, 2321, 824, 2471, 780,0771, 540, 232 443 443 449 Wisconsin 325, 206 310, 331 284, 021 437, 348 431,333 426, 206 965, 353 944, r " 889,830 570 572 576 West North Central: Minnesota 410, 839 399, 722 367, 732 393, 248 390, 627 407, 908,320 917,180 856, 273 676 677 681 Iowa 361, 854 333,836 339, 344 192, 584 189, 327 203,830 702, 222 666, 744 653,841 645 647 647 Missouri 542, 805 530, 392 486, 914 671, 252 594,837 597,646 1, 230,9031, 224,4201,154,382 621 625 632 North Dakota 45,136 47.165 31, 284 23,394 24, 219 26,122 81, 777 82,617 73, 553 160 160 163 South Dakota. 54, 216 52, 03^ 46,028 30, 443 30, 254 31, 578 101,383 102, 241 94,126 162 164 165 Nebraska 151, 318 144, 360 123, 258 104, 795 107,460 107, 206 285, 405 288, 366 275, 784 418 417 422 Kansas 180, 601 190,468 156, 595 123, 503 124, 974 128, 520 398, 957 396, 855 364.981 665 664 674 South Atlantic: Delaware 82, 81, 464 78,313 128, 333 119, 209 110, 503 250,041 274.858 237, 683 45 45 46 Maryland 240, 234 233,123 212, 552 487, 653 491, 403 477, 502 899, 092 908, 567 843,388 187 187 189 District of Columbia.. 132,107 128, 221 115, 203 141, 691 136, 389 135, 057 393, 285 380, 560 337, 277 22 22 22 Virginia 340, 718 333, 723 304, 764 178,341 170,124 176,122 633, 330 603,155 549,445 314 314 314 West Virginia- 140, 709 140, 223 132, 58^ 84, 81, 453 81,026 318, 457 302,117 290,889 181 181 182 North Carolina 211, 487 205, 318 177, 839 158, 350 157, 715 155, 791 434,958 418,436 377, 791 228 228 228 South Carolina 66, 793 70.166 54, 884 41,658 38, 391 37,922 179, 379 177,986 150.982 150 150 151 Georgia.. 272, 730 266, 011 217, 861 125, 578 122,473 125, 878 458, 752 445.895 404,004 285 283 285 Florida 132,738 139,305 105, 819 177, 568 156,364 165, 936 467, 577 408,480 394, 812 172 173 173 East South Central: Kentucky 234,420 237, 219,846 152,044 147,181 147, 938 452,165 450,493 415,937 405 408 412 Tennessee 272, 638 271,192 243,130 155, 712 160,667 146, 268 504,949 501,335 449,712 297 297 300 Alabama 139, 465 136, 883 120,174 104, 685 103,877 101, ~~~ 333, 799 327,466 284,847 217 217 217 Mississippi. 74,"' 74, 597 67, 995 72,176 69, 953 71, 610 218,159 204,966 197,198 207 207 205 West South Central: Arkansas 70, 298 70, 797 64, 688 62, 913 56, 591 56,222 199, 260 189.859 169, 520 216 216 218 Louisiana 181, 362 186,450 158,182 185, 81f 182, 525 188, 781 454, 002 453, 209 428,879 146 145 145 Oklahoma 167, 851 166, 291 153, 78' 149, 870 143, 533 139, 741 408, 003 391, 649 387,973 388 390 392 Texas.... 602, 947 603, 373 471, 791 457, 525 442, 980 1,474,600 1,439, 5371,308,481 835 838 Mountain: Montana 48,533 48, 696 37,070 52, 433 53, 709 54, 516 147,097 149, 056 135,377 111 111 111 Idaho _. 39, 553 40,373 32, 503 39,127 37, 627 39, 925 105, 580 106,268 97,722 50 50 51 Wyoming ._. 27, 566 27, 027 25, 996 17, 525 18, 007 17, 400 68, 450 70,813 61,600 58 58 58 Colorado 103, 908 104, 437 88, 915 95,112 90,075 100,422 317,121 315, 710 295, 273 146 146 146 New Mexico 24, 541 23,103 23, 096 19,005 19, 329 19, 792 65,956 66,118 62,316 41 41 41 Arizona _ ._ . 42, 539 39, 752 34,189 29,538 27, 502 27, 780 100, 751 97, 464 91, 284 12 12 12 Utah 70, 279 69, 834 60, 713 50,15' 48, 302 51,113 151, 770 154, 083 141,903 60 60 59 Nevada. 15, 749 15, 573 13, 478 17, 376 16,843 15,215 45,166 46, 239 41,231 11 11 11 Pacific: Washington 256, 389 247, 712 213,044 233,310 228, 246 229, 318 625, 882 608,183 539,185 138 139 143 Oregon.. 112, 473 107,91' 99, 700 151, 510 142,591 142, 044 353,420 334,913 307,997 73 75 C alifornia 2,030, 3381, 984, 7941,839, 3291, 887, 5941,897, 8981, 736, 0924, 374,0394, 407, 2403, 984,342 226 226 227 Total. 24, 321, 55323, 740, 60722,190,17 31, 825, 45830,447, 83628, 944, 89365,211,059 65,021,46659, 016, 99114, 87114, 89E15,006 i Comprises all national banks in the Continental United States and all nonnational banks described in footnote 1 on p. 797. AUGUST 1941 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. 4, 31, 26, 4, 31, 26, 4. 31, 26, 4, 31, 26, 1941 1940 1940 1941 1940 1940 1941 1940 1940 1941 1940 New England: Maine 40, 724 40,991 40, 834 54, 339 57, 667 54, 410 118, 984 116, 564 112, 093 37 3' 37 Mi N V M R C d e h e d o a w r l o n s e m n d s a H e e o A c c n a I h t t t s l m i u a l c a n s p u n e t t s i d t c h t . : s i - r . e 5 1 8 3 3 5 0 5 4 1 1 7 , , , , , 1 9 1 0 6 9 6 4 3 5 5 5 0 ' 0 5 1 3 2 4 0 5 9 6 3 4 3 , , , , , 1 0 5 3 5 7 6 1 1 3 2 9 9 0 0 5 3 2 9 2 4 2 8 6 7 3 , , , , , 1 6 2 9 2 0 9 6 6 4 7 8 1 8 9 4 1 4 5 3 2 3 4 3 1 0 6 , , , , , 9 4 7 6 9 8 0 0 0 4 : 6 2 6 7 4 1 1 2 3 3 1 8 9 6 9 3 , , , , , 1 9 2 9 3 7 7 3 3 5 9 3 4 4 5 4 1 2 3 3 1 2 4 3 1 1 6 , , , , , 1 0 2 9 6 9 3 9 8 6 0 6 1 1 5 1, 3 1 3 5 7 5 1 5 8 4 8 5 4 , , , , , 1 8 8 2 6 6 1 0 6 4 8 7 3 8 81, 3 1 3 4 7 5 1 3 3 9 0 6 6 , , , , , 9 0 8 7 7 6 9 8 4 4 8 8 6 71, 2 1 2 9 6 0 5 1 3 7 1 5 7 , , , , , 2 7 6 2 2 6 9 2 3 0 5 9 3 7 0 1 4 5 5 2 1 1 2 2 4 2 1 4 5 5 2 1 1 2 2 5 2 1 4 5 5 1 2 1 2 2 2 5 New York , 726, 5081, 643, 3671, 557, 3364,103, 8943, 685, 5813, 061,1146, 432, 5006, 367, 0365, 321, 328 426 428 435 New Jersey 280,: -" 272, 248 250, 357 430, 264 400, 335 383, 032 910, 341 924, 478 826, 640 225 225 225 Pennsylvania 884, 556 850, 742 815, 495 1, 465, 4821,449, 2541,474, 5442, 707, 5792, 652, 5042, 471, 314 East North Central: Ohio 420, 811 392,! 348, 061 433, 944 425,119 434, 002 1,113,317 1,106,173 991, 244 242 242 244 Indiana 156,131 146, 966 131,716 240, 587 232,181 230, 215 494, 420 495, 054 453, 582 124 124 125 Illinois 927,124 842, 588 695, 025 1, 908, 9981, 650, 7401, 645,1062, 889,1173, 021, 4582, 522, 668 339 337 329 Michigan 236, 856 207, 426 183,092 508, 780 486, 966 399, 265 995, 531 936, 281 797, 856 77 81 Wisconsin 127, 315 118,182 108, 373 273, 093 267, 544 258, 848 510, 892 499, 260 471, 836 101 103 West North Central: Minnesota 271, 318 265, 942 240, 485 275, 247 272,114 282, 421 607, 899 623, 863 571, 306 187 188 191 Iowa 103, 971 95, 316 102, 030 85, 354 84, 783 81, 903 226, 482 211, 739 214, 652 103 103 107 Missouri 225, 385 219, 801 198, 804 281, 340 255,177 260, 072 522,129 511, 365 482, 658 84 85 85 North Dakota 26,132 26, 897 19, 286 16, 283 16, 676 18,439 50, 326 51,179 47, 622 45 45 48 South Dakota 30, 757 30, 502 27, 239 18, 585 18, 51 20,126 58,195 59, 846 55, 625 38 40 41 Nebraska 108, 523 104,! 86, 720 87, 451 90, 203 89, 734 209, 379 211, 992 204, 541 133 133 135 Kansas 90, 084 96, 419 75, 423 75, 874 76, 613 79, 756 222, 535 223, 620 201, 779 181 181 182 South Atlantic- Delaware 8,825 8,599 8,497 7,641 7,728 8,499 19,179 19, 204 18, 631 15 15 15 Maryland 75, 856 71,518 65, 917 211,120 215, 758 189, 649 328, 045 335, 260 301,130 63 63 63 V D W N S G F o l i i e o o e r s u o r g s r t t r t r t i i h h g d n i c V i a i a C t C a ir a o a g r f r o i o n C l l i i i a n n o a a lumbia. 1 1 8 6 4 7 5 9 7 0 1 5 3 3 4 0 , , , , , , , 4 9 0 5 3 0 7 6 9 2 7 9 4 5 0 6 4 5 2 4 2 1 1 6 4 6 7 7 5 9 0 9 8 2 8 8 0 , , , , , , , 8 4 3 0 8 7 2 2 2 2 5 0 7 7 1 6 3 9 6 0 1 1 1 4 6 3 5 6 3 7 3 2 2 7 6 4 2 , , , , , , , 4 9 7 5 7 6 6 8 7 8 6 9 6 8 4 9 7 4 7 0 8 1 1 1 8 8 5 2 2 4 3 4 9 7 1 3 4 , , , , , , , 3 4 9 4 3 8 9 5 2 5 3 8 f 7 ' 8 4 2 7 5 5 1 1 8 4 8 0 2 2 1 1 8 9 8 6 5 9 , , , , , , , 8 5 9 0 6 9 7 7 8 9 7 2 4 8 1 9 2 1 7 1 0 1 1 8 4 9 1 2 3 1 1 7 4 4 8 4 9 . , , , , , , 8 8 0 2 6 4 9 4 9 0 6 9 0 7 4 8 5 7 0 7 0 2 3 2 1 1 3 1 1 7 8 4 1 6 1 9 4 3 0 3 9 7 , , , , , , , 1 8 8 7 5 3 0 4 2 5 4 8 9 4 0 7 5 7 2 3 5 2 3 2 2 1 1 1 1 7 9 6 5 1 1 2 4 4 6 4 7 5 , , , , , , , 1 1 4 7 7 6 6 0 0 9 6 6 4 0 5 8 ' 1 4 6 9 3 1 1 1 2 2 2 5 8 5 9 0 8 7 8 6 5 4 1 9 , , , , , , , 5 1 3 6 7 2 2 2 0 7 5 5 4 4 1 5 8 5 9 7 7 1 7 4 2 5 3 5 9 7 4 1 1 0 2 1 4 7 2 3 5 5 9 4 7 1 0 1 2 1 7 4 3 2 5 5 9 8 3 0 1 2 2 East South Central: Kentucky 110, 79' 112, 7 100, 825 94, 694 90,170 90, 040 230,831 226,1 207, 310 95 95 95 Tennessee 194, 678 192, 949 171, 525 122, 566 128, 616 114,195 353, 714 352,123 315, 053 71 71 71 Alabama 95, 681 95, 219 83, 712 75, 506 74, 882 71, 301 231, 705 228, 687 198, 611 65 65 66 Mississippi 23, 014 22, 652 20, 305 23, 509 23,153 23, 542 70, 502 68, 264 64, 278 24 24 24 West South Central: Arkansas 37, 251 37, 769 33, 993 37, 569 33, 383 33, 451 109, 476 103, 848 91, 798 50 50 Louisiana 121, 925 127, 01 104, 679 136, 842 134, 511 136, 302 288, 304 289,183 272,118 29 29 29 Oklahoma 142, 752 141, 322 130, 868 131, 493 125, 447 122, 809 348, 397 333, 269 334,114 207 208 210 Texas 503, 700 506, 935 425, 629 412, 96£ 399, 731 389,187 1, 256,1 1, 223, 6161,116, 429 446 446 446 Mountain: Montana 22, 484 22, 613 17, 607 30, 384 30, 751 31, 738 82, 382 84,196 76, 466 42 42 43 Idaho 31, 058 19,872 15, 839 32, 378 19,147 19, 309 84, 436 56, 299 49,952 19 18 18 Wyoming 18,134 17, 792 17, 273 14,100 14, 647 13,911 48, 017 49, 391 43, 034 26 26 26 Colorado 79, 974 80, 289 67, 960 79, 030 73,797 83,314 254, 426 252,168 236,164 78 78 78 New Mexico 18,6: 17, i 17, 537 15, 760 16,104 16, 283 51, 391 51,' 49, 269 22 22 22 Arizona 31,615 29, 022 24,444 19, 055 18, 220 17, 343 70, 495 68, 679 63, 855 5 5 Utah 27, 428 26, 778 23, 068 24, 126 22, 633 24, 462 67, 446 67, 283 61, 662 13 13 13 Nevada 14, 234 14,158 12, 218 16, 210 15, 640 14, 004 41, 393 42, 679 38, 034 6 6 6 Pacific: Washington 194, 672 187,129 158, 532 167, 571 162, 594 162, 295 480, 979 462, 715 401, 743 43 43 Oregon 98, 245 94, 355 83, 017 138, 411 129, 548 124, 318, 875 300, 460 266,166 26 26 California :, 406,1881, 377, 8091, 275, 3181, 289, 8261, 299, 0921,156, 4593, 080, 3823,122, 7772, 810, 740 Total 10,402,899 10,004,346 I, 038, 281 14, 563, 307 13, 643, 1526,8 764, 258 29, 467, 220 29, 213, 656 25, 911, 353,1738 5,144 5,178 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. 4, 31, 26, 4, 31, 26, 4, 31, 26, 4, 31, 26, 19412 1940s 1940S 19412 19403 19403 19412 1940s 1940s 19412 1940s 1940s New England: Maine 71, 56" 70, 395 70,125 134, 656 126,113 137, 910 221, 420 220, 70' 215, 681 63 63 63 New Hampshire 76, 045 76, 045 71, 902 125, 074 125, 074 136, 404 211,122 211,122 209, 517 55 55 55 Vermont 65, 52' 65, 527 60, 341 42, 281 42, 281 45, 878 113, 739 113, 739 110,963 41 41 42 Massachusetts , 207, 436 1, 206, 26:1, 232, 901 1, 424, 6131,400, 3361,356,985 2, 733, 467 2, 719, 39'2, 663, 097 264 265 263 Rhode Island 140, 45r 140, 315 132, 408 230, 380 226,171 235, 081 402, 003 398, 826 388, 590 23 23 23 Connecticut 479, 909 477, 579 474, 097 491, 580 476, 048 465, 352 1,118, 478 1,107,47' 1, 038, 925 150 15C 151 Middle Atlantic- New York ». 894, 8715, 848,1895, 710, 779 8, 391, 3608, 074, 5847, 457,: 15, 693, 83715, 801, 446 1 : 4,. 344, 296 441 442 449 New Jersey 449, 423 444, 852 422, 364 587, 655 582, 842 580, 899 1,334,168 1, 329, 5961, 252, 249 16C 160 164 Pennsylvania 802, 822 778, 895 730, 959 1, 515, 6791, 513, 2561,532,165 2, 648, 405 2, 635, 8612, 526, 530 398 399 404 East North Central: Ohio 630, 922 608, 280 568, 886 567, 393 546, 747 539, 502 1, 579,187 1, 555, 0021, 398, 454 454 454 460 Indiana 191,149 188, 830 168, 360 161,862 148,149 157, 292 462, 758 462, 469 435, 238 382 382 386 Illinois 328, 432 316, 385 303, 673 551, 785 583, 228 563, 753 1,130, 870 1, 216, 9421,109, 408 503 516 Michigan 291,874 292, 611 253, 485 318, 835 303,96' 828, 716 843, 796 742, 376 367 368 Wisconsin 197,891 192, 149 175, 648 164, 255 163, 789 167, 358 454, 461 445, 540 417, 994 469 473 West North Central: Minnesota 139, 521 133, 780 127, 24' 118, 001 118,513 124, 848 300, 421 293, 317 489 489 490 Iowa 257, 883 238, 520 237, 314 107, 230 104, 544 121, 927 475, 740 455, 005 439,18S 542 544 540 Missouri 317,420 310, 591 288,110 389, 912 339, 660 337, 574 708, 774 713, 055 671, 724 537 54C 547 North Dakota 19,004 20, 268 11,998 7,111 7, 543 7,683 31, 451 31, 438 25, 931 115 115 115 South Dakota 23, 459 21, 535 18, 789 11,858 11,737 11,452 43,188 42, 395 38, 501 124 124 124 Nebraska 42, 795 39, 482 36, 538 17, 344 17, 257 17, 472 76, 026 76, 374 71, 24S 285 284 Kansas 90, 517 94, 049 81.172 47, 629 48, 361 48, 764 176,422 173, 235 163, 202 484 483 South Atlantic- Delaware 74,167 72, 865 69,816 120,692 111,481 102, 004 230, 862 255, 654 219, 052 30 30 31 Maryland 164, 378 161,605 146,635 276, 533 275, 645 287, 853 571, 04' 573, 307 542, 258 124 124 126 District of Columbia 70, 583 68,162 62, 424 57, 337 54, 800 53,159 173,530 167, 796 150, 618 13 13 13 Virginia 159. 722 154, 902 140,777 64, 454 61,152 61, 432 258, 783 246, 050 222,190 184 184 184 West Virginia 69, 957 69, 797 65, 927 33, 509 32, 561 33,182 149, 317 137, 356 132,142 104 104 104 North Carolina 158. 395 152,995 133, 355 130, 418 131,644 127, 786 317,131 303, 328 276, 270 184 184 185 South Carolina 21,418 20, 360 17,120 18, 201 18,411 17,952 66, 334 63, 340 56, 604 128 12S 130 Georgia 99, 686 97, 740 85.173 36, 223 32, 846 31,611 174,870 171, 398 148, 757 234 232 233 Florida 38, 278 40, 535 33, 222 32, 593 30, 623 31, 529 127,184 111,871 105, 707 12C 121 121 East South Central: Kentucky 123, 623 125, 254 119,021 57, 350 57,011 57, 898 221, 334 223, 598 208, 627 310 313 317 Tennessee 77, 960 78, 243 71, 605 33,146 32, 051 32, 073 151,235 149,212 134, 659 226 226 229 Alabama 43, 784 41,664 36, 462 29,179 28, 995 30, 388 102, 094 98, 779 86, 236 is: 152 151 Mississippi 51,790 51,945 47, 690 48, 66: 46, 800 48, 068 147,657 136, 702 132, 920 183 183 181 West South Central: Arkansas 33. 047 33, 028 30, 695 25, 344 23, 208 22, 771 89, 784 86,011 77, 722 166 166 169 Louisiana 59, 437 59,433 53, 503 48, 973 48, 014 52, 479 165, 698 164, 026 156, 761 117 116 116 Oklahoma 25, 099 24, 969 22, 919 18, 377 18,086 16, 932 59, 606 58, 380 53, 859 181 182 182 Texas 99, 247 96, 438 83, 231 58, 826 57, 794 53, 793 217, 710 215, 921 192, 052 389 39C 392 Mountain: Montana 26, 049 26, 083 19, 463 22, 049 22, 958 22, 778 64, 715 64, 860 58, 911 69 69 68 Idaho 8,495 20, 501 16,664 6,749 18, 480 20, 616 21,144 49,969 47, 770 31 32 33 Wyoming 9,432 9,235 8,723 3,425 3, 360 3,489 20, 433 21, 422 18, 566 32 32 32 Colorado 23,934 24,148 20, 955 16,082 16, 278 17,108 62, 695 63, 542 59,109 68 68 68 New Mexico 5, 864 5,484 5, 559 3, 245 3, 225 3, 509 14,565 15, 020 13, 047 19 19 19 Arizona 10, 924 10, 730 9, 745 10, 483 9,282 10, 437 30, 256 28, 785 27, 429 7 Utah 42, 851 43, 056 37, 645 26, 031 25, 669 26, 651 84, 324 86, 80C 80, 241 47 46 Nevada 1,515 1,415 1,260 1,166 1, 203 1,211 3, 773 3,560 3,197 5 5 Pacific: Washington 61,717 60, 583 54, 512 65, 739 65, 652 67, 023 144, 903 145, 468 137,442 95 96 98 Oregon 14, 228 13, 562 16, 683 13, 099 13, 043 17,110 34, 545 34, 453 41,831 47 4' 48 California 624,150 606, 985 564, Oil 597, 768 598, 806 579,633 1,293,657 1, 284, 4631,173, 602 128 128 128 Total. 13,918, 654 13, 736, 261 13,151, 891 17, 262,15116, 804, 268 16,180, 635 35; 743, 839 35, 807, 810 33,105, 654 9, 7519,828 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private and industrial banks as are included in abstracts issued by State banking departments. 2 The figures in the April 4 columns are as of that date, except as follows: Maine, March 29; New Hampshire, June 29, 1940; Vermont, December 31; Massachusetts, savings banks, March 31; Minnesota, April 2; Louisiana, March 29. The figures for Massachusetts (trust companies), New Jersey, Pennsylvania, Ohio, Indiana, Missouri, Georgia, Kentucky, and Tennessee were derived by adding to the April 4 figures of State bank members of the Federal Reserve System the December 31,1940 figures of nonmember banks in existence as such on both that date and April 4. 1941. For New York and Rhode Island the figures for Mutual savings banks are as of December 31, 1940. 3 The figures for some States are as of call dates other than March 26 and December 31,1940; see page 823 of the August 1940 BULLETIN, and page 465 of the May 1941 BULLETIN. AUGUST 1941 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued PRIVATE BANKS —PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 797 covering'State Banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. 4, 31, 26, 4, 31, 26, 4, 31, 26, 4, 31, 26, 1941 i 1940 1940 1 19411 1940 1940 1 19411 1940 19401 19411 1940 1940 1 Connecticut: District No. 1 253 251 285 158 158 204 423 424 394 2 2 3 District No. 2 101 96 111 72 72 69 352 388 308 1 1 1 [ndiana: District No. 7 1,782 1,782 1,575 986 986 1,063 4,371 4,371 4,055 14 14 14 District No. 8 95 95 92 55 55 55 154 154 162 1 1 1 Kansas 2 2 2 2 1 2 1 1 1 New Jersey (Dist. No. 2) 10 10 15 12 12 11 8 8 5 1 1 1 New York 37, 629 38, 667 70,166 62,928 77, 751 478, 582 84, 241 93,802 512,165 6 7 9 Ohio 2,183 2,183 2,108 586 586 590 3,113 3,113 3,012 13 13 13 Pennsylvania: District No. 3 3,621 3,621 5,219 8,383 8,383 47,874 12, 702 12, 702 59, 888 11 11 14 District No. 4 1,291 1,291 1,296 1,152 1,152 1,073 2,939 2, 939 2,744 4 4 4 South Carolina 867 764 575 75 60 45 878 111 627 1 1 1 Total 47, 834 48, 762 81, 444 74,407 89, 215 529, 566 109,183 118, 679 583, 362 55 56 62 1 Figures in the April 4 columns for Indiana, New Jersey, Ohio, and Pennsylvania are as of December 31, 1940. For call dates included in the March 26,1940 columns see page 824 of the August 1940 BULLETIN. MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 797 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. Apr. Dec. Mar. 4, 31, 26, 4, 31, 26, 4, 31, 26, 4, 31, 26, 1941 1940 3 19403 1941 1940 3 1940 3 1941 1940 3 19403 1941 1940 s 1940 3 Connecticut: District No. 1 254, 012 255, 894 257,124 289, 971 284,172 279, 599 583, 407 576, 048 568,123 58 58 58 District No. 2 84, 647 84, 758 82, 650 75, 593 73, 598 78,044 175, 291 173,034 169, 969 14 14 14 Delaware 12, 870 12, 858 12, 889 35, 052 33, 768 31,979 43, 834 42, 779 40, 525 2 2 2 Indiana:l District No. 7 5,945 6,583 4,328 4,328 3,783 11,852 11, 852 11, 545 3 3 3 District No. 8.. _.- 4^809 4,809 4,484 2,389 2,389 2,727 8,298 8,298 8,207 1 1 Maine2 27, 837 28, 020 29,041 100, 223 94, 603 101,131 130, 837 129, 673 129, 566 32 32 32 Marylandl _ _ 38, 320 38, 320 34, 322 168,149 168,149 168, 786 227, 787 227, 787 225, 814 12 12 12 Massachusetts2 981, 547 986, 279 1, 003, 696 1,171, 077 1,152,159 1,122, 093 2,165,143 2,151, 554 2,146, 862 191 192 192 Minnesota2 __ . 18, 644 17, 709 15, 250 48, 206 48, 417 49, 822 68, 593 68, 000 67, 748 1 1 New Hampshire2 66, 925 66, 925 63, 239 117, 427 117,427 128, 049 194,186 194,186 193, 389 43 43 43 New Jersey: * District No. 2 120, 220 120, 220 122,176 161, 894 161,894 171, 496 309, 307 309,307 319, 024 22 22 22 District No. 3 4,634 4,634 4,466 7,622 7,622 7,408 13, 777 13, 777 13,819 2 2 New Yorkl 3, 066, 856 3, 066, 856 3, 035, 583 2, 423,180 2, 423,180 2, 433, 874 5, 687, 786 5, 687, 786 5, 599,150 134 134 134 Ohioi 56, 516 56, 516 53, 645 61, 097 61, 097 61, 710 125, 495 125, 495 122, 215 3 3 3 Oregon.. 2,117 2,142 1,414 57C 587 1,225 2,723 2,753 2,620 1 1 Pennsylvania:* District No. 3 75, 786 75, 786 75, 267 431, 927 431,927 428, 792 563,077 563,077 558, 087 6 6 6 District No. 4 11, 894 11,894 11, 380 41, 748 41, 748 41, 764 57,118 57,118 56,181 1 1 Rhode Island1 57, 527 57, 527 51, 390 112, 450 112, 450 120,647 178,634 178, 634 177, 506 9 9 9 Vermontx . 30, 945 30, 945 28, 715 21, 523 21, 523 24, 296 57, 339 57, 339 57,150 8 8 8 Washington 29, 303 28, 263 26, 649 45, 550 45, 777 44, 323 74, 55S 74, 665 71, 550 3 3 3 Wisconsin: District No. 7 2,088 2,107 2,155 2,322 2,296 2,225 4,810 4,789 4,587 3 3 3 District No. 9 110 112 94 47 39 40 145 146 131 1 1 1 Total 4, 953, 552 4, 958, 519 4, 922, 212 5, 322, 345 5, 289,150 5, 303, 81310, 683, 99810, 658, 09710, 543, 768 550 551 551 1 The figures in the April 4 columns are as of December 31, 1940. 2 The figures in the April 4 columns for Maine are as of March 29; Massachusetts, March 31; Minnesota, April 2, and New Hampshire, June 29, 1940. 3 The figures for some States are as of call dates other than March 26 and December 31, 1940. See page 824 of the August 1940 BULLETIN and page 466 of the May 1941 BULLETIN. 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1940, BY SIZE OF BANK All Member Banks [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Total i Under 100- 250- 500- 1,000- 2,000- 5,000- 50,000 100 500 750 1,000 2,000 5,000 50,000 and over Earnings—total 1,315, 386 216 3,853 18,176 23, 604 24,278 78,159 125,962 319, 014 722,12* Interest and discount on loans 592, 242 85 2,767 12,035 14, 856 14, 546 45, 094 66,842 154,463 281,554 Interest and dividends on securities 429, 939 42 578 3,655 5,299 6,319 21, 639 36, 942 90, 264, 583 Collection charges, commissions, fees, etc.. _ 32, 968 5 175 821 1,036 2,405 3,254 8,000 16, 392 Foreign department 11, 345 3 2 3 53 480 10, 804 Trust department 90, 076 10 19 60 504 2,493 17,110 69, 802 Service charges on deposit accounts 58, 884 201 902 1,259 1,238 4, 7,963 20, 287 22, 541 Rent received 81,158 99 590 933 983 3,413 6,979 24, 534 43, 623 Other current earnings 18, 77- 31 160 200 252 61 1,436 3,258 12, 825 Expenses—total 915,354 163 2,736 12,991 16,670 17,150 55, 328 90, 426 232,453 487, 437 Salaries—officers 154,189 43 1,121 4,452 5,007 4,608 13,071 17, 640 39, 428 68, 819 Salaries and wages—others 243, 379 191 1,174 1,870 2,196 8,742 17,625 57,99; 153,583 Directors' and committee members' fees_ 7,629 41 255 328 326 994 1,431 2,218 2,034 Interest on time deposits 146, 746 351 2,627 3,767 4,367 13, 965 22, 613 43, 629 55, 426 Interest on borrowed money 122 11 9 4 22 19 45 5 Real estate taxes 34, 385 98 379 544 516 1,844 3,329 9,589 18,081 Other taxes 65, 447 198 924 1,142 1,161 3,844 5,852 15, 259 37,062 Other current expenses 263, 457 104 729 3,169 4,003 3,972 12,846 21,917 64, 290 152, 427 Net current earnings. 400, 032 53 1,117 5,185 6,934 7,128 22, 831 35, 536 86,561 234, 687 Recoveries, profits on securities, etc.—total 302, 062 24 406 2,046 2,934 3,439 11, 754 23,154 69,194 189, 111 Recoveries on loans 55,137 219 755 893 879 2,713 4,502 13, 843 31, 328 Recoveries on securities 63, 682 4 30 280 555 741 2,205 4,913 14, 671 40, 283 Profits on securities sold 158, 843 11 89 726 1,149 1,478 5,603 11,071 34, 531 104,185 Allother 24, 400 4 68 285 33' 341 1,233 2, 6,149 13,315 Losses and depreciation—total 354, 731 836 3, 358 4,669 5,471 18,271 33,225 90,978 197, 866 On loans 90, 225 445 1,191 1,452 1,503 4, 7,969 23, 256 49, 777 On securities 163, 535 118 1,149 1, 2,616 8,704 15, 773 37,031 96, 284 On banking house and equipment- 45, 319 156 587 812 774 2,54: 4,635 11,935 23,868 All other 55,652 11 431 545 578 2,424 4,848 18,756 27,937 Net profits.. 347,363 3,873 5,199 5,096 16,314 25,465 64, 77 225,932 Cash dividends declared—total- 209,461 487 2,042 2,632 2,584 8,202 13, 056 33, 754 146, 694 On preferred stock 2 12, 664 21 161 209 239 753 1,451 4,744 5,086 On common stock 196, 466 1, 2,423 2,345 7,449 11, 605 29,010 141,608 Total deposits 3 56, 203, 35C 1,269 66, 683 374,17 528, 378 577, 0851,997,2263, 464,19610, 920, 60538, 273, 731 Number of officers 3 34,80C 38 813 2,666 2,596 2,175 5,239 5,189 7,452 8,632 Number of employees 3 162, 25£ 12 351 1,727 2,279 2,415 8,033 13,63' 41, 256 92, 552 Number of banks included 6,353 856 1,415 1, li: 816 135 1 Totals are for banks whose reports as national or State member banks covered both semiannual report periods. One national bank and four State member banks with no deposits are excluded from these tabulations. 2 Includes interest on capital notes and debentures. 3 At end of year. 4 Full- and part-time. NOTE.—Similar data for 1939 were published in the July 1940 BULLETIN, page., 719-721. Member bank earnings for 1940, by Federal Reserve districts and by reserve classification, were published in the May 1941 BULLETIN, pages 467-472. The latter figures, however, included the figures of the banks with no deposits and of a number of banks whose reports covered only one of the two semiannual periods. AUGUST 1941 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1940, by Size of Bank—Continued National Banks [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Total i Under 100- 250- 500- 750- 1,000- 2,000- 5,000- 50,000 100 250 500 750 1,000 2,000 5,000 50,000 and over Earnings—total 860, 953 193 3,230 14,937 19, Oil 20,203 65,155 101, 303 214, 205 422, 716 Interest and discount on loans 409, 580 66 2,305 9,803 11,779 12, 023 36, 951 53, 258 104, 076 179, 319 Interest and dividends on securities 283, 077 41 502 3,123 4,427 5,376 18, 749 30, 908 63, 355 156, 596 Collection charges, commissions, fees, etc.. 22,944 4 146 653 832 720 1,9 2,520 5, 339 10, 732 Foreign department 7,053 2 2 3 42 304 6,700 Trust department 32, 664 2 6 13 354 1,775 8,733 21, 657 Service charges on deposit accounts 40, 582 164 723 1,013 1,023 3,718 6,283 13, 877 13, 779 Rent received 51, 86 494 773 808 2,893 5, 559 16, 435 24, 642 Other current earnings 13, 359 25 133 172 205 489 958 9,291 Expenses—total 596, 849 147 2,297 10, 680 13,370 14,271 46, 083 72, 538 154, 643 282, 820 Salaries—officers 103,565 35 940 3,647 4,032 3,810 10, 837 14, 242 26, 583 39, 439 Salaries and wages—others 150, 599 2 160 974 1,498 1,851 7,346 14,140 38, 365 86, 263 Directors' and committee members' fees. 5,344 2 36 214 270 275 861 1,187 1,512 987 Interest on time deposits 104,942 1 290 2,155 3,010 3,611 11,619 18,146 28, 898 37, 212 Interest on borrowed money 74 6 10 3 13 10 24 1 Real estate taxes 21, 764 4 85 314 446 430 1,567 6,060 10,178 Other taxes 44,144 3 167 752 901 963 3,138 4,693 10, 231 23, 296 Other current expenses 166, 417 100 613 2,614 3,206 3,328 10, 702 17, 440 42, 970 85, 444 Net current earnings.. 264,104 46 933 4,257 5,641 5,932 19, 072 28, 765 59, 562 139,896 Recoveries, profits on securities, etc.—total.. 197, 912 22 341 1,711 2,387 2,850 9,872 18, 908 44,392 117, 429 Recoveries on loans 36, 688 4 180 630 735 727 2,287 3,717 9,163 19, 245 Recoveries on securities 40, 964 4 27 237 437 642 1,854 3,858 9,833 24,072 Profits on securities sold 104, 975 10 76 615 959 1,245 4,845 9,239 22, 279 65, 707 Allother 15, 285 4 58 229 256 236 2,094 3,117 8,405 Losses and depreciation—total 221,570 54 735 2,899 3,910 4,766 15, 468 27, 081 53, 535 113,122 On loans 58,128 34 403 1,01 1,205 1,328 3,905 6,569 14, 313 29, 354 On securities 107, 801 106 1,019 1,608 2,312 7, 533 13,016 24, 340 57, 867 On banking house and equipment_ 28, 239 131 498 646 656 2,167 3,922 8,154 12, 061 All other 27, 402 95 365 451 470 1,863 3,574 6,728 13,840 Net profits. 240, 446 14 539 3,069 4,118 4,016 13, 476 20, 592 50, 419 144, 203 Cash dividends declared—total.. 132, 866 414 2,199 2,171 6,973 10, 877 22, 348 86,188 On preferred stock 2 8,11. 17 146 174 202 608 1,121 2,901 2,946 On common stock 124, 751 39' 1,542 2,025 1,969 6,365 9,756 19, 447 83, 242 Total deposits s 35, 720, 465 955 307, 652 479, 2241, 670, 756 2, 827, 672 685, 382 22, 268, 904 Number of officers 3 26,013 2,202 2,116 1,813 4,391 4,236 5,085 5,452 Number of employees 3 103, 305 290 1,432 1,82' 2,030 6, 723 10, 921 27, 330 52, 743 - Number of banks included 5,126 289 809 551 1,188 914 592 82 (For footnotes, see page 799.) 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1940, by Size of Bank—Continued State Member Banks [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Total i Under 100- 250- 500- 1,000- 2,000- 5,000- 50,000 100 250 500 750 1,000 2,000 5,000 50,000 and over Earnings—total 454, 433 623 3,239 4,075 13, 004 24, 659 104, 809 299, 408 Interest and discount on loans _• 182, 662 462 2,232 3,077 2,523 8,143 13, 584 50, 387 102, 235 Interest and dividends on securities 146, 862 76 532 872 943 6,034 27, 527 107,987 Collection charges, commissions, fees, etc.. 10, 024 29 168 204 160 407 734 2,661 5, 660 Foreign department 4,292 1 11 176 4,104 Trust department 57, 412 4 6 12 150 718 8,377 48,145 Service charges on deposit accounts 18, 302 3 179 246 215 771 1,680 6,410 8,762 Rent received 29, 464 13 96 160 175 520 1,420 8,099 18, 981 Other current earnings 5,415 6 27 28 47 123 47! 1,172 3, 534 Expenses—total 318,505 439 2, 311 3,300 2,879 9,245 17, 888 77, 810 204, 617 Salaries—officers 50, 624 181 805 975 798 2,234 3,: 12,845 29, 380 Salaries and wages—others 92, 780 31 200 372 345 1,396 3,485 19, 630 67, 320 Directors' and committee members' fees__ 2,285 41 58 51 133 244 706 1,047 Interest on time deposits 41, 804 61 472 757 756 2, 346 4,467 14, 731 18, 214 Interest on borrowed money 48 1 1 1 9 21 4 Real estate taxes 12, 621 13 65 277 3,529 7,903 Other taxes 21, 303 31 172 241 706 1,159 5,028 13,766 Other current expenses 97, 040 116 555 79' 2,144 4,477 21, 320 66, 983 Net current earnings. 135, 928 184 928 1,196 3,759 6,771 26, 998 94, 791 Recoveries, profits on securities, etc.—total. 104,150 65 335 547 1,882 4,246 24, 802 71, 682 Recoveries on loans 18, 449 39 125 158 426 785 4,680 12,083 Recoveries on securities 22, 718 43 118 351 1,055 4,838 16,211 Profits on securities sold 53, 868 13 111 190 233 758 1,832 12, 252 38, 478 All other 9,115 10 56 81 105 34 574 3,032 4,910 Losses and depreciation—total 133,161 101 459 759 705 2,803 6,144 37, 443 84, 744 On loans 32,097 42 174 24' 17; 691 1,400 8,943 20, 423 On securities 55, 734 l: 130 252 304 1,171 2,757 12, 691 38, 417 On banking house and equipment. 17, 25 166 118 380 713 3,781 11,807 All other 28, 250 22 108 561 1,274 12,028 14,097 Net profits.. 106, 917 148 804 1,081 1,080 2,838 4,873 14, 358 81, 729 Cash dividends declared—total- 76, 595 73 354 433 413 1,228 2,179 11, 406 60, 506 On preferred stock 2 4,549 4 15 35 37 145 330 1, 2,140 On common stock 72, 046 69 339 398 376 1,084 1,849 9,563 58, 366 Total deposits 3 20, 482, 88£ 314 11,417 66, 525 103, 724 97, 861 326, 470 636, 524 3, 235, 223 16,004, 827 Number of officers 3 8,787 6 127 464 480 362 848 953 2,36' 3,180 Number of employees 3 58, 954 61 295 452 385 1,310 2,713 13, 926 39, 809 Number of banks included 1,227 59 179 170 112 227 199 224 53 (For footnotes, see page 799.) AUGUST 1941 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 804 Gold production 805 Gold movements 805 International capital transactions of the United States 806-810 Central banks 811-814 Money rates in foreign countries. 815 Commercial banks 816 Foreign exchange rates. 817 Price movements: Wholesale prices 818 Retail food prices and cost of living. 819 Security prices 819 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. AUGUST 1941 803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d g t A e i r n n - - a g B i el u - m Brazil I B n i r d s i i h t a - g B a u r l i - a C a a d n a - Chile lo C m o b - ia C v z s a e l k o c - i h a o- m D a e r n k - Egypt France Ger- Greece 1936—Dec. 11,258 501 632 275 2,995 26 1937—Dec. 12, 760 469 597 274 184 2,564 24 1938—Dec... 14, 512 431 581 274 192 2,430 27 1939—Dec... 17, 644 466 609 274 214 2,709 28 1940—June. 19, 963 2 403 3 734 274 28 July.. 20,463 403 274 28 Aug.. 20, 913 402 274 28 Sept.. 21, 244 385 274 28 Oct._. 21, 506 369 274 28 Nov.. 21, 801 353 274 28 Dec. 21, 995 353 734 274 2,000 28 1941—Jan... 22,116 353 734 274 28 Feb... 22, 232 353 734 274 Mar.. 22, 367 353 734 274 Apr.. 22, 506 353 274 May. 22, 575 353 June. 22, 624 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 - s Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1936—Dec... 208 463 491 114 203 6 718 1937—Dec... 210 261 933 120 189 5 525 1 19 9 3 3 9 8 — — D D e e c. c . - . 1 19 4 3 4 1 1 6 6 4 4 18 8 4 5 1 1 3 5 3 2 2 2 4 2 9 0 mo—June .. 164 625 155 302 July... 164 103 627 156 305 Aug... 164 103 624 156 308 Sept... 164 109 634 156 314 Oct.... 164 109 629 157 328 Nov... 164 129 621 157 351 Dec... 164 140 617 158 367 1941 Jan.... 164 152 616 158 376 Feb... 164 171 614 158 388 Mar... 178 614 158 401 Apr.. 174 572 171 413 May. 174 572 418 June_ Government gold reserves * not included End of month S d w en e- e S r w la i n tz d - T k u ey r- U K d n i o i n m t g e - d 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 f n m t i g e g d - ure F s rance g B i e u l m - 1936— Dec... 240 657 2,584 183 1936—June— 59 103 1937—Dec... 244 650 2,689 185 1937—June... 169 2 934 115 1938—Dec... 321 701 2,690 142 1937—Dec— 3 1, 395 81 1939—Dec__ 549 »1 149 1938—Mar. 1 489 June—. 44 62 1940—June.. 199 493 68 144 Sept. 759 July... 173 488 9 90 144 Oct * 103 Aug... 153 490 88 145 Dec... 80 331 44 Sept... 152 490 87 145 1939—Mar.. 154 1,732 559 Oct.... 150 500 86 145 May._ 477 Nov... 157 501 88 145 June— 85 17 Dec.— 160 502 90 145 Sept. 164 1941—Jan.... 165 520 95 145 Dec— 156 17 Feb... 171 524 97 145 1940—Mar.. _ 145 Mar._. 172 527 100 145 June— 86 17 Apr... 174 528 105 145 Sept— 105 May_. 180 530 145 Dec— 48 17 June_- 144 1941—Mar. 88 1 Figures relate to last official report dates for the respective countries, as follows: Germany 1 Reported at infrequent intervals or on de- —June 15, 1939; Italy—late in Mar. 1940; Norway—Mar. 30, 1940; Poland—July 31, 1939. layed basis: U. S.—Exchange Stabilization Fund 2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1); U. K.—Exchange Equalizas Change from previous December due largely to inclusion of gold formerly not reported. tion Account; France—Exchange Stabilization 4 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- Fund and Rentes Fund; Belgium—Treasury. trol Board. Gold reported since that time is gold held by Minister of Finance. 2 Figure for end of Mar. 1937, first date re- 5 Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1,1936, and Apr. ported. 1938, respectively. 3 Figure for end of Sept. 1937. « Beginning Mar. 29, 1941, gold reserves no longer reported separately. * First date reported. For complete monthly 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian series from Oct. 1938-May 1939, see BULLETIN Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland, for February 1941, p. 170. Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain NOTE.—For details regarding special gold of these countries have been carried forward from last previous official report. transfers in 1939-40 between the British E. E. A. s Gold holdings of Bank of England reduced to nominal amount by gold transfers to Brit- and the Bank of England, and between the ish E 9 x In ch cr a e n a g s e e E d q u u e a t l o iz a in ti c o lu n si A o c n c o o u f n a t d d d u it r i i o n n g a l 1 9 f 3 o 9 re . ign gold reserves not previously reported. French E. S. F. and the Bank of France, see BULLETIN for September 1940, p. 926. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Other U o . u S t . s S id .R e .i Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n 2 S U t n at i e te s d 3 CraaTniaafdiqa Co b l i o a m- Chile Au li s a t ra- B In r d it i i a s 5 h $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1934.. 823,003 707, 288 366, 795 24, 264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11, 223 1935.. 882, 533 751,979 377,090 25,477 13, 625 7,159 126, 325 114,971 23,858 11,515 9,251 31,240 11,468 1936.. 971, 514 833,088 396, 768 28,053 16, 295 7.386 152, 509 131,181 26,465 13, 632 9,018 40,118 11,663 1937_. 1,041, 576 892, 535 410, 710 28, 296 20, 784 8,018 168,159 143, 367 29, 591 15,478 9,544 46,982 11,607 1938.. 1,136, 360 957,212 425, 649 28, 532 24, 670 8,470 178,143 165,379 32, 306 18, 225 10, 290 54, 264 11,284 1939. 1, 212, 796 1,019,665 448, 753 28,009 28, 564 8, 759 196, 391 178, 303 32, 300 19, 951 11, 376 56,182 11,078 1940. -1, 275, 505 '1,088, 835 491,628 29,155 32,163 "210,109 185, 890 30,878 22,117 11,999 55,878 10,157 1940—April 106,365 -90, 472 40,879 2,454 2,678 -16, 650 -14, 675 4,233 1,941 766 4,581 860 May 105, 875 -89, 298 41, 742 2,442 2,747 -16, 743 -15,512 1,356 1,825 1,271 4,786 5 875 June 103, 8io -87, 060 40, 437 2,437 2,643 -15,105 -15,819 2,562 1,715 780 4,688 875 July '109, 760 -92, 665 41, 936 2,459 2, 590 -19,109 -16, 007 3,010 1,952 850 4,263 490 August 109, 305 -92, 557 41, 989 2,498 2,725 -16, 294 -16, 343 4,027 2,184 1,243 4,693 560 September 106, 505 -89, 672 40, 958 2,450 2,652 -17, 324 -15, 440 2,596 2,016 673 4,616 945 October 113,330 -97, 803 42, 362 2,477 2,709 -22, 004 -16, 386 2,337 1,789 1,121 5,638 980 November 108, 080 -92, 522 41, 620 2,404 2,687 -19, 952 -15, 775 1,905 1,713 929 4,592 945 December 107, 800 -91, 852 41,188 2,433 2,668 -19, 694 -15, 780 2,221 1,675 879 4,333 1941—January... 106, 015 P90, 371 42, 335 v2, 324 2,618 16, 646 15,199 2,945 2,137 784 4,544 840 February.. 100, 450 P84, 106 39, 608 P2. 252 2, 566 15, 408 14, 446 2,670 1,844 695 3,812 805 March 105, 945 P89,511 42, 075 P2, 310 2,696 16, 023 15, 629 P2, 695 1,891 1,313 4,040 840 April 104, 860 P88, 586 41,357 P2 345 /2, 696 16, 413 15, 384 P2, 485 2,071 4,133 805 May *>89, 249 42, 716 •/2, 345 /2, 696 16, 022 15, 384 P/2, 485 1,872 /4,133 700 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly 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. p Preliminary. r Revised. / 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. Monthly figures for U. S. for 1940 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure $242,602 so that aggregate for 1940 is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 4 Figures for Canada beginning January 1941 are subject to official revision. 6 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: i net Y m e o a n r t o h r i e m o x r p p n o o e r rt t t s s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t - d h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o t o r A 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, 820 32,304 1935 1,739,019 315, 727 934, 243 3 227,185 968 95,17113, 667 10,899 15, 335 3,498 65 75, 268 46,989 1936._ 1,116, 584 174,093 573, 671 3,351 71, 006 2 7,511 72, 64839, 966 11,911 21, 513 23, 280 8 77,892 39, 735 1937 1, 585, 503 891, 531-13,710 90, 859 6,461 6 54, 452 111, 48038, 482 18, 397 25, 427 34, 713 181 246, 464 50,762 29,998 1938 1, 973, 5691, 208, 728 81,135 15, 488 163,049 60,146 1,363 76,31536, 472 10, 557 27, 880 39,162 401 168,740 16,159 3 67,975 1939 3, 574,151 1, 826, 403 3,798165,122 341, 618 28, 715 86, 987 612, 94933, 610 23, 239 35, 636 74, 250 22, 862 165, 605 50,956* 102, 404 1940 4, 744, 472 633, 083 241, 778 977 63,260161, 489 90, 3202, 622, 33029, 880 23, 999 38, 627103, 777 184, 756 111,739 49,9895 388,468 1940 June. 1,162, 975 128,003 241, 603 3,671 2,138 716, 685 4,182 2,130 3,895 6,603 23,091 3,399 2,377 25,197 July 519, 974 301, 734 3,158 32 172, 268 1,891 5,856 2,830 5,262 3,482 23, 463 Aug 351, 553 10, 819 3,637 6 264, 32810, 335 4,516 3,738 6,746 11, 687 954 34,789 Sept 334,100 3,650 27 217, 627 545 2,330 3,764 14, 605 7,854 13, 228 523 69,946 Oct 325, 964 1,738 222, 726 538 7 2,673 14, 770 6,704 11,815 784 64, 208 Nov 330,107 936 7 262, 718 545 3,283 14, 441 6,240 12,186 2,170 27, 580 Dec 137,176 99 80, 389 347 2,814 3,268 14, 994 1,751 13, 262 7,446 12, 805 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 e 15,093 Mar 118, 567 817 95, 619 866 2,232 3.984 6,262 2,788 3,046 2,951 Apr 171, 992 21 20, 216 1,147 2,934 3,587 4,720 132, 255 313 6,800 May 1 34, 830 2 16, 309 969 2,794 3, 384 4,194 3,594 3 589 June ' 30, 712 474 1 17,521 800 7 2,114 4,593 69 131 5,009 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. < 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. 5 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. 760. AUGUST 1941 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total Central banking Return Inflow of brokerage bank funds of U. S. foreign balances Total funds Other abroad funds funds in N.Y.i 1935—Dec. (Jan. 1, 1936) 1,412. 5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936— Dec. 30 _. _ 2, 608. 4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec 29 3,410. 3 1,168. 5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar 30 3,207. 2 949.8 149.9 799.9 434.4 618.5 1,150. 4 54.2 June 29 3,045. 8 786.2 125.9 660.4 403.3 643.1 1,155. 3 57.8 Sept 28 3,472.0 1,180. 2 187.0 993.2 477.2 625.0 1,125 4 64.1 Dec. (Jan. 4, 1939) 3,844. 5 1,425. 4 238.5 1,186.9 510.1 641.8 1,219. 7 47.6 1939—Mar. 29 4,197. 6 1, 747. 6 311.4 1, 436. 2 550.5 646.7 1,188. 9 63.9 June 28 4,659. 2 2,111.8 425.3 1,686. 5 607.5 664.5 1,201 4 74 0 Sept. 27 5,035. 3 2,479. 5 552.1 1,927. 3 618.4 676.9 1,177. 3 83.1 Dec (Jan 3, 1940) 5,021. 2 2, 430.8 542.5 1,888. 3 650.4 725.7 1,133. 7 80.6 1940—Mar (Apr 3) 5,133. 5 2, 539. 0 539.1 1,999.9 631.6 761.6 1,112. 5 88.7 1940—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 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 a 945.0 * 1,996. 2 764.8 789.7 1,070.0 99.6 Aug 14 5,698. 8 996.3 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. ft Oct. 9 5,825. 6 3,108. 5 1,133. 6 1,975.0 781.8 793.6 1,040. 3 101.3 Oct. 16 5, 796.4 3,086. 3 1,129. 9 1,956. 4 780.9 794.0 1,034. 3 100.9 Oct. 23 5,805.1 3,118. 7 1,140.1 1,978. 6 765.6 794.0 1,025.6 101.2 Oct 30 5, 794.0 3,112. 5 1,158. 9 1,953. 6 765.7 794.6 1,020. 6 100.7 Nov 6 5,813.0 3,137. 0 1,190. 7 1,946. 3 762.3 795.5 1,018.2 100 0 Nov. 13 - 5,806. 7 3,141. 9 1,195. 5 1,946. 4 751.5 796.0 1,017.8 99.4 Nov. 20 5,863. 8 3,199. 3 1, 248. 7 1, 950. 6 752.3 798.1 1,012.6 101.4 Nov. 27 5,860.0 3,194.0 1, 231. 6 1,962. 5 764.0 798.4 1,003. 6 100.0 Dec. 4 _ 5, 838. 7 3,177.1 1, 209.1 1,967. 9 763.0 800.4 998.6 99.6 Dec 11 5, 797. 2 3,141.0 1,186. 3 1,954. 8 757.6 801.6 997.7 99.3- Dec. 18. _ 5, 847. 9 3,177.1 1, 209. 7 1,967. 3 771.1 803.1 996.4 100.2 Dec. 25 5, 824. 0 3,154.8 1,182. 4 1, 972. 4 771.6 803.1 993.2 101. 3; 1941__jan i 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. 3 775.8 804.9 985.6 101.5 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. & Feb. 5 5, 806.1 3,170.9 1, 269. 0 1,901. 9 763.1 809.4 965.7 97.0 Feb. 12 5, 777. 3 3,152. 4 1, 255.0 1, 897. 4 754.6 810.9 963.5 95.9 Feb 19 5, 737. 7 3,103. 6 1, 228. 8 1, 874. 9 764.6 811.9 961.1 96.5 Feb. 26 5, 743.1 3,098. 2 1, 243. 4 1, 854. 7 776.1 813.2 958.4 97.2 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, 855. 3 755.4 816.5 952. 5 95.8. \pr 2 5, 773. 9 3,144. 5 1, 307. 7 1, 836. 7 767.4 813.5 952.7 95.9 Apr. 9 _ _. 5, 901. 3 3, 269. 3 1,416.6 1, 852. 7 766.4 816.4 952.1 97.1 Apr. 16 5, 933. 9 3, 294. 9 1, 434. 7 1, 860. 2 772.4 817.0 950.9 98.7 Apr 23 5,923. 0 3, 275. 0 1, 424. 0 1, 850. 9 785.0 817.7 946.8 98.5 Apr. 30 5, 913. 4 3, 253. 0 1, 406. 4 1, 846. 6 798.9 816.6 946.7 98.2 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. * 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 lor April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From t h J r a o n u . g 2 h , — 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asiai ot A he ll r ' 1935—Dec. (Jan. 1, 1936). 1,412.5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 ) 70.9 128.3 12.7 1936—Dec. 30 2, 608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1 1 9 9 3 3 7 8 — — D D e e c c . . 2 (J 9 a . n. 4, 1939) 3 3, , 4 8 1 44 0 . . 3 5 1,1 9 8 9 3 3 . . 8 7 2 3 8 3 1 9 . . 7 6 3 3 1 2 1 8 . . 9 6 6 55 0 7 7 . . 5 5 1 14 2 0 3 . . 9 5 2 32 2 . . 2 1 3 4 1 7 2 2 . . 2 0 2 3, , 6 0 5 5 3 4 . . 0 2 1 1 0 5 6 5 . . 3 3 4 3 1 8 0 4 . . 6 6 2 2 2 14 4 . . 2 6 3 1 6 5 . . 2 9 1939—Dec. (Jan. 3, 1940) 5,021. 2 1,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3, 790.1 229.4 483.4 431.0 87.4 1940—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 82.3 Aug. (Sept. 4) 5, 752. 0 1,005.4 693.8 459.7 908.4 173.1 64.5 917. 8 4, 222.8 369.4 597.9 484.7 77.2 Sept. (Oct. 2) 5, 805. 5 1,004. 2 683.0 457.9 884.4 176.3 84.6 934.0 4,224.4 387.3 603.8 506. 5 83.6 Oct. 30 5, 794. 0 994.4 679.9 456.9 896.7 173.9 75.9 930.0 4, 207. 6 384.4 601.0 515.4 85.6 Nov. 27 5, 860.0 1,007. 2 675.9 450. 8 895.8 173.8 70.3 925.5 4,199.2 415.5 606.5 557.9 80.9 Dec. (Jan. 1, 1941) 5, 825. 4 969.6 670.3 455. 6 911.5 175.9 55.4 922.7 4,161.0 411.7 606.8 555.7 90.2 1941—Jan. 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. (Apr. 2) 5, 773. 9 968.5 665.4 471.0 883.6 177.1 47.4 898.1 4,111.0 394.9 623.7 542.7 101.7 Apr. 9 5, 901. 3 1, 077. 2 670.0 466.4 877.8 177.7 47.2 905.0 4, 221. 2 395.7 621.2 557. 8 105.5 Apr. 16 5,933. 9 1, 097. 3 670.1 466.2 872.5 177.8 47.3 910.5 4,241.7 395. 5 631.2 556.2 109. 3 Apr. 23 5, 923. 0 1, 068. 4 670.1 463. 3 873.5 177.6 47.5 900.6 4, 201.1 407.0 645. 9 555. 5 113.5 Apr. 30 5, 913. 4 1, 054. 6 668.6 463.3 872.4 177.8 47.0 899. 2 4,182. 9 410.7 639.1 563.7 117.0 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 i e n r- Asia x ot A he ll r » 1935—Dec. (Jan. 1, 1936). 603.3 128.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 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 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. 8 376.1 190.9 362.7 -20.1 19.7 470.0 1, 655. 4 174. 5 215.1 325.4 60.5 1940—July 31 2, 900. 0 270.9 164.4 435.5 -16.0 7.0 587.8 1,914.7 253.8 299.9 376.8 54.8 Aug. (Sept. 4) 3,040. 7 313.6 168.8 462.7 -19.1 7.3 604.8 2,021.2 295.8 311.4 361.7 50.7 Sept. ^Oct. 2) 3,092. 8 314.3 166.3 445.9 -16.5 5.8 620.6 2,007. 8 310.6 317.5 401.8 55.1 Oct. 30 3,112.5 306.6 165.1 476.3 -20.6 615.6 2,012.4 307.9 325.1 410.3 56.8 Nov. 27 3,194.0 325.0 158.9 479.9 -21.6 609.4 2,017.1 335. 0 332.7 456.0 53.2 Dec. (Jan. 1, 1941) 3,152.5 293.3 160.3 494.7 -22.9 603. 7 1.986. 3 334. 1 326. 4 444.4 61.3 1941—-Jan. 29 3, 210. 6 349.7 156.1 482.3 -24.2 -2. 8 587. 5 2, 003. 7 343.4 336. 1 459. 7 67.7 Feb. 26 3, 098. 2 279.2 155.4 475.8 -22.7 -3.3 584.6 1,924.1 334. 6 314. 2 453. 9 71.3 Mar. (Apr. 2) 3,144. 5 297.3 173.4 484.2 -24.0 -3.5 576.9 1, 957.1 321.4 349.3 442. 6 74.1 Apr. 9 3, 269. 3 404.7 168.8 479.0 -24.0 -3.5 584. 5 2, 066. 5 321.0 347.4 456. 4 78.0 Apr. 16 3, 294. 9 425.2 168.6 475.5 -23.8 -3.5 589.6 2, 088. 7 323.9 354. 9 445. 5 81.9 Apr. 23 3, 275. 0 397.1 165.8 475.9 -23.9 -3.3 578.3 2, 047.1 333.3 367. 8 440.5 86.2 Apr. 30 3, 253. 0 165.8 475.4 -23.9 -3. 8 576.7 2, 028. 7 333.9 358.0 442.6 89.9 TABLE 4.—UNITED STATES BANKINGFUNDS 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 ad an a - A L i m a c t a e in r- Asia ' oth A e l r l * 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431 5 178.0 62.0 —3 3 2 7 66 0 16 3 22.0 343.7 36.9 24 9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460. 9 35.9 66.8 -46. 5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940_July 3i 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) 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2. 1 1941—Jan. 29 759 9 269 2 75.4 17 8 5 9 192 4 25. 5 48.7 634.8 62 6 40 1 20.2 2 o Feb. 26 776.1 271.4 75.6 17.8 4.2 193.0 25. 5 48.8 636.3 65.4 50.9 21.6 1.9 Mar. (Apr. 2) 767.4 268.2 76.0 17.8 5.0 195.0 25.6 49.7 637. 2 65.3 44.4 19.2 1.3 Apr. 9 766.4 269.4 76.0 17.7 5.3 195.6 25.4 49.0 638.5 64.5 41.9 20.3 1.2 Apr. 16 772.4 268.6 76.0 17.8 4.1 195.6 25.5 49.2 636. 8 61.4 43. 6 29.6 1.0 Apr. 23 785 0 268.9 75.9 17.8 5.2 195. 6 25.5 50.2 639. 2 66.9 44.6 33.5 .9 Apr. 30 798.9 269.6 75.9 17.7 5.3 195.7 25.5 50.7 640.4 71.3 47.7 38.7 .8 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. AUGUST 1941 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g 2 h— , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n i r t d - z- m G a e n r y - Italy E O ur th o e p r e E T u o ro ta p l e Can- A L i m a c t a e in r- Asia1 ot A he ll r i 1935—Dec. (Jan. 1, 1936). 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) 641.8 127. 7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940) 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—July 31 788.9 131.4 42.9 31.0 48.6 36.2 28.0 194.9 513.2 18.9 195.6 48.5 12.7 Aug. (Sept. 4) 790.5 131.0 43.0 31.0 47.8 36.0 28.1 195.4 512.3 19.5 196.7 49.1 12.9 Sept. (Oct. 2) 793.2 130.5 43.0 31.0 47.4 36.1 28.1 195.9 512.0 20.7 197.6 50.1 12.9 Oct. 30 794.6 130.2 42.9 31.0 46.3 36.5 28.1 196.0 511.0 21.3 198.6 50.5 13.1 Nov. 27 798.4 129.9 42.9 31.0 46.0 36.5 28.1 196.1 510.6 23.5 199.8 51.2 13.3 Dec. (Jan. 1, 1941). 804.1 128.9 43.4 31.0 46.0 36.5 28.1 196.4 510.3 25.0 202.3 53.0 13.5 1941—Jan. 29 808.5 129.1 43.5 31.0 46.1 36.5 28.1 197.2 511.6 25.8 203.5 54.2 13.5 Feb. 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. (Apr. 2) 813.5 129.1 43.7 31.0 45.2 36.5 28.1 198.9 512.6 26.5 203.0 57.6 13.9 Apr. 9 816.4 129.0 43.8 31.0 45.2 36.5 28.1 198.9 512. 4 27.3 205.0 57.8 13.9 Apr. 16 817.0 128.9 43.8 31.0 45.2 36.5 28.1 199.0 512. 5 27.3 205.3 57.9 14.0 Apr. 23 817.7 128.8 43.8 31.0 45.2 36.5 28.1 199.1 512.4 27.5 205.6 58.0 14.2 Apr. 30 816.6 128.7 43.8 31.0 45.2 36.5 28.1 199.1 512.4 25.9 206.0 58.2 14.2 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 e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia* ot A he ll r i 1935—Dec. (Jan. 1, 1936).. 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 ,___ 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 J, 094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940)_ 1,133. 7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 ^,004.4 -2.6 30.1 87.6 14.3 1940—July 31 .... 1,069. 9 279.5 74.8 230.4 376.3 -28.7 11.8 64.8 1,008. 9 -24.2 27.7 44.5 13.1 Aug. (Sept. 4) 1,047.1 275.0 74.7 230.6 372.9 -28.8 5.9 64.6 994.9 -21.9 26.8 33.9 13.4 Sept. (Oct. 2) 1,044. 3 271.1 74.5 230.7 365.4 -28.8 26.2 64.5 1,003. 5 -20.7 26.6 22.0 12.8 Oct. 30 1,020. 6 268.0 74.1 230.6 349.6 -29.1 23.1 64.5 980.9 -19.0 26.2 20.0 12.6 Nov. 27 1,003. 6 264.4 74.1 230.9 346.8 -29.1 17.0 64.6 968.7 -20.3 25.1 17.5 12 6 Dec. (Jan. 1, 1941).. 992.8 261.2 74.4 233.2 348.1 -29.1 2.7 64.9 955.4 -18.4 25.6 17.6 12.6 1941—Jan. 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. 26 958.4 257. 7 74.2 233.2 338.9 -30.2 -3.0 64.5 935. 3 -26.9 21.8 16.8 11.4 Mar. (Apr. 2) 952.7 257.1 74.2 234.9 334.7 -30.3 -3.0 64.8 932.5 20.9 16.9 11.3 Apr. 9... 952.1 256.9 74.1 235. 0 334.2 -30.3 -3.0 64.7 931.6 -28.5 20.8 16.9 11.3 Apr. 16_ 950.9 256.9 74.2 234.9 333. 5 -30.3 -3.0 64.7 930.8 -28.6 20.6 16.8 11.3 Apr. 23_. 946.8 256. 8 74.2 234.8 333.0 -30.3 -3.0 64.8 930.2 -32.2 20.8 16.7 11.3 Apr. 30.. 946.7 256.8 74.3 234.8 332.1 -30.3 -3.0 64.9 929.5 -31.8 20.6 17.0 11.3 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From t h J r a o n u . g 2 h , - 1935, Total U K d n i o i n m t g 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* ot A he H r » 1935—Dec. (Jan. 1, 1936) 6.0 () 2.4 1.3 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 -.5 .5 () 1 1 9 9 3 3 9 8 — — D D e e c c . . ( ( J J a a n n . . 3 4 , , 1 1 9 9 4 3 0 9 ) ) 4 8 7 0 . . 6 6 1 1 9 3. . 4 4 2 1 0 2 . . 1 9 9 6 . . 3 8 1 9 7 . . 6 8 5 5. . 0 2 4 7 7 1 . . 9 6 8 1 . . 7 8 1.6 Q - -3 1 . . 4 5 2 . . 3 1 1940—July 31 16.7 18.5 11.5 18.0 8.3 72.9 11.1 6.3 Aug. (Sept. 4) 100.5 16.3 18.6 11.9 18.8 8.0 73.6 10.9 9.4 6.0 .6 Sept. (Oct. 2) 101.6 16.3 18.8 12.3 19.2 8.1 74.7 11.2 9.1 5.8 .7 Oct. 30 100.7 17.1 19.1 12.5 18.3 7.3 74.4 10.2 8.3 6.8 1.0 Nov. 27 100.0 17.2 18.9 12.5 16.9 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 7.9 74.3 10.7 9.2 6.0 .7 1941—Jan. 29 98.8 17.1 19.2 13.3 15.9 8.9 74.4 10.4 6.8 6.3 Feb. 26 97.2 17.0 19.3 13.5 14.4 9.1 73.3 10.9 6.1 6.1 Mar. (Apr. 2) 95.9 16.7 18.7 13.9 14.5 7.9 71.7 10.6 6.1 6.4 1.1 Apr. 9___ 97.1 17.3 19.1 13.8 14.0 8.0 72.2 11.4 6.2 6.4 1.0 Apr. 16.. 98.7 17.8 19.1 13.8 14.2 8.0 72.9 11.5 6.9 6.4 1.0 Apr. 23.. 98.5 16.7 19.0 13.9 14.2 8.2 72.1 11.6 7.1 6.7 .9 Apr. 30.. 98.2 16.7 19.0 14.0 14.3 7.8 71.8 11.4 7.0 7.2 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other", a For explanation see BULLETIN for May 1937, pp. 395-396. 3 Inflow less than $50,000. < Outflow less than $50,000. 808 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r ei 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- Asiai ot A h l e l 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 9.9 65.0 619.3 1,979. 8 236.0 402.4 501.9 58.6 June (July 3) 3,456. 3 397.9 504.8 184.7 441.0 9.8 29.8 625.7 2,193. 8 259.2 421.4 521.7 60.3 July 31 3, 526. 2 343.0 497.3 178.3 449.2 13.6 25.8 634.7 2,141. 9 353.9 420.8 542.8 66.7 Aug. (Sept. 4) 3, 666. 9 385.7 515.2 182.7 476.4 10.5 26.1 651.7 2,248.4 395.9 432.3 527.6 62.7 Sept. (Oct. 2) 3, 719.0 386.4 503.5 180.3 459.6 13.2 24.6 667.5 2, 235.0 410.7 438.4 567.7 67.1 Oct. 30 3, 738. 7 378.8 500.8 179.1 490.0 9.1 19.4 662.5 2,239. 6 408.1 446. 0 576.3 68.7 Nov. 27 3,820.3 397.2 497.6 172.8 493.5 8.0 18.9 656.3 2,244. 3 435.2 453.6 622.0 65.1 Dec. (Jan. 1, 1941) 3, 778. 7 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2, 213. 5 434.3 447.3 610.3 73.3 1941—Jan. 29 3, 836. 8 421.9 487.2 170.0 496.0 5.5 16.0 634.4 2, 230. 9 443.6 457.0 625.7 79.6 Feb. 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. (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 Apr. 9 3, 899. 8 476.8 489.2 182.8 492.6 5 7 15.3 631. 4 2, 293. 7 421.2 468. 3 626.7 Apr. 16 3, 925. 4 497. 3 489.2 182.6 489.2 5.8 15.2 636.5 2,315.8 424.1 475.8 615.8 93.9 Apr. 23 3, 905. 4 469.2 489.4 179.8 489.6 5.7 15.4 625.2 2, 274. 3 433.4 488.8 610.8 98.2 Apr. 30 3,883. 5 454.9 487.7 179.7 489.1 5.7 15.0 623.6 2, 255. 9 434.0 478.9 612. 9 101.8 Additional Detail Available from January 3,1940 5 European countries 6 Latin American countries 4 Asiatic countries Date Pan- Total g B iu e m l- D m e a n r - k l F a i n n d - N w o a r y - 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 a a m n .Z d a . Total China H K o o n n g g Japan I P s p h l i a i n l n i e d p s - 1940—Jan. 3 407.1 159.2 28.1 ?1 4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 432.9 167.0 71.4 165.4 29.1 Jan. 31 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24.4 38.3 62.1 36.2 434.7 173.8 72.2 158.7 30.0 Feb. 28 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 439.2 178.9 68.5 162.1 29.7 Mar. (Apr. 3) 475.1 184.3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 455.1 178.5 75.2 169.4 32.0 Apr. (May 1) 460.2 183.7 23.0 27.2 67.5 158.9 297.1 80.6 35.0 23.4 46.4 67.2 44.5 461.3 184.1 81.1 164.1 32.0 May 29 443.3 172.0 21.1 29.5 64.1 156.7 311.8 83.3 34.8 24.8 49.6 68.6 50.6 446.2 178.8 79.4 151.8 36.2 June (July 3) 457.0 161.3 19.5 29.6 59.0 187.6 326.5 88.7 39.0 30.2 49.7 65.3 53.5 448.4 181.8 78.4 152. 6 35.6 July 31 457.7 154.9 18.4 29.1 57.8 197.5 321.3 93.1 38.0 29.2 48.1 60.3 52.7 446.6 181.6 84.3 142.6 38.2 Aug. (Sept. 4) 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 408.3 184.7 87.6 97.4 38.7 Sept. (Oct. 2) 470.3 147.9 16.8 29.1 51.2 225.3 338.8 110.1 33.4 26.1 48.7 63.2 57.3 431.6 192.7 87.0 106.8 45.2 Oct. 30 469.0 145.7 16.2 24.3 51.3 231.5 348.2 112.7 39.7 25.0 48.4 64.4 57.9 432.5 195.1 89.4 102.8 45.2 Nov. 27 . 466.2 145.7 16.1 22.0 50.1 232.4 353.8 115.1 44.1 26.9 46.4 62.6 58.6 475.2 218.6 92.2 119.3 45.1 Dec. (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. (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 64.5 447.9 216.7 94.5 90.8 45.9 Apr. 9 . 430.2 134.9 16.5 11.6 45.0 222.3 347.2 107.7 44.9 29.5 53.3 51.4 60.4 450.0 204.5 93.9 104.0 47.6 Apr. 16 430.2 134.9 16.3 11.5 45.0 222.4 351.1 107.7 46 1 29.3 54.8 51.7 61.5 437.7 198.2 93.1 98.3 48.1 Apr. 23 429.7 133.4 16.1 11.4 44.9 223.9 359. 3 111.6 49.5 29.9 55.8 51.8 60.6 430.1 191.2 92.7 98.7 47.4 Apr. 30 433.1 134.1 16.1 12.5 44.8 225.6 349.1 103.4 50.6 28.8 55.6 48.6 62.1 420.5 187.0 92.8 92.5 48.2 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5,1938, Oct. 18,1939, and Mar. 5,1941 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; April 1940, p. 362; and July 1941, p. 707). AUGUST 1941 809 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 e n r y - - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia1 oth A e l r l i Reported by Banks in New YorkVity 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 8.9 Apr. (May 1) 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 8.6 May 29 475.0 30.1 7.9 3.2 5.0 47.3 18.3 44.6 156.5 26.7 113.3 169.5 9.0 June (July 3) 475.0 32.0 6.2 2.6 3.8 47.3 14.2 41.0 147.2 35.3 117.0 167.9 7.7 July 31. 444.9 28.2 4.5 1.9 2.5 46.6 9.6 36.6 130.0 31.3 116.3 159.8 7.5 Aug. (Sept. 4) 386.0 22.6 4.2 1.2 1.9 46.0 4.1 34.9 115.0 31.2 112.3 118.6 8.9 Sept. (Oct. 2) 385.5 20.2 3.5 1.1 1.5 45.6 2.8 34.8 109.4 30.8 113.1 125.7 6.4 Oct. 30 393.4 19.6 3.7 1.0 1.9 44.0 3.3 33.3 106.8 32.4 123.1 124.9 6.3 Nov. 27.. 395.1 21.4 4.3 1.1 1.9 43.0 2.2 32.0 106.0 29.7 125.9 126. 2 7.3 Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Jan. 29.... ___. 399.2 23.0 3.4 .8 2.1 38.8 1.7 31.1 100.9 33.6 125.8 132.4 6.5 Feb. 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. (Apr. 2) _ 391.7 24.0 2.8 .8 3.1 36.1 1.7 30.1 98.6 30.9 121.6 133.4 7.2 Apr. 9 392.7 22.8 2.8 .9 2.7 35.5 1.8 30.8 97.3 31.8 124.0 132.3 7.3 Apr. 16 386.7 23.6 2.8 .9 4.0 35.6 1.7 30.6 99.0 34.8 122.3 123.0 7.5 Apr. 23_ 374.0 23.3 2.8 .8 2.8 35.6 1.7 29.5 96.6 29.4 121.4 119.1 7.6 Apr. 30 360.2 22.6 2.8 .9 2.7 35.5 1.7 29.1 95.3 25.0 118.3 113.9 7.7 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 a r y - S d w e e n - Total g t A i e n r n a - - B z r il a- Chile Cuba M ic e o x- C P a a m a n .Z n d a - . Total China K H o o n n g g Japar I P s 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 31.2 9.6 10.4 6.5 .9 161.9 22.5 1.6 111.2 26.6 Feb. 28 . 20.4 7.4 2.9 .8 4.0 5.4 69.9 12.0 31 8 9.7 11.1 4.4 .9 168.0 25.4 3.2 111.2 28.2 Mar. (Apr. 3) 19.4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26.1 1.7 125. V 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 l.f 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 ? 40.2 10.8 10.9 4.6 1.7 110.7 24.2 3.0 58. C 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 1.6 62.8 25.6 Dec. (Jan. 1, 1941). 5.5 1.5 .3 1.8 .9 1.0 78.4 11.9 33.1 13.4 11.7 6.1 2.1 103.8 23.7 1.7 55.8 22.6 1941—Jan. 29 5.6 1.4 .3 1 9 .8 1.2 80.0 11,1 34,0 14.9 11.8 6.1 2.1 117.9 24.2 1.1 71.8 20.7 Feb. 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. (Apr. 2) 4.8 1.3 .1 1.9 .7 .9 71.1 10.4 30.0 12.2 10.7 5.4 2.5 115.2 26.5 .9 67.3 20.4 Apr. 9 4.8 1.3 .1 2.0 .7 .7 73.5 11.8 31.1 11.7 11.0 5.4 2.5 115.9 25.5 1.0 68.9 20.6 Apr. 16 . 5.3 1.3 .1 1 9 .7 1.4 72.3 11 0 29 6 11.8 11.4 6.1 2.5 106.3 26.2 .9 57.6 21.6 Apr. 23 4.5 1.3 .1 1.9 .7 .6 71.3 11.1 29.1 12.1 10.9 5.7 2.5 103.2 26.9 1.0 53.8 21.6 Apr. 30 4.4 1.3 .1 1.9 .7 .6 69.0 10.8 28.1 12.0 10.3 5.4 2.5 97.0 26.1 1.0 46.9 23.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 8 Last report date on old basis. 8 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). 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of Assets of banking department Liabilities of banking department issue dept. Bank of England Note (Fi p g o ur 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 u n i s c 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 3 - 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 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31._. 147.6 260.0 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30._. 120.7 275.0 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28... 119.8 275.0 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27... 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26... 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25... 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30.. 313.7 200.0 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29.. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28... 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27.. 580.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—June 26.. 630.0 28.1 4.7 174.6 602.2 82.7 58.0 50.3 17.9 July 31... 630.0 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug. 28.. 630.0 .7 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25.. 630.0 .8 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 30. _ 630.0 .5 38.7 3.0 153.3 108.0 18.3 51.5 17.7 Nov. 27.. 630.0 1.0 36.9 6.9 161.2 110.8 27.1 50.3 17.8 Dec. 25.. 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Jan. 29... 630.0 1.0 31.0 3.8 175.4 599.2 107.9 32.4 53.0 18.0 Feb. 26_. 630.0 1.4 27.0 3.7 175.4 603.2 121.7 14.6 53.0 18.1 Mar. 26.. 630.0 1.1 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Apr. 30- * 680.0 1.5 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 May28_. 680.0 1.6 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 June 25 . 680.0 1.7 41.3 6.9 156.2 639.0 112.5 25.3 50.4 17.8 Assets Liabilities Bank of France Domestic bills Loans on- Deposits Ad- (Figures in millions For- vances of francs) Gold6 ch e e a i x g n - n ge m O ar p k e e n t7 c S i p a e l - 7 Other G e t r o o n v - - G S t o h e v r o e m r r t n - - s O ec th u e ri r - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov en er t n- Other l O i t a i t e b h s i e l r iment ment se- ties curities 1929—Dec. 27- 41,668 25,942 5,612 8,624 2,521 5,603 68,571 11,737 7,850 1,812 1930—Dec. 26. _ 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12,624 11,698 2,241 1931—Dec. 30.. 68,863 21, 111 7,157 7,389 2,730 8,545 85, 725 22,183 1,989" 1932—Dec. 30. _ 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29. _ 77,098 1,158 6,122 4,739 2,921 8,251 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 3,211 83,412 3,718 15, 359 1,907 1935—Dec. 27. _ 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,11$ 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_. 892, 266 722 8,074 2,279 5,009 20,577 374 3,471 14,753 122, 611 5,188 16,909 2,816- July 27— 92, 266 722 8,316 2,275 5,000 20, 577 472 3,461 14,458 123,239 5,468 16,058 2,781 Aug. 31- 8 97, 266 218 9,396 1,708 15,009 20,577 2,412 3,805 16,016 142, 359 3,304 18,038 2,708- Sept. 28.. 97, 266 212 9,734 1,958 14,830 22, 777 930 3,661 16,482 144, 562 2,342 18,022 2,92$ Oct. 26... 97, 266 85 10,038 2,007 25,473 336 3,576 17,100 144,379 2,004 14,790 3,006 Nov. 30.. 97, 266 120 10,565 1,626 5,206 30,473 454 3,581 17, 769 149,370 1,953 12,392 3,346- Dec. 28.. 97, 267 112 11,273 2,345 5,149 34,673 174 3,482 16,438 151, 322 1,914 14, 751 2,925- 1940—Jan. 25___. 97, 268 111 11,861 2,235 5,011 35,673 229 3,444 15, 963 151, 738 1,834 14,965 3,259 Feb. 29... 97, 275 109 12, 505 1,810 4,630 40, 523 465 3,403 16,917 156,150 1,203 17,128 3,156- Mar. 28... 884,614 111 42, 645 1,870 5,005 20,550 320 3,376 15,970 156,032 1,154 14,262 3,014 Apr. 25— 84, 615 112 42, 694 1,781 5,769 20,900 228 3,411 15, 666 156,285 1,171 14, 681 3,038 May 30— 84, 616 102 44,083 1,889 14,473 32,600 2,320 3,716 16, 694 170,853 1,046 25,782 2,811 June 10— 84,616 108 44,173 1,518 11,885 36,250 2,534 3,822 18,865 174,469 1,049 25,405 2,848 Dec. 26 »_. 84, 616 42 43,194 661 3,646 wi36,217 721 3,967 18, 491 218,383 3,586- 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. « On Jan. 6, 1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about £5,- 500,000 (at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank; on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account. 6 Fiduciary issue increased by £50,000,000 on April 30, 1941. 6 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of these items, 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. i° 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. Conventions dated Jan. 20 and Mar. 22, 1941, increased the amount of authorized advances for occupation costs to 85,000,000,000 and 100,000,000,000 francs respectively, and subsequent Conventions have raised the figure to 118,000,000,000 francs. 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. 811 AUGUST 1941 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 ex f c g G h o a o ld n l g d a e i ndB i T c n i h l r c b l e e l s i u a c l ( l k s d a s u s i n n ) r , d y g Se lo c a u n ri s ty E a c s li o g n v i o e S 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 b e 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 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 920 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 396 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31. 84 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 88 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 72 5,510 74 221 765 4,980 1,012 953 1937—Dec. 31_ 76 6,131 60 106 861 5,493 1,059 970 1938—Dec. 31- 76 8,244 45 557 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—June 29. 77 12,611 25 143 454 2,595 12, 785 1,854 1,266 July 31. 78 12, 613 28 114 408 2,377 12, 750 1,620 1,248 Aug. 31. 77 12, 891 31 56 419 2,448 13,026 1,608 1,287 Sept. 30. 78 13, 206 16 50 422 2,184 12,847 1,795 1,314 Oct. 31.. 78 13,069 31 56 425 2,240 12, 937 1,610 1,352 Nov. 30. 78 13, 532 26 51 427 2,223 13,198 1,706 1,433 Dec. 31. 78 15, 419 38 32 357 2,066 14,033 2,561 1,396 1941—Jan. 31.. 77 14, 503 28 28 349 1,834 13, 694 1,726 1,399 Feb. 28.. 77 15, 284 34 24 351 1,445 13, 976 1,935 1,305 Mar. 31_ 78 15, 367 23 32 352 1,672 14,188 2,127 1,210 Apr. 30- 78 15, 644 32 22 488 1,548 14, 689 2,006 1,117 May 31- 78 15,918 23 18 438 1,922 15, 210 2,012 1,174 June 30P 78 16, 258 20 45 (2) 15,565 2, 373 (2) v Preliminary. i Not shown separately on Reichsbank statement after June 15, 1939. * 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) June May Apr. June date of month) June May Apr, June Central Bank of the Argentine National Bank of Bohemia and Mo- Republic (millions of pesos): ravia—Cont. (Mar.)J Gold reported separately .. 1,071 1,071 1,224 Other assets () Other gold and foreign exchange- 308 302 168 Note circulation 7,007 5,411 Negotiable Government bonds.. 370 333 239 Demand deposits 2,051 822 O Re th d e i r s c a o s u s n et t s ed paper 20 2 7 8 21 3 1 3 »-227 Cent O ra th l e B r a li n a k b i o li f t ie B s olivia (thousands (5) Note circulation 1,233 1,231 1, 220 of bolivianos): Deposits—Member bank 550 497 401 Gold at home and abroad 104, 959 96, 831 Government 130 152 159 Foreign exchange 42, 607 79, 406 Other 6 4 3 Loans and discounts 224,182 229,145 Foreign exchange sold forward- 4 6 18 Securities—Government 440, 344 423, 713 Other liabilities 62 59 Other 8,513 12, 982 Commonwealth Bank of Australia Other assets 202, 454 20, 236 (thousands of pounds): Note circulation 508, 348 422,171 Issue department: Deposits 422, 463 348, 805 Gold and English sterling.... 17, 705 17, 705 16,082 Other liabilities 92, 248 91, 338 Securities 49, 374 49,125 53, 645 National Bank of Bulgaria (mil- (Oct. Banking department: lions of leva): 1940)i Coin, bullion, and cash 3,864 2,969 5,377 Gold 2,006 2,006 London balances 56, 417 57, 253 42, 993 Net foreign exchange in reserve. _ 4 4 Loans and discounts 22,110 22, 397 33, 480 Foreign exchange 1,472 1,540 Securities 39, 543 42, 484 34, 282 Loans and discounts 2,749 1,739 Deposits 112, 777 LI6, 670 .08, 212 Government debt 3,373 3, 373 Note circulation 65,869 65, 619 60, 875 Other assets 2,756 2,160 National Bank of Belgium (millions Note circulation 6,262 4,577 of belgas): :) Deposits 3,119 3,768 Gold 4,331 4,329 Other liabilities 2,980 2,477 Foreign exchange 461 70 Bank of Canada (thousands of Ca- Credits to State and public bodies 1,954 -9457 nadian dollars): Credits to private economy 172 2 1, 681 Gold e Due from Bank of Issue, Brussels 447 Sterling and United States ex- Other assets 499 579 change 491 116, 280 .33, 994 3, 251 Note circulation 7,409 6,690 Canadian Gov't. securities: Demand deposits _. 300 287 2 years or less 501, 489 175, 523 !72, 484 402, 914 Other liabilities 155 139 Over 2 years 142, 946 26, 482 .18,151 118, 485 National Bank of Bohemia and Mo- Other assets 28, 901 9,911 12, 813 11,289 ravia (millions of koruny): Mar.)1 Note circulation 393, 397 !79, 426 372, 597 272, 565 Gold3 1,465 1,597 Deposits—Chartered banks 200, 348 139, 789 228, 857 208, 584 Foreign exchange 769 732 Dominion Gov't 54, 545 T8, 579 18, 248 36, 576 Discounts 250 322 Other 10, 550 5,382 3,770 4,360 Loans 511 Other liabilities 14, 988 15, 020 13, 971 13, 854 r Revised. 1 Latest month for which report is available for this institution. 2 In figures for June 1940, credits to public bodies other than the State itself are included in "Credits to private economy". 3 Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. 4 Less than 500,000 koruny. s Figure not available. 8 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). 812 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) date of month) June May Apr June June May Apr June Central Bank of Chile (millions of Bank of Finland (millions of pesos): markkaa): Gold 147 147 146 Gold 556 604 Discounts for member banks 228 224 147 Foreign assets 1,182 1,234 Loans to Government 742 742 746 Loans and discounts 5,610 5,531 Other loans and discounts 442 496 367 Domestic securities 414 400 Other assets 116 118 24 Other assets 2,212 1,849 Note circulation 1,205 1,212 1,027 Note circulation ___ 5,659 5,798 Deposits- Deposits 796 572 Bank 170 206 159 Other liabilities 3,520 3,248 Other 60 73 88 Bank of Greece (millions of drach- Other liabilities 239 235 157 mas): (Mar.)i Bank of the Republic of Colombia Gold and foreign exchange (net)_. 18.465 4,600 (thousands of pesos): Loans and discounts 16, 585 15,078 Gold 31, 508 28,405 29, 973 37, 739 Government obligations 3,947 4,105 Foreign exchange 20,919 29,140 21, 771 4,833 Other assets 3,589 2,755 Loans and discounts 21, 503 16, 728 18, 303 22,805 Note circulation 19, 371 11,475 Government loans and securities- 56, 582 55, 487 58, 498 38, 467 Deposits 20,908 13, 046 Other assets 30,794 34,456 36, 019 29,873 Other liabilities 2,306 2,017 Note circulation 68, 688 65, 477 62, 272 57, 037 National Bank of Hungary (mil- Deposits 52, 405 58, 600 63,091 50,593 lions of pengo): Other liabilities 40, 212 40,139 39, 202 26,087 Gold 124 124 National Bank of Denmark (mil- Foreign exchange reserve 28 59 lions of kroner): Discounts 844 670 Gold 105 105 Loans—To Treasury 732 343 Foreign exchange 24 24 Other 39 46 Clearing accounts (net) 532 479 113 Other assets 389 325 Discounts 9 9 25 Note circulation 1,681 1,078 Loans—To Government agencies 22 19 228 Demand deposits 182 162 S O e t c h u e r r i t a i s e O s s e t t h s er 6 1 9 5 7 4 3 9 6 1 4 4 5 1 1 6 1 1 1 5 7 8 6 5 4 Rese C O r o v th e n e s r o B l l a i i d n a a b k t i e l o i d t f i f e o I s n re d ig ia n c ( r m e i d l i l t i s o o n f s 1 o 9 f 31 24 5 2 1 ( 3 5 2 ) 8 Note circulation 745 719 697 rupees): Deposits 669 563 Issue department: Other liabilities 204 192 Gold at home and abroad 444 444 Central Bank of Ecuador (thou- Sterling securities 1,088 1, 295 sands of sucres): (Feb.)1 Indian Gov't. securities 913 486 Gold 2 63, 427 50, 270 Rupee coin 361 334 Foreign exchange (net) 13, 748 13,472 Note circulation 2,671 Loans and discounts 58, 242 61, 962 Banking department: Other assets 22, 608 22, 613 Notes of issue department. _- 135 90 Note circulation 74, 798 67, 393 Balances abroad 287 222 Demand deposits 52, 456 41, 772 Treasury bills discounted 9 41 Other liabilities 30, 771 39,152 Loans to Government 110 1 National Bank of Egypt3 (thou- (Dec. Investments 78 84 sands of pounds): 1940)1 Other assets 16 16 Gold 6,241 6, 544 Deposits 487 342 Foreign exchange 1,928 2,359 Other liabilities 149 111 Loans and discounts 7,800 6,661 Bank of Japan (millions of yen): British, Egyptian, and other Cash, bullion, andforeignaccounts 574 590 () Government securities 58, 805 36, 513 Special foreign exchange funds... 300 300 300 Other assets 6,299 (4) Advances—To Government. _ 2 2 3 Note circulation 37, 309 () Other? 534 539 976 D O e th p e o r s i l t i s a — bil O G it t o i h e v s e e r rnment 3 1 0 0 2 , , , 4 3 8 8 9 9 0 3 0 17 2 , , 8 4 4 2 5 3 N G O o t o h t v e e e r r c n a ir s m c s u e e l t n s a t t i b o o n nds 3 3, ,8 5 9 7 1 6 5 3 9 3 3 , , 6 5 9 2 5 2 9 3 8 3 2 ( , , 5 5 6 9 4 ) 7 7 Central Reserve Bank of El Salva- Deposits—Go vernment 853 838 596 dor (thousands of colones): Other 444 404 152 Gold 13, 255 13, 233 13, 216 Other liabilities 545 444 402 L Fo o r a e n i s g n a n e d x c d h i a s n co ge unts 1, 9 6 3 9 5 0 3 1 , , 9 3 2 9 1 7 2 2, , 4 2 7 5 3 6 Bank G o o l f d J s ava (millions of guilders): 327 144 Government debt and securities_ 7,072 6,178 5,296 Foreign bills 17 20 Other assets 1,539 1,494 1,216 Loans and discounts 98 103 Note circulation 14,931 15, 073 14, 376 Other assets 102 122 Deposits 4,992 4,891 6,101 Note circulation 222 207 Other liabilities 4,568 6,259 3,979 Deposits 286 154 Bank of Estonia (thousands of Other liabilities 37 28 krooni): (July Bank of Latvia (millions of lats): (July Gold and net foreign ex- 1940)i 1940)i change 47, 846 Gold 72 72 Loans and discounts 57, 399 Foreign exchange reserve. 29 30 Other assets 47, 437 Loans and discounts 234 217 Note circulation 88, 492 Other assets 45 43 Demand deposits 28, 285 Note circulation 123 117 Other liabilities 35, 905 Deposits 204 188 Other liabilities 52 57 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 Figure not available. 5 Included in "Other liabilities". s No comparable figure available. Gold alone was reported at 501 million yen in June 1940. " Includes bills discounted, no longer shown separately beginning Mar. 29, 1941. s Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder. AUGUST 1941 813 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) June May Apr. June date of month) June May Apr. June (Aug. South African Reserve Bank— Cont. Bank of Lithuania (millions of litu): 1940)i Other assets __ 40,927 39, 012 35,213 Gold 67 66 Note circulation 26,181 22, 538 22, 757 Foreign exchange 11 10 Deposits 61, 651 63,381 48, 587 Loans and discounts 182 199 Other liabilities 4,297 3,912 3,781 Other assets 83 63 Bank of Sweden (millions of Note circulation 187 193 kronor) : Deposits 111 104 Gold 396 384 438 • Other liabilities _ _ 46 41 Foreign assets (net) _ 818 780 437 Netherlands Bank (millions of guil- Domestic loans and investments. 686 772 895 ders) : Other assets. . 858 843 840 Gold2 1,022 1,116 Note circulation. 1,398 1,403 1,478 Silver (including subsidiary coin) 17 11 Demand deposits 593 630 140 Foreign bills .. 23 Other liabilities. 767 746 992 Discounts .. 217 38 Swiss National Bank (millions of Loans . 211 228 francs): Other assets 357 67 Gold7 2,283 2,135 Note circulation 1,614 1,219 Foreign exchange 1,198 399 Deposits—Government 3 Discounts 255 292 Other 170 188 Loans 26 115 Other liabilities 62 51 Other assets 223 256 Reserve Bank of New Zealand Note circulation. _ 2,133 2,252 (thousands of pounds): Other sight liabilities 1,606 668 Gold 2 802 2 802 2,802 Other liabilities 245 276 Sterling exchange reserve 21, 240 20, 516 14, 826 Central Bank of the Republic of Advances to State or State un- Turkey (thousands of pounds): dertakings 17, 767 18, 670 23, 517 Gold _ . 119,003 110, 295 Investments 3,773 3,773 2,540 Foreign exchange—Free 59 Other assets 1,680 1,687 406 In clearing accounts _ 43,327 21,427 Note circulation 21, 782 21, 854 18, 617 Loans and discounts .._ 411, 273 270, 496 Demand deposits 22, 713 22, 876 23,178 Securities _ 192, 353 196,012 Other liabilities 2,767 2,717 2,295 Other assets 16, 552 36, 260 Bank of Norway (millions of Note circulation 487, 518 354,938 kroner): (Mar.)i Deposits—Gold 79, 358 78,124 Gold 186 Other... 83,231 63,298 Foreign assets 102 Other liabilities 132, 402 138,188 Total domestic credits and Bank of the Republic of Uruguay securities ._ 435 (thousands of pesos): Discounts.. Issue department: Loans _ Gold and silver ._ .. 86, 235 86, 235 Securities Note circulation 106,479 96, 728 Other assets _ __ Banking department: Note circulation 599 Gold8 77,992 21, 454 Demand deposits—Government- 9 Notes and coin _ __ 28, 311 46, 034 Other 112 Advances to State and to Other liabilities government bodies 41, 021 Central Reserve Bank of Peru Other loans and discounts.._ 90,135 9113,630 (thousands of soles) : Other assets 100, 797 119, 807 Gold and foreign exchange.._ _ 49,671 51,083 Deposits 124, 983 99,931 Discounts _ _. 31,519 15,820 Other liabilities 213, 275 200, 994 Government loans... 133, 845 115,813 National Bank of the Kingdom of Other assets __ __ . 12, 630 7,687 Yugoslavia (millions of dinars): (Feb.)i Note circulation 155,478 133,327 Gold 2,790 2,244 Deposits . 46,047 36,773 Foreign exchange. _ 909 520 Other liabilities 26,140 20,303 Loans and discounts 1,686 1,901 Bank of Portugal (millions of Government debt 3,061 3,073 escudos): (Mar.)1 National defense bills 7,128 3,787 Gold 4 1,270 921 Other assets 3,465 3,389 Other reserves (net) 870 419 Note circulation. 13,973 12,210 Non-reserve exchange 997 379 Other sight liabilities 3,510 1,862 Loans and discounts... _ 362 455 Other liabilities 1,555 841 Government debt _ __ 1,031 1,033 Bank for International Settle- Other assets. .> ._ 876 1,532 ments (thousands of Swiss gold Note circulation ._ ___ 2,779 2,593 francs ">): Other sight liabilities 1,910 1,004 Gold in bars... _ __ 36, 575 29, 742 Other liabilities 716 1,140 Cash on hand and on current National Bank of Rumania (mil- account with banks 27, 448 42, 223 lions of lei): Sight funds at interest 15, 610 16, 577 Gold5 32, 279 31,606 Rediscountable bills and accept- Special exchange accounts 3,061 3,773 ances (at cost) 141, 438 145, 405 Loans and discounts... __ 29,167 24,199 Time funds at interest... 21, 241 21, 353 Special loans 6 619 884 Sundry bills and investments 230, 917 211, 062 Government debt _ _ 9,703 7,958 Other assets _ _ 2,355 2,384 Other assets 24, 235 12,433 Demand deposits (gold) _ 32,050 12,176 Note circulation 71, 448 56,331 Short-term deposits (various Demand deposits 16, 967 15,803 currencies): Other liabilities _- 10,648 8,720 Central banks for own ac- South African Reserve Bank (thou- count _ _ 16, 072 30, 722 sands of pounds): Other 3,044 2,368 Gold 50, 720 50,125 36,656 Long-term deposits: Special ac- Foreign bills 471 691 1,510 counts _ 229,001 229,001 Other bills and loans 11 3 1,746 Other liabilities 195,417 194, 479 1 Latest month for which report is available for this institution. 2 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder. 3 Figure not available. 4 On October 16, 1940, gold revalued on basis of average cost. 5 Gold revalued May 19, 1940, at 0.0043 gram fine gold per leu, and again on April 1, 1941, at 0.0047 gram per leu. 6 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. 814 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 anntm] Date effective U K d n i o i n m t g ed - France m G C a e n e r- y ntra g l B i b u e a m l- nk N o l f a e — e n r t d - h s - S d w e e n - S l w a er n i - t d z- b C an e k n tr o a f— l R Ju 3 a l 1 t y e ef D fec a t t i e ve b C an e k n t o r f a — l R Ju 3 a l 1 t y e ef D fec a t t i e ve Albania Mar. 21,1940 Japan 3.29 Apr. 7,1936 In effect Oct. 2, Argentina 3^1 Mar. 1,1936 Java 3 Jan. 14,1937 1936 _ _ 2 3 4 2 3 2 Belgium 2 Jan. 25,1940 Latvia 5 Feb. 17,1940 Oct. 9 23^ Bohemia and Lithuania ... 6 July 15,1939 Oct. 16 2 Moravia Oct. 1, 1940 Mexico 4 Jan. 2,1941 Oct. 20 21/ Nov. 26 1H Dec. 3 2 Jan. 28, 1937 4 Bolivia 6 Nov. 8,1940 Netherlands June 26, 1941 June 15 6 British India- 3 Nov. 28,1935 New Zea- July 7 _. 5 Bulgaria 5 Dec. 1, 1940 land 2 May 27,1940 Aug. 4 4 Canada Mar. 11,1935 Norway 3 May 13,1940 Sept. 3 VA Chile 3-4H Dec. 16, 1936 Peru 5 Aug. 1,1940 Nov. 13 3 Colombia 4 July 18,1933 Portugal 4 Mar. 31, 1941 May 10, 1938 4 May 13 VA May 30 3 Sept. 28 3 Denmark 4 Oct. 16,1940 Rumania 3 Sept. 12,1940 Oct. 27 2H Ecuador 7 May 26,1938 South Africa 3 June 2,1941 Nov. 25 El Salvador._ 3 Mar. 30,1939 Spain 4 1 Mar. 29,1939 Jan. 4, 1939 2 Estonia Oct. 1,1935 Sweden 3 May 29,1941 Apr. 17 4 Finland 4 2 Dec. 3,1934 Switzerland. Nov. 26,1936 May 11 3 July 6 Aug. 24 4 Aug. 29 ... _ 3 France Mar. 17, 1941 Turkey 4 July 1,1938 Sept. 28 3 Germany Apr. 9,1940 United King- Oct. 26... 2 Greece 6 2 Jan. 4,1937 dom.. ... 2 Oct. 26,1939 Dec. 15 3 Hungary 3 Oct. 22,1940 U. S. S. R._. 4 July 1,1936 Jan. 25, 1940 2 Italy 43^ May 18,1936 Yugoslavia. 5 Feb. 1,1935 Apr. 9 33^ May 17 33^ Mar. 17, 1941 \% 1 Not officially connrmed. May 29 3 NOTE.—Changes A*lay 31-June 3C(corrected): South ALfrica—June 2, June 26 2V2 down from 33^ to 3 per cent; Nethei'lands—June 26, dowi1 from 3 to 2Y2 In effect July 31, per cent. Changes snee June 30: none. 1941 2 2 3 IK OPEN MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c a m e n p o k ta n e n r th c s' e s s 3 T r m e b a i o l s l n u s t r h y s Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t 1 M m f o o o n r n ey th m u L p o o n a to t n h s 3 s d P is r r c i a v o t a e u t n e t 1929—May 5.21 5.21 4.67 7.49 9.32 5.37 5.88 3.34 1930—May 2.16 2.11 1.93 1 3.89 3.62 2.29 2.53 2.44 1931—May _ 2.24 2.21 1.87 1 4.65 5.38 1.39 1.55 3-5 1.12 1932—May 1.44 1.10 1.29 4.87 5.91 .60 1.03 1.50 1 1 9 9 3 3 3 4 — — M M a a y y . . 5 9 0 1 . . 3 8 7 5 . . 8 5 5 8 if 3 3 . . 8 8 7 7 4 5 . .2 7 4 2 2 1 . . 1 3 1 3 1 1 . . 2 6 2 9 23J-5 2 1 1. . 5 5 0 0 1935—May .59 .51 .75 Y2 3.09 3.17 3.78 2.96 234-4^ 2.39 1936—May .55 .54 .75 2.92 2.76 2.15 1.82 234-5 2.25 1937—May .55 .51 .75 Y2 2.88 2.69 .17 1.00 1.00 1938—May .53 .51 .75 Y2 2.88 2.66 .13 .50 1.00 1939—May .73 .70 .75 Y2 2.77 2.46 .72 .80 23^-5 1.00 1940—May. . 1.03 1.02 1.00 lA 2.38 1.98 !2. 20 13.21 1.41 1940—June __ 1.03 1.02 1.00 XA 2.38 1.98 1.50 July 1.03 1.02 1.00 2.38 1.73 (2) 2.83 31^-53^ 1.50 Aug. 1.03 1.02 1.00 2.31 1.77 3.00 1.50 Sept 1.03 1 03 1.00 2. 25 2.03 2.25 2.68 1.50 Oct. 03 1.02 1.00 1/ 2.25 1.87 2.25 2.75 3L/5IZ 1.31 Nov. L. 03 1.02 1.00 \/ 2.25 1.93 2.25 2.75 3V£-5}^ 1.25 Dec. . . 03 1.01 1.00 XA 2.25 1.95 2.25 2.75 3W-5W 1.25 1941—Jan. 03 1.01 1.00 2.25 1.73 2.25 2.75 3^-5# 1.25 Feb. 03 1.02 1.00 \/ 2.25 1.68 2.25 2.75 33^-55^ 1.25 Mar. 03 1.01 1.00 1/ 2.25 1.83 2.07 2.75 3iz_5i// 1.25 Apr. . 03 1.01 1.00 1/ 2.25 1.67 2.06 2.75 31^-51^ 1.25 May 03 1.00 1.00 Y2 1.25 1 Figures are for period May 1-9, inclusive. * No figures available. NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. AUGUST 1941 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities (Figures in millions of Cash M ca o l n l e a y n d at Bills dis- Treasury Securi- Loans to Other Deposits Other pounds sterling) reserves n s o h t o ic rt e counted receipts 2 ties ers assets Total Demand3 Time 3 liabilities 10 London clearing banks 1932—December 207 127 408 472 778 208 1,983 991 963 216 1933—December 213 119 311 565 740 237 1,941 1,015 900 244 ig34—December 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December 236 187 316 630 864 238 2,238 232 11 London clearing banks 5 193g—December 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 1,026 252 193g—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—June 270 166 384 636 983 295 2,469 1,443 1,026 264 July 262 146 415 26 658 940 271 2,454 1,465 989 264 August 273 148 430 26 682 927 255 2,481 1,486 995 260 September 288 144 401 92 697 948 287 2,597 1,570 1,027 260 October 270 137 373 180 723 948 284 2,661 1,635 1,026 254 November 285 140 339 236 743 941 274 2,702 1,671 031 256 December ___ 324 159 265 314 771 924 293 2,800 1,770 030 250 1941—January 279 131 269 341 789 926 269 2,757 1,729 027 247 February 284 128 210 330 814 915 272 2,709 1,696 ,013 243 March . 288 132 194 374 821 922 276 2,764 1,728 036 242 April 298 137 188 461 820 897 274 2,829 1,769 060 247 May 293 128 173 469 848 889 273 2,824 1,789 035 249 Asset Liabilities Security Deposits payable in Can- Canada Entirely in Canada a l b o r a o n a s d ada exclu d d e in p g o s i i n ts terbank fig (1 u 0 re c s h i a n r t m er i e ll d i o b n a s n o k f s . C an E a n d d igm of d m o o ll n ar th s) re C se a r s v h es S l e o c a u n r s ity an O lo d t a h d n e s i r s- a f n o f d r d r o e u i m e n g e 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 15 1,916 538 1.378 821 1933—December 197 106 1,036 134 861 482 •21 1,920 563 1,357 775 1934—December 228 103 977 155 967 491 24 2,035 628 1,407 761 1935—December 228 83 945 141 ,155 529 •11 2,180 694 1,486 789 1936—December 240 114 791 161 1,384 554 •03 2,303 755 1,548 837 1937—December 255 76 862 102 1,411 575 96 2,335 752 1 583 850 193g—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—June 272 39 1,067 184 1,583 521 93 2,706 1,098 1,609 866 July 277 39 1,053 166 1,576 506 89 2,674 1,062 1,613 854 August 291 38 1,062 162 1,569 489 90 2,689 1,055 1,634 831 September 319 37 1,102 178 ,563 529 88 2,800 1,145 1,655 841 October 310 41 1,138 177 1,520 526 88 2,778 1,178 1,600 845 November 313 41 1,128 174 1,513 514 88 2,758 1,132 1,626 837 December 323 40 1,108 159 L, 531 570 80 2,805 1,163 1,641 846 1941—January 312 36 1,092 164 L, 677 522 79 2,873 1,205 1,668 851 February 293 34 1,104 170 L, 788 531 80 2,989 1,302 1,687 850 March 296 35 1,115 178 L, 766 521 80 2,972 1,270 1 703 858 April 325 31 1,109 189 1,820 544 79 3,064 1,356 1,708 877 May 321 29 1,132 183 :L, 812 537 80 3,045 1,350 1,695 889 Assets Liabilities (4 large banks. End of month figures Cash Due from Bills dis- Loans Other Deposits ac O c w ep n t- Other in millions of francs) reserves banks counted assets Total Demand Time ances liabilities 1932—December _ 9,007 1,766 22,014 7,850 1,749 37 759 36,491 1,268 295 4,331 1933—D ecember 5,870 1,416 19, 848 8,309 1,827 32. 635 31, 773 862 273 4,362 1934—D ecember 5,836 1,421 18, 304 8,159 1,717 30 943 30,039 904 193 4,301 1935—December 3,739 2,484 16,141 8,025 1,900 27 553 26,859 694 337 4,399 1936—December 3,100 2,975 17, 582 7,631 1,957 28, 484 27, 955 529 473 4,289 1937—December 3,403 4,116 18, 249 7,624 2,134 30 348 29, 748 600 661 4,517 1938—D ecember 3,756 4,060 21, 435 7,592 1,940 33 578 33,042 537 721 4,484 1939—December 4,599 3,765 29, 546 7,546 2,440 42443 41, 872 571 844 4,609 1940—January -_ 4,066 4,080 29, 808 7,756 1,745 42850 42, 302 548 938 3,667 February 4,293 3,993 30, 810 7,579 1,849 43 737 43,195 542 1,034 3,753 March 6 4,110 3,920 34,123 7,499 1,961 46,608 46,064 544 1,105 3,901 i Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month. J Represents six-month loans to the Treasury at \y% per cent, callable by the banks in emergency under discount at the bank rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. e District Bank included beginning in 1936. « No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. ( June 1935, pp. 388-390; and October 1933, pp. 641-646. 816 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 J * Argentina Australia Brazil (milreis) Canada (dollar) Chile (peso) Year or month Officia ( l peso S E ) p x e p c o ia rt l Offic ( i p a o l und F ) ree ( g b B i e u e lg m l- a) Official Free B ( I r r n u i d p ti i e s a e h ) g ( B l a e u r v i l a - ) Official Free Official Export S C ( h h y h a a u i n i a n ) g n a - 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 4.0000 29. 606 1938 32. 597 389. 55 16. 894 5. 8438 36. 592 1 2424 99. 419 5.1716 4. 0000 21.360 1939 30. 850 353. 38 16.852 6.0027 5.1248 33. 279 1.2111 96. 018 5.1727 4. 0000 11.879 1940 29. 773 322.80 305.16 16. 880 6. 0562 5. 0214 30.155 "90." 909" 85.141 5.1668 4. 0000 6.000 1940—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 June 29. 773 23. 704 322. 80 321. 25 6 0575 5 0598 30 129 90. 909 88.183 5.336 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 i a e c r n r k h - y ) s- G (d m r r e a a e ) c c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x so ic ) o ( N g l e u a t i n h ld d e e s r r - ) Z (p N e o a e u l w a n n d d ) 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—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 June 56 982 2 0098 39 970 24 372 5. 2621 23. 439 20.533 322. 51 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 a d) (p S e p s a e i t n a) ( S S m d t e o r e t a l t n l l i a t e t s s r - ) ( S k d w r 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 - ) 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—July 3. 8021 398. 00 9.130 47.113 23.836 22. 684 403. 50 380. 47 65.830 35. 956 2. 2439 Aug 3 8311 398.00 9.130 47.116 23.813 22. 755 403. 50 397. 88 65. 830 34.939 2. 2436 Sept 3. 9629 398. 00 9.130 47.102 23. 810 22. 784 403. 50 403. 42 65. 830 36. 366 2. 2436 Oct 3 9841 398.00 9.130 47.101 23.814 23.148 403. 50 403. 26 65. 830 37. 629 2. 2436 Nov 3. 9849 398.00 9.131 47.100 23.818 23. 202 403. 50 403. 56 65. 830 38. 994 2. 2409 Dec. 3.9915 398. 00 9.132 47.100 23. 824 23. 201 403. 50 403. 50 65. 830 39. 480 2. 2407 1941—Jan. 3. 9986 398. 00 9.130 47. 089 23. 826 23. 220 403. 50 403. 42 65. 830 39.491 2. 2397 Feb. 4. 0069 398. 00 9.130 47. 094 23. 829 23. 217 403. 50 402.97 65.830 39. 649 Mar 4 0039 398.00 9.130 47.106 23. 824 23. 210 403. 50 403.19 65.830 39. 566 Apr 4 0009 398. 00 9.130 47.107 23. 825 23. 201 403. 50 402. 48 65.830 40.065 May 4 0017 398. 00 9.130 47.107 23.839 23. 203 403. 50 403.10 65.830 41.161 June 4. 0026 398. 00 9.130 47.138 23. 836 23. 206 403. 50 403.16 65. 830 42. 706 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: Yugoslavia—since Jan. 28; Hungary—since Mar. 12; Chile—since May 21; Finland, Germany, Italy, Portugal, Spain, Sweden, and Switzerland—since June 14. 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. AUGUST 1941 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- States Canada Kingdom France Germany Italy Japan lands Sweden Year or month (October (1926-30 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) 1926 100 100 i 124 695 134 237 106 1 126 1930.__ 86 87 100 554 125 85 181 90 1 103 1931. 73 72 88 500 111 75 153 76 1 94 1932 65 67 86 427 97 70 161 65 192 1933 66 67 86 398 93 63 180 63 1 90 1934 75 72 88 376 98 62 178 63 196 1935 80 72 89 338 102 68 186 62 100 1936. 81 75 94 411 104 76 198 64 102 1937 86 85 109 581 106 89 238 76 114 1938 79 79 101 653 106 95 251 72 111 1939 77 75 103 2 681 107 3 97 278 74 115 1940 79 83 137 110 311 <88 146 1940—June 78 82 134 110 308 143 July 78 82 140 111 306 146 August 77 83 140 111 306 September- 78 83 141 111 308 October 79 83 143 111 310 November- 80 84 147 111 310 December. . 80 84 149 111 312 1941—January 81 85 150 111 313 February 81 85 150- 112 317 March.. 82 86 151 112 322 April 83 87 151 112 324 May 85 89 151 112 326 June 87 90 152 331 SO 00-* Switzerland (July 1914 =100) 144 126 110 96 91 90 90 96 111 107 111 143 139 141 146 152 156 158 161 159 164 162 167 '165 168 '169 170 170 175 181 p Preliminary. r Revised. 1 Approximate figure, derived from old index (1913=100). a Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 7 months; no data available since July 1939, when figure was 96. 4 Average based on figures for 5 months. s 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 (1926=100) (1930=100) Year or month Other Indus- pr F o a d r u m cts Foods co i m ti m es od- Foods pro tr d ia u l cts 1926 . _ 100 100 100 1930. _. 88 91 85 100 100 1931 65 75 75 89 87 1932 48 61 70 88 85 1933 _ __ 51 61 71 83 87 1934 65 71 78 85 90 1935 79 84 78 87 90 1936 81 82 80 92 96 1937 86 86 85 102 112 1938 69 74 82 97 104 1939 . 65 70 81 97 106 1940.. . 68 71 83 133 1940—June 66 70 82 130 July 67 70 82 134 August 66 70 82 136 September 66 72 82 140 October 66 71 84 143 November 68 73 84 143 December 70 74 84 145 1941—January 72 74 84 145 February- 70 74 84 144 March 72 75 85 144 April 74 78 86 144 May 76 80 87 144 June 82 83 89 145 COOO COC O-<*M France Germany (1913=100) (1913=100) Indus- p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u s l c - ts p A r g t o u r d r i u c a u c l l t - s P s r io o n v s i- a p t f r n r i i n o d a d i l s s u e r h a c m e w t d s i- p tr I r i i n o s a d h d l u e u f d i s c n - ts - 581 793 129 132 130 150 526 579 113 113 120 150 642 464 104 96 103 136 482 380 91 86 89 118 420 380 87 75 88 113 393 361 96 76 91 116 327 348 102 84 92 119 426 397 105 86 94 121 562 598 105 96 96 125 641 663 106 91 94 126 1 653 1 707 108 1 93 95 126 (2) 111 99 129 112 98 129 112 98 130 142 112 99 131 142 111 99 131 142 110 99 131 149 111 99 131 150 111 100 131 152 111 100 132 153 111 100 133 154 111 100 133 154 112 100 133 155 113 100 132 156 114 100 132 1 Average based on figures for 8 months. 2 No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. Sources—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. 818 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 — t n a i i u t t j e e o ( ; s d J ! I u = K $ 1 m ^ 0 W f 0 g ) - (J F — u r l a y 1U n l9 ° c 1 ) e 4 ! ! | rS = G ? 1 e 0 ? r 0 " ?4 ) N ( = 1 l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r 3 - (J S e = u r w 1 n l 0 e a it l 0 n 9 z ) d - 14 Y m e o a n r t o h r i ( U 1 S = 9 t n 1 3 a 0 i 5 t t 0 e - e 3 ) s d 9 (J U K u = d n l i o y 1 i n m t l 0 g e 9 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 0 a e it l 0 n z 9 ) d - 14 1932 87 ! 126 536 i 116 119 125 1932 '< 98 144 91 121 141 138 1933 84 ! 120 491 j 113 120 117 1933 1 92 140 87 118 139 131 1934 94 ! 122 481 | 118 124 115 1934 ' 96 141 83 121 140 129 1935 100 i 125 423 120 118 114 1935 i 98 143 78 123 136 128 1936 101 i 130 470 | 122 120 120 1936 - > 99 147 86 125 U32 130 1937 105 139 601 i 122 127 130 1937 103 154 102 125 137 137 1938 98 | 141 702 ! 122 130 130 1938 I 101 156 117 126 139 137 1939 .. 95 141 2 742 i 123 130 132 1939 j 99 158 3 122 126 140 138 1940 97 j 164 : 128 * 140 146 1940 100 184 130 5 148 151 j 1940-June 98 158 129 145 1940-June 101 181 131 (6) 150 July 97 168 131 145 July 187 132 151 August 96 i 164 133 146 August • 185 133 151 September 97 1 166 130 149 September 100 187 132 153 October 96 169 127 152 October 100 189 130 157 November 96 ; 172 126 157 November1 100 192 130 159 December 97 ' 173 127 158 December ! 101 195 131 160 1941-January._. 98 i 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 101 170 129 167 April 102 198 132 169 May 102 171 171 May 103 200 171 June. 106 ' 170 June 105 200 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. € No data available since May 1940. Source*.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers exct}pt as otherwise specified. Bonds Common stocks Year or month U S n ta i t t e e s d K U in n g it d e o d m France Germany Nether- (1926=100) Nether- ( p a r v i e c r e a ) g i e ( 1 D 92 e 1 c = e 1 m 0 b 0 e ) r (1913=100) (a p v r e ic ra e) g e 2 lands 3 U S n ta it t e e d s K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 1 s 00) 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 •67.1 94.8 48.6 67.9 105.2 450.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127. 5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55 1935 . 88.6 129.9 83.5 5 95.1 107.8 78.3 86.3 79.7 82.9 55 1936 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66 1937 93.4 124.6 75.1 98.7 3 101.8 111.8 96.3 97.4 102.6 104.2 1938 78.9 121. 3 77.3 99.9 105.9 83.3 80.8 89.7 100.1 95.8 1939 81.6 112.3 6 84. 9 99.0 90.9 89.2 75.9 6 98.2 94.1 89.7 1940 82.0 118.3 100.7 7 77.9 83.6 70.8 114.6 8 95.0 1940—June 78.5 113.4 100 8 73 3 64 9 112 6 July . . . 81.2 116.4 100 8 76.1 63 5 112.8 August 81.5 117.8 100 9 77 5 65 6 115 9 87 7 September. _ 82.7 117 9 101.0 80.9 66.2 120.8 94.3 October 83.6 119.2 101 7 80 7 81 4 68 1 125 1 104 1 November . 83.9 119.9 101.9 80.0 82.1 70.2 127.7 112.7 December 84.0 121.0 101 4 79.8 80 4 70 2 128 0 116 1 1941—January 85.3 122.2 102.2 80.1 80.5 71.8 131.5 120.0 February 84.5 121.9 102 8 74 3 75 9 70 5 133 0 113 4 March 85.3 122.5 102.8 73.2 76.0 69.9 131.1 115.1 April.. _ __ 85.8 121.7 103.0 73.8 69.7 131.0 May 86.0 73.0 June _ . 85.8 75.3 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 4,\i 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. 1 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. AUGUST 1941 819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LlSTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. 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 JOHN K. MCKEE ROBERT M. HANES Atlanta District JOHN N. PEYTON RYBURN G. CLAY RONALD RANSOM Chicago District EDWARD E. BROWN President M. S. SZYMCZAK St. Louis District S. E. RAGLAND CHESTER MORRILL, Secretary Minneapolis District LYMAN E. WAKEFIELD S. R. CARPENTER, Assistant Secretary Kansas City District W. DALE CLARK WALTER WYATT, General Counsel Dallas District R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel San Francisco District PAUL S. DICK E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market WALTER LICHTENSTEIN, Secretary Account 820 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 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. Taylor2 G. H. Wagner Richmond. Robt. Lassiter.. W. G. Wysor.. Hugh Leach.. J. S. Walden, Jr.. J. G. Fry Geo. H. Keesee ' R. W. Mercer Atlanta Frank H. Neely.. J. F. Porter W. S. McLarin, Jr.. Malcolm H. Bryan.. H. F. Conniff Chicago F. J. Lewis Clifford V. Gregory C. S. Young H. P. Preston J. H. Dillard St. Louis Wm. T. Nardin.. Oscar Johnston Chester C. Davis _. F. Guy Hitt O. M. Attebery CM. Stewart i Minneapolis... W. C. 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 * 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 AUGUST 1941 821 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). Department Store Sales—Index for United States QUARTERLY and Percentage Changes by Federal Reserve Member Bank Call Report. Released about two Districts. months after call date. SEMI-ANNUALLY MONTHLY Federal Reserve "Par List" (Banks upon which Federal Reserve Bulletin. Released about the 10th checks will be received by Federal Reserve Banks of the month. The subscription price is $2.00 per for collection and credit). Released in January annum, or 20 cents per single copy, in the United and July, with monthly supplements about the States (including insular possessions), Canada, 7th of the month. Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic ANNUALLY of Honduras, Mexico, Newfoundland (includ- List of Stocks Registered on National Securities ing Labrador), Nicaragua, Panama, Paraguay, Exchanges. Supplements issued quarterly. 25 Peru, El Salvador, Uruguay, and Venezuela. cents for list and supplements. In all other countries the subscription price is Bank Debits—Debits to Deposit Accounts, except $2.60 yearly, or 25 cents per single copy. Group Inter-Bank Accounts. Released ordinarily in subscriptions for 10 or more copies, in the United February. States, 15 cents per copy per month, or $1.50 for Annual Report, covering operations for the pre- 12 months. ceding calendar year. BOOKS The Federal Reserve System—Its Purposes and Chart Book I, Federal Reserve Charts on Bank Functions. Obtainable in cloth binding at 50 cents Credit, Money Rates, and Business. New edition, per copy and in paper cover without charge. 128 completely revised, February 1941. 72 pages of pages. charts with space for plotting through 1942. 50 cents per copy; in quantities of 10 or more, 45 cents Digest of Rulings—to October 1, 1937. Digests per copy. of Board rulings, opinions of the Attorney General Chart Book II, Federal Reserve Charts on Inand court decisions involving construction of the dustrial Production. October 1940. 224 pages of Federal Reserve Act, together with compilation charts, with space for plotting through 1946. $1 showing textual changes in the Act. $1.25 per copy. per copy; in quantities of 10 or more, 85 cents per 683 pages. copy. 822 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 pagesthe 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. AUGUST 1941 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS *• X J —r • t—, DALLAS® erPaso-^ ] ll j TEXAS BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) FEDERAL RESERVE BANK CiTIES FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis