Federal Reserve Bulletin, 1941-09

FEDERAL RESERVE BULLETIN SEPTEMBER 1941 Review of the Month—Consumer Credit Regulation and Banking Conditions Regulation W—Consumer Credit Questions and Answers on Consumer Credit Bank Lending for Defense United States Savings Bonds and Tax Anticipation Notes Revision in the Index of Industrial Production Assets and Liabilities of Branches of Member Banks 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—Consumer Credit Regulation and Banking Conditions. 825-836 From a Legal Standpoint: Executive Order with Respect to Regulation of Consumer Credit. . 837-839 Regulation W—Consumer Credit. 839-845 Interpretations of Regulation W 846-848 Broker Borrowing from Nonmember Bank Under Section 8 (a) of the Securities Act of 1934. 849 Use of Obligations of the United States as Collateral for Federal Reserve Notes 850 Extension of Powers Relating to the Stabilization Fund and the Weight of the Dollar 851 Executive Order Establishing the Economic Defense Board. 851 Executive Order and Regulations on Transfers of Property of Foreign Countries and their Nationals. . . 852 General Licenses and Public Circulars Issued by the Secretary of the Treasury 853-861 From the Board's Correspondence—Questions and Answers on Consumer Credit. 862-863 Announcement of New Publications. . 864 Current Events 865 Bank Lending for Defense, by Victor M. Longstreet. . 866-874 United States Savings Bonds and Tax Anticipation Notes, by Gunhild Anderson. 875-877 Revision in the Index of Industrial Production. (See pp. 933-937 for tables) . 878-881 Assets and Liabilities of Branches of Member Banks. . 882-885 National Summary of Business Conditions . . . 886-887 Financial, Industrial, Commercial Statistics, United States6Stee p. 889 for list of tables) 889-937 Changes in Number of Banks and Branches in the United States. . 938 All Member Banks—Condition on June 30, 1941. . 939-940 International Financial Statistics (See p. ui for list of tables) . 941-957 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 958 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . 959 Federal Reserve Publications. 960-961 Map of Federal Reserve Districts. . 962 Subscription Price of Bulletin The Federal Reserve BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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FEDERAL RESERVE BULLETIN VOL. 27 SEPTEMBER 1941 No. 9 @on5umet (ztedlt /Regulation and Hanking Condition! The President issued an Executive Order, credit institutions and dealers in goods to be dated August 9, authorizing the Board of regulated. This draft was released for publi- Governors of the Federal Re- cation, and all comments and suggestions re- Regulation of System to regulate the ceived, both from those called in for consultaserve consumer credit . . tion and from others, were given careful terms and conditions under consideration in preparing the final draft of which credit repayable in instalments may be the regulation as adopted and issued by the extended for purchasing or carrying con- Board. sumers' durable goods, other than a residen- The reasons for regulating consumer credit tial building in its entirety. Various other and for assigning this task to the Board of types of credit were also made subject to Governors of the Federal Reserve regulation, particularly where necessary to Purpose of System were set forth in the Exprevent evasion or prevent defeat of the purregulation J J. J. J poses of the Order. The initial regulation ecutive Order and are restated m issued by the Board under the authority of the Foreword to the Board's regulation. In the Order was adopted on August 21 to befurther explanation of the regulation, Chaircome effective as of September 1, 1941, exman Eccles issued the following statement, cept for certain sections which become effecmade public on August 25: tive on October 1, November 1, or at the It is important that the public know why they are beginning of 1942. This regulation, known asked to accept and to cooperate in making effective as Regulation W of the Board of Governors the President's Executive Order calling for regulaof the Federal Reserve System, and the Ex- tion of instalment credit. Employment and national income are rapidly rising to new high levels priecutive Order are printed elsewhere in this marily because of the huge defense expenditures. BULLETIN. Separate copies of the regulation This means that by and large people have more may be obtained from any of the Federal money to spend than ever before. This is happening Reserve Banks or their branches. at a time when more and more of our industrial In preparing its regulation the Board of plant must be used to produce defense materials. To the extent that plants can be expanded, or can work Governors had the advice and assistance of a longer hours, or that shortages of strategic materials consultative committee, created by the Exor of skilled help, can be overcome, we can produce ecutive Order and consisting of the Secre- both for defense and for civilian consumption. And tary of the Treasury, the Federal Loan Ad- the aim of all policy should be to increase production ministrator, and the Administrator of the to the fullest possible extent. But we know that there are acute shortages of certain metals and Office of Price Administration and Civilian other strategic materials. We know that beyond a Supply, or their alternates. A tentative prepoint our plants cannot turn out more and more goods liminary draft of the regulation was discussed for the public and at the same time produce more at a meeting on August 14 with representa- and more for defense. The imperative demands of tives of the Federal Reserve Banks, through defense must have the right of way over civilian needs. which the regulation will be administered, If there are no restraints upon the public's spendand at a meeting on the next day with repreing of increasing income for articles that cannot be sentatives of organizations of banking and produced in sufficient quantity to meet the increas- 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month ing demand, the inevitable result is that the prices of automobiles. The purpose of instalment credit reguthese articles will be rapidly bid up. The consequence lation is to help dampen demand for goods the civilian is what is commonly termed inflation. Inflation is supply of which has already been reduced and must as destructive as deflation. It shatters all of the be further reduced because of defense needs. In a adjustments of our economic machine. It hits hardest word, the purpose is to dampen demand, not to dimiof all those of small means. It would not only vastly nish production. If production could keep pace with increase the costs of defense, but it would imperil both civilian and defense demands, we would have no our entire economy and make increasingly difficult price inflation troubles. We would need none of the the adjustments of the post-war period. measures of control and regulation which are being The Government is striving in various ways to invoked with the objective of protecting the public. combat inflation. Taxation is a means not only of The regulation issued by the Board of Governors helping to pay for defense but of drawing off buying of the Federal Reserve System covers a list of conpower that would otherwise inundate our markets. sumers' durable goods. Demand for these goods tends Similarly, the Treasury has appealed to the public to cause inflationary price rises as well as to absorb to invest in savings bonds and stamps, and in tax materials increasingly needed for defense. The reguanticipation notes, to aid in meeting the costs of lation prescribes instalment terms that are by no defense and to divert money from the marketplace means stringent or onerous. It does not prohibit until such time as we can turn again to peace time buying on instalments, whether it be automobiles or production. ice boxes. It is a supplemental instrument to be These broad measures have to be backed up by used in conjunction with the broader, more basic others. Thus, in the case of acute shortages, the fiscal and other governmental powers in combating Government has had to fix prices, to invoke ration- price inflation. It is not being used as an instrument ing and priorities. Beyond all this, however, it is of reform or alteration of the fundamentals of our evident that if we, in effect, draw off buying power economic system. In effect, it recognizes what in with one hand and extend credit with the other, we many lines are standard practices. The intent is not have accomplished nothing in reducing the aggregate to disrupt but to protect the economy. demand in the markets. If you pay $50 in taxes and The public should be fully aware, however, that the invest $50 in savings bonds, and then turn around regulation is subject to change from time to time as and borrow $100 to spend, you have not curtailed experience with its administration develops, and as your purchases by a penny. economic conditions require a further dampening of Accordingly, it is of primary importance that re- buying power in order to safeguard the interests of straints be placed upon the wholesale extension of consumers and the public generally. credit, including instalment buying. The volume of In issuing its initial regulation on coninstalment credit has been expanding very rapidly, sumer credit the aim of the Board was to act as it always does in times of rising national income. promptly in adopting a Yet when incomes are at high levels, that is the time r^^tion which would when people should reduce their debts or get out of debt. Our people cannot spend their increased in- apply moderate restriccomes and go into debt for more and more things tions in a manner consistent where possible today without precipitating a price inflation that with prevailing trade standards. The initial would recoil ruinously upon all of us. Instead of an regulation lays a basis for such subsequent ever-expanding volume of consumer credit, we need changes in coverage and adjustment of terms to bring about a substantial reduction in the total outstanding. Civilian demand for goods must be as experience in this field and economic deadjusted as closely as possible to supplies available velopments may indicate to be necessary in for consumption. Regulation of instalment credit is order to carry out the purposes of the Execua necessary measure to this end. By deferring tive Order and, at the same time, not impose civilian demand at this time we can help avoid inflaunnecessary burdens on consumers, dealers, tion, we can aid in defense, and we can store up a backlog of buying power that will help offset a post- or credit institutions. defense slump. The regulation1 covers primarily extensions The impression held by some that regulation of 1 The regulation, in order to be unequivocal and in order to preinstalment buying tends to restrict production or to vent evasions and at the same time not impose undue restrictions on activities not intended to be regulated, is necessarily stated in curtail the business of dealers in merchandise is based precise legal language with appropriate qualifications and excepon misunderstanding. It is because of defense needs, tions. This broad summary of its provisions is not intended to be a precise guide to be followed in applying the regulation to not because of regulation of instalment credit, that specific cases. The regulation itself and also a set of questions civilian supply is reduced in various lines, such as and answers explaining in some detail specific provisions, are printed in this BULLETIN. 826 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month of instalment credit for the purpose of pur- of loans secured by listed goods. The downchasing or carrying certain designated types payment requirements amount to 33^3 per of consumers' durable goods. The list of ar- cent for automobiles, which may include the ticles covered is given in a supplement to the trade-in value of a used car, to 20 per cent for regulation and is subject to change from time refrigerators and other household appliances, to time. Used articles, as well as new ones, to 15 per cent for major items of housing are covered in all cases except household fur- equipment such as furnaces and plumbing, niture. In order to cover more broadly the and to 10 per cent for household furniture. field of consumers' instalment credit and to For all listed goods, except automobiles, prevent evasion of the main purposes of the the down payment required is figured as a order and regulation, maturity restrictions percentage of the full purchase price minus are imposed on cash loans repayable in instal- the value of the trade-in, if any. For this ments, whether or not secured by listed ar- reason, the instalment buyer of such articles, ticles, provided the loan does not exceed regardless of the trade-in allowance, must $1,000. The regulation does not apply to always make a down payment in cash. No open book accounts, nor to any loan payable down payment is required on real estate in full on a fixed date. Instalment contracts modernization loans of less than $1,000 for and loan agreements made prior to the effec- services and materials other than listed artive date of the regulation are not covered by ticles, but such loans must be repaid in 18 regulation, except in certain cases where they months. are renewed, revised, or consolidated after the Persons and agencies subject to this regueffective dates of applicable provisions. lation include all who are engaged in the Some types of instalment loans are ex- business of making extensions of instalment empted from the regulation, including loans credit, or discounting or purchasing instalof over $1,000 not secured by a listed article ment paper, including instalment sellers of recently or about to be purchased, first mort- the listed articles, whether dealers, stores, gage loans on real estate, some building repair mail order houses, or others; sales finance loans, loans made for educational purposes, companies; banks, including Morris Plan and loans for medical and similar expenses where other industrial banks; and personal finance needed to prevent undue hardship, loans to or "small loan" companies and credit unions. dealers, and certain other special types. Persons engaged in the business of extending While the regulation in general is effective the types of credit regulated are required to as of September 1, 1941, the effective dates register not later than the end of the year of certain provisions have been postponed— with the Federal Reserve Bank of their dissome to October 1, some to November 1, and trict and must be licensed in order to engage others to January 1. These postponed pro- in the business of extending such credits. To visions apply to records to be kept; renewals, all persons engaged in that business, however, revisions, additions, and consolidations of out- a general license is granted by the regulation standing credit; and in the last case to mini- itself until December 31, 1941. mum monthly payments. Thus the institutional coverage of this regu- For all types of loans covered by the regu- lation will be broad, including not only memlation a maximum maturity of 18 months is ber banks of the Federal Reserve System, prescribed and, with some exceptions, loans which are already under the supervision of must be repayable in approximately equal in- the Board in various respects, but also many stalments at regular intervals, not exceeding other types of business establishments. A one month. Minimum down payments are large part of consumer credit is extended direquired in the case of instalment sales and rectly by the dealers in the various durable SEPTEMBER 1941 82? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month consumers' goods. A somewhat smaller pro- INCOME PAYMENTS AND SELECTED DURABLES portion is extended to consumers directly by INDEXES ADJUSTED FOR SEASONAL VARIATION, 1935 - 1939 e 100 PER CEN1 cash lending agencies, including commercial banks, industrial banks, personal finance companies, credit unions, and a few others. The paper created by vendors of durable consumers' goods is commonly discounted with or sold to finance companies or banks. Some dealers, however, particularly department or furniture stores, finance their instalment sales by borrowing from banks on regular lines of credit or from the open market and hold the instalment paper they create. Sales finance companies also go to banks or to the open market for funds. Administration of the regulation will be 80 decentralized so far as possible through the 12 Federal Reserve Banks and their 24 branches, to which inquiries relative to the regulation may be addressed. Suggestions Source.—Income payments to individuals estimated by the United States Department of Commerce. Retail sales of pasfrom anyone interested in or affected by the senger cars reported by the Automobile Manufacturers Association. Manufacturers' shipments of refrigerators supplied by regulation are invited. When the registration United States Department of Commerce. Furniture production is one of the constituent series in the Board's index of the forms required by the regulation have been physical volume of production. Passenger car sales, refrigerator shipments, and furniture production are three-month moving prepared, they will be available to registrants averages, centered on the second month. at Federal Reserve Banks and branches. It has become increasingly evident that For a year or more the sales of consumers' the expanded output of many consumers' durdurable goods such as automobiles, refrigera- able goods was interfering with the defense tors and furniture, have been effort and that scarce materials and skilled Growing demand increasing rapidly. As shown labor, needed in armament production, were durablTSf in the accompanying chart being used. As a result programs have been automobile sales in the second undertaken for restricting the production of quarter of 1941 increased by about 40 per several of the more important of these goods. cent over the same period of 1940. On the The Office of Production Management and the same basis refrigerator sales increased by Office of Price Administration and Civilian over 20 per cent and furniture production by Supply announced late in August that in the 30 per cent. Sales in house furnishings de- four months August to November, 1941, outpartments of department stores have in- put of passenger cars would be curtailed 26^ creased more than in most other depart- per cent below the corresponding period last ments. In the aggregate, sales of consumers' year and that in following months further durable goods appear to have expanded two decreases could be anticipated with the expecor three times as much as income payments tation that passenger car production would to individuals. be 50 per cent smaller in the model year be- A more-than-proportionate increase of ex- ginning August 1, 1941, than in the previous penditures for consumers' durable goods year. Similar plans for curtailing the outusually appears in a period of expanding con- put of mechanical refrigerators and home sumer income but the recent increase has laundry equipment are being formulated, and been relatively greater than usual. it has been indicated that restriction might be 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month expected in the production of other con- stantially. The accompanying chart shows sumers' durable goods. Many producers are the total expansion of consumer instalment faced with the prospect of being unable to debt and of instalment debt arising from get the materials they need to maintain cur- automobile sales. rent levels of production. In the past year the country has experi- It appears, therefore, that expected sup- enced the most rapid increase in the volume plies of important consumers' durable goods of bank credit during its may not be large enough to meet the growing Expansion in bank history. Loans of commerdemand at existing prices, particularly if credit and deposits cial banks have expanded such demand should be supplemented by a by nearly $3 billion and their holdings of growing volume of instalment credit. Some United States Government obligations by price advances have already occurred in autoabout $3.6 billion, as shown by the chart. As mobiles, refrigerators, and furniture. The a result of this expansion and of the further pressure for further price advances may be increase in monetary gold stock, the country's forestalled only by the prompt adoption of abundant supply of bank deposits and curappropriate measures. rency in circulation has increased further. Instalment credit has been facilitating a The volume of money payments, as reflected large part of the recent growth in demand in the figures of debits to checking accounts for consumers' durable in banks, has risen sharply since the inaugu- Expansion of goods. The present volume ration of the defense program last summer, instalment credit . and the turnover of bank deposits, which repof consumer instalment resents the rate at which deposits are being debt, amounting to about $6 billion, is at an used, has also increased. Although the exall-time peak and is nearly double the recent pansion of bank credit, the growth of curlow in 1938. During the past year the rency in circulation, and the building up of amount of credit outstanding on automobiles Treasury deposits at the Reserve Banks have increased over 40 per cent and other forms of instalment credit also have increased sub- caused some reduction in the volume of bank CONSUMER INSTALLMENT DEBT reserves in excess of legal requirements, ex- BILLIONS OF DOLLARS cess reserves are still very large, amounting to about $5 billion for all member banks. These reserves are available to banks as a basis for a further very large expansion in their loans and investments and correspondingly in the volume of deposits. One of the outstanding banking developments since the start of the defense program has been the rapid growth of increase in bank loans bank loans. By far the largest increase has occurred in the broad category of commercial and industrial loans, which have been expanding sharply for both defense and nondefense purposes, especially at city banks. Bank holdings of 1937 1938 1939 1940 1941 open-market paper have also shown a mod- Source.—Estimates of total consumer instalment debt and of erate increase, reflecting in part a larger instalment debt for the purchase of automobiles prepared by National Bureau of Economic Research and brought up to date volume of commercial paper available in the by the Department of Commerce. Estimates for the first six months of 1941 based on incomplete data. market. Latest member bank call report fig- SEPTEMBER 1941 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month LOANS AND INVESTMENTS During March, April, and the first half of ALL COMMERCIAL BANKS IN THE UNITED STATES May, farmers redeemed substantial quanti- JUNE 30,1928-1935, JUNE AND DECEMBER THEREAFTER BILLIONS OF DPI ties of the 1940 cotton and wheat crops pledged to secure loans at banks, guaranteed by the Commodity Credit Corporation. These redemptions resulted principally from the fact that market prices for these commodities rose above loan values, partly as a result of the prospect for higher loan rates on 1941 crops. Since the end of June commercial loans at reporting banks in leading cities have risen further. The total increase in these loans since August 1940, when the current rise began, has been about $1,700 million. As CHANGES IN LOANS AT MEMBER BANKS JUNE 29, 1940—JUNE 30, 1941 [In millions of dollars] Loans Change since June 29, 1940 outstanding New Ju 1 n 9 e 4 1 3 , 0, m A e l m l - c Y en o t r r k al r O es t e h r e v r e Counall ber reserve city try member banks city banksl banks Figures are partly estimated; those for June 30, 1941, are banks banks preliminary. Total loans, . .. 16, 729 +2,761 +764 +1,376 +620 ures for June 30, 1941, are given in the ac- Commercial and induscompanying table. This table shows that trial loans 7,270 +1,732 +605 +937 +190 Agricultural loans 738 +2 Q -4 +9 real estate loans also increased further dur- Open-market paper 537 +87 -7 +52 +42 Real estate loans. _ 3,365 +297 -8 +109 +196 ing the past year, principally at country Loans for purchasing or carrying securities: banks. Loans to brokers and dealers in se- To brokers and dealers. 575 +128 +102 +26 (2) To others 635 -33 -2 -18 -13 curities increased somewhat at city banks, Other loans. 3,609 +548 +77 +274 +196 while loans to others for purchasing and 1 Includes Chicago central reserve city banks. carrying securities showed a further slow 2 Less than $500,000. decline. shown by the chart, the expansion at New So-called "other loans", not separately York City banks and banks in other Northern classified in bank reports, increased at all and Eastern cities (in the Boston, New York, classes of member banks. This increase Philadelphia, Cleveland, and Chicago Federal aggregated about $550 million and was due Reserve districts), was more marked this in large part to an expansion in retail instal- year than in 1939 and 1940. Commercial loans ment paper and personal loans. These loans at city banks in the Minneapolis, Kansas City, include the types of credit that come within and San Francisco Reserve districts have the scope of the consumer credit regulation shown as large a percentage rise as those in just issued by the Board. the Northern and Eastern districts, but they Agricultural loans of country banks, after account for a relatively small part of the increasing somewhat in the latter half of total increase. Southern city banks have 1940, declined during the first half of this shown little further increase in commercial year, a season when they ordinarily increase. loans since the beginning of the year. 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month From a survey of loans made for defense The table pictures the distribution of depurposes, undertaken by the Board of Gover- fense loans by Federal Reserve districts. nors in cooperation with the While the Boston, New York, Cleveland, Chi- Defense loans Qffice of Production Manage- cago, and San Francisco districts rendered by banks . the largest dollar contributions, the Boston, ment and discussed in a special Richmond, and Philadelphia districts had article on pages 878-881 of this BULLETIN, it the largest share of their new commercial appears that as of April 30 the volume of deloans directed to defense purposes. fense loans outstanding at banks in leading cities aggregated $460 million. Defense loans amounted to nearly half of the total DEFENSE LOANS AND TOTAL COMMERCIAL LOANS OF increase in commercial loans at these banks CITY BANKS BY FEDERAL RESERVE DISTRICTS APRIL 30, 1941 from August 21, 1940 to April 30, 1941. De- [Amounts in millions of dollarsl Defense lo COMMERCIAL LOANS OF BANKS IN LEADING CITIES Total Federal Reserve com- Per cent Per cent of District mercial of total increase in loans Amount com- commercial mercial loans since loans Aug. 21, 1940 Boston 366 55 15 87 New York 2,245 156 7 36 Philadelphia... 267 24 9 69 Cleveland 382 38 10 38 Richmond 148 19 13 79 Atlanta 196 12 6 26 Chicago 770 82 11 44 St. Louis 224 15 7 36 Minneapolis.. 103 5 5 42 Kansas City_. 211 6 3 19 Dallas 214 14 7 38 San Francisco. 406 34 8 51 Total 5,532 460 8 27 WESTERN CITIES About one-third of defense loans outstanding on April 30 had been granted for the financing of new plant facilities, the other two-thirds for the financing of current pros e o a -c r a n l e le r d ua " i o ra th e n r g " ui l c o s a n c s t . r t; t C :» i n ti i e ii s a ,b g t: r u o u u p n e d L IH a S s u f a o s l i l s o w U s J : L c N n o a r n t g h c - s duction. The plant facility loans had been eastern—cities in the Boston, New York (outside New York obtained largely by the aircraft and shipbuilding industries and there was also a large and San Francisco districts. amount of loans to provide housing and to build military bases. The more established fense loans accounted for about 8 per cent of industries manufacturing such products as total commercial loans outstanding at city machinery, textiles, and iron and steel prodbanks on April 30, and the figure has prob- ucts had borrowed from banks primarily for ably since increased to about 12 per cent. working capital purposes. The contribution of commercial banks to the About two-fifths of the number of defense financing of the defense effort has been sub- loans, representing a quarter of the total stantial and is of growing importance. Like- amount lent for defense purposes, had been wise, lending for defense purposes is becom- obtained by subcontractors, mostly small and ing an increasingly significant part of the medium-size firms. The assignment of conbanks' lending business. tract claims against the Government as a SEPTEMBER 1941 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month means of obtaining bank credit has been used funds added about $1,400 million to their widely in the granting of plant facility loans, holdings, mostly special issues, while the Fedthus making it easier for small firms and pro- eral Reserve Banks reduced theirs by about ducers engaging in new lines of production $300 million. Another $1,400 million of nonto obtain credit. marketable issues, mostly Savings Bonds, Along with expansion of loans, banks have were sold to the general public other than continued to increase their holdings of United banks. The net increase in marketable issues States Government secu- held by the public was $4,300 million, and Continued increase rities A large part of was entirely at banks and insurance comin bank investments the increase during the panies. year ended June 1941 was at New York City Since the end of June, the Treasury has banks, which added $1,800 million to their sold about $2,300 million of new securities, holdings of Government securities. Other including $600 million of guaranteed obligamember banks showed a growth of $1,600 tions of the Reconstruction Finance Corporamillion. Increases in the second quarter of tion and the Commodity Credit Corporation, this year amounted to $600 million at New $600 million of Defense Savings Bonds, York City banks, $300 million at reserve city $1,000 million of tax anticipation notes, banks, and $200 million at country banks. which were placed on sale on August 1, and a Expansion of commercial bank holdings of small amount of depositary bonds. In this Government securities in the year ending period weekly reporting member banks in- June 30, 1941, represented about two-thirds creased their holdings of guaranteed obligaof the increase in the volume of Government tions by nearly $300 million, equivalent to securities outstanding, excluding special isabout one-half of the additional guaranteed sues to Government agencies and trust funds securities issued by the Treasury, and their but including Savings Bonds which cannot be holdings of other Government securities purchased by banks. As shown by the acshowed little change. Thus, in accordance companying table, total outstanding Governwith its program, the Treasury was able in ment securities increased by $6,900 million this period to raise a substantial amount of during the year. Federal agencies and trust funds from investors other than banks. Expanding loans and investments of banks, DISTRIBUTION OF DIRECT AND GUARANTEED SECURITIES OF THE FEDERAL GOVERNMENT, BY together with continued, although reduced, CLASSES OF HOLDERS gold inflow, have had the effect [In millions of dollars] High level of increasing to new high levof bank deposits ° , , , , , June 29, June 30, els the supply of funds held by 1940 1941 Change the public in the form of bank deposits and Total outstanding 47,874 54, 747 +6,873 currency. These funds are ready money that Holdings by— can be used by their holders in increasing Federal agencies and trust funds: Public issues 2,293 2,360 +67 demands for commodities. As of the end of Special issues 4, 775 6,120 +1, 345 Federal Reserve Banks 2,466 2, 184 -282 June this year, total bank deposits and cur- Commercial banks * 16, 550 20,130 +3, 580 rency held by the public amounted to over Mutual savings banks 1 _ _ _ 3,110 3, 360 +250 Insurance companies '. 6,100 6, 600 +500 $74 billion. This volume exceeds all previous Other investors: Marketable issues 1 9,700 9, 700 records, as shown by the chart. It was about Nonmarketable issues * 2,900 4,300 +1, 400 $19 billion above the predepression peak of 1 Estimated figures for commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for in- 1928 and $17 billion above the levels of 1937 surance companies and other investors have been rounded to nearest 100 millions. and the first half of 1938. 832 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month TOTAL DEPOSITS AND CURRENCY and currency held by the public assume new ALL BANKS IN THE UNITED STATES significance. CAL . REPORT DATES BILLIONS OF DOLLARS 80 In recent months the volume of checks drawn against deposit accounts in banks has 70 70 / increased sharply. After 60 > / 60 little net chan^e in 1939 TOTAL DEPOSITS / ""•""•So AMD CURRENCY / and the opening months 50 sj L s A 50 of 1940, the volume of debits to checking / \*» accounts at banks in 101 leading cities began 40 40 to rise substantially in the closing months of y last year, following the launching of the de- 30 30 ——» — TIME DEP)SITS~*? z?*/- fense program. The chart shows that this 20 b^DEMANDDEPOSITS 20 increase was much sharper than the seasonal ADJUSTED increase that occurred in 1939. In recent 10 10 months the rise has been resumed following CURRiNCYOUTSI)E BAMKS 1 L_ a brief interruption after the turn of the 0 0 year; debits are currently about 25 per cent 1934 1936 higher than in both 1939 and 1940. Figures are partly estimated; figures for June 30, 1941, are pre- These figures of bank debits represent liminary. Deposit figures cover all commercial and savings banks in United States and Postal Savings System. Demand deposits charges to demand deposit accounts at banks are adjusted for cash items in process of collection. Interbank deposits are excluded throughout and U. S. Government deposits in leading cities held for individuals and are excluded from "demand deposits adjusted" but included in "total deposits and currency". Deposits in Postal Savings System corporations and for State and local governand in mutual savings banks are included in time deposits. ments, but they exclude debits to demand deposits held for other banks, demand de- The significance of the present high level posits of the Federal Government, and time of bank deposits and their current rapid deposits. In order to eliminate the usual increase must be appraised in the light of sharp weekly and monthly movements that the changed business situation. Expansion obscure the general trend, data shown on the in the volume of bank deposits, which prochart are 3-month moving averages. Debits ceeded at a rapid rate from 1933 to 1937, include check payments made by the general accompanied and helped to facilitate business public for a variety of purposes. Because of recovery during that period. Bank deposits recent inactivity in the security markets, showed little net change in 1937 and the first which have at times accounted for a large half of 1938, but thereafter their rapid part of the movement in bank debits at city growth was resumed and it has continued up banks, it appears that the rise in bank debits to the present time at an accelerated rate. since last Summer mainly records increased With development of the defense program spending by business concerns for wages, during the past year, the general business materials, and plant and by the public for situation has radically changed and has reconsumer goods. quired a shift in general economic policy from one of stimulating the demand for goods to In addition to the increase in check payone of checking demand in the case of a grow- ments, the amount of small denomination ing number of commodities. Under these currency in circulation has increased subconditions the creation of new bank deposits stantially in recent years, indicating an exand the enormous volume of bank deposits pansion in cash payments of various sorts. SEPTEMBER 1941 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month clines during the same period of 1939 and DEBITS AND TURNOVER OF DEMAND DEPOSITS IN 101 CITIES EXCLUDES INTERBANK AND U. S. GOVERNMENT DEPOSITS 1940. 42 S OF DOLLARS DEBITS Banks have had a large volume of idle 40 1 funds with which to expand their loans and *-— 38 194 investments because of the Recent changes in increase in their excess re- 36 — excess reserves r serves and balances held 34 / with correspondent banks. Excess reserves 32 of member banks, which reached an unprece- 30 ....... **~ 1939 dented maximum of $7 billion last October, 28 - -' have decreased this year, while balances due 2AN4NU L TURN VER RATE TURNOVER AHNUAL T URNOVER from correspondent banks have shown little 22 further change, continuing in excess of $6 **• 1 n- 20 59 *** ..... billion. The present volume of these balances is nearly three times as large as that gen- 18 y 1941 940 erally maintained for the two decades prior 16 to 1934. 14 CHANGE IN RESERVE POSITION OF MEMBER BANKS 12 JANUARY 15—AUGUST 20, 1941 10 ~- Billions of dollars Figures are three-month moving averages plotted on middle month. Decrease in excess reserves 1.8 New reserve funds from gold inflow .6 Owing to the sharp upturn in the volume Main factors using reserve funds: Increase in currency circulation 1.3 of bank debits and notwithstanding the con- Increase in Treasury cash and deposits with Reserve tinued expansion of bank de- Inc B r a e n a k se s in required reserves . . 7 4 Rise in deposit posits, the rate of deposit turnover f Since last January, excess reserves have turnover at city banks has decreased by $1,800 million, even though risen somewhat in the past year. Larger monetary gold stock, which adds to reserve money expenditures, therefore, reflect in part funds, rose by about $600 million during the a more active use of existing deposits. The period. Foremost among the uses of these rate of deposit turnover is computed by divid- $2,400 million of reserve funds, as shown ing the volume of debits during a period in the table, was a flow of $1,300 million of by the average volume of deposits over the currency into circulation. Increased resame period and hence represents the aver- quired reserves arising from the expansion age number of times a deposit is spent. of bank deposits accounted for $400 million When an increasing volume of deposits is of reserve funds, and a growth in Treasury being held idle, the rate of turnover declines, holdings of cash and deposits with the Federal as during most of 1939 and 1940. Toward Reserve Banks for an additional $700 million. the closing months of each year the seasonal Analysis of the uses of reserve funds indirise in bank debits usually produces a cor- cates that the recent decrease in excess reresponding rise in turnover, but the chart serves has resulted in large part from an shows that the increase in the late months expansion in bank credit and in the demand of 1940 was appreciably greater than in the for currency. To the extent that the excess corresponding period of 1939. Moreover, reserves were reduced by an increase in there has been a slight but steady increase required reserves they were used as a basis in turnover since early Spring as against de- 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month for deposit expansion, and the increase in effect on the reserves of New York City money in circulation also represents an addi- banks. tion to the supply of immediately available This year, as in the past two years, there liquid funds in the hands of the public. Some has been a rather steady drain of funds out of the factors which contributed to the reduc- of the New York district on account of the tion in excess reserves, moreover, may be wide variety of commercial and financial only temporary in nature because reserves transactions other than transactions with may again increase through a return of cur- FACTORS OF GAINS AND LOSSES OF RESERVE FUNDS rency from circulation and through a reduc- BY BANKS IN NEW YORK F. R. DISTRICT tion of Treasury balances with the Reserve Banks. GAIN OF FUNDS The $1,800 million decline in the volume of excess reserves of member banks since last January has been al- Decline of reserves GOLD IMPORTS A in New York City City banks. Around the middle of last January, New York City banks held $3,500 million of excess reserves, or about 50 per cent of the total held by all member banks. By the middle of August / INTERBANK i excess reserves of New York City banks had TRTARENASSAURCYTIONS declined to about $1,900 million, which now V 1 CURRENCY '~-~represent about 40 per cent of total excess TRAN O S TH A E C R T ION ^ S ^ -V-v-^ ^Vv reserves. LOSS OF FUNDS Developments responsible for the recent loss in excess reserves at banks in the New York Federal Reserve district are illustrated in the chart. These figures reflect principally Weekly gains and losses cumulative from December 28, 1938, to August 20, 1941. Curves above zero line represent funds gained, changes in the condition of money market below zero line, funds lost. Figures of interbank balances represent balances of out-of-town banks with banks in New York City. banks in New York City. Operations of the United States Treasury were the principal the Treasury and with correspondent banks. factor reducing excess reserves in the New This loss of funds is shown by the residual York market since the middle of last January. item of "other" transactions. Payments for Treasury withdrawals of funds from the goods and services obtained from outside the New York district, arising from new security New York district, use of loans from New sales and tax receipts, were about $800 million York banks by borrowers in other parts of larger than its expenditures in the district, the country, and purchases of securities from principally repayments of maturing obliga- holders outside the district, to name some of tions and general disbursements. In this the principal items, have exceeded the amount period New York banks have purchased sub- of payments which have been made in the stantial amounts of United States Govern- New York district with funds originating ment obligations; some of these were new elsewhere. The net loss of funds on this issues bought directly from the Treasury, account has amounted to about $800 million while some were purchased from other hold- since last January. ers. During 1939 and 1940, Treasury trans- As in other parts of the country, there has actions in the New York district were ap- been a steady increase in the amount of money proximately in balance and had almost no net in circulation in the New York Federal Re- SEPTEMBER 1941 835 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month serve district. Withdrawal of funds from RESERVE POSITION OF MEMBER BANKS, BY CLASSES OF New York banks due to increased demands BANKS, AVERAGE FOR WEEK ENDING AUGUST 15, 1941. for currency has amounted to about $300 [Amounts in millions of dollars] million since last January, as compared with Reserve balances Per cent about $1,000 million in the other 11 districts. of excess above Losses of reserve funds by New York City Total qu R i e r - ed Excess re m q e u n ir t e s banks as a result of Treasury transactions, currency withdrawals, and general commer- Central Reserve city banks New York City 5,539 3,676 1,863 51 cial transactions, have been partly offset by Chicago 1,145 738 407 55 Reserve city banks 4,300 2,458 1,841 75 additions to reserves arising from a further Country banks 1 1,971 1,066 905 85 import of gold. Since last January gold Total 12, 954 7,937 5,017 63 imports in the New York district have 1 Figures for required and excess reserves estimated. amounted to about $400 million. This is only requirements than others. A survey of the a fraction of the volume of gold imports in reserve position of individual member banks, 1939 and 1940, which were responsible for made by the Board of Governors and the the rise in excess reserves at New York City Federal Reserve Banks, for the week endbanks in those years. ing June 25, 1941, indicates that the large Excess reserves are well distributed majority of banks hold excess reserves throughout the banking system. As shown amounting to considerably more than onein the table, member banks as seventh of their present required reserves. Distribution of a w h o i e have excess reserves Under the law the Board of Governors can amounting to 63 per cent of increase the reserve requirements of member their required reserves. This proportion banks by approximately one-seventh above varies from 85 per cent for so-called country existing requirements. About three-fourths banks to a little over 50 per cent for New of the banks, or 5,065, were in this category. York City banks. In addition to excess re- Nearly all of the remaining 1,484 member serves, country banks as a group have large banks held balances with correspondents far balances with city correspondents. in excess of amounts needed to increase their The table indicates the reserve position of excess reserves to one-seventh of required member banks by groups; for individual reserves. Only 19 banks had excess reserves banks there is more variation, some having and correspondent balances aggregating less considerably more reserves relative to their than one-seventh of their required reserves. 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

dpoint tom a an T Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Executive Order with Respect to Regulation of Consumer Credit be available for regulating the use of other instalment credit and other forms of credit usually extended to There is set forth below the text of the consumers or on consumers' durable goods; and Executive Order issued by the President on WHEREAS it is appropriate that such credit be con- August 9, 1941, with respect to regulation of trolled and regulated through an existing governconsumer credit. mental agency which has primary responsibilities with respect to the determination and administration of national credit policies: EXECUTIVE ORDER NO. 8843 Now, THEREFORE, by virtue of the authority vested in me by section 5(b) of the act of October 6, 1917, REGULATION OF CONSUMER CREDIT as amended, and by virtue of all other authority Declaration of Necessity and Purpose vested in me, and in order, in the national emergency declared by me on May 27, 1941, to promote the na- WHEREAS a large volume of credit is being devoted tional defense and protect the national economy, it is to financing and refinancing purchases of consumers' hereby ordered as follows: goods and services through extensions of credit that usually are made to individuals and to a large ex- A dministration tent are on an instalment payment basis; and WHEREAS the conditions under which such credit SECTION 1. (a) The Board of Governors of the Federal Reserve System (hereinafter called the is available have an important influence upon the vol- Board) is hereby designated as the agency through ume and timing of demand, not only for the particuwhich transfers of credit between and payments by lar goods and services purchased on credit but also or to banking institutions (as defined herein purfor goods and services in general; and suant to section 5(b) of the aforesaid Act) which WHEREAS liberal terms for such credit tend to stimconstitute, or arise directly or indirectly out of, any ulate demand for consumers' durable goods the proextension of credit of a type set out in section 2(a) duction of which requires materials, skills, and equipof this order shall be investigated, regulated and proment needed for national defense; and hibited. WHEREAS the extension of such credit in excessive (b) The Board shall, whenever it deems such volume tends to generate inflationary developments action to be necessary or appropriate, take any lawof increasing consequence as the limits of productive ful steps herein authorized and such other lawful capacity are approached in more and more fields steps as are within its power to carry out the purand to hinder the accumulation of savings available poses of this order, and may, in administering this for financing the defense program; and order, utilize the services of the Federal Reserve WHEREAS the public interest requires control of Banks and any other agencies, Federal or State, the use of instalment credit for financing and rewhich are available and appropriate. financing purchases of consumers' durable goods (c) In order to facilitate the coordination of the the production of which absorbs resources needed Board's functions under this order with other phases for national defense, in order (a) to facilitate of the program for national defense and for protectthe transfer of productive resources to defense ing the national economy, there shall be a committee industries, (b) to assist in curbing unwarranted consisting of the Secretary of the Treasury, the Fedprice advances and profiteering which tend to reeral Loan Administrator, and the Administrator of sult when the supply of such goods is curtailed the Office of Price Administration and Civilian Supwithout corresponding curtailment of demand, (c) ply, or such alternate as each shall designate, and to assist in restraining general inflationary tendensuch other members as the President shall subsecies, to support or supplement taxation imposed to quently appoint. The Board shall maintain liaison restrain such tendencies, and to promote the accumuwith the committee, and in formulating policies with lation of savings available for financing the defense respect to down-payments, maturities, terms of reprogram, (d) to aid in creating a backlog of demand payment, and other such questions of general policy for consumers' durable goods, and (e) to restrain shall consult with the committee and take into conthe development of a consumer debt structure that sideration any suggestions or recommendations it would repress effective demand for goods and servmay make. ices in the post-defense period; and Regulations WHEREAS in order to prevent evasion or avoidance of this order and such regulations as may be pre- SECTION 2. (a) Whenever the Board shall deterscribed to effectuate its purposes, means should also mine that such action is necessary or appropriate SEPTEMBER 1941 837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint for carrying out the purposes of this order, the (c) On and after the effective date of any regula- Board shall prescribe regulations with respect to tion prescribed by the Board with respect to any extransfers and payments which constitute, or arise tension of credit of a type set out in section 2 (a), and directly or indirectly out of, any extension of instal- notwithstanding the provisions of any other proclament credit for the purpose of purchasing or carry- mation, order, regulation, or license under the aforeing any consumers' durable good except a residential said Act, all transfers and payments which are in viobuilding in its entirety; and the Board may in addi- lation of such regulation shall be and hereby are protion, to the extent deemed by it to be desirable and hibited to the extent specified in such regulation. feasible in order to prevent evasion of such regula- (d) Neither this order nor any regulation issued tions as may be so prescribed or in order to control thereunder shall affect the right of any person to enforms of credit the use of which might defeat the force any contract, except that after the effective purposes of this order and such regulations, pre- date of any such regulation every contract which is scribe regulations with respect to transfers and pay- made in connection with any extension of credit and ments which constitute, or arise directly or indirectly which violates, or the performance of which would out of, (1) any other extension of instalment credit, violate, any provision of such regulation (other than or (2) any other extension of credit for the purpose a provision designated therein as being for adminisof purchasing or carrying any consumers' durable trative purposes), and every lien, pledge, seller's ingood, or (3) any other extension of credit in the terest in a conditional sale, or other property interest, form of a loan other than a loan made for business subject to the provisions of such contract or created purposes to a business enterprise or for agricultural in connection therewith, shall be unenforceable by the purposes to a person engaged in agriculture. Such person who extends such credit or by any person who regulations may be prescribed by the Board at such acquires any right of such person in such contract; times and with such effective dates as the Board shall provided that such disability shall not apply to any deem to be in accordance with the purposes of this person who extends such credit, or acquires such right order. for value, in good faith and without knowing or having reason to know the facts by reason of which the (b) Such regulations may from time to time, origi- making or performance of such contract was or would nally or by amendment, regulate or prohibit such be such a violation. transfers and payments or exempt them from regulation or prohibition and may classify them according Reports to the nature of the transactions or goods or persons SECTION 3. Reports concerning the kinds, amounts, involved or upon such other basis as may reasonably and characteristics of any extensions of credit subdifferentiate such transfers and payments for the ject to this order, concerning transfers and payments purposes of regulations under this order, and may be which arise out of any such extensions of credit, or made applicable to one or more of the classes so es- concerning circumstances related to such extensions tablished ; and, without limiting the generality of the of credit or such transfers or payments or to the regforegoing, such regulations may require transactions ulation thereof, shall be filed on such forms, under or persons or classes thereof to be registered or oath or otherwise, at such times and from time to licensed; may prescribe appropriate limitations, time, and by such persons, as the Board may preterms, and conditions for such registrations or scribe by rule, regulation, or order as necessary or licenses; may provide for suspension of any such appropriate for enabling the Board to perform its registration or license for violation of any provision functions under this order. The Board may require thereof or of any regulation, rule, or order prescribed any person to furnish, under oath or otherwise, comhereunder, may prescribe appropriate requirements plete information relative to any transaction within as to the keeping of records and as to the form, con- the scope of this order, including the production of tents, or substantive provisions of contracts, liens, or any books of account, contracts, letters, or other paany relevant documents; may prohibit solicitations pers, in connection therewith in the custody or control by banking institutions which would encourage eva- of such person. sion or avoidance of the requirements of any regula- Definitions tion, license, or registration under this order; and SECTION 4. For the purposes of this order, unless may from time to time make appropriate provisions the context otherwise requires, the following terms with respect to— shall have the following meanings, provided that the Board may in its regulations give such terms more (1) The maximum amount of credit which may restricted meanings: be extended on, or in connection with any purchase (a) "Person" has the meaning set forth in section of, any consumers' durable good; 5(b) of the act of October 6, 1917, as amended. (2) The maximum maturity, minimum periodic (b) "Transfers and payments" means "transfers payments, and maximum periods between payof credit between and payments by or to banking inments, which may be stipulated in connection with stitutions". extensions of credit; (c) "Banking institution" means any person en- (3) The methods of determining purchase prices gaged as principal, agent, broker, or otherwise, in or market values or other bases for computing the business of making or holding extensions of credit permissible extensions of credit or required downand includes, without limitation, any bank, any loan payments; and company, and finance company, or any other person (4) Special or different terms, conditions, or ex- engaged in the business of making or holding extenemptions with respect to new or used goods, mini- sions of credit whether as a vendor of consumers' mum original cash payments, temporary credits durable goods or otherwise. which are merely incidental to cash purchases, (d) "Consumers' durable good" includes any good, payment or deposits usable to liquidate credits, and whether new or used, which is durable or semi-durother adjustments or special situations. able and is used or usable for personal, family or 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint household purposes, and any service connected with REGULATION W the acquisition of any such good or of any interest therein. CONSUMER CREDIT (e) "Extension of credit" means any loan or mort- As Adopted August 21, 1941 gage; any instalment purchase contract, any conditional sales contract, or any sale or contract of sale under which part or all of the price is payable subse- FOREWORD quent to the making of such sale or contract; any (Not a part of the regulation) rental-purchase contract, or any contract for the bailment or leasing of property under which the bailee Regulation W has been adopted by the Board of or lessee either has the option of becoming the owner Governors in order to carry out the President's Executive Order of August 9, 1941, which sets forth thereof or obligates himself to pay as compensation the necessity for and purpose of regulation of cona sum substantially equivalent to or in excess of the sumer credit, as follows: value thereof; any contract creating any lien or similar claim or property to be discharged by the payment 1. A large volume of credit is being devoted to of money; any purchase, discount, or other acquisition financing and refinancing purchases of consumers' of, or any extension of credit upon the security of, goods and services through extensions of credit that any obligation or claim arising out of any of the usually are made to individuals and to a large extent foregoing; and any transaction or series of transac- are on an instalment payment basis. tions having a similar purpose or effect. 2. The conditions under which such credit is available have an important influence upon the volume (f) An extension of credit is an extension of "in- and timing of demand, not only for the particular stalment credit" if the obligor undertakes to repay goods and services purchased on credit but also for the credit in two or more scheduled payments or un- goods and services in general. dertakes to make two or more scheduled payments or 3. Liberal terms for such credit tend to stimulate deposits usable to liquidate the credit, or if the exten- demand for consumers' durable goods the production sion of credit has a similar purpose or effect, or if it of which requires materials, skills, and equipment is for the purpose of financing a business enterprise needed for national defense. which makes such extensions of credit. 4. The extension of such credit in excessive volume (g) An extension of credit is "for the purpose of tends to generate inflationary developments of inpurchasing or carrying any consumers' durable good" creasing consequence as the limits of productive capacity are approached in more and more fields and if it is directly or indirectly for the purpose of finanto hinder the accumulation of savings available for cing or refinancing the purchase of any consumers' financing the defense program. durable good or is directly or indirectly secured by 5. The public interest requires control of the use any consumers' durable good, or if the extension of of instalment credit for financing and refinancing credit has a similar purpose or effect, or if it is for purchases of consumers' durable goods the producthe purpose of financing a business enterprise which tion of which absorbs resources needed for national makes such extensions of credit. defense, in order (a) to facilitate the transfer of productive resources to defense industries, (b) to Penalties assist in curbing unwarranted price advances and profiteering which tend to result when the supply SECTION 5. Whoever willfully violates or knowingly of such goods is curtailed without corresponding curparticipates in the violation of this order or of any tailment of demand, (c) to assist in restraining regulation prescribed hereunder, shall be subject to general inflationary tendencies, to support or supplethe penalties applicable with respect to violations of ment taxation imposed to restrain such tendencies, section 5(b) of the said act of October 6, 1917, as and to promote the accumulation of savings available amended.* for financing the defense program, (d) to aid in creating a backlog of demand for consumers' dur- (Signed) FRANKLIN D. ROOSEVELT. able goods, and (e) to restrain the development of a The White House, consumer debt structure that would repress effective August 9, 1941. demand for goods and services in the post-defense period. 6. In order to prevent evasion or avoidance of this Regulation of Board of Governors Relating to order and such regulations as may be prescribed to Consumer Credit effectuate its purposes, means should also be available for regulating the use of other instalment credit There is set forth below the text of the and other forms of credit usually extended to con- Board's Regulation W, relating to consumer sumers or on consumers' durable goods. credit, as adopted August 21, 1941, to become 7. It is appropriate that such credit be controlled and regulated through an existing governmental effective September 1, 1941, except as to ceragency which has primary responsibilities with retain designated sections. spect to the determination and administration of national credit policies. Regulation W is issued in the light of the fore- * The section reads in part: "Whoever willfully violates any of going considerations and as a step supplementing the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined more fundamental governmental measures designed not more than $10,000, or, if a natural person, may be imprisoned to combat inflationary developments. for not more than ten years, or both; and any officer, director, There, will be changes from time to time in this or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both." regulation, particularly in the list of consumers' dur- SEPTEMBER 1941 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint able goods covered by the regulation, in the size of SEC. 10. EFFECTIVE DATE OF REGULATION the minimum down payments required, and in the SUPPLEMENT maximum length permitted for instalment contracts. Part 1. Listed articles, maximum maturities, and Any inquiry relating to this regulation should be maximum credit values addressed to the Federal Reserve Bank or the Federal Part 2. Basis price of listed articles other than Reserve branch bank of the district in which the automobiles inquiry arises. Part 3. Maximum credit value of automobiles Part 4. Instalment loan credit subject to section CONTENTS 5(6) of the regulation SEC. 1. SCOPE OF REGULATION APPENDIX Executive Order SEC. 2. DEFINITIONS (a) Person (b) Extension of credit REGULATION W (c) Extension of instalment credit (d) Extension of instalment sale credit CONSUMER CREDIT (()e) Extension of instalment loan credit SECTION 1. SCOPE OF REGULATION SEC. 3. REGISTRATION AND GENERAL REQUIREMENT This regulation is issued by the Board of Gover- (a) General requirements nors of the Federal Reserve System (hereinafter (b) General license called the "Board") under authority of section 5(b) (c) Registration of the Act of October 6, 1917, as amended, and Ex- (d) Suspension of license ecutive Order No. 8843, dated August 9, 1941 (here- SEC. 4. INSTALMENT SALE CREDIT inafter called the "Executive Order") .x (a) Maximum amount of credit The regulation applies, in general, to any person (b) Maximum maturity who is engaged in the business of making extensions (c) Amounts of payments of instalment credit, or of discounting or purchasing (d) Intervals of payments obligations arising out of extensions of instalment (e) Minimum monthly payment credit. It applies whether the person so engaged is (/) Statement of transaction acting as principal, agent, broker or otherwise, and (g) Credit of which a part arises out of whether the person is a bank, loan company, or sale of a listed article finance company, or a person who is so engaged in connection with any other business, such as by mak- SEC. 5. INSTALMENT LOAN CREDIT ing such extensions of credit as a dealer, retailer, or (a) Loans secured by listed articles other person in connection with the selling of con- (b) Miscellaneous loans of $1,000 or less sumers' durable goods.2 (c) General requirements (d) Determining when listed article pur- SECTION 2. DEFINITIONS chased For the purposes of this regulation, unless the SEC. 6. CERTAIN EXCEPTIONS context otherwise requires: {a\ "Person" means an individual, partnership, SEC. 7. ENFORCEABILITY OF CONTRACTS association, or corporation. SEC. 8. RENEWALS, REVISIONS, AND ADDITIONS (b\ "Extension of Credit" means any loan or (a) Renewals or revisions mortgage; any instalment purchase contract, any (b) Additions to outstanding credit conditional sales contract, or any sale or contract (c) Credit to retire obligations held else- of sale under which part or all of the price is payable where subsequent to the making of such sale or contract; (d) Statement of necessity to prevent un- any rental-purchase contract, or any contract for due hardship the bailment or leasing of property under which the (e) Obligations outstanding on September bailee or lessee either has the option of becoming the 1, 1941 owner thereof or obligates himself to pay as compen- (/) Side loan to make down-payment on sation a sum substantially equivalent to or in excess listed article of the value thereof; any contract creating any lien (g) Evasive side agreements or similar claim on property to be discharged by the payment of money; any purchase, discount, or SEC. 9. MISCELLANEOUS PROVISIONS other acquisition of, or any extension of credit upon (a) Clerical errors the security of, any obligation or claim arising out of (6) Calculating maximum maturity of con- any of the foregoing; and any transaction or series tract of transactions having a similar purpose or effect. (c) "Lay-away" plans (c) "Extension of Instalment Credit" means an (d) Outstanding contracts extension of credit which the obligor undertakes to (e) Payments arising out of loans on in- repay in two or more scheduled payments or as to stalment obligations which the obligor undertakes to make two or more (/) Determining security for instalment scheduled payments or deposits usable to liquidate loan credit the credit, or which has a similar purpose or effect. (g) Records and reports (h) Production of records 1 The Executive Order is printed in the Appendix. However, it (i) Transactions outside United States has been the purpose to couch this regulation in such terms as (j) Right of registrant to impose stricter wi 2 l l T e h l e im S i u n p at p e l e t m he e n n t e t e o d t o h f i s c r r e o g s u s la re ti f o e n re n li c s e ts t t o h e t h c e o n O s r u d m e e r. rs' durable requirements goods within the scope of the regulation. 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Front a Legal Standpoint (d) "Extension of Instalment Sale Credit" means tion 3(a); Provided, however, That such general an extension of instalment credit which is made, as license terminates at the close of December 31, 1941 principal, agent or broker, by any seller of any con- for every person who has not registered on or before sumers' durable good specified in the Supplement that date in the manner provided in section 3(c). to this regulation (hereinafter called a "listed ar- After December 31, 1941, any person, whose license ticle") and arises out of the sale of such listed article. is not suspended, may become licensed by registering For the purposes of this section 2(d) a lease or bail- in the manner provided in section 3(c). ment which is similar in purpose or effect to a sale (c) Registration.—Registration as required by this shall be deemed to be a sale. section 3 may be accomplished by filing, with the (e\ "Extension of Instalment Loan Credit" means Federal Reserve Bank of the district in which the an extension of instalment credit, other than instal- main office of the Registrant is located, a .registrament sale credit, which is a loan (as distinguished tion statement on forms obtainable from any Federal from other types of extensions of credit) and which Reserve Bank or branch. (1) is in a principal amount of $1,000 or less, or (2) (d) Suspension of License.—The license of any regardless of amount, is wholly or partly secured, or Registrant may, after reasonable notice and opporaccording to any oral or written agreement of the tunity for hearing, be suspended by the Board, either parties is to become so secured, by any listed article in its entirety or as to particular activities or parwhich has been purchased within 45 days prior to, or ticular offices or for specified periods, on any of the is to be purchased at any time after, such extension following grounds: of instalment credit; but the definition does not in- (1) Any material misstatement or omission clude any loan upon the security of any obligation or willfully or negligently made in the registration claim which arises out of any extension (A) of instatement; stalment sale credit or (B) of instalment loan credit (2) Any willful or negligent failure to comas defined above in this section 2(e). ply with any provision of this regulation or any requirement of the Board pursuant thereto. SECTION 3. REGISTRATION AND GENERAL REQUIREMENTS A license which is suspended for a specified period will again become effective upon the expiration of (a) General Requirements.—No person engaged such period. A license which is suspended indefiin the business of making extensions of instalment nitely may be restored by the Board, in its discretion, sale credit3 or instalment loan credit, or engaged in if the Board is satisfied that its restoration would the business of lending on the security of or discountnot lead to further violations of this regulation and ing or purchasing obligations or claims arising out would not be otherwise incompatible with the public of such extensions of credit, shall make any payment interest. or receive any payment which constitutes or arises directly or indirectly out of any such extension of SECTION 4. INSTALMENT SALE CREDIT credit made by such person or out of any such obligation or claim lent on or discounted or purchased by Except as otherwise permitted by section 6, any such person, except on the following conditions: extension of instalment sale credit shall comply with the following requirements: (1) Such person shall be licensed pursuant to (a) Maximum Amount of Credit.—The deferred this section (any person so licensed being here- balance shall not exceed the maximum credit value inafter called a "Registrant") ; and of the listed article specified in the Supplement to (2) The Registrant shall not make any such this regulation (hereinafter called the "Supplepayment or receive any such payment (A) if, ment") ; when the Registrant made the extension of in- (b) Maximum Maturity.—The maturity shall not stalment credit, the Registrant knew or had rea- exceed that specified for the listed article in the son to know any fact by reason of which such Supplement; extension of instalment credit failed to comply (c) Amounts of Payments.—Except as permitted with any of the requirements of this regulation by section 4(d), the instalments in which the time applicable thereto, or (B) if, when the Registrant balance is repayable shall be substantially equal in purchased or discounted the obligation or claim amount or be so arranged that no instalment is subor accepted the obligation or claim as collateral, stantially greater in amount than any preceding inthe obligation or claim showed on its face some stalment; failure to comply with such requirements, or the (d\ Intervals of Payments.—The instalments shall Registrant knew any fact by reason of which the be payable at approximately equal intervals not exextension of instalment credit giving rise to the ceeding one month, except that, when appropriate obligation or claim failed to comply with such for the purpose of facilitating repayment in accordrequirements, or (C) if, when the Registrant re- ance with the seasonal nature of the obligor's main newed, revised, or consolidated the obligation or source of income or to encourage off-seasonal purclaim arising out of an extension of instalment chases of seasonal goods, the payment schedule may credit, the Registrant knew or had reason to reduce or omit payments over any period or periods know any fact by reason of which such renewal, totaling not more than 4 months during the life of revision or consolidation resulted in a failure such extension of instalment sale credit if the schedto comply with such requirements. ule increases the schedule payments in such manner as to meet all the other requirements of this sec- (6) General License.—A general license is hereby tion 4; granted to all persons engaged on or before Decem- * (e) Minimum Monthly Payment.—Except as ber 31, 1941 in the type of business described in secpermitted by section 4(d), the schedule of payments 8 It is to be noted that the term "instalment sale credit" includes only credit connected with the sale of listed articles. * Effective January 1, 1942. SEPTEMBER 1941 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint shall call for instalments aggregating not less than rendered in connection with the acquisition $5.00 per month; thereof, which statement so accepted shall, for *(/) Statement of Transaction. — The extension purposes of this regulation, be deemed to be of instalment sale credit shall be evidenced by^ a correct; and written instrument or record, and there shall be in- (2) The maturity shall not exceed that specicorporated therein or attached thereto a written fied for the listed article in the Supplement, and statement, of which a copy shall be given to the such maximum maturity shall be calculated from obligor as promptly as circumstances will permit, the date of purchase of such listed article or and which shall set forth (in any order) the follow- from the date of such extension of instalment ing information: loan credit, whichever is earlier. (1) A brief description identifying the article (b) Miscellaneous Loans of $1,000 or Less.—If purchased; the extension of instalment loan credit is not subject (2) The bona fide cash purchase price of the to section 5 (a) but is in a principal amount of article and accessories purchased (including anv ^',000 or less, the maximum maturity shall not exsales taxes thereon) and of any services (ex- ceed that specified in the Supplement for extensions cluding any interest or finance charge and the of instalment loan credit subject to this section 5(b). cost of any insurance) rendered in connection (c). General Requirements.—Whether subject to with the acquisition thereof, itemized; section 5(a) or section 5(b), the extension of instal- (3) The amount of the purchaser's down pay- ment loan credit shall comply with the following adment (A) in cash and (B) in goods accepted in ditional requirements: trade, together with a brief description identify- The extension of instalment loan credit ing such goods and stating the monetary value shall be evidenced by a written instrument or assigned thereto in good faith; record, and there shall be incorporated therein (4) The deferred balance, which is the differor attached thereto a written statement, of which ence between items (2) and (3) ; a copy shall be given to the obligor as promptly (5) The amount of any insurance premium for as circumstances will permit, and which shall which credit is extended and of any finance set forth the terms of payment and, if the loan charges or interest by way of discount included is subject to section 5(a), the bona fide cash in the principal amount of the obligation, or the purchase price used for determining the maxisum of these amounts; mum credit value of the listed article involved; (6) The time balance owed by the purchaser, (2) Except as permitted by section 5(c) (3), which is the sum total of items (4) and (5) ; and the total of the principal and any interest or (7) The terms of payment. finance charges shall be payable in instalments (g) Credit of Which a Part Arises Out of Sale of which shall be substantially equal in amount or a Listed Article.—In case an extension of instalment be so arranged that no instalment is substansale credit arises partly out of a sale of an article tially greater in amount ijian any preceding inlisted in the Supplement and partly out of another stalment; sale, the amount and the terms of such extension of (3) Instalments shall be payable at approxicredit shall be such as would result if the credit were mately equal intervals not exceeding one month, divided into two parts, the part relating to the listed except that, when appropriate in order to faciliarticle being treated in accordance with the pro- tate repayment in accordance with the seasonal visions of this regulation relating to such article and nature of the obligor's main source of income or the remainder being treated in the manner in which to encourage off-seasonal purchases of seasonal the Registrant would in good faith treat a similar goods, the payment schedule may reduce or omit extension of credit if standing alone. payments over any period or periods totaling not more than 4 months during the life of such extension of credit if the schedule increases the SECTION 5. INSTALMENT LOAN CREDIT scheduled payments in such manner as to meet Except as otherwise permitted by section 6, any the other requirements of this section 5; and extension of instalment loan credit shall comply with **(4) Except as permitted by section 5(c) the following requirements: (3), the schedule of payments shall call for in- (a\ Loans Secured by Listed Article.—If the ex- stalments aggregating not less than $5.00 per tension of instalment loan credit is wholly or partly month. secured, or according to any oral or written agreement of the parties is to become so secured, by any (d) Determining When Listed Article Purchased.— listed article which has been purchased within 45 In case the Registrant accepts in good faith a writdays prior to, or is to be purchased at any time after, ten statement signed by the obligor that any listed such extension of instalment loan credit: article which secures an extension of instalment loan credit has not been purchased within 45 days prior to (1) The principal amount lent to the obligor such extension of credit such statement shall, for the (excluding any interest or finance charges, and purposes of this regulation, be deemed to be correct. the cost of any insurance) shall not exceed the maximum credit value of the listed article specified in the Supplement; and, in determining such SECTION 6. CERTAIN EXCEPTIONS maximum credit value, the Registrant may ac- Notwithstanding the provisions of sections 4 and cept in good faith a written statement signed 5, the requirements of such sections shall not apply by the obligor setting forth the bona fide cash to any of the following: purchase price of the article and of any acces- (a) Any extension of credit which is secured by sories and of any services, except insurance, * Effective October 1, 1941. * Effective October 1, 1941. ** Effective January 1, 1942. 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint a bona fide first lien on improved real estate duly the extension of instalment loan credit (1) is aprecorded. proved by the Farm Security Administrator, or his (b) Any extension of credit over $1,000 which is authorized agent, as being necessary for the rehabilmade for materials and services in connection with itation of a needy farm family, or (2) is for general repairs, alterations, or improvements upon urban, agricultural purposes and is not for the purpose of suburban, or rural real property in connection with purchasing any listed article and not secured by any existing- structures, even though such materials in- listed article purchased within 45 days before the clude articles listed in Group C or D in the Supple- extension of 'credit. In determining whether a loan ment, provided the bona fide cash purchase price of meets the description of clause (2) above, a Regissuch articles so listed does not exceed 50 per cent of trant may accept in good faith a written statement the total over-all deferred balance. signed by the obligor setting forth the facts relied (c) Any extension of instalment loan credit which upon to bring the loan within the description, and is made to or for a student for bona fide educational the facts set forth in such statement shall, for the purposes. purposes of this regulation, be deemed to be correct. (d) Any extension of instalment loan credit if (1) the proceeds are to be used for bona fide medical, SECTION 7. ENFORCEABILITY OF CONTRACTS hospital, dental, or funeral expenses and (2) the in- Pending an opportunity for the Board to observe come of the obligor available for the purpose is this regulation in operation and except as may subsuch that he could not reasonably meet the requiresequently be otherwise provided, all of the provisions ments of this regulation otherwise applicable, and of this regulation are designated, pursuant to section failure to obtain the extension of credit would cause 2(d) of the Executive Order, as being for adminisundue hardship to him; Provided, That if the Registrative purposes within the meaning of said section trant accepts in good faith a written statement 2(d) which provides that noncompliance with provisigned by the obligor and setting forth the facts sions of the regulation so designated shall not affect relied upon to bring the loan within the exception of the right to enforce contracts. this section 6(d) the facts set forth in such statement shall, for the purposes of this regulation, be deemed SECTION 8. RENEWALS, REVISIONS, AND ADDITIONS to be correct. (e) Any extension of credit (1) to finance the pur- *(«-) Renewals or Revisions.—If any obligation or chase of aircraft in order to facilitate participation claim evidencing any extension of instalment sale in the Civilian Pilot Training Program of the Civil credit or instalment loan credit is renewed or revised Aeronautics Authority; or (2) to remodel or reha- by a Registrant, the extension of instalment credit bilitate any dwelling or residence which the Defense does not comply with the requirements of this regu- Housing Coordinator, or his authorized agent, shall lation if such renewal or revision has the effect of designate as being for "defense housing" as defined changing the terms of repayment to terms which by the Coordinator. Information regarding the pro- this regulation would not have permitted in the first cedure for obtaining such a designation may be ob- instance for such credit; Provided, however, That tained through any Federal Reserve Bank or branch. this shall not prevent the Registrant from taking any (/) Any extension of instalment sale credit which such action if the Registrant accepts in good faith a is to be repaid at approximately equal intervals and statement of necessity as provided in section 8(d) in approximately equal instalments, the last of which and the extension of instalment credit provides for a matures within three months after the first day schedule of repayment in conformity with this reguof the calendar month next following such extension. lation as though it were a new extension of instal- (g) Any extension of credit to a dealer in any listed ment credit; and Provided further, That nothing in article, whether a wholesaler or retailer, to finance this regulation shall be construed to prevent any the purchase of any such article for resale. Registrant from making any renewal or revision, or (h) Any extension of credit which is to be repaid taking any action that it shall deem necessary in within not more than twelve months and is made to good faith, (1) with respect to any obligation of a bona fide salesman of automobiles in order to any member of the armed forces of the United States finance the purchase of a new automobile to be used incurred prior to his induction into such service, or by him principally as a demonstrator. (2) for the Registrant's own protection in connection (i) Any extension of credit which is for the pur- with any obligation which is in default and is the pose of financing a premium in excess of one year on subject of bona fide collection effort by the Registrant. a fire or casualty insurance policy if the proceeds are * (b) Additions to Outstanding Credit.—If any paid directly to the insurance agent, broker, or com- Registrant makes any extension of instalment sale pany issuing or underwriting the insurance and the credit or instalment loan credit and such extension extension of credit is fully secured by the unearned of instalment credit is consolidated with any obligaportion of the premium so financed. tion held by the Registrant evidencing any prior ex- (j) Any extension of instalment sale credit made tension of instalment sale credit or instalment loan on or before December 31, 1941, which (1) does not credit to the same obligor, neither extension of inbring above $50 the total of the obligor's outstanding stalment credit complies with the requirements of indebtedness to the Registrant arising out of exten- this regulation unless the terms of the consolidated sions of instalment sale credit made on or after Sep- obligation are such as would have been necessary to tember 1, 1941, and (2) is to be repaid at approxi- meet the requirements of this regulation if the two mately equal intervals and in approximately equal extensions had not been so consolidated; Provided, instalments the last of which matures within 9 months however, That if the Registrant accepts in good faith after the first day of the calendar month next fol- a statement of necessity as provided in section 8(d), lowing such extension. the combined obligation may provide for a schedule (k) Any extension of instalment loan credit which of repayment in conformity with this regulation as is made to a person engaged in agriculture, or to a cooperative association of such persons, provided that * Effective November 1, 1941. SEPTEMBER 1941 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint though it were a new extension of instalment credit. conditions inconsistent with those required by this *(c) Credit to Retire Obligations Held Elsewhere. regulation, or which would otherwise evade or cir- —Any extension of instalment credit, the proceeds cumvent, or conceal any evasion or circumvention of, of which a Registrant knows or has reason to know any requirement of this regulation. will be used in whole or in part to reduce or retire any extension of instalment sale credit or instalment SECTION 9. MISCELLANEOUS PROVISIONS loan credit not held by such Registrant, shall be sub- (a\ Clerical Errors.—Any failure to comply with ject to the requirements of section 8(a) or 8(b), inthis regulation resulting from a mistake in detercluding the provisos thereof, to the same extent as mining, calculating, or recording any price, credit if the obligation being reduced or retired were held value, or extension of credit, or pther similar matter, by the Registrant. In determining whether the proshall not be construed to be a violation of this reguceeds of any extension of instalment credit will be lation if the Registrant establishes that such failure so used, if the Registrant accepts in good faith a writto comply was the result of excusable error and was ten statement with respect thereto signed by the not occasioned by a regular course of dealing. obligor, such statement shall, for the purposes of this (6) Calculating Maximum Maturity of Contract.— regulation, be deemed to be correct. In calculating the maximum maturity of a contract *(d) Statement of Necessity to Prevent Undue from the date on which any listed article was pur- Hardship.—The requirements of a statement of neceschased or any loan was made, depending upon which sity, as provided for in sections 8(a), 8(b), and 8(c), such date is required by this regulation to be used for will be complied with only if the Registrant accepts such calculation, a Registrant may, at his option, use in good faith a written statement on a form preas such date of purchase or loan any date not more scribed by the Board and signed by the obligor that than 15 days subsequent to the actual date thereof. the contemplated renewal, revision, or other action (c) "Lay-away" Plans.—With respect to any exis necessary in order to avoid undue hardship upon tension of instalment sale credit involving a bona fide the obligor resulting from contingencies which were "lay-away" plan, or other similar plan by which a unforeseen by the obligor at the time of obtaining purchaser makes one or more payments on an article the original extension of instalment credit or which before receiving delivery thereof, the Registrant may, were beyond the control of the obligor, which statefor the purposes of this regulation, treat the extenment also sets forth briefly the principal facts and sion of instalment sale credit as not having been circumstances with respect to such contingencies and made until the date of the delivery of the article to specifically states that the renewal, revision, or other the purchaser. action is not pursuant to any preconceived plan, ar- (d) Outstanding Contracts.—Except as provided rangement, or intention to evade or circumvent any in section 8(e) with respect to contracts made prior requirement of this regulation. to September 1, 1941, which have been renewed, (e) Obligations Outstanding on September 1, 1941. revised, or consolidated on or after such date, nothing —The requirements of sections 8(a), 8(b), and 8(c), in this regulation shall apply with respect to any do not apply to any renewal or revision of any obligavalid contract made prior to such date. tion arising out of any extension of instalment sale (e) Payments Arising out of Loans on Instalment credit or instalment loan credit made prior to Septem- Obligations.—With respect to any loan on the seber 1, 1941; but when any such outstanding obligacurity of an obligation or claim which arises out of tion has been combined with any extension of instalan extension of instalment credit, the prohibitions of ment sale credit or instalment loan credit made on this regulation shall be deemed to apply only to payor after September 1, 1941, or has been the subject ments arising out of the obligation or claim rather of any renewal or revision made on or after such than to payments arising out of the loan. date, such extension of instalment credit shall there- (/) Determining Security for Instalment Loan after be treated for the purposes of this regulation Credit.—In determining whether an extension of inas having been made on or after such date. stalment loan credit is secured by any recently ac- (/) Side Loan to Make Down-Payment on Listed quired listed article, as described in section 5(a), the Article.—An extension of instalment credit which is Registrant acting in good faith may disregard any limited in amount by this regulation to the maximum such listed article which specifically secures some credit value of any listed article, does not comply other extension of credit and secures the loan in queswith the requirements of this regulation if the Registion merely by reason of an "overlap agreement," trant making such extension of instalment credit "spreader clause," or other form of general over-all knows or has reason to know that there is, or that lien. there is to be, any other extension of credit in con- (g) Records and Reports.—Every Registrant shall nection with the purchase of the listed article which keep such records and make such reports as the Board would bring the total amount of credit extended in may from time to time require as necessary or apconnection with such purchase beyond the maximum propriate for enabling it to perform its functions credit value of such article as specified in the Suppleunder the Executive Order. ment; Provided, That, if the Registrant accepts in (h) Production of Records.—Every Registrant, as good faith a written statement signed by the obligor and when required by the Board, shall furnish comthat no such other extension exists or is to be made, plete information relative to any transaction within such statement shall, for the purposes of this reguthe scope of the Executive Order, including the prolation, be deemed to be correct. duction of any books of account, contracts, letters, (g) Evasive Side Agreements.—No extension of or other papers in connection therewith. instalment credit complies with the requirements of (i) Transactions Outside United States.—Nothing this regulation if at the time it is made there is any in this regulation shall apply with respect to any exagreement, arrangement, or understanding by which tension of credit made in Alaska, the Panama Canal the obligor is to be enabled to make repayment on Zone, or any territory or possession outside the con- * Effective November 1, 1941. tinental United States. 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint (j) Right of Registrant to Impose Stricter Requirements.—Nothing in this regulation shall be construed to modify the right of any Registrant to refuse to extend credit, or to extend less credit than the amount permitted by this regulation, or to require that repayment be made within a shorter period than the maximum permitted by this regulation. SECTION 10. EFFECTIVE DATE OF REGULATION This regulation shall become effective September 1, 1941, except that sections 4(f) and 5(c) (1) shall not become effective until October 1, 1941, sections 8(a), 8(b), 8(c), and 8(d) shall not become effective until November 1, 1941, and sections 4(e) and 5(c) (4) shall not become effective until January 1, 1942. SUPPLEMENT TO REGULATION W Part 1. Listed Articles, Maximum Maturities, and Maximum Credit Values.—For the purposes of the regulation the following maximum maturities and maximum credit values shall apply to the following list of articles: Maximum Credit Maximum Value in per Articles of Consumers' Durable Goods Maturity cent of (Whether new or used) in Months Basis Price Group A 1. Automobiles (passenger cars de- (See Part 3 signed for the purpose of transporting less than 10 passengers, of this including taxicabs) 18 Supplement.) Group B 1. Aircraft (including gliders) 18 66-2/3 2. Power driven boats, and motors designed for use therein, other than boats or motors designed specifi- cally for commercial use 18 66-2/3 3. Outboard boat motors 18 66-2/3 4. Motorcycles (two or three-wheel motor vehicles, including motor bicycles) 18 66-2/3 Group C 1. Mechanical refrigerators of less than 12 cubic feet rated capacity 18 80 2. Washing machines designed for household use 18 3. Ironers designed for household use. 18 4. Suction cleaners designed for house- hold use 18 5. Cooking stoves and ranges with less than seven heating surfaces 18 6. Heating stoves and space heaters designed for household use 18 7. Electric dishwashers designed for household use 18 8. Room-unit air conditioners ....... 18 9. Sewing machines designed for household use 18 10. Radio receiving sets, phonographs, or combinations 18 11. Musical instruments composed principally of metals 18 Group D 1. Household furnaces and heating units for furnaces (including oil burners, gas conversion burners, and stokers) 18 2. Water heaters designed for household use 18 3. Water pumps designed for household use 18 4. Plumbing and sanitary fixtures designed for household use 18 5. Home air conditioning systems.... 18 6. Attic ventilating fans 18 7. New household furni#ture (including ice refrigerators, bed springs, and mattresses but excluding floor coverings, wall coverings, draperies, and bed coverings)1... . 8. Pianos and household electric organs 00 00 Maximum Credit Maximum Value in per Articles of Consumers' Durable Goods Maturity cent of (Whether new or used) in Months Basis Price roup E 1. Materials and services (other than materials listed in Group C or D) in connection with repairs, alterations, or improvements upon urban, suburban, or rural real property in connection with existing structures, provided the deferred balance does not exceed $1,000 18 No limitation Part 2. Basis Price of Listed Articles Other Than Automobiles*—The basis price of any listed article other than an automobile shall be the bona fide cash purchase price of the article and accessories purchased, including any sales taxes thereon and any bona fide delivery and installation charges, minus the amount of any allowance made by the seller for any article traded-in by the purchaser (including as such a trade-in anything which the seller buys or arranges to have bought from the purchaser at or about the time of the purchase of the listed article). Part 3. Maximum Credit Value of Automobiles.— For the purposes of section 4 and section 5 (a) of the regulation: (a) The maximum credit value of a new automobile shall be 66% per cent of the bona fide cash pur- chase price of the automobile and accessories (including any sales taxes thereon and any bona fide delivery charges) but in no event to exceed 66% per cent of the sum of the following items: (1) The advertised delivered price of the automobile (with standard equipment) at the factory; (2) Transportation charges established by the manufacturer from factory to point of delivery; (3) Any Federal, State, or local taxes not included in the foregoing; and 80 (4) Any bona fide charges for delivery or 80 accessories not included in the foregoing items. 80 In case the automobile is sold for delivery at the factory, by a dealer in a given place to a 80 resident of such place or its vicinity who actually 80 intends to bring the automobile to such place or vicinity and use it there, an amount equal to 80 the freight from the factory to such place may 80 be included. 80 (b) For any used automobile the maximum credit 80 value, until otherwise provided, shall be 66% per 80 cent of the bona fide cash purchase price (including any sales taxes thereon). Part 4. Instalment Loan Credit Subject to Section 5(b) of the Regulation.—The maximum maturity of 85 any extension of instalment loan credit of $1,000 or 85 less subject to section 5(b) of the regulation shall be 18 months. 85 85 85 APPENDIX TO REGULATION W 85 [The Appendix to Regulation W consists of the text of the Executive Order of the President with respect to regulation of consumer 90 90 credit. The text of this Executive Order is set forth above at p. 837.] 1 An article is not new if it has been used by a consumer. SEPTEMBER 1941 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Interpretations of Regulation W is made on the certificate of completion. In calculating the 18-months maximum The Board of Governors of the Federal maturity permitted for the credit, should Reserve System has issued the following September 2 or October 10 be taken as the interpretations of Regulation W relating to base? Would it make any difference if the Consumer Credit. credit was instalment sale credit instead of instalment loan credit?" Pre-September Commitment to Make Loan Interpretation No. 1 of Regulation W The Board is of the opinion that in the specified case the date to be used as the base for An inquiry which may be stated as follows calculating the 18-months maximum maturity has been received under Regulation W: is October 10. This would hold true whether "Work is in progress on a home modernthe credit is instalment sale credit or instalization job which cannot be completed by ment loan credit. August 31. Prior to the issuance of Regulation W or the signing of Executive Order "Designed for Household Use" 8843 under which Regulation W was issued, a lender made a written commitment to Interpretation No. 3 of Regulation W finance the modernization upon its com- Re Regulation W inquiry on furniture, if pletion. When the work is completed in furniture is of the type used in households it due course after September 1, may it be is subject to the regulation and it does not financed pursuant to the pre-September matter that the particular piece may be sold commitment, or must the financing comply for use in an office, hospital, store, or other with the 18-months limitation stated in the commercial building. Supplement to the regulation? Would it make any difference whether the credit Cooking Stoves and Ranges—Heating Surfaces was instalment sale credit instead of instalment loan credit?" Interpretation No. 4 of Regulation W Re Regulation W inquiry on cooking stoves It is the opinion of the Board that in such and ranges, an oven or a broiler is considered a case of a bona fide written pre-September a heating surface if it has a separate source commitment, which is in effect a contract to of heat, as, for example, a separate burner or make a contract and which involves no effort electric element, but if oven and broiler have to evade the regulation, section 9(d) permits a separate source of heat in common it is conthe modernization to be financed pursuant to sidered that there is but one heating surface. such commitment even though the loan is not Neither is considered a heating surface if made until after September 1. The same its source of heat is a central firebox. result would follow in such a case whether the credit was instalment sale credit or instalment loan credit. Collateral Trust Notes Secured by Instalment Sales Paper Interpretation No. 5 of Regulation W Commitment to Make Loan—Calculating Maturity of Loan An inquiry which may be stated as follows Interpretation No. 2 of Regulation W has been received under Regulation W: An inquiry which may be stated as follows "Pursuant to an established bona fide has been received under Regulation W: business practice a finance company issues "In connection with a contract for the and sells notes which are secured by instalmodernization of a building, a written com- ment sales obligations trusteed under a mitment is made on September 2, 1941, for collateral trust agreement. It is not feasia loan which will be subject to Regulation ble for a purchaser of the collateral trust W and is to be made when the work is com- notes to examine the underlying obligations pleted. The construction and installations held by the trustee. Suppose one of the involved in the modernization are expedited underlying instalment obligations failed to as much as circumstances will permit, and comply with the requirements of Regulaare completed on October 10, when the loan tion W and such noncompliance, although 846 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint unknown to the purchaser of the collateral Mail Order Business—Orders Postmarked Before trust notes, showed on the face of the under- September 1 Received Thereafter lying instalment obligation. Would the Interpretation No. 8 of Regulation W purchase of the collateral trust note in such In connection with section 9(d) of Regulaa case, or the receipt of payments on the tion W exempting contracts made before note, constitute a violation of Regulation September 1, questions have been received as W?" to whether orders received through the mail The regulation does not apply to the pur- by a mail order company come within the chaser unless he is a person required by sec- exemption if the orders are postmarked prior tion 3 (a) (1) to be licensed. If he is such a to September 1 but in the usual course of person, the payments received, according to business are not filled until after that date. the question as stated, arise out of the col- The standing practice of the company has lateral trust note rather than the underlying been to fill all such mail orders according to obligation and under section 9(e) the regula- the terms of the catalog, subject only to the tion does not apply to such payments. right of the company to refuse to fill the order Even if the transaction were such that the for certain specified reasons such as unsatispayments arose out of the underlying obliga- factory credit standing of the customer. If tion rather than the collateral trust note the such orders are received in good faith purreceipt of payments by the registrant pur- suant to an outstanding catalog and without chasing the note secured by such underlying personal solicitation, it is the view of the obligation would not be contrary to the regu- Board that those postmarked before Septemlation if when he made the purchase the ber 1 may be deemed to be exempted under underlying obligation did not on its face show section 9(d) even though in the usual course some noncompliance or if he did not at that of business they are not filled until after that time know some fact by reason of which the date. extension of credit on which the underlying Lamps Included in "Household Furniture" obligation was based failed to comply with the regulation. In this connection it will be Interpretation No. 9 of Regulation W noted that while 4 (f) requires that exten- The classification household furniture insion of instalment sale credit be evidenced in cludes lamps designed for household use. the prescribed manner, this does not require that the obligation or claim referred to in Coupons Sold by Department Store—Calculation of section 3 (a) (2) (B) shall contain all the pre- Down Payment scribed information, since under section 4 (f) Interpretation No. 10 of Regulation W the evidence of the underlying transaction An inquiry which may be stated as follows which must contain the necessary informahas been received under Regulation W: tion, or have such information attached, may be a separate instrument or record and need "Coupons serve as money within a denot be the same as the obligation or claim re- partment store and are sold by store on inferred to in section 3 (a) (2) (B). stalment basis with maturity shorter than prescribed in Regulation but down pay- Refrigerators—Frozen Food Cabinets—Milk Coolers ments are smaller than required by Regulation. May coupons purchased for 10 per Interpretation No. 6 of Regulation W cent down and 8 months to pay be used for The classification mechanical refrigerators purchase of vacuum cleaner requiring 20 includes frozen food cabinets of the specified per cent down payment?" capacity but does not include milk coolers, assuming that they are not designed for Board is of opinion that for purposes of household use. applying Regulation W face value of coupon is not material but that consideration should Clothes Driers be given only to amount of money actually Interpretation No. 7 of Regulation W paid by purchaser. Tumbler clothes driers are not included in Accordingly sale of vacuum cleaner would any of the classifications of listed articles. not comply with Regulation if sufficient money SEPTEMBER 1941 847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint to constitute required down payment had not whether the contract included credit arrangebeen paid before sale, whether money was ments, relatively little proof would be needed paid for coupons or otherwise. in the case of a contract for a unique or "custom built" item, as for example a home modernization job, to show that the contract did Effective Date of Regulation Not Changed by Holiday include credit arrangements; but in the case Interpretation No. 11 of Regulation W of a standard article the presumption would Question has been raised as to effect of be strongly the other way. (b) There must September 1 holiday upon the effective date in any case be considerably more than genof Regulation W. Fact that this is holiday eral negotiations or indefinite "understanddoes not alter effective date of regulation, ings" that the credit would be extended. which becomes effective at beginning of busi- There must have been an agreement to extend ness on September 1. the credit and a reasonably exact agreement as to terms and amount, (c) While not always essential, the case is much clearer if Pre-September Commitment to Make Loan—General Principles there is written evidence of the commitment. Interpretation No. 12 of Regulation W The time as of which the extension of credit Certain questions have been received re- is itself dated is not important, the significant garding the status under Regulation W of date being that of the prior commitment. commitments made prior to September 1 to 3. Substance and good faith rather than extend credit after September 1. Section 9 (d) technicalities and formalities control in deof the regulation exempts "any valid contract termining whether there is a valid pre-Sepmade prior" to September 1. An earlier tember contract. The most elaborate written ruling of the Board has indicated that this documents do not constitute such a contract exemption applies to a written commitment unless they represent a bona fide commitment made prior to September 1 with respect to a made as a part of a regular business transmodernization job that is in process on August action and not as a means of evading the 31. In order to clarify further the application regulation. of this provision to outstanding commitments, certain general principles applicable to such commitments are set out below. "Household Furniture"—Articles Included Interpretation No. 13 of Regulation W 1. The underlying principle is that the exemption in section 9(d) for "any valid con- The classification household furniture intract" made before September 1 applies not cludes mirrors, unpainted furniture, stools, only to an extension of credit actually made kitchen or breakfast room sets, porch tables, before that date, but also to a valid contract chairs, and swings, and kitchen cabinets but to make a contract. The exemption, there- does not include pictures or clothes hampers. fore, includes a valid commitment made in good faith before September 1 to extend Certain Articles Which Are Not "Listed Articles" credit after September 1, and includes also Interpretation No. 14 of Regulation W the credit extended pursuant to such a commitment. The following articles are not included in any of the classifications of listed articles: 2. In order for the exemption to apply toasters, food mixers, roasters, air circulating there must have been a valid contract. The or ventilating fans other than attic fans or general test is that the borrower should, in air conditioners, waffle irons, clocks, carpet the absence of the regulation, have been able sweepers not electrically operated. to maintain a suit for damages if the credit had not been granted pursuant to the contract. Some of the requirements for such a Intervals Between Instalments contract may be briefly summarized: (a) Interpretation No. 15 of Regulation W Even an exact agreement on the sale of a Section 4 (d) of Regulation W does not perparticular article is not necessarily an agreemit sale of listed article for payment in five ment to extend credit therefor. There must equal instalments spaced at three month have been a valid contract relating to the intervals. credit. Where there is ambiguity as to 848 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Broker Borrowing From Nonmember Bank Under Section 8(a) thorization, however, would not alter the fact of the Securities Exchange Act of 1934 that ordinary day-to-day borrowings from nonmember banks are covered by clause (2). The Board recently considered a question Similarly, the Board feels that the proviunder section 8 (a) of the Securities Exsion in clause (1) for borrowings "from or change Act of 1934, which is incorporated in through a member bank of the Federal Resection 5 of the Board's Regulation T and serve System" should not be construed to auwhich reads in part as follows: thorize a broker to do indirectly what the law "SEC. 8. It shall be unlawful for any clearly forbids him to do directly. Such a member of a national securities exchange, construction of the provision would, in the or any broker or dealer who transacts a opinion of the Board, extend the meaning of business in securities through the medium the word "through" considerably beyond that of any such member, directly or indi- which it might reasonably be expected to have rectly— in the context. "(a) To borrow in the ordinary course It is perhaps not entirely clear why the of business as a broker or dealer on anyword "through" was included in clause (1), security (other than an exempted security) or why it was omitted in clause (2). Howregistered on a national securities exchange ever, it may have been included to authorize, except (1) from or through a member bank or to clarify, borrowings by a broker from a of the Federal Reserve System, (2) from member bank when the member bank is actany nonmember bank which shall have fileding as agent for another member bank or for with the Federal Reserve Board an agree- a nonmember bank that has signed the agreement, which is still in force and which is in ment. Such a construction would seem to be the form prescribed by the Board, under- more in conformity with the general purpose taking to comply with all provisions of this and tenor of the section than would the sug- Act, the Federal Reserve Act, as amended, gested extension of the term. and the Banking Act of 1933, which are The Committee reports on the legislation applicable to member banks and which reand the drafts of the provision in the bills late to the use of credit to finance transthat preceded the final statute were carefully actions in securities, and with such rules examined for any light they might throw on and regulations as may be prescribed purthe question, and the Board is unable to see suant to such provisions of law or for the how these conflict with the views expressed purpose of preventing evasions thereof, or above. In fact, they seem to reinforce the (3) in accordance with such rules and reguconclusion. lations as the Federal Reserve Board may As originally introduced by Senator prescribe to permit loans between such Fletcher on February 9, 1934 (S. 2693) and members and/or brokers and/or dealers, Congressman Rayburn on February 10, 1934 or to permit loans to meet emergency (H. R. 7852) the provision on the point in needs. . . ." both bills entirely excluded borrowings from nonmember banks and did it in a form some- The question was, in effect, whether a browhat different from that of later drafts. The ker subject to the provision may borrow from identical provision in both these bills proa nonmember bank that has not signed the vided that it would be unlawful for the specispecified agreement if the loan is not obtained fied persons: directly from the nonmember bank but is made by a member bank acting as agent for "(a) To borrow on any security registhe nonmember bank. tered on a national securities exchange It is the view of the Board that Section from any person other than a member bank 8 (a) (2) of the Act states the general rule of the Federal Reserve System;" for borrowings, of the specified type, from The word "through" first appeared in nonmember banks. It is true that under H. R. 8720, introduced by Congressman Rayclause (3) the Board is authorized "to permit burn on March 19, 1934. Section 7 (a) of loans to meet emergency needs", and that under this authority the Board might conceiv- that bill prohibited the specified borrowing: ably authorize such emergency loans even by ". . . except (1) from or through a nonmember banks that have not filed the member bank of the Federal Reserve Sysspecified agreement. Such emergency au- tem, or (2) in accordance with such rules SEPTEMBER 1941 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint and regulations as the Federal Reserve or through member banks of the Federal Board may prescribe to permit limited Reserve System or those nonmember banks loans between members and/or brokers or which apply for a license from the Board." dealers who transact a business in securi- Far from giving the suggested broad meanties through the medium of a member, or ing to the word "through", the Committee to permit loans from or through others did not even draw any distinction between than member banks in localities where clause (1), where the word "through" is there are no member banks, or to meet used in authorizing borrowings from member emergency needs." banks, and clause (2), where the word is Section 8 (a) of S. 3420, introduced by entirely omitted in authorizing borrowings Senator Fletcher on April 20, 1934 and re- from nonmember banks. The same is true ported out by the Senate Banking and Cur- when the provision is described in more rency Committee on the same day, contained detail on pages 19-20, as follows: substantially the same provision. The Com- "By subsection (a), borrowing on regismittee report on the bill strongly negatives tered securities (other than exempted seany thought that the word "through" was curities) by members, brokers, and dealers intended to have the meaning suggested by who do a business through members is the inquiry. Instead, it rather indicates that confined to loans from, member banks of the word was used more or less as a synonym the Federal Reserve System or from nonfor "from" and was intended to add very member banks tvhich agree to comply with little to that term. The report at page 7 says the provisions of this act, the Federal Rethat the provision: serve Act, and the Banking Act of 1933, ". . . prohibits brokers and dealers insofar as they relate to the use of credit from borrowing except through a member to finance transactions in securities. This, bank of the Federal Reserve System or in however, is subject to certain exceptions in accordance with regulations of the Com- case of transactions between members, mission". brokers, and dealers and in emergency cases." (Italics added.) And on page 16 the report states that the provision confines the specified borrowings In view of these considerations, which have to: been set forth at some length because of the novelty of the question, the Board expressed ". . . loans from member banks of the the opinion that section 8 (a) does not Federal Reserve System and loans from authorize ordinary borrowings by a broker other sources made in accordance with from a nonmember bank which has not filed such rules as the Commission may prethe specified agreement and that this is not scribe, either in general or under particualtered by the fact that the loan is made by lar conditions." a member bank acting as agent for the non- It seems clear that the terms "from" and member bank. "through" were considered to be more or less synonymous and interchangeable. Use of Obligations of the United States as Collateral for Federal Section 7 (a) of H. R. 9323, introduced by Reserve Notes Congressman Rayburn on April 25, 1934 and There is set forth below the text of an Act reported out on April 27, 1934 by the House of Congress approved June 30, 1941, extend- Committee on Interstate and Foreign Com- ing until June 30, 1943, the period during merce, contained a provision identical with which direct obligations of the United States section 8 (a) of the final Act. The Commit- may be used as collateral security for Federal tee report on this bill, like that on the Senate Reserve notes. bill, gives every indication that "from or through" was intended to refer only to the [PUBLIC LAW 141—77TH CONGRESS] [CHAPTER 264—1ST SESSION] usual direct banking relations and that the [S. 1471] word "through" was not intended to have the AN ACT extended meaning suggested by the inquiry. To extend the period during which direct obligations On page 7 the report states that: of the United States may be used as collateral "Borrowings by brokers to finance their security for Federal Reserve notes. Be it enacted by the Senate and House of Reprecustomers are confined to borrowings from sentatives of the United States of America in Cong- 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint ress assembled, That the second paragraph of sec- :ional defense, of international economic activities tion 16 of the Federal Reserve Act, as amended, is including those relating to exports, imports, the hereby amended by striking therefrom the words acquisition and disposition of materials and com- "until June 30, 1941" and by inserting in lieu thereof modities from foreign countries including preclusive the words "until June 30, 1943." buying, transactions in foreign exchange and for- Approved, June 30, 1941. eign-owned or foreign-controlled property, international investments and extensions of credit, shipping and transportation of goods among countries, the Extension of Powers Relating to the Stabilization Fund and the international aspects of patents, international com- Weight of the Dollar munications pertaining to commerce, and other for- There is set forth below the text of an Act eign economic matters. 2. There is hereby established an Economic Deof Congress approved June 30, 1941, extendfense Board (hereinafter referred to as the "Board"). ing the time within which the President may The Board shall consist of the Vice President of the exercise the powers relating to the stabiliza- United States, who shall serve as Chairman, the Section fund and the alteration of the weight of retary of State, the Secretary of the Treasury, the Secretary of War, the Attorney General, the Secrethe dollar. tary of the Navy, the Secretary of Agriculture, and the Secretary of Commerce. The Chairman may, [PUBLIC LAW 142—77TH CONGRESS] with the approval of the President, appoint addi- [CHAPTER 285—1ST SESSION] tional members to the Board. Each member of the [H. R. 4646] Board, other than the Chairman, may designate an AN ACT alternate from among the officials of his Department, To extend the time within which the powers relating subject to the continuing approval of the Chairman, to the stabilization fund and alteration of the and such alternate may act for such member in all weight of the dollar may be exercised. matters relating to the Board. Be it enacted by the Senate and House of Repre- 3. In furtherance of such policies and objectives sentatives of the United States of America in Con- as the President may from time to time determine, gress assembled. That subsection (c) of section 10 the Board shall perform the following functions and of the Gold Reserve Act of 1934, approved January duties: 30, 1934, as amended, is further amended to read as follows: a. Advise the President as to economic defense "(c) All the powers conferred by this section shall measures to be taken or functions to be performed expire June 30, 1943, unless the President shall which are essential to the effective defense of the sooner declare the existing emergency ended and the Nation. operation of the stabilization fund terminated." b. Coordinate the policies and actions of the sev- SEC. 2. The second sentence added to paragraph eral departments and agencies carrying on activi- (b) (2) of section 43, title III, of the Act approved ties relating to economic defense in order to assure May 12, 1933, by section 12 of said Gold Reserve Act unity and balance in the application of such measof 1934, as amended, is further amended to read as ures. follows: "The powers of the President specified in c. Develop integrated economic defense plans this paragraph shall be deemed to be separate, dis- and programs for coordinated action by the detinct, and continuing powers, and may be exercised partments and agencies concerned and use all apby him, from time to time, severally or together, propriate means to assure that such plans and whenever and as the expressed objects of this section programs are carried into effect by such departin his judgment may require; except that such powers ments and agencies. shall expire June 30, 1943, unless the President shall d. Make investigations and advise the President sooner declare the existing emergency ended." on the relationship of economic defense (as defined Approved, June 30, 1941. in paragraph 1) measures to post-war economic reconstruction and on the steps to be taken to protect the trade position of the United States and to expedite the establishment of sound, peace-time Executive Order Establishing the Economic Defense Board international economic relationships. There is set forth below the text of an Ex- e. Review proposed or existing legislation reecutive Order issued by the President on July lating to or affecting economic defense and, with 30, 1941, providing for the establishment of the approval of the President, recommend such additional legislation as may be necessary or dethe Economic Defense Board. sirable. EXECUTIVE ORDER NO. 8839 4. The administration of the various activities re- ESTABLISHING THE ECONOMIC DEFENSE BOARD lating to economic defense shall remain with the sev- By virtue of the authority vested in me by the eral departments and agencies now charged with Constitution and statutes of the United States, by such duties but such administration shall conform virtue of the existence of an unlimited national to the policies formulated or approved by the Board. emergency, and for the purpose of developing and 5. In the study of problems and in the formulation coordinating policies, plans, and programs designed of programs, it shall be the policy of the Board to to protect and strengthen the international economic collaborate with existing departments and agencies relations of the United States in the interest of na- which perform functions and activities pertaining to tional defense, it is hereby ordered as follows: economic defense and to utilize their services and 1. The term "economic defense," whenever used in facilities to the maximum. Such departments and this Order, means the conduct, in the interest of na- agencies shall cooperate with the Board in clearing SEPTEMBER 1941 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint proposed policies and measures involving economic ury, were amended on July 26, 1941, so as to defense considerations and shall supply such infor- extend to China and Japan. mation and data as the Board may require in per- The texts of the Executive Order and acforming its functions. The Board may arrange for the establishment of committees or groups of ad- companying Regulations and amendments visers, representing two or more departments and thereto have been printed in previous issues agencies as the case may require, to study and de- of the Federal Reserve BULLETIN. There is velop economic defense plans and programs in respect published below a statement issued by the to particular commodities or services, geographical areas, types of measures that might be exercised, Treasury Department in explanation of the and other related matters. recent amendments together with the full 6. To facilitate unity of action and the maximum texts of the July 26 amendments. use of existing services and facilities, each of the following departments and agencies, in addition to the departments and agencies represented on the Board, Treasury Department, Washington, shall designate a responsible officer or officers, sub- July 26, 1941 ject to the approval of the Chairman, to represent In view of the unlimited national emergency dethe department or agency in its continuing relationclared by the President, he has today issued an ships with the Board: The Departments of the Post Executive Order freezing Japanese assets in the Office, the Interior, and Labor, the Federal Loan Agency, the United States Maritime Commission, the United States in the same manner in which assets United States Tariff Commission, the Federal Trade of various European countries were frozen on June Commission, the Board of Governors of the Federal 14, 1941. This measure, in effect, brings all finan- Reserve System, the Securities and Exchange Com- cial and import and export trade transactions in mission, the National Resources Planning Board, the which Japanese interests are involved under the Defense Communications Board, the Office of Pro- control of the Government and imposes criminal duction Management, the Office of Price Adminis- penalties for violation of the Order. This Executive tration and Civilian Supply, the Office for Coordi- Order, just as the Order of June 14, 1941, is designed nation of Commercial and Cultural Relations Be- among other things to prevent the use of the financial tween the American Republics, the Permanent Joint facilities of the United States and trade between Board on Defense, the Administrator of Export Con- Japan and the United States, in ways harmful to trol, the Division of Defense Aid Reports, the Co- national defense and American interests, to prevent ordinator of Information, and such additional de- the liquidation in the United States of assets obpartments and agencies as the Chairman may from tained by duress or conquest, and to curb subversive time to time determine. The Chairman shall pro- activities in the United States. vide for the systematic conduct of business with the At the specific request of Generalissimo Chiang foregoing departments and agencies. Kai-shek and for the purpose of helping the Chi- 7. The Chairman is authorized to make all neces- nese Government, the President has, at the same sary arrangements, with the advice and assistance time, extended the freezing control to Chinese assets of the Board, for discharging and performing the in the United States. The administration of the liresponsibilities and duties required to carry out the censing system with respect to Chinese assets will functions and authorities set forth in this Order, be conducted with a view to strengthening the forand to make final decisions when necessary to expeeign trade and exchange position of the Chinese Govdite the work of the Board. He is further authorernment. The inclusion of China in the Executive ized, within the limits of such funds as may be allo- Order, in accordance with the wishes of the Chinese cated to. the Board by the President, to employ neces- Government, is a continuation of this Government's sary personnel and make provision for the necessary policy of assisting China. supplies, facilities, and services. The Chairman may, with the approval of the President, appoint an executive officer. EXECUTIVE ORDER NO. 8832 FRANKLIN D. ROOSEVELT. Amendment of Executive Order No. 8389 of April The White House, 10, 19UO, As Amended July 30, 1941. By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917 (40 Stat. 415), Executive Order and Regulations on Transfers of Property of as amended, and by virtue of all other authority vested in me, I, Franklin D. Roosevelt, President of Foreign Countries and Their Nationals the United States of America, do hereby amend The Executive Order of April 10, 1940, as Executive Order No. 8389 of April 10, 1940, as amended, and the Treasury Regulations is- amended, by changing the period at the end of subdivision (j) of Section 3 of such Order to a semisued thereunder providing that transfers of colon and adding the following new subdivision therecredit, foreign exchange transactions, the ex- after : port or earmarkings of coin, bullion or cur- (k) June 14, 1941— rency, or other similar operations, by persons China, and or institutions in the United States which in- Japan. volve property of all countries of Continental FRANKLIN D. ROOSEVELT. Europe or any nationals thereof, shall be sub- The White House, ject to license by the Secretary of the Treas- July 26, 1941. 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Front a Legal Standpoint Treasury Department, Office of the Secretary, Treasury Department, Office of the Secretary, July 26, 1941 July 26, 1941 General License No. 54, Under Executive Order No. AMENDMENT TO REGULATIONS * 8389, April 10, 1940, as Amended, and Regulations The Regulations of April 10, 1940, as amended Issued Pursuant Thereto, Relating to Transactions (Sections 130.1 to 130.7), are hereby amended so that in Foreign Exchange, Etc.* reports on Form TFR-300 shall be filed with respect A general license is hereby granted licensing any to all property subject to the jurisdiction of the transaction which is prohibited by the Order solely United States on the opening of business on July by reason of the fact that it involves property in 26, 1941, as well as with respect to all property subwhich China or Japan, or any national thereof, has at ject to the jurisdiction of the United States on the any time prior to July 26, 1941, but not on or since opening of business on June 1, 1940, and with respect July 26, 1941, had any interest. to all property subject to the jurisdiction of the This general license shall not be deemed to author- United States on the opening of business on June ize any transaction, if (i) such transaction is by, or 14, 1941, in which on the respective dates China or on behalf of, or pursuant to the direction of China or Japan or any national thereof had any interest of any Japan, or any national thereof, or (ii) such transacnature whatsoever, direct or indirect. Such reports tion involves property in which China or Japan, or shall be filed by the persons specified in Section 130.4 any national thereof, has at any time on or since July of the Regulations and in the manner prescribed in 26, 1941, had any interest. the Regulations. E. H. FOLEY, JR., E. H. FOLEY, JR., Acting Secretary of the Treasury. Acting Secretary of the Treasury. Approved: July 26, 1941. Treasury Department, Office of the Secretary, FRANKLIN D. ROOSEVELT. July 26, 1941 General License No. 55, Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations General Licenses and Public Circulars Issued by the Secretary Issued Pursuant Thereto, Relating to Transactions of the Treasury in Foreign Exchange, Etc.* Since the publication of certain General (1) A general license is hereby granted authoriz- Licenses, Public Circulars, and General Rul- ing any banking institution within the United States ings on pages 740 through 744 of the August to make payments from blocked accounts of China 1941 Federal Reserve BULLETIN, the follow- or Japan, or any national thereof: ing General Licenses and Public Circulars a. Of checks and drafts drawn or issued prior to July 26, 1941, and to accept and pay and debit have been issued by the Office of the Secretary to such accounts drafts drawn prior to July 26, of the Treasury under authority of the Execu- 1941, under letters of credit provided: tive Order of April 10, 1941, as amended, and (1) The amount involved in any one payment, Regulations issued pursuant thereto relating acceptance, or debit does not exceed $500; or to transactions in foreign exchange, etc. (2) The amount involved in any one payment, acceptance, or debit does not exceed $10,000 and the check or draft was within the United States Treasury Department, Office of the Secretary, in process of collection on or prior to July 26, July 26, 1941 1941; and b. Of documentary drafts drawn under irrevoc- General License No. 13, as Amended, Under Execuable letters of credit issued or confirmed by a dotive Order No. 8389, April 10, 1940, as Amended, mestic bank prior to July 26, 1941. and Regulations Issued Pursuant Thereto, Relating (2) This general license shall not be deemed to to Transactions in Foreign Exchange, Etc.f authorize any payment to a blocked country, or na- General License No. 13 is amended by deleting the tional thereof, except payments into a blocked account following offices therefrom: in a domestic bank unless such foreign country or national is otherwise licensed to receive such pay- (a) the Kobe, Shanghai and Amoy offices of the ments. Nederlandsch Indische Handelsbank; (3) Banking institutions making any payment or (b) the Kobe and Shankhai offices of the Neder- debit authorized by this general license shall file landsche Handel Maatschappij. promptly with the appropriate Federal Reserve Bank weekly reports showing the details of such transac- E. H. FOLEY, JR., tions. Acting Secretary of the Treasury. (4) This license shall expire at the close of business on August 26, 1941. •Sections 130.1 to 130.7:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1 ; 54 Stat. 179 ; Ex. Order 8389, April 10, 1940, E. H. FOLEY, JR., as amended by Ex. Order 8785, June 14, 1941, and Ex. Order Acting Secretary of the Treasury. 8832, July 26, 1941. t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. * 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 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. SEPTEMBER 1941 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, is hereby granted extending the privileges of all July 26, 1941 general licenses to Hongkong to the same extent as though Hongkong were a part of China. General License No. 56, Under Executive Order No. 8389, April 10, 191*0, as Amended, and Regulations E. H. FOLEY, JR., Issued Pursuant Thereto, Relating to Transactions Acting Secretary of the Treasury. in Foreign Exchange, Etc.* (1) A general license is hereby granted licensing Treasury Department, Office of the Secretary, any partnership, association, corporation or other or- July 26, 1941 ganization engaged in commercial activities within General License No. 58, Under Executive Order No. the Territory of Hawaii and which is a national of 8389, April 10, 194-0, as Amended, and Regulations China or Japan, to engage in all transactions ordinar- Issued Pursuant Thereto, Relating to Transactions ily incidental to the normal conduct of its business in Foreign Exchange, Etc.* activities within the Territory of Hawaii, provided, however, that this general license shall not authorize: (1) A general license is hereby granted licensing (a) Any transaction which could not be effected all transactions ordinarily incident to the importing without a license if such organization were not a and exporting of goods, wares and merchandise benational of any blocked country; or tween the United States and any part of China (b) Any payment, transfer or withdrawal from other than Manchuria, provided the following terms any blocked account in any banking institution and conditions are complied with: within any part of the United States other than the (a) Such transaction is not by, or on behalf of, Territory of Hawaii. or pursuant to the direction of (i) any blocked (2) Any organization engaging in business pur- country other than China, or (ii) any person suant to this general license shall not engage in any within Manchuria, or (iii) any national of any transaction, pursuant to this general license or any blocked country other than China unless such other general license, which, directly or indirectly, national is within China; substantially diminishes or imperils the assets of such (b) Such transaction does not involve proporganization within the Territory of Hawaii or other- erty in which (i) any blocked country other than wise prejudicially affects the financial position of China, or (ii) any person within Manchuria, or such organization within the Territory of Hawaii. (iii) any national of any blocked country other (3) Any such organization shall file with the than China unless such national is within China, Governor of the Territory of Hawaii, within sixty has at any time on or since the effective date of days after the date hereof, an affidavit on Form the Order had any interest; and TFBE-1 setting forth the data called for in such (c) Any banking institution within the United form. Any organization not complying with this States, prior to issuing, confirming or advising requirement is not authorized to engage in any letters of credit, or accepting or paying drafts transaction under this general license. drawn, or reimbursing themselves for payments (4) Any bank effecting any payment, transfer or made, under letters of credit, or making any other withdrawal pursuant to this general license shall payment or transfer of credit, in connection with satisfy itself that such payment, transfer or with- any importation or exportation pursuant to this drawal is being made pursuant to the terms and general license, or engaging in any other transconditions of this general license. action herein authorized, shall satisfy itself (from the shipping documents or otherwise) that: (1) (5) Any organization engaging in business pur- any such transaction is incident to a bona fide imsuant to this general license shall file monthly re- portation or exportation and is customary in the ports in triplicate with the Governor of the Terri- normal course of business, and that the value of tory of Hawaii setting forth the details of the trans- such importation or exportation reasonably coractions engaged in by it during the reporting period. responds with the sums of money involved in fi- Such report shall indicate receipts and expenditures nancing such transaction; and (2) such importaclassified into general categories by source, payee tion or exportation is or will be made pursuant to and purpose. all the terms and conditions of this license. E. H. FOLEY, JR., Acting Secretary of the Treasury. (2) Banking institutions within the United States engaging in any transactions authorized by this general license shall file promptly with the appro- Treasury Department, Office of the Secretary, priate Federal Reserve Bank monthly reports setting July 26, 1941 forth the details of such transactions during such period, including appropriate identification of the General License No. 57, Under Executive Order No. accounts which are debited or credited in connec- 8389, April 10, 194.0, as Amended, and Regulations tion with any such transaction. Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* (3) As used in this general license a person shall not be deemed to be "within China" unless such The British Crown Colony of Hongkong is not a person was situated within and doin^ business within part of China within the meaning of the Order. China on and since Jun? 14, 1941. By reason of the large number of nationals of blocked countries within Hongkong and its inter- E. H. FOLEY, JR., relation with the Chinese economy, a general license Acting Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1: 54 Stat. * 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 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941.tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, (4) Banking institutions within the United States July 26, 1941 making any payment, transfer or withdrawal from the accounts of any such office of the aforementioned General License No. 59, Under Executive Order No. banking institutions shall file promptly with the ap- 8389, April 10, 19%0, as Amended, and Regulations propriate Federal Reserve Bank monthly reports Issued Pursuant Thereto, Relating to Transactions setting forth the details of such transactions during in Foreign Exchange, Etc.* such period. E. H. FOLEY, JR., (1) A general license is hereby granted licensing Acting Secretary of the Treasury. the offices within China of the following as generally licensed nationals: Treasury Department, Office of the Secretary, (a) The Chase Bank July 26, 1941 (b) National City Bank of New York General License No. 60, Under Executive Order No. (c) Underwriters Savings Bank 8389, April 10, 19UO, as Amended, and Regulations (d) American Express Company Issued Pursuant Thereto, Relating to Transactions (e) Moscow Narodny Bank, Ltd. in Foreign Exchange, Etc.* (f) Thos. Cook & Son (Bankers), Ltd. (1) A general license is hereby granted licensing (g) Hongkong & Shanghai Banking Corporation the National Government of the Republic of China (h) Mercantile Bank of India, Ltd. and the Central Bank of China as generally licensed (i) David Sassoon & Co., Ltd. nationals. (j) E. D. Sassoon & Co., Ltd. (k) E. D. Sassoon Banking Co., Ltd. (2) Any transaction engaged in by such govern- (1) Chartered Bank of India, Australia & China, ment or such bank pursuant to the order of or for Ltd. the account of any person within China is also hereby (m) Nederlandsch Indische Handelsbank authorized to the same extent, and under the same (n) Nederlandsche Handel Maatschappij circumstances, as though such transaction were solely for the account of such government or such (2) This general license shall also authorize any bank; provided, however, that this authorization such office of any such banking institution to finance shall not be deemed to permit any payment, transfer imports and exports, and transactions ordinarily or withdrawal from any blocked account except as incidental thereto, between any part of China except provided in paragraph (3) of this general license. Manchuria and any of the following: (3) This general license shall also authorize any payment or transfer of credit or transfer of securities (a) The United States from any blocked account in which any national of (b) The American Republics (as defined in China has an interest to an account in a domestic General License No. 53) bank in the name of such government or such bank; (c) The British Commonwealth of Nations provided, no other blocked country or any national (d) The Union of Soviet Socialist Republics thereof has an interest, or has had an interest in such (e) The Netherlands East Indies; blocked account at any time on or since the effective date of the Order. provided, however, that this authorization shall not be deemed to permit any payment, transfer or with- (4) Banking institutions within the United States drawal from any blocked account; and provided making any payment, transfer or withdrawal from further, that any such office of any such bank, prior the accounts of such government or such bank or to issuing, confirming or advising letters of credit, from any blocked account referred to in paragraph or accepting or paying drafts drawn, or reimbursing (3) shall file promptly with the appropriate Federal themselves for payments made under letters of Reserve Bank monthly reports setting forth the credit, or making any other payment or transfer of details of such transactions during such period. credit, in connection with any importation or ex- (5) The term "generally licensed national" as apportation pursuant to this general license, or engag- plied to the National Government of the Republic ing in any other transaction herein authorized, shall of China shall mean that such government may be satisfy itself (from the shipping documents or other- regarded as though China were not a blocked counwise) that: (i) any such transaction is incident to try, and all persons to the extent that they are acting a bona fide importation or exportation and is cus- for or on behalf of such government may be regarded tomary in the normal course of business, and that as generally licensed nationals. the value of such importation or exportation reason- E. H. FOLEY, JR., ably corresponds with the sums of money involved Acting Secretary of the Treasury. in financing such transaction; and (ii) such importation or exportation is or will be made pursuant Treasury Department, Office of the Secretary, to all the terms and conditions of this license. July 26, 1941 (3) This general license shall not be deemed to General License No. 61, Under Executive Order No. authorize any transaction by, or on behalf of, or 8389, April 10, 19UO, as Amended, and Regulations pursuant to the direction of any person whose name Issued Pursuant Thereto, Relating to Transactions appears on "The Proclaimed List of Certain Blocked in Foreign Exchange, Etc.* Nationals" or involving property in which any such person has at any time on or since the effective date (1) A general license is hereby granted licensing of the Order had any interest. the offices outside the United States and not within * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. * 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 179 ; Ex. Order 8389, April 10, 1940, as amended bv Ex. Order 8785, June 14, 1941. and Ex. Order 8832, July 26, 1941; Regula- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. SEPTEMBER 1941 855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint any blocked country other than China of the following Treasury Department, Office of the Secretary, Chinese banks as generally licensed nationals: July 26, 1941 (a) the Bank of China; General License No. 62, Under Executive Order No. 8389, April 10, 194-0, as Amended, and Regulations (b) the Bank of Communications; and Issued Pursuant Thereto, Relating to Transactions (c) the Farmers Bank. in Foreign Exchange, Etc.* Any transaction engaged in by any such office of (1) A general license is hereby granted licensing any such bank pursuant to the order of or for the as generally licensed nationals: account of any person not within any blocked coun- (a) China Defense Supplies, Inc., try is also hereby authorized to the same extent, and 1601 V Street, N. W., Washington, D. C; under the same circumstances, as though such trans- (b) the Universal Trading Corporation, action were solely for the account of such office of 630 Fifth Avenue, New York, New York; such bank; provided, however, that this authoriza- and tion shall not be deemed to permit any payment, (c) the New York office of the Bank of China. transfer or withdrawal from any blocked account. E. H. FOLEY, JR., (2) This general license shall also authorize any Acting Secretary of the Treasury. such office of any such banking institution to finance imports and exports, and transactions ordinarily Treasury Department, Office of the Secretary, incidental thereto, between any part of China except July 26, 1941 Manchuria and any of the following: General License No. 63, Under Executive Order No. 8389, April 10, 19%0, as Amended, and Regulations (a) the United States Issued Pursuant Thereto, Relating to Transactions (b) the American Republics (as defined in Gen- in Foreign Exchange, Etc.* eral License No. 53) (c) the British Commonwealth of Nations A general license is hereby granted licensing as generally licensed nationals the offices in the Philip- (d) the Union of Soviet Socialist Republics pine Islands of: (e) the Netherlands East Indies; (a) the China Banking Corporation; provided, however, that this authorization shall not (b) the Philippine Bank of Communications; be deemed to permit any payment, transfer or with- (c) the Yokohama Specie Bank, Ltd.; and drawal from any blocked account; and provided (d) the Bank of Taiwan. further, that any such office of any such bank, prior E. H. FOLEY, JR., to issuing, confirming or advising letters of credit, Acting Secretary of the Treasury. or accepting or paying drafts drawn, or reimbursing themselves for payments made, under letters of credit, Treasury Department, Office of the Secretary, or making any other payment or transfer of credit, July 26, 1941 in connection with any importation or exportation pursuant to this general license, or engaging in any General License No. 6^, Under Executive Order No. 8389, April 10, 191+0, as Amended, and Regulations other transaction herein authorized, shall satisfy Issued Pursuant Thereto, Relating to Transactions itself (from the shipping documents or otherwise) in Foreign Exchange, Etc.* that: (i) any such transaction is incident to a bona fide importation or exportation and is customary in (1) A general license is hereby granted licensing the normal course of business, and that the value all transactions ordinarily incident to the importing of such importation or exportation reasonably cor- and exporting of goods, wares and merchandise beresponds with the sums of money involved in financ- tween the Philippine Islands and China and between ing such transaction; and (ii) such importation or the Philippine Islands and Japan, provided the folexportation is or will be made pursuant to all the lowing terms and conditions are complied with: terms and conditions of this license. (a) Such transaction is not by, or on behalf of, or pursuant to the direction of (i) any blocked (3) This general license shall not be deemed to country other than China or Japan, or (ii) any authorize any transaction by, or on behalf of, or national of any blocked country other than China pursuant to the direction of any person whose name or Japan unless such national is within China appears on "The Proclaimed List of Certain Blocked or Japan; Nationals" or involving property in which any such (b) Such transaction does not involve property person has at any time on or since the effective date in which (i) any blocked country other than of the Order had any interest. China or Japan, or (ii) any national of any blocked country other than China or Japan unless (4) Banking institutions within the United States such national is within China or Japan, has at making any payment, transfer or withdrawal from any time on or since the effective date of the the accounts of any such office of the aforementioned Order had any interest; banks shall file promptly with the appropriate Fed- (c) Such transaction does not involve any payeral Reserve Bank monthly reports setting forth the ment, transfer or withdrawal from any blocked details of such transactions during such period. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. E. H. FOLEY, JR., 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- Acting Secretary of the Treasury. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint account in any banking institution within any such organization within the Philippine Islands or part of the United States other than the Philip- otherwise prejudicially affects the financial position pine Islands; and of such organization within the Philippine Islands. (d) Any banking institution within the Philip- (3) Any such organization shall file with the High pine Islands, prior to issuing, confirming or ad- iommissioner of the Philippine Islands, within sixty vising letters of credit, or accepting or paying days after the date hereof, an affidavit on Form drafts drawn, or reimbursing themselves for pay- TFBE-1 setting forth the data called for in such ments made, under letters of credit, or making any form. Any organization not complying with this reother payment or transfer of credit, in connec- quirement is not authorized to engage in any transtion with any importation or exportation pursuant action under this general license. to this general license, or engaging in any other (4) Any bank effecting any payment, transfer or transaction herein authorized, shall satisfy itself withdrawal pursuant to this general license shall (from the shipping documents or otherwise) that: satisfy itself that such payment, transfer or with- (1) any such transaction is incident to a bona fide drawal is being made pursuant to the terms and importation or exportation and is customary in :onditions of this general license. the normal course of business, and that the value (5) Any organization engaging in business purof such importation or exportation reasonably suant to this general license shall file monthly recorresponds with the sums of money involved in ports in triplicate with the High Commissioner of financing such transaction; and (ii) such imthe Philippine Islands setting forth the details of portation or exportation is or will be made pursuant the transactions engaged in by it during the reportto all the terms and conditions of this license. ing period. Such report shall indicate receipts and (2) Banking institutions within the Philippine expenditures classified into general categories by Islands engaging in any transactions authorized by source, payee and purpose. this general license shall file promptly with the E. H. FOLEY, JR., High Commissioner of the Philippine Islands monthly Acting Secretary of the Treasury. reports setting forth the details of such transaction during such period, including appropriate identi- Treasury Department, Office of the Secretary, fication of the accounts which are debited or credited July 26, 1941 in connection with any such transaction. General License No. 66, Under Executive Order No. (3) As used in this general license a person shall 8389, April 10, 19 UO, as Amended, and Regulations not be deemed to be "within China" or "within Issued Pursuant Thereto, Relating to Transactions Japan", respectively, unless such person was situin Foreign Exchange, Etc.* ated within and doing business within China or Japan, respectively, on and since June 14, 1941. A general license is hereby granted licensing as generally licensed nationals the offices in the Terri- E. H. FOLEY, JR., tory of Hawaii of: Acting Secretary of the Treasury. (a) the American Security Bank; (b) the Honolulu Trust Company; Treasury Department, Office of the Secretary, (c) the Liberty Bank of Honolulu; July 26, 1941 (d) the Pacific Bank; General License No. 65, Under Executive Order N'o. (e) the Sumitomo Bank of Hawaii; and 8389, April 10, 194-0, as Amended, and Regulations (f) the Yokohama Specie Bank, Ltd. Issued Pursuant Thereto, Relating to Transactions E. H. FOLEY, JR., in Foreign Exchange, Etc.* Acting Secretary of the Treasury. (1) A general licence is hereby granted licensing any partnership, association, corporation or other Treasury Department, Office of the Secretary, organization engaged in commercial activities within July 26, 1941 the Philippine Islands and which is a national of General License No. 67, Under Executive Order No. China or Japan, to engage in all transactions ordi- 8389, April 10, 19UO, as Amended, and Regulations narily incidental to the normal conduct of its busi- Issued Pursuant Thereto, Relating to Transactions ness activities within the Philippine Islands, proin Foreign Exchange, Etc.* vided, however, that this general license shall not authorize: (1) A general license is hereby granted authoriz- (a) Any transaction which could not be effected ing payments, transfers or withdrawals from blocked without a license if such organization were not a accounts, in domestic banks, of any partnership, asnational of any blocked country; or sociation, corporation or other organization engaged (b) Any payment, transfer or withdrawal frpm in commercial activities within the United States any blocked account in any banking institution and which is a national of China or Japan for the within any part of the United States other than purpose of paying current salaries, wages or other the Philippine Islands. compensation due employees of such organization, provided that: (2) Any organization engaging in business pursuant to this general license shall not engage in any (a) such employees are engaged in employment transaction, pursuant to this general license or any in and residing in the United States; and other general license, which, directly or indirectly (b) the total payments, transfers or withdrawals substantially diminishes or imperils the assets of from blocked accounts of any such organization * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1: 54 Stat * 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 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941 tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. SEPTEMBER 1941 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint for such purposes does not exceed in any one (b) the Sacramento office of the Sumitomo Bank week the average weekly payroll, for such em- of California; ployees of such organization, during the six (c) the Seattle office of the Sumitomo Bank of months' period immediately preceding the date of Seattle; and this license. (d) the offices in Los Angeles, San Francisco (2) Any bank effecting any such payment, trans- and Seattle of the Yokohama Specie Bank, Ltd. fer or withdrawal shall satisfy itself that such payment, transfer or withdrawal is being made pursuant E. H. FOLEY, JR., to the terms and conditions of this general license. Acting Secretary of the Treasury. (3) Each such organization shall promptly file weekly reports in triplicate with the appropriate Treasury Department, Office of the Secretary, Federal Reserve Bank with respect to any such pay- August 1, 1941 ments, transfers or withdrawals made from its blocked accounts during the reporting period. Such Revocation of General License No. 1+5, as Amended, report shall include: (a) the total amount of such Under Executive Order No. 8389, April 10, 191+0, payments, transfers or withdrawals made during as Amended, and Regulations Issued Pursuant such period; (b) the names and addresses of the Thereto, Relating to Transactions in Foreign Exdomestic banks holding the blocked accounts from change, Etc.* which such payments, transfers or withdrawals were made, and the amount of such payments, transfers General License No. 45, as amended, is hereby or withdrawals made from the blocked accounts in revoked. each bank; and the first weekly report filed by E. H. FOLEY, JR., such organization shall include (c) comparable data Acting Secretary of the Treasury. for each of the six months preceding the date of this license. (4) This license shall expire at the close of busi- Treasury Department, Office of the Secretary, August 1, 1941 ness on August 26, 1941. E. H. FOLEY, JR., General License No. 55, as Amended, Under Execu- Acting Secretary of the Treasury. tive Order No. 8389, April 10, 191+0, as Amended, and Regulations Issued Pursuant Thereto, Relating Treasury Department, Office of the Secretary, to Transactions in Foreign Exchange, Etc.* July 26, 1941 General License No. 55 is amended to read as General License No. 68, Under Executive Order No. follows: 8389, April 10, 19%0, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions (1) A general license is hereby granted authorizin Foreign Exchange, Etc.* ing any banking institution within the United States to make payments from blocked accounts of China (1) A general license is hereby granted licensing or Japan, or any national thereof: as generally licensed nationals individuals who are A. Of checks and drafts drawn or issued prior nationals of China and Japan and who have been to July 28, 1941, and to accept and pay and debit residing only in the United States at all times on to such accounts drafts drawn prior to July 26, and since June 17, 1940; provided, however, that this 1941, under letters of credit provided: license shall not be deemed to license as a generally licensed national any individual who is a national of (1) The amount involved in any one payment, China or Japan by reason of any fact other than acceptance, or debit does not exceed $500; or that such individual has been a subject or citizen of (2) The amount involved in any one payment, China or Japan at any time on or since such date. acceptance, or debit does not exceed $10,000 and (2) Reports on Form TFR-300 are not required to the check or draft was within the United States be filed with respect to the property interests of any in process of collection on or prior to July 26, 1941; and individuals licensed herein as generally licensed nationals. B. Of documentary drafts drawn under revo- E. H. FOLEY, JR., cable or irrevocable letters of credit issued or ad- Acting Secretary of the Treasury. vised by a domestic bank prior to July 26, 1941, provided: Treasury Department, Office of the Secretary, (1) That such letters of credit were not issued July 26, 1941 in favor of Japan or China or any national thereof; or General License No. 69, Under Executive Order No. 8389, April 10, 19%0, as Amended, and Regulations (2) That such drafts have not, since July Issued Pursuant Thereto, Relating to Transactions 26, 1941, been held by or for the account of any in Foreign Exchange, Etc.* blocked country or national thereof. (2) Banking institutions making any payment A general license is hereby granted licensing the or debit authorized by this general license shall following as generally licensed nationals: file promptly with the appropriate Federal Reserve (a) the San Francisco office of the Bank of Bank weekly reports showing the details of such Canton; transactions. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1 ; 54 Stat. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10, 2 940, as amended bv Ex. Order179 ; Ex. Order 8389, April 10, 1940. as amended bv Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint (3) This license shall expire at the close of busi- thereof not within the generally licensed trade ness on August 30, 1941. area, has at any time on or since the effective date E. H. FOLEY, JR., of the Order had any interest; and Acting Secretary of the Treasury. (c) Any banking institution within the United States, prior to issuing, confirming or advising Treasury Department, Office of the Secretary, letters of credit, or accepting or paying drafts August 1, 1941 drawn, or reimbursing themselves for payments made, under letters of credit, or making any other Amendment of General License No. 59, Under Execupayment or transfer of credit, in connection with tive Order No. 8389, April 10, 194-0, as Amended, any importation or exportation pursuant to this and Regulations^ Issued Pursuant Thereto, Relatgeneral license, or engaging in any other transing to Transactions in Foreign Exchange, Etc.* action herein authorized, shall satisfy itself (from General License No. 59 is hereby amended by sub- the shipping documents or otherwise) that: (i) stituting in paragraph (1) (c) thereof the term any such transaction is incident to a bona fide "Underwriters Bank for the Far East Inc." for the importation or exportation and is customary in term "Underwriters Savings Bank". the normal course of business, and that the value of such importation or exportation reasonably cor- E. H. FOLEY, JR., responds with the sums of money involved in fi- Acting Secretary of the Treasury. nancing such transaction; and (ii) such importation or exportation is or will be made pursuant Treasury Department, Office of the Secretary, to all the terms and conditions of this license. August 1, 1941 (2) Subject to all other terms and conditions of Amendment of General License No. 61, Under Execu- this general license any national of a blocked countive Order No. 8389, April 10, 194-0, as Amendedt,ry doing business within the United States purand Regulations Issued Pursuant Thereto, Relat- suant to a license is also hereby authorized, while ing to Transactions in Foreign Exchange, Etc.* so licensed, to engage in any transaction referred to in paragraph (1) to the same extent that such General License No. 61 is hereby amended by subnational is licensed to engage in such transaction stituting in paragraph (1) (c) thereof the term "the involving persons within the generally licensed trade Farmers Bank of China" for the term "the Farmers area who are not nationals of a blocked country. Bank". (3) As used in this general license: E. H. FOLEY, JR., Acting Secretary of the Treasury. (a) The term "generally licensed trade area" shall mean the following: Treasury Department, Office of the Secretary, (i) the American Republics, i.e., (1) Argen- August 5, 1941 tina, (2) Bolivia, (3) Brazil, (4) Chile, (5) Amendment of General License No. 53, Under Execu- Colombia, (6) Costa Rica, (7) Cuba, (8) the tive Order No. 8389, April 10, 1940, as Amended, Dominican Republic, (9) Ecuador, (10) El Saland Regulations Issued Pursuant Thereto, Relat- vador, (11) Guatemala, (12) Haiti, (13) Honing to Transactions in Foreign Exchange, Etc.* duras, (14) Mexico, (15) Nicaragua, (16) Panama, (17) Paraguay, (18) Peru, (19) Uru- General License No. 53 is hereby amended to read guay, and (20) Venezuela; as follows: (ii) the British Commonwealth of Nations, (1) A general license is hereby granted licensing i.e., (1) the United Kingdom (England, Wales, all transactions ordinarily incident to the importing Scotland and Northern Ireland), (2) The Britand exporting of goods, wares and merchandise ish Dominions (Canada, Australia, New Zealand, between the United States and any of the members the Union of South Africa and Newfoundland), of the generally licensed trade area or between the (3) Eire, (4) The Isle of Man, (5) India, (6) members of the generally licensed trade area if (i) Egypt, (7) Anglo-Egyptian Soudan, (8) Iraq, such transaction is by, or on behalf of, or pursuant (9) all colonies and protectorates under the to the direction of any national of a blocked coun- British Crown, and (10) all mandated territry within the generally licensed trade area, or (ii) tories administered by the United Kingdom or such transaction involves property in which any by any British Dominion; such national has at any time on or since the effective (iii) the Union of Soviet Socialist Republics; date of the Order had any interest, provided the following terms and conditions are complied with: (iv) the Netherlands East Indies; (a) Such transaction is not by, or on behalf of, (v) the Netherlands West Indies; or pursuant to the direction of (i) any person (vi) the Belgian Congo and Ruanda-Urundi; whose name appears on "The Proclaimed List of (vii) Greenland; and Certain Blocked Nationals," or (ii) any blocked (viii) Iceland. country or national thereof not within the generally licensed trade area; (b) The term "member" of the generally licensed trade area shall mean any of the foreign (b) Such transaction does not involve property countries or political subdivisions comprising the in which (i) any person whose name appears on generally licensed trade area. "The Proclaimed List of Certain Blocked Nationals," or (ii) any blocked country or national (c) The term "any national of a blocked country within the generally licensed trade area" shall * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. mean any national of a blocked country who was 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order situated within and doing business within such 8785. June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10, 1940, as amended June 14. 1941, and July 26, 1941. area on and since June 14, 1941. SEPTEMBER 1941 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint (d) The term "The Proclaimed List of Certain any transaction referred to in Section 1 of the Order, Blocked Nationals" shall mean "The Proclaimed if (i) such transaction is by, or on behalf of, or List of Certain Blocked Nationals" as amended pursuant to the direction of Portugal, or any national and supplemented promulgated pursuant to the thereof, or (ii) such transaction involves property Proclamation of July 17, 1941. in which Portugal, or any national thereof, has at E. H. FOLEY, JR., any time on or since the effective date of the Order Acting Secretary of the Treasury. had any interest, provided, that: Treasury Department, Office of the Secretary, (a) Such transaction is not by, or on behalf of, August 11, 1941 or pursuant to the direction of any blocked coun- General License No. 9, as Amended, Under Executive try or any national thereof, other than Portugal Order No. 8389, April 10, 194-0, as Amended, and or any national of Portugal; Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* (b) Such transaction does not involve property in which any blocked country or any national General License No. 9 is amended to read as follows: A general license is hereby granted authorizing thereof^ other than Portugal or any national of the bona fide purchase and sale of commodities Portugal, has at any time on or since the effective futures contracts and of evidences of ownership of date of the Order had any interest; and actual commodities on an exchange or board of trade (c) If such transaction is not by, or on behalf within the United States by banking institutions of, or pursuant to the direction of the Governwithin the United States, for the account of nament of Portugal or the Banco de Portugal, such tionals of any blocked country, pursuant to the intransaction shall not be effected until the Banco structions of such nationals, and necessary transfers or other dealings in evidences of ownership of com- de Portugal has certified in writing that the Banco modities, transfers of credit and payments between de Portugal has determined that such transaction accounts in banking institutions within the United complies with the conditions of paragraphs (a) States as required in connection with such pur- and (b) above. chases or sales or because of fluctuations in the (2) This general license also authorizes any paymarket value of the commodities covered by such ment or transfer from a blocked account in which any contracts or evidences of ownership, provided that: national of Portugal has an interest to a blocked (a) In the case of such purchase, the futures account in a domestic bank in the name of the Banco contracts and evidences of ownership of the com- de Portugal; provided, however, that this authormodities are held in a blocked account in the name ization shall not be deemed to authorize any payment of the national for whom the purchase was made or transfer from a blocked account in which any and in the banking institution within the United national of a blocked country, other than Portugal, States which maintained the account for which has an interest, or has had an interest at any time the purchase was made; and on or since the effective date of the Order. (b) In the case of such sales, the proceeds of the sale are credited to a blocked account in the (3) Except as provided in paragraph (2), this name of the national for whose account the sale general license shall not be deemed to permit any was made and in the banking institution within payment, transfer or withdrawal from any blocked the United States which maintained the account account other than blocked accounts in the name of for which the sale was made. the Government of Portugal or the Banco de Portu- Each banking institution engaging in any transgal, until the Banco de Portugal has certified, with action herein authorized is required to file promptly respect to the transaction, as provided in paragraph with the appropriate Federal Reserve Bank monthly reports showing the details of each such transaction, (1) (c) above. including a description of the commodities futures (4) This general license shall not apply with contracts or evidences of ownership of actual comrespect to any national of Portugal who is also a modities purchased or sold, the dates of the purchases or sales, the persons for whose account the national of any other blocked country. purchases or sales were made, the price at which each (5) Banking institutions within the United States purchase or sale was made, and the name of the exengaging in any transactions authorized by this genchange or board of trade on which each such transaction was effected. eral license shall file promptly with the appropriate Federal Reserve Bank weekly reports setting forth E. H. FOLEY, JR., Acting Secretary of the Treasury. the details of transactions effected by them under this license. Treasury Department, Office of the Secretary, August 11, 1941 (6) As used in this general license, the "Govern- General License No. 70, Under Executive Order No. ment of Portugal" shall include the government of 8389, April 10, 1940, as Amended, and Regulations any political subdivision (territories, dependencies, Issued Pursuant Thereto, Relating to Transactions possessions, states, departments, provinces, counin Foreign Exchange, Etc.* ties, municipalities, districts or other places subject to the jurisdiction thereof), or any political agency (1) A general license is hereby granted licensing or instrumentality of the government. * 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 E. H. FOLEY, JR., 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Acting Secretary of the Treasury. 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, thereof may not be presented, accepted or paid ex- August 16, 1941 cept pursuant to license. General License No. 71, Under Executive Order No. (2) Drafts or other orders for payment, in which 8389, April 10, 19%0, as Amended, and Regulationsany blocked country or national thereof has on or Issued Pwrsuant Thereto, Relating to Transactions since the effective date of the Order had any interin Foreign Exchange, Etc.* est, drawn under any irrevocable letter of credit may not be presented, accepted or paid except pur- (1) A general license is hereby granted authorizsuant to license. ing the payment from any blocked account to any (3) Documentary drafts in which any blocked publisher or agent thereof for an individual subcountry or national thereof has on or since the effecscription to a periodical published within the United States, provided that: tive date of the Order had any interest may not be presented, accepted or paid except pursuant to (a) Such publisher (and the agent thereof, if license. payment is made to an agent of such publisher) is (4) General License No. 1 does not authorize any located within the United States; and such payment into blocked accounts. (b) The total amount of any such payments from any blocked account does not exceed $25 in E. H. FOLEY, JR., any one month and does not exceed $100 in any Acting Secretary of the Treasury. one year. (2) This general license also authorizes the Treasury Department, Office of the Secretary, mailing by any publisher or agent thereof of periodi- August 11, 1941 cals to any addresses, provided that the periodicals Public Circular No. 3, Under Executive Order No. are separately mailed from the United States direct 8389, April 10, 194,0, as Amended, and Regulations to each addressees. Issued Pursuant Thereto, Relating to Transactions (3) The term "periodical" as used in this general in Foreign Exchange, Etc.* license shall include, but not by way of limitation, any newspaper whether published daily or less frequently. The Treasury Department has made the following reply to inquiries relative to General Licenses (4) Banking institutions within the United States Nos. 15, 53, and 58: engaging in any transactions authorized by this general license shall file with the appropriate Federal Transactions may be engaged in pursuant to the Reserve Bank on or before the first day of January, terms and conditions of such general licenses, ir- April, July and October reports indicating details respective of the ownership, control or documentation of such transactions during each such quarterly of the vessel on which the goods, wares and merperiod, including appropriate identification of the chandise are shipped, and irrespective of whether accounts which are debited, and the total amounts or not freight on such goods, wares and merchandise debited to each such account. has been prepaid. E. H. FOLEY, JR., E. H. FOLEY, JR., Acting Secretary of the Treasury. Acting Secretary of the Treasury, Treasury Department, Office of the Secretary, Treasury Department, Office of the Secretary, August 16, 1941 August 1, 1941 Amendment of Public Circular No. 1, Under Execu- Public Circular No. 2, Under Executive Order No. tive Order No. 8389, April 10, 1940, as Amended, 8389, April 10, 191*0, as Amended, and Regulations and Regulations^ Issiied Pursuant Thereto, Relat- Issued Pursuant Thereto, Relating to Transactions ing to Transactions in Foreign Exchange, Etc.* in Foreign Exchange, Etc.-f Public Circular No. 1 is amended to read as fol- The following are replies which the Treasury De- lows: partment has made to inquiries: "Reference is made to Section 130.4 of the Regu- (1) Drafts or other orders for payment drawn lations providing that reports on Form TFR-300 under irrevocable letters of credit issued in favor shall be filed on or before July 14, 1941. or on behalf of any blocked country or national "The time within which such reports on Form TFR-300 shall be filed is hereby extended from July • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 14, 1941, to September 30, 1941." 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- E. H. FOLEY, JR., tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. t This public circular affects Parts 130 and 131 and will be Acting Secretary of the Treasury. included in appendices to those parts. Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1 ; 54 Stat. 179 ; Ex. Order 8389, April * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order Order 8832, July 26, 1941; Regulations, April 10, 1940, as 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulaamended June 14, 1941, and July 26, 1941. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. SEPTEMBER 1941 861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtom the Ho aid 5 (zottel&ondence i Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN. (zonlumet (?tedit The Board has received a large number of What transactions are subject to the regulation? inquiries about Regulation W (printed on The transactions subject to the regulation pages 839-845) governing consumer instal- may be divided into the three following catement credit. The following series of ques- gories : tions and answers covers some of the more (1) Sales on the instalment plan of the conimportant of these inquiries: sumers' durable goods listed in the regulation, which are referred to therein as "listed When does the regulation go into effect? articles"; September 1, 1941, but the effective date (2) Instalment loans which are in the amount of some of the provisions has been deferred of $1,000 or less, or which, regardless of until October 1, 1941, some until November their amounts, are secured by listed articles which have just been purchased or are 1, 1941, and others until January 1, 1942. about to be purchased; (3) Discounts or purchases of (or loans on) Where may interested persons obtain information obligations or claims, such as notes or inconcerning the regulation and the forms required stalment sale contracts, arising out of the by it? extensions of credit described in (1) and At the offices of the 12 Federal Reserve (2) above. Banks and their 24 branches, the locations What are the ulisted articles"? of which are indicated on the map on page The regulation lists the articles in five 962 of this BULLETIN. It will be helpful if groups. The list appears on page 845 of interested trade associations will communicate with the Federal Reserve Banks of the this BULLETIN. districts in which their headquarters are Does the regulation apply to instalment loans of located. $1,000 or less, even though the purpose of the loan is not to purchase any listed article? What, in general, are the purposes of the regula- Yes—but there are a number of qualified tion? exceptions to the rule, including, among A summary of the purposes is given in others, loans under certain circumstances to the preamble of Executive Order No. 8843, meet medical, dental, hospital, or funeral exdated August 9, 1941, which appears on penses ; loans secured by first mortgages -on page 837. improved real estate; loans made to students Who is subject to the regulation? for educational purposes; loans made under The regulation applies, in general, to any certain conditions in connection with national person who is engaged in the business of defense activities; and loans made to dealers making extensions of instalment credit, or to finance the purchase of listed articles for of discounting or purchasing obligations aris- resale. ing out of extensions of instalment credit. What is the maximum length of contract per- It applies, among others, to banks, loan com- mitted by the regulation? panies, finance companies and credit unions, 18 months. This is the limitation appliand to dealers, retailers, and other sellers of cable to instalment sales of listed articles and consumers' durable goods on the instalment to those instalment loans which are subject plan. Subject to the regulation, for example, to the regulation. are automobile dealers, radio and electric appliance stores, furniture dealers, mail order What down payment does the regulation require houses, lumber dealers, contractors, etc., if on sales of automobiles? they sell on the instalment plan any of the The down payment required on an autoarticles listed in the regulation. mobile, whether new or used, is 33%% of 862 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence the cash purchase price of the automobile would be $30. In case a used refrigerator is (including any freight, accessories, and de- traded in by the purchaser, for which the livery charges). This results from the fact seller allows $50, the basis price is $150 that the regulation assigns to automobiles a minus $50, or $100, and the down payment "maximum credit value" of 66%% of the required (in addition to the trade-in) would cash purchase price; the deferred balance be 20% of $100, or $20. of the cash purchase price (arrived at by deducting the down payment) may not exceed Does the regulation require that records be kept and reports be made? this maximum credit value, but finance Yes, but certain requirements as to records charges and insurance may be added. While in general the maximum credit value of an have been deferred to October 1 and requireautomobile is 66%% of its cash purchase ments as to reports have not yet been deprice, it should be noted that in the case of a termined by the Board. new car the cash purchase price used for this Do criminal sanctions apply in case of violation purpose may not exceed the advertised fac- of the regulation? tory delivered price of the car plus certain Yes. Section 5(b) of the Act of October 6, specified amounts that may be added. 1917, as amended, provides, in case of conviction, for a fine of not to exceed $10,000, What down payment does the regulation require on electric appliances and household furniture? or imprisonment for not more than ten years, or both. It is under authority of this Act The maximum credit values specified by that Executive Order No. 8843 of August 9 the regulation are 80% on refrigerators, and Regulation W pursuant thereto were vacuum cleaners, washing machines, and issued. Certain other sanctions, adminissome other appliances; 85% on some other trative or civil, are also applicable, for which articles such as oil burners and stokers; the regulation itself should be consulted. and 90% on household furniture, pianos, and organs. Hence the required down payments How is the required license to be obtained by sellers on these classes of articles are 20%, 15%, and lenders who are subject to Regulation W? and 10%, respectively. It should be noted, A general license is granted by the regulahowever, that the maximum credit values of tion itself which is good until December 31, these articles are to be based on the purchase 1941. This license is extended beyond that price of the article minus any trade-in allowdate for persons who file a specified registraance which the purchaser may obtain on old tion statement with the Federal Reserve Bank goods being traded in, so that in effect the of the district. down payment required may be said to consist of the trade-in allowance on the article, May the regulation be amended from time to time if any, traded in plus an amount in cash equal in a way which will require different down payto 20%, 15%, and 10% of the remainder of ments, different terms, or both? the cost of the goods purchased. It may also Yes, the regulation may be so amended be noted that, until January 1, 1942, the whenever the Board determines that such down payment may be waived in the case of amendment is necessary or appropriate to a sale on which full payment is due over a carry out the purposes of Executive Order period of nine months or less if the total No. 8843, pursuant to which the regulation indebtedness of the purchaser to the seller, was issued. arising out of sales of listed articles since September 1, 1941, is not brought above $50. May the regulation be amended to add to, or subtract from, the "listed articles"? How is the down payment to be calculated in the Yes, whenever the Board determines that case of an article other than an automobile? such amendment is necessary or appropriate The regulation prescribes that in the case to carry out the purposes of Executive Order of a refrigerator, for instance, the down pay- No. 8843. ment must be 20% of the basis price. In the case of a refrigerator costing $150, for ex- Are wearing apparel and jewelry included among the listed articles now subject to regulation? ample, if sold without a trade-in, the basis price is $150 and the down payment required No. SEPTEMBER 1941 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PUBLICATION OF BANKING STUDIES The Board has just published a volume, entitled "Banking Studies", which comprises seventeen papers on banking and monetary subjects written by members of the Board's staff. These studies, which are listed below, should be of interest to bankers, to teachers of money and banking, and to others concerned with contemporary problems of monetary control, bank supervision and Government finance. As stated in the Preface, the purpose of the studies is "to present in brief form and simple language the substance of a large mass of information bearing on banking and monetary problems that the Federal Reserve System has accumulated during its quarter century of operation, and particularly during the past decade." The authors of the studies have specialized in the particular subjects of which they write, and in the preparation of their papers they have sought to present facts and not opinions. The papers, while assembled in one volume, are not intended to be a series of related chapters but separate studies of important aspects of this country's banking and monetary system and of the role that it plays in the functioning of the economy. The book is cloth bound, has 494 pages, 31 charts, and 32 appendix tables, and is indexed. The price is $1.50 for single copies and 75 cents in group purchases of ten or more. The papers included in this volume are as follows: PREFACE. HISTORICAL INTRODUCTION . Bray Hammond FEDERAL BANKING LEGISLATION Walter Wyatt CURRENCY SYSTEM OF UNITED STATES. . . .Victor M. Longstreet BANKING STRUCTURE OF UNITED STATES. . . John E. Horbett BRANCH, CHAIN, AND GROUP BANKING . .. C. E. Cagle CREDIT AND SAVINGS INSTITUTIONS OTHER THAN BANKS . . David M. Kennedy COMMERCIAL BANK OPERATIONS ... .Roland I. Robinson SUPERVISION OF THE COMMERCIAL BANKING SYSTEM. . .Robert F. Leonard POLICY AND PROCEDURE IN BANK EXAMINATION. . . .. .Leo H. Paulger PUBLIC NATURE OF THE RESERVE BANKS. . E. A. Goldenweiser OPERATIONS OF THE RESERVE BANKS . . .Edward L. Smead DETERRENTS TO MEMBERSHIP IN THE RESERVE SYSTEM . . B. Magruder Wing field MONEY SYSTEM OF UNITED STATES. . Woodlief Thomas MONETARY CONTROLS . Woodlief Thomas WORK OF THE BOARD OF GOVERNORS ... . Carl E. Parry SYSTEM ORGANIZATION : DETERMINATION OF CREDIT POLICY . Carl E. Parry INSTRUMENTS OF FEDERAL RESERVE POLICY. . E. A. Goldenweiser REVISED EDITION OF FEDERAL RESERVE CHART BOOK I The Board will have available for distribution in the early part of October, a revised edition of Federal Reserve Charts on Bank Credit, Money Rates, and Business. Several of the charts will be substantially revised and all of them will be brought up to date with the latest figures available as of September 3, 1941. The Chart Book, as usual, will be of brief case size, will contain about fifty charts on bank credit, money rates, security markets, business conditions and international finance. There will be a list of sources for back figures and an index. Many of the charts will cover the period from 1919 to date and some will cover the period from 1914 to date. Space will be left blank, with lightly printed grids, for plotting data through 1942. Current data for keeping the charts up to date will be presented regularly in the Federal Reserve BULLETIN in a table entitled, "Statistics for Federal Reserve Chart Book—Current Series", which appears on pages 930-932 of this issue. The price of this Chart Book is 50 cents per copy, postage free, and in quantities of 10 or more to book stores and groups of students, 45 cents per copy, postage free. 864 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Appointments Death of Class B Director On August 28, 1941, announcement was J. M. West, Chairman of the West Promade of the appointment of H. G. Leedy as duction Company, Houston, Texas, who had President and H. 0. Koppang as First Vice served as a Class B director of the Federal President of the Federal Reserve Bank of Reserve Bank of Dallas since October 3, 1939, Kansas City, each for the unexpired portion died on August 24, 1941. of the five-year term ending February 28, 1946. The appointment of Mr. Leedy was to Admissions of State Banks to Membership in the Federal fill the vacancy caused by the retirement of Reserve System George H. Hamilton and Mr. Koppang suc- The following State banks were admitted ceeded Mr. Leedy as First Vice President. to membership in the Federal Reserve System Mr. Leedy was Counsel for the Kansas City during the period July 16,1941, to August 15, Bank for a number of years prior to his ap- 1941, inclusive. pointment on February 1, 1938, as Vice President and General Counsel. He was ap- Connecticut pointed First Vice President and General Meriden—Puritan Bank and Trust Company Counsel of the Bank on March 1, 1941. Fol- Illinois lowing a period of service at the Helena Moline—Moline State Trust and Savings Bank Branch of the Federal Reserve Bank of Min- Indiana neapolis, Mr. Koppang became a member of Amboy—State Bank of Amboy the examining staff of the Board of Gover- Iowa nors on September 1, 1926, and since May 24, Clarinda—Citizens State Bank 1939, has served as the examiner in charge of the examinations of the Federal Reserve Michigan Banks made by the Board. Gwinn—The Gwinn State Savings Bank Missouri In order to assist in the preparation of regu- Polo—Farmer's Bank of Polo, Missouri lations relative to consumer credit, the Board of Governors of the Federal Reserve System New Jersey Long Branch—Long Branch Trust Company has engaged the services of Mr. Kenton R. Maplewood—The Maplewood Bank and Trust Cravens, who is on leave of absence from The Company Cleveland Trust Company, of which he is a New York vice president. Norwood—State Bank of Norwood Mr. Cravens has been Chairman of the Rockville Centre—Bank of Rockville Centre Trust Company Consumer Credit Council of the American Solvay—Solvay Bank Bankers Association since the organization Ohio of the Council and was formerly president of Bucyrus—The Farmers and Citizens Bank and the Bankers Association for Consumer Credit. Savings Company Texas Election of Class B Director Seminole—Seminole State Bank The Federal Reserve Bank of Boston on Virginia August 26, 1941, announced the election of South Boston—Citizens Bank of South Boston Ralph E. Flanders, President of the Jones & Lamson Machine Company, Springfield, Ver- West Virginia mont, as a Class B director of the Bank for White Sulphur Springs—Bank of White Sulphur Springs the unexpired portion of the term ending Wisconsin December 31,1943. Cudahy—Cudahy State Bank SEPTEMBER 1941 865 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank /Lending rot by VICTOR M. LONGSTREET 1 Division of Research and Statistics F INANCING of business concerns engaged therefore comprised a significant part of their in supplying the Government with goods lending business. and in building new plants under national 2. Defense loans and commitments at city defense contracts has become an important banks as of April 30, 1941 represented about activity of the banks of the country and has.10 per cent of the $11 billion of defense conaccounted for a substantial increase in bank tracts awarded up to that time, only a part loans during the past year. While a consider- of which would still require financing beable volume of financing fpr these purposes cause a considerable amount of the contracts has been provided in various ways by the had already been fulfilled and liquidated. Government and many businesses have had Thus, it appears that banks are playing a sublarge amounts of their own funds available stantial role in the financing of the defense to meet all or a part of their needs, many program. firms have found it necessary or desirable 3. Defense loans from banks were used to borrow from banks. principally to furnish working capital funds For the purpose of supplying information for production of machinery, textiles and apas to the amount and character of the partici- parel, iron and steel products, ordnance and pation of banks in the defense effort, the ammunition, and motor vehicles and equip- Board of Governors in cooperation with the ment and to furnish new plant facilities for Office of Production Management made a aircraft and ship production and for housing survey of defense loans and loan commit- and military bases. ments at banks in 101 leading cities as of 4. Many bank borrowers are producing de- April 30, 1941. These city banks, which fense goods under subcontracts. Subcontracaccount for almost all of defense lending by tors accounted for about 40 per cent of the the banking system, have shown a sharp and number of defense loans and for about 25 per steady increase in total commercial loans cent of their volume. An important contribuamounting to about $1,700 million in the year tion of banks in financing the defense proending August 20, 1941. Coinciding with the gram appears to be in their traditional field development of the national defense program, of meeting the credit requirements of large this expansion reflects lending directly to denumbers of small and medium-size firms, fense producers and suppliers as well as to which the Government is attempting to musothers whose business has been improving ter to defense production, partly through the under the stimulus of the defense program. extension of subcontracting. The Board's survey of defense lending 5. Assignment of contractual claims shows: against the Government as a means of ob- 1. On April 30, 1941 city banks had out- taining bank credit, which has been possible standing on their books 3,630 defense loans since new legislation of last October, has been and 2,254 of additional defense commitments. of considerable importance in defense financ- Loans amounted to $460 million and commit- ing, especially in the construction of defense ments to $633 million. Defense loans were plant facilities. About 35 per cent of the responsible for about 40 per cent of the in- dollar volume of plant facilities loans and 7 crease in commercial loans at these banks per cent of the production loans were made from August 1940 to the end of April. Dewith assignment of claims. fense loans accounted for about 8 per cent of the total commercial loans at city banks, and Uses of defense loans 1 The figures on defense loans reported by banks and used in Vast expansion of plant facilities as well as this article were compiled in the Board's Division of Bank Operations. Richard A. Musgrave and William H. Glazier of the heavy orders for current production under the Division of Research and Statistics shared in the preparation defense program have been reflected in sharp of the article. The report form used by banks in submitting this information and the instructions issued for preparation of the increases in loans at city banks in most parts reports are given in the note at the end of this article. Note:—Views expressed in signed articles published in the of the country. Table 1 gives a breakdown BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. of loans and commitments of city banks be- 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Lending for Defense tween funds used (1) for the financing of fore did not require continued bank financnew plant facilities including machinery and ing. Such adjustment is necessary since additions to existing plant, and (2) for pur- bank loans to, construction contractors used for building plants to be owned by the Government and completed by April 30 were TABLE 1—DEFENSE LOANS AND COMMITMENTS OF CITY BANKS, BY INDUSTRY AND PURPOSE already repaid and were consequently not shown in the loan reports. In making this APRIL 30, 1941 comparison commitments x for future loans [In millions of dollars] have been added to the amount of loans outstanding, since the figure for plant expan- Loans Commitments sion includes all scheduled projects that have been announced, whether actually begun or Product Total Plant Pro- Plant Pro-, Total* facil- duc- Totals facil- duc- not, for which most of the financing arrangeities tion ities tion ments presumably had already been made. Machinery 137 Industries producing textiles and textile Textiles and apparel 96 goods (including apparel) and machinery Iron and steel products - 82 were the chief defense borrowers from banks. Ordnance and ammunition 97 63 These industries are composed in large part Aircraft 158 126 of established firms and were able to reach Shipbuilding 50 a relatively high level of defense output at Motor vehicles and equipment 45 a comparatively early stage. This may partly Other industrial 162 explain why these industries have borrowed Housing and military bases 128 () large amounts and why their loans outstand- Other 107 20 ing were large as compared with commit- Total 1,092 460 283 633 266 308 ments for future loans. Another possible explanation is that these industries include 1 Includes $35 million for combined purposes of plant facilities and production not shown separately in table. many small firms which are more accustomed 2 Includes $59 million for combined purposes of plant facilities and production not shown separately in table. to relying on bank borrowing. For indus- 3 Less than $500,000. tries in which production has had to be pre- 4 Small amount of loans and commitments for housing and military bases reported by banks as for production purposes are classified under ceded by extensive plant expansion, on the plant facilities. other hand, as in the case of ordnance and poses of production, frequently described as ammunition, aircraft, and shipbuilding, loan loans for working capital to cover outlays for commitments were relatively large when comwages and materials on hand or in process of pared with loans already outstanding. Takmanufacture. ing both loans and commitments, the aircraft, Of total defense loans amounting to $460 machinery, and housing industries were the million at city banks on April 30, about 67 most important customers of defense credit per cent were to be used for production pur- by banks. poses and the remainder for providing plant Variations among industries in the facilities. The fact that banks are making amounts of defense loans and commitments most of their defense loans for production obtained from banks reflect differences in the purposes is in line with customary practices; volume of defense business in these indusbanks have been the traditional source of tries, as well as varying degrees of reliance working capital funds and ordinarily furupon bank credit. Table 2 compares for sevnish loans for plant expansion to a lesser eral important industries (1) the totals of extent. defense loans and commitments for the It appears that roughly from 10 to 15 per financing of new plant facilities with (2) cent of the financing required for new dethe volume of scheduled expansion of facilifense plant facilities has so far been provided ties. Partly for the reason that no adjustby banks. This figure is obtained by comments are made for Government owned plants paring the total of plant facility loans and commitments for future loans at banks with the total defense plant expansion announced 1 Banks were not specifically instructed as to what should be classified as a "commitment." In order to provide a cushion to April 30, 1941, after a rough adjustment to against contingencies, commitments have frequently been established which are substantially in excess of the amount expected exclude projects owned by the Government to be actually utilized (see Financing Defense Orders by Lynn L. which had been completed and which there- Bollinger, McGraw-Hill, 1941). Partly for these reasons, only loans actually outstanding are presented elsewhere in this article. SEPTEMBER 1941 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Lending for Defense already completed, which no longer required shown by Table 3. All bank credit used for private financing, the comparisons are neces- defense housing and military bases is of sarily rough. They do afford, however, some course for the construction of facilities. indication of the wide variation in the de- Other industries have borrowed primarily for gree of reliance upon bank credit by various production purposes. In the machinery, texindustries. tiles and apparel, iron and steel, and motor vehicles and equipment industries, over 85 per cent of their defense credits were used for TABLE 2—LOANS AND COMMITMENTS OF CITY BANKS production purposes. In part this reflects the FOR DEFENSE PLANT FACILITIES COMPARED WITH PLANT EXPANSION, BY INDUSTRIES APRIL 30, 1941 TABLE 3—PERCENTAGE DISTRIBUTION OF DEFENSE LOANS AND COMMITMENTS OF CITY BANKS, BY [Amounts in millions of dollars] INDUSTRY AND PURPOSE Percent- APRIL 30, 1941 Plant expansion1 age of Loans total and com- plant Per cent of amount Product mitments expan- for purpose of: f f o a r c i p li l t a ie n s t Total o G w o n v e ' d t o P a w r te n iv l e y - d b s r i e y c o s r n e b e n d r a t e i n e t p k d - Product fac P i l l a it n ie t s Pr t o io d n uc- Machinery 169 155 Machinery 13 87 Iron and steel products. 294 196 Textiles and apparel __ __ 4 96 Ordnance and ammuni- Iron and steel products ... _ ... . 12 88 tion 558 477 81 Aircraft 631 379 255 Ordnance and ammunition 29 71 Shipbuilding 506 450 56 Aircraft 61 39 Motor vehicles and Shipbuilding .. __ . .. .. 66 34 equipment 22 Motor vehicles and equipment . . _ _ . _ 2 98 Other industrial 23 77 i OPM data. "Government owned" includes plants built under (a) the Housing and military bases, 100 0) arsenal plan as shown by contracts and letters of intent and (b) Defense Other 63 37 Plant Corporation lease agreements as shown by formal agreements and c g o en m c m y i P tm la e n n t t s F . a " c P il r i i ti v e a s t e C ly o n o t w ra n c e ts d " a i n n d c l ( u b d ) e s r e p g l u an la t r s b p u ro il c t u u r n e d m e e r n ( t a ) m E e m th e o r d - 1 Small amount of loans and commitments for housing and military as shown by applications for certificates of necessity filed through May bases reported by banks as for production purposes are classified under 15, 1941, approved and pending. plant facilities. high level of production schedules reached by Bank loans and commitments for new many of these industries in the early phases plants represent a considerably larger part of the defense program possibly because of of plant expansion in the aircraft, machinery, the existence of unused capacity, but it may and shipbuilding industries than in inalso indicate a tendency on the part of some dustries producing ordnance and ammuniindustries to use their own internal funds for tion, motor vehicles and iron and steel. These purposes of financing plant expansion and to differences cannot be assigned to any single rely upon bank credit chiefly for the financcause. One important factor is probably that ing of current production. the motor vehicle and iron and steel indus- Large firms with assets of $1,000,000 and tries, being composed mainly of large and well established firms, have been relying heavily on TABLE 4—DEFENSE LOANS AND COMMITMENTS OF their own internal funds for plant expansion. CITY BANKS, BY ASSET SIZE OF The iron and steel industry also obtained more BORROWER AND PURPOSE funds for plant expansion from new security APRIL 30, 1941 issues and from loans of the Reconstruction Finance Corporation than from banks. Small Per cent of amount reliance of the ordnance and ammunition in- Amount for purpose of: Asset size of borrower in dustries on bank credit for plant facilities is o m f i d ll o i l o l n a s rs Plant Producdue partly to the fact that a large part of their facilities tion new plant facilities are Government owned Under $100,000 33 47 and have already been completed or are con-$100,000-$l,000,000 . 251 39 siderably well along toward completion. $1,000,000 and over. 801 67 The aircraft and shipbuilding industries All sizes 60 used more than half of their bank credit NOTE: $8 million of loans and commitments not classified according to for the financing of new plant facilities, as asset size of borrower are omitted. 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Lending for Defense over obtained less than one-third of their nishing a part and occasionally the entire loans and commitments for the financingo famount of the funds needed by subcontractors plant facilities. This is brought out by Table in financing their defense orders. 4. The medium-size corporations, with assets The comparatively small size of subconbetween $100,000 and $1,000,000 obtained tracting firms and their relatively weak declose to two-thirds of their loans and commit- mand for funds to expand plant facilities are ments for this purpose. Among the smallest brought out in Table 5. About four-fifths group of borrowers with assets less than of the subcontractors that were borrowing $100,000, banking funds were split evenly from city banks had assets of less than $1 between plant facilities and production. million, while only about two-thirds of the These figures indicate a tendency on the part prime contractors were in this class. Subof the larger corporations to favor the usecontractors used about one-fifth of their borof funds of their own for the financing of rowed funds to increase plant facilities while new facilities and to rely upon bank credit to prime contractors used about two-fifths for meet the financing needs of current produc- this purpose. tion. Loans to subcontractors TABLE 5—DEFENSE LOANS TO PRIME AND SUBCON- TRACTORS AT CITY BANKS, BY SIZE OF FIRM AND BY PURPOSE The Board's survey throws some light on the extent to which producers holding de- APRIL 30, 1941 fense contracts directly from the Govern- Prime contractors Subcontractors ment have engaged in subcontracting with other firms for the production of defense ma- Classified by: Millions Number Millions Number terials. No direct information is available on of dollars of loans of dollars of loans the amount of subcontracting for the country as a whole and the figures obtained from Asset size Under $100,000 8 510 568 banks are of limited significance since they $100,000-$l ,000,000 63 778 33 558 $1,000,000 and over 220 612 56 210 reflect subcontracting only to the extent that Unclassified _.. 1 27 1 32 subcontractors borrow from banks. Subcon- Total 292 1,927 96 1,368 tractors are, generally speaking, the smaller Purpose and medium-size businesses which rely more For plant facilities 112 677 21 496 on bank financing than do the larger firms. For production 157 1, 209 70 819 For both . 22 41 5 53 Over 40 per cent of the defense loans by Total 292 1,927 96 1,368 city banks on April 30 were to subcontractors : subcontractor borrowers numbered NOTE: Excludes $72 million of loans to 335 firms acting as both prime 1,368 and prime contractor borrowers num- and subcontractor or wnose status was unspecified. bered 1,927 (excluding 335 borrowers in both There appear to be wide differences in the categories or unclassified). Though nu- extent of borrowing by subcontractors in merically large, loans made by city banks to various sections of the country, as shown in defense subcontractors amounted to only Table 6. In the Cleveland, St. Louis, Kansas about a quarter of total defense loans. Loans City, and San Francisco Federal Reserve disto subcontractors at the end of April tricts, the number of loans to subcontractors amounted to $96 million and loans to prime exceeded, or were approximately as large as, contractors were $292 million. the number of loans to prime contractors. In The relatively smaller volume of bank dollar volume the largest proportion of subloans to subcontractors, as compared with contractor loans, 45 per cent, was in the loans to prime contractors, appears to be ex-Boston district and the largest amounts in plained mostly by the fact that prime con-the New York and Boston districts. tractors have been generally subcontracting One reason for the large amount of loans to only a fraction of their Government orders; subcontractors in the Boston and New York though the number of subcontractor borrow- districts is that a large part of the country's ers was large, their contracts were relatively textile and apparel industry and, to a lesser small. Another factor making for a low vol- extent, the machinery industry is in these ume of borrowing by subcontractors, as com-districts. These are industries with many pared with borrowing by prime contractors, firms whose production processes and organis the practice of prime contractors of fur- ization are readily adaptable to subcontract- SEPTEMBER 1941 869 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Lending for Defense ing. Moreover, in these industries many the making of defense loans with assignfirms arrange their contracting through deal- ment of contract claims. About two-thirds ers or agents who are thus the prime con- of the volume of loans with assignments was tractors. Another factor is the relatively in the Northeastern Reserve districts of Boslarge size of subcontractors that are borrow- ton, New York, and Philadelphia, as shown ing funds in these districts and hence the in Table 7. The largest percentages of asrelatively large size of their bank loans. signment loans to total volume of defense Nearly half of the 210 defense subcontractors loans were in the Atlanta, Philadelphia, and with assets of $1 million or over that were New York districts. In the Minneapolis disborrowing from city banks in April were trict loans made with assignment were only located in these two districts. 2 per cent of total defense loans. TABLE 6—DEFENSE LOANS TO PRIME AND SUBCON- TABLE 7—DEFENSE LOANS OF CITY BANKS MADE TRACTORS AT CITY BANKS, BY FEDERAL WITH ASSIGNMENTS, BY FEDERAL RESERVE DISTRICTS RESERVE DISTRICTS APRIL 30, 1941 APRIL 30, 1941 [Amounts in millions of dollars] To prime To subcontractors contractors Percentage of loans with Federal Reserve district Amount assigned claims o M f d il o li l o la n r s s Number o M f i d l o li l o la n r s s Number Federal Reserve district a c s w s la ig i i t m n h e s d All Plant Producdefense facilities tion loans loans loans Boston 28.5 174 23.6 146 New York _ __ 110.6 443 26.4 205 Philadelphia 15.5 115 2.5 52 Boston 8 13.9 46.2 9.9 Cleveland 17.2 107 9.7 136 New York 31 19.6 49.3 6.6 Philadelphia.. 7 30.2 60.8 18.7 Richmond 15.2 187 2.7 113 Cleveland 3 8.3 15.7 5.0 Atlanta ______ 9.7 86 2.2 64 Chicago 43.4 233 12.0 149 Richmond 3 15.2 18.4 7.5 St. Louis 8.9 63 4.6 87 Atlanta 5 40.8 44.6 18.8 Chicago 6 7.9 24.8 2.6 Minneapolis 4.5 39 0) 12 St. Louis 1 8.4 16.6 Kansas City 3.9 99 1.4 82 Dallas 10.5 135 3.5 87 Minneapolis.. 0) 1.9 .3 San Francisco 24.1 246 6.9 235 Kansas City.. 1 14.5 6.7 22.7 Dallas 1 8.0 4.0 13.6 Total 291.8 1927 95.9 1368 San Francisco. 6 17.9 38.0 4.9 All districts... 15.7 35.5 6.7 NOTE: Excludes $72 million of loans to 335 firms acting as both prime and subcontractor or whose status was unspecified, i Under $500,000. i Less than $500,000. Assignment of claims was more frequent Assignment of Government claims on plant facilities loans than on production Since the Assignment of Claims Act of Oc-loans. Over 35 per cent of the volume of plant tober 9, 1940, it has been possible for a holder facilities loans and about 7 per cent of the of a Government contract to assign to banks production loans were made with assignand other financial institutions the Govern- ments. This spread was evident in each Rement payments due under the contract. This serve district outside Kansas City and Dallas, measure, by furnishing an additional basis where the percentage of production loans for the obtaining of bank credit, has facili- with assignments was considerably larger tated the financing of defense contracts. Thethan in the case of plant facility loans. Board's survey shows that oil April 30 city There appear to be two important deterbanks had outstanding $72 million of defense minants of whether contract claims are asloans with assignment of claims and $96 mil- signed in making a loan: (1) the size of the lion of additional commitments for future loan relative to the asset size of the borrower loans of this type. Thus, about 16 per cent and (2) the availability of other collateral. of the defense loans were granted on an as- When the ratio of the amount of the loan to signment basis. The bulk of defense loans the amount of the borrowers assets is high, were granted without assignment on the contract claims are more frequently assigned. basis of already established customer rela- In such cases the size of the loans, owing to tionships. the Government's extremely large defense There was wide diversity among banks in orders, may be in excess of what the bank 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Lending for Defense had become accustomed to lend to the bor- able as loan collateral. Assignment of conrower under the usual credit arrangements tract claims under such circumstances is the and therefore the bank wishes to obtain ad- simplest way of providing the bank with ditional collateral. Frequently the borrower collateral. has no collateral to offer other than his future With production loans, the situation is contract claims against the Government. It entirely different. A large part of producis in instances of this sort that the Assign- tion loans is used to purchase raw materials ment of Claims Act has facilitated the grant- and carry goods in process of manufacture. ing of defense loans. Banks have customarily arranged, through That the loan-asset ratio has been a factor suph means as bills of lading, warehouse rein assignment of claims is brought out in ceipts, and trust certificates, to pledge these Table 8. It gives, for the various size groups commodities as security against production of loans and commitments and for borrowers loans. It has been more convenient, therein the three asset size groups, the percentage fore, for banks to continue existing customer of total loans and commitments made with arrangements in granting production loans assignments. For borrowers in a given size for defense purposes rather than to adopt the group the percentage of loans and commit- new method of assigning Government claims. ments made with assignments increases with Maturity of defense loans TABLE 8—PERCENTAGE OF DEFENSE LOANS AND COM- Most defense loans at city banks were MITMENTS MADE WITH ASSIGNMENTS made at short term. About 78 per cent of Classified by size of loan aad size of borrower the loans mature within less than a year, APRIL 30, 1941 6 per cent within 1 to 3 years, and 16 per cent after 3 years. As shown by Table 9, there Percentage of assignments to total defense loans and commit- was considerable variation in the distribuments for borrowers with tion of maturities among the various Fedassets of Size of loan or commitment eral Reserve Districts. City banks in the Under $100,000- $1,000,000 Atlanta, St. Louis, Dallas, Kansas City, and $100,000 $1,000,000 and over Boston districts made relatively few defense loans with maturities exceeding one year. $ U 1 n 0 d ,0 e 0 r 0 - $ $ 1 5 0 0 , , 0 0 0 0 0 0 2 1 4 9% 1? % 0 4 ) In the other districts 10 per cent or better $50,000-$100,000 . 27 13 7 of the amount of defense loans were of the $ $ 1 5 0 0 0 0 , , 0 0 0 0 0 0 - - $ $ 5 l, 0 0 0 0 ,0 0 0 ,0 0 00 29 C1) 1 9 7 1 1 5 9 longer maturities. The New York and Phila- $1,000,000 and over 0) (0 15 delphia districts showed the highest percentages of 28 and 23 per cent. City banks in the NOTE: Excludes borrowers whose asset size was not specified. Commitments as well as loans are used in this table because the loan figures did New York district, mainly in New York City, not afford a sufficiently broad sample for some of the groups. 1 Not shown because of inadequate sample. made $42 million of loans maturing after 3 years, nearly two-thirds of the total longthe size of the loan or commitment, as shown term defense loans reported by city banks. by reading down each column in the table. The breakdown of total defense loans by Likewise, for loans and commitments within maturities and the district comparisons a given size group, the proportion of assignmight be considerably different if allowance ments decreases as the size of the borrower could be made for the likelihood that some increases, as shown by following the table short-term loans were granted with an underfrom left to right. standing of renewal, thus being of a longer That availability of other collateral is also term character than the figures indicate. an important factor in determining whether Loans maturing beyond 3 years are not claims are to be assigned is indicated by the only for plant facilities but also for profact that over two-thirds of the assignments duction purposes. Ordinarily, it might be exare for plant facility loans. pected that loans made for plant facilities Frequently the new defense plant facilities purposes would generally have longer maare not available as loan collateral because of turities than loans for production purposes. outstanding mortgages on old plant which provide for prior liens on additions to plant. That this is not the case with defense loans In such cases the new facilities are auto- can be explained by the fact that a large part matically encumbered and hence unavail- of the plant facilities loans are for the pur- SEPTEMBER 1941 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Lending for Defense TABLE 9—MATURITY DISTRIBUTION OF DEFENSE LOANS Effects of defense lending on banks AT CITY BANKS, BY FEDERAL RESERVE DISTRICTS The Board's survey shows that the demand APRIL , 1941 for new funds by producers of defense goods has been felt by city banks throughout the Percentage of amount with maturity of: country. As shown by Table 10, the strong- Federal Reserve district est demand has been in the Northeastern and Less than 1-3 Over Central industrial areas and on the West 1 year years 3 years Coast—the same districts which show the largest volume of commercial loans by city Boston 92 6 2 New York 65 7 28 banks. Of $460 million of defense loans out- Philadelphia 71 6 23 standing at city banks on April 30, $389 mil- Cleveland 80 8 11 lion or 85 per cent were in the Federal Re- Richmond ... 83 3 14 Atlanta 99 1 serve districts of Boston, New York, Phila- Chicago 82 11 delphia, Cleveland, Chicago, and San Fran- St. Louis _ ... ...... 97 0) 3 cisco; of all commercial loans by reporting Minneapolis 81 5 14 Kansas City 93 7 banks 80 per cent were in these six districts. Dallas . 96 4 0) Some banks in these areas, particularly banks San Francisco... . _. -..-. 82 5 13 in New York City, supply funds for use by Total 78 6 16 borrowers in other parts of the country. By April 30, defense loans amounted to 8 1 Less than .5 per cent. per cent of total commercial loans at city pose of furnishing working capital funds to banks. In the Boston and Richmond districts construction firms, particularly for the construction of defense housing and military TABLE 10—DEFENSE LOANS COMPARED WITH TOTAL bases. COMMERCIAL LOANS OF BANKS IN LEADING It appears that a large proportion of the CITIES, BY RESERVE DISTRICTS loans with maturities beyond 3 years went [Amounts in millions of dollars] to prime contractors. Those Reserve districts where the proportion of loans to prime con- Defense loans tractors was large as compared with loans Total commerto subcontractors generally had a large pro- Federal Reserve district cial loans Per cent April 30, April 30, of total portion of long-term loans, with the exception 19411 1941 commercial loans of the Cleveland district. Conversely, where loans to prime contractors were in relatively Boston 366 55 15 small volume when compared with subcon- New York 2,245 156 7 Philadelphia. _._ .__ ... 267 24 9 tractor loans, the amount of funds loaned at Cleveland 382 38 10 long term was also relatively small, except Richmond. 148 19 13 in the Atlanta district. This relationship ap- Atlanta 196 12 6 Chicago. . 770 82 11 pears reasonable since prime contractors St. Louis 224 15 7 might be expected generally to arrange for Minneapolis ... . 103 5 5 Kansas City 211 6 3 financing for a longer period than subcon- Dallas . 214 14 7 tractors, because more of them would be San Francisco 406 34 8 likely to hold contracts requiring several Total 5,532 460 8 years or more to fulfill. 1 It is estimated that less than 5 per cent of the total represents agri- About $74 million of the $460 million of cultural loans. defense loans at city banks had terms for repayment on an instalment basis, in a few corresponding percentages amounted to 15 cases extending over a period exceeding 7 per cent and 13 per cent, and the percentages years. About $43 million, or 57 per cent, in the Philadelphia, Cleveland, and Chicago of the instalment loans had final payments districts were also above the average. In falling due after 3 years. About 60 per cent the Kansas City district defense loans were of these were in the New York Reserve Dis- only 3 per cent of total commercial loans. trict. Instalment loans were also common It is evident that lending for defense purin most other districts outside of Atlanta, poses in the first 10 months of the defense Dallas, and Kansas City. program had begun to assume a substantial 872 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Lending for Defense part of the lending business of banks in many compared with the total defense program. parts of the country. With further increases For most small and medium-size firms, in lending since April, it is probable that the banks are the principal and, frequently, the volume of defense loans at city banks in only source of funds. Credit requirements August amounted to about 12 per cent of their in their local communities are met by the total commercial loans and this proportion banks of the country with a foundation of will no doubt continue to increase. long standing customer relationships and in- The role of banks in aiding the Govern- timate knowledge of the borrowers' business ment in its attempt to mobilize production abilities. In helping to finance defense confacilities to the full extent possible is not tracts in this populous area of the business adequately brought out by figures on the vol- community, the Board's survey shows that ume of defense loans alone. This is due to the banking system is rendering a valuable the fact that the special field of banks is in contribution to the Government's program of the domain of small and medium-size busi- utilizing as much of the Nation's productive ness and, consequently, numerous defense capacity as possible, and as rapidly as posloans are made by banks though they sible, for the output of vital defense mado not bulk large in dollar amounts when terials. NOTE Instructions for Preparation of Reports on Form F. R. 550, are to be made, of course, in columns 2, 3, and 12, "Loans and Commitments for National Defense but all of the other columns should be filled out to as of April 30, 1941" the extent that the information is available. Column 3. The original period of the loan—from The following report form F. R. 550 calls for a list the date the loan was made to maturity—should be of loans and commitments for national defense purshown, in months, in column 3. If the loan is reposes as of April 30, 1941. Each loan and commitpayable in instalments, give the period of the first ment should be listed separately, but the name of the and the last instalment; for example, 12 to 60 borrower is not to be listed. Information for indimonths. vidual loans and for individual banks will be consid- Columns 4 and 5. A check mark should be shown ered strictly confidential. If the reporting bank is in column 4 if the bulk of the proceeds of the loan participating with other banks in a defense loan or are being used or are to be used to finance the concommitment, the bank should report only its own parstruction of plant facilities (including machinery inticipation. stalled therein) or other construction or reconstruc- Include all commitments and loans made directly tion, including cantonments. A check mark should or indirectly for national defense purposes, whether be shown in column 5 if the bulk of the proceeds or not secured by assigned Government contracts, of the loan are to be used to produce or provide and whether made to prime contractors or to subdefense supplies. This includes loans for inventories, contractors. If the proceeds of a commitment or loans for goods in process of manufacture, etc. loan are to be used only in part for defense purposes, Check marks should be shown in both columns 4 the reporting bank should, if practicable, make an and 5 if the proceeds of the loan are to be used estimate of the amount to be so used and report only to a large extent for both construction and producthis amount. In the absence of information to the tion. contrary, however, it may be assumed that if a bor- Column 6. Specify the principal type of product rower is engaged to a substantial extent directly or or products to be produced or supplied with the aid indirectly in providing facilities, supplies, or equipof the loan or by the plant being constructed or ment for national defense, all new loans and commitreconstructed with the aid of the loan. For this ments to such a borrower since the defense program purpose make entries in column 6 such as: was inaugurated, outstanding on April 30, 1941, may armor plate, machine guns, maleable-iron castbe reported as being for the purpose of financing the ings, radios and parts, aircraft engines, aircraft defense program. parts, aircraft instruments, machine tools, exca- Columns 1 and 2. The balance outstanding on vating machinery, copper smelting, cotton textile April 30, 1941, of each defense loan actually disfabrics, ferro-alloys, synthetic rubber, explosives, bursed should be shown in column 2. The amount ammunition, tungsten ore, etc. of any definite commitment to make such a loan in the future should be shown in column 1. If no loan If the proceeds of the loan are to be used to finance has yet been made under a commitment, no entries the construction of non-industrial plants, the nature SEPTEMBER 1941 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Lending for Defense of the construction should be shown in column 6; for Columns 10 and 11. The nature of the contract example, to be financed by the loan should be indicated by a check mark in column 10 or 11, depending on whether cantonments, housing facilities, aeronautical trainthe loan is to finance the completion of (a) a coning schools, etc. tract made directly with the Government, (b) a sub- If the proceeds of the loan are to be used to provide contract made with a contractor who is dealing services of a non-industrial nature, make entries in directly or indirectly with the Government. If the column 6 such as: proceeds are to be used to finance both kinds of contracts, check marks should be shown in both columns warehousing and storage, mechanic instruction, 10 and 11. radio research, etc. Column 12. If the loan was made with an assign- Columns 7, 8 and 9. The approximate size of ment of a claim under a Government contract the borrowing firm, as measured by total assets on (whether an emergency plant facilities contract or some recent date, should be shown by a check mark any other Government contract), a check mark should in column 7, 8 or 9. be shown in column 12. LOANS AND COMMITMENTS FOR NATIONAL DEFENSE AS OF APRIL 30,1941 Please mail this report as promptly as practicable to Name of Bank.. the Federal Reserve Bank. Location (City) (State) (F.R. Dist. Proceeds of loan Approximate used or to be used for total assets of bor- c e m l m f L o o o a i m e a i c r s t n n h t - - t A c A o f p o m m r r l i e o m l o a a f 3 u i c u n 0 t h n t s m , u 1 t , r 9 e o e 4 n f 1 t A o A p u m r ts i e l l o t o a a 3 u a c n 0 n n h , d t 1 i o 9 n 4 f g 1 m P l e o o i o r n n a i f t o n h d s a ( f C a n P c d h l i e l a o i c n t t i k h t e e s o r ne P t d o i r e r o o f b n e d o n u t o s c h e f - ) T p y ( r S p o e e d e i u n o c a s f e c t p r d c u r o o o c m r t d i p u o s a u c n n t p s s y ) p i t l o n ie g d be (Ch r e o c w k e o r ne) construc- supplies tion 1 2 3 4 5 6 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. rednU 000,001$ 7 000 ,001$ ot 030,000,1$ 8 000,000,1$ revo dna No.) Check one or both Check if loan was made with assignment Prime Sub- of claim under con- con- government tract tract contract 9 10 11 12 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United State5 ^Saving* Hond.5 and I ax Anticipation Mote5 by GUNHILD ANDERSON Division of Research and Statistics HOW to finance the expenditures entailed by hases of securities by banks have the effect the defense program is one of the major of increasing the supply of bank deposits, problems of the Administration. Taxes were whereas purchases by other investors will abincreased last year and a further sharp in- sorb some of the increased income resulting crease is now under consideration by Con- from the defense effort. gress. Nevertheless, it will be necessary to As one of the several steps taken by the raise a large amount of the needed funds by Government to reduce expansion in bank deborrowing. posits and the stimulative effect of large de- The latest estimates of the Bureau of the fense expenditures on private spending for Budget issued on June 1 placed total budget consumption, the Treasury has recently been expenditures for the current fiscal year which selling two types of securities which are deends next June at $22,200,000,000, of which signed to reduce current excess purchasing $15,500,000,000 will be for national defense. power and to tap savings. Defense Savings Total budget receipts, excluding additional bonds and stamps have been on sale since revenue from the pending tax bill, were esti- May 1 and have already been purchased by mated at $9,400,000,000, leaving a deficit of hundreds of thousands of investors. Com- $12,800,000,000 for the fiscal year. If a tax mercial banks are not permitted to purchase program is enacted in the near future to yield these securities. $3,500,000,000 on a full-year basis, somewhat Since August 1 tax anticipation notes have over $2,000,000,000 of additional revenue will been on sale for the purpose of making it be collected during the fiscal year, and the easier for taxpayers, both large and small, to deficit will be reduced to about $10,500,000,prepare for increased Federal income taxes. 000. About $1,500,000,000 of this amount Although these notes are designed primarily will be financed from net receipts in social security and other trust funds which are regu- for the purpose of providing a means for taxlarly invested in special Government securi- payers to set aside regularly the funds which ties. The remainder, about $9,000,000,000, will be required to pay income taxes, their must be financed by borrowing from the pub-sale also tends to reduce somewhat more lic—banks, insurance companies, and other promptly the amount of current income availinstitutional investors, as well as individuals. able for private spending. The notes are not In order to restrict inflationary tendencies transferable and yield a return only when that might result from the large expenditures used for payment of Federal income taxes. for the defense program, it is essential that as They may be purchased by banks as well as large a part as possible of the additional funds by other taxpayers. The Secretary of the needed by the Treasury be borrowed from in- Treasury reserves the right to reject any vestors other than commercial banks. Pur- application for notes in whole or in part if Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. SEPTEMBER 1941 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Savings Bonds and Tax Anticipation Notes he deems such action to be in the public As shown in the following summary, about interest. 65 per cent of the sales of Defense Savings bonds during the period from May 1 through Sales of Defense Savings bonds and stamps July 31 were Series F and G bonds. The fact From the beginning of May to the end of that sales of the latter two series have de- August about $1,300,000,000 of Defense Sav- clined since May indicates that many invesings bonds and stamps were sold. This tors have purchased the full amount, $50,000, amount for the four-months' period contrasts which they are permitted to buy during the with net receipts of $1,040,000,000 from the current calendar year. Sales of the Series sale of the former savings bonds in the full E bonds during May and June were $100,- 000,000 each month but increased to about fiscal year 1940, the year in which the sale of $150,000,000 in July. This rise may be due these securities reached its peak. The new in large part to the adoption of payroll deduc- Defense Savings securities which have been tion plans and the Treasury's advertising and on sale since May 1 include three series of educational program, in which financial, bonds and also savings stamps. labor, industrial, and other groups are par- Series E Savings bonds, which replaced the ticipating. Purchases of this issue will probformer savings bonds on sale since March 1, ably increase further. 1935, are issued on a discount basis and mature in 10 years. The yield on this series SALES OF DEFENSE SAVINGS BONDS, MAY-JULY 1941— is about 2.90 per cent if held to maturity. ISSUE PRICE These bonds are issued only to individuals. (In millions of dollars) The amount which may be purchased by any Total May June July one person in any one calendar year is limited Series E 348 101 103 145 to $5,000, maturity value. They may be re- Series F 94 38 29 27 Series G 564 211 183 169 deemed prior to maturity after 60 days from the issue date, at the owner's option, at fixed Total 1,006 350 315 342 redemption values which provide a lower Every effort is being made to bring to the investment yield. attention of the public the desirability of in- The Series F bonds are issued on a discount vesting in Defense Savings securities and to basis, mature in 12 years, and yield about make them readily available to the small 2.53 per cent if held to maturity. The Series investor. The Series E bonds may be pur- G bonds are issued at par and pay interest chased at most banks, post offices, and savings semiannually. They mature in 12 years and and loan associations. Savings stamps may yield 2.50 per cent if held to maturity. Both also be bought at a large number of retail Series F and Series G bonds may be purstores. Voluntary pay-deduction plans are chased by investors other than commercial now in operation in hundreds of factories and banks in an amount of not more than $50,000, offices.1 There has been a steady expansion issue price, in any one calendar year, for the in the advertising of these securities by radio two issues combined. Series F and G bonds and in the press. may be redeemed prior to maturity after six Tax anticipation notes months from the issue date and on one month's notice, under terms which provide a Tax anticipation notes were put on sale on lower investment yield. Defense Savings August 1, and receipts from their sale stamps are issued in denominations of from amounted to $1,040,000,000 for the month. 10 cents to 5 dollars, and when enough stamps are accumulated they may be exchanged for a Defense Savings bond. 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Savings Bonds and Tax Anticipation Notes These notes are of two types: Series A, and accrued interest. The interest which acwhich are designed for the relatively small crues each month per $100 principal amount taxpayer, and Series B, designed for the large is 16 cents for the Series A and 4 cents for taxpayer. The Series A notes are issued in the Series B notes. denominations of $25, $50, and $100, yield Tax anticipation notes will be acceptable about 1.92 per cent a year, and their use for in payment of Federal income taxes at any tax purposes is limited to $1,200 principal time beginning with the third month after amount for any one taxpayer in any one the month of purchase, but not before Janutax year. The Series B notes are issued in ary 1, 1942. If not presented in payment of denominations ranging from $100 to $1,000,- income taxes, the Series A notes may be 000 and provide a return of about 0.48 per redeemed without advance notice and the cent a year. Both issues mature on August Series B notes may be redeemed after 60 days 1, 1943, and were sold at par during August from the date of issue and on 30 days' ad- 1941. During each subsequent month that vance notice. Such redemption will be at the they remain on sale they will be sold at par purchase price paid for the notes. SEPTEMBER 1941 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1<Qvl5lon In the SJneLax of} JjndulttiaL Production EXCEPTIONAL volume of output occa- for Government shipyards will be included sioned by the national defense program also in the transportation equipment index. has necessitated a number of changes in the The tabulation on the next page lists the new Federal Reserve index of industrial pro- series for which revisions, other than simply duction. Although the index, as published in seasonal revisions, have been made and sum- August 1940, was so constructed that most marizes briefly the nature of the changes in ordnance and other production originating each. under the defense program was included, de- The revised indexes for industrial producvelopments in the past year have made desir- tion and for selected groups will be included able and possible a slight further broadening in a new edition of the Federal Reserve Chart of the coverage of the index. Now practically Book on Bank Credit, Money Rates, and Busiall defense work is believed to be represented. ness, to be published early in October. A In this revision data have been added for revised edition of the industrial production production carried on by the Government in chart book, including all published indexes manufacturing arsenals, quartermaster de- for the various groups, industries, and propots, and shipyards, and for output of electric ducts, will be issued somewhat later. A resteel. A series on man hours worked in the print of the description of the index of inautomobile industry has been introduced and dustrial production containing tables showrevisions have been made in the aircraft se- ing up-to-date figures for all series will be ries, and in three of the nonferrous metals available within the next month. series. Finally the seasonal adjustment factors for a number of lines have been revised. INDEX OF INDUSTRIAL PRODUCTION The only significant result of the revision 1935-39 average=100 prior to the early part of 1940 was some smoothing of the index. Since that time the Without Adjusted for seasonal adjustment seasonal variation revised index has shown a sharper increase than the index previously published; in recent m pe o r n t c h e s n t t h o e r d 3 i ff p e o r i e n n t c s e in h a t s h e a v t e o r t a a g l e i d n d a e b x o . ut I 2 n in O d l e d x i v n R i d s e e e - d x p D o e i ( i n f i n f c n e t e s r- ) in O d l e d x i v n R i d s e e e - d x p D o e i ( i n f i n f c n e t e r s - ) addition the course of the seasonally adjusted index has been greatly smoothed by alteration 1940—January 117 117 0 122 122 0 February ._. 114 113 -1 116 116 0 of seasonal factors, particularly since last March . _. 112 112 0 113 113 0 April 112 112 0 111 112 +1 December. The extent of the changes in the May 117 117 0 115 116 +1 index since January 1940 is indicated in the June -_- 121 121 0 121 122 +1 July 118 120 +2 121 122 -4-1 accompanying table. August 120 124 +4 121 124 +3 September... 129 132 +3 125 127 +2 Tables showing preliminary figures for the October 134 136 +2 129 130 +1 new and the revised series are published ori November 135 136 +1 133 134 +1 December 135 136 +1 139 139 0 pages 933-937 of this BULLETIN. There is 1941—Januarv 134 135 +1 140 140 0 also a table showing the 1941 seasonal factors February 138 140 +2 141 144 +3 tentatively adopted. Current and back figures March. 143 144 +1 143 147 +4 April 142 144 +2 140 144 +4 on activity in arsenals, quartermaster depots, May 153 155 +2 150 154 +4 June.. _ ..- 157 160 +3 157 159 +2 and Government shipyards will not be pub- July *156 P159 +4 P161 P161 0 lished separately but will be included in the total index and in the indexes for manufac- p Preliminary. tures and for durable manufactures; the data Inclusion of armament data Note.—This revision of the Board's production index was pre- The Board's index as revised in August pared largely by Frank R. Garfield and Paul Simpson of the Division of Research and Statistics. Maxwell R. Conklin, now 1940 included most activity involved in the with the U. S. Bureau of the Census, contributed in large measure, production of materials and finished prodparticularly in the earlier stages of the work. 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision in the Index of Industrial Production ucts for armament. The man-hours data revised to include production from foreign introduced at that time for the machinery concentrates shipped for export. For tin, a and transportation equipment industries series on consumption has been substituted were particularly useful in this connection, since January 1935 for the series on desince much of the fabrication of armament liveries. The latter ceased to be an accurate is done in these industries. measure of the use of tin when reexports In this revision by far the most important became substantial in 1940 and there were change with regard to materials for arma- large imports for Government and industry ment has been the introduction of a series on stock piles. The net effect of these changes electric steel production and the reweight- has been to lower the level of the nonferrous ing of the other series in the iron and steel metals group index since the beginning of group. Although the tonnage of electric steel 1940. produced is small relative to other types of The introduction of additional series for steel, the amount of value added by manu- the automobile industry brings in data coverfacture per ton of electric steel is several ing armament output other than automobiles times as large as for other types, and, inas- by establishments in this industry. Manmuch as output of electric steel has increased hours worked figures as reported by the much more rapidly, introduction of the elec- Bureau of Labor Statistics have been used tric steel series has raised the index for the beginning in January 1935, with a produciron and steel group appreciably in the past tivity adjustment based on the studies comtwo years. The revision of the iron and piled by the National Research Project. steel group was carried back to 1923, on the About nine-tenths of the weight formerly apbasis of data newly available, but changes plied to the factory sales series has been before 1940 were of relatively minor im- transferred to the new series, leaving the portance. weight for the entire automobile industry In the nonferrous metals group, the series unchanged. The new weights are shown in on lead shipments has been revised to take the tabulation below. In addition to repreaccount of imports of pig lead for consump- senting armament production, the series on tion; the series on zinc smelting has been man-hours worked has the further advantage SUMMARY OF RECENT CHANGES IN THE COMPOSITION OF THE INDEX OF INDUSTRIAL PRODUCTION Series Pe b r y io r d e v co is v io er n ed Nature of changes Industrial production 1923 to date Durable manufactures 1923 to date Manufacturing in Government arsenals and quartermaster depots included from 1939 to date and revisions made in iron and steel, transportation equipment, and nonferrous metals. Iron and steel 1923 to date Series on open hearth and Bessemer steel revised, series on electric steel added, and new weights assigned as follows: Pig iron 1. 70 Open hearth and Bessemer steelJ 8. 70 Electric steel . 60 Steel production. _ 1923 to date New series representing output at steel works and rolling mills. Obtained by weighting electric steel Open hearth and (.60) and open hearth and Bessemer steel (4.27). Bessemer steel __ 1923 to date Steel for castings made by ingot producers (estimated monthly for period 1923 through 1939) added to ingot production. Daily average production computed on the basis of a 7-day week with full nonworking day allowances for July 4 and December 25, and for Labor Day, a one-half day allowance for period 1931 thru 1936 and a full day allowance thereafter. Daily average base: 126,370 net tons. Source of current data: American Iron & Steel Institute. Electric steel 1923 to date New series including ingots and steel for castings made by ingot producers (estimated monthly for period 1923 through 1939). Working day allowances same as open hearth and Bessemer steel. Daily average Transportation base: 2,216 net tons. Source of current data: A.merican Iron & Steel Institute. equipment 1935 to date Shipbuilding in Government yards introduced, aircraft series revised, and new automobile series based on man-hours data introduced. Aircraft 1935 to date Man-hours figures adjusted for changes in productivity. Automobiles 1935 to date Weight for factory sales series reduced to .48 and remainder of weight (4.31) assigned to a new series based on man-hours worked in the entire industry and on productivity adjustments as estimated by use of National Research Project studies. Nonferrous metals . 1935 to date Series on zinc smelting, tin deliveries, and lead shipments changed. Zinc smelting Jan. 1940 to dateNew series including production from foreign concentrates shipped for export. Tin consumption 1935 to date Supersedes tin deliveries series. Daily average consumption computed on the basis of a 6-day working week with a full nonworking day allowance for July 4. Daily average base: 213.9 gross tons. Source: American Bureau of Metal Statistics. Lead shipments Oct. 1940 to dateImports of pig lead for consumption added to domestic shipments. i The difference between the 8.70 shown here and the 4.27 shown under steel production is the weight assigned to open hearth and Bessemer steel to represent the industries, other than steel works and rolling mills, included in the Census classification of iron and steel and not assigned to pig iron. SEPTEMBER 1941 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision in the Index of Industrial Production of smoothing out many of the irregularities made for changes in productivity of labor in the period 1935 through 1939, when the in the manufacture of aircraft because suffiindustry was not as yet engaged in arma- cient data on output were not available. ment production, by reflecting, directly, Recent study of new Census data and other changes in output of parts and supplies as material has left little doubt that substanwell as finished automobiles. This was par- tial improvement in the productivity of labor ticularly important at times of change-over had been achieved beginning in 1939. From to new model output. this information and from studies of pro- The new series measuring output at ar- ductivity in other lines, a probable minisenals, quartermaster depots, and Govern- mum growth could be determined, and this ment shipyards are estimates based on man- has been applied. hours and other unpublished data collected The aircraft series in the index of inby the Bureau of Labor Statistics. The series dustrial production is based on man-hours for Government shipyards includes all ac- worked in plants of final assembly and of tivity in the construction of ships and one half parts manufacture. Aircraft engines are inof the activity reported for service and repair cluded among the machinery industries, and yards. It is assumed that only about this this fact, together with the general increase proportion of the latter activity may be con- of subcontracting in the manufacture of vasidered as manufacturing. rious parts outside of the industry, prevents The inclusion of manufacturing activity of the series from being a satisfactory measure the Government raises special problems of of the total output of aircraft. Nevertheweighting since previously this activity had less, it serves rather well its main purpose not been included either directly or indirectly of covering a certain area of productive activity. in the index of industrial production. For convenience in use and computation, the origi- Computation of separate indexes for denal weights had been so calculated that the fense production and for nondefense producweighted figures in the base period averaged tion has not been possible. In some lines, 100. The addition of new series would upset such as the aircraft and shipbuilding inthis relationship unless some special adjust- dustries, output is now practically all for ment were made. Recalculation of all the defense purposes, whereas in some others, weights in the index to make room for the such as the food, liquor, tobacco, and printing additions is avoided by use of a special de- industries, output is mainly for nondefense purposes. In the vast majority of industries, vice which makes possible combination of however, no such clear separation is possible the data with series already in the index. on the basis of reported figures. Ordnance Only the differences between the man-hours and other defense products are in large part worked each month and the average number made in the same industries and even in the of man-hours worked monthly during the same plants as nondefense products and, in base period are used and the man-hour figures most cases, separate data for each are not so obtained are weighted the same as those of available. Even where such data on finished comparable series. For Government arsenals products are available, there is not a sufficient the weight for machinery is used and for basis for the construction of comprehensive Government shipyards the weight for private shipyards.1 Through this device, the full indexes of activity inasmuch as corresponding data for the earlier stages of production effects of the growth in governmental inare lacking; this is a problem of considerable dustrial activity can be represented in the importance at a time when the use of subconindex without having to recompute the intracting and the reorganization of productive dex with a new base or without raising the methods is proceeding so rapidly. The use base period average above 100. of man-hours worked data for measuring In last year's revision, no adjustment was production overcomes some of the difficulties 1 The results of this method are not greatly different from those involved in including defense production in that would have been obtained if the usual procedure had been the index, since the man-hours data are comfollowed. The percentage weight factor for Government shipmon to all types of production and since they yards would in the latter case be .36 and the difference between the index of industrial production so computed and that obtained represent only the net productive contribufrom the method actually used would be .36 minus .0036 times the index for a given month. Thus, for July 1941 the index of tion at each stage of production. However, industrial production as actually computed was .2 of a point they are not at present susceptible to a breakhigher on this account than it would have been if the usual method had been followed. Similarly, use of this method for down as between defense and nondefense arsenals raised the index by another .1 of a point in July. 880 FEDERAL .RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision in the Index of Industrial Production items. Similarly, the division of materials, as September 1941 when curtailment of passuch as steel, nonferrous metals, chemicals, senger car production first became effective. and the like, between defense and nondefense Since the effects of the defense program appurposes would be particularly difficult ex- peared gradually in most lines, a further cept in a very broad sort of way. aim in selecting the month of transition was to preserve as far as possible the continuity Changes in Seasonal Adjustment Factors of monthly figures on a seasonally adjusted basis. December generally seemed to be the In many industries seasonal influences best month of change since the sharp decline ordinarily affecting output have changed in activity, which is usual in this month, did and in some cases they have completely dis- not occur in 1940. appeared as a result of the recent industrial In the chemical industry, which is repredevelopments. The table below lists the sented in the index of industrial production series for which revised seasonal adjustment by a single composite series, activity in some factors have been computed. For those lines has been expanding much more rapidly in which seasonal movements seem to have than in others and, inasmuch as there are disappeared the seasonal factors have been wide differences in seasonal movements, this fixed at 100 for each month; that is to say, has made the old seasonal factors unsatisno seasonal adjustment is made and the unfactory for current use. On the basis of adjusted index is used as the seasonally adstudy of the behavior of the various comjusted index. ponents, it appeared desirable to apply sea- Shifts in seasonal movements or their dis- sonal adjustment factors of absolute amounts appearance have occurred for the most part to allow primarily for continued wide seain lines where the seasonal has in the past sonal fluctuations in production of fertilizers been caused mainly by fluctuations in demand and of cottonseed oil. Both of these are being rather than by fluctuations in supply con- produced in about the same volume as hereditions dependent upon the weather. Iron tofore whereas output of basic chemicals, and steel, railway equipment, nonferrous explosives, and some other products which metals, and textiles are examples of lines show little seasonal change, has been inso affected, in contrast with canning and creasing rapidly. lumbering where weather is the dominant seasonal influence. Pressure of demand on CHANGES IN SEASONAL ADJUSTMENT FACTORS available capacity or materials has leveled out production, and in some instances orders Series Initial change Change to constant of 100 have been placed so as to maintain production during normally slack periods. Other Open hearth and Bessemer steel __ January 1923 December 1940 lines, notably the railroad equipment industry Electric steel January 1923 December 1940 and, more recently, the automobile industry, M Ai a rc c r h a i f n t ery J O a c n t u ob ar e y r 1 1 9 9 3 4 9 0 J O a c n t u o a b r e y r 1 1 9 9 3 4 9 0 have shifted to production of armaments, Railroad cars December 1940 December 1940 Locomotives December 1940 December 1940 the demand for which has no seasonal varia- Shipbuilding, private yards December 1940 December 1940 tion. In these lines and some others there Automobile factory sales February 1938 September 1941 Automobile bodies, parts, and will continue to be a shift in seasonal move- assembly January 1935 September 1941 ment as more facilities are used for arma- Z C i o n p c p s e m r e sm lti e n l g ting J N a o n v u e a m ry b er 1 1 9 9 4 4 0 0 D N e o c v e e m m b b e e r r 1 1 9 9 4 4 0 0 ment production and as rationing of ma- Copper deliveries December 1940 December 1940 Lead shipments December 1940 December 1940 terials affects output for civilian use. In Zinc shipments November 1940 November 1940 such cases the seasonal factors selected for Tin consumption January 1935 C1) Cotton consumption November 1940 November 1940 1941 are subject to further change. Rayon deliveries December 1940 December 1940 In making the change to a constant sea- S C i a lk rp d e e t l w iv o e o ri l e c s onsumption A D u ec g e u m st b er 1 1 9 9 4 4 0 1 A De u c g e u m st b er 1 1 9 9 4 4 0 1 sonal factor of 100 in the industries where Apparel wool consumption December 1940 December 1940 Woolen yarn December 1940 December 1940 this seemed desirable, the shift was made at Worsted yarn December 1940 December 1940 the time when capacity or near capacity Woolen and worsted cloth December 1940 December 1940 Byproduct coke December 1940 December 1940 operations were first reached or when de- Beehive coke December 1940 December 1940 fense program needs became the dominant R Ch u e b m be ic r a c ls onsumption J Ju an ly uary 1 1 9 9 4 4 1 1 July 1941 influence in the industry. In most instances Iron ore shipments April 1937 this was in the latter part of 1940, although L C e o a p d per J M an ay uary 1 1 9 9 4 3 0 8 for aircraft the change was made as early Zinc November 1940 November 1940 as January 1939 and for automobiles as late i Seasonal factors revised but not to constant of 100. .SEPTEMBER 1941 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•04iet5 and /lialt'ditiai atanckei. ofi Aiemlret Bank* Statistics of branch banking heretofore branches amounted to $8,150 millions,3 or 16 presented have shown various distributions per cent of the deposits of all member banks. of the number of branches and of the volume Total loans reported by branches amounted of loans, investments, and deposits of theto $2,060 millions and comprised 15 per cent branch-operating banks, but have not shown of the loans held by all member banks the volume of assets and liabilities of the(Table 1). branches themselves. An analysis was re- 2. Demand deposits (exclusive of intercently completed, however, of the assets and bank deposits of $168 millions) at head-office liabilities—principally loans and deposits— city branches amounted to $3,670 millions reported by branches of all member banks, (Table 1). Of this amount $2,700 millions, both national and State. The analysis is or 73 per cent, was at branches of 10 New based on condensed condition reports sub- York City banks; these 10 banks operated mitted by member banks covering branches 347 of the 1,440 head-office city branches. in operation on June 30, 1940. Member 3. About 78 per cent of the branches in banks operated 2,523 1 of the 3,641 domestic head-office cities and 56 per cent of those outbranches in existence on June 30, 1940; the side reported deposits of $1,000,000 or more analysis, therefore, reflects the volume and (Table 2). character of assets and liabilities reported by 4. Branch deposits accounted for 25 per about two-thirds of the branches in the coun- cent or more of the total deposits (excludtry. It should be borne in mind, however, that ing interbank deposits) at 136 of the 367 the function of investing branch funds is gen- branch-operating member banks. On the erally carried on at the head office, and that other hand 69 banks reported branch deposits to some extent loans initiated at branches are representing less than 10 per cent of total consummated at the head office; consequently, deposits (Table 3). branch reports frequently show a large pro- 5. The number and deposits of out-of-town portion of their assets as "due from head branches were distributed as follows: office" rather than as loans and investments. The data are, moreover, heavily weighted by Number Deposits branches in two States—New York and Cali- In head-office county 233 $400,000,000 fornia. Nearly one-third of the head-office In counties contiguous to that of head-office ... 248 450,000,000 city branches were located in New York City In noncontiguous counties. 602 1,590,000,000 and over one-half of the out-of-town branches were in California.2 Total 1,083 2,440,000,000 The principal points disclosed by the data 6. Savings deposits were more predomicompiled from the branch condition reports nant at branches outside of head-office cities may be summarized as follows: than at head-office city branches. Such de- 1. Total deposits reported by member bank posits represented at least one-half of total deposits at 50 per cent of the out-of-town branches. The proportion of out-of-town Note.—This article was prepared by John R. Farrell, under the supervision of J. E. Horbett, Assistant Chief of the Division branches with relatively large amounts of of Bank Operations. 1 Because of the fact that at some branches certain or all ac- savings deposits seemed to be somewhat counts are consolidated with those of the head office or another lower in the smaller localities than in the branch, a considerable number of the branch reports were incomplete. For example, of the 2,523 branches, 204 did not report larger cities (Table 4). deposits. 2 A distribution of branches by States and classes, as of Decem- 7. Of the total of 2,523 branches, 439 reber 31, 1940, is shown on page 4G1 of the Federal Reserve Bulletin ported some holdings of interbank deposits. for May 1941. 3 Exclusive of branches whose accounts are consolidated with Such deposits amounted to 20 per cent or those of the head office. 882 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Assets and Liabilities of Branches of Member Banks more of total deposits at 50 branches, of ported loans aggregating $500,000 or more which 45 were located in New York City and (Table 6). one each in Atlanta, Ga., Augusta, Ga., Balti- 9. Loans reported by out-of-town branches more, Md., Charlotte, N. C, and Columbia, amounted to two-fifths of the deposits of such S. C. (Table 5). branches, whereas loans of head-office city 8. About a third of the branches in head- branches were less than one-fifth of deposits. office cities and half of those outside re- The lower ratio in the case of head-office city branches is due in part to the fact that local branches more frequently than out-of-town TABLE 1—CONSOLIDATED BALANCE SHEETS1 OF ALL MEMBER BANKS AND BRANCHES OF MEMBER BANKS branches refer loans to the head office. Loans at all member banks amounted to about one- JUNE 30, 1940 fourth of deposits and at country banks to [Amounts in thousands of dollars] about one-third. On the basis of the classification made of out-of-town branches, there Branches of member banks seems to be little relation between ratio of All loans to deposits and size of place in which member Head- Out-ofbanks 2 All office town the branch is located (Tables 1 and 7). branches bra c n it c y hes branches 10. Real estate loans accounted for 44 per cent of the loans of out-of-town branches, Assets whereas for all member banks real estate Real estate loans 3,068,565 652,092 210,810 441,282 loans comprise less than a fourth of all loans. Other loans and discounts (including overdrafts) 10,900, 205 1, 407, 778 855, 584 552,194 The proportion of real estate to total loans United States Government was generally higher at branches located in and other securities 20, 482, 237 73,112 3,323 69,789 Cash assets 3 21,829, 674 6,154, 864 4, 713, 317 1,441, 547 larger places (Tables 1 and 8). Other assets 1, 565, 665 46, 824 22,882 23,942 Total assets 57, 846, 346 8, 334, 670 5,805,916 2, 528, 754 Liabilities TABLE 2—CLASSIFICATION OF MEMBER BANK Demand deposits—total 39, 659,398 5, 018,019 3,841, 962 1,176,057 BRANCHES BY SIZE OF DEPOSITS Deposits of individ- JUNE 30, 1940 uals, partnerships and corporations 26, 396, 600 4, 412, 997 3, 551, 246 861, 751 Deposits of U. S. Gove p r o n li m ti e ca n l t , Sta s t u e b s d a i n v d i- Total head I - n office he O ad u - t o s f i f d i e ce sions 3, 239,638 306, 951 91,405 215, 546 city city Certified checks, etc.. - 475,041 56,311 31,519 24, 792 Deposits of banks 9, 548,119 241, 760 167, 792 73, 968 dumber of branches with de- Time deposits—total 12,069, 722 3,128, 759 1,864, 719 1, 264,040 posits of— Under $150,000 18 6 12 D Sa e v p i o n s g i s t s d o e f p o S s t i a t t s es and 10,098, 565 2,851, 652 1, 763, 587 1,088,065 $ $ 1 2 5 5 0 0 , , 0 0 0 0 0 0 - - 2 5 5 0 0 0 , , 0 0 0 0 0 0 2 3 0 7 5 6 8 3 1 2 4 9 2 political subdivi- $500,000-1,000,000 479 210 269 sions 410,049 136, 270 18,284 117,986 Other time deposits $1,000,000-5,000,000 1,266 758 508 s ( a in v c in lu g d s i ) ng postal 1, 561,108 140, 837 82,848 57, 989 $ $ 5 10 ,0 ,0 0 0 0 0 ,0 ,0 0 0 0 0 -1 a 0, n 0 d 0 0 o ,0 v 0 e 0 r _.. ___ _. 1 1 8 3 2 2 3 1 9 3 7 7 4 4 3 5 5 Branches not reporting i 204 161 43 Total deposits 51, 729,120 8,146, 778 5, 706, 681 2,440,097 Total 2,523 1,440 1,083 Du o e th e t r o b h ra e n ad c he o s ff ) i ce (or t _ o _ _ 131,317 81, 249 50,068 Per cent2 of branches with de- Other liabilities 509,474 56,575 17,986 38, 589 po U si n ts d e o r f — $150,000 .8 .5 1.2 Total liabilities 52, 238, 594 8, 334,670 5, 805,916 2, 528, 754 $150,000-250,000 1.6 .6 2.8 $250,000-500,000 8.8 4.9 13.7 Capital accounts 5,607, 752 $500,000-1,000,000 20.7 16.4 25.9 Total liabilities and $1,000,000-5,000,000 54.6 59.3 48.8 capital accounts. 57, 846, 346 $5,000,000-10,000,000 7.8 10.7 4.3 $10,000,000 and over 5.7 7.6 3.3 Nu b m ra b n e c r h es of banks or 6,398 4 2, 285 1,250 1,035 Total 100.0 100.0 100.0 1 Since the balance sheet of all member banks represents consolidated 1 Branches whose accounts were consolidated with those of the head figures in which "due from" and "due to" branch accounts are eliminated office or another branch. and since investments and capital accounts are customarily not allocated 2 The percentage distribution is based on the number of branches for to individual branches, the figures are not in all respects comparable. which deposits were reported. 2 Includes amounts reported by branches. 3 Sixty-eight of these branches were in New York City, and 10 of these 3 Includes, in the case of branches, amounts due from head office or 68 had deposits in excess of $50,000,000. Three other head-office city from other branches. branches (1 in San Francisco and 2 in Los Angeles) had deposits of more 4 Excludes 238 branches from which balanced reports were not received than $50,000,000. (48 of which were located outside of head-office cities) because their 4 Includes 3 branches with deposits in excess of $50,000,000, 1 each in accounts are consolidated with those of the head office or another branch. Los Angeles, Oakland and Atlanta. SEPTEMBER 1941 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Assets and Liabilities of Branches of Member Banks TABLE 3—CLASSIFICATION OF BRANCH-OPERATING TABLE 4 — CLASSIFICATION OF MEMBER BANK BANKS BY RATIO OF BRANCH DEPOSITS BRANCHES OUTSIDE OF HEAD-OFFICE CITIES BY TO TOTAL DEPOSITS X RATIO OF SAVINGS DEPOSITS TO TOTAL DE- POSITS x AND BY POPULATION OF PLACES JUNE 30, 1940 IN WHICH LOCATED [Deposits in thousands of dollars] JUNE 30, 1940 Banks operating head-office city branches, Ratio of deposits of out-of-town branches, or both Branches located in places with all branches to total population of— deposits of bank 1 Number Number Deposits of Deposits of of banks and of Total banks branches branches branches2 Under 500- 2, 500- 10,000-50, 000 Under 10 %.. 160 4,084, 731 200,043 500 2,500 10, 000 50, 000 o a v n e d r 10-25%. 275 4, 248, 541 654,034 25-50 % 533 7, 383, 610 2,884,994 Number of branches with 50-75% 533 2,764,811 1,633,386 ratio of savings deposits 75 % and over 879 2, 987, 860 2, 573,998 to total deposits of — Unclassified3.. 143 2, 764, 585 1 U 0 n -2 d 5 e % r 10% 1 2 1 4 0 5 7 3 1 2 2 367 2,523 24, 234,138 7, 946,455 25-50% 376 107 45 Total 50-75% 411 100 124 105 Banks operating one or more 75% and over 108 22 19 46 out-of-town branches Reports incomplete or Ratio of deposits of no savings deposits out-of-town branches to shown 2 total deposits of bank i Number Number of Deposits of its of ba o n f ks ou b t r - a o n f- c t h o e w s n b b a r n a k n s c h a e n s d o b u r t a - n o c f- h t e o s w 2 n Total 1,083 315 327 180 212 U 10 n - d 2 e 5 r % 10 %-__ 7 7 4 4 2,0 9 9 81 8 , , 2 6 4 7 2 7 1 8 5 1 8 , , 6 32 5 1 9 Pe r t r o a t c i t e o o n t o t a 3 l f o s d f a e v b p i r o n a s g n i s t c s h d e o e f s p — w os i i t t h s 25-50 % 283 1, 585,192 573,875 Under 10% 2.3 5.0 2.4 1.9 4.1 1.0 50-75% 147 590, 520 337,514 10-25% 10.7 7.5 18.4 8.8 8.2 5.7 75 % and over. 1, 556,150 1, 218,170 25-50% 36.6 45.0 37.0 44.5 37.4 21.4 Unclassified 3__. 17 281, 508 50-75% 39.9 37.5 34.6 38.9 39.2 50.0 Total. 145 1,083 7,093, 289 2, 369, 539 75% and over 10.5 5.0 7.6 5.9 11.1 21.9 1 Deposits of both banks and branches are exclusive of interbank Total 100.0 100.0 100.0 100.0 100.0 100.0 deposits; deposits of banks include amounts held at branches. 2 Exclusive of deposits of branches whose accounts are consolidated 1 High ratios (50 per cent and over) of savings deposits to total dewith those of the head office. posits, loans to deposits, and real estate loans to total loans were more 3 Represents banks and their branches for which no branch deposits prevalent at California branches—which constitute over half of all outwere reported due to the fact that the accounts of all branches of the of-town branches—than at branches elsewhere. Consequently the respective banks are consolidated with those of the head office. There percentage distributions of all branches taken as a whole are substanwere 61 other branches which did not report deposits, 26 of which were tially influenced by the California ratios. out-of-town branches; these 61 branches were operated by 23 banks which 2 Branches which had no savings deposits or which did not maintain had 739 branches that did report deposits, and they are included in the separate accounts. distribution of the number of branches by ratio of branch deposits to 3 The percentages are based on the number of branches for which total bank deposits. savings deposits were reported. 884 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Assets and Liabilities of Branches of Member Banks TABLE 5 — CLASSIFICATION OF MEMBER BANK TABLE 6 — CLASSIFICATION OF MEMBER BANK BRANCHES WITH INTERBANK DEPOSITS, BY BRANCHES BY SIZE OF TOTAL LOANS AMOUNT OF TOTAL DEPOSITS AND BY JUNE 30, 1940 RATIO OF INTERBANK DEPOSITS TO TOTAL DEPOSITS In Outside Total head-office head-office JUNE 30, 1940 city city Number of branches with loans of— Ratio of interbank deposits to Under $50,000 179 150 29 total deposits $50,000-150,000 350 215 135 Total $150,000-250,000 259 132 127 Under 40% $250,000-500,000 416 186 230 10% 10-20% 20-40% o a v n e d r $ $ 5 1 0 ,0 0 0 ,0 0 0 ,0 0 0 - 0 1 - ,0 5 0 ,0 0 0 ,0 0 0 ,0 0 00 4 3 2 7 6 4 1 1 4 8 7 1 2 2 2 4 7 5 $5,000,000 and over 67 138 2 29 Number of branches with Branches not reporting 3 452 391 61 total deposits of— Total 2,523 1,440 1,083 U $1 n ,0 d 0 e 0 r , 0 $ 0 1 0 ,0 -2 0 , 0 0 , 0 00 0 0 ,000. 3 7 9 4 3 6 4 9 4 4 1 1 Per cent4 of branches with loans of— $ $ $ 2 5 1 , , 0 0 0 ,0 0 0 0 0 0 0 , , 0 0 ,0 0 0 0 0 0 0 - - 1 5 0 , a 0 , n 0 0 d 0 0 0 ,0 o ,0 0 v 0 0 e 0 r 15 7 9 9 6 1 11 5 7 8 3 7 1 1 8 2 0 1 1 3 7 1 1 4 2 1 $ U $ $ 5 1 2 n 0 5 5 d , 0 0 0 , , e 0 0 0 r 0 0 0 - 0 0 $ 1 - - 5 5 2 5 0 0 5 0 ,0 , 0 0 0 0 , , 0 0 0 0 0 0 0 0 0 2 1 1 8 0 6 2 . . . . 6 9 1 5 2 1 1 1 0 4 2 7 . . . . 5 6 7 3 1 1 2 2 2 3 2 . . . . 8 4 2 5 Total... 1439 351 38 32 U8 $500,000-1,000,000 18.1 14.0 22.2 $1,000,000-5,000,000 20.6 17.3 24.0 1 Branches which reported no interbank deposits either because none $5,000,000 and over 3.2 3.6 2.9 were held or because accounts were consolidated with those of the head Total 100.0 100.0 100.0 office or another branch numbered 2,084. 2 Includes 2 branches with a ratio in excess of 60%—one with 61.1% Twenty-five of these branches wTere in New York City, and 10 of and one with 76.9%. Both of these branches were in New York City these 25 had loans in excess of $10,000,000. Five other head-office city and both had total deposits of from $5,000,000-$10,000,000. branches had loans of more than $10,000,000—2 in Los Angeles and 1 each in San Francisco, Buffalo and Philadelphia. 2 Includes 8 branches with loans in excess of $10,000,000—2 each in Oakland and Sacramento, and 1 each in Los Angeles, Fresno, Atlanta and TABLE 7 — CLASSIFICATION OF MEMBER BANK Augusta (Ga.). BRANCHES OUTSIDE OF HEAD-OFFICE CITIES Branches which made no loans or which did not maintain separate accounts. BY RATIO OF LOANS TO DEPOSITS a AND The percentage distribution is based on the number of branches for BY POPULATION OF PLACES IN which loans were reported. WHICH LOCATED JUNE 30, 1940 TABLE 8 — CLASSIFICATION OF MEMBER BANK BRANCHES OUTSIDE OF HEAD-OFFICE CITIES BY Branches located in places with RATIO OF REAL ESTATE LOANS TO TOTAL LOANS1 population of— AND BY POPULATION OF PLACES IN WHICH LOCATED Total JUNE 30, 1940 U 5 n 0 d 0 er 2 5 , 0 50 0 0 - 2 1 , 0 , 5 0 0 0 0 0 - L 5 0 0 , , 0 0 0 00 0 -5 o 0 a v , n e 0 d 0 r 0 Branches located in places with population of— Number of branches with Total 50,000 ratio of loans to deposits Under 500- 2, 500- 10, 000- and of— 500 2,500 10,000 50,000 over Under 10% 67 17 18 10-25% 156 43 56 Number of branches with 25-50% 378 110 112 ratio of real estate loans to total loans of— 50-75% 258 68 Under 10% 125 12 75-100% 93 30 10-25% 169 6 100% and over 70 18 25-50% 243 36 Reports incomplete or no loans shown 2 50-75% 297 95 75% and over 117 39 Total 1,083 49 180 Re n p o o r r t e s a l i n e c s o t m at p e le lo te a o ns r Per cent3 of branches with shown 2 132 48 30 20 ratio of loans to deposits Total 315 327 212 of— U 1 2 0 5 n - - 2 5 d 5 0 e % % r 10% 1 3 6 7 5 . . . 6 0 3 4 1 2 1 2 . . . 5 0 8 3 1 5 8 5 . . . 9 0 5 3 1 5 5 7 . . . 6 6 1 3 1 8 0 5 . . . 2 8 6 4 1 2 2 . . 2 1 Pe r t r o a t c U i t e o o n n t d o t a 3 e l f o r l r o f e 1 a a b 0 n l r % s a e n o s f c t — a h t e e s l w oa i n th s 13.1 23.1 18.4 12.1 11.9 6.4 5 75 0 - - 1 7 0 5 0 % % 2 9 5 . . 1 2 2 1 3 0 . . 1 3 2 1 3 0 . . 8 5 2 8 7 . . 8 9 2 8 9 . . 2 0 20. 2 1 5 0 - - 5 2 0 5 % %. 2 1 5 7 . . 6 8 3 1 3 8. . 0 3 2 32 2 . . 9 5 2 2 7 1. . 2 3 2 1 0 5 . . 6 6 1 3 9 . . 2 1 100% and over.. 6.8 10.3 6. 3 5.0 8.2 50-75% 31.2 20.5 21.0 30.0 30.6 50.5 Total 100.0 100.0 100.0 100.0 100.0 100. C 75% T a o n t d a l over 1 1 0 2 0 . . 3 0 10 5 0 . . 1 0 10 5 0 . . 2 0 10 9 0 . . 4 0 1 2 0 1 0 . . 3 0 1 2 0 0 0 . . 8 0 i See note 1, table 4. 2 Branches which made no loans or which did 1 See note 1, table 4. 2 Branches which made no real estate loans or not maintain separate accounts. which did not maintain separate accounts. 3 The percentages are based on the number of branches for which 3 The percentages are based on the number of branches for which real loans were reported. estate loans were reported. SEPTEMBER 1941 885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/ational Summaiyy ofi £u5ine55 (Conditi ion5 Compiled August 18 and released for publication August 20. Figures shown on charts may differ from preliminary figures used in text. I NDUSTRIAL activity in July and the first shift to new model production. Activity in half of August was maintained at the high the nonferrous metals industries continued level reached in June. Wholesale commodity at a high rate. Early in August copper, pig prices advanced further and distribution of iron, and all forms of steel were placed under commodities to consumers was in exception- complete mandatory priority control as it beally large volume. came evident that actual demand for these metals could not be fully met. Production In the wool, cotton, and rayon textile industries and at shoe factories activity in July Volume of industrial output showed little was maintained at or near the peak levels of change from June to July. Reductions in other recent months and production of chemactivity at automobile factories and steel icals rose further. Output of manufactured mills were largely offset in the total by foods increased less than seasonally from the further increases in the machinery, aircraft, high level reached in June. shipbuilding, and lumber industries. The Coal production declined slightly in July Board's adjusted index, which includes allowbut as in June was unusually large for this ance for a considerable decline at this season, time of year. Crude petroleum production advanced from 157 to 162 per cent of thewas maintained at about the high rate that 1935-1939 average. had prevailed in the previous two months. Steel production, which in June had been Value of construction contract awards in at about 98 per cent of capacity, declined to July increased further to a level more than 96 per cent in July, owing in part to holiday two-fifths higher than a year ago, according shutdowns at some mills. In the first half of to F. W. Dodge Corporation reports. The August steel output was again at about 98 rise reflected chiefly a continued increase in per cent of capacity. Automobile production contracts for public construction, mostly dein July declined less than usual but in the first fense projects. Private residential building half of August there was a sharp reduction contracts increased somewhat, although there as most plants were closed to prepare for the is usually some decline at this season, while INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT 1 160 160 J 150 150 140 140 \J/ 130 130 120 120 \ / no / J 110 \ 100 / 100 si \ / V 90 90 80 1936 1937 1938 1939 (»OO I»OD WO( I»OO I5O3 IVtV IJ7tl Federal Reserve index of physical volume of production, ad- Federal Reserve indexes of value of sales and stocks, adjusted justed for seasonal variation, 1935-39 average — 100. By months,for seasonal variation, 1923-25 average = 100. By months, Jan- January 1935 to July 1941. uary 1935 to July 1941. 886 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions awards for other private building declined Agriculture further from earlier high levels. Agricultural production in 1941 may ex- Distribution ceed that in any previous year, according to indications on August 1, and carryovers of Sales at department stores and in rural major crops are unusually large. Crops of areas declined by much less than the usual wheat and other leading foodstuffs are exseasonal amount in July and variety store pected to be exceptionally large, while subsales increased further. In the first half of stantial declines in production are indicated August department store sales rose sharply. for the major export crops—cotton and to- Total loadings of revenue freight in July bacco. Although the cotton crop is estimated and early August showed little change from at 10,600,000 running bales, or 1,800,000 the advanced level reached in June. Grain bales less than last season, total supplies of shipments, which had been larger than usual cotton will be about the same owing to a in May and June, increased less than sealarger carryover on August 1. Marketings sonally and loadings of coal declined someof livestock and livestock products, except what. hogs, will be substantially above last year. Commodity Prices The general index of wholesale prices ad- Bank Credit vanced about 2 per cent further from the Total loans and investments at reporting middle of July to the middle of August, rebanks in 101 leading cities rose further durflecting sharp increases in prices of a numing the five weeks ending August 13. Comber of agricultural and industrial commodimercial loans continued to increase substanties. Federal action to limit price increases tially, while holdings of United States Govwas extended to additional basic materials, ernment obligations showed little change. including burlap, silk, rayon fabrics, rubber, Bank deposits remained at a high level. and sugar, and in the early part of August prices of these commodities in domestic mar- United States Government Security Prices kets showed little change or were reduced. On the other hand, prices for paper-board, After advancing to the highest levels on automobile tires, and cotton yarns and gray record, prices of both taxable and partially goods were advanced with Federal approval; tax-exempt Treasury bonds declined someprices of textile products not under Federal what in the first part of August. On August control continued to rise; and there were con- 15 the partially tax-exempt 2% per cent siderable increases in prices of lumber, other 1960-65 bonds yielded 2.06 per cent, combuilding materials, and chemicals. On August pared with the all-time low of 2.02 per cent 16 it was announced that for Southern pine on July 29. Yields on Treasury notes showed maximum prices somewhat below recent high little change in the period. levels would become effective on September 5. MEMBER BANKS IN 101 LEADING CITIES WHOLESALE PRICES BILLIONS OF DOLLARS BILLIONf/oF DOLLARS 1935 1936 1937 1938 1939 1940 1941 1935 1936 1937 1938 1939 1940 Wednesday figures, January 2, 1935, to August 20, 1941. Com- Bureau of Labor statistics* indexes, 1926 = 100. "Other" in- mercial loans, which include industrial and agricultural loans, cludes commodities other than farm products and foods. By represent prior to May 19, 1937, so-called "Other loans" as then weeks, January 5, 1935 to week ending August 23, 1941. reported. SEPTEMBER 1941 887 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. . 891 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements .... 892 Federal Reserve Bank statistics .... 893-897 Reserve position of member banks; deposits in larger and smaller centers. . 898 Money in circulation. . 899 Gold stock and gold movements; bank suspensions; bank debits. . 900 All banks in the United States, number, deposits, loans and investments. 901 Condition of all member banks.... 902-903 Weekly reporting member banks. . . . . 904-907 Commercial paper, bankers' acceptances, and brokers' balances 908 Money rates and bond yields. . 909 Security markets. . 910 Treasury finance. . 911-913 Governmental corporations and credit agencies; Postal Savings System. 914-916 Business indexes 917-927 Department store statistics. . 928 Wholesale prices. . . ... ... 929 Current statistics for Federal Reserve chart book. 930-932 August crop report, by Federal Reserve districts. 932 Industrial production: new and revised indexes. 933-937 Changes in number of banks and branches in the United States. 938 All member banks—condition on June 30, 1941. 939-940 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BUL- LETIN and press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. SEPTEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 20 18 16 14 12 10 TREASURY CASH AND DEPOSITS _. RESERVE BANK CREDIT NONMEMBER DEPOSITS 0 t 1935 1936 1937 1938 1939 1940 1941 10 2 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for August 20. See page 891. 890 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 [IrI millions of dollars] Reserve Bank credit outstanding Member U. S. Government T u re r a y s- Treas- u T p ry o r e s a it d s s e - - Non- O F t e h d e - r ba b n a k l a re n ,s ce e s rve Date co B d u i i s n l - l t s ed Total sec t w u M u r i r t i a i t h n - i - e g s t a M u f r t a i e n - r g R c o B r e A e t s a h d e l n e l i r k t v r * e Total s G to o c ld k s r t o e c i a n u n u n c r g t d - - y - M in c t u i o o c l n a n ir e - - y h c i u o n a ry l g s d h s - B s w F e R e a e r i e r d n a t - v - h k l e s p m o b d e e s e m i - r ts - c s o e R e a r u r c e a v n - - l e ts Total c E e x- ss' in 5 5 years years Monthly averages of daily figures: 1940—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 July 3 2,450 1,202 1,247 63 2,515 20, 260 3,017 7,884 2,206 391 1,316 261 13, 735 6,752 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 July 3 2,184 951 1, 234 111 2, 298 22, 651 3,156 9,670 2,303 949 1,774 289 13,120 5,193 End of month figures: 1940- 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 July 31 4 2,448 1,202 1,246 32 2,484 20, 463 3,024 7,883 2,250 694 1,382 262 13, 498 6,514 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 9H0 1,831 290 13, 051 5,210 July 31 5 2,184 951 1,234 104 2,293 22, 675 3,166 9,732 2,334 877 1,752 287 13,151 5,215 Wednesday figures: 1940—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 May 28 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 July 23 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 July 30 5 2,184 951 1,234 56 2,245 22,673 3,163 9,697 2,330 921 1,748 288 13,097 5,155 Aug. 6 5 2,184 951 1,234 41 2,231 22,682 3,169 9,795 2,345 839 1,865 287 12,951 5,018 Aug. 13 10 2,184 951 1,234 53 2,247 22, 703 3,172 9,792 2,361 919 1,816 287 12, 948 5,027 Aug. 20 8 2,184 951 1,234 80 2,272 22, 710 3,178 9,840 2,377 785 1,835 285 13,037 5,058 1 Includes industrial advances and bills bought, shown separately in subsequent tables. * 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. SEPTEMBER 1941 891 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. Rate ef I f n ect Rate ef I f n ect Rate ef I f n ect Rate ef I f n ect Rate ef I f n ect Sept. 3 beginning- Sept. 3 jginning- Sept. 3 beginning- Sept. 3 beginning- Sept. 3 beginning- 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 (0 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 4 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug. 24, 1937 Aug.24, 1937 Sept. 1, 1939 3 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept.3, 1937 Sept. 3, 1937 Sept. 16, 1939 2H 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 2* Oct. 19, 1933 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect Sept. 3 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R f S f a e e c t p e t t . i o n 3 n In g e in ff n e i c n t g — be- Pre ra v t i e ous [Per cent per annum except A a d s v i a n n d c i e c s a t t e o d o b r y i n f o p o a t r n - ote6] ticipation with financ- 1-15 days L__. Oct. 20, 1933 Advances ing institutions 16-30 days.... d direct to Commit- 31-45 days .do., Federal Reserve industrial On por- ments 4 6 9 1 1 6 1 2 - - - 1 9 6 1 - 2 1 0 0 8 0 d d 0 a d a d y a y a s y s y . s . s . . . . . . . . . . . . . . . d d d o o o . . . , . . Bank m ga o e n r r i c c z i o a al t m i o o - r n - s t i t i w n i o o s h n t n i i c t f u h i o s - r p m o O a r n i t n i o r i n e n - g l a to d v m an a c k e e s obligated * i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of Boston 3 New York on prime bankers' acceptances payable in dollars; higher New York. 4-6 2-3 2-5 1 2 rates may be charged for other classes of bills. The same minimum Philadelphia.... 3H-6 (|) 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 Atlanta 4-6 4 4-6 1-2 MEMBER BANK RESERVE REQUIREMENTS S C t h . i L ca o g u o is .. 3-6 1M 3- - 6 2 3-6 H-a [Per cent of deposits] Minneapolis 3-6 3-6 3-6 1-2 Kansas City 4-6 4 4 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Dallas 4-6 4 4-6 Classes of deposits 1917- 1936- 1937- 1937- 1938- San Francisco 4-6 3-4 4-5 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, On net demand Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas deposits:* may charge same rate as charged borrower by financing institution, if On C R C e e o ti s n u m e t n r r e t v a r l e d y r e c e p i s t o e y s r i v t e s : city.. 1 1 7 3 0 15 2 2 1 6 0 4 2 1 2 2 M 2 low 4 * 3 e O O S r a n n m e e th e p a p e n a e r s r c r r a e c a n t e t e e t n l t s c e h h s l s o e a s r w t g s h n e a t . d n h a b r n a o t r e r r a o c t w h e a e c r r g h b e a d y rg b e f d i o n r a r b n o o c w r i r n e o g r w b e i y n r s f b t i i y n t a u n f t i c i n o i a n n n g . c i i n n g s ti i t n u s t t i i o tu n - . All member banks 3 ! 6 5 tio 5 n O w ne i - th h al 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 te e d » ) b . orrower by financing institution with minimum of four per cent (see note l). i See footnote to table on p. 898 for explanation of method of com- • Minimum charge one-fourth of one per cent. puting net demand deposits. MARGIN REQUIREMENTS1 Maximum rates M t A ha X t IM m U ay M b R e A p T a E id S b O y N m T em IM b E er D b E a P nk O s S a IT s S 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. 1, 1933 Feb. 1, 1935 In effect to to beginning 1936- 1937 Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Oct. 31, and 1937 after For extensions of credit by brokers and dealers on Savings deposits 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 i Regulations T and U limit the amount of credit that may be ex- 90 days to 6 months tended on a security by prescribing a maximum loan value, which is a Less than 90 days specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference 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, J 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 * 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. 892 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 Aug. 20 Aug. 13 Aug. 6 July 30 July 23 July 16 July 9 July 2 July June July Assets Gold certificates on hand and due from U. S. Treasury 20,299, 532 20, 300, 52920, 300, 53120, 302, 533 20, 302, 53120, 307,532 20, 310, 53120,312, 23120, 302, 532 20, 312, 73118,188, 977 Redemption fund—F. R. notes _ 16,229 16, 657 16, 657 16, 271 16, 271 12,: 10, 553 8,853 14,916 8,878 12, 852 Other cash _ 274, 639 279, 984 268, 243 293, 232 293, 072 283, 282 252, 279 241, 080 285,154 261, 307 377,336 Total reserves 20, 590,400 20, 597,170 20, 585, 43120, 612,036 20,611,874 20, 603, 000 20, 573, 363 20, 562,16420, 602, 602 20, 582, 91618, 579,165 Bills discounted: For member banks 8,289 9,962 5,389 4,560 2,728 2,296 3,357 2,508 4,682 1,772 3,667 For nonmember banks, etc... Total bills discounted _ 8,286 9,962 5,389 4,560 2,728 2,296 3,357 2,508 4,682 1,772 3,672 Industrial advances 9, 586 9,270 9,448 9,930 9,853 9,807 9,352 9,273 9,620 9,227 8,884 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, 314, 596 Notes 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820,300 1,126, 732 Guaranteed 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 6,600 Total U. S. Government securities, direct and guaranteed. 2,184,10C 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 2,447,928 Other Reserve Bank credit outstanding 69,99E 44,148 32,176 46, 440 51,103 97, 788 52, 274 77,189 94,130 71, 590 23,065 Total Reserve Bank credit outstanding.. 2, 271,97C 2, 247, 480 2, 231,113 2, 245, 030 2, 247, 784 2, 293,991 2, 249,083 2, 273,070 2, 292, 532 2, 266,689 2, 483, 549 Liabilities F. R. notes in actual circulation. _ 6,952, 60E 6, 906, 411 6, 903, 785 6, 829,182 6, 771,077 6, 774,078 6, 797,124 6, 787,914 6, 857,075 6, 723, 567 5, 247, 601 Deposits: Member bank—reserve account 13,037, 47C12, 947, 72412,951, 427 13,096, 94013,117, 08913, 223,03212,971,077 13,125, 376 13,151, 45513,050, 96813, 498,134 U. S.Treasurer—general account 785, 344 919, 425 839,314 921, 055 954, 398 849, 372 1, 038, 545 836, 852 877, 019 980, 403 694,083 Foreign _. 1, 202,872 1,194, 306 1, 201, 653 1,144, 031 1,165,141 1,185,116 1,191, 575 1,208, 225 1,145, 009 1, 233, 273 787, 371 Other deposits 631, 83C 621, 665 663, 688 604, 411 593, 544 607,199 564, 481 611, 503 607, 410 598,028 594,991 Total deposits 15, 657, 51615, 683,12015, 656, 08215, 766,43715, 830,17215, 864, 71915, 765, 67815, 781, 95615, 780, 89315, 862, 67215, 574, 579 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91.2 91.2 91.2 91.2 91.0 91.2 91.1 91.0 91.1 89.2 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollarsl Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a t 6 h y s s 6 1 m t y o o e n a th r 2 1 y y t e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: July 30 4,560 3,477 94 276 447 266 Aug. 6 5,389 3,783 118 551 776 161 Aug. 13 9,962 8,172 217 681 737 155 Aug. 20 8,289 5,562 1,343 721 559 104 Industrial advances: July 30 9,930 2,283 325 278 1,124 ,127 1,082 1,431 2,280 Aug. 6 9,448 1,929 323 301 938 ,174 1,567 1,435 1,781 Aug. 13 9,270 1,969 381 286 620 ,265 1,533 1,441 1,775 Aug. 20 9,586 2,209 360 256 866 ,141 1,550 1,673 1,531 U.'S. Government securities, direct and guaranteed: July 30 2,184,100 84,800 238,700 584,000 1, 233, 600 Aug. 6 2,184,100 84,800 238,700 584,000 1, 233, 600 Aug. 13 2,184,100 84,800 238,700 584,000 1,233,600 Aug. 20 2,184,100 84, 800 238, 700 584, 000 1, 233, 600 SEPTEMBER 1941 893 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 Y e o w rk 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 ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: July 16 20, 307, 532 214, 415 8, 779, 562, 201, 628,564,028 192, 026 474,1153, 360,120 550, 4103391,,855 463,044324,178 ,344,151 July 23 20, 302, 531 ,213,897 8, 816, 271, 188, 943,574, 362 .72, 053 471, 7843, 325, 273544, 558340I,, 233 473,185321, 346 ,360,626 July 30 20,302, 533 , 196,1958, 775, 382,243,217 , 572,133686, 281470,1063, 324,2'48 543, 369352, 228 463, 796" 312,30!25 , 352, 553 Aug. 6 20, 300, 531 184, 358 8, 606, 225,269,140 ,593,691694, 827480, 3573,351,111548, 512352, 438 485,092 348,601 , 386,179 Aug. 13 20, 300, 529 ,189, 678 8, 503,174 310, 471 ,570, 557711, 537t91, 7943,380,408546,366354,214 481 ,3-5 43"4 4,~837 ,416,139 Aug. 20 20, 299, 532 , 169, 9388, 564, 933,299,629 , 603, 922'07,191486, 9143, 334,194542, 754350,402484,822330, 564 ,424, 269 Redemption Fund—Federal Reserve notes: July 16 12,186 154 1,810 482 862 1,761 687 1,655 1,013 603 560 1,805 July 23 16, 271 5,113 1,656 416 799 1,324 656 1,593 999 594 548 786 1,787 July 30 16, 271 5,113 1,656 416 799 1,324 656 1,593 999 594 548 786 1,787 Aug. 6 16,657 5,038 1,388 1,286 1,577 600 1,478 973 583 526 770 1,752 Aug. 13 16, 657 5,038 1,388 1,286 1,577 600 1,478 973 583 526 770 1,752 Aug. 20 16, 229 4,978 1,155 1,181 586 1,898 548 1,378 571 508 754 1,723 Other cash: 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 July 30 293, 232 22,461 69,813 20,509 21,288 14, 431 24,189 40, 570 16,854 6,683 11,929 12, 751 31, 754 Aug. 6 268, 243 20, 868 63, 855 19,063 15, 590 15, 334 23,551 37,746 15,448 5,891 10,140 10,659 30,098 Aug. 13 279, 984 20, i " 68, 615 17, 421 20, 610 12, 225 22, 478 40, 548 14, 397 6,349 12,211 12,915 31, 546 Aug. 20 274,639 20,725 65,161 17, 923 17, 234 15, 594 22, 029 39, 237 17,052 4,965 12, 234 11, 797 30, 688 Total reserves: A J J J A A u u u u u u l l l g g g y y y . . . 3 2 1 6 2 1 0 3 6 0 3 2 2 2 2 2 2 0 0 0 0 0 0 , , , , , , 6 6 5 5 5 6 1 1 9 0 9 8 1 0 2 3 7 5 , , , , , , 0 0 1 4 4 8 3 0 7 3 0 7 6 0 0 1 0 4 . . , , 2 1 2 2 3 9 2 2 1 2 8 5 0 3 4 1 , , 1 , 5 , , , 2 6 2 7 1 4 4 3 6 6 3 8 1 8 9 4 5 8 1 ; i i i ; , , , , , , 6 8 8 5 8 6 7 4 4 7 8 3 7 1 6 3 5 1 , , , , , , 1 4 4 8 9 7 2 5 6 2 8 7 4 1 8 9 0 9 2 2 3 2 2 3 8 1 0 2 2 6 9 8 9 1 9 4 , , , , , , 1 1 1 8 7 4 7 4 3 1 3 8 2 3 7 1 1 1 1 1 1 '. , , , , , , 6 5 6 5 5 0 2 9 9 8 5 9 1 1 2 5 9 , , , , , 4 8 8 , 3 7 9 5 4 5 3 2 3 2 26 7 7 7 7 27 9 1 2 0 0 2 0 2 1 2 5 9 4 , , , , , , 6 2 0 0 7 3 8 1 2 3 3 3 3 8 4 8 6 9 4 4 5 5 4 . 9 9 0 0 9 1 7 4 9 9 4 4, , , , , , ;, 4 0 9 3 5 8 9 5 5 7 0 7 1 3 1 4 8 2 3 3 3 3 , , , , 3 3 3 4 3 3 3 6 9 2 7 6 9 6 6 6 2 4 0 8 5 , , , , , , , 8 4 8 2 4 8 3 1 8 2 3 0 3 1 0 4 9 5 5 5 5 5 5 5 6 5 6 6 6 6 64 6 1 1 4 0 4, 9 , , , , , 2 7 9 7 2 7 4 5 3 3 2 5 0 5 3 6 2 2 3 3 3 3 3 4 3 5 5 5 6 6 4 8 5 9 1 , , 6 , , , 7 , 9 1 9 9 0 5 3 4 1 9 3 0 8 6 2 2 5 4 4 4 4 8 4 9 4 9 9 5 7 7 7 5 4 , 6 , 6 , , , 6 , 5 8 0 7 3 6 2 6 9 5 7 4 7 1 8 3 3 3 3 3 3 3 3 4 3 5 5 6 3 3 3 8 , 0 8 6 , , 2 , , , 1 4 0 5 1 8 7 3 5 5 2 7 0 6 2 9 2 , , , , , , 3 4 3 9 4 8 3 4 4 3 9 6 5 1 7 , , , 6 8 6 0 , , , 3 4 9 0 1 3 3 6 4 2 6 1 7 8 9 4 0 Bills discounted: Secured by U. S. Government obligations,direct and guaranteed: July 16 515 80 100 40 46 25 July 23 90; 420 50 100 40 91 25 July 30 1,622 940 201 100 101 91 25 Aug. 6 1,748 1,170 180 110 61 91 25 Aug. 13 5,462 4,870 159 110 75 117 Aug. 20 2,187 1,420 195 100 75 130 Other bills discounted: July 16 1,366 790 46 22 169 204 10 July 23 1,823 1,285 36 22 169 95 168 10 July 30 2,938 2,271 74 22 172 78 273 10 Aug. 6 3,641 2,971 63 22 162 56 319 10 Aug. 13 4,500 3,806 21 22 154 56 393 10 Aug. 20 6,102 5,415 16 22 50 46 407 10 Total bills discounted: July 16 2,296 47 1,305 126 122 38 209 114 250 35 July 23 2,728 37 1,705 86 122 58 209 114 259 35 July 30 4,560 87 3,211 275 122 58 273 97 364 35 Aug. 6 5,389 37 4,141 243 132 58 223 85 410 35 Aug. 13 9,962 10 8,676 180 132 25 58 229 85 510 10 Aug. 20 8,289 10 6, 835 211 122 175 58 173 61 537 10 Industrial advances: July 16 9,807 1,009 1,533 3,522 323 818 175 402 448 1,129 274 174 July 23 9,853 1,106 1,533 3,55' 340 800 168 419 447 959 353 171 July 30 9,930 1,302 1,533 3,562 338 820 168 41 447 825 34' 171 Aug. 6 9,448 1,300 1,184 3,583 342 795 167 365 445 759 337 171 Aug. 13 9,270 1,300 1,184 3,586 339 788 166 393 462 544 337 171 Aug. 20 9,586 1,297 1,184 3,676 337 819 166 396 463 74' 333 168 U. S. Government securities, direct and guaranteed: Bonds: July 16 1,363, 800 99,286 384,113 107,301 141,895 74,720 57,484 166,999 65, 88638, 47' 66, 28053, 594 107, 765 July 23 1, 363,800 99, 286 384,113 107, 301 141,895 74, 720 57,484 166,999 65, 88638, 477 66, 28053, 594 107, 765 July 30 1, 363, 800 99, 286 384,113 107, 301 141, 895 74, 720 57, • 166,999 65,""" 38,477 66, 280 53, 594 107,765 Aug. 6 1, 363,800 99, 286 384,113 107, 301 141, 895 74, 720 57, 484 166, 999 65,; 38,477 66, 280 53, 594 107, 765 Aug. 13 -.- 1,363,800 99,286 384,113 107, 301 141, 895 74, 720 57, 484 166, 99965, 38,477 53,594 107, 765 Aug. 20 1, 363,800 99,286 384,113 107,301 141, 895 74, 720 57,484 166,999 65, 88638,47 66, 280 53, 594 107, 765 Notes: July 16 820, 300 59,719 231,036 64, 541 85, 348 44, 943 34, 577 100, 44639,630 23,144 39,864 32, 235 64,817 July 23 820,300 59,719 231,036 64, 541 85, 348 44,943 34, 577 100, 44639, 630 23,144 39, 86432, 235 64, 817 July 30 820,300 59,719 231,036 64, 541 85,348 44,943 34, 577 100,446 39, 630 23,144 39,864 32, 235 64, 817 Aug. 6 820, 300 59,719 231,036 64, 541 85, 348 44,943 34, 577 100,446 39, 63023,144 39, 86432, 235 64, 817 Aug. 13 820, 300 59, 719 231,036 64, 541 85, 348 44,943 34, 577 100,446 39,630 23,144 39,864 32,235 64, 817 Aug. 20 820, 300 59, 719 231, 036 64, 541 85, 348 44,943 34, 577 100, 446 39, 630 23,144 39,864 32,235 64, 817 Total TJ. S. Government securities, direct and guaranteed: July 16 2,184,100 159,005 615,149 171,842 227, 243119,663 92,061 267,445105, 51661,621106,144 85,829 172, 582 July 23 2,184,100 159,005 615,149 171, 227, 243119, 663 92,061 267,445105, 51661, 621106,144 85,829 172, 582 July 30 2,184,100 159,005 615,149 171, 842 227, 243119, 663 92,061 267, 445105, 516 61, 621106,144 85,829 172, 582 Aug. 6 2,184,100 159,005 615,149 171,842 227, 243119,663 92,061 267, 445105, 516 61, 621106,144 85, 829 172, 582 Aug. 13 2,184,100 159,005 615,149 171, 842 227, 119, 663 92,061 267,445105, 516 61,621106,144 85,829 172, 582 Aug. 20 2,184,100 159, 005 615,149 171, 842 227, 2 i3119,663 92,061 267, 445105,516 61,621106,144 85, 829 172, 582 894 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk P p d h h e i i l l a - a- C l l a e 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: July 16 2,196, 203 160,061 617,987 175,490 227, 688120, 481 92, 274 267, 897 05, 516 62, 278 07, 387 86, 35S 172, 791 July 23 2,196, 681 160,148 618, 387 175, 485 227, 705 20,471 92, 287 267, 914 05, 561 62, 277 07, 217 86, 441 172, 788 July 30 2,198, 590 160, 394 619,893 175, 679 227, 703120,491 92, 287 267,862 05,546 62, 341 07,066 86, 540 172, 788 Aug. 6 2,198,937 160, 342 620, 474 175, 668 227, 717 20,458 92, 286 267,810 05, 541 62, 289 06,988 86, 576 172, 788 Aug. 13 2,203, 332 160, 315 625,009 175, 608 227,714 20, 476 92, 285 267,838 05, 563 62, 312 06,773 86,676 172, 763 Aug. 20 2, 201,975 160, 312 623,168 175, 729 227,702120,657 92, 285 267,841 05, 613 62, 257 06, 952 86,698 172, 760 Due from foreign banks: July 16 47 3 18 5 4 2 2 6 1 1 4 July 23 47 3 18 5 4 2 2 6 1 1 4 July 30 47 3 18 5 4 2 2 6 1 1 4 Aug. 6 47 3 18 5 4 2 2 6 1 1 4 Aug. 13 .. 47 3 18 5 4 2 2 6 1 1 4 Aug. 20 47 3 18 5 4 2 2 6 1 1 4 Federal Reserve notes of other banks: 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 29,911 983 2,904 1,588 1,736 6,356 2,305 2,804 2,586 1,781 2,050 762 4,056 July 30 26, 338 915 2,318 1,614 1,267 7,519 1,976 2,638 1,518 887 1,740 947 2,999 Aug. 6 30,090 1,075 2,481 1,599 1,838 8,463 2,258 2,329 2,552 817 2,364 991 3,323 Aug. 13 .. . 31, 467 812 2,661 1,818 1,694 9,130 2,914 2,368 2,156 1,689 2,247 911 3,067 Aug. 20 ... 33, 305 1,131 2,311 1,927 2,314 9. 813 2,534 2,665 2,000 789 3,079 750 3,992 Uncollected items: July 16 . 1,120, 507 120,224 265, 586 76, 448 148,829 81, 640 39,983 164, 893 64, 488 26, 603 43, 664 34, 230 53,919 July 23 936, 334 87, 206 220,893 62, 656 116, 521 81,167 32, 586 131,36f 52,955 22, 510 37,877 31, 802 58, 793 July 30 881,425 83, 636 219, 910 62, 73f 108, 883 68, 092 29, 987 124, 763 48,145 21, 531 36,096 29,985 47, 662 Aug. 6 880,483 87, 512 208, 811 64,054 102,804 66,993 32,167 138, 294 42,895 19, 708 40,119 28,961 48,165 Aug 13 1,002, 878 99,198 228,760 68,789 137, 843 77,551 37,057 146,891 55,001 24,675 43, 739 33, 993 49, 381 Aug. 20 988, 793 102,876 234, 610 73, 413 113, 504 79, 367 36,142 140, 426 49, 363 27,011 41,090 33,932 57,059 Bank premises: July 16 40,444 2,805 10,107 4,766 4,513 2,687 1,970 3,007 2,303 1,353 2,948 1,181 2,804 July 23. 40,429 2,805 10,107 4,766 4,500 2,687 1,969 3,007 2,302 1,353 2,948 1,181 2,804 July 30 40,396 2,801 10,107 4,756 4,500 2,687 1,966 3,001 2,299 1,353 2,948 1,181 2,797 Aug. 6 40, 417 2,801 10,088 4,823 4,500 2,687 1,966 3,001 2,298 1,350 2,932 1,174 2,797 Aug. 13 .. 40,456 2,801 10,095 4,823 4,500 2,719 1,966 3,001 2,298 1, 350 2,932 1,174 2,797 Aug. 20 40,667 2,801 10, 280 4,837 4,488 2,743 1,966 3,001 2,298 1,350 2,932 1,174 2,797 Other assets: 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 July 30 47,601 3,192 12, 668 4,043 5,328 2,910 1,990 5,498 2,177 1,366 2,254 2,031 4,144 Aug. 6 48,189 3,256 12, 747 4,049 5,415 2,924 2,022 5,612 2,220 1,407 2,282 2,065 4,190 Aug. 13 48,898 3,308 13,149 4,141 5,500 2,964 2,011 5,647 2,263 1,412 2,288 2,001 4,214 Aug. 20 . . 49,359 3,354 13,161 4,177 5,548 2,947 2,070 5,776 2,304 1,431 2,332 1,977 4,282 Total assets: Julv 16 24,036, 227 1, 525,491 9, 756, 8631, 483, 6331,973,617923, 471636, 2733, 840,945745, 687439,040634,488463,6341,613,085 July 23 23,861, 917 1,495, 786 9, 750, 7041, 458, 2621,948,081905, 531630,1623,776, 292729, 806436,098637, 968457,4281, 635, 769 July 30 23, 806, 4331, 474, 710 9, 711, 7651, 512, 9741, 941,905903, 737623,1593, 770,179720, 908446,983626, 378457, 247I, 616,488 Aug. 6 23,783,594 1, 465, 253 9, 526,0871, 539, 6871,952, 245913, 265635, 2093, 807, 387720, 440444, 483650, 444479, 7981,649, 296 Aug. 13 ._ _ 23,924, 248 1, 481, 822 9, 452, 8691, 584, 3621, 969,108938,181651,1073,848,185729,018452, 584652,071483, 2781, 681, 663 Aug. 20 23,904, 546 1, 466,118 9, 514, 7971, 578, 8211, 975, 302940,212644, 4903,794, 524722, 334448, 776653, 950467, 648I, 697, 574 Liabilities Federal Reserve notes in actual circulation: July 16 6, 774, 078 561, 896 1,792, 458 469, 210 636,548320,454222,1571, 457,066251, 798172,586224, 678106, 802 558, 425 July 23 6,771,077 560,594 1, 790, 887 469,384 639, 316318, 744220, 6431, 457, 220251, 692172, 710226,005106, 655 557, 227 July 30 . 6, 829,182 567, 789 1, 807, 570 472, 665 642, 986324, 294223, 6871, 464, 312254, 234172, 203227, 760108,108 563, 574 Aug. 6 6,903,785 574,122 1,820,012 477,163 652,013326,988229, 7791, 476, 257256, 504174, 321230,659110, 474 575, 493 Aug. 13 6, 906, 411 574,884 1, 805,923 481, 595 658, 327330,143228, 4691,479,113257,103174,447231,09C109, 068 576, 249 Aug. 20 . 6, 952, 605 578, 592 1, 820,200 484, 632 660, 438337,686229, 5541, 486, 813258,705175, 567233,093109,608 577, 717 Deposits: Member bank — reserve account: July 16 _ 13,223,032 707, 688 6, 386,437 699,048 973, 361411,599284, 3581, 901, 920323, 357165, 902292, 365242, 312 834, 685 July 23— 13,117, 089 683, 970 6, 416,098 688,859 967,150395,494280, 2431,840, 713319,439167, 700286,445236,106 834, 872 July 30 13,096,940 666, 324 6, 349,879 742,134 961,166408, 369271, 7441,846, 865322,995176, 804281, 375234,138 835,147 Aug. 6 12,951,427 668, 545 6,124,094 762, 208 950,139421, 588280,8801, 859, 214327, 450169,974293, 850247, 759 845, 726 Aug. 13 ._ 12,947, 724 662,838 6,030, 673 789, 672 946,186422, 789288,1141,876, 760326, 879171,147295,893252, 813 883,960 Aug. 20 13,037,470 650, 391 6,113,003 787, 523 968, 545416, 263284, 8671,892,612327, 620165, 902296, 743242,117 891, 884 U. S. Treasurer—general account: 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 July 30 921, 055 71,018 313,931 64, 947 69, 588 34, 432 37,679 138,910 39, 223 38,990 34, 635 40, 441 37, 261 Aug. 6 839, 314 56, 052 271,072 62,885 78, 281 28, 022 32, 252 111,694 35, 415 39,516 37, 647 44,851 41,627 Aug. 13 919, 425 62,900 317, 754 72, 990 72, 656 36, 645 38,132 132,977 34,119 43, 284 35, 268 40, 320 32, 380 Aug. 20- 785, 344 55, 236 269, 506 60, 979 67, 985 37, 351 33, 049 78, 760 31, 337 43, 334 36, 543 36, 497 34, 767 Foreign: July 16 _ 1,185,116 56, 227 449, 497 114,998 109, 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 July 30 1,144, 031 56, 720 432, 769 110,803 105,091 49,119 39,980 137,075 34, 269 25,130 33,127 33,127 86, 821 Aug. 6 1, 201, 653 55, 463 460, 834 116,017 110, 037 51, 430 41,862 143, 527 35, 882 26, 313 34, 686 34,686 90,916 Aug. 13 1,194, 306 54, 604 454, 319 116,017 110, 037 51, 430 41,862 143, 527 35, 882 26, 313 34, 686 34, 686 90, 943 Aug. 20 1, 202, 872 54, 202 470,073 114, 872 108,950 50,922 41,448 142,109 35, 527 26,053 34, 343 34,343 90,030 Other deposits: 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 July 30 604, 411 10, 443 477, 505 21, 285 27, 796 5,761 6,793 7,998 9,787 6,218 2,808 1,630 26, 387 Aug. 6 663, 688 11, 607 545, 344 16, 226 28,369 5,269 7,173 4,598 8,599 6,557 3,187 2,246 24, 513 Aug. 13 . 621, 665 9,652 506, 726 17, 859 27, 071 5,049 6,836 4,865 8,036 6,106 2,448 1,779 25, 238 Aug. 20 631, 830 11, 306 509, 995 23, 070 27,108 4,832 8,046 5,001 7,622 5,889 2,311 1,664 24,986 * Less than $500. SEPTEMBER 1941 895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk P p h d h e i i l l a - a- C la le n v d e- m R o ic n h d - la A n t t - a Chicago Lo S u t i . s n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Liabilities— Continued Total deposits: July 16 5,864, 719 837, 980 7, 605, 547 903,550 1,170,801506,442 362,442 2,175, 699 418, 416 231,35.81358,192311,406 980, 663 July 23 15, 830,172 826,645 7, 635, 547 889, 5141,165, 204490,840 364,451 2,138,978 413, 075 233, 500363,856308. 531 000, 031 July 30 15,766,437 804, 505 7, 574,084 939, 16"9 1,163,641497,681 356,196 2,130,848 406, 274 247,142351, 945309, 336 985, 616 Aug. 6 15, 656,08: 791, 667 7, 401, 344 957,336 1,.166,826506,309 362,167 2,119, 242, 360369,370329, 542 002, 782 Aug. 13 15, 683,120 789, 994 7, 309, 472 996, 5381,155,950515,913 374, 944 2,158,129 404,916 246, 850368, 295329, 598 032, 521 Aug. 20 15, 657, 516 771,135 7, 362, 577 986, 4441,172, 588509,368 367,410 2,118,482402,106 241,178 36"9i!, 940314,621 041,667 Deferred availability items: July 16__ - 1, 022, 766 99,679 229,930 76,177 131,627 80, 322 38,008 160,149 63, 588 23,101 40, 238 33, 761 46,186 July 23... 885, 278 82, 383 195,15" 64, 609 108,884 79,631 31,369 131,970 53,118 20, 095 36, 696 30,659 50,707 July 30 835,032 76, 303 200, 864 66, 378 100, 511 65,422 29, 547 126, 82248,448 17,831 35, 234 28, 206 39,466 Aug. 6 848, 354 73, 567 175, 560 70, 427 98, 666 63, 642 29, 542 163, 964 44, 635 17, 993 38, 979 28, 204 43,175 Aug. 13 958, 777 90,986 208,095 71, 429 120,063 75, 786 33,952 162, 721 55,027 21, 466 41, 225 33,012 45, 015 Aug. 20 918,845 90,469 202,649 72,954 107, 573 76, 812 33,791 141,152 49, 565 22, 226 39,485 31,826 50, 343 Other liabilities, including accrued dividends: July 16 2,115 335 359 161 227 252 39 229 75 78 107 205 48 July 23 2,658 553 527 212 259 278 295 81 90 109 120 66 July 30 3,033 509 644 218 343 308 377 92 103 140 128 83 Aug. 6 2,704 301 575 224 320 300 322 111 105 124 123 121 : Aug. 13- — 3,231 358 742 269 347 315 406 129 118 143 143 164 Aug. 20 2,931 319 696 258 275 304 372 114 102 135 133 134 Total liabilities: July 16 23, 663, 6781, 499,8909,628, 2941, 449,0981,939, 203 907,4,70622,646 3,793,143 733, 877429,346 623, 215 452,174 ,585, 322 July 23-.- 23, 489,1851,470,175 9, 622,1181,423, 7191, 913, 663889,493 616, 5313, 728,463717,966 426, 395 626,666 445,965 ,608,031 July 30 23,433, 6841, 449,1069, 583,162: ,1 478, 4301, 907,481887, 705609, 5183, 722, 359 709; 048 i,S277,9 615,079 445,778 ,588,739 Aug. 6 23,410,9251,439,657 9, 397, 4911, 505,1501,917,825897, 239 621,,5663, 759, 576 7085,96 434, 779 639,132 468, 343,621, 571 Aug. 13 23, 551, 5391,456, 2229,324, 2321, 549,8311,934, 687922,157 637, 462 3, 800, 369 711775 442, 881 640, 753 471, 821, 653, 949 Aug. 20.... 23, 531, 8971,440,515 9, 38i6,, 122 1,544, 2881, 940, 874924,170 630,844 3, 746, 819 7104;90 439,073 642, 653 456,188 , 669, 861 Capital Accounts Capital paid in: July 16 - 140, 797 9,352 51,637 11,921 14,515 5,495 4,! 15,134 4,332 4,543 4,278 11, 761 July 23 - 140,889 9,352 51, 639 11, 925 14, 515 5,528 4,: 15,165 4,343 3,000 4,544 4,278 11,766 July 30 - 140, 894 9,344 51, 646 11, 921 14, 522 5,531 4,836 15,169 4,343 3,000 4,545 4,: 11,757 Aug. 6. - 140,911 9,351 51, 648 11,921 14, 526 5,531 4,836 15,171 4,344 3,001 4,545 4,280 11,757 Aug. 13 - 140, 933 9,351 51, 670 11,913 14, 526 5,534 4,837 15,173 4,344 3,002 4,545 4,281 11,757 Aug. 20 140, 868 9,351 51, 691 11,913 14,526 5,537 15,069 4,348 3,002 4,545 4,285 11, 763 Surplus (section 7): 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 July 30 157,065 10,906 56,44' 15,144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Aug. 6 . 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 Aug. 13,. 157, 065 10, 906 56,44" 15,144 14, 323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10,785 Aug. 20 157,065 10, 906 56, 44' 15,144 14, 323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10, 785 Surplus (section 13b): July 16 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 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 July 30 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Aug. 6. 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Aug. 13 26,785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Aug. 20 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: 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 July 30 48,005 2,480 13,440 3,086 4,572 2,010 2,367 8,398 2,059 2,552 2,003 1,952 3,086 Aug. 6 47, 908 2,465 13,431 3,079 4,564 2,004 2, 8,387 2,042 2,551 2,016 1,938 3,062 Aug. 13 47, 926 2,469 13, 450 3,081 4,565 1,999 2,370 8,390 2,041 2,549 2,022 1,939 3,051 Aug. 20 47,931 2,472 13, 46r 3,083 4,572 2,014 2,370 8,383 2,038 2,549 2,001 1,938 3,044 Total liabilities and capital accounts: July 16 24,036, 2271, 525, 4919, 756, 8631, 483, 6331, 973, 61923,471 636i,, 273 S3,; 840,9457 45,6,87 439,040634, 488 463, 6341, 613,085 July 23-. 23,861,9171,495, 7869, 750, 7041,458, 2621, 948,081905, 531 630,162 13,. 776, 292 729,806 436,098 637, 968 457.1,635, 799 July 30 23, 806,4331,474, 7109, 711, 7651, 512, 9741,941, 905903, 737 623,159 !3,, 770,179 720, 908 446, 983 626, 378 ,425477|1, 616, 488 Aug. 6 23, 783, 5941, 465, 2539, 526,08"1, 539,6871,952, 245913, 265 635, 209 13,,880077,,387 720,440 479, 7981, 649, 296 Aug. 13.— 23, 924, 2481, 481, 8229, 452, 86!1, 584, 3621, 969,108938,181 651,1073,848,185 729,018 452, 584 652! 483, 2781, 681, 663 Aug. 20 23, 904, 5461,466,118 9, 514, 79'1, 578, 8211, 975, 302940, 212 644,4903, 794, 524 722,334 448,776 653,950• ~4^6674.81,697, 574 Commitments to make industrial advances: July 16. 11,950 1,521 1,528 2,203 1,570 779 49 2 347 269 39 3,612 July 23 11,393 1,419 1,528 2,186 962 779 49 2 352 437 39 3,609 July 30 11, 697 1,219 1,528 2,193 960 779 49 2 706 571 39 3,620 Aug. 6 12, 810 1,21 1,526 2,188 973 783 899 252 705 638 49 3,551 Aug. 13 13,058 1,217 1,526 2,193 970 773 899 252 706 852 105 3,536 Aug. 20 13,078 1,214 1,524 2,111 1,267 769 899 252 706 67: 105 3,530 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date ( e la a s c t h W m e o d n n t e h s ) day of Ap r p ec li e c i a v t e i d ons Ap c p o 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 A ( s a t d a m o v n u o a d t n u i - n c n g e t) s 1 C ( s a t m o a m o n m e u o d n t m u i - t n n s i g t t - ) A ( b p a p l u m c p e o t r t m o e o n u - d v o n e t 2 t d ) d c e o a r a x r a n p p w w t p i , r n i l e e t i t h - d b c - , y . ( s P p a ta m a a o n t r u i o t d o t i u - c i n n n i s - g t) 1 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. 314 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 8,966 1,454 155, 574 11,064 Mar. 27. 9,476 410,192 199 2,814 192, 665 12, 723 8,224 2,471 158,110 11,137 Apr. 24- 9,487 411,828 118 2,825 194,096 12,001 8,725 2,264 159,950 11,156 May 29.. 9,504 413,178 45 2,832 195,404 11,242 8,852 2,474 161,491 11, 345 June 26.. 9,512 413,646 33 2,838 195, 739 10, 988 8,762 2,195 162, 612 11,182 July 31.. 9,536 415, 599 76 2,853 197,439 10,907 8,582 1,991 164,949 11,010 Aug. 28- 9,646 416,454 444 2,856 197, 906 10, 779 8,238 2,095 165, 865 10,929 Sept. 25. 9,556 417,260 10 2,865 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 0,909 Nov. 27.. 9,581 421,139 650 2,883 202,041 9,893 7,106 4,056 171, 394 9,592 Dec. 31 *. 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 30.. 9,855 471,035 145 3,096 248,867 10, 761 11,697 11, 626 202, 287 12, 496 Aug. 20 5 9,883 479, 614 3,115 256, 564 10, 381 13, 078 11,102 206, 864 15,139 i Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. »Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,339,- 032, Aug. 20, 1941. * Tuesday. 6 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p h d h i e i l l a - a- C l l a e n v d e- m Ri o c n h d - l A an t t - a C ca h g i o - Lo S u t. is n M o e i l a i n p s - - K C s a i a n t - s y Dallas F c S r is a a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent July 30 7,179, 380600,1611, 885, 717 492, 320 667, 990 348, 3107 ,2 4772,71, 306 269,648 177,751238, 000122,154 631,296 Aug. 6 7, 247, 873602, 9761, 911, 394 499, 683 674, 263 350, 9258 ,204783,!1, 510,076271, 367180', 013 241,441122. 536 635i,,126 Aug. 13 7, 264, 985599, 7921, 914, 563 497, 496 679, 739 353,112 248, 06:4, 1 514, 978 274, 995 179, 7"4•5• 2^4812121, 768 ;,951 Aug. 20 7, 300, 458605, 2381, 905, 42'501, 397 687,115 359, 270 257, 208 1, 523, 549 277, 273 180, 813 243, 192116,187638,065 Held by Federal Reserve Bank: July 30 350,198 32, 372 78,147 19,655 25,004 24, 016 24,040, 33, 994 15, 414 5,548 10, 240 14,046 67, 722 Aug. 6 344, 088 28, 854^ 91, 382 22, 520 22, 250 23,937 18, 294j 33,819 14, 863 5,692 10, 782 12,062 59, 633 Aug. 13 358,574 24, 908 108, 640 15, 901 21,412 22, 969 19,595 35, 865 17, 892 5,298 10,692 12, 700 62, 702 Aug. 20 347, 853 26, 646 85, 227 16, 765 26, 677 21, 584 27,654' 36,736 18, 568 5,246 10,! 11,579 60, 348 In actual circulation ;i July 30 6, 829,182567,7891, 807, 570 472, 665 642,986 324, 294 223, 6817, 464, 312 25I4,. 231472, 203 227, 760 108,108 563, 574 Aug. 6 6, 903, 785574,1221, 820,012 477,163 652, 013 326,988 229, 7719, 476, 257 2i5,6, 5 50041474, 321 230, 659 110, 474 575, 493 Aug. 13 6, 906, 411574, 8841, 805, 923 481, 595 658, 327 330,143 228, 4619, 479,113!57,103174, 447 231, 090 109,068 576, 249 Aug. 20 6,952, 605578, 5921, 820, 200 484, 632 660, 438 337, 686 229, 515,4486, 813 258, 705 175, 567 233,093 109, 608 577, 717 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from IT. S. Treasury: July 30 7, 305, 500615,000 1,910, 000 500,000 670,000 370,0002 555, 0001, 520,000 279,000 181,000 240,000126, 500 639,000 Aug. 6 ', 372, 006015,"'" ' 920,000 510,000 680,000 370,000 255, 0001 ,1 540,000279,000 181,000 245,000128,000 649,000 Aug. 13 ', 382,006015,000 1920,000 510,000 680,000 370,000 255,000 11, 540,000 289,000 181,000 245,000 128,000 649,000 Aug. 20 7, 430,006015,000 1, 920, 000 510, 000 690, 000 385, 000 265,000 1, 540,000 289,000 184,000 245,000 128,000 659,000 Eligible paper: July 30 3,937 87 3,211 235 269 Aug. 6 4,711 37 4,141 204 219 Aug. 13 9,253 10 8,677 180 25 229 A lie 20 7,513 10 6,836 211 175 173 61 Total collateral: July 30 ', 309, 436715, 0871,913,211500, 235 670,000 370, 008 255,000 ,1 520,000J 27979,, 030 181,262940, 097126, 500 639,000 Aug. 6 7,376,711615,0371, 924,141510, 204 680,000 370,000 255, 000 ,1 540, 0-0 0• 2J-77 99,, -025 181, 219 245,085 128, 000 649, 000 Aug. 13 7. 391, 253615,010 1, 928, 677510,180 630,000 370,025 255, 000 1, 540, 000 2)3,90,47181,229 245,085 123,0000 649,000 Aug. 20 7, 437, 513615i,, 010 ,1 926, 836 510, 211 6900,00 385,175 265, 0001, 540,000 23?9,,047184,173 245, 061128,0000 659, 000 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. SEPTEMBER 1941 897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JULY, 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 m N d d a e e e n - - t d p T o d i e s m - it e s F R ed e e se r B a rv a l n e R s k e s w se i r th ve b m a b A n e e m l k r l s - 1 C N e c e n * i t t r y a l b a re n C s k e h s r i v - e b s c R a e i r n e t v - y k e s b C a t o n r u y k n s - * posits posits ] Re- Ex- York cago quired Held cess Total reserves held: 1940—July 13,735 6,979 1,168 3,837 1,751 All member banks _. 46,157 37, 901 12, 474 7,927 13,120 5,193 August 13,408 6,709 1,154 3,804 1,740 Central reserve city banks: September 13, 643 6,705 1,234 3,905 1,800 New York 16, 948 16,190 831 3,725 5,875 2,150 October 14,043 6,889 1,279 4,024 1,851 Chicago 3,509 3,107 497 732 1,120 November 14,131 6,975 1,218 4,080 1,858 December 14,049 6,997 1,142 4,096 1,815 Reserve city banks: 1941—January 14,339 7,135 1,051 4,240 1,913 Boston district 1,433 1,286 81 229 449 220 February 13, 996 6, 807 1,033 4,258 1,898 New York district 271 212 149 45 58 14 March 13,979 6,924 931 4,197 1,928 Philadelphia district.. 1,580 1,332 232 245 496 251 April 13, 600 6,518 966 4,204 1,912 May 13, 650 6,243 1,144 4,298 1,965 Cleveland district 2,326 1,851 734 361 June 13, 201 5,958 1,144 4,184 1,914 Richmond district 1,042 764 236 146 285 140 July 13,120 5,875 1,120 4,198 1,927 Atlanta district 983 685 180 129 183 54 Week ending (Friday) 1941—July 4 13, 032 5,855 1,086 4,152 1,939 Chicago district 1,877 1,354 272 216 July 11 12, 966 5,780 1,108 4,151 1,928 St. Louis district 1, 084 829 175 154 251 97 July 18 13, 222 5,876 1,144 4,243 1,959 Minneapolis district..- 483 353 83 66 101 35 July 25 13, 210 5, 943 1,134 4,217 1,916 Aug. 1 13,147 5,917 1,109 4,214 1,907 Kansas City district..- 1,219 801 156 148 214 66 Aug. 8 13, 017 5,702 1,125 4,245 1,946 Dallas district 913 565 134 106 153 47 Aug. 15 12, 954 5,539 1,145 4,300 1,971 San Francisco district- 2,883 2,335 2,044 511 753 242 Excess reserves: 1940—July... 6,752 3,588 522 1,803 Total.. 16, 096 12, 366 4,901 2,409 4,198 1,789 August 6,407 3,344 499 1,748 816 September 6,582 3,324 570 1,821 866 Country banks: October.._ 6,864 3,465 610 1,888 902 Boston district 1,152 564 128 242 114 November 6,830 3,493 546 1,895 897 New York district.... 1,694 1,244 1,461 222 436 214 December 6,646 3,443 476 1,887 840 Philadelphia district. 830 542 109 202 93 1941—January 6,832 3,505 381 2,016 930 February 6,422 3,166 347 2,004 906 Cleveland district.... 821 533 738 101 191 March 6,304 3,203 252 1,923 927 Richmond district 757 425 390 71 126 55 April 5,883 2,812 295 1,885 891 Atlanta district 413 253 62 103 41 May 5,831 2,514 434 1,949 £33 June 5,351 2,238 424 1,820 870 Chicago district 1,171 732 130 245 115 July 5,193 2,150 388 1,789 St. Louis district 490 300 257 49 81 33 Week ending (Friday) Minneapolis district... 388 238 43 69 27 1941—July 4 5,172 2,143 363 1,779 888 July 11 5,094 2,074 385 1,763 872 Kansas City district... 532 321 161 47 27 July 18 5,287 2,152 409 1,826 899 Dallas district 642 390 106 52 38 July 25 5,246 2,206 395 1,795 850 San Francisco district. 439 271 303 48 20 Aug. 1 5,165 2,174 372 1,780 840 Aug. 8 5,052 1,992 390 1,804 867 Total 9,606 6,237 6,245 1,061 1,927 866 Aug. 15 5,004 1,863 407 1,841 892 i Gross demand deposits minus demand balances with domestic banks i Weekly figures of excess reserves of all member banks and of country (except private banks and American branches of foreign banks) and banks are estimates. cash items in process of collection. NOTE.—See table on p. 892 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 All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time July June July June July June July June July June July June Boston 2,586 2,522 645 644 2,435 2,384 524 524 150 139 121 120 New York 18,913 18,909 2,441 2,414 i 1,609 11,632 i 1,100 11,098 • 357 343 510 508 Philadelphia 2,410 2,380 1,117 1,116 2,112 2,100 654 655 298 280 463 462 Cleveland 3,147 3,074 1,471 1,471 2,838 2,775 1,127 1,128 309 299 344 343 Richmond 1,799 1,760 626 622 1 574 1 542 425 422 224 218 201 200 Atlanta 1,673 1,668 434 433 1,511 1, 503 349 348 162 165 85 85 Chicago 6,557 6,471 2,041 2,033 i 2,618 12,583 i 1, 207 11,204 430 424 336 334 St. Louis 1,574 1,526 432 430 1 289 1 248 306 306 286 278 126 124 Minneapolis 871 855 363 364 690 677 197 197 181 178 166 167 Kansas City __ __ 1,751 1,691 317 319 1,390 1,342 207 208 361 349 110 111 Dallas 1,555 1, 554 239 242 1,207 1,204 193 195 348 351 47 47 San Francisco 3,322 3,242 2,348 2,359 3,188 3,112 2,247 2,259 134 130 101 100 Total 46,157 45, 652 12, 474 12, 448 122,461 122,101 i 8, 535 i 8, 545 3,240 3,152 2,611 2,600 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 898 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 r t 1 y a e 8 s s 9 - 0 S s u c i i a b l o v r s i y e n id r - M c i o n 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 s v a e l t b n i N o a o n n t a e k a - s l 1940—June 7,848 67 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 1 941—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 6,468 152 June 9,612 1,714 434 194 300 6,684 150 July 9,732 1,691 438 196 307 149 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small (ienomination currency2 Large denomination currency 2 in cir- Un- End of month assorttioni ed * Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1940—June 7,848 5,584 599 546 35 1,015 1,791 1,599 2,264 485 1,013 210 481 26 50 2 July 7,883 5,599 604 544 35 1,013 1,798 1,605 2,286 489 1,025 211 486 26 49 2 August.. 8,059 5,748 611 556 36 1,044 1,858 1,644 2,313 495 1,035 213 493 26 51 2 September 8,151 5,814 618 566 36 1,055 1,876 1,663 2,340 503 1,048 216 496 25 52 3 October 8,300 5,911 627 575 36 1,068 1,908 1,696 2,392 512 1,071 223 508 25 52 3 November 8,522 6,098 639 591 38 1,107 1,977 1,748 2,426 523 1,089 225 512 26 51 3 December . 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941—January . . 8,593 6,094 635 577 37 1,091 1,973 1,781 2,502 540 1,126 230 530 24 52 4 February 8,781 6,243 641 582 38 1,116 2,041 1,826 2,541 551 1,144 232 535 24 55 4 March 8,924 6,342 650 590 38 1', 132 2,074 1,858 2,583 560 1,163 238 543 24 56 1 April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 1,197 241 550 25 56 2 May 9,357 6,683 669 615 40 1,176 2,211 1,972 2,675 587 1, 218 242 546 24 57 2 June . 9,612 6,890 681 625 41 1,207 2,289 2,047 2,725 607 1,244 244 548 24 57 2 July 9,732 6,992 688 626 40 1,215 2,334 2,090 2,742 615 1,257 244 544 24 58 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. * 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 (jirculation. In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s l b i a i o i o l l u n l v v n l d l a e - e 1 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 n s F e R e o a e r r e t a n v d - e l k e - s t n b 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 i 2 o s p 1 p - . t 5 e o R E e f u r c o r e 4 o m i 7 p p .6 e ts m s N h e i e n p t t - s re N ce e ip t 26 ts .1 1938 33.1 34.4 « 1.8 1939 110.2 9.8 100.3 1940—June 3,014 1,900 402 174 347 23 167 1940 17 7 .7 17 0 July 3,024 1,909 404 175 347 23 167 August... _ 3,036 1,915 409 178 347 23 164 1940—June .5 .1 .3 September 3,044 1,920 411 181 347 22 163 July 6 1 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 (i) April 3,122 1,971 434 194 347 21 154 February . 1 1 May 3,134 1, 977 440 196 347 21 153 March C1) 0) 0) J J u u l n y e . 3 3 , , 1 1 6 4 6 9 1 1, , 9 9 9 8 1 3 4 4 5 4 5 7 2 1 0 9 2 9 3 3 4 4 7 7 2 2 0 1 1 1 5 5 1 2 A M p a r y il ((i0) .1 0) J J u u l n y e 0 (1 ) ) 0 (l ) ) 1 Includes silverheld against silver certificates amounting to $1,920,- 000,000 on July 31,1941 and $1,825,000,000 on July 31, 1940. 1 Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. SEPTEMBER 1941 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] [In thousands of dollars] Ear- Period of a s G t t p o o e e c n l r d k i d od In s g c t i o o r n e l c d a k se im g N o p e l o d t rt g m o c o l a r r d e r : a k i n s d e e - e d - p D ti r c o t o i m d g o o u n e l c s d i - - From or to— July June Jan.-July crease (—) Im- Ex- Im- Ex- Im- Exports ports2 ports ports2 ports ports' 1934* 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 182 1937 3 12, 760 1, 502. 5 1, 585. 5 -200. 4 143.9 Sweden 1938.. 14, 512 1, 751. 5 1,973. 6 -333. 5 148.6 Switzerland 1939 17, 644 3,132. 0 3, 574. 2 -534. 4 161.7 United Kingdom 542 3,112 1940.. 21, 995 4, 351. 2 4, 744. 5 —644. 7 170.2 U. S. S. R._ . 11,236 Canada.__ 19, 228 17, 521 297, 310 Mexico 1,088 800 6,832 1940—March 18, 433 256.0 459.8 -213.4 12.2 Central America 1,028 652 6,274 April 18, 770 336.9 249.9 67.2 13.2 West Indies and Ber- May. 19, 209 439.0 435.1 -36.7 14.2 muda 78 444 June. 19, 963 754.2 1,163.0 -437. 2 11.1 Argentina 23 120 July 20,463 499.4 520.0 -55.1 16.2 Bolivia 22 76 August 20, 913 450.2 351.6 67.0 12.5 Brazil 5 17 September. 21, 244 331.6 334.1 36.6 13.5 Chile,.. _ 708 1,11" 5,315 October... 21, 506 261.1 326.0 -117.9 19.2 Colombia 2,128 13, 275 November. 21,801 295.2 330.1 -39.5 16.6 Ecuador. 97 449 1,647 December. 21, 995 194.0 137.2 7.4 16.3 Peru 501 1,329 5,469 Venezuela 340 416 2,537 1941—January ... 22,116 121.7 234.2 -52.8 13.5 British Guiana 108 98 682 February.. ' 22, 232 115.4 108.6 -46.2 12.6 Australia 5,199 4,593 42, 841 March 22, 367 135.4 118.6 .2 12.0 New Zealand.. 187 199 1,559 April 22, 506 138.5 172.0 -10.5 12.8 British Oceania 345 329 2,263 May 22, 575 69.1 34.8 -3.8 12.6 British India 131 4,633 June 22, 624 49.2 30.7 4.0 14.4 Netherlands Indies 829 July 22,675 50.5 37.0 4 -27. 7 13.6 China and Hong Aug. 1-27 P. 22, 716 41.5 34.4 4-32.3 Kong ._. 2,982 Japan 9,444 Philippine Islands ,114 23, 998 P 1 P F r i e g l u i r m es in a a r r y e . those for United States published in table on p. 943. A So ll u o th th A er f r c ic o a untries 36S 22 6 9 9 288 1 , , 6 6 7 3 9 1 adjusted to exclude Philippine Islands production received in United States. Total.. 37, 055 30, 719 736, 033 40 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to $27,000,000 on * Figures represent customs 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 ra c l . 3 R 1 e , s 1 e 9 r 3 v 7 e . Banks for foreign ac- ar 2 e B at e g ra in t n e in o g f $3 M 5 a a y f in 19 e 4 o 1 u , n th c e e . Department of Commerce temporarily count, in millions of dollars: July 31—1,944.5; August 27—1,976.8. suspended publication of export statistics by country of destination. NOTE.—For back figures see Annual Report for 1937 (table 29). 31 B a a n c d k f 3 i 2 g ) u . res.—See table, p. 943, and Annual Report for 1937 (tables 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 all centers centers i centers« 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 461,889 208, 936 219,670 33, 283 1937 469,463 197,836 235,206 36, 421 Number of banks suspended: 1938 405,929 168, 778 204,745 32,406 1934 57 1 8 48 1939 423, 932 171,382 218, 298 34,252 1935 . _ . 34 4 22 8 1940 445,863 171, 582 236,952 37,329 1936 44 1 40 3 1937 59 4 2 47 6 1940—June 35,005 13,110 18,850 3,045 1938 55 1 1 47 6 July 35,959 13,612 19,244 3,103 1939 42 4 3 25 10 August 32,844 11,604 18, 314 2,926 1940 22 1 18 3 September 33,812 12, 594 18, 267 2,951 1941—Jan.-July 5 2 3 October 39, 695 14,952 21,365 3,378 • November 39,088 14,952 20,819 3,317 De ( p in o s t i h t o s u o s f a s n u d s s p e o n f d d ed o ll b a a r n s k ): s 3 1941— D J e a c n e u m ar b y e . r .. . 4 4 6 1 , , 1 6 3 7 3 3 1 1 8 5 , , 1 6 4 2 7 6 2 2 4 2, , 4 32 9 7 8 3 3 , , 7 4 2 8 1 8 1934 36, 937 40 1,912 34,985 February.. 35, 783 13,268 19,457 3,057 1935 10,015 5,313 3,763 939 March 44, 558 17, 402 23, 586 3,570 1936 11, 306 507 10,207 592 April 42, 237 15, 657 23, 074 3,505 1937 19, 723 7,379 1,708 10,156 480 May 43,665 16,124 23, 795 3,746 1938.. 13,012 36 211 11,721 1,044 June 45, 942 17,282 24, 853 3,807 1939 34, 998 1,341 24,629 6,589 2,439 July 44, 808 16, 288 24, 660 3,860 1940 5,943 256 5,341 346 1941 Jan. July _ 2,436 1,933 503 1 Comprises centers for which bank debit figures are available begini Represents banks which, during the periods shown, closed tem- ning with 1919, except that one substitution was made in 1920 and one porarily or permanently on account of financial difficulties; does 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 time 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. 1 8 D Fe e d p e o r s a i l t s d o e f p o m s e it m i b n e su r r b a a n n c k e s b a e n c d a m in e s u o r p e e d r a n t o iv n e m J e a m n b u e a r r y b a 1 n , k 1 s 9 s 3 u 4 s . pended An B n a u c a k l f i R g e u p r o e r s t . — for F 1 o 93 r c 7 o ( r T re a s b p l o e n 7 d 1 in ), g w m hic o h n t a h l l s y o g to iv t e a s ls a f d o e r f in 1 i 9 ti 2 o 8 n -1 9 o 3 f 7 b s a e n e k 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. 900 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 DF INTERBANK DEPOSITS [In millions of dollars] Nonmember Member banks banks Member banks Nonmeniber banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n k u g a s s l b m n a b o e n e m n k r - s - Call date ba A n l k l s Total ti N on a a - l State M s b a a v u n i t n u k g s a s l b n e o O r n t b m h a e e n r m ks - 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29 ... 53,852 32,284 19,411 12,873 8,983 12, 584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31... 55,289 33,865 20,290 13, 575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30... 37,998 23,338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38, 505 23, 771 15,386 8,385 9,708 5,026 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 June 30 4 6, 556 5,130 4 1, 426 June 30 4 48,076 30, 684 417, 392 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 2&, 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 June 30 4 40, 659 16, 729 4 23, 930 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June, 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. * Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in condition reports among "Other assets." The amounts of such loans and investments in December, 1938, were approximately $50,000,000 and $100,- 000,000, respectively. 3 One bank (with deposits, excluding interbank deposits, of $90,000 000 and total loans and investments of $96,000,000 on December 30, 1939) which, prior to March, 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Includes two mutual savings banks in Wisconsin and one in Indiana, all admitted to membership since the preceding call date, April 4, 1941 Back figures—See Annual Report for 1937 (tables 48-49). SEPTEMBER 1941 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loansi Investn lents * Loans for U. S. Government obligations Obli- Call date m T l v o a i o e e a n n s n t n d - a t t s - l s Total' C t m d a c r i o u i n i n e a a m s d - r l l - - 3 - A t c u g u r r l - i - - p O m k a p p a e e r t e n - r b o a p r T e s n o r u r o e d s k r c c c - u a h r r a r o it s y t i i h T i e n n s e o g g rs3 e l R o st a e a n a t l s e L ba o t n o a k n s s l O o t a h n e s r 4 Total Total Bills 6N D o ir t e e c s t Bonds G t a e u n e a d - r- g S p a d s a i t o t u i c o a n i v l b a o f t d i - i l e t n - - s s O r s i e t t c h ie u e s - r deal- sions ers Total—All Member Banks 1929—Dec. 31_ _35, 934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30 24 786 12 858 695 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1938—June 30 30. 72] 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 4,737 712 442 973 775 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 4,783 788 420 731 736 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 5,386 730 455 790 700 2,957 66 2,888 19, 979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940—Mar 26634,163 i3 939 20, 224 14.421 3,107 2,905 2,898 June 29. 34, 451 13, 969 5,538 736 450 447 668 3,069 42 3,020 20,482 14, 722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 865 456 642 652 3,228 43 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 30.. 40, 659 16, 729 7,270 738 537 575 635 3,365 44 3, 565 23, 930 18, 078 1,127 2,631 10, 481 3, 839 2,984 2,867 New York City* 1929—Dec. 31__ 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 889 222 758 1933—June 30 7,133 3 424 364 759 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1938_ D ju e n c e . 3 3 0 1_. 8 8 , , 0 3 1 3 3 5 3 3 ,2 1 6 7 2 2 1,456 5 1 1 4 3 1 8 7 55 8 6 7 7 2 1 2 7 0 1 1 3 2 2 1 8 9 5 9 1,5 4 4 3 1 6 4 5 , , 8 0 4 7 0 2 3 3 , , 8 7 5 4 7 0 2 1 2 5 2 8 1 1 , , 3 1 5 4 8 2 1 1 , , 6 4 6 5 3 1 8 70 9 9 4 3 5 9 1 4 7 6 70 9 7 8 1939—June 30__ 8,688 2,988 1,474 5 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30__ 9,339 3,296 1,768 7 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 693 1940—Mar. 266 9,594 3 211 6,383 4,972 1,286 726 686 June 29- 9,829 3.014 1,801 6 103 320 188 137 32 426 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 6 100 465 190 130 25 443 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Apr. 46 11,696 3 502 8,194 6,625 1,620 771 798 June 30 _.12,493 3,778 2,405 3 97 422 186 129 33 503 8,715 7,268 577 1,526 3, 415 1,751 651 796 City of Chicago 7 1929—Dec. 31__ 1,757 1,448 19 251 533 21 88 535 309 116 3 19 94 96 96 1933-June 30 1,287 677 69 61 251 30 30 237 610 384 206 82 97 87 138 1938—June 30. 1,806 525 15 29 109 10 361 1,281 981 12 313 535 122 140 159 Dec. 31__ 1,969 539 319 17 16 43 70 12 1 62 1,430 1,114 59 291 655 109 141 176 1939—June 30.. 2,052 544 329 19 15 39 71 12 59 1,507 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 365 6 17 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—Mar. 268 2,222 564 1,658 1,319 139 175 164 June 29. 2,205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 1941— D A e p c r . . 4 3 6 1 2 2 ,3 6 7 4 7 9 7 6 8 9 0 6 476 5 17 42 54 19 84 1 1 , , 8 6 6 8 9 1 1 1 , , 3 4 0 6 7 6 297 145 752 1 11 2 2 5 2 1 2 8 6 8 1 1 8 7 6 7 June 30.. 2,707 846 609 5 21 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Reserve City Banks 1929—Dec. 31 12,029 9 084 168 664 2,775 1,638 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 3O._ 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1933—June 30 11,150 4,853 163 95 998 1,201 26 2,369 6,298 4,658 69 1,268 2,603 718 732 908 Dec. 31__ 11, 654 4,963 1,914 207 149 119 242 1,230 20 1,081 6,691 5,018 57 1,224 2,997 740 808 866 1939—June 30 _11, 756 5.004 1,884 234 138 115 221 1,284 12 1,116 6.751 4,991 78 1,014 3,010 889 895 866 Dec. 30 12, 272 5,329 2,100 221 155 119 222 1,335 9 1,168 6,943 5,194 63 819 3,339 972 890 860 1940—Mar. 266 12,153 5,305 6,848 5,070 963 928 850 June 29. 12,160 5,365 2,134 176 156 87 210 1,372 6 1,224 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5, 931 2,436 263 153 115 207 1,436 15 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, 013 6,498 2,879 175 202 100 198 1,477 9 1,457 7,515 5,700 73 606 3,858 1,162 979 836 Country Banks 1929—Dec. 31 13, 375 8,936 201 291 2,231 1,462 45 4,705 4,439 1,267 97 171 999 627 2,546 1933—June 30 7,873 4,275 35 25 1,117 1,055 38 2,005 3,598 1,469 64 299 1,106 681 1,549 1938—June 30. 9,752 4,388 173 21 790 1,269 9 2,126 5,364 2,964 13 715 1,657 679 878 1,522 Dec. 31_. 10,113 4,444 1,048 483 138 25 243 1,353 5 1,149 5,669 3,233 11 732 1,893 597 982 1,453 1939—June 30._ 10.109 4.605 1,095 531 140 22 229 1,402 5 1,180 5,504 3,127 11 563 1,870 683 1,025 1.351 Dec. 30 10,224 4,768 1,151 495 163 20 224 1,477 4 1,234 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—Mar. 26 • 10,194 4,860 5,334 3,060 719 1,076 1,197 June 29_. 10, 257 4,987 1,187 546 174 17 208 1,544 3 1,308 5,270 3,030 36 451 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,267 590 187 21 201 1,644 3 1,397 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Apr. 46... 11.144 5.431 ----- 5,713 3,456 694 1,176 1,081 June 30.. 11. 446 5,607 ~1~377~"555" """I95"1,739" "I,~504~ 5,839 3,627 "374" 2,404" 788 1,165 1,047 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. 6 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). 902 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposit3, Time deposits, Interban] except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e R a e e r i r n e a t d v h k - l - e s v C a i a n u sh lt b m a w a n d e n o i c s - t k e h t s s ic i m p u o s d a a e t s d - n e i - d t d s 2 s p p u v h n a c o a a i e o i n d l r r p r r d s a t - - - s , - - , S p s d s a i t o i u i c a o n b v l a - t d n i i e l t - s - s c C h c e f a e e i e t n e r c r c d d t s k 3 i ' - s m U G e e . r o n n v 8 t - - 4 . s p p u v h n a c o a a i o e n i d r l r p r r d s a t - - - s - , - , S p s d s a t l o i u c i a o n b v l a - t d n i i e i t - s - s P i s n o a g s v t s - a 4 l m D a e n b - d ank T s ime b 'F e a i o n g r k n - s r B i o n o w g r s - - co a u c n - ts Call date tions tions Total—All Member Banks 2,374 558 2,168 16,647 17, 526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1929—Dec. 31 2,235 405 2,008 12,089 11, 830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 8,004 712 4,084 20,893 19, 816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 1938—June 30 8,694 746 4,240 22, 293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 10, Oil 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, 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 6 8,717 6 145 6 737 2 5,562 1940—Mar. 26 13.751 789 5,751 27, 877 26, 397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 June 29 13,992 991 6,185 30, 429 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 « 137 e 635 3 5. 754 1941—Apr. 4 12,959 999 6,293 32, 678 31, 429 2,940 738 619 11,898 397 55 9r610 138 688 3 5,800 June 30 New York City* 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1. 255 22 128 8 1,582 1933—June 30 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 1938—June 30 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 1939—June 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3, 542 1 695 1,592 Dec. 30 6,386 84 6 163 9,562 9,652 219 260 68 742 35 «3, 629 6 1 6672 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 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 June 30 City of Chicago <* 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1929—Dec. 31 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1933—June 30 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 1938—June 30 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 1939—June 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 909 25 6195 1,544 1,503 133 18 80 482 11 5 6 997 67 253 1940—Mar. 26 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 June 29 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 Dec. 31 815 20 6 283 1, 755 1,685 181 26 108 486 10 4 61,151 6 7 270 1941—Apr. 4 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 June 30 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 3,118 348 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 « 116 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 6 108 649 1,917 1941—Apr. 4 4,125 385 2,793 10, 480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 June 30 Country Banks 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1929—Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1933—June 30 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 1938—June 30 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 1939—June 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 1,648 389 «2,645 6,954 5,832 1,205 131 147 5,757 151 35 6 566 6 29 6 2 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 June 29 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 Dec. 31 1,894 372 6 3, 044 8,039 6,886 1,269 163 114 6,006 142 31 6 677 6 29 62 3 1,943 1941—Apr. 4 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 June 30 i 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." a 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, s Central reserve city banks. 6 Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). SEPTEMBER 1941 903 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 Total Com- purchasing loans mer- or carrying Date or month m v a i e e n n s n d - t t - s Total t c d a r i u i n i n a a s d - - l l , , p O m k a p p a e e r e t n - r securities e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- O r se i t t c h i u e e s - r agri- To teed cul- others tural Total—101 Cities 1940—July 23, 787 4,451 295 399 473 1,204 1,635 15, 293 11,728 777 2,081 6,455 2,415 3,565 1941—March 26, 793 5,374 335 503 455 1,227 1,766 17,095 13,299 896 2,452 7,190 2,761 3,796 April 27, 270 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 July 28, 560 10, 501 5,975 381 496 445 1,249 1,915 18, 059 14, 490 1,079 2,249 7,946 3,216 3,569 1941—May 28___ 27, 915 10, 226 5,673 367 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 28, 577 10, 523 5,988 382 505 447 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 1,914 18,142 14, 593 1,081 2,251 7, 959 3,302 3,549 July 30 1,771 10, 572 6,047 388 478 439 1,253 1,924 18,199 14, 588 1,074 2,253 7,952 3,309 3,611 Aug. 6 28, 761 10,597 6,087 397 462 439 1,254 1,919 18,164 14, 553 1,075 2,253 7,920 3,305 3,611 Aug. 13 28, 874 10, 663 6,146 399 457 440 1,254 1,925 18, 211 14,559 1,059 2,256 7,932 3,312 3,652 Aug. 20 29,025 10,688 6,180 404 444 437 1,252 1,930 18, 337 14, 593 1,064 2,276 7,939 3,314 3,744 New York City 1940—July 9,400 2,778 1,710 281 167 122 378 6,622 5,285 392 1,035 2,570 1,288 1,337 1941— 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 July 11, 926 3,496 2,291 357 164 112 451 8,430 7,080 605 1,442 3,232 1,801 1,350 1941—May 28 11, 759 3,442 2,166 427 163 448 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 2,264 382 168 111 452 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 July 30 11, 983 3,505 2,318 339 162 112 453 8,478 7,087 591 1,434 3,216 1,846 1,391 Aug. 6 12, 001 3,512 2,337 332 161 112 451 8,489 7,097 625 1,432 3,195 1,845 1,392 Aug. 13 12, 041 3,545 2,372 328 161 111 452 8,496 7,074 582 1,433 3,200 1,859 1,422 Aug. 20 12,127 3,540 2,385 317 160 109 453 8,587 7,091 609 1,445 3,183 1,854 1,496 Outside New York City 1940—July 14, 387 5,716 2,741 205 118 306 1,082 1,257 8,671 6,443 385 1,046 3,885 1,127 2,228 1941—March 15, 877 6,489 3,316 239 146 290 1,116 1,373 9,388 7,062 669 981 4,229 1,183 2,326 April 16, 007 6,620 3,416 255 141 287 1,118 1,394 9,387 7,050 496 811 4,516 1,227 2,337 May 16,129 6,715 3,480 268 130 285 1,123 1,421 9,414 7,095 462 765 4,570 1,298 2,319 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 July 16, 634 7,005 3,684 291 139 281 1,137 1,464 7,410 474 807 4,714 1,415 2,219 1941—May 28 16,156 6,784 3,507 275 144 288 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 7,301 469 778 4,732 1,322 2,251 June 25 16,467 6,891 3,594 278 138 1,132 1,453 9,576 7,327 519 776 4,718 1,314 2,249 July 2 16,460 6,953 3,633 147 285 1,133 1,467 9,507 7,272 470 787 4,684 1,331 2,235 July 9 16, 551 6,961 3, 655 285 130 281 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 3,711 300 128 279 1,140 1,462 9,723 7,512 494 818 4,745 1,455 2,211 July 30 16, 788 7,067 3,729 299 139 277 1,141 1,471 9,721 7,501 483 819 4,736 1,463 2,220 Aug. 6 16, 760 7,085 3,750 309 130 278 1,142 1,468 9,675 7,456 450 821 4, 725 1,460 2,219 Aug. 13 16, 833 7,118 3,774 311 129 279 1,143 1,473 9,715 7,485 477 823 4,732 1,453 2,230 Aug. 20 16, 898 7,148 3,795 320 127 277 1,143 1,477 9,750 7,502 455 831 4,756 1,460 2,248 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-631). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re- B s s w F e e a R e r e r n i r v e a d t v k h - e l - e s s v C a i a n u s l h t b m a w B a n d e n i o a c s t - l e k h t - s i s c j m p u D o s d a a t d s e e e n - i - - d t d s 1 s I p p u v n h a c n o a a o i e n i d r d l r p r r d s a i t - - - s - - , - , S p s d s a i t i o u i c o a n v l a b t n d i i e l t - - s - s c C c h o a f e e e i f t e n e f c 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 p I u v h n a c n o a a o n i e i d r d r l p r r d a s t i - - - s - , - - , S p s d s a i t i o u i c o a n v l a b t n d i i e l t - - s - s P in s o a g v s s t - 2 al m D a D e n - b o 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 t a c a n p - l t - s Date or month tions tions Total 101 Cities 11, 600 491 3,214 20, 847 20,380 1,455 411 475 5,141 178 22 8,310 111 676 1 3,774 1940—July 11,714 515 3,468 23, 324 22,826 1,657 489 328 5,282 173 26 9,180 115 645 1 3,833 1941—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 24,010 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 10,823 564 3,498 24, 211 23, 884 1,615 526 467 5,254 163 26 9,078 113 659 1 3,873 July 11, 493 563 3,532 24, 311 23, 612 1,870 514 390 5,240 183 26 9,107 113 663 3 3,864 1941—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 10, 835 561 3,481 24, 544 24,029 1,750 523 470 5,260 158 26 8,965 113 659 1 3,869 July 30 10, 662 537 3,410 24, 217 23, 546 1,735 455 502 5,273 157 25 8,981 110 649 1 3,882 Aug. 6 10, 594 556 3,539 24, 245 23, 927 1,736 471 520 5,276 157 25 9,109 112 648 4 3,884 Aug. 13 10, 696 536 3,495 24, 455 23,897 1,825 464 533 5,276 158 20 9,106 112 631 1 3,883 Aug. 20 New York City 6,657 81 82 9,716 9,770 280 225 33 657 27 3,717 622 1,489 1940—July 6,622 83 120 10, 982 11, 054 313 294 14 717 32 3,928 589 1,507 1941—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 5,586 107 88 11, 022 11,183 247 297 18 722 21 3,846 596 1,510 July 6,042 97 116 11, 291 11,314 367 277 19 698 26 3,897 601 1, 515 1941—May 28 5,658 112 109 11,030 11,065 306 352 20 695 26 3,871 586 1,522 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 5,589 95 84 11,100 11, 251 277 298 16 735 22 3,827 597 1,508 July 30 5,360 88 82 10, 906 10, 958 252 242 39 740 23 3,778 587 1,518 Aug. 6 5,263 90 85 10, 788 10, 997 247 265 54 740 23 3,821 586 1,519 Aug. 13 5,339 85 88 10, 979 11, 047 338 248 66 740 24 3,799 568 1,518 Aug. 20 Outside New York City 4,943 410 3,132 .1,131 10, 610 1,175 186 442 4,484 151 22 4,593 111 54 1 2,285 1940—July 5,092 432 3,348 12, 342 11, 772 1,344 195 314 4,565 141 26 5,252 115 56 1 2,326 1941—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 [2, 955 12, 248 1,500 230 375 4,546 157 26 5,225 115 63 2 2,345 May 5,258 462 3,382 L2,983 12, 423 1,450 213 437 4,534 153 26 5,199 114 63 1 2,354 June 5,237 457 3,410 13,189 12, 701 1,368 229 449 4,532 142 26 5,232 113 63 1 2,363 July 5,451 466 3,416 13, 020 12, 298 1,503 237 371 4,542 157 26 5,210 113 62 3 2,349 1941—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, 495 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, 510 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, 793 1, 349 222 453 4,530 137 26 5,195 113 63 1 2, 365 July 23 5,246 466 3,397 13, 444 12, 778 1,473 225 454 4,525 136 26 5,138 113 62 1 2,361 July 30 5,302 449 3,328 13,311 12, 588 1, 483 213 463 4,533 134 25 5,203 110 62 1 2,364 Aug. 6 5,331 466 3,454 L3, 457 12, 930 1,489 206 466 4,536 134 25 5, 288 112 62 4 2,365 Aug. 13 5,357 451 3,407 13, 476 12, 850 1,487 216 467 4,536 134 20 5,307 112 63 1 2,365 Aug. 20 1 D emand 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. SEPTEMBER 1941 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars.] Loans Investments Loans for U. S. Government obligations om- purchasing mer- or carrying Total cial, securities d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 1 d e ) s d er a v te e m l v o a i e e a n n s n n d - t t s - s Total t d a r i u i n n a s - d - l, p O m a k p a e p r e t e - n r b T ro o k- e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G t u a e n a e - r d - O s r i e t t c h i u e e - r s agri- ers To cul- and other; tural dealers Boston"(6 cities) July 30 1,412 762 419 11 16 81 149 650 524 23 39 388 74 126 Aug. 6 1,421 769 418 13 16 151 652 527 25 39 389 74 125 Aug. 13 1,430 772 420 13 16 151 658 536 24 41 396 75 122 Aug. 20 1,443 111 424 12 16 151 666 543 27 43 397 76 123 New York (8 cities) * July 30 12,955 3,910 2,468 103 344 208 196 559 9,045 7,521 615 1,474 3,460 1,972 1,524 Aug. 6 12, 978 3,918 2,488 102 337 207 196 557 9,060 7,535 651 1,474 3,436 1,974 1,525 Aug. 13 13, 021 3,954 2,525 102 333 207 196 558 9,067 7,512 609 1,476 3,442 1,985 1,555 Aug. 20 13,117 3,949 2,538 321 206 194 559 7,532 636 1,488 3,426 1,982 1,636 Philadelphia (4 citiei July 30 1,334 557 297 29 30 51 109 777 507 25 93 270 Aug. 6 1,334 561 300 27 31 51 110 773 505 26 383 96 268 Aug. 13 1,336 562 301 26 31 51 110 774 504 26 382 96 270 Aug. 20 1,337 562 299 31 51 111 775 504 25 382 96 271 Cleveland (10 cities) July 30 2,227 872 410 20 184 213 1,355 1,094 181 730 181 261 Aug. 6 2,218 861 411 20 184 211 1,357 1,094 182 729 181 263 Aug. 13 2,222 860 411 20 184 210 1,362 1,097 182 732 181 265 Aug. 20 2,226 859 411 19 184 210 1,367 1,099 183 733 181 268 Richmond (12 cities) July 30 785 315 148 13 49 87 470 403 218 67 Aug. 6 791 316 148 13 50 475 407 223 Aug. 13 793 318 150 13 50 475 407 81 227 Aug. 20 817 319 151 13 50 430 78 251 Atlanta (8 cities) July 30 733 377 191 10 37 124 356 241 47 114 72 115 Aug. 6 734 377 190 11 38 124 357 242 47 115 71 115 Aug. 13 734 379 190 11 38 126 355 241 47 115 70 114 Aug. 20 735 377 191 11 38 123 358 243 10 48 115 70 115 Chicago (12 cities)* July 30 4,121 1,338 878 61 138 175 2,783 2,221 383 216 1,257 365 562 Aug. 6 4,079 1,341 882 61 138 173 2,738 2,177 343 217 1,256 361 561 Aug. 13 4,112 1,351 888 61 138 175 2,761 2,193 364 216 1,253 360 568 Aug. 20 4,f~~ 1,358 891 139 174 2,728 2,159 332 216 1,251 360 569 St. Louis (5 cities) July 30 403 232 74 445 334 1 34 219 111 Aug. 6 849 405 233 60 75 444 334 1 34 220 110 Aug. 13 852 407 235 60 75 445 335 1 35 220 110 Aug. 20 856 410 236 60 76 446 336 1 35 220 110 Minneapolis (8 cities) July 30 458 233 118 15 225 185 3 22 122 38 40 Aug. 6 464 239 123 15 225 185 4 22 121 38 40 Aug. 13 471 241 124 15 230 189 22 121 38 41 Aug. 20 475 242 126 15 233 192 20 122 40 41 Kansas City (12 cities) July 30 789 379 222 33 410 276 47 112 111 134 Aug. 6 793 384 227 33 409 275 45 113 111 134 Aug. 13 800 390 233 33 410 275 45 113 111 135 Aug. 20 399 240 32 410 275 45 113 110 135 Dallas (9 cities) July 30 620 328 219 23 66 292 233 34 121 47 59 Aug. 6 622 328 219 23 65 294 234 34 121 47 Aug. 13 624 331 222 23 65 293 233 34 121 46 Aug. 20 627 330 223 23 64 297 35 122 46 San Francisco (7 cities July 30 '. 2,489 1,098 445 386 196 1,391 1,049 50 822 177 342 Aug. 6 2,478 1,098 448 386 192 1,380 1,038 49 814 175 342 Aug. 13 2,479 1,098 447 386 194 1,381 1,037 2 51 810 174 344 Aug. 20 2,497 1,106 450 386 199 1,391 1,043 2 60 807 174 348 City of Chicago* July 30 2,733 873 647 21 1,860 1,490 382 123 824 161 370 Aug. 6 2,686 873 649 21 1,813 1,445 342 121 823 159 368 Aug. 13 2,715 879 652 21 1,836 1,461 362 118 822 159 375 Aug. 20 2,683 884 654 21 1,799 1,425 330 116 820 159 374 * 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. 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w F e R e r i e a t d h - l - v C a i a n u sh lt m a w n d e i o c s t - e h t s ic m po a d a d s e n i - - t d s u p v n a a e i l d r r s t - - - , S p a i t o c a n l a t d i e l t- s C o f a e i f n e f r d i d t - i- U G e . r o n v S - - . p u v n a a e i l r d r s t - - - , S p a i t o c a n l a t d 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 a n p - 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 usted1 ships, sub- cers' ment2 ships, sub- ings 2 banks Banks a co n r d - s d i i o v n i s - che tc c . ks a co n r d - s d i i o v n i s - m D a e n - d Time pora- porations tions Boston (6 cities) 533 151 205 1,448 1,414 91 22 13 229 382 21 249 July 30 533 150 197 1,445 1,399 97 23 13 230 386 21 249 Aug. 6 525 151 207 1,452 1,422 95 22 13 230 392 20 249 Aug. 13 513 150 197 1,451 1,418 93 25 11 230 383 21 249 Aug. 20 New York (8 cities)* 5,756 120 242 11,864 11,886 437 322 37 1,099 3,909 599 1,634 July 30 5,525 112 239 11,672 11,583 416 263 60 1,105 3,861 588 1,644 Aug. 6 5,423 115 251 11, 55511, 642 409 282 76 1,105 3,903 588 1,645 Aug. 13 5,513 109 245 11, 766 11, 694 519 267 88 1,105 3,882 570 1,644 Aug. 20 Philadelphia (4 cities) 553 25 237 1,241 1,186 140 13 17 258 455 6 218 July 30 575 24 216 1,231 1,159 145 10 17 258 464 6 219 Aug. 6 597 25 219 1,253 1,164 170 11 17 258 471 219 Aug. 13 593 25 219 1,252 1,173 153 12 17 256 472 219 Aug. 20 Cleveland (10 cities) 778 54 388 1,808 1,796 106 25 42 724 493 393 July 30 768 51 387 1,767 1,741 115 29 48 727 501 393 Aug. 6 760 55 411 1,779 1,784 118 29 48 728 513 393 Aug. 13 785 52 407 1,794 1,776 116 47 729 521 393 Aug. 20 Richmond (12 cities) 280 27 277 658 630 72 31 206 361 103 July 30 291 26 275 665 634 74 31 206 369 104 Aug. 6 291 280 669 649 73 32 207 374 102 Aug.13 285 26 262 663 647 70 32 207 378 102 Aug. 20 Atlanta (8 cities) 178 17 256 533 504 82 47 186 346 98 July 30 181 16 255 531 500 84 47 187 351 98 Aug. 6 187 17 258 537 519 83 48 187 350 98 Aug. 13 183 16 267 539 519 83 48 187 356 98 Aug. 20 Chicago (12 cities)* 1, £34 84 616 3,478 3,238 424 129 979 1,355 419 July 30 1,546 80 599 3,428 3,170 409 129 979 1,357 421 Aug. 6 1,541 82 612 3,436 3,233 408 129 978 1,392 421 Aug. 13 1,562 79 613 3,435 3,190 416 129 978 1,392 421 Aug. 20 St. Louis (5 cities) 240 14 201 590 590 52 20 187 418 97 July 30 243 14 198 587 587 53 20 187 421 97 Aug. 6 242 15 205 597 612 51 20 187 420 98 Aug. 13 240 14 203 595 604 51 21 187 420 98 Aug. 20 Minneapolis (8 cities) 118 123 361 311 76 1 111 174 63 July 30 113 117 349 308 71 1 111 180 63' Aug. 6 109 116 350 314 67 1 111 183 63 Aug. 13 106 111 343 309 65 1 111 185 63 Aug. 20 Kansas City (12 cities) 203 320 618 598 88 13 139 460 109 July 30 213 316 615 598 88 14 139 471 109 Aug. 6 213 336 641 631 89 14 140 472 109 Aug. 13 215 323 638 619 93 14 140 473 109 Aug. 20 Dallas (9 cities) 146 304 575 545 63 37 124 271 91 July 30 158 298 579 550 64 38 124 275 91 Aug. 6 162 311 593 578 59 38 124 280 91 Aug. 13 152 316 587 570 56 39 124 281 91 Aug. 20 ?GW Francisco (7 cities) 516 312 1,370 1,331 119 83 1,018 341 395 July 30 516 313 1,348 1,317 119 84 1,020 345 394 Aug. 6 544 333 1,383 1,379 114 84 1,021 359 396 Aug. 13 549 332 1,392 1,378 110 86 1,022 363 396 Aug. 20 City of Chicago* 1,128 267 2,303 2,190 224 95 478 1,015 272 July 30 1,143 264 2,276 2,152 217 95 477 1,010 274 Aug. 6 1,136 266 2,269 2,178 218 95 476 1,041 274 Aug. 13 1,161 274 2,274 2,169 217 95 476 1,042 274 Aug. 20 * 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. SEPTEMBER 1941 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Com- HelcLby Based on mercial paper Total Accepting banks Goods stored in or End of month out- Im- shipped between s i t n a g n d i - st i a n n g d- Total O bi w lls n bo B u il g ls ht Others2 U S p i n t o n a i t r 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 it t p e e d s oints F i c o n t o r r i u e e i n s g - n 1940—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 38 23 May 295 215 164 105 60 51 125 24 3 41 22 June _ _ ______ 299 213 161 101 59 52 123 24 3 43 20 July 330 210 161 106 55 49 121 22 3 47 16 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. Back figures—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances i Other credit balances End of month C b u ( a d s n l t e e a o t b ) n m i c t e i e s rs' a i b n n p a a v d l a c a e c r n t s t o r n c t u a m e e d n s r e t i s s n n i ' n g t a i b n n a a v d l c a e f c n s i t o r r t c u m a m e d n s e t i s n n in g t C a b h a n a d s a n h n k d i o n s n r M o b w o o n e r d e - y a Free O (n th et e ) r m p i a e n r n v t I t n n e a s e t n r - s d ' m i e n f n v i I t r n e m a st n - d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1935—December 1,258 75 135 179 930 286 79 24 10 410 1936—June __ __ __ 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 356 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 6 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 July 642 12 64 213 376 261 62 22 6 264 August 631 12 56 215 368 256 57 21 5 260 September.— _ 635 12 57 218 370 268 56 20 5 255 October 653 12 70 203 381 269 58 20 5 253 November 666 12 64 214 383 280 59 20 4 253 December 677 12 99 204 427 281 54 22 5 247 1941—January 661 11 73 207 399 275 54 22 6 238 February, 634 11 78 199 375 267 53 22 6 237 March 633 9 81 199 387 268 56 21 6 231 April 606 10 86 199 368 265 60 20 8 227 May _ _- - 622 10 102 185 403 262 61 17 7 223 June 616 11 89 186 395 255 65 17 7 222 July 628 10 87 189 388 266 70 17 8 221 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing Average Average yield [Per cent per annum] rate1on— rate on- on 3-to-5 year Stock U u . r y S b . i 9 l T l 1 s - r 3 d e a a y s- Tr n U e o a . t s S e u s . ry 1 T 9 o c t i a ti l es Y N C o e it r w y k E e 7 N r c a n o i o s t r t i t a e h e t n h s r e n d - r 1 W e 1 r c n e it S s i t a e o e n s u r d n th- Prime Prime ex- Year, com- bank- change 1934 average1.. 3.45 2.45 3.71 4.32 month, or mercial ers' call New Tax- 1935 average1.. 2.93 1.76 3.39 3.76 week paper, accept- loan issues Deal- ex- Tax- 1936 average1- 2.68 1.72 3.04 3.40 4 to 6 ances, re- of- ers' empt able 1937 average1.. 2.59 1.73 2.88 3.25 months 90 new- fered quo- 1938 average1.. 2.53 1.69 2.75 3.26 days als 2 within tation 2.78 2.07 2.87 3.51 period 1940 average 2.63 2.04 2.56 3.38 Monthly figures1 1938—June 2.56 1.70 2.78 3.31 1938 average .81 .44 1.00 .053 .07 .83 July 2.57 1.70 2.78 3.35 1939 average .59 .44 1.00 .023 .05 .59 August 2.52 1.67 2.71 3.28 1940 average. .56 .44 1.00 .014 .04 .50 September 2.53 1.70 2.74 3.26 October 2.57 1.70 2.90 3.21 1940—July --. .56 .44 1.00 .009 .05 .57 November 2.49 1.70 2.68 3.20 Aug .56 .44 1.00 .019 .04 .58 December . 2.60 1.70 2.95 3.23 Sept 56 44 1 00 021 05 48 Oct .56 .44 1.00 .02 .43 1939—January 2.64 1.73 2.97 3.32 N De o c v . . . . 5 5 6 6 . . 4 4 4 4 1 1 . . 0 0 0 0 .003 . . 0 0 2 2 . . 3 3 4 5 .65 February 2.52 1.70 2.69 3.26 Quarterly figures 1941—Jan .56 .44 1.00 (4) .02 .43 .76 1939—March 2.95 2.13 3.05 3.77 Feb .56 .44 1.00 .034 .04 .55 .81 June 2.91 2.15 3.05 3.62 Mar .56 .44 1.00 .089 .11 .50 .84 September 2.68 2.04 2.78 3.31 April .56 .44 1.00 .092 .10 .52 .81 December 2.59 1.96 2.59 3.32 May .56 .44 1.00 .082 .11 .44 .72 June .56 .44 1.00 .089 .12 .38 .68 1940—March 2.65 2.03 2.67 3.35 July .50 .44 1.00 .097 .12 .37 .67 J S u e n p e tember.. 2 2 . . 5 6 9 8 2 2. . 1 0 4 0 2 2 . . 5 4 6 9 3 3 . . 3 4 8 3 Week ending: December,. 2.59 2.00 2.53 3.36 A A A u u u g g g . . . 2 1 9 _ _ 6 _ _ _ . _ . _ . . X ' X X V V Vi i i e e e 1 1 1 . . . 0 0 0 0 0 0 . . . 1 1 1 1 0 1 6 6 4 . . . 1 1 1 3 2 2 . . . 3 3 3 4 3 3 . . . 6 6 6 4 3 3 1941— J M un a e rch.. 2 2 . . 5 5 8 5 2 1 . .9 0 5 6 2 2 . . 5 5 3 8 3 3 . . 2 2 5 3 Aug. 23— Vie 1.00 .114 .13 .33 .61 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 The average rate on 90-day stock exchange time loans was 1.25 per Back figures.—See November 1939 BULLETIN, pp. 963-969 for descripcent during the entire period. tion and for back figures. 3 Tax-exempt bills prior to March 1941; taxable bills thereafter. 4 Rate negative. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures for Treasury bills and Treasury notes available on request. BOND YIELDS1 [Per cent per annum] Corporate (Moody's)5 U.S. High- Year, month, or week G m o e v n e t r n 2 - M ip u a n l i 3 c- corpor- By ratings By groups ate* Total Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues 2-6 120 30 30 30 30 40 40 1938 average 2.56 2.91 3.12 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3.87 1939 average 2.36 2.76 2.92 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1940—July 2.28 2.54 2.85 3.57 2.88 3.01 3.57 4.80 3.15 4.32 3.23 August 2.25 2.49 2.80 3.55 2.85 3.03 3.55 4.76 3.12 4.30 3.23 September. 2.18 2.44 2.71 3.50 2.82 3.01 3.52 4.66 3.10 4.23 3.19 October 2.10 2.32 2.70 3.46 2.79 3.01 3.48 4.56 3.06 4.15 3.18 November- 1.97 2.18 2.65 3.40 2.75 2.96 3.40 4.48 2.98 4.07 3.14 December.. 1.89 2.07 2.59 3.36 2.71 2.92 3.36 4.45 2.93 4.03 3.13 1941—January 1.99 2.16 2.57 3.36 2.75 2.95 3.36 4.38 2.96 3.96 3.17 February... 2.10 2.27 2.71 3.40 2.78 3.00 3.38 4.42 3.00 4.00 3.19 March 2.01 2.28 2.73 3.39 2.80 3.01 3.37 4.38 3.02 3.98 3.17 April 1.96 2.20 2.76 3.39 2.82 3.04 3.38 4.33 3.06 3.96 3.16 May 1.92 2.14 2.75 3.37 2.81 2.99 3.34 4.32 3.02 3.95 3.13 June 1.91 2.08 2.70 3.34 2.77 2.95 3.31 4.31 2.96 3.95 3.10 July 1.90 2.03 2.66 3.30 2.74 2.90 3.26 4.28 2.90 3.92 3.07 Week ending: Aug. 2 1.90 2.00 2.65 3.29 2.74 2.89 3.25 4.27 2.90 3.91 3.06 Aug. 9 1.93 1.98 2.65 3.28 2.74 2.89 3.25 4.26 2.89 3.90 3.06 Aug. 16 1.97 2.01 2.66 3.29 2.75 2.90 3.25 4.27 2.90 3.92 3.06 Aug. 23 1.95 2.01 2.66 3.30 2.75 2.91 3.24 4.29 2.90 3.93 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 on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 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) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages 21-24. Figures for U. S. Government bonds available on request. SEPTEMBER 1941 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate 3 Stock prices» Vol- U. S. ume of Year, month, or date Govern- Munic- tradment2 ipal 3 Indus- Rail- Public Year, month, or Common (index, 1926=100) ing 3 Total trial road utility date Pre- (in ferred thou- Indus- Rail- Public sands of Number of issues. 2-6 20 20 20 Total trial road utility shares) 1938 average 102.5 113.7 78.9 58.6 95.3 1939 average 105.2 116.3 81.6 86.0 58.0 100.9 Number of issues. 20 420 348 32 40 1940 average 107.2 121.2 82.0 87.5 57.9 100.6 1938 average 135.6 1,104 1940—July 106.3 120.4 81.2 86.3 57.1 100.2 1939 average _. 141.2 105 977 August 106.7 121.2 81.5 86.8 57.5 100.2 1940 average 140.1 97 767 September. 107.7 122.3 82.7 87.8 59.7 100.6 October 108.8 124.6 83.6 89.2 61.0 100.6 1940— July.. 136.9 87 310 November. 110.7 127.3 83.9 90.3 60.9 100.5 August 137.3 317 December.. 111.8 129.3 84.0 90.2 61.1 100.7 September. _ 139.1 553 1941—January 110.4 127.7 85.3 90.5 64.3 101.2 October 140.4 599 February... 108.8 125.6 84.5 89.9 62.7 100.9 November. . 141.9 1,044 March 110.1 125.4 85.3 90.2 64.3 101.3 December._ 143.9 814 April 110.8 126.8 85.8 90.2 65.9 101.1 1941—January 145.4 564 May 111.4 128.1 86.0 90.1 66.7 101.2 February... 143.0 444 June 111.5 129.2 85.8 90.4 65.8 101.1 March 142.1 440 July 111.7 130.0 86.3 91.1 66.6 101.0 April 141.8 495 May__.: 140.9 420 July 30 111.7 130.6 86.4 91.2 67.1 101.0 June 141.0 463 Aug. 6 111.2 131.0 86.2 91.2 66.4 101.0 July 142.8 757 Aug. 13 110.7 130.4 85.9 91.0 65.6 101.1 Aug. 20 — 111.0 130.4 85.9 90.7 65.7 101.2 July 30 143.7 841 Aug. 6 144.0 598 Aug. 13 143.9 411 1 Monthly data are averages of daily figures, except for municipal Aug. 20 144.1 404 bonds, which are averages of Wednesday figures. 2 Prices derived from average of yields on all outstanding partially taxexempt U. S. Government bonds due or callable in more than 12 years i Standard and Poor's Corporation. Monthly data are averages of on basis of a 2K per cent, 16 year bond. For description see November Wednesday 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 and Exchange. Weekly figures are averages for the week ending Saturday. Poor's Corporation. Back figures.—For stock prices see Annual Report for 1937 (table 79). Back figures.—See Annual Report for 1937 (table 79). For U. S. Government 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 For ing) for- Total mu- agen- eign » and Total mu- agen- eign 2 eign) nici- cies1 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 93 319 316 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3, 465 195 1,537 1,733 1,596 137 88 1940 — 4, 804 1,956 1,954 757 461 736 601 135 2 2,848 2,848 478 344 2,026 1,834 193 0 1940—July.-. 712 401 431 62 289 50 47 2 0 311 311 20 48 242 240 3 0 Aug 284 130 129 61 0 68 53 15 1 154 154 14 28 113 108 4 0 Sept.— 229 114 114 46 0 68 64 4 0 116 116 24 26 66 64 1 0 Oct 711 258 258 98 112 48 22 26 0 453 453 80 28 345 332 14 0 Nov 442 264 264 53 42 169 166 3 0 178 178 25 59 94 68 26 0 Dec..— 613 191 191 129 0 62 46 16 0 422 422 73 14 335 292 43 0 1941—Jan 421 95 95 40 2 53 51 2 0 325 325 23 31 271 269 3 0 Feb 347 77 77 37 8 32 25 6 0 270 270 26 17 227 210 17 0 Mar.... 406 182 182 86 9 87 56 31 0 223 219 93 11 115 84 32 4 Apr 920 745 745 60 645 39 29 10 (3) 175 175 40 28 107 107 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 (3) 362 362 26 223 113 108 5 0 July.... 612 296 296 40 212 44 30 13 316 316 14 216 86 76 11 0 (3) i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Includes issues of noncontiguous U. S. Territories and Possessions. » Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—See Annual Report for 1937 (table 78). 910 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 Noninterestbearing Public issues Special issues End of month T gr o o t s a s l Total Marketable issues i Nonm is a su rk e e s table Madebt interest tured Other bearing Total Treas- Treas- Treas- S P a o v s i t n a g l s U. S. ju A st d e - d Total c S u o s r e c i - i t a y l 3s j e u r A s v t d i e c - d e4 ot A he H r6 debt ury ury ury and Savings bills notes bonds2 prewar bonds service bonds bonds 1932—June 19,487 19,161 618,852 616 1,261 13,460 7S0 3C9 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 26,480 626,084 1,404 6,653 15, 679 831 396 118 278 54 518 1935—June 28, 701 27, 645 27,012 2,053 10, 023 14,019 855 62 633 156 478 231 825 1936—June—_ 33, 779 32,989 32, 363 2,354 11,381 17,168 200 316 945 6^6 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 33,800 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—June 42,968 42, 376 37, 602 1,302 6,383 26, 555 196 2,905 261 4,775 3,528 536 712 205 386 1940— 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 I, 303 6,384 27, 235 196 3,044 254 5,063 3.751 517 796 212 381 Oct. 44,137 43,560 38,459 1,307 5,660 27,960 196 3,084 252 5,102 3,777 517 808 197 380 Nov 44,273 43, 707 38,498 1,308 5,660 27,960 196 3,123 251 5,209 3,885 516 808 187 379 Dec 45,025 44, 458 39, 089 t, 310 6,178 27, 960 196 3,195 249 5,370 4,047 516 806 189 377 1941— F ja e n b # 4 46 5 , , 0 8 9 7 0 7 4 4 5 5 , , 3 5 2 3 0 5 3 40 9 , , 0 8 0 9 2 5 l" . 3 3 0 0 7 6 6 6 , , 8 8 1 1 3 3 2 2 7 7 , , 9 9 6 6 0 0 1 1 9 9 6 6 3 3 , , 3 4 7 8 1 0 2 2 4 4 8 7 5 5, , 5 4 3 2 4 6 4 4 , , 0 1 6 7 6 4 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 1,604 5,722 29, 532 196 3,599 245 5,683 4,324 518 840 220 372 Apr 47,231 46,673 40, 967 1,603 5,721 29, 554 196 3,647 244 5,707 4,354 529 824 186 372 May 47, 721 47,160 41,326 1, 603 P, 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 July.... 49, 513 48, 965 42, 641 1,603 5,698 30, 215 196 4,649 7 279 6,324 4,811 555 957 180 368 1 Including amounts held by Government agencies and trust funds which aggregated $2,092,000,000 on June 30, and $2,093,000,000 (preliminary) on July 31,1941. These amounts exclude holdings by production credit associations and joint stock land banks. 2 Including Liberty bonds. 3 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 4 Including special issues of bonds and of notes to Government life insurance fund, certificates to adjusted service fund, and notes to National Service life insurance fund. 5 Including special issues to Government employees' retirement funds, to Postal Savings System, to Federal Deposit Insurance Corporation, and to Federal Savings and Loan Insurance Corporation. fi Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000. 7 Includes $40,000,000 of depositary bonds. SECURITIES FULLY GUARANTEED BY UNITED STATES GOVERNMENT, BY ISSUING AGENCIES1 [In millions of dollars] Interest-bearing Non- Total interest End of month o a u m t i s n o t g a u n n 2 d t - Total M C F F o e o t r a i d r p o t r e g o n m r a r a a g l - e C O H o L w t r i o o p o n m a o e n n r r e s a ' - s C F t R r o i t u n e r i c o c p a o t o n n i n r o c 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 t n e 2 g d 3934—June 681 312 134 235 December 3,063 980 1,834 249 1935—June 4,123 1,226 2,647 250 December 4,494 1,387 2,855 252 3936—June 4,718 1,422 3,044 252 December 4,662 1,422 2,988 252 (3) 1937—june . .. - 4,665 1,422 2,987 255 December 4,645 1, 410 2,937 297 ^938—June 4,853 1,410 2,937 299 206 1 December 4,992 1, 388 2,888 509 206 1 1939—June 5,450 1,379 2,928 820 206 114 3 December . ________ 5,704 5, 621 1,269 2,731 1.096 407 114 4 83 1940—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 August ...... _ _ 5,813 5,788 1,269 2,603 1,096 696 114 9 24 September 5,808 5,787 1,269 2,602 1,097 696 114 9 21 October 5,810 5, 790 1,269 2,602 1,097 696 114 12 19 November 5,919 5,901 1,269 2,600 1,097 696 226 13 18 December 5 917 5,901 1,269 2,600 1,097 696 226 13 15 1941—January 5,915 5,901 1,269 2,600 1,097 696 226 12 14 February _ ._ . _ ... 5,914 5,901 1,269 2,600 1,097 696 226 13 13 March 5,916 5, 905 1,269 2,600 1,097 696 226 16 11 April _ _ . 6,560 6, 550 1,269 2,600 1,741 696 226 17 10 May _ -. 6,371 6,359 1,269 2,409 1,741 696 226 17 12 June 6,370 6,360 1,269 2,409 1,741 696 226 17 11 July 6,939 6,930 1,269 2,409 2,101 907 226 17 10 i Principal amount of obligations guaranteed as to interest ana principal. Excludes obligations held by IL S Treasury and reflected in the public debt. 2 Figures on matured debt were not published prior to September 1939. 3 Less than $500,000. SEPTEMBER 1941 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MATURITIES OF PUBLIC MARKETABLE SECURITIES OF UNITED STATES GOVERNMENT, DIRECT AND FULLY GUARANTEED, JULY 31,1941 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total Treas- fully Bonds ury Federal Recon- guar- 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 r a y s- P S P r a a o e v n - s i w d t n a g a l s r c b d a u o ll e n a d b o s l r e1 Total 2 C M F a g o t a a r i o p r o g r m o n e t- r- C O H L a o w t o o r i n p o m a e o n n e r r s - ' F C s i a o t t n t i r r i o a u p o n n c o 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 - y r t - H A o u u u i t . t s h y i o s n r g . - c a s d a e n u t l c t i l e e a e u s b e r o i d l r - e* 1941—Before Oct. 1. 1,148 1,102 47 47 2 2 2 Oct. 1-Dec. 31 _ 706 501 204 616 300 204 112 616 1942—Jan. 1-Mar. 31 426 426 (3) 310 310 650 Apr 1 June 30 Julyl-Sept.30.._ 342 342 (3) 276 276 1,151 Oct. 1-Dec. 31 _.- 232 232 320 320 320 1943 1,396 1,396 (3) 1,855 614 324 289 614 1944 . 1,849 1,849 (3) 2,555 1,561 875 571 114 2,394 1945 3,191 1,249 1,941 (3) 1, 755 412 412 1,167 1946 1,535 1,519 16 2,344 1947 2,384 2, 370 14 1,460 1,095 340 755 1948 1,489 1,487 2 3, 361 1949 821 819 2 2,278 835 835 1950 1,689 1,687 2 1,186 1951 1,230 1,223 7 3, 500 1952 2,454 2, 436 18 1,024 779 779 1953 2,932 2,904 27 725 1954 3.709 3,687 22 681 1955 1,515 1,480 35 2,611 1956 1,170 1,170 2,431 1958 1,449 1,449 919 1959 982 982 1960 2,611 2,611 1,485 1961 50 50 1963 919 919 1964 95 95 1965 1,485 1,485 Total 37, 713 1,603 5,698 30, 215 196 30, 215 6,913 1,269 2,409 2,101 907 226 6,913 Within 1 year 2,281 1,603 631 47 (3) 47 1,204 886 206 112 2,419 1 to 5 years 8,545 5,068 3,460 17 8,509 2,906 875 1,216 701 1 114 4,494 5 to 10 years 7,613 7,585 28 9,911 1,930 1,175 755 10 to 20 years 16, 870 16,719 152 11, 748 779 779 Over 20 years 2,404 2,404 95 95 1 Securities not callable prior to maturity are shown as of date of maturity. 2 Excluding debentures of Federal Housing Administration, which amounted to $17,000,000 on July 31. s Less than $500,000. 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 investors2 Total by End of interest- Federal Month bearing Reserve Other Mutual Insur- u. s. securities Banks Total Member com- savings ance Savings Special Public banks mercial banks com- Market- and issues issues banks panies 2 is a s b u le es2 a s d e j r u v s i t c e e d bonds 1930—June 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 1932 June 19,161 309 261 1,784 16, 807 5,628 590 680 800 9,100 1933_j une 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 1936—June 37, 707 626 1,703 2,430 32, 948 13, 671 1,600 2,050 3,900 10, 500 1,200 December 38, 362 632 1,820 2,430 33, 480 13, 545 1,710 2,330 '4, 500 '10, 500 900 1937 June 40,465 1,558 2,036 2,526 34, 345 12, 689 1,870 2,390 5,000 11,300 1,100 December 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 December 43,891 3,156 2,198 2,564 35, 973 13, 222 1,850 2,880 '5,600 no, 800 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 December _. 47,067 4,231 2,323 2,484 38,029 14,328 1,970 3,100 r6,000 no, 400 2,200 1940—June 47, 874 4,775 3 2, 293 2,466 38, 340 14, 722 1,830 3,110 6,100 9,700 2,900 December* 50,360 5,370 3 2, 250 2,184 40, 556 15,823 1,940 3,220 6,500 9,900 3,200 1941—June . . 54, 747 6,120 3 2, 360 2,184 44, 083 18, 087 2,040 3,360 6,600 9,700 4,300 r Revised. i 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. 1 Holdings of insurance companies included with "Other investors" prior to 1932. 3 Excluding holdings of production credit associations and joint stock land banks. NOTE.—For end of June figures 1916-1929, see BULLETIN for July 1941, p. 664. 912 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) counts period etc.,2 Excess excess Period Mis- Agri- of re- of recella- cul- Un- Trans- ceipts ceipts In- neous Social Total Net Inter- Na- tural em- fers to (+) or (+) or Gencome inter- secur- All re- re- est tional Ad- ploy- trust All Total1 expen- ex- eral taxes nal ity other ceipts ceipts1 on de- just- ment ac- other ditures pendi- fund Gross reve- taxes debt fense ment re- counts (—) tures bal- debt 3 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 3,039 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 -61 -139 +160 July- 50 237 39 41 367 331 20 177 54 151 114 302 818 -487 +51 +367 +803 Aug.- 38 346 139 43 566 447 20 200 76 142 25 243 706 -259 +320 +196 +135 Sept._ 432 213 29 37 711 711 148 219 75 139 10 168 759 -48 -158 -39 +168 Oct.__ 44 237 38 47 365 333 73 287 103 145 261 869 -536 -24 -495 +64 Nov._ 49 252 138 46 485 362 11 376 108 138 20 164 817 -455 +216 -103 +136 Dec._ 429 231 34 46 741 740 219 473 110 155 215 1,172 -432 -209 +111 +752 1941—Jan.- 63 210 47 52 372 340 25 572 103 146 18 247 1,111 -771 +15 +97 +852 Feb.. 104 204 193 172 674 541 21 593 96 138 20 209 1, 075 -534 -3 -324 +213 Mar._ 1,208 273 34 52 1,567 1,566 150' 746 102 159 10 232 1,399 +167 -236 +1,014 +1, 083 Apr._ 75 244 43 240 602 565 73 761 71 148 18 244 1, 315 -750 +403 -290 +58 May_ 63 254 165 58 541 394 12 837 39 145 108 1,141 -747 -264 -521 +490 June 916 265 32 64 1,277 1,276 339 808 32 135 215 1,528 -252 -259 +729 +1, 241 July._ 84 268 48 56 456 413 25 940 60 132 153 288 1,598 -1,185 +599 -34 +551 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 (*) *144 *6 *32 18 15 2,454 143 590 1,720 Sept 11 148 14 67 *18 81 *13 *1 15 16 24 17 2,415 143 592 1,680 Oct. 32 *5 15 107 31 84 *10 21 51 *13 29 17 1 920 143 595 1,183 Nov 143 *5 15 145 113 31 59 24 *103 *50 18 6 1,817 143 596 1,078 Dec. 1 151 15 51 11 33 15 17 8 21 35 25 1,928 143 597 1,188 1941—Jan 42 *10 15 78 29 41 16 12 32 *43 38 50 2,025 143 599 1,283 Feb. 152 *5 16 149 113 43 160 7 *8 *30 33 42 1,701 143 601 957 Mar _ 11 160 17 28 *10 37 64 37 25 *56 46 49 2,715 143 602 1,970 Apr 46 *10 17 69 40 35 *406 33 24 *12 57 48 2,425 143 603 1,679 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 July 89 24 18 82 60 29 *280 *221 *22 *11 147 122 2,599 143 607 1,848 * Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. J For details, see page 911. * Less than $500,000. * For social security investments, excess of redemptions; for net expenditures in checking accounts, excess of receipts. NOTE.—For explanation of table seeBuLLETiN for October, 1940, pp.1052-1054. SEPTEMBER 1941 913 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Assets Loans and preferred stock: Loans to financial institutions _ 429 430 433 437 441 469 485 445 425 409 400 397 417 Preferred stock, etc 783 772 756 757 757 739 736 729 711 706 703 702 698 Loans to railroads.. . ... 524 552 553 513 512 515 516 523 518 523 523 505 505 Home and housing mortgage loans 2,323 2,342 2,336 2,348 2,387 2,387 2,390 2,424 2,395 2,406 2,427 2,436 2,445 Farm mortgage loans 2, 549 2,540 2, 534 2,526 2,517 2,508 2,500 2,481 2,485 2,475 2,467 2,458 2,448 Other agricultural loans 675 693 815 802 785 772 757 728 727 776 867 830 779 All other loans 1,187 1,185 1,197 1,200 1,214 1,291 1,298 1,309 1,352 1,386 1,409 1,472 1,511 Total loans and preferred stock 8,470 8,513 8,623 8,583 8,613 8,680 8,682 8,639 8,614 8,681 8,796 8,800 8,804 Cash 412 462 566 572 521 549 533 580 595 620 771 464 376 U. S. Govt. direct obligations__. 748 740 715 693 704 699 701 723 736 756 771 780 802 Obligations of Government credit agencies: Fully guaranteed by U. S 131 131 131 131 130 128 128 127 127 124 126 125 123 Other i 48 35 36 36 30 24 22 21 22 20 21 17 18 Accounts and other receivables.. 404 394 519 512 521 513 491 552 524 551 555 549 598 Business property 562 567 569 570 597 601 593 599 600 602 608 623 636 Property held for sale. 1,067 1,067 1,061 1,081 1,094 1,113 1,141 1,190 1,206 1,245 1,297 1,392 1,497 Other assets 179 184 191 193 188 210 211 214 251 310 338 359 423 Total assets other than interagency 2 12, 021 12, 092 12, 410 12, 371 12, 398 12, 518 12, 500 12, 645 12, 676 12, 909 13, 282 13,108 13, 277 Liabilities Bonds, notes, and debentures: Guaranteed 5,529 5,526 5,811 5,809 5,808 5,919 5,917 5,915 5,914 5,916 6,560 6,371 6,370 Other i 1,343 1,351 1,354 1,356 1,354 1,422 1,395 1,389 1,386 1,390 1,385 1,434 1,443 Other liabilities 1,105 1,103 1,234 1,238 1,243 1,237 1,214 1,294 1,292 1,391 1,432 1,492 1,604 Total liabilities other than interagency 2 7,977 7,980 8,400 8,403 8,406 8,579 8,526 8,599 8,592 8,696 9,377 9,297 9,417 Excess of assets over liabilities, excluding interagency transactions ._ 4,044 4,112 4,010 3,968 3,992 3,939 3,974 4,046 4,084 4,213 3,906 3,811 3,860 U. S. Govt. interests 3,639 3,706 3,603 3,558 3,580 3,526 3,559 3,629 3,666 3,792 3,484 3,388 3,436 Privately owned interests._ 405 406 407 410 412 413 415 417 418 421 422 423 424 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, JUNE 30, 1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and p T r s l e o a t o o f n a e t c n d a r k s r l ed Cash o d G U t b i i o o . l r i e n v g S c s t a . t . - G o t u b t i e o l a e i r n g d a s a n - - • A r o c e a a c c b t n h o e l d e e i u v s r n - ts p B r u o s p in e e rt s y s P h r e o s ld a p l e e f r o t r y an U S G te n t u a e i d t a d t e e e r s d - b b y entu O re t s her Reconstruction Finance Corporation 1,511 2 51 27 0) 44 1,741 National defense corporations _. 0) 0) 41 0) 257 Home mortgage and housing agencies: Home Owners' Loan Corporation 2,053 ill 6 3 319 2,419 0) Federal home loan banks 170 58 53 10 C1) 76 RFC Mortgage Company 65 0) 0) 2 7 1 Federal National Mortgage Association 194 4 0) 1 85 United States Housing Authority 316 4 6 3 226 Farm credit agencies: Federal Farm Mortgage Corporation 630 21 49 127 11 1,270 46 Federal land banks... _ .. 1,818 53 104 170 70 2 977 Federal intermediate credit banks __ 255 17 36 2 235 B Pr a o n d k u s c f t o io r n c o c o r p e e d r i a t ti c v o e r s p o _ rations __ 6 7 2 4 1 1 4 4 2 6 4 8 0) 1 0 0 ) )6 0) Regional agricultural credit corporations 7 15 0) 0) Commodity Credit Corporation 244 1 79 5 753 696 Farm Credit Administration 263 13 0) Farm Security Administration 461 29 1 Insurance agencies: Federal Crop Insurance Corporation 8 0) Federal Deposit Insurance Corporation 54 19 il9 36 0) 29 Federal Savings and Loan Insurance Corporation 1 25 103 2 Federal Housing Admin;stration 14 32 28 1 11 17 2 Export-Import Bank of Washington 114 2 69 0) T X R e T u n r n a S l e s E M se le a e c r t V i r t i i a f m l i l c e e a y t C io A o n m u t A m h d o is m r s i i t i o y n n istration 2 3 8 3 9 9 2 8 6 0 3 3 8 8 5 8 Public Works Administration 97 Other 96 15 6 14 63 1 14 Total __ ... . 8,804 376 802 123 598 636 1,497 6,370 1,443 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 914 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Loans to financial institutions 145 142 167 158 139 Loans on preferred stock of banks and insurance companies 57 57 57 56 53 50 49 49 48 48 48 Preferred stock, capital notes, and debentures- 459 460 460 455 452 447 442 437 434 432 429 425 Loans to railroads (including receivers) 507 508 470 470 473 474 482 482 487 487 470 470 462 Loans for self-liquidating projects 39 42 38 47 36 36 37 35 35 36 37 37 81 Loans to industrial and commercial businesses: For national defense 0) 0) 3 3 6 7 11 17 21 61 65 70 Other 130 129 129 128 126 121 117 115 114 113 111 109 Loans to drainage, levee, and irrigation districts 83 83 83 83 84 83 83 76 74 79 Other loans 5 5 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration 107 110 116 113 113 113 111 122 120 Total loans and investments, other than interagency 1,541 1,538 1,503 1,511 1, 522 1, 519 1,512 1,499 1,499 1,503 1,511 1,538 Preferred stock of, and loans to Export-Import Bank 1 74 74 74 74 99 99 174 174 174 174 174 174 174 Loans to Rural Electrification Administration 146 146 146 146 146 146 152 157 164 168 175 182 190 Capital stock of, and loans to RFC Mortgage Company Capital stock of, and loans to Federal National Mortgage Association. 101 102 103 Loans to Tennessee Valley Authority 8 8 Capital stock of, and loans to national defense companies 2 83 121 168 282 327 Loans to Farm Security Administration 33 60 81 116 89 Capital stock of Federal Home Loan Banks __ 125 125 125 125 125 Total loans and investments.. 1,915 1,918 2,003 2,089 2,244 2,319 2,383 2,473 2,573 2,630 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 otal Federal Land Federal Produc- gency Banks tural Total b l a a n n k d s C B m o a i m n s- k - Total 1 m c i e n re d te d ia r i - t te a c s t s r i e o o d c n i i a t - c d r r r o o e p l u i a e g f n h d t Totali a c t o i o f v o p e r e s r 3 - m r in e a v g r o k a l e v c t t - sioner banks 2 tions 3 loans ing fund 1934 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2.867 2,072 795 358 47 94 173 97 50 44 1936 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2,848 2,035 813 367 40 138 173 120 88 31 1938 3,211 2,735 1,982 753 364 34 148 171 112 87 24 1939 3,058 2,596 1,905 691 364 33 154 168 99 76 21 1940—July 3,056 2,540 1,875 665 434 42 204 181 82 65 15 August 3,050 2,534 1,871 663 433 42 203, 180 83 67 15 September. 3,035 2.526 1,867 659 420 41 195 178 89 73 16 October 3,008 2,517 1,862 655 394 35 180 173 96 79 17 November. 2,986 2,508 1,856 652 383 34 173 170 96 77 17 December. 2,973 2,500 1,851 648 381 34 172 168 93 75 16 1941—January 2,964 2,489 1,844 645 382 35 174 167 92 75 16 February _ 2,970 2, 485 1,842 643 393 36 182 169 91 74 16 March 2,976 2,475 1,836 640 413 37 195 175 88 70 16 April 2,982 2,467 1,830 637 431 39 207 179 85 68 16 May 2,988 2,458 1,824 634 440 40 215 179 90 74 16 June 2,988 2,448 1,818 630 450 42 221 179 90 74 16 July 2,986 2,437 1,811 626 453 44 224 179 96 80 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 $227,000,000 in July 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 shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 in 1935, and a negligible amount since 1935. SEPTEMBER 1941 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME MORTGAGE AND HOUSING AGENCIES POSTAL SAVINGS SYSTEM LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [In millions of dollars] Assets H O o w m n e - Fed- F e e ra d l - RFC F e N e r a a d - l - U S n ta i t t e e s d Depos- U. S. s e G cu o r v it e i r e n s ment Cash End of ers' eral savings Mort- tional Hous- End of month itors Cash remonth L p t C i o o o o r a n a r n - - B H L a o n o m k a s n e i cia a l a o t s n i s a o d o n n - s 2 C p g a o a n g m y e - c M A i g a s a o t s g i r o o e t - n - th A i o n r u g i - ty an b c a e l- s1 Total b i p t n a o o n r s d y k i e - s - Total t o r i D g e o b a c i l n - - i t s - G o t a e g u b n e a l a d - i - r - - f s e u e t n r c v d 3 e s, tions 1933—June 47 Dec 132 85 1934 June 1,217 85 1934—June___ 1,198 1,225 695 453 418 35 76 JL UU±- Dv Lei^vc — — — 2,379 87 81 December 1,207 1,237 540 597 467 130 100 1935—June... 2,658 79 186 1935—June. 1,205 1,236 385 777 630 147 74 Dec 2,897 103 348 6 December 1,201 1,237 287 853 706 147 98 1936—June__- 2,945 119 474 18 1936—June 1, 232 1,265 203 967 800 167 95 Dec 2,765 145 587 36 December 1,260 1,296 145 1,058 891 167 93 ig37—June 2,556 167 742 49 1937—June 1,268 1,307 136 1,100 933 167 71 Dec. 2, 398 200 854 68 10 December 1,270 1,308 130 1,097 930 167 80 1938—June — 2,265 196 948 41 38 13 1938—June 1, 252 1,290 115 1,103 936 167 73 Dec 2,169 199 1,034 54 80 32 December 1,252 1,291 86 1,132 965 167 73 1939—June.-- 2,081 169 1,136 57 125 68 1939—June 1, 262 1,304 68 1,157 1,011 146 78 Dec 2,038 181 1,271 57 147 123 December 1,279 1,319 53 1,192 1,046 146 74 1940—June. _- 2, 013 157 1,405 60 163 87 1940—June 1,293 1,337 43 1,224 1,078 146 69 July_.._ 2,005 162 1,432 60 166 112 July 1,297 1,339 42 1,224 1,078 146 73 Aug 1,996 168 1,462 60 168 111 August 1,297 1,340 41 1,224 1,078 146 75 Sept.___ 1,988 176 1,488 61 171 129 September 1,295 1,339 40 1,224 1,078 146 74 Oct.__.. 1,981 182 1,515 63 175 168 October 1,296 1,338 38 1,224 1,078 146 75 Nov 1,969 186 1,533 65 178 176 November 1,298 1,341 37 1,224 1,078 146 80 Dec 1,956 201 L, 546 67 181 186 December 1,304 1,348 36 1,224 1,078 146 88 1941—Jan 1,942 171 1,564 68 185 228 1941—January _._ 1,314 1, 356 34 1,239 1,093 146 84 Feb.___ 1,929 157 1,579 68 187 211 February 1,318 1,361 33 1,245 1,098 146 83 Mar 1,914 146 1,600 69 190 233 March__ 1,320 1,364 31 1,259 1,113 146 74 Apr.__. 1,900 142 1,628 70 190 266 April 1,317 1,362 30 1,259 1,113 146 73 May _._ 1,885 145 1,658 70 192 288 May— 1,310 1,359 30 1,254 1,108 146 75 June... 1,870 170 1,688 65 194 316 June Pl, 304 July____ 1,855 168 1,718 67 196 296 July PI, 307 1 Loans and discounts to member institutions of the Federal Home p Preliminary. Loan Bank System. 1 Outstanding principal, represented by certificates of deposit. Does 2 Federal Home Loan Bank Board estimates for all Federal saving* not include accrued interest nor outstanding savings stamps. and loan associations which are private institutions chartered and 2 Includes working cash with postmasters, 5-per cent reserve fund and supervised by the Federal Home Loan Bank Board. miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures—See BULLETIN for August 1935, p. 502. FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Loans insured by Federal Housing Insured home mortgages (Title II) held in portfolio Administration (Gross)1 by classes of institutions 2 End of month Total p P ( m e r T i r o m r I e o i ) t v t n y - p l e t e - - s ( h s N c t T t m o i r o I e o i m u ) a n w t n c l - l e e l - H m ( g T I a o o I g i m ) r t e l t e s - e h g o r M a g ( e u T g a r I n s o o e n I i i ) t s t u d r n a l t p o e g - l n h ( f T V e D i o n n i u e I g t s ) - s l e e - Total b C m a c o i n e a m r k l - s - b M s i t a n u a n g v a u k s l - - s ci a S l a i a o s n t a n s i a g v d o o n s - n - s p I c a n a o n s n m c u ie e r - s - a F c e g i e r e e a d n s l - 3 - Other « 1936— Dec 907 500 403 4 365 228 8 56 41 5 27 1937—Dec 1,403 561 827 15 771 431 27 110 118 32 53 1938—Mar 1,494 566 903 25 856 472 26 119 146 42 51 June .- 1,646 609 3 998 36 933 509 28 127 165 44 60 Sept 1,852 662 8 1,131 51 1,049 565 32 137 187 56 72 Dec 2,097 721 13 1,300 63 1,199 634 38 149 212 77 89 1939—Mar 2,313 759 18 1,451 86 1,349 699 44 159 241 114 92 June __ 2,547 814 26 1,607 100 1,478 759 50 167 271 137 94 Sept 2,783 867 32 1,777 108 1,622 824 57 178 302 148 113 Dec 3,051 929 38 1,970 114 1,793 903 71 192 341 153 133 1940—Mar 3,265 972 44 2,133 117 1,949 971 90 201 393 171 123 June __. 3,482 1,023 50 2,288 121 2,075 1,026 100 208 432 182 127 Sept 3,761 1,098 57 2,480 126 2,232 1,093 112 216 480 190 141 Dec 4,076 1,179 64 2,706 127 2,409 1,162 130 224 542 201 150 1941—Mar 4,345 1,236 69 2, 908 132 2,598 1,247 146 230 606 210 159 June__ __ _.- 4,613 1,297 73 3,108 135 * 2,755 1,318 157 237 668 221 154 1 These figures represent gross insurance written and do not take account of principal repayments. On the latest date for which figures of insured loans less repayments are available, the amounts were as follows: Property improvement (Title I) on May 1, 1941, $321,000,000; new small home construction (Title I) on May 1, 1941, $52,000,000; home mortgages (Title II) on July 1, 1941, $2,600,000,000; and rental and group housing (Title II) on July 1, 1941, $109,000,000. 2 Gross amount of mortgages held, does not include terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. s The RFC Mortgage Company, the Federal National Mortgage Association, and the United States Housing Corporation. 4 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. * Less than $500,000. 916 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Industrial production Construction Income (phys 1 i 9 c 3 a 5 l - v 39 o = lu 1 m 00 e) 2 * awa 1 r 9 c d 2 o e 3 n d - t 2 r 5 ( a v = c a 1 ts l 0 u 0 e) 3 Employment4 F to a r c y - Freight- D m ep e a n r t t- W s h al o e le- C o o f st Y m ea o r n a th nd ( 1 m v = 9 p a 3 1 e a l 5 n u 0 y - 0 e t - 3 s ) 9 1 Total Du f M a r c - a tu n N r d u e - u o s r n - - M era in ls - Total R d t e i e a n s l i - - o A th ll er 1 t N 9 a u c 3 g u o r 5 r a l n i - - l - 3 - 5 9 19 F 23 a - c 2 t 5 o = r 1 y 00 r 1 o = 9 p l 2 1 a l 3 s 0 y - 0 - * 25 1 i = l 9 n o 3 1 g a 5 0 s d - 0 3 - * 9 (v 1 = s 9 s a t a 2 l 1 o u l 3 0 e r e - 0 e s 2 ) 5 *e p m = c r 1 i o o 1 9 c m d 0 2 e i 0 s 6 - t 4 y 1 = 9 i l n 3 1 iv 6 g 0 - - * 0 39 able able =100 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted usted justed usted usted usted usted justed usted justed usted justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 120 78 10/1 K 1920 75 93 60 83 63 30 90 107.1 117.2 129 94 154 4 1AO O 1921 58 53 57 66 56 44 65 82.0 75 6 110 87 Q7 fi 107 7 1922 73 81 67 71 79 68 88 90.7 81.2 121 88 96 7 11Q 7 1923 88 103 72 98 84 81 86 103.8 102.9 142 98 100 6 101 Q 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98 1 1OO O 1925 90 107 76 92 122 124 120 99.8 101.1 146 103 103 5 IOC A 1926 96 114 79 99 129 121 135 101.7 104 2 152 106 100 0 19R A 1927 95 107 83 100 129 117 139 99.5 102.4 147 107 95 4 104. fl 1928 99 117 85 99 135 126 142 99 7 103 5 148 108 Qfi 7 1929 122.3 110 132 93 107 117 87 142 107.6 106.0 110.4 152 111 95.3 122.5 1930 110 9 91 98 84 93 92 50 125 100.9 92.4 89.4 131 102 86 4 110 A 1931 ._ 94.3 75 67 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 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 8 7 6 4 3 5 . _ _ _ . 1 1 8 9 6 8 0 0 0 8 7 9 1 7 . . . . 2 2 2 2 9 5 ----- 1 1 8 8 6 7 0 1 9 7 9 5 3 3 1 1 8 6 7 0 2 5 3 5 8 8 2 4 1 1 9 8 9 0 0 7 5 1 0 6 0 9 1 9 8 8 9 7 1 9 0 6 7 6 2 2 3 3 5 5 6 5 2 7 5 9 4 4 4 2 3 1 1 1 5 1 7 1 2 8 4 7 3 6 7 0 8 0 7 0 4 1 1 9 9 8 9 0 0 4 8 3 0 0 5 . . . . . . 2 5 0 0 3 5 1 8 9 9 9 7 0 9 0 5 1 3 8 . . . . . . 0 9 7 4 3 6 1 8 6 7 5 7 0 5 4 8 0 4 2 . . . . . . 8 5 5 1 1 5 1 1 8 8 8 9 0 1 9 2 9 2 7 1 8 9 8 7 6 7 8 2 5 5 7 9 8 8 8 6 7 7 5 8 0 6 0 4 . . . . 8 0 3 9 9 6 1 1 G 9 9 9 0 0 O 0 9 8 5 2 . . . . 1 7 1 7 8 A 1939 105.5 108 109 108 106 72 60 81 102.3 99.9 92.2 101 90 77 1 99 4 1940 112.5 123 138 113 117 81 72 89 105.6 107.5 105.4 109 94 78.6 ••100. 2 1938 June 97.0 81 81 66 90 92 54 42 64 96.8 86.3 85.4 71.6 85 82 78 3 100 9 July... 97.2 86 84 71 95 94 59 49 68 97.0 87.2 85.9 71.7 88 83 78.8 August 98.1 90 91 78 99 97 66 63 77 97.6 89.3 90.2 77.9 90 83 78 1 September 99.1 93 97 83 100 98 78 56 96 98.2 91.0 93.6 82.3 92 85 78 3 100 7 October 100.2 96 100 89 100 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 99 97 104 102 06 57 128 100.3 96.7 96.2 88.1 96 88 77.0 r100 2 1939 January 101.3 101 97 97 104 103 86 55 111 100.5 96.8 94.5 84.7 98 88 76 9 February _ 101.9 101 99 97 104 102 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 98 98 93 103 92 67 58 74 99.8 96.6 96.9 86.8 87 88 76.2 May 103.6 98 99 93 104 96 63 55 68 100.6 96.3 95.9 86.3 90 87 76 2 June 104.8 103 102 99 106 105 63 58 67 101.7 97.3 96.4 87.9 97 86 75.6 08 6 July 104.6 105 102 102 106 107 67 62 71 102.0 98.4 96.6 85.8 99 87 75 4 August 106.5 105 106 108 108 92 73 67 78 102.4 99.0 99.5 91.2 101 88 75.0 September 107.8 114 119 118 111 114 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 109.9 124 126 134 117 120 83 61 101 104.9 107.0 107.5 103.2 114 93 79.2 December 111.2 125 122 138 117 115 86 60 107 105.4 108.2 107.8 105.4 110 95 79.2 00.6 1940 January 110.6 122 117 134 113 118 75 53 93 104.9 107.6 105.0 99.8 111 92 79 4 February. _ 110.1 116 113 124 110 114 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 09 8 April 109 1 112 112 116 107 119 64 62 66 103.3 102 8 103.2 97.9 103 89 78 6 May 110.1 116 117 123 110 117 64 64 65 103.8 102.8 102.5 97.8 106 89 78.4 June 110.2 122 121 133 114 119 74 69 77 104.2 103.9 103.1 99.5 111 91 77.5 100.5 July 111 7 122 120 136 112 120 85 77 91 104.7 105 1 103.2 98.2 110 92 77 7 August " 113.3 124 124 143 112 113 90 82 98 105.6 107.4 107.4 105.5 112 98 77.4 September 114 6 127 132 151 112 117 93 82 101 106.1 108.9 111.4 111.6 112 97 78.0 100 4 October 115.8 130 136 155 116 113 95 85 103 107.3 111.4 113.8 116.2 110 94 78.7 100.2 November 116.6 134 136 157 120 118 111 87 130 108.8 114.2 114.7 116.4 116 100 79.fi 100.1 December 119.0 139 136 165 124 119 115 90 136 110.6 116.6 116.2 122.4 119 101 80.0 100.7 1941 January 121 3 140 135 171 123 118 103 84 117 111.0 118.3 115.5 120.7 122 101 80.8 100.8 February. . 123.0 144 140 176 126 118 99 76 118 111.6 118.6 117.8 126.8 124 103 80.6 100.8 March 123 7 147 144 180 127 125 94 74 109 111.4 119.4 119.9 131.2 126 103 81.5 101.2 April. 124.5 144 144 180 130 96 103 80 121 111.5 122.0 122.6 134.7 112 104 83.2 102.2 May 128.4 154 155 190 135 125 101 88 111 112.9 124.9 124.9 144.1 135 105 84.9 102.9 June 130 8 159 160 195 139 133 117 101 129 114.0 128.7 127.8 152.1 139 104 87.1 104.6 July 132.3 P161 P200 P138 P104 P120 *133. 2P130. 5 P152. 5 138 115 88.8 105.2 Auguste "163 «201 "137 "133 "139 «90.3 p Preliminary. * Average per working day. r Revised. • Estimated. 1 Department of Commerce series on value of payments to individuals. 2 Revised series. For description see pp. 878-881 of this BULLETIN. For figures on old basis see pp. 918-921. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 926. * 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. 922-925 for employment and payrolls and p. 929 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 928 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; 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. SEPTEMBER 1941 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average= 100] 1940 1941 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total... 121 121 121 125 129 133 139 140 141 143 140 150 157 P161 ManufactuT'es^—'Total 122 121 122 127 132 135 142 144 145 146 147 154 162 P166 Durable 131 132 135 146 151 154 165 170 172 170 167 176 188 ?197 Nondurable 114 112 112 112 116 120 124 122 123 127 132 136 141 P141 Iron and Steel 154 156 158 164 165 166 181 174 168 168 160 165 182 P183 Pig iron 148 157 162 167 169 173 182 186 178 170 162 166 177 185 Steel ingots . _ 154 156 157 164 165 165 181 173 167 169 160 165 182 #183 Machinery 128 133 138 145 146 153 163 173 176 181 191 202 213 P224 Transportation Equipment 122 111 107 138 157 162 168 188 199 188 164 194 210 P237 Aircraft 364 394 455 517 544 584 624 686 726 751 803 832 878 P998 Automobiles 106 87 76 109 130 133 134 149 159 144 110 141 152 167 Railroad cars 111 119 127 148 148 166 177 209 189 168 173 193 210 P235 Locomotives 102 113 123 140 160 168 174 204 217 239 279 280 296 P338 Shipbuilding 170 189 213 220 227 226 261 291 316 322 339 '361 409 P505 Nonferrous Metals and Products ISO 138 146 153 164 169 177 181 184 186 186 191 191 P200 Nonferrous metal smelting 1 128 138 134 130 134 133 137 136 141 140 141 148 145 P!54 Copper smelting 131 140 135 126 130 132 138 134 141 136 137 142 136 147 Zinc smelting _ 130 141 140 148 147 146 147 150 155 155 160 170 173 184 Copper deliveries 115 119 134 154 170 179 203 212 218 211 211 224 221 237 Lead shipments . 119 127 128 126 127 131 136 136 140 139 140 150 155 154 Zinc shipments 124 135 141 143 144 142 143 142 146 142 143 142 150 155 Tin deliveries 141 146 Lumber and Products . 111 107 ilk 121 123 127 132 137 135 128 132 132 135 vl41 Lumber 110 104 113 121 124 128 133 139 139 125 128 122 125 130 Furniture 113 115 115 121 122 125 128 132 129 132 139 151 154 #161 Stone, Clay and Glass Products 112 115 119 124 126 ISO 140 154 158 150 142 HI 150 P151 Cement 113 110 115 125 133 140 155 181 183 156 139 134 138 143 Common find face brick 118 117 129 131 126 135 147 Common brick 120 117 130 124 126 136 147 Face brick 112 118 125 146 127 132 148 Glass containers 111 117 114 116 115 114 119 123 131 139 135 148 155 154 Polished plate glass 80 100 114 118 111 113 117 137 138 135 142 142 152 146 Textiles and Products 107 113 113 116 123 134 139 134 135 1U 155 162 163 P166 Textile fabrics 103 109 111 113 121 130 136 130 131 140 149 156 157 P162 Cotton consumption 114 121 124 120 126 135 145 138 142 147 156 164 168 180 Rayon deliveries 144 137 127 120 129 146 156 157 150 158 171 190 190 P179 Silk deliveries 56 57 61 65 71 77 74 69 67 71 74 71 73 P7S Wool textiles 89 101 106 123 132 140 140 134 136 152 165 168 164 #163 Carpet wool consumption- 79 69 95 109 125 128 141 125 131 131 148 154 152 P142 Apparel wool consumption 88 113 108 137 152 160 158 152 152 177 182 196 190 Woolen yarn 92 102 104 120 124 131 132 124 122 139 149 153 150 PUS Worsted yarn... 92 113 117 135 149 152 143 146 157 170 177 178 178 Woolen and worsted cloth _ 89 105 105 122 127 140 141 134 134 154 173 174 166 P165 Leather and Products 96 94 97 95 97 107 108 107 108 114 114 123 130 P126 Leather tanning 90 85 92 90 93 100 102 102 103 113 109 118 121 Cattle hide leathers 90 88 98 95 100 110 113 115 112 119 118 129 131 Calf and kip leathers 88 75 83 82 85 92 86 88 92 112 97 99 98 Goat and kid leathers 91 84 83 83 81 82 86 79 87 97 96 105 112 Shoes 101 101 101 99 100 112 113 110 112 115 117 126 136 P130 Manufactured Food Products 115 110 114 110 118 117 121 117 120 121 123 124 127 P126 Wheat flour 98 100 99 100 104 99 104 98 105 105 110 110 107 P103 Cane sugar meltings 112 101 90 86 116 136 122 124 107 122 123 119 129 Manufactured dairy products 111 114 110 115 122 117 125 131 127 125 135 134 130 133 Ice cream 113 117 104 114 128 122 131 138 132 129 144 Butter 106 106 104 105 108 106 110 119 118 118 119 117 111 113 Cheese .. 111 116 115 115 114 117 118 123 124 131 138 134 121 128 Canned and dried milk. 118 124 132 133 135 126 138 136 129 124 135 139 132 141 Meat packing 126 116 119 121 127 133 134 114 126 134 126 132 124 125 Pork and lard 152 132 141 147 152 159 165 121 145 159 143 147 134 132 Beef 101 101 99 95 101 106 107 110 109 110 110 120 120 123 Veal 91 97 91 92 98 102 97 86 94 91 96 97 91 96 Lamb and mutton 99 98 96 95 106 110 109 112 112 111 108 109 101 110 Other manufactured foods . 115 110 115 109 118 116 120 117 119 120 122 122 129 Alcoholic Beverages 113 108 91 103 103 96 101 105 108 104 107 114 122 130 Malt liquor 99 104 91 93 100 94 104 105 106 100 102 106 107 115 Whiskey _ ._ . 84 72 44 71 80 77 85 78 81 80 82 90 94 108 Other distilled spirits 131 148 208 231 118 86 85 112 132 132 140 129 154 206 Rectified spirits 201 155 87 126 134 131 105 126 131 130 137 170 206 190 Tobacco Products ._ 115 103 106 108 115 113 114 113 116 117 120 119 118 114 Cigars 98 101 105 102 105 103 108 111 110 109 117 109 106 106 Cigarettes 127 106 110 113 120 119 121 118 125 127 127 131 131 123 Manufactured tobacco and snuff.. 99 99 96 100 112 106 101 101 96 97 101 100 97 97 ' Revised. v Preliminary. 1 Includes also lead production shown under "Minerals." 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 1941 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Paper and Paper Products 132 ISO 120 122 125 130 129 128 182 134 142 144 Paper and pulp 132 130 123 118 121 124 131 129 128 133 136 145 149 Pulp 159 153 150 150 148 150 159 153 153 160 161 162 175 Groundwood pulp 118 117 119 117 118 123 119 119 122 119 121 120 121 Soda pulp 148 142 120 114 124 113 142 128 129 137 135 141 151 Sulphate pulp 186 179 179 185 184 186 200 190 193 199 199 203 216 Sulphite pulp 157 151 148 145 140 143 148 144 144 153 156 155 170 Paper 128 126 118 113 117 120 127 126 124 129 132 143 145 Paperboard 128 130 121 118 123 132 143 138 134 138 143 158 154 170 Fine paper 118 121 114 107 110 114 114 110 110 114 115 127 133 Newsprint production 115 111 113 111 112 109 109 113 115 115 114 114 114 112 Printing paper 135 126 117 111 114 114 117 119 123 126 130 148 Tissue and absorbent paper 137 131 121 125 124 120 131 132 125 133 132 137 144 Wrapping paper _._ 126 126 117 107 110 114 120 120 119 124 129 139 140 Paperboard containers 128 128 Printing and Publishing l 120 114 110 108 109 110 112 111 U4 116 118 rl23 127 P127 Newsprint consumption 106 102 104 104 104 106 107 103 105 106 106 107 106 106 Petroleum and Coal Products 115 112 113 116 116 118 120 121 121 123 121 126 Petroleum refining 112 108 109 112 112 114 116 117 117 119 120 122 123 Gasoline 110 106 109 113 111 112 115 117 118 120 120 124 123 Fuel oil 113 111 116 113 115 116 120 120 122 121 121 120 123 Lubricating oil 122 113 98 102 109 115 107 112 104 105 118 118 134 Kerosene 116 116 111 121 123 123 130 120 123 113 117 115 104 Coke 132 139 140 143 145 147 148 148 148 150 133 151 156 159 Byproduct coke 132 137 137 139 141 143 143 143 144 144 134 141 145 149 Beehive coke 150 218 263 267 266 281 323 314 295 347 77 515 530 Chemicals _ 116 117 115 114 116 118 121 123 123 nsi 144 Rubber products 117 109 115 124 126 132 144 141 153 155 158 P153 Rubber consumption 116 109 116 125 128 133 147 143 156 158 161 164 196 156 Tires and tubes 126 106 105 109 109 116 117 123 128 134 131 144 151 126 Pneumatic tires 127 108 106 110 110 118 118 124 128 135 131 144 151 127 Inner tubes 113 95 102 107 103 107 115 121 127 132 130 145 155 125 Minerals—Total 120 114 116 113 118 119 118 118 125 101 126 133 P129 Fuels 116 117 112 115 109 US US 114 US 1 86 121 129 P127 Bituminous coal 116 121 121 119 98 112 115 117 114 149 22 149 153 P146 Anthracite 116 133 115 108 94 97 108 98 102 102 71 80 126 P135 Crude petroleum 116 114 108 114 115 115 113 114 113 112 113 114 120 P119 Metals 134 139 124 127 137 148 151 144 161 148 191 154 155 HI Iron ore shipments 155 159 159 155 163 192 186 188 189 191 354 212 180 Et":::::::::::::::::::: 143 150 144 132 140 141 142 148 152 148 150 161 155 117 120 117 108 119 107 112 116 116 118 120 120 117 Zinc 118 129 125 131 131 134 135 137 142 140 147 150 152 164 Gold 122 125 93 107 125 127 141 120 133 124 122 114 157 106 Silver 114 122 88 109 113 136 132 119 133 127 121 138 107 r Revised. *> Preliminary. i Includes also printing paper production shown under "Paper." NOTE.—Revised figures are shown on pages 933 to 937 of this BULLETIN. For description and back figures for series shown here see BULLETIN for August 1940 pages 753 to 771 and 825 to 882. SEPTEMBER 1941 919 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total __ 121 118 120 129 134 135 135 134 138 143 142 r153 157 P156 manufactures—Total __ ___ 122 118 120 130 136 138 139 137 142 148 150 157 162 P161 Durable 134 127 128 144 155 158 162 161 167 175 175 185 192 P189 Nondurable _- - -_ 112 111 114 119 121 121 121 118 122 126 120 134 138 P138 Iron and Steel __ 151 w 15S 161 164 166 172 170 172 181 171 172 179 P173 Pig iron 150 154 161 164 169 173 173 177 176 178 170 175 179 181 Steel ingots __ - 151 147 152 161 163 165 172 170 172 181 171 172 179 P172 Machinery 129 129 1S5 142 149 158 164 168 176 185 195 206 215 P217 Transportation Equipment 1S1 96 68 120 167 184 183 186 199 202 190 215 223 P209 Aircraft 371 394 455 501 544 590 624 672 726 751 803 849 895 P998 Automobiles 114 70 23 89 142 161 152 151 161 160 139 164 164 134 Railroad cars 124 117 130 135 141 153 172 178 182 178 196 218 235 P230 Locomotives 106 116 124 137 152 163 186 204 222 234 266 280 308 J>348 Shipbuilding _ . 176 185 202 213 229 219 263 282 307 335 352 '380 426 P495 Nonferrous Metals and Products . ISO 1S1 141 154 167 172 172 176 181 190 194 196 191 P192 Nonferrous metal smelting1 127 126 127 131 138 137 138 137 142 142 147 148 144 P141 Copper smelting 131 126 127 129 138 139 135 133 140 136 145 144 136 132 Zinc smelting 128 133 133 143 147 147 152 153 158 163 164 170 170 173 Copper deliveries 116 118 133 156 173 181 188 200 209 219 221 231 222 234 Lead shipments 113 118 122 127 133 141 141 138 138 140 143 149 147 143 Zirm shipments 118 125 130 140 145 149 149 149 149 145 145 142 143 143 Tin deliveries 148 143 Lumber and Products 116 111 128 182 182 126 121 lie 119 123 130 184 140 P144 Lumber 119 112 126 134 132 123 114 113 115 118 128 130 135 P141 Furniture _ __ 110 107 118 127 133 130 133 123 129 133 135 142 150 PU9 Stone, Clay and Glass Products 129 127 188 189 142 186 125 110 112 125 142 164 172 P166 Cement 143 136 141 150 154 145 124 100 102 117 139 163 174 177 Common and face brick 146 147 150 161 154 147 125 Common brick 153 149 153 162 160 149 120 Face brick 129 140 142 161 140 141 133 Glass containers _____ 117 121 124 118 119 115 111 110 120 130 135 159 163 160 Polished plate glass 79 66 93 118 127 129 141 144 131 141 142 142 149 96 Textiles and Products 101 105 111 118 126 187 140 188 143 147 150 157 155 P155 Textile fabrics 98 101 108 115 124 134 136 133 140 143 146 152 150 P150 Cotton consumption _ 108 109 114 120 129 139 142 144 152 156 160 164 160 162 Rayon deliveries 131 134 137 138 144 151 154 154 148 150 158 169 173 P173 Silk deliveries 51 51 57 65 77 87 79 72 68 74 73 '66 66 P70 Wool textiles _ 88 98 109 120 129 139 145 136 149 152 152 165 163 P159 Carpet wool consumption. 77 67 101 111 124 126 131 119 143 146 139 148 149 P139 Apparel wool consumption 88 108 113 137 145 162 163 149 165 179 171 196 190 P177 Woolen yarn 92 102 108 119 121 129 132 125 134 135 140 153 150 PU8 Worsted yarn.. 92 107 120 130 149 152 157 150 163 163 166 178 178 P179 Woolen and worsted cloth 88 102 107 116 122 139 149 142 153 154 156 167 164 *>160 Leather and Products _. ___ 88 91 104 102 98 98 99 104 117 122 118 rl20 119 P122 Leather tanning 88 83 89 89 93 101 104 103 112 112 110 115 117 Cattle hide leathers 86 82 93 94 101 114 115 116 125 121 118 126 125 Calf and kip leathers 90 83 87 81 82 87 88 87 97 105 96 94 100 Goat and kid leathers 91 83 81 84 80 79 87 79 91 96 99 103 112 Shoes 89 98 114 111 102 96 95 106 121 128 123 124 119 P126 Manufactured Food Products. lie 120 181 188 126 116 115 104 104 107 112 120 129 P138 Wheat flour 92 99 100 115 113 103 100 99 104 102 103 100 101 P102 Cane sugar meltings 116 116 95 102 113 112 98 103 105 135 135 117 132 Manufactured dairy products 169 165 144 117 96 80 79 84 92 105 134 182 199 P193 Ice cream 180 196 169 124 92 73 68 69 78 99 138 Butter . 148 130 115 104 95 84 87 95 101 105 118 151 155 137 Cheese 171 150 130 119 107 89 82 89 96 107 133 177 186 165 Canned and dried milk 175 151 136 123 108 '88 95 103 110 121 152 200 195 172 Meat packing _ 123 109 102 112 127 151 159 133 122 122 119 132 121 119 Pork and lard 148 119 106 117 143 191 212 157 145 143 135 147 130 119 Beef 99 102 100 107 110 111 107 110 98 100 102 120 118 125 VeaL__ ___. __ _ _ 92 96 92 101 108 104 92 83 83 86 95 101 92 95 Lamb and mutton 94 93 95 107 113 107 104 118 112 107 105 111 96 104 Other manufactured foods 110 117 136 140 132 117 115 103 103 105 107 111 123 P136 Alcoholic Beverages 120 112 89 108 108 104 98 87 94 100 108 120 129 181 Malt liquor 126 128 106 94 82 77 81 84 90 96 111 124 137 142 Whiskey 67 40 24 56 76 96 98 104 106 98 91 90 75 !59 Other distilled spirits 77 70 100 317 314 181 105 73 79 86 84 77 91 >'97 Rectified spirits 161 130 68 134 174 207 140 92 113 124 122 149 165 160 Tobacco Products 124 112 110 118 120 115 98 108 108 110 118 121 128 123 Cigars _ .. _ __ ___ _ 104 105 108 117 127 123 83 90 96 100 111 108 113 111 Cigarettes 140 119 116 121 118 114 108 119 118 119 118 133 144 138 Manufactured tobacco and snuff 101 101 97 108 115 105 89 98 95 99 100 100 99 99 r Revised. P Preliminary. 1 Includes also lead production shown under "Minerals." 920 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 1941 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Paper and Paper Products _ 130 124 123 124 127 124 123 126 131 136 137 HI 143 Paper and pulp 131 123 121 120 124 124 124 128 133 137 140 145 147 Pulp 157 147 148 147 150 151 154 154 159 164 165 165 173 Groundwood pulp 120 104 101 102 110 126 124 124 127 128 136 133 124 Soda pulp ._ 147 133 120 115 124 113 138 128 133 141 139 141 150 Sulphate pulp 184 175 179 185 188 186 190 192 199 203 199 203 214 Sulphite pulp 154 144 148 145 143 144 144 144 148 156 159 155 167 Paper... 127 120 117 116 120 120 120 124 129 133 136 142 143 Paperboard 128 123 123 125 130 132 127 132 138 144 146 155 154 161 Fine paper 116 110 107 102 110 110 112 111 118 122 126 130 130 Newsprint production 116 108 110 111 112 112 110 113 113 115 114 115 115 109 Printing paper 132 118 113 110 115 113 116 119 126 132 135 '•141 145 Tissue and absorbent paper 135 124 121 131 129 119 126 128 130 134 135 136 143 Wrapping paper 123 122 116 108 113 114 116 120 124 126 130 136 137 Paperboard containers 127 125 Printing and Publishing * 119 103 102 108 113 112 112 109 115 121 124 126 126 P116 Newsprint consumption 107 88 91 105 111 111 109 98 104 110 113 111 107 92 Petroleum and Coal Products 116 113 114 118 118 119 119 120 120 119 121 126 128 P128 Petroleum refining 113 109 110 114 114 115 115 115 115 114 119 122 124 Gasoline _ __ 112 109 112 116 114 113 112 113 114 114 118 124 126 Fuel oil 112 109 114 114 116 117 122 123 124 119 119 120 122 Lubricating oil 122 111 97 102 109 115 106 108 103 104 122 122 134 Kerosene . 113 110 107 119 123 126 131 126 124 115 119 115 102 Coke 132 136 139 142 145 148 149 150 152 154 133 148 154 154 Byproduct coke .. _ _ 132 135 137 139 141 143 143 143 145 145 134 141 145 146 Beehive coke 123 181 210 222 274 309 378 367 398 434 69 386 435 429 Chemicals 110 110 112 116 120 120 122 121 123 128 rlS6 137 P139 Rubber Products _ _ 117 109 115 126 126 135 137 145 151 155 157 162 192 P153 Rubber consumption 116 109 116 128 128 138 140 148 153 158 160 164 196 156 Tires and tubes 126 106 105 109 109 116 117 123 128 134 131 144 151 126 Pneumatic tires . 127 108 106 110 110 118 118 124 128 135 131 144 151 127 Inner tubes 113 95 102 107 103 107 115 121 127 132 130 145 155 125 Minerals—Total _ 118 121 117 124 122 119 114 ' 113 115 116 96 121 131 P129 Fuels 111 111 109 116 112 115 116 117 118 121 87 118 123 P120 Bituminous coal _. 100 106 111 124 110 128 127 130 134 143 19 126 132 P12S Anthracite 107 504 85 103 99 98 115 114 112 105 76 88 116 Crude petroleum 116 114 111 114 114 111 111 111 112 114 116 118 120 p-i-in Metals . 161 179 164 171 184 147 102 91 98 90 149 181 184 Pi 83 Iron ore shipments 288 315 308 301 294 162 210 323 326 344 Copper 140 133 135 136 146 147 146 145 155 151 156 159 152 148 Lead.;:: 116 112 114 112 117 114 118 116 116 116 121 117 116 Zinc 116 121 118 127 131 135 139 140 144 147 151 150 149 154 Gold 97 134 100 121 156 146 141 112 122 103 107 108 125 113 Silver 114 113 91 107 115 135 133 118 137 132 124 133 107 r Revised. v Preliminary. 1 Includes also printing paper production shown under "Paper." NOTE.—Revised figures are shown on pages 933 to 937 of this BULLETIN. For description and back figures for series shown here, see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. SEPTEMBER 1941 921 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; adjListed toCensus of Manufactures through 1937. 1923-25 average=100] 1940 1941 Industry and group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total* 103.9 105.1 107.4 108.9 111.4 114.2 116.6 118.3 118.6 119.4 122.0 '124.9 128.7 133.2 Durable goods* 99.0 100.4 104.3 107.4 111.2 114.6 117.6 121.1 122.1 123 0 126.3 -129. 5 134.0 140.8 Nondurable goods* 108.5 109.6 110.2 110.3 111.5 113.8 115.7 115.6 115.2 115.9 118.0 -120. 5 123.6 125.9 Iron Steel, Products 108.7 107.3 111.1 112.9 116.1 118.9 122.4 124.8 125.5 126.2 128. 3 '132. 0 136.1 139.9 Blast furnaces, steel works 115 120 123 123 125 127 130 133 133 133 136 140 145 149 Bolts, nuts, washers, rivets 104 110 116 119 121 128 135 139 145 151 153 160 166 168 Cast-iron pipe 75 76 78 81 84 89 89 88 92 92 93 94 95 94 Cutlery, edge tools 102 104 104 107 109 110 110 110 108 110 114 117 122 130 Forgings 66 70 74 77 81 83 88 90 94 96 100 102 104 110 Hardware -_ 82 84 98 102 105 109 113 113 114 116 115 116 118 114 Plumbers' supplies 83 84 87 89 90 94 98 99 98 100 101 102 103 102 Stamped, enameled ware _. 153 157 169 179 188 190 196 194 201 202 204 214 220 229 Steam, hot-water heating 85 87 91 92 97 100 103 106 106 107 109 111 114 123 Stoves 91 95 96 95 98 100 108 113 106 106 107 110 114 120 Structural, ornamental 73 75 78 81 84 86 91 96 100 100 101 103 104 106 Tin cans, tinware 100 100 98 96 99 103 104 109 112 113 113 125 132 135 Tools ._ 92 95 98 101 106 111 116 121 126 128 133 136 138 141 Wirework 151 139 152 170 189 201 207 206 208 208 203 205 212 216 Machinery 114.9 116.6 120.0 122.5 126.6 180.9 136.0 141.2 144.2 148.1 155. 8 '161.5 167.5 173.1 Agricultural implements 136 133 139 141 143 140 143 147 140 126 158 166 170 1741 Cash registers, etc. . 130 130 129 132 132 134 137 137 140 146 151 150 163 168 Electrical machinery.. 103 104 107 111 116 120 126 131 137 142 147 153 159 163 Engines, turbines, etc. 152 165 176 182 197 211 218 237 239 243 245 259 275 292 Foundry, machine-shop products. 97 98 101 103 107 110 114 118 120 124 129 134 140 144 Machine tools 228 237 247 247 257 265 275 286 296 304 315 324 335 349 Radios, phonographs.. 144 145 145 138 134 142 150 155 165 178 189 197 184 191 Textile machinery 79 77 76 79 81 83 86 89 92 95 98 101 104 107 Typewriters 112 116 119 123 126 128 130 131 110 134 138 143 150 155 Transportation Equipment 111.8 110.7 120.9 130.2 140.2 143.9 145.6 150.4 152.9 158.8 '164.5 174.1 195.2 Aircraft 2,829 3,115 3,479 3,881 4,243 4,447 4,731 5,089 5, 398 5,509 5,813 -6,107 6,515 7,142 Automobiles __ 102 97 107 116 125 127 124 123 123 123 125 -128 131 148 Cars, electric-, steam-railroad.. 49 51 50 55 58 64 67 75 71 70 70 74 82 90 Locomotives . 29 31 33 36 39 42 46 52 55 56 59 64 67 75 Shipbuilding 164 175 186 187 195 204 220 244 262 268 284 -299 338 383 Nonferrous Metals, Products 108.2 110.7 116.7 118.6 122.3 126.3 129.4 188.3 185 1 '186 2 '140.7 144.1 147 8 Aluminum* 183 190 199 202 207 214 218 229 224 220 229 234 230 236 Brass, bronze, copper ... 128 132 140 147 153 162 168 173 176 179 181 183 191 193 Clocks, watches 94 95 98 100 101 101 102 107 109 111 115 118 121 124 Jewelry 99 100 99 94 96 98 101 102 105 107 111 113 115 118 Lighting equipment 86 81 92 100 103 105 106 110 112 110 112 112 116 123 Silverware, plated ware . . 68 71 70 72 74 75 76 77 79 79 81 82 84 93 Smelting, refining 87 89 92 92 94 94 96 98 100 101 -102 102 103 Lumber, Products 67.4 67.5 69.0 70.6 71.8 78.6 75.2 76.3 75.5 74.0 74.2 75.9 79.0 Furniture 90 89 90 91 91 93 96 97 98 98 101 104 106 108 Lumber, millwork . 61 62 63 65 68 71 72 74 72 71 70 69 71 75 Lumber, sawmills 60 60 62 64 64 66 67 68 67 65 65 -64 65 68 Stone, Clay, Glass Products ._ 79.8 81.3 81.8 83.0 84.7 88.4 90.4 94. 6 92.9 92.3 92.8 92.1 93.7 98.7 Brick, tile, terra cotta... _ 58 60 60 61 61 65 68 75 74 71 70 69 69 73 Cement 67 66 69 70 72 74 76 75 76 75 74 73 74 76 Glass 103 105 107 109 112 117 117 120 116 118 121 122 124 131 Marble, granite, slate 47 45 45 46 46 45 46 46 47 46 45 45 44 43 Pottery _ 91 94 94 94 96 100 105 108 108 108 109 109 116 126 Textiles, Products .. 96.8 100.2 101.1 101.9 102.6 105.3 107.2 107.8 107.1 107.6 '109. 8 112.9 116.1 120.2 Fabrics __ 88.0 91.3 92.6 93.5 95.2 97.7 98.7 98.8 99.1 100.4 103.3 105.9 109.0 111.1 Carpets, rugs 70 71 72 75 79 82 82 85 84 83 86 89 90 90 Cotton goods 89 91 93 94 95 97 99 99 100 101 103 106 111 113 Cotton small wares __ 76 77 79 81 82 87 90 92 93 94 97 103 107 110 Dyeing, finishing textiles 119 125 128 129 129 129 132 132 134 136 138 141 144 150 Hats, fur-felt 74 85 83 84 80 84 85 82 82 83 80 82 86 85 Hosiery 133 136 138 138 140 141 144 144 142 142 141 144 146 148 Knitted outerwear 65 69 72 69 70 71 74 69 69 68 71 76 82 86 Knitted underwear 72 76 75 74 75 76 77 81 78 78 79 81 79 91 Knitted cloth 131 138 147 151 153 151 149 144 141 143 141 155 164 163 Silk, rayon goods 64 63 62 61 63 65 64 63 64 66 69 74 75 72 Woolen, worsted goods 77 85 86 90 93 99 98 98 98 102 109 109 110 112 Wearing apparel 112.5 116.1 116.1 116.5 114.8 118.0 121.9 122.0 120.5 119.3 119.8 123.8 126.8 135.4 Clothing, men's _ 102 105 104 104 102 109 115 114 111 110 114 122 124 124 Clothing, women's 158 166 164 165 164 168 170 166 166 164 159 160 169 194 Corsets, allied garments 113 106 112 112 112 114 114 114 113 114 114 116 119 117 Men's furnishings 111 120 125 126 122 118 116 116 118 118 119 121 124 137 Millinery 71 71 73 78 74 68 69 76 82 78 78 73 68 77 Shirts, collars ._ 116 116 118 119 117 117 122 131 125 124 127 130 133 136 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 July 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. 922 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Leather, Manufactures 90. j 89.9 91.1 94.3 95.5 101.0 99.6 Boots, shoes 89 87 88 90 92 93 91 91 92 93 94 98 96 Leather 81 81 82 81 84 85 85 90 90 95 97 Food, Products 181.9 126.1 129.9 132.4 135.6 183.3 181.0 rlSl.3 135.0 187.1 136.5 Baking 146 146 146 144 144 144 144 143 145 146 148 149 151 150 Beverages 278 268 272 265 271 281 285 281 279 278 277 287 285 289 Butter 97 96 96 102 101 102 105 107 105 102 Canning, preserving 161 130 152 152 157 139 140 147 156 156 Confectionery 83 86 86 90 91 91 92 89 90 97 Flour 80 79 79 78 78 78 78 77 78 79 78 79 Ice cream 77 75 76 75 79 81 81 80 81 '79 '82 '79 78 Slaughtering, meat packing 109 111 108 109 110 114 121 112 111 113 114 119 118 Sugar, beet 102 106 110 100 102 145 240 144 111 97 99 Sugar refining, cane 97 91 95 95 97 92 97 103 102 97 Tobacco Manufactures 65. 62., 68. 8 68.4 64.7 64.O 65.0 65.8 65. < 65.6 Tobacco, snuff 59 58 56 57 57 55 57 57 54 54 54 54 53 53 Cigars, cigarettes 64 65 64 65 65 67 68 67 Paper, Printing 115.7 116.6 116.. 116.7 116.1 116., 117.8 117.1 117.2 118.5 119.8 '121.2 122.9 124.9 Boxes, paper 118 119 119 117 117 120 122 123 122 125 129 132 139 142 Paper, pulp 116 117 117 117 115 116 116 116 117 119 120 123 125 126 Book, job printing 100 101 100 100 102 101 102 103 101 103 104 104 104 108 Newspaper, periodical printing 116 116 117 116 116 118 117 116 116 117 117 117 117 117 Chemicals, Petroleum, and Coal Products 122.4 121.7 122.2 121.7 122.9 124.1 125.8 126.5 127.4 128.1 '182. 5rl85.7 139. 8 141.7 Petroleum refining 123 122 122 121 121 120 120 120 120 121 121 123 125 126 Other than petroleum 122.3 121.5 122.2 121.8 123.5 124.9 126.4 128.1 129.1 129.9 '135. 2 '138.9 143.4 145.4 Chemicals 138 138 141 141 143 147 151 154 157 161 163 168 172 173 Cottonseed oil, cake, meal 83 78 75 62 92 101 102 102 100 94 '110 '106 107 109 Druggists' preparations 120 119 117 116 114 113 113 116 118 119 122 129 132 135 Explosives 127 133 139 145 141 144 147 151 162 163 0) 0) 0) 0) Fertilizers 120 114 113 107 107 107 103 104 103 95 112 118 125 126 Paints, varnishes. 122 124 126 127 125 127 128 130 130 134 135 136 140 145 Rayon, allied products 315 306 309 310 311 314 310 306 324 330 337 329 Soap 82 85 82 87 90 91 93 94 Rubber Products 84.2 817 87.0 91.6 93,6 99.0 100.4 102.0 103.9 111.8 113.0 Rubber boots, shoes 57 56 54 54 57 60 64 67 69 74 78 82 Rubber tires, inner tubes 69 69 71 73 74 75 77 78 79 80 82 83 86 Rubber goods, other 140 141 149 155 157 160 167 171 174 177 176 179 192 194 ' Revised. 1 Data not available. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total Employees in nonagricultural establishments Milinon- Year and month ag tu ri r c a u l l- Manu- Con- T p r o a r n ta s - - ci F al i , n s a e n r - v- Gov- t a a n r d y m em en p t l o * y - 1' Total fa i c n t g u * r- Mining s t t i r o u n c- ti p o u n b l a i n c d Trade i m ce, i sc a e n l d - m e e r n n t - 2 f n o a r v ce a s l utilities laneous SEASONALLY ADJUSTED 1940—July 35, 448 29, 305 861 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 2,014 3,077 6,298 4,233 3,936 958 February 37, 787 31, 644 11,045 2,132 3,087 6,333 4,250 3, 951 1,139 March 37, 724 31, 581 11,108 855 1,933 3,105 6,351 4,254 3,975 1,343 April 37, 772 31, 629 11,316 572 1,859 3,133 6,474 4,258 4,017 1,554 May '38, 243 '32,100 '11, 545 '877 '1, 698 '3,192 r6, 449 4, 280 4,059 1,679 June '38, 680 '32, 537 '11.842 '889 '1. 644 '3, 220 r6, 536 r4,296 '4,110 1,758 July 39, 234 33, 091 12,199 913 1,653 3,267 6,605 4,333 4,121 1,821 UNADJUSTED 1940—July 35, 454 29, 311 9,832 837 ,378 3,059 6,159 4,218 3,828 516 August 35, 902 29, 759 10,163 839 ,443 3,081 4,226 3,839 549 September 36, 528 30, 385 10, 479 846 ,511 3,120 6,321 4,255 3,853 634 October 36, 867 30, 724 10, 668 856 ,654 3,121 6,362 4,187 3,876 733 November 36, 986 30, 843 10, 735 853 ,709 3,065 6,433 4,167 3,881 822 December 37, 608 31, 465 10, 856 855 ,720 3,039 6,884 4,180 3,931 884 1941—January 36, 621 30, 478 10, 797 852 ,623 3,012 6,165 4,142 3,887 958 February 36, 928 30, 785 10, 982 854 ,678 3,028 6,173 4,164 3,906 1,145 March 37, 227 31, 084 11,152 864 ,631 3,056 6,259 4,187 3,935 1,343 April 37, 676 31, 533 11, 370 564 ,775 3,113 6,463 4,265 3,983 1,546 May '38, 321 '32,178 '11, 545 '869 1,782 3,185 6,421 4,327 4,049 1,662 June '38. 858 '32, 715 '11, 775 '876 •1,816 '3. 239 '6, 530 r4, 353 '4,126 1, 740 July 39, 241 33, 098 11, 985 887 1, 877 3,293 6,503 4,391 4,162 1,857 * 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. J Excludes military and naval forces. ' Revised NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for July 1941 are preliminary. For back figures, adjusted for seasonal variation, see pp. 534-535 of the BULLETIN for June 1941. SEPTEMBER 1941 923 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 L*ibor Statistics; adjustec1 to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 June July Mar. Apr. May June July June July Mar. Apr. May June July Total* 103.1 103.2 119.9 122.6 '124. 9 127.8 130.5 99.5 98.2 131.2 134.7 '144.1 152.1 152.5 Durable goods* 99.8 98.4 123.7 127.7 131.3 135.1 137.8 101.4 97.4 144.6 149.9 163.1 173.8 172.4 Nondurable goods*— _ _ _ 106.2 107.8 116.3 117.8 118. 8 120.9 123.5 97.4 99.1 116.3 117.7 122.8 127.8 130.3 Iron, Steel, Products 103.7 106.2 127.2 129.4 183.0 136.1 138.6 102.9 104.4 141.2 150.9 '161.0 168.7 167.2 Blast furnaces, steel works 114 119 135 137 141 144 148 114 116 149 164 173 180 182 Bolts, nuts, washers, rivets 104 109 151 155 161 166 166 111 112 199 212 234 248 225 Cast-iron pipe 77 78 91 93 94 97 97 70 75 99 104 110 115 111 Cutlery, edge tools ._ 101 99 113 117 119 120 123 92 91 123 125 134 139 133 Forgings 66 68 97 100 102 104 107 74 78 138 140 152 164 155 Hardware 82 83 117 117 117 118 113 86 86 138 136 142 150 136 Plumbers' supplies _ 83 84 101 101 102 103 102 75 76 101 98 105 108 101 Stamped, enameled ware 153 152 207 210 218 220 223 163 167 241 243 265 279 270 Steam, hot-water heating _ 85 84 107 109 112 114 119 77 78 112 117 129 138 143 Stoves 93 92 103 109 113 116 116 83 81 103 111 119 125 121 Structural, ornamental 74 76 97 99 102 106 108 65 68 97 103 114 120 112 Tin cans, tinware _ _ _ _ . 103 106 107 110 123 135 143 114 113 122 127 152 169 178 Tools 92 94 130 133 136 138 140 89 92 161 166 172 181 177 Wirework _ _ _ _ 152 136 210 207 211 214 212 161 141 256 243 273 281 269 Machinery _ _ _. 115.1 116.1 147.7 156.2 '162. 4 167 9 172.5 125.1 125.7 186.2 '197. 4 '217. 5 230.2 232.5 Agricultural implements, __ 137 131 133 169 171 172 171 158 149 162 230 229 233 227 Cash registers, etc. 130 130 146 151 151 163 168 138 136 179 191 196 216 215 Electrical machinery _ _ 103 104 142 147 154 159 163 118 118 186 192 215 224 232 Engines, turbines, etc. 158 168 248 257 272 286 297 211 223 '376 '372 '452 480 483 Foundry, machine-shop products- 97 98 124 130 135 140 143 96 96 144 152 166 179 178 Machine tools _ __ _ 229 235 307 317 326 337 345 303 308 462 472 505 527 534 Radios, phonographs 141 143 149 159 174 181 189 134 139 157 164 192 200 217 Textile machinery 79 77 96 99 101 104 106 74 73 110 112 124 131 133 Typewriters 111 114 134 138 144 148 153 112 117 159 175 190 208 217 Transportation Equipment. _. 114-3 99.7 161.2 166.4 r171.6 177.7 178.3 121.0 '98.9 197.2 191.4 '216. 2 239.1 230.1 Aircraft 2,914 3,147 5,564 5,929 r6, 290 6,711 7,214 2,968 3,125 6,678 7,134 r7,697 8,155 9,084 Automobiles _ 105 82 132 132 134 135 126 112 81 163 147 170 188 159 Cars, electric-, steam-railroad 51 51 71 74 80 86 90 45 43 66 73 84 92 90 Locomotives . 29 31 56 60 65 68 76 29 31 64 72 80 91 103 Shipbuilding 163 170 272 294 r308 335 372 186 193 365 393 430 500 581 Nonferrous Metals, Products 106.6 107.0 rl37. 0 r138. 7 139.9 142 0 142.9 105.8 105.9 r155. 5 '157. 2 '166. 8 175.2 173.0 Aluminum * 182 187 224 231 234 228 231 212 212 258 290 322 321 ' 310 Brass, bronze, copper 127 130 181 183 185 190 190 141 146 '238 r247 264 262 Clocks, watches _ 91 90 111 114 116 117 118 92 91 129 134 143 148 144 Jewelry 91 93 104 104 104 107 110 76 76 94 94 98 101 102 Lighting equipment 84 77 112 113 112 114 116 70 64 105 106 111 118 118 Silverware, plated ware 68 63 80 82 83 84 83 56 51 82 82 91 94 88 Smelting, refining 87 89 101 100 102 102 103 86 87 106 107 112 117 117 Lumber, Products 68.3 68.2 72.6 73.8 76.9 79.7 63.6 60.7 72.8 75.7 78.0 83.9 84.7 Furniture 88 88 97 98 100 104 106 76 74 94 95 103 110 110 Lumber, millwork 62 63 70 70 70 73 76 49 49 58 59 62 67 69 Lumber, sawmills _ 62 62 64 65 66 67 70 58 54 63 66 66 71 72 Stone, Clay, Glass Products 82.9 82.4 89.7 93.0 95.6 97.1 99.7 73.4 71.1 85.2 91.1 97.8 100.2 99.7 Brick, tile, terra cotta 63 64 65 69 73 75 78 51 52 56 62 69 72 74 Cement _ _ 72 72 69 74 78 79 82 70 68 66 76 85 90 90 Glass 105 103 120 122 124 125 129 111 105 141 144 150 153 150 Marble, granite, slate 49 48 43 45 46 46 45 36 34 31 35 39 35 35 Pottery 90 87 111 113 113 114 116 76 71 105 111 114 118 114 Textiles, Products 93.7 94.5 111.6 112.1 112.4 112.5 113.4 75.4 77.7 107.0 107.0 110.3 111.8 113.7 Fabrics 85.7 88.0 102.7 103.7 105.1 106.2 107.1 72. 5 76.4 101.1 104.1 109.2 111.6 113.3 Carpets, rugs 70 71 86 87 89 90 89 55 54 83 82 90 90 90 Cotton goods 87 88 104 105 106 109 109 75 78 105 113 117 120 123 Cotton small wares 74 74 98 101 103 104 105 67 69 105 107 114 116 120 Dyeing, finishing textiles 116 116 142 143 141 139 140 93 95 133 135 134 133 135 Hats, fur-felt 71 83 85 81 80 82 83 58 78 88 67 75 84 89 Hosiery 130 131 144 142 143 143 143 128 129 161 155 158 158 161 Knitted outerwear 63 66 68 71 77 80 82 51 54 61 64 72 76 77 Knitted underwear . 73 72 80 83 82 79 87 64 63 82 84 85 83 92 | Knitted cloth ___ 128 136 146 142 155 160 161 107 117 133 133 149 153 153 • "Silk, rayon goods 60 61 67 69 69 69 69 46 47 58 60 62 64 64 Woolen, worsted goods 76 83 103 104 107 108 109 65 74 100 102 113 117 117 Wearing apparel 107.9 104.9 127.0 126.2 124.0 121.7 122.6 76.6 75.7 112.2 106.2 105.7 103.8 107.7 Clothing, men's 99 103 116 118 119 120 122 71 77 99 98 101 107 110 Clothing, women's.. 148 137 178 172 165 158 160 95 89 148 132 131 118 128 Corsets, allied garments 112 103 118 118 118 118 114 109 100 133 133 137 139 129 Men's furnishings _ 110 110 123 122 122 122 125 95 98 129 124 130 131 140 Millinery 66 55 91 88 76 63 59 47 37 85 76 51 43 42 Shirts, collars _ __ „ 115 111 128 130 131 131 130 92 88 121 126 130 135 130 r Revised. Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 924 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1940 1941 1941 June July Mar. Apr. May June July June July Mar. Apr. May June July Leather, Manufactures 86. 91.6 98.7 98.0 95.5 100.5 67.0 76. 96.1 92.3 91.0 97.2 Boots, shoes 85 91 97 96 93 95 98 63 75 94 89 87 92 Leather 80 80 89 90 90 94 95 76 76 94 95 98 107 Food, Products 129. 135.4 120.3 123. 6 127.5 135.0 143.8 129.0 131.3 125.2 1413 Baking 147 147 145 147 149 152 151 141 142 140 141 148 154 Beverages 302 300 264 272 293 310 324 376 353 313 331 362 391 Butter 105 105 96 102 110 114 112 91 90 85 90 97 105 Canning, preserving 141 179 80 97 100 136 205 117 146 76 88 91 134 Confectionery 75 74 89 86 81 80 83 72 69 94 86 84 86 Flour 78 80 77 77 77 78 80 72 76 73 76 -75 79 Ice cream 92 92 -70 -78 -87 92 97 78 78 -62 -69 -75 83 Slaughtering, meat packing 108 111 111 110 117 120 118 115 118 114 115 133 138 Sugar, beet 53 58 43 44 47 48 52 54 56 46 48 54 57 Sugar refining, cane 98 101 96 103 103 99 91 89 91 92 93 90 98 Tobacco Manufactures 64.9 62.4 63.3 63.5 65.5 65.3 62.3 58.9 '67.1 70.1 Tobacco, snuff 58 56 54 54 53 52 52 67 67 64 62 67 67 Cigars, cigarettes 66 63 64 65 66 67 67 67 62 62 59 67 70 Paper, Printing 111 5 111 118.1 119.4 120., 121.5 112.3 111.2 121.2 124.9 Boxes, paper 115 116 123 127 130 135 138 127 128 145 151 159 170 Paper, pulp 116 117 119 120 123 125 126 126 126 136 139 146 158 Book, job printing 97 99 102 103 103 102 106 85 87 95 94 96 95 Newspaper, periodical printing.__ 116 114 117 117 118 117 115 111 106 112 112 114 114 Chemicals, Petroleum, and Coal Products 119.0 118.5 130.7 '181 7 135. 8 137 A 133.2 133.0 148.1 157.0 '163. 6 171.1 Petroleum refining 123 123 120 121 122 125 127 137 137 133 142 146 157 Other than petroleum 118.0 117.4 133.4 -138.1 -137. 3 138. 3 140.^ 132.0 131.9 152.7 -161. 5 -168. 9 175.5 Chemicals 138 140 159 162 167 172 176 165 167 202 208 222 233 Cottonseed, oil, cake, meal 51 45 100 -91 -72 66 63 46 43 93 -84 66 62 Druggists' preparations 116 113 121 122 125 127 128 126 125 138 138 143 150 Explosives 126 133 161 0) 0) 0) 0) 154 167 207 0) (0 0) R S F P o e a a a r i y t n p i o t l n i s z , , e v a r a s ll r i n e i d s h p e r s oducts 3 1 8 0 8 2 9 6 2 6 1 3 8 0 2 8 0 7 5 1 1 3 1 9 3 4 1 1 3 1 2 1 3 1 7 1 3 9 8 7 1 1 3 4 2 9 2 1 7 2 4 1 3 9 4 2 9 3 5 7 3 3 1 8 9 2 4 9 6 7 6 3 1 1 7 1 3 0 8 4 6 0 3 1 1 7 1 0 3 0 5 0 2 1 3 1 1 1 3 1 4 7 3 5 7 3 1 1 1 4 7 5 1 2 7 8 6 1 3 1 1 2 5 2 7 7 6 6 0 3 1 1 9 2 6 7 4 9 2 8 92 Rubber Products 83.4 83.5 102.8 105.0 '106. 4 110. 7 111., 86.. 85.2 119.5 '128. 7 141.1 Rubber boots, shoes 55 54 69 72 75 78 80 56 51 80 84' 88 98 Rubber tires, inner tubes 69 69 80 82 83 86 88 78 77 103 -106 -111 122 Rubber goods, other 138 138 179 -181 182 190 189 133 132 195 195 207 224 r Revised. ' Data not available. NOTE.— Figures for July 1941 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings'cents per hour) Industry and group 1940 1941 1940 1941 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Total 37.2 37.5 40.0 40.4 40.0 40.8 41.3 66.9 67.2 69.2 69.7 70.8 72.6 73.8 Durable goods.. 38.2 38. 7 41.6 42.0 41.5 42.5 43.1 73.0 73.2 76.2 76.8 78. 5 80.6 82.2 Iron, Steel, Products 36.6 37.6 40.7 41.0 40.8 41.5 42.0 76.7 11A 79.1 79.5 84.1 85.9 86.3 Machinery _ 40.5 40.8 44.2 44.9 -44.5 45.4 45.6 74.1 74.3 77.1 77.8 -78.9 81.8 83.2 Transportation Equipment 36.7 38.1 42.1 42.3 39.7 42.4 43.8 90.2 90.5 91.8 92.0 92.3 94.5 97.6 Nonferrous Metals, Products 38.8 39.0 41.8 42.1 42.0 42.8 43.1 70.1 70.2 74.0 74.8 74.9 77.0 79.4 Lumber, Products _ _ _ 38.7 38.5 39.4 39.7 40.2 40.1 40.9 52.1 52.3 53.4 54.1 54.7 55.6 57.0 Stone, Clay, Glass Products 37.1 36.3 37.2 37.2 38.0 38.5 38.6 66.4 66.4 68.5 68.9 69.5 71.0 71.7 Nondurable goods. _ _ 36.3 36.4 38.3 38.8 38.4 38.9 39.4 61.5 61.7 62.1 62.4 62.9 64.I 65.0 Textiles, Products - _ __ 33.7 33.5 37.4 37.8 37.3 37.9 38.1 49.6 49.6 51.4 51.7 52.4 53.0 53.4 Fabrics . 34.3 34.1 38.3 38.6 38.3 38.8 39.1 48.4 48.4 49.2 49.4 50.9 52.0 52.2 Wearing apparel 32.7 32.5 35.7 36.3 35.3 36. 2 36.0 51.8 51.8 55.5 56.1 55.3 55.0 55.9 Leather, Manufactures1 30.9 33.2 39.1 39.7 38.0 37.5 38.7 55.5 55.3 56.4 57.2 57.9 59.0 59.9 Food, Products 40.1 40.1 39.5 40.0 39.6 40.3 41.0 64.7 64.1 65.1 65.5 65.5 67.0 67.2 Tobacco Manufactures.. 36.4 38.1 35.4 36.1 33.2 -36.9 37.6 49.7 50.5 49.5 49.7 50.6 -50.9 51.7 Paper, Printing.. _ 38.8 38.5 39.1 39.7 39.6 40.0 40.1 79.4 79.7 80.3 80.7 80.5 81.1 82.6 Chemicals, Petroleum, and Coal Products 38.8 38.5 38.8 39.1 39.9 39.8 40.5 76.0 77.7 77.0 76.6 77.3 80.6 82.4 Petroleum refining___ __ _ _ 36.2 35.7 35.6 36.0 37.0 37.0 38.3 97.5 98.3 97.0 96.7 99.5 100.8 102.2 Other than petroleum refining. 39.7 39.6 39.8 40.1 40.7 40.7 41.2 68.6 70.2 70.7 70.5 70.7 74.4 76.1 Rubber Products 36.4 36.4 39.3 39.7 39.4 40.3 41.3 77.8 78.0 79.2 79.9 80.4 -81.6 83.6 r Revised. 1 Beginning with October 1940 figures are not comparable because of expansion in reporting sample. SEPTEMBER 1941 925 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.] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d l ic p u w b o l r ic ks Month Factories Commercial Educational i Other i utilities i 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 i Private ownership i Month 1936 1937 1938 1939 1940 1941 1936 1837 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 233 318 251 288 325 539 116 137 108 128 147 302 116 180 143 161 177 237 July 295 322 240 300 399 577 153 131 98 137 205 346 141 191 142 163 194 231 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 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the[Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1941 1940 Number Liabilities Federal Reserve district July June July Fede d ra is l t r R ic e t serve 1941 1940 1941 1940 Boston 33, 252 52,027 53, 489 July June July July June July New York 52, 988 112, 850 58, 206 Philadelphia 50, 901 38,158 29,136 Boston. 72 86 88 1,240 1,063 1,513 A C R l i t e c la v h n e m l t a a o n n d d 7 6 3 4 3 3 , , , 4 3 7 3 7 1 3 3 6 4 5 9 1 2 2 , , , 3 4 5 7 2 0 7 3 3 3 4 5 6 7 0 , , , 4 7 2 5 5 3 2 4 9 N P R C h i e l c e i w l h v a m e d Y la e o o n l n p r d d k hia 32 6 4 1 9 1 7 6 37 4 2 5 7 1 7 5 41 9 6 5 9 1 9 1 6,6 4 7 1 5 8 6 9 7 3 1 8 3,7 8 3 1 6 5 5 5 3 6 1 2 4 1 , ,8 2 7 7 2 1 5 4 5 5 6 9 Chicago 95, 796 73,113 58, 534 Atlanta 39 38 64 551 319 466 St. Louis 106, 509 26, 926 21, 016 Chicago 129 130 155 1,361 1,097 2,081 Minneapolis 14, 514 12, 651 10,075 St. Louis _ 25 28 33 184 233 419 Minneapolis 15 14 11 204 137 58 D K a a l n l s a a s s City 2 2 8 3 , , 1 7 3 7 8 2 2 15 1 , , 8 2 3 4 1 7 1 1 4 9 , , 7 0 6 1 1 1 K D Sa a a n n ll s a F a s r s a . n C c i i t s y c o _. 1 5 1 1 0 1 4 1 3 2 1 5 1 8 1 3 3 2 0 8 6 1,2 4 1 9 6 9 5 9 3 9 1 9 3 4 9 5 4 2 1, , 3 3 4 8 2 3 1 0 0 Total (11 districts) 577, 392 539,106 398, 673 Total 908 970 1,175 13, 422 9,449 16, 213 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. 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of exports Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 January 223 289 213 370 325 240 171 178 242 229 -18 118 35 128 97 February 233 262 219 347 303 278 163 158 200 234 -45 99 61 147 70 March.. 257 275 268 351 357 307 173 190 217 268 -51 102 77 134 89 April 269 274 231 323 '386 287 160 186 212 288 -18 115 45 111 98 May 290 257 249 324 385 285 148 202 211 297 5 109 47 112 88 June _ 265 233 236 350 338 286 146 179 211 280 -21 87 57 138 58 July _. 268 228 230 317 265 141 169 232 3 87 61 84 August 277 231 250 351 246 166 176 221 31 65 74 130 September. . .. 297 246 289 295 233 168 182 195 63 79 107 101 October 333 278 332 344 224 178 215 207 108 100 117 137 November 315 252 292 328 223 176 235 224 92 76 57 104 December _ _ 323 269 368 322 209 171 247 253 115 98 121 69 Year 3,349 3,094 3,177 4,021 3,084 1,960 2,318 2,625 265 1,134 859 1,396 Jan.-June 1,537 1, 591 1,416 2,064 2,093 1,683 961 1,094 1,294 I', 594 -147 630 322 770 499 r Revised. 1 Including both domestic and foreign merchandise. 3 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 RAILROADSl [Index numbers; 1935-39 average=100] [Millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p u e r c o s t t d s - Ore la o c n e u l e s - - c l d . h c i a s . e l n . - o r p a T e i r l o w a t t a a i l n y g e r x a T p i o l e w n ta s a l e y s o r p a e i N l r w a e t t a i y ng in N co e m t e revenues income SEASONALLY ADJUSTED SEASONALLY 1940—June 111 120 145 98 95 108 134 111 94 ADJUSTED* July.— 110 120 158 100 88 107 138 108 95 Aug 112 124 162 96 96 115 139 110 95 1940—May. _- 342 290 52 11 Sept 112 114 147 106 98 122 145 112 95 June 360 '299 r61 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 1 2 5 6 2 7 25 8 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 July___. 138 150 200 112 83 149 156 140 100 Apr. ... 382 323 59 17 439 346 93 50 UNADJUSTED June 474 363 110 1940—June 110 101 131 96 75 112 233 112 94 UNADJUSTED July..__ 110 102 136 145 74 108 250 107 94 Aug 113 109 136 117 91 121 244 110 96 1940—May. __ 343 296 47 4 Sept 125 120 144 117 129 132 254 124 100 June 345 297 '48 7 Oct 125 104 149 107 152 135 238 132 100 July.... 366 309 57 16 Nov 122 121 159 96 124 129 145 125 98 Aug 381 315 66 22 Dec 112 121 167 87 92 119 46 116 95 Sept.... 383 308 74 31 Oct 414 327 87 43 1941—Jan 113 124 174 90 84 124 45 115 94 Nov 375 304 71 31 Feb 115 129 183 85 75 128 45 118 98 Dec 382 303 79 51 Mar 120 132 175 97 74 127 50 124 101 Apr 108 38 120 96 82 130 203 131 103 1941—Jan 377 315 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 July 138 127 172 163 75 149 283 139 99 Apr. ... 375 322 53 7 May___ 442 354 89 43 r Revised. June. 455 362 93 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Associa- r Revised. tion of American Railroads. Total index compiled by combining indexes for * Derived from Interstate Commerce Commission data. classes with weights derived from revenue data of the Interstate Commerce 1 Excludes switching and terminal companies. Commission. NOTE.—Descriptive material and back figures may be obtained from the Division oi Research and Statistics. SEPTEMBER 1941 927 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 July Seven Department 1941 months 1938 1939 1940 1941 1940 1941 1941 NET SALES—entire store + +14* Jan... 101 79 Main Store +24 +14 Feb._. 103 81 Basement Store +17 +11 Mar._ 103 93 Women's, girls', and infants' apparel and ac- Apr... 104 106 cessories +20 +12 May.. 105 105 Main store * . +11 June_. 104 79 87 100 Women's and misses' coats and suits... +42 +15 July.. 115 58 64 79 Women's and misses' dresses +15 +9 Aug... 65 77 Blouses, skirts, sportswear, sweaters, Sept.. 91 105 knit apparel +12 +17 Oct... 92 101 Juniors' and girls' wear +27 +18 Nov.. 100 99 106 114 Aprons, housedresses, uniforms +16 +14 Dec... 101 156 168 179 Women's underwear, slips, negligees. _ +17 +10 Infants' wear +25 +15 Year.. 85 90 94 Women's and children's shoes +17 +11 Furs +66 +27 Basement 2 +17 +12 J A F M a e p a n b r r . . . . . _ _ . . . . . . 65 Men M 's a i a n M n d e s t b n o o ' r s e y c s 1 ' l o w th e i a n r g +24 + + 1 1 6 7 +15 + + 1 1 2 2 May.. Men's furnishings, hats, caps +13 +9 J Ju u l n y e . - . Base B m o en y t s 2 ' clothing and furnishings.. +18 +14 +9 Aug... Homefurnishings +36 +21 Sept... Main store l +22 Oct... Furniture, beds, mattresses, springs- +37 +23 Nov... Domestic floor coverings +34 +24 Dec... Draperies, curtains, upholstery +26 +13 Major appliances (refrigerators, wash- Year.. 68 ers, stoves, etc.) +54 +31 Domestics, blankets, comforters, lin- Back figures.—Department store sales, see BULLETIN for August 1936, ens, towels +37 +22 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 +18 Piece goods (dress and coat yard goods, all WEEKLY INDEX OF SALES materials) +16 +3 Weeks ending on dates shown. 1935-39 average=100 B M a a s i e n m e s n to t re + + 1 1 6 6 + + 5 2 1938 1940 1941 Shoes (basement only) +10 +7 July 9.... 61 July 8_.__ 62 July 6.... 67 July 5 86 * Based on reports from 241 stores. Reports of total sales from a larger 16.... 69 15 73 13 78 12 93 number of stores, including many stores not reporting sales by depart- 23.___ 62 22 68 20.,._ 72 19 89 ments, showed an increase of 24 per cent for July and 16 per cent for 30 67 29____ 66 27.... 69 26 87 the first seven months of 1941, as indicated in the table below. Aug. 6____ 70 Aug. 5...- 77 Aug. 3 81 Aug. 2 102 1 Group totals for main store include sales in departments not shown 13 12.... 73 10.... 79 9 116 separately. 20 72 19.... 76 17.__. 81 16 114 2 Group totals for basement are not strictly comparable with those 27.._. 79 26.... 82 24.... 92 23 ..119 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 J 1 u 9 l 4 y 1 J 1 u 9 n 4 e 1 S m 1 e 9 o v s 4 e . 1 n J 1 u 94 ly 1 J 1 u 9 n 4 e 1 S m 1 e o 9 v s 4 e . 1 n J 19 u 4 ly 1 June m 1 o 9 s 4 . 1 J 1 u 9 l 4 y 1 J 1 u 9 n 4 e 1 S m 1 e 9 o v s 4 e . 1 n United States... +24 +13 +16 Cleveland (cont'd) Chicago +24 +11 +15 Dallas +H +17 Boston +23 +11 +15 Cleveland +33 +14 +20 Chicago +14 +3 +8 Shreveport +23 +19 +14 New Haven.._ +20 +14 +15 Columbus +25 +12 +15 Peoria +13 +10 +12 Dallas +24 +21 +14 Portland +22 +13 +15 Toledo +26 +12 +16 Fort Wayne +37 +16 +25 Fort Worth.... +22 +28 +17 Boston +21 +7 +11 Youngstown... +35 +23 +25 Indianapolis +23 +10 +18 Houston +18 +20 +15 Springfield +26 +13 +18 Erie +38 +21 +22 Des Moines +8 +9 San Antonio... +32 +32 +25 Providence +21 +13 +17 Pittsburgh +23 +10 +14 Sioux City +17 +11 +10 Wheeling +36 +17 +20 Detroit +37 +21 +23 San Francisco +21 +17 +15 P N h e T L P N S N A N B B E R B i w l o y a r l u a r o i e l e i B m e a i b r n u n d f w c w d a Y f n g r c g a e g h i a c g o a o a l t a n r h e l Y h p u o e a o r r r o s y k s h k a k a n s p t k o t e i e e m e o l a r e F r y k r r p t a t n o s a ll i n n s e . d _ . _ + + + + + + + + + + + + + + 1 2 1 2 1 1 2 3 2 3 3 2 2 2 8 1 8 2 8 8 1 4 2 1 3 3 9 2 ' + + + + + + + + + + + + + + + 2 1 1 1 2 2 1 1 1 5 6 8 4 8 9 6 8 1 2 3 1 5 0 0 + + + + + + + + + + + + + + + 1 1 2 1 1 1 2 1 2 3 2 1 1 1 9 6 2 0 4 3 1 4 4 0 0 5 3 6 3 A R t i J H M T W C N B l W L B R C c a a h a y i o h h a i u n c o i m a r c m l r n t a n a n k m s n a t h f o r c r s s i t h o p t l m n m l i t i o h g e l i a e o n n d k n n b s o o o s n g g v g t u n m t r - o h t e i t o d r S o n l o a g e n l n a m n e r ^ l y e . _ . m C . _ _ . . + + + + + + + + + + + + + + + 2 3 3 3 3 4 2 2 2 2 5 2 3 2 2 9 5 2 1 0 9 2 2 2 7 5 1 3 7 9 + + + + + + + + + + + + + + 1 2 3 1 1 3 1 1 3 1 1 1 1 8 6 0 5 9 4 9 8 4 1 5 3 8 2 5 + + + + + + + + + + + + + + + 3 1 1 2 2 1 4 1 3 2 1 1 2 1 2 0 3 9 3 3 6 7 8 4 0 4 2 1 7 0 M K St a . i D H E L S M L L Q S M F G F n n p t o v L l o a i n e u s u r . e i i t r a n u e o a a r n t l i n t i m L t a s c w n l u i n s n n v t e s p i h o i c d s g p S e a v n s o y v i C u f r R h u m g i n l i R i i l i i e i k s o l l s s t s i e l l y a e o t c d e h p e k n ids.. + + + + + + + + + + + + + + + + + 1 2 4 2 1 2 4 2 2 3 2 3 2 4 2 1 2 9 6 4 6 6 6 7 5 7 6 8 5 7 1 3 5 9 + + + + + + + + + + + + + + + + + 1 2 1 3 2 1 1 1 2 1 1 1 1 1 8 4 7 4 4 5 2 2 0 9 5 2 9 6 3 2 5 + + + + + + + + + + + + + + + + + 1 H 1 1 3 1 1 1 4 2 1 1 2 1 2 1 9 5 4 3 5 4 4 2 1 4 8 4 8 9 7 9 P V B S L S S S P B L S S S F O a a o a a t a a h r o o o a a a N B o e n n n l c n s r o k i n l k t c s s l t r e a t e g e e l e A l J n D a k a F L r r m a n a j o o m k s t B r n o a n i a i n R o s f e e a x p g d - n k e d e i e n g l n o a N e e e d n a e o l c s a l y c a t d a e i o n C h p s s d a c i t o y _ . . . . + + + + + + + + + + + + + + + 1 1 1 1 4 2 1 1 7 2 3 3 1 9 4 9 7 6 7 4 0 0 3 1 0 6 8 3 0 + + + + + + + + + + + + + + + - 1 3 2 1 1 1 1 1 1 3 1 3 8 5 4 7 3 4 0 8 3 3 6 1 8 3 4 + + + + + + + + + + + + + + + - 2 1 3 4 1 2 1 1 2 7 3 6 7 9 2 4 4 4 7 3 4 5 3 5 Philadelphia.. +26 +11 +16 Atlanta +29 +17 +17 Topeka +11 +10 +11 Bellingham +13 +3 +7 Reading.. _ +25 •+16 +19 Macon +24 +17 +20 Wichita +32 +22 +17 Everett +48 +17 +23 Wilkes-Barre. +24 +6 +12 Baton Rouge__. +15 +16 +14 Joplin +39 +14 +24 Seattle +37 +25 +26 York +25 +13 +18 New Orleans ... +27 +18 +15 Kansas City... +25 +10 +15 Spokane +21 +12 +15 Jackson +27 +19 +18 St. Joseph +13 +12 +13 Tacoma +47 +25 +36 Cleveland +30 +13 +19 Chattanooga... +34 +13 +19 Omaha +15 +9 +9 Walla Walla... +4 0 -1 Akron +39 +24 +28 Knoxville +29 +12 +18 Oklahoma City +20 +14 +17 Yakima -1 +4 +1 Cincinnati +26 +8 +15 Nashville +24 +19 +21 Tulsa +20 +8 +14 p Revised. 928 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week com- prod- Foods Chemimodi- ucts Hides and Textile Fuel and Metals Building cals and House- Miscelties Total leather products lighting and metal materials allied furnish- laneous products materials products products ing goods 1929_. 95.3 104.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930_. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931.. 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932.. 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933.. 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934.. 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935.. 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936.. 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937.. 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938.. 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939. . 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940.. 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1940—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 77.5 88.6 77.6 December. _ 80.0 69.7 73.5 84.1 102.3 74.8 71.7 97.6 77.7 77.3 1941—January _._ 80.8 71.6 73.7 84.3 102.4 75.2 72.1 97.7 78.6 89.0 77.1 February.. 80.6 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78.5 89.1 76.9 March 81.5 71.6 75.2 84.9 102.6 78.4 72.0 97.7 99.5 79.8 89.5 77.6 April 83.2 74.4 77.9 85.9 103.9 81.0 72.9 97.9 100.1 81.8 90.4 78.6 May 84.9 76.4 79.5 87.4 106.4 83.0 75.6 98.1 100.4 83.6 91.4 79.6 June 87.1 82.1 83.1 88.6 107.8 84.5 77.9 98.3 101.0 83.8 93.1 80.6 July 85.8 84.7 89.7 109.4 86.2 78.5 98.5 103.1 85.2 94.4 82.0 Weekending— 1941—May 3 83.2 74.4 78.0 86.4 105.0 80.9 74.2 97.9 100.3 82.8 91.9 78.5 May 10_._. 84.0 75.1 79.0 86.9 105.3 81.4 74.9 97.9 100.3 83.1 92.3 79.0 May 17— 84.6 76.3 79.7 87.3 106.1 82.4 75.6 98.1 100.2 83.7 92.3 79.4 May 24___. 85.0 77.3 79.5 87.7 106.9 82.9 76.2 98.2 100.5 84.2 92.5 79.7 May 31.... 85.2 77.3 79.2 88.2 107.8 83.2 77.7 98.2 100.5 83.9 92.7 79.7 June 7 85.9 79.6 81.5 88.4 107.6 83.2 78.3 98.3 100.5 83.6 93.3 79.7 June 14 86.7 81.1 82.6 88.8 108.4 83.8 78.7 98.4 100.9 83.7 93.7 80.2 June 21 87.2 83.0 83.7 89.0 108.2 84.5 79.0 98.3 101.1 83.8 93.7 80.3 June 28___. 87.7 84.2 84.3 89.1 •108.5 84.7 78.7 98.4 101.1 84.3 93.8 80.9 July 5 87.7 84.1 84.1 89.2 108.8 84.1 79.0 98.4 101.7 84.6 94.3 81.2 July 12.... 88.1 85.0 84.1 89.5 109.3 84.3 79.1 102.4 85.1 95.3 81.3 July 19.._. 88.3 85.4 83.8 89.7 109. 6 85.0 79.3 102.6 85.0 95.4 81.7 July 26.... 88.8 86.7 84.6 90.0 109.7 86.4 79.4 102.7 85.0 95.5 81.8 August 2__. 87.2 85.5 90.2 109.7 79.4 103.3 85.5 95.8 82.3 August 9... 87.8 86.2 90.6 109.9 87.1 79.6 104.2 85.7 95.9 83.0 August 16_. 86.4 86.7 90.7 110.2 87.4 79.5 104.8 85.9 96.4 83.1 August 23 _. 90.0 86.7 87.0 90.9 110.8 87.3 79.8 105.2 85.9 83.6 1940 1941 1940 1941 Subgroups Subgroups July Apr. May June July July Apr. May June July Farm Products: Metals and Metal Products: Grains 60.8 70.9 74.5 75.9 76.3 Agricultural implements._ » 92.3 92.4 92.4 92.5 Livestock and poultry 69.8 86.2 88.0 93.0 98.9 Farm machinery 93.5 93.5 93.5 93.5 Other farm products 65.6 67.8 69.5 76.6 79.9 Iron and steel 95.9 96.1 96.5 96.8 Foods: Motor vehicles 100.1 100.2 100.3 100.4 Dairy products 73.7 81.0 81.6 84.3 87.7 Nonferrous metals 84.3 84.4 84.5 84.7 Cereal products 76.2 76.8 78.2 79.8 80.3 Plumbing and heating 83.0 83.0 83.1 83.2 Fruits and vegetables 69.0 63.8 64.0 73.0 69.4 Building Materials: Meats 72.9 85.6 87.2 90.8 93.8 Brick and tile 90. 91.7 91.9 92.5 94.2 Other foods 61.3 73.9 76.9 79.5 81.6 Cement 90. 91.0 91.5 91.9 92.1 Hides and Leather Products: Lumber * 94. 116.7 116.8 117.6 122.3 Shoes 107.0 107.8 110.1 111.7 114.7 Paint and paint materials 84. 88.7 89.3 90.3 91.6 Hides and skins 84.6 104.7 110.3 112.4 112.5 Plumbing and heating 80. 83.0 83.0 83.1 83.2 Leather 91.4 95.6 96.9 97.9 98.1 Structural steel 107. 107.3 107.3 107.3 107.3 Other leather products 99.7 100.5 101.7 102.1 102.7 Other building materials 93. 95.9 96.3 98.4 Textile Products: Chemicals and Allied Products: Clothing 85.3 88.7 90.9 91.6 93.9 Chemicals 84. 86.4 87.2 87.3 Cotton goods 68.8 86.8 91.0 94.6 96.1 Drugs and Pharmaceuticals 95. 97.5 98.7 99.9 100.0 Hosiery and underwear 61.5 61.1 61.3 61.9 62.9 Fertilizer materials 67. 71.0 71.1 69.9 74.0 Silk 43.3 48.3 49.1 51.2 51.4 Mixed fertilizers 72. 73.2 73.2 73.8 77.0 Rayon 29.5 29.5 29.5 29.5 29.5 Oils and fats 43. 69.3 80.6 80.6 83.7 Woolen and worsted goods. 83.9 93.3 94.1 94.6 96.5 Housefurnishing Goods: Other textile products 73.0 89.3 92.0 94.1 98.0 Furnishings 94.! 97.1 98.0 99.0 99.7 Fuel and Lighting Materials: Furniture 81.! 83.4 84.3 87.0 88.9 Anthracite 78.1 80.9 80.7 81.0 82.2 Miscellaneous: Bituminous coal 95.8 100.0 102.9 103.7 104.9 Auto tires and tubes 58.! 58.8 58.8 58.8 58.8 Coke 109.6 113.8 120.4 122.2 122.2 Cattle feed 83.: 85.2 81.8 88.9 104.2 Electricity 73.3 69.2 67.7 Paper and pulp 93., 94.5 96.7 98.0 98.8 Gas... 88.2 78.1 80.1 81.0 Rubber, crude 44.: 47.6 49.8 45.6 46.0 Petroleum products 49.5 51.9 55.3 59.9 60.9 Other miscellaneous 83., 84.3 85.6 87.4 iRevised series. Back figures.—Yen monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). SEPTEMBER 1941 929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1941 Chart 1941 book book page July July Aug. Aug. Aug. page 23 30 6 13 20 May June July 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.(25 2.23 2.25 2.27 U. S. Gov't. securities, Reserve Bank credit, total 2, 7 2.26 2.28 2.30 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 22.55 22.60 22.65 Gold stock 3 22.66 22.67 22.68 22.70 22.71 Money in circulation 2 9.19 9.44 9.67 Treasury currency 3 3.16 3.16 3.17 3.17 3.18 Treasury cash 2 2.26 2.25 2.30 Money in circulation 3, 11 9.63 9.70 9.80 9.79 9.84 Treasury deposits 2 .62 .99 .95 Treasury cash holdings 3 2.32 2.33 2.34 2.36 2.38 Reserve balances 2, 8 13.65 13.20 13.12 Treasury deposits 3 .95 .92 .84 .92 .79 Required reserves.. 8 7.82 7.85 7.93 Nonmember deposits 3 1.76 1.75 1.87 1.82 1.83 Excess reserves g 5.83 5.35 5.19 Member bank reserves 3 13.12 13.10 12.95 12.95 13.04 Money in circulation, total ___ 10 9.36 9.61 9.73 E xcess reserves—total« 9 5.25 5.16 5.05 5.00 ?5.08 Coins and bills under $50._ 10 6.68 6.89 6.99 New York City 9 2.21 2.17 1.99 1.86 1.92 Bills of $50 and over 10 2.68 2.73 2.74 Chicago 9 .40 .37 .39 .41 .41 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 85 9 1 . . 8 7 4 8 1 . . 8 8 7 0 1 . . 8 8 9 4 P 1 . .8 9 4 1 U. S T . R G EA ov SU er R n Y m e F n I t N A de N b C t: E MEMBER BANKS Direct obligations, total - 19 47.16 48.39 48.97 Bonds.... 19 34.00 34.97 35.34 Total, 101 cities: Notes 19 5.72 5.70 5.70 L B o a a la n n s c a e n s d d i u n e v e to stments 16 28.65 28.77 28.76 28.87 29.03 B Sp il e l c s i . a . l issues... 1 1 9 9 5 1 . . 8 6 3 0 6 1 . . 1 6 2 0 6 1 . . 3 6 2 0 domestic banks 16 9.12 9.08 9.09 9.22 9.22 Guaranteed obligations... 19 6.36 6.36 6.93 Adjusted demand deposits ._ 16 24.38 24.54 24.22 24.25 24.46 MONEY RATES, ETC. Per cent per annum Time deposits 16 5.41 5.42 5.43 5.43 5.44 New York City: F. R. Bank discount Commercial loans 17 2.30 2.32 2.34 2.37 2.39 rate, N. Y 23 1.00 1.00 1.00 Brokers' loans 17 .33 .34 .33 .33 .32 Treasury bills (new issues) .. 23 0.082 0.089 0.097 U. S. Gov't. obligations 17 7.08 7.09 7.10 7.07 7.09 Treasury notes 2 _ 23 0.44 0.38 0.37 100 cities outside New York: U. S. Gov't. bonds3.. 29 1.92 1.91 1.90 Commercial loans 17 3.71 3.73 3.75 3.77 3.80 Commercial paper 25 .56 .56 .50 U. S. Gov't. obligations 17 7.51 7.50 7.46 7.49 7.50 Corporate Aaa bonds 25, 29 2.81 2.77 2.74 Corporate Baa bonds 29 4.32 4.31 4.28 MONEY RATES, ETC. Per cent per annum In unit indicated Stock prices (1926=100): Treasury bills (new issues) 21 094 .106 .114 .116 .114 Total.. 31 73.0 75.3 78.8 Treasury notes 2 21 .35 .33 .33 .34 .33 Industrial _._ 31 85.6 88.3 93.2 U. S. Gov't. bonds 3 21, 29 1.90 1.90 1.93 1.97 1.95 Railroad _ 31 26.7 26.7 27.8 Corporate Aaa bonds 29 2.74 2.74 2.74 2.75 2.75 Public utility 31 67.5 69.8 70.0 C orporate B aa bonds 29 4.27 4.27 4.26 4.27 4.29 Volume of trading (mill. shares): 31 .42 .46 .76 Brokers'balances(mill. dollars): In unit indicated M Cr o e n d e it y e b x o te r n ro d w ed e d c ustomers 3 3 3 3 6 4 2 0 2 3 6 3 1 9 6 5 628 Customers' free credit Stock prices (1926=100): balances 33 262 255 266 I T n o d t u al s trial 3 3 1 1 " r9 7 4 9 . . 6 9 9 8 4 0 . . 9 1 7 94 9 . . 6 7 7 9 8 2 . . 0 3 9 7 2 8 . . 8 3 BUSINESS CONDITIONS P R u a b il l r i o c a u d tility 3 3 1 1 2 7 8 0 . . 4 5 2 7 8 0 . . 5 1 6 28 9 . .9 3 6 2 8 7 . . 9 8 28.0 W A ho ll l e c s o a m le m p o ri d c i e t s i - e . s (1926=100): Volume of trading (mill, Totals 35, 65 84.9 87.1 88.8 shares) 31 .87 .84 .60 .41 .40 Farm products 35 76.4 82.1 85.8 BUSINESS CONDITIONS Other4... 35 87.4 88.6 89.7 Wholesale prices: Industrial commodities All c T F O o a o m th r t m a m e l r o p 4 d r i o ti d e u s c ( t 1 s 9 26= 100) 3 3 3 • 5 5 5 8 8 9 6 8 0 . . . 7 8 0 8 8 9 7 9 0 . . . 2 2 2 8 8 9 7 9 0 . . . 8 6 6 8 8 9 6 9 0 . . . 4 6 7 9 8 9 0 6 0 . . . 0 7 9 Cost o ( f A l T F R i u v i o a g n i w . t n i a s g 1 a h l 9 . n e ( 3 . 1 d d . 9 . 9 = s 3 e 1 5 m 0 -3 0 i 9 f ): i = n 1 i 0 sh 0 e ): d 3 3 3 7 7 7 1 1 1 0 1 0 6 5 9 . . . 4 9 5 1 1 1 1 0 1 7 1 8 . . . 9 2 3 1 1 1 1 0 2 3 9 0 . . . 0 1 8 Ba (A si 1 u c 2 g c . f o o 1 m o 9 d 3 m s 9 t = o u d 1 ff 0 i s t 0 ie ), s total 3 3 6 6 1 1 4 5 9 6 . . 9 0 1 1 5 5 8 1 . . 2 3 1 1 5 6 1 0 . . 8 8 1 1 5 5 0 9 . . 6 1 1 1 5 6 1 1 . . 0 5 A R Cl l e l o n t i t h t e in m g s .. 3 3 3 9 9 9 1 1 10 0 0 2 2 5 . . . 7 9 8 1 1 1 0 0 0 4 5 3 . . . 6 8 3 1 1 1 0 0 0 5 4 6 . . . 2 2 1 16 m i a n t d e u ri s a t l r s ia .. l 36 145.4 146.3 145.2 144.4 143.4 Food 39 102.1 105.9 106.7 Ste (p el e r p c ro e d nt u c o t f i o c n a p i acity) ... 44 96.0 97.6 96.3 95.6 96.2 e Estimated, P Preliminary. T Revised. Automobile production 1 Figures for other than Wednesday dates are shown under the (thous. cars) 44 105.6 62.1 41.8 45.6 45.5 Wednesday included in the weekly period. Freight-car loadings (thous. cars): 2 Tax-exempt issues only. Total 45 897.4 883.1 878.5 890.4 899.8 s Partially tax-exempt issues only. Miscellaneous 45 368.0 364.3 360.7 368.4 376.9 4 Other than farm products and foods. Electric power production 5 Less than $5,000,000. (mill. kw. hrs.) 46 3,184 3,226 3,196 3,201 3,193 6 Estimate for August is shown on p. 917. Department store sales 7 Revised figures based on capacity as of June 30, 1941. (1935-39=100) 46 87 102 116 114 119 * Copies of this chart book can be obtained at a price of 50 cents F.H.A. home mortgages, each. new constr. (thous.) 47 5.15 3.97 5.48 5.03 4.55 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEOERAL RESERVE CHART BOOK—Continued 1941 Chart Chart book book page May June July page May June July MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926=100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production ;i 2 Wholesale prices: Total (1935-39=100) 41,42 150 157 P161 Canada 65 88.5 90.0 Durable manufactures 41 66.9 71.2 P74. 8 Germany 65 P83.6 P83.6 ^83.6 Iron and steel 42 18.2 20.0 P20. 2 Japan 65 137.7 139.8 139.0 Machinery, etc. 42 33.3 35.4 P38.3 Sweden 65 135.8 137.4 Other durable 42 15.4 15.8 P16.3 Switzerland 65 125.8 1281 Nondurable manufactures 41 63.9 66.0 P66. 1 United Kingdom 65 122.1 123.0 123.6 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 n e g r 4 4 2 2 2 1 1 2 . . 0 3 2 1 1 2 . .7 2 P P2 1 1 2 . . 5 8 In cents per unit of Foods, liquors, and tobacco__ 42 17.1 17.6 P17.6 foreign currency Other nondurable 42 13.4 14.4 PU.2 Foreign exchange rates: Minerals *_ 41, 42 19.1 20.2 P19.6 Argentina (peso) 67 29.77 29.77 29.77 New orders, shipments, and Canada (dollar) 67 87.42 88.18 8827 inventories (Jan. 1939=100): Japan (yen)7 66 23.44 23.44 23.44 New orders, total 43 207 229 Switzerland (franc)« 66 23.20 23.21 Durable, total 43 290 330 P336 United Kingdom (pound) 67 403.10 403.16 40323 Iron and steel 43 307 289 P276 Machinery 43 287 304 Shipments, total 43 180 191 Durable 43 219 233 Inventories, total 43 126 129 P131 Mar. Apr. May Durable 43 137 139 P141 Freight-c N a o r n l d o u ad ra in b g le s :1 J 43 114 117 P121 In billions of dollars Total (1935-39 = 100)3 57 135 139 138 Coal 57 29.4 33.1 31.9 Increase in U. S. gold stock:5 Miscellaneous 57 74.4 76.3 76.8 Total 63 15.35 15.48 15.55 All other 57 31.5 29.2 29.1 Net capital inflow: Total 62, 63 ••6.19 '6.33 6.32 Inflow of foreign capital 62 »-4.17 4.27 4.25 '3-25=100 Mer R ch e a t n u d rn is e o f e d x o p m or e t s s t u ic r p c l a u p s ital.. 6 6 3 2 4 1 . . 6 9 2 3 4 1. . 9 7 6 2 4 1 . .9 8 8 1 Other factors 63 4.54 4.44 4.43 Factory employment 51, 53 124.9 127.8 P130. 5 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 earnings 51, 53 144.1 1521 P!52. 5 tie L s i o a f b i b li a t n ie k s s : to foreigners 64 3.77 3.88 3.89 (cents per hour) 51 72.6 738 Foreign assets 64 .39 .36 .36 Average hours worked Net foreign liabilities 64 3.38 3.52 3.53 (hours per week) 51 40.8 413 Department store sales 3 _ 59 105 104 115 Department store stocks 1 59 74 77 81 1940 1941 In millions of dollars O De c c t. . - M Jan ar .- . A Ju p n r e .- Residential contracts awarded :i Total 47 174 187 191 Public _ 47 47 72 53 In billions of dollars Private, total 47 127 115 139 QUARTERLY FIGURES 1- and 2-family dwellings 47 110 101 124 Other 47 17 14 15 Cash income and outgo of U.S.Treas.: Construction contracts awarded:4 Cash income 18 1.90 2.84 2.62 Total 49 414 478 Cash outgo 18 3.17 3.89 4.46 Residential 49 162 185 Excess of cash outgo 18 1.27 1.05 1.84 Non O ag th ri e c r u ltural employment 49 252 293 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 38.32 38.86 P39.24 Refunding 32 .77 .61 .42 Manufacturing and mining _ 50 12.41 12.65 P12. 87 T G r o a v d e e r nment 5 5 0 0 6 4. . 0 4 5 2 6 4. . 1 5 3 3 P P 6 4 . .1 5 6 0 Per cent per annum Transportation and public utili- Incom Co e t i n e p s s a t r y u m ct e i n o t n s : 1 « 5 5 0 0 3 1 . . 1 7 9 8 3 1 . . 2 8 4 2 Pl.88 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 . . 0 5 0 9 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 r r » 2 \ 7 , , , 3 2 8 0 0 9 9 5 6 r r ' 2 5 7 , , , 3 0 3 3 0 3 7 2 9 2 5 7 , , , 3 0 4 5 6 2 7 6 3 7 1 1 o c S t i h t o i e u e 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 3 2 . . 3 5 6 3 2 3. . 2 5 5 3 2 3 . . 5 2 8 3 Cash farm income: Total 55 771 798 p Preliminary. r Revised Crops 55 212 237 P335 1 Adjusted for seasonal variation. Livestock and products 55 535 536 P552 2 In points in total index. Gov't payments 55 24 25 3 Estimate for August is shown on p. 917. Exports and imports: * Three months moving average, adjusted for seasonal variation, Exports __ 61 385 338 s Cumulated from January 31, 1934. Imports 61 297 280 • Revised series. Table and chart of back figures may be obtained Excess of exports 61 58 upon request. 7 No rate certified since July 25, 1941. No rate certified since June 14, 1941. SEPTEMBER 1941 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued [In billions of dollars] Chart 1938 1939 1940 book Sept. Dec. Mar. June Oct. Dec. Mar. June Dec. Apr. June 28 31 29 30 2 30 26 29 31 4 30 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 57.65 59.12 59.11 60.95 62.87 64.10 64.88 66.96 70.75 *72. 43 P74. 35 Demand deposits adjusted 25.10 26.01 26.04 27.35 29.09 29.79 30.54 31.96 34.94 P36. 10 P37. 39 Time deposits 26.27 26.38 26.56 26.80 26.81 27.06 27.28 27.47 27.74 P27. 90 P28. 00 Currency outside banks 5.50 5.83 5.63 6.01 6.19 6.40 6.23 6.70 7.32 P 7.78 P8.21 Loans and investments, total 48.24 48.87 48.93 49.62 49.95 50.88 51.14 51.34 54.19 56.15 P57. 90 Loans 21.04 21.30 21.15 21.32 21.63 22.17 22.19 22.34 23.74 24.32 P25. 20 Investments 27.21 27.57 27.78 28.30 28.32 28.71 28.95 29.00 30.45 31.83 P32. 70 MEMBER BANKS Investments, totall 18.69 18.86 19.05 19.46 19.61 19.98 20.22 20.48 21.81 23.10 23.93 U. S. Government obligations: Direct.. 10.71 10.88 10.69 10.95 10.89 11.18 11.31 11.60 12.34 13.50 14.24 Guaranteed 2.30 2.34 2.66 2.83 2.92 3.14 3.11 3.12 3.49 3.49 3.84 State and local government obligations 2.30 2.45 2.56 2.55 2.76 2.69 2.91 2.89 3.01 3.21 2.98 Other domestic securities 3.19 3.01 2.96 2.94 2.77 0) 2.70 2.80 2.72 Foreign securities .18 .18 .18 .19 <) .19 .17 .17 () .15 Loans, total i 12.94 13.21 13.05 13.14 13.47 13.96 13.97 15.32 15.88 16.73 Commercial loans (incl. open-market paper) 6.97 3 5.89 5.96 5.99 6.57 6.72 7.52 8.55 Street loans (Brokers' loans) .53 3 .79 .67 .56 .61 .32 .47 .57 Other loans on securities* 2.77 » .96 .90 .91 .88 .80 .83 .63 Real estate loans 2.66 2.72 2.75 2.83 2.96 3.07 3.23 3.37 All other loans i5 2.85 2.77 2.85 2.94 3.06 3.27 3.61 SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding 43.89 45.34 47.07 47.87 50.36 Amount held by: U. S. Government agencies and trust funds: Public issues 2.20 2.14 2.3! '2.29 '2.25 P2.36 Special issues 3.16 3.77 4.23 4.78 5.37 6.12 Federal Reserve Banks 2.56 2.55 2.48 2.47 2.18 2.18 Commercial banks 15.07 15.70 16.30 16.55 17.76 P20. 13 Mutual savings banks 2. 3.04 3.10 3.11 3.22 P3.36 Insurance companies 5. 60 5.80 '• 6.00 6.10 6 6.50 e 6. 60 Other investors «12. 40 12.30 «12.60 12.60 s 13.10 p« 14. 00 p Preliminary, i Series not shown in Chart Book. » 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. < Includes since December 31,1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purposes are included in commercial loans and in all other loans. 5 Includes loans to banks and other loans under new classification beginning December 31, 1938. 8 Partly estimated. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1941] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Aug. 1, tion Aug. 1, tion Aug. 1, tion Aug. l, 1940 1941 1940 1941 1940 1941 1940 1941 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,366 7,679 88 80 New York 25, 393 27,498 8,786 7,327 92 88 Philadelphia 47, 863 48,911 16, 901 16, 580 158 154 Cleveland 160,404 202, 261 47, 351 55, 298 77 58 Richmond 1,730 946 135,014 135, 238 26, 663 27, 251 Atlanta 2,304 2,041 178,019 178, 783 6,508 6,955 Chicago 965,662 1,045, 392 63,298 61,072 1,921 1,903 St. Louis i 3, 277 2 3, 546 326,128 342, 540 62, 531 52, 978 77 37 Minneapolis 265, 502 258, 299 24, 756 36, 576 187, 516 231,379 Kansas City_ 666 446 225, 245 242, 724 232,606 281, 793 6,522 7,124 Dallas 3,869 3,132 105,113 90,020 29, 957 36,105 105 158 San Francisco.. 720 706 7,491 8,229 69,794 103,031 30, 991 25,006 Total 12, 566 10, 817 2, 449, 200 2, 587, 574 589,151 684, 966 227, 547 265, 987 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Aug. 1, tion Aug. 1, tion Aug. 1, tion Aug. 1, 1940 1941 1940 1941 1940 1941 1940 1941 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston . 7,047 6,736 3,485 3,054 32,923 35,978 54,600 54,911 New York 31, 264 26,124 5,858 4,304 1,983 2,061 32,153 29,176 Philadelphia 19,499 19,925 2,359 2,043 49,590 54, 030 24, 843 23,022 Cleveland . 57, 472 60,820 5,978 5,260 123,150 104,022 20,132 18,883 Richmond 21, 064 23,074 4,099 3,816 743,939 675, 717 28,489 21,704 Atlanta 15, 205 19, 584 3,259 3,273 178,516 143,165 15, 337 15, 273 Chicago 525, 658 464,052 21,291 20,183 36, 785 33,442 41,618 40,793 St. Louis 60, 057 60,258 8,210 8,026 277, 570 232,975 13, 817 12,610 Minneapolis 302, 514 262,961 10, 550 11,852 3,034 2,743 52,330 45,048 Kansas City 127, 627 132,197 7,302 8,724 4,476 4,079 35,334 31, 839 Dallas 40 507 39 292 1 781 1,719 3,949 7,204 San Francisco 27, 714 33,139 12,140 12,933 75,120 69, 230 Total 1, 235, 628 1,148,162 86, 312 85,187 1, 451, 966 1, 288, 212 397, 722 369,693 1 Includes 18,000 bales grown in miscellaneous territory. 2 Includes 19,000 bales grown in miscellaneous territory. NOTE.—1940 figures for cotton.are as revised in August 1941. 932 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: NEW AND REVISED INDEXES 1935-39 average = 100 Without seasonal adjustment Adjusted for seasonal variation Y m ea o r n a th nd T e p m t q r o i a u e o r n t i n n a p s t - - - c A ra ir f - t m b a A p o s a b o a s u d n l b e r t i y d m t o i e s l - s e - , f m d e N p a r u e r o r n o t c o n - a d t u - l s s s su c T ti o m o i n n n p - - T e p m q t r o i a u e r o n t i n n a p s t - - - c A ra ir f - t m b a A p o s a o b a u s d n b l e r t i y d t o m i e s l - s e - , A s t m b f o a u a i o c l r t l - - e e o y s - m N d r a p f o u e e r o n o u t c r n d - a - s t - s ls s m N m r f i o e e n o e u r t g n l - a s t - l - s c t T u i o m o i n n n p - - M era in ls - Metals m s I h o r e o i r n p e n t - s L d p t u i r e o o c a - - n d 1935 93 48 104 80 93 1 1 9 9 3 3 6 7 no 1 7 0 6 5 1 12 1 1 4 1 1 0 2 4 2 1 1 1 1 1 7 1938 123 97 67 80 76 1939 72 174 94 115 103 1940 103 419 116 137 111 1935— N A J J A F M S O M J u u e e u o c p a a a n l b p t n g v r y r y e . t . . . . . . . . . . _ 1 1 1 1 1 1 ' 8 6 4 8 8 7 1 1 0 0 0 7 4 4 5 9 6 3 0 1 4 8 0 8 4 4 4 4 4 4 4 5 5 5 5 0 1 8 3 4 4 7 2 5 2 6 1 1 1 1 1 1 8 7 0 9 2 1 2 2 1 1 4 1 7 1 9 4 2 2 6 8 7 9 7 7 7 7 7 7 1 4 5 6 8 8 6 3 1 1 8 8 9 9 8 8 8 9 9 1 0 3 9 2 5 1 3 6 7 9 0 7 8 8 9 9 8 9 9 9 9 8 9 5 9 1 5 6 4 4 3 0 5 8 • 1 1 1 1 1 1 1 1 9 9 0 0 0 0 0 9 0 0 0 6 5 3 0 4 4 6 7 7 2 6 8 8 8 9 7 7 7 6 7 7 7 0 2 8 2 7 8 4 8 5 6 5 1 10 0 9 8 8 8 8 9 9 5 4 3 1 4 6 8 4 7 Dec 107 56 117 95 91 99 108 96 93 1936—Jan 100 57 108 94 91 101 108 96 98 Feb.... 91 61 95 91 92 89 92 92 93 Mar 103 65 106 93 93 96 99 91 90 Apr 119 70 122 98 108 104 107 94 103 May 121 78 124 100 111 110 113 98 109 June 115 80 119 101 121 114 120 102 119 July.... 109 80 110 98 115 118 123 103 116 Aug 93 77 92 100 110 114 116 103 109 Sept 85 79 86 112 120 115 116 111 120 Oct 109 83 115 118 120 114 117 116 121 Nov 132 87 139 124 123 118 120 120 123 Dec... 139 98 147 123 122 128 134 125 125 1937—Jan 117 97 119 124 119 119 119 127 128 Feb. 126 105 128 127 125 124 105 125 129 128 Mar 135 113 135 136 134 127 113 127 133 130 Apr 137 115 134 141 135 125 115 123 136 129 110 126 173 May 143 114 140 139 132 129 112 128 137 128 112 137 174 June 134 115 132 135 129 133 113 133 136 126 115 138 174 July 121 96 117 125 120 136 96 138 131 121 113 140 175 Aus?.._. 115 105 110 124 124 140 105 139 128 124 116 147 176 Sept 102 93 101 124 127 131 96 130 123 127 115 127 159 Oct 130 101 132 112 97 127 101 126 110 98 113 120 131 Nov.... 122 101 121 100 91 109 100 105 97 91 110 119 131 Dec 95 98 88 81 73 88 98 80 81 75 107 111 125 1938—Jan 71 97 62 74 69 72 99 62 65 74 74 107 Feb 69 101 61 72 81 68 101 59 60 72 81 88 Mar 68 101 60 74 79 65 101 57 57 72 76 97 70 Apr 68 99 61 72 81 62 99 56 54 69 77 95 55 May 63 98 55 69 62 96 56 51 68 83 74 90 79 34 June 60 94 53 65 73 61 92 56 49 65 71 72 92 78 47 87 July 53 93 45 67 76 62 93 57 50 71 66 77 94 82 49 82 Aug 50 90 45 73 63 90 59 51 80 77 74 97 84 50 80 Sept 65 90 63 85 70 70 93 67 56 85 81 72 98 85 50 85 Oct 87 94 90 98 76 80 94 80 69 96 95 76 98 86 54 87 Nov 102 98 103 105 78 90 97 89 98 102 107 78 102 92 51 102 Dec 105 106 104 101 78 96 106 94 102 101 111 79 102 95 53 103 1939—Jan 110 98 96 74 98 110 97 108 80 103 97 60 114 Feb. _ _ 120 94 96 84 96 120 96 105 84 102 100 68 106 Mar 99 125 94 98 89 93 125 96 96 88 103 96 77 98 Apr 102 137 96 97 95 94 137 92 94 90 92 106 79 95 J J N D A S M O u u e e u o c n a l p c t g v y y e t.... 1 1 1 1 9 8 9 8 3 1 0 1 6 3 4 2 8 9 5 7 1 2 2 1 1 1 2 1 7 6 4 8 1 5 8 9 1 6 1 9 2 3 0 0 1 1 1 8 9 8 7 7 1 2 0 5 9 5 0 2 1 3 4 1 1 1 1 1 9 9 9 3 5 5 6 0 6 5 7 2 2 2 0 8 1 1 1 1 1 1 1 9 0 1 0 0 3 2 3 6 1 5 0 0 4 2 3 1 1 1 1 1 1 9 9 0 0 2 0 0 0 9 4 9 1 7 9 7 4 2 2 2 1 1 1 1 1 6 4 7 8 1 5 8 9 6 1 1 9 2 3 0 0 1 1 9 8 9 9 9 0 9 1 1 6 3 6 7 1 1 2 1 8 8 8 8 9 9 8 2 4 0 0 4 3 2 3 5 1 1 1 1 1 1 3 9 9 4 5 5 0 1 1 4 7 9 6 4 2 2 1 1 1 1 1 9 9 9 3 1 2 3 0 5 8 8 6 8 3 0 4 1 1 1 1 1 2 9 3 3 1 0 6 7 3 5 8 1 1 1 1 1 1 1 9 9 1 1 0 2 1 0 6 2 5 9 5 0 4 7 1 1 1 1 1 1 1 9 2 3 2 0 0 2 0 8 1 1 5 6 5 8 2 1 1 1 1 1 1 8 9 3 1 5 0 0 2 5 8 3 9 5 8 2 2 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 3 5 9 9 6 0 2 2 1940—Jan 132 282 116 143 116 130 282 113 124 145 136 121 118 127 132 114 Feb. ... 132 283 115 131 105 130 283 111 123 133 131 105 114 130 142 116 Mar 138 300 118 127 100 131 300 111 119 124 131 98 117 133 151 117 Apr 135 307 116 124 107 126 307 107 114 120 130 104 119 134 149 116 May 130 331 106 124 110 129 331 109 109 122 131 106 117 134 152 119 June 132 374 106 126 120 135 374 113 103 126 128 114 119 134 155 117 July 110 398 77 126 115 129 398 101 83 131 132 116 120 137 159 115 Aug 122 460 91 133 115 149 121 71 137 132 117 113 123 159 114 Sept 154 508 119 143 108 159 121 110 144 132 113 117 128 155 112 Oct '_. 179 552 142 153 108 165 552 125 130 150 133 109 113 137 163 117 Nov 185 600 143 158 112 171 600 125 134 156 135 112 118 148 192 113 Dec 188 635 138 162 112 177 635 125 129 162 137 115 119 152 186 116 1941—Jan 194 685 138 166 114 190 685 134 144 167 137 119 118 144 187 116 Feb 207 741 148 173 130 203 741 143 152 173 142 130 118 152 189 116 Mar 214 768 150 179 146 207 768 142 143 179 142 143 125 148 191 118 Apr 206 823 136 184 151 197 823 124 122 183 147 147 96 150 200 119 May 230 872 153 189 153 229 872 153 151 188 148 147 125 149 197 115 June. ___ 243 922 161 185 148 242 922 161 148 184 144 141 133 161 200 117 July , 030 P136 , 030 P171 154 P130 207 Aug Sept Oct Nov Dec p Preliminary. SEPTEMBER 1941 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: NEW AND REVISED INDEXES—Continued 1935-39 average = 100 Monthly Annual Ye m a o r n t a h nd A j t u d e s - d - Steel U j t a n e d u d s - - - A j t u d e s E d - - l s e t c e t e r l i U j t a c n e u d s d - - - A j t u d e s s m d - - e Z l i t n i c U j n t a g n e u d d s - - - j A t s u e d h s d - - i L p e m a e d n U j t a u t n e d s s d - - - s C m p i o e n e l p g r t - - f m a N d a a c o A u b t n d l n r u u j r - - e - e u s st t T e i e d l x e f - s or T f s r t e a i i e x b c l a - - s e sona C l i h c v e al a m r s - iat e P i p e u u c o r t c o m n o r a t o d l s l - & - C d p t p o u r i e p c o o r - - - n Year Steel E s t l t r e e i c e c - l 1940—Jan.... 151 148 182 179 133 136 144 147 1923 98 43 Feb... 125 127 171 174 135 138 134 141 1924 83 34 Mar.__ 108 117 160 173 130 137 137 141 1925 101 50 Apr... 107 114 165 175 133 137 132 144 1926 107 50 May.. 130 131 181 182 135 135 132 141 1927 100 55 June _. 155 152 200 196 130 128 131 143 1928 115 67 July... 162 154 210 199 141 133 131 142 1929 127 79 Aug... 166 161 219 212 140 133 133 139 1930 91 46 Sept... 175 171 247 242 148 143 129 137 1931 59 35 Oct.... 178 176 259 257 147 147 132 138 130 141 1932 31 21 Nov. 177 178 263 265 147 147 145 155 135 120 134 132 143 1933 54 43 Dec... 181 181 283 283 152 152 158 165 135 124 140 135 120 145 1934 61 51 1941—Jan. 186 186 291 291 153 153 161 166 133 123 138 133 122 122 148 1935 81 76 Feb... 187 187 300 300 158 158 165 165 140 126 143 140 123 122 153 1936 114 108 Mar... 193 193 305 305 163 163 172 172 136 127 146 143 123 123 148 1937 121 118 Apr... 193 193 340 340 164 164 186 186 145 130 150 146 132 121 152 1938 68 71 May.. 196 196 355 355 170 170 205 205 144 135 157 152 135 125 159 1939 115 128 June 196 196 359 359 170 170 208 208 136 139 156 151 142 127 155 1940 151 212 July... 197 197 365 365 173 173 202 202 132 P138 P156 P151 P146 P127 158 Aug. Sept Oct. Nov Dec. ^Preliminary. INDUSTRIAL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 82 85 89 91 93 92 89 89 89 89 86 80 88 1924 . 83 87 87 84 81 77 74 78 83 85 84 83 82 1925 87 89 90 90 91 89 89 90 91 95 94 90 90 1926 90 93 95 95 95 95 93 98 101 102 98 91 96 1927 93 97 100 97 98 97 93 96 97 96 91 87 95 1928 91 95 97 97 99 98 97 102 106 107 104 99 99 1929 103 108 110 113 115 115 112 114 116 114 104 93 110 1930 96 99 98 100 99 95 88 87 89 86 80 74 91 1931 75 79 80 82 82 78 75 74 73 70 67 63 75 1932 62 63 62 59 55 52 54 60 62 59 55 58 1933.. 56 58 54 59 69 79 84 81 80 74 68 66 69 1934 69 75 79 81 82 80 73 73 72 73 71 74 75 1935 80 85 85 84 84 84 83 87 91 95 95 93 87 1936 91 91 93 99 102 103 103 106 110 114 114 114 103 1937.. . 111 115 120 121 123 119 118 119 118 111 97 86 113 1938 82 82 83 82 81 81 84 91 97 100 102 99 89 1939 97 99 100 98 99 102 102 106 119 126 126 122 108 1940 117 113 112 112 117 121 120 124 132 136 136 136 123 1941 135 140 144 144 155 160 P159 Adjusted for seasonal variation 1923 85 86 89 91 92 91 90 88 87 86 86 84 1924 86 88 86 83 80 76 75 78 81 82 84 86 1925 89 89 89 90 90 89 91 90 88 91 94 95 1926 93 93 95 94 94 95 95 96 98 98 97 97 1927 96 97 99 96 97 96 95 95 94 92 92 93 1928.. _ 94 95 96 95 97 98 99 101 101 103 105 107 1929 108 108 108 110 112 113 114 114 112 110 105 100 1930 100 100 98 98 96 93 89 86 85 83 81 79 1931 78 79 80 80 80 77 76 73 70 68 67 66 1932 64 63 62 58 56 54 53 54 58 60 59 58 1933 58 57 54 58 68 78 85 82 77 73 69 70 1934.. 72 75 79 79 80 79 73 72 70 71 72 77 1935.. . 83 85 84 82 83 84 84 87 89 92 94 95 1936 94 92 93 98 100 103 104 106 108 110 113 116 1937 116 118 120 120 121 119 120 119 115 107 96 87 1938 85 84 84 82 81 81 86 90 93 96 100 101 1939 101 101 101 98 98 103 105 105 114 121 124 125 1940 122 116 113 112 116 122 122 124 127 130 134 139 1941 140 144 147 144 154 159 P161 p Preliminary. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF MANUFACTURES 1935-39 average = 100 I Feb. Mar. Apr. May June July A ug. Sept. I Oct. Year Without seasonal adjustment 1923 81 85 89 91. 90 85 87 86 84 79 SO 1924 . 82 86 87 85 75 71 81 83 83 82 £1 1925 86 90 91 91 88 87 88 91 95 95 91 90 1926 .. ._ 91 95 97 96 94 91 96 100 99 95 89 95 1927 91 96 99 99 96 92 95 96 94 90 86 94 1928 90 96 98 99 98 97 "J02 105 106 103 99 99 1929 _. . 103 \()R 113 116 117 116 112 114 116 114 103 110 1930 95 100 100 102 99 94 87 86 88 84 78 73 90 1931 _. 74 79 81 83 82 78 74 73 ^ 9 68 64 61 74 1932 61 02 60 58 56 54 50 52 59 60 57 54 57 1933 54 56 51 58 68 79 84 80 78 73 67 65 68 1934 . 67 74 79 82 82 80 71 72 70 71 70 73 74 1935 80 85 85 85 84 83 83 88 92 95 95 93 87 1936 90 90 94 101 103 104 103 107 111 114 115 115 104 1937 113 117 121 124 124 120 118 119 117 109 95 82 113 1938 78 80 82 80 79 83 90 96 99 101 99 87 1939 97 98 100 99 102 102 108 119 126 127 124 1C8 1940 118 114 112 112 117 122 120 125 133 138 139 140 124 1941 139 144 149 153 160 165 Adjusted for seasonal variation 1923' 83 84 87 89 88 86 85 84 84 S3 1924 84 86 85 83 75 73 76 79 81 83 | 86 1925 . . .. 88 89 89 89 88 89 88 89 93 95 97 1926 94 94 94 93 94 94 95 97 96 95 95 1927 _ 95 96 96 96 95 95 93 91 91 92 1928 94 95 95 95 98 99 101 102 104 106 108 1929 108 108 109 111 115 115 114 113 111 105 99 1930 ._._ 100 100 98 98 93 88 86 84 82 80 78 1931 78 79 80 80 79 77 75 73 69 66 65 64 1932... . 63 62 60 56 55 53 51 53 56 58 58 1933 56 55 51 57 67 78 85 81 77 72 68 68 1934 _ 70 74 78 79 80 78 72 71 68 70 71 76 1935 83 85 84 83 82 83 84 88 90 93 95 1936 94 91 93 99 101 104 105 107 109 111 114 1937 118 11Q 120 122 123 120 121 120 115 106 93 1938 82 82 82 79 79 79 84 89 92 95 100 101 1939 . 101 101 100 99 99 103 104 108 114 122 125 I 1940 123 116 112 111 116 122 123 126 129 134 137 142 1941 144 148 151 153 160 164 P166 p Preliminary. PRODUCTION OF DURABLE MANUFACTURES 1*33-3) average = 100 ar. Apr. May Sept. Oct. I Nov. Year Without seasonal adjustment 1923 93 98 106 Ill 113 111 105 104 104 103 100 I 94 103 1924 97 106 109 105 95 86 81 88 91 94 92 93 P5 1925 100 105 110 110 108 105 103 102 105 114 113 I 109 107 1926 107 114 119 119 119 116 112 117 117 116 109 100 114 1927 102 112 118 118 117 110 104 108 105 103 96 94 . 107 1923 100 1M) 116 119 119 118 115 122 123 125 118 114 i 117 1929 120 13£ 139 144 147 145 139 "J40 137 132 115 99 132 1930 105 115 117 119 116 107 94 91 89 83 75 | 69 98 1 1 9 9 3 3 2 1 4 7 8 1 4 7 8 8 4 8 6 2 8 4 4 6 8 4 1 5 4 7 2 3 6 3 6 6 6 3 2 4 3 5 7 8 5 3 4 8 37 I 4 3 9 6 : 4 6 1 7 1933 35 37 33 42 52 65 74 72 66 61 52 53 •C4 1934 55 66 74 80 82 79 63 60 57 55 54 60 65 1935 73 81 82 83 81 77 76 83 85 92 96 91 83 1936 89 88 94 107 111 112 109 no 112 120 122 124 108 1 1 1 9 9 9 3 3 3 8 9 7.. u 79 s 20 1 9 7 40 4 1 1 9 7 3 7 3 3 1 7 9 3 2 7 7 1 9 7 3 5 0 9 1 1 6 0 3 8 0 1 1 6 9 3 9 9 0 13 7 1 6 1 1 8 1 2 3 8 5 1 1 9 3 1 2 4 7 ! 1 9 9 3 8 8 7 1 9 3 7 5 0 9 1 1 7 0 2 8 0 2 1940 128 121 121 120 127 134 131 105 150 159 | 161 104 13$ 1941 166 171 178 182 192 198 P197 139 Adjusted for seasonal variation 1923 98 98 103 106 108 108 107 304 104 102 102 102 1924 .. __ 102 106 104 100 91 85 83 88 91 93 94 100 1925 105 105 105 104 104 104 105 101 105 113 116 119 1926 114 113 113 113 113 114 114 "J15 116 115 113 110 1927 _ _, 110 111 112 111 111 108 106 106 103 101 100 104 1928 108 110 110 111 112 114 117 120 121 124 126 130 1929 131 129 132 134 136 140 141 140 135 131 121 111 1930 113 113 112 110 107 102 95 91 89 84 SO 1931 76 77 78 77 75 70 67 62 58 55 54 1932 51 48 45 43 42 40 36 34 37 38 39 39 1933 38 37 32 39 48 62 75 73 68 63 54 1934 59 6" 71 73 76 76 62 60 58 57 57 65 j 1935 76 80 79 78 77 75 78 85 88 91 94 96 ' 1936 93 90 92 101 106 110 112 113 115 118 121 125 1937 125 128 130 132 133 129 134 135 129 114 95 SO 1938 74 73 72 69 68 66 71 78 83 89 96 97 1939 97 97 96 93 93 99 102 108 118 129 134 138 . 1940 134 124 118 116 123 133 136 143 151 155 157 165 1941 171 176 180 180 190 195 P2')0 p Preliminary. SEPTEMBER 1941 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IRON AND STEEL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 111 111 118 120 124 116 109 109 102 104 95 88 109 1924 105 117 121 102 79 63 57 72 82 89 92 105 90 1925 . . 120 120 121 109 100 95 92 98 103 111 115 117 108 1926 118 119 127 122 115 112 109 114 116 117 111 104 115 1927 ..__.. 110 121 130 124 118 106 97 102 99 97 94 95 108 1928 113 122 128 127 121 112 113 119 122 132 127 120 121 1929 129 137 145 146 151 145 144 142 135 131 108 90 133 1930 . _ . 108 126 121 122 115 103 88 89 85 78 67 59 97 1931 . 70 79 86 81 73 63 56 49 46 45 46 38 61 1932 42 44 40 37 32 27 24 23 29 30 30 25 32 1933 28 33 25 38 53 72 90 81 68 59 45 52 54 1934 56 78 85 95 89 45 40 38 42 46 55 61 1935 . 79 81 77 75 67 67 82 84 89 93 91 81 1936 87 94 115 115 117 115 119 124 129 128 131 114 1937 135 140 149 150 148 126 137 142 134 101 68 47 123 1938 52 55 58 58 52 48 58 72 80 89 105 93 68 1939 92 100 90 83 94 96 110 131 157 164 156 114 1940 147 126 115 112 128 149 151 158 166 171 172 174 147 1941 179 179 184 181 184 184 185 Adjusted for seasonal variation 1923 108 104 110 114 122 117 115 112 107 105 93 1924 102 109 109 97 65 61 74 85 90 96 111 1925 . .. 117 113 109 103 99 99 100 106 111 119 125 1926 116 112 114 115 113 116 117 116 119 118 116 112 1927 110 114 117 115 115 109 104 104 101 97 98 104 1928 115 115 115 117 116 116 120 123 125 132 132 134 1929__. _ 131 127 131 135 145 147 152 146 138 131 112 103 1930 110 115 111 112 110 104 94 91 86 78 69 68 1931 72 72 79 75 70 64 59 50 47 46 48 44 1932 42 40 37 34 30 27 25 24 29 30 30 28 1933 29 30 23 35 51 73 95 83 69 59 46 58 1934 57 64 73 79 91 90 47 41 39 42 48 60 1935 81 82 76 72 72 68 70 84 85 90 95 96 1936 . . 89 87 88 107 111 119 120 122 127 130 132 136 1937 139 138 139 142 145 128 144 146 137 102 68 48 1938 53 54 54 54 51 49 60 74 82 90 104 96 1939 95 95 93 85 82 95 101 113 134 158 163 162 1940 151 124 107 106 126 152 159 163 169 172 171 174 1941 179 179 184 181 184 184 185 OPEN HEARTH AND BESSEMER STEEL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 110 110 116 117 121 111 104 106 99 102 93 85 106 1924 ._ 104 117 120 99 76 61 56 73 84 89 92 106 90 1925 120 119 120 106 99 95 91 98 103 111 115 117 108 1926 118 120 128 121 112 110 108 114 116 117 110 103 115 1927 109 121 131 123 117 104 95 101 97 96 93 95 107 1928 115 124 130 128 121 111 113 120 123 134 127 120 123 1929 . 130 138 146 147 152 146 144 142 135 131 105 86 133 1930 109 129 123 122 115 102 87 88 85 78 66 59 97 1931 81 88 82 73 63 56 * 49 47 46 47 39 62 1932 __ . 43 45 41 37 32 27 24 24 30 31 31 26 33 1933 29 34 26 40 57 76 94 69 60 45 53 55 1934 57 70 80 98 91 44 40 38 43 48 58 63 1935 82 88 82 76 67 67 84 85 90 94 91 82 1936 87 91 96 117 116 118 116 120 125 130 128 131 115 1937. . . 135 140 150 150 148 124 135 140 132 97 64 44 122 1938 50 54 58 57 52 48 59 73 81 89 106 93 68 1939 „ 92 96 98 89 84 93 94 109 131 156 163 154 113 1940 144 120 109 105 124 146 148 154 161 165 166 166 143 1941 172 171 177 172 174 173 174 Adjusted for seasonal variation 1923 107 103 109 113 121 114 110 107 102 102 97 90 1924_ . . . 101 109 108 95 76 64 60 74 85 89 96 112 1925 116 111 107 102 99 99 99 99 105 111 120 126 1926 _ _ . . 116 112 114 115 112 115 117 115 118 117 114 111 1927 __ __. 109 114 117 115 114 108 102 103 99 96 97 104 1928 116 116 116 119 116 116 120 124 126 134 132 134 1929 131 127 132 136 146 149 154 147 137 131 109 100 1930 . ._ 110 116 111 113 110 104 93 91 86 78 69 69 1931 73 73 81 76 70 64 60 51 48 46 49 45 1932 .. . 43 41 38 35 31 28 25 25 31 32 32 29 1933 30 31 24 37 55 78 100 85 70 61 59 1934 59 66 75 81 94 93 47 41 39 43 63 1935 _ . 84 84 77 73 73 68 72 86 87 91 96 1936 89 88 90 108 113 121 122 124 128 132 132 135 1937 138 138 139 142 145 127 142 144 134 98 64 45 1938 51 53 53 54 51 49 62 75 83 90 104 96 1939 94 94 91 84 84 95 99 112 133 157 161 159 1940 147 118 101 99 122 149 155 159 164 167 164 166 1941 172 171 177 172 174 173 174 Seasonal adjustment factors ^1 100 100 100 100 100 100 100 100 100 100 100 100 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: SEASONAL ADJUSTMENT FACTORS FOR 1941 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable Manufactures Pig iron* .. 100 100 100 100 100 100 100 100 100 100 100 100 Open hearth and Bessemer steel* 100 100 100 100 100 100 100 100 100 100 100 100 Electric steel*. .. _ . .. _ . 100 100 100 100 100 100 100 100 100 100 100 100 Machinery* 100 100 100 100 100 100 100 100 100 100 . 100 100 Aircraft* . 100 100 100 100 100 100 100 100 100 100 100 100 Railroad cars* _ _ . .. 100 100 100 100 100 100 100 100 100 100 100 100 Locomotives* 100 100 100 100 100 100 100 100 100 100 100 100 Shipbuilding*. . . 100 100 100 100 100 100 100 100 100 100 100 100 Automobile bodies, parts, and assembly* 103 103 106 109 100 100 80 85 100 100 100 100 Automobile factory sales* 105 106 112 114 108 111 87 50 100 100 100 100 Copper smelting*. _ 100 100 100 100 100 100 100 100 100 100 100 100 Zinc smelting* 100 100 100 100 100 100 100 100 100 100 100 100 Copper deliveries* 100 100 100 100 100 100 100 100 100 100 100 100 Lead shipments* . ._. ... . 100 100 100 100 100 100 100 100 100 100 100 100 Zinc shipments* 100 100 100 100 100 100 100 100 100 100 100 100 Tin consumption* 96 100 102 103 104 105 99 99 96 99 100 97 Lumber * 81 84 95 100 107 108 109 111 111 106 97 86 Furniture 93 100 101 97 94 97 93 103 105 109 104 104 Cement 55 56 75 100 122 126 124 122 120 116 104 80 Common brick 54 48 63 95 120 127 127 117 130 127 110 82 Face brick 70 65 80 100 120 116 118 114 110 110 107 90 Glass containers.. . _ _ __ __ 90 92 94 100 107 105 104 109 102 103 101 93 Polished plate glass 105 95 105 100 100 98 66 82 100 115 114 120 Nondurable Manufactures Cotton consumption* 100 100 100 100 100 100 100 100 100 100 100 100 Rayon deliveries* _ 100 100 100 100 100 100 100 100 100 100 100 100 Silk deliveries* 108 105 98 95 89 87 92 100 100 100 100 100 Carpet wool consumption* ._ 100 100 100 100 100 100 100 100 100 100 100 100 Apparel wool consumption* 100 100 100 100 100 100 100 100 100 100 100 100 Woolen yarn* 100 100 100 100 100 100 100 100 100 100 100 100 Worsted yarn* 100 100 100 100 100 100 100 100 100 100 100 100 Woolen and worsted cloth* 100 100 100 100 100 100 100 100 100 100 100 100 Cattle hide leathers __ ... 101 111 101 100 98 95 93 95 99 101 104 102 Calf and kip leathers 98 106 94 99 95 102 110 105 98 96 95 102 Goat and kid leathers 100 104 99 103 98 100 99 98 101 99 97 102 Shoes 96 108 111 105 98 88 97 113 112 102 86 84 Wheat flour 101 99 97 94 91 94 99 101 115 109 104 96 Cane sugar meltings. 83 98 110 110 98 103 115 105 119 97 82 80 Ice cream 50 59 77 96 136 160 168 162 108 72 60 52 Butter 80 86 89 99 129 140 122 110 qg 88 79 79 Cheese 72 78 82 97 132 154 129 113 103 94 76 70 Canned and dried milk 76 85 98 113 144 148 122 103 92 80 70 69 Pork and lard 130 100 90 95 100 97 90 75 80 94 120 129 Beef 100 90 91 93 100 98 101 101 112 109 105 100 Veal 96 88 95 99 104 101 99 101 110 110 102 95 Lamb and mutton 105 100 97 97 102 95 95 99 112 106 97 95 Other manufactured foods 88 87 88 88 91 95 107 118 129 112 101 96 Malt liquor. . 80 85 96 109 118 128 124 117 101 82 82 78 Whiskey 132 130 123 110 100 80 55 55 80 95 125 115 Other distilled spirits... 65 60 65 60 60 59 47 48 137 265 210 124 Rectified spirits 73 86 95 89 88 80 84 78 106 130 158 133 Cigars . 81 87 92 95 99 107 104 103 115 121 119 77 Cigarettes 101 94 93 93 102 110 112 105 107 98 96 89 Manufactured tobacco and snuff 97 99 102 99 101 102 102 101 108 102 99 88 Groundwood pulp . . 104 104 107 112 111 102 89 85 87 93 102 104 Sulphate pulp 101 103 102 100 100 99 98 100 100 102 100 95 Sulphite pulp.. 100 103 102 102 100 98 95 100 100 102 101 97 Soda pulp 100 103 103 103 100 99 94 100 101 100 100 97 Paperboard 96 103 104 102 98 100 95 101 106 106 100 89 Fine paper 101 107 107 109 103 98 91 94 95 100 97 98 Printing paper 100 103 104 104 102 98 94 97 99 101 99 99 Tissue and absorbent paper 97 104 101 102 99 99 95 100 104 104 99 96 Wrapping paper 100 104 102 101 98 98 97 99 101 103 100 97 Newsprint production 100 99 100 100 101 101 98 97 100 100 103 101 Paper board containers 95 98 102 100 99 99 98 101 110 108 98 92 Newsprint consumption 95 99 104 107 104 101 87 88 101 107 105 102 Gasoline 96 97 95 99 100 102 103 103 103 103 101 98 Fuel oil 103 101 98 98 100 99 98 98 101 101 101 102 Lubricating oil. _ 97 99 99 104 104 100 99 99 100 100 100 99 Kerosene 105 101 101 102 100 98 95 96 98 100 103 101 Byproduct coke*.. _ 100 100 100 100 100 100 100 100 100 100 100 100 Beehive coke* 100 100 100 100 100 100 100 100 100 100 100 100 Chemicals* 2 — 1 0 0 0 +4 5 +3 0 — 1 0 —5 5 —6 5 —3 0 +2 0 +4 5 +2 0 +1.0 Rubber consumption* 103 98 100 99 100 100 100 100 100 100 100 100 Pneumatic tires . 100 100 100 100 100 100 100 100 100 100 100 100 Inner tubes 100 100 100 100 100 100 100 100 100 100 100 100 Minerals Bituminous coal 111 117 96 84 85 86 88 92 104 112 114 111 Anthracite __ 116 110 103 107 110 92 78 74 96 106 102 106 I C ro ru n d o e r e p e s t h ro ip le m u e m n ts* 3 __ 98 99 101 102 103 100 100 103 100 99 97 98 Copper*... 98 101 102 103 100 98 94 98 99 103 103 101 Lead* _ . 100 100 98 102 102 99 97 100 100 100 101 101 Zinc* 100 100 100 100 100 100 100 100 100 100 100 100 Gold 94 92 83 88 95 80 107 108 113 125 115 100 Silver 99 103 104 102 96 100 93 103 98 102 99 101 * New or revised. 1 These seasonal factors were derived by dividing the monthly indexes of total lumber production for 1940, without seasonal adjustment, by the corresponding monthly seasonally adjusted indexes. The index of total lumber production is obtained by combining figures for the various lumber producing regions, for which separate seasonal factors are computed and used. 2 Absolute seasonal adjustment. Subtract algebraically from unadjusted index. 3 The method of seasonal adjustment for this series, and the factors used, may be obtained from the Division of Research and Statistics. SEPTEMBER 1941 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1941 are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks Mutual Private i savings Not Insured insured Number of Banks (Head Offices) December 31, 1933 15,029 5,154 857 2 8, 41 579 98 December 31, 1934 16,063 5, 462 980 7,693 1,108 579 241 December 31, 1935 15,869 5, 386 1,001 7,728 1,046 570 138 December 31, 1936 .. _ 15, 667 5, 325 1,051 7,588 1,004 565 134 December 31, 1937 15, 387 5, 250 1,081 7,449 960 563 74 December 31, 1938 15,194 5,224 1,114 7,316 917 555 68 December 31, 1939 15,034 5,187 1,175 7,171 887 551 63 December 31, 1940 14, 895 5,144 1,342 6,951 851 551 56 June 30, 1941 14, 854 5,130 * 1, 426 6,868 829 3 547 Number of Branches December 31, 1933 2,911 1,121 960 2 7(0 125 5 December 31, 1931 _.. 3,133 1,243 981 5 778 126 5 December 31, 1935 3,234 1,329 952 828 42 128 5 December 31, 1936 3,399 1,393 981 848 39 128 5 December 31, 1937 3,540 1,485 994 891 37 128 5 December 31, 193S .. 3,580 1, 499 992 908 41 135 5 December 31, 1939 3,629 1, 518 1.002 927 44 132 6 December 31, 1940 .. 3,666 1, 539 1,002 940 44 135 6 June 30, 1941, total 3,680 1,562 1,008 929 43 3 134 46 In head-office cities 1,719 685 775 140 6 112 1 Outside head-office cities _ 1,981 877 231 789 37 22 5 Analysis of Bank Changes, Jan. 1 - June 30, 1941 Number of banks on December 31, 1940 14, 895 5,144 1,342 6,951 851 551 Increases in number of banks: Primary organizations (new banks) 6._. +24 +4 + 1 +12 +7 Decreases in number of banks: Suspensions -5 -2 -3 V Co o n lu s n ol t i a d r a y t i l o iq n u s, i d a a b t s i o o r n p s t 7 ions, etc. - - 2 3 4 6 -1 -2 4 - _ 1 2 - - 1 9 6 - - 1 3 0 -1 _ Inter-class bank changes: Conversions— State into national +5 — 4 i National into State -5 +5 Federal Reserve membership—8 Admissions of State banks * +92 -88 -1 -3 Withdrawals of State banks —2 +2 Federal deposit insurance—9 Admissions of State banks +16 -16 Withdrawals of State banks.. -1 +1 Net increase or decrease in number of banks -41 -14 +84 -83 -22 -4 -2 Number of banks on June 30, 1941 14, 854 5,130 1,426 6,868 829 547 54 Analysis of Branch Changes, Jan. 1 - June 30, 1941 Number of branches on December 31, 1940 3,686 1,539 1,002 940 44 135 6 Increases in number of branches: De novo branches +22 +10 + 1 +11 Banks converted into branches +9 +4 +5 Decreases in number of branches: Branches discontinued -17 -6 -4 -1 -1 Inter-class branch changes: From State to national +19 -19 From nonmember to State member +22 -22 Net increase or decrease in number of branches +14 +23 +4 -11 -1 -1 Number of branches on June 30, 1941 3,680 1,582 1,006 929 43 134 6 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. TJnder the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 50 insured and 497 uninsured; number of branches comprises 31 insured and 103 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 4 Number of banks comprises 1 insured and 53 uninsured; all branches were uninsured. 5 Separate figures not available for branches of insured and not insured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. s Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. * Includes three mutual savings banks admitted during April (two in Wisconsin and one in Indiana), the first of such banks to become members of the Federal Reserve System. Back figures—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON JUNE 30, 1941T BY CLASSES OF BANKS [Amounts in thousands of dollars] j Central reserve city All All All State member banks 2 Reserve Country member national member city member banksl member banksi j member banks -> banks New York Chicago banks2 ASSETS Loans (including overdrafts) 16, 729, 381 10, 896, 985 5, 832, 396 3. 778, 201 845, 921 6, 498, 034 n. 607, 225 United States Government direct obligations... _ __ _ 14, 238, 453 8, 833, 695 5, 404, 758 5, 516, 650 1, 345, 656 4, 537, 583 2. 838, 564- Obligations guaranteed by United States Government. _. 3, 839, 296 2, 277, 085 1, 562, 211 1, 751, 004 137, 727 1,162,196 ' 788, 369 Obligations of States and political subdivisions 2, 984, 431 2, 015, 912 968, 519 650,777 189, 663 978, 753 1,105, 23S Obligations of Government corporations and agencies, not guaranteed by United States 527, 591 323, 722 203, 869 204,159 45, 588 171, 609 106, 235 Other bonds, notes, and debentures 1, 931, 443 1, 262, 703 668, 740 447,150 116. 269 516, 325 851, 099 Corporate stocks (including Federal Reserve Bank stock) _ 408, 353 208,386 199, 967 145,119 25, 970 148,196 89, 06S> Total loans and investments 40, 658, 948 25, 818, 488 14, 840, 460 12. 493, 060 2, 706, 794 14, 012, 696 11, 446, 3<>8 Reserve with Federal Reserve Banks.. _ 12, 959, 092 7, 451, 783 5, 507, 309 5, 857, 272 1. 062, 316 4,125, 062 1, 914, 442 Cash in vault 999,433 702, 589 296, 844 136,226 41,121 385, 448 436. 63S Demand balances with banks in United States (except private banks and American branches of foreign banks). 6,188,171 4, 743, 349 1, 444, 822 129, 866 258, 442 2, 758, 579 3, 041, 284 Other balances with banks in United States.. 104, 487 79, 971 24, 516 1, 352 3,741 34, 480 64, 905 Balances with banks in foreign countries 9,640 6, 456 3,184 5, 390 216 2, 935 1,099 Due from own foreign branches 121 121 121 Cash items in process of collection 2, 428, 800 1, 512, 266 916,534 900, 400 150,185 1, 010, 738 367, 477 Bank premises owned and furniture and fixtures 913, 030 591, 217 321,813 202, 080 19, 391 319,682 371,877 Other real estate owned ..____ _ _ _ 208, 477 96, 562 111,915 23, 732 2,736 76, 725 105, 284 Investments and other assets indirectly representing bank premises or other real estate. _ 110,642 61, 764 48, 878 10, 307 736 77, 327 22, 272 Customers' liability on acceptances 78,719 49, 905 28, 814 50,039 2,626 23, 443 2,611 Income accrued but not yet collected._. 105, 402 61, 224 44,178 38, 534 8,271 39, 678 18, 919 Other assets... 92,107 52, 370 39, 737 14, 841 7,497 40, 703 29, 066 Total assets 64, 857, 069 41, 227, 944 23, 629,125 19, 863, 220 4, 264, 072 22, 907, 505 17, 823, 273 LIABILITIES Demand deposits—Total _ 46, 016,122 28,789,269 17, 226, 853 17,117, 763 3, 468, 453 15, 884, 419 9, 545, 487 Individuals, partnerships, and corporations.. _ 31, 428, 718 19,166, 544 12, 262,174 11, 895, 260 2,109, 218 10,142, 368 7,281,872 United States Government3 618, 637 490, 222 128, 415 31,713 95, 243 341,136 150, 545 States and political subdivisions _ _ 2, 940, 374 2,193, 730 746, 644 318, 997 213, 237 1,138, 750 1, 269, 390 Banks in United States . 9, 609, 657 6,149, 467 3, 460,190 3, 948,080 1, 009, 982 3,999. 875 651, 720 Banks in foreign countries ... _ 681, 010 337, 609 343, 401 618, 085 7,711 53,120 2, 094 Certified and officers' checks, cash letters of credit and travelers' checks, etc. 737, 726 451, 697 286, 029 305, 628 33, 062 209.170 189, 866 Time deposits—Total 12, 495, 387 8,483,952 4, 011, 435 810, 987 502, 013 4, 928, 772 6, 253, 615 Individuals, partnerships, and corporations: Savings deposits 10, 353, 663 7,128, 933 3, 224, 730 398, 918 428, 824 4,103, 242 5, 422, 679 Certificates of deposit 648, 517 498, 574 149,943 9,629 26, 067 150,141 462, 6.>0 Christmas savings and similar accounts 133, 419 90, 843 42, 576 7, 304 1,175 43, 506 81, 434 Open accounts __ 762, 409 294, 063 468, 346 362, 575 24, 247 292. 991 82, 59l> Postal Savings 3 54 765 41 198 13, 567 4, 500 18,973 31, 292 States and political subdivisions 397, 422 328, 081 69, 341 26, 919 17, 200 210, 556 142, 747 Banks in United States 138, 090 96, 938 41,152 290 107, 613 30,187 Banks in foreign countries 7,102 5,322 1,780 5,352 1, 750 Total deposits. 58, 511, 509 37, 273, 221 21, 238, 288 17, 928, 750 3, 970, 466 20, 813,191 15, 799,103 Due to own foreign branches . 175,129 139, 612 35, 517 173,151 1,978 Bills payable, rediscounts, and other liabilities for borrowed money 2,887 2,005 882 155 2,732 Acceptances outstanding 93, 660 59, 307 34, 353 58, 736 2,875 29,125 2, 924 Dividends declared but not yet payable 37,152 23, 318 13, 834 17, 757 994 11,575 6, 826 Income collected but not yet earned . .. 79, 695 55, 623 24, 072 10, 679 2,372 42, 297 24, 347 Expenses accrued and unpaid 92, 428 56,138 36, 290 23,125 8,281 40. 894 20,128 Other liabilities 64, 937 28, 993 35, 944 26, 249 575 28, 332 9,781 Total liabilities 59, 057, 397 37, 638,217 21, 419,180 18, 238, 602 3, 985, 563 20,967,392 15, 865, 840 CAPITAL ACCOUNTS ! Capital 2, 358,948 1, 519, 583 839, 365 547, 841 101, 900 787, 323 921, 884 Surplus 2, 318, 745 1, 333, 520 985, 225 828, 302 104, 080 737, 535 648,828 Undivided profits. _ _ 768, 296 498, 074 270, 222 197, 946 35, 851 262, 840 271, 059 Reserves for contingencies 308,685 202, 906 105, 779 47, 342 36, 447 134, 222 90, 674 Other capital accounts __ _ __ 44, 998 35, 644 9,354 3,187 231 18,193 23, 387 Total capital accounts .. 5, 799, 672 3, 589, 727 2, 209, 945 1, 624, 618 278, 509 1, 940,113 1, 956, 433 Total liabilities and capital accounts 64, 857, 069 41, 227, 944 23, 629,125 19, 863, 220 4, 264, 072 22, 907, 505 17, 822, 272 Net demand deposits subject to reserve 37, 411, 078 22, 541, 870 14, 869, 208 16, 087, 497 3.061,063 12.116,656 6,145, 862 Demand deposits—adjusted 4_ 32, 678, 018 20, 299, 705 12, 378, 313 11, 619, 485 2, 205, 332 10, 479, 550 8, 373, 651 Number of banks 6,556 5,130 1,426 36 14 348 6,158 serve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 3 United States Treasurer's time deposits, open accounts, are combined with postal savings (time) deposits. 4 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. SEPTEMBER 1941 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE AND CAPITAL ON JUNE 30,1941 BY CLASSES OF BANKS [In thousands of dollars] Central reserve city All All All State member banks 2 Reserve Country member national member city member banksi member banks: member banks 2 banks New York Chicago banks 2 Loans—Total 16, 729, 381 10, 896, 985 5, 832, 396 3, 778,201 845, 921 6, 498, 034 5,607,225 Commercial and industrial loans 7, 270,191 4, 691, 206 2, 578, 985 2, 405, 330 608,898 2,878, 949 1,377,014 Agricultural loans 737, 818 620, 461 117, 357 2,845 4,562 175, 419 554,992 Commercial paper bought in open market 399,290 276, 850 122, 440 11, 497 17, 433 158, 678 211,682 Bills, acceptances, etc., payable in foreign countries.. 6,189 5,222 967 50 1,617 3,378 1,144 Acceptances of other banks, payable in United States. 52, 444 29, 410 23,034 44, 831 11 5,946 1,656 Reporting banks' own acceptances 79, 316 49, 305 30, 011 40, 910 2,141 34, 294 1,971 Loans to brokers and dealers in securities 574, 951 237, 873 337, 078 421, 730 35, 786 100, 253 17,182 Other loans for purchasing or carrying securities 634, 684 355, 967 278, 717 186, 331 54, 886 198, 267 195, 200 Real estate loans: On farm land 304,527 233, 543 70.984 28 307 86, 933 217, 259 On residential property 2, 253, 812 1, 447, 908 805, 904 65, 001 10, 977 1, 020, 094 1,157, 740 On other properties 806, 832 489, 970 316, 862 63, 744 8,307 370, 298 364, 483 Loans to banks 44, 392 20, 426 23, 966 32, 718 4 8,720 2,950 All other loans 3, 555, 922 2, 432, 467 1,123, 455 500,539 100, 505 1, 453, 439 1, 501, 439 Overdrafts 9,013 6,377 2,647 487 3,366 2,513 United States Government direct obligations -TotaL 14, 238, 453 8, 833, 695 5, 404, 758 5, 516, 650 1, 345, 656 4, 537, 583 2, 838, 564 Treasury bills 1,126, 997 826, 085 300, 912 576, 581 417, 486 73, 220 59, 710 Treasury notes 2, 630, 705 1, 758,119 872, 586 1, 525, 533 125,173 605, 536 374, 463 Bonds maturing in 5 years or less 1, 380, 038 701, 221 678, 817 795, 467 68, 785 313,907 201, 879 Bonds maturing in 5 to 10 years 3, 537, 901 1, 817, 498 1, 720, 403 1, 422, 055 97, 962 1, 222, 489 795, 395 Bonds maturing in 10 to 20 years 5, 057, 355 3, 412, 925 1, 644, 430 1,109, 536 534, 077 2,119, 579 1, 294,163 Bonds maturing after 20 years 505, 457 317, 847 187, 610 87, 478 102,173 202, 852 112, 954 Obligations guaranteed by United States Government— Total 3, 839, 296 2, 277, 085 1, 562, 211 1, 751, 004 137, 727 1,162,196 788, 369 Total amount maturing in 5 years or less 2, 591. 094 /, 399, 687 1,191, 407 1, 317, 360 129, 908 688, 484 455, 342 Reconstruction Finance Corporation 1, 292, 205 548, 008 744,197 723, 771 96, 852 285, 487 186, 095 Home Owner's Loan Corporation 1, 398, 758 1, 044, 606 354,152 562, 763 4,310 495, 538 336,147 Federal Farm Mortgage Corporation 480, 398 279, 849 200, 549 178,151 3,784 163, 735 134, 728 Other Government corporations and agencies 667, 935 404, 622 263, 313 286, 319 32, 781 217, 436 131, 399 Obligations of Government corporations and agencies not guaranteed by United States—Total 527, 591 323, 722 203, 869 204,159 45, 588 171, 609 106, 235 Total amount maturing in 5 years or less 404, 090 222, 738 181, 352 177, 936 29,151 136, 774 60,229 Federal Land banks 155, 683 100, 984 54, 699 57, 400 16, 443 35, 354 46, 486 Federal Intermediate Credit banks 193,083 110,866 82,217 97, 299 13,950 66, 864 14, 970 Other Government corporations and agencies 178, 825 111, 872 66, 953 49, 460 15,195 69, 391 44, 779 Obligations of States and political subdivisions—Total 2, 984, 431 2, 015, 912 968, 519 650, 777 189, 663 978,753 1,165, 238 In default 3,737 3,108 629 302 1,122 2,313 Without specific maturity 213, 650 171, 489 42,161 21, 229 63,190 66, 461 62, 770 Maturing in 5 years or less 1, 731, 460 1, 065, 777 665, 683 492, 837 91,031 526, 297 621, 295 Maturing after 5 years 1, 035, 584 775, 538 260, 046 136, 409 35, 442 384, 873 478, 860 Other bonds, notes and debentures—Total. 1, 931, 443 1, 262, 703 6S8, 740 447,150 116, 269 516, 325 851, 699 Total amount in default 45, 829 28, 652 17,177 12, 524 950 15,143 17,212 579, 340 310, 430 268, 910 207, 278 60, 079 161, 493 150, 490 Railroads 685. 623 448, 240 237, 383 135, 732 33, 039 192, 691 324,161 Public utilities 454, 248 304, 717 149, 531 63, 321 34, 484 114, 481 241, 962 Industrials 513, 474 344, 188 169, 286 157, 909 36,189 126, 784 192, 592 Other domestic corporations 130, 547 68, 505 62, 042 55,144 2,994 38, 926 33, 483 Foreign-public and private 147, 551 97, 053 50, 498 35, 044 9,563 43, 443 59, 501 Corporate stocks—Total 408, 353 208, 386 199, 967 145,119 25, 970 148,196 89, 068 Federal Reserve Banks 140, 318 85, 646 54, 672 41, 259 6,173 45, 754 47, 132 Affiliates of reporting banks 97, 414 44, 510 52, 904 41, 545 277 50, 080 5,512 Other domestic banks 18,141 6,342 11, 799 2,149 37 7,753 8,202 Other domestic corporations 150, 730 70, 690 80, 040 59, 574 19, 469 43, 774 27, 913 Foreign corporations 1,750 1,198 552 592 14 835 309 Bank premises, furniture and fixtures, and other real estate—Total 1,121, 507 687, 779 433, 728 225, 812 22,127 396, 407 477,161 Bank premises 841, 635 536, 630 305, 005 201, 344 19,187 290, 607 330, 497 Furniture and fixtures 71, 395 54, 587 16, 808 736 204 29, 075 41, 380 Farm land (including improvements) 15, 959 11,497 4,462 17 125 5,781 10, 036 Residential properties 76, 563 31, 740 44, 823 8,787 816 21, 667 45, 293 Other real properties 115, 955 53, 325 62, 630 14, 928 1, 795 49, 277 49, 955 Assets indirectly representing bank premises or other real estate—Total 110, 642 61, 764 48, 878 10, 307 736 77, 327 22, 272 Investments 78, 496 51, 653 26,843 8,591 637 52,947 16, 321 Other assets 32,146 10,111 22, 035 1,716 24, 380 5,951 Capital: Par or face val ue—Total 2, 361,495 1, 521, 346 840,149 547, 841 101,900 787,323 924, 431 Capital notes and debentures. 40. 008 40, 008 311 23, 823 15, 874 First preferred stock 237^ 349 171,140 66, 209 8,711 ""17766" 96, 638 130, 300 Second preferred stock 17, 862 13,181 4, 681 2,150 15, 712 Common stock 2, 066, 276 1, 337, 025 729, 251 538, 819 100,200 664, 712 762, 545 Retirable value of: First preferred stock... 329, 829 219, 788 110, 041 21, 600 1,700 130, 732 175, 797 Second preferred stock. 23, 692 15,129 8,563 2,150 21, 542 For footnotes see preceding page. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 942 Gold production 943 Gold movements 943 International capital transactions of the United States 944-948 Central banks 949-952 Money rates in foreign countries 953 Commercial banks 954 Foreign exchange rates. 955 Price movements: Wholesale prices 956 Retail food prices and cost of living 957 Security prices 957 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. SEPTEMBER 1941 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d I j g B iu e m l- Brazil I B n is r d h i i t a - g B a u r l i - a C a a d n a - Chile lo C m o b - ia C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r- y Greece a 933—Dec... 11, 258 501 632 275 188 2,995 26 1937—Dec. .. 12,760 469 597 274 184 2,564 24 1938—Dec. . 14,512 431 581 274 192 2,430 27 1939—Dec. 17, 644 466 609 274 214 2,709 28 1940—July.. 1 20,463 H03 274 S8 Aug.. j 20,913 402 274 8 Sept... i 21,244 385 274 28 Oct.-.. ! 21,506 369 274 28 Xov... I 21,801 353 274 I>ec- i 21,995 353 •744 274 2,000 28 1941—Jan.— I 22,116 353 734 274 Feb. . 22, 232 353 734 274 Mar... 22, 367 353 734 274 Apr... 22. 506 333 274 May. 353 I 274 June.. 22, 624 353 July.. 22,. 675 ! End of month H ga u r n y - (P I e r r a s n i a) | I Italy J apan 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 Portu- Ru n m ia a- A So fr u ic th a Spain 1936—Dec 25 208 463 491 114 203 5 718 1937—Dec 25 210 261 933 120 189 6 525 1938—Dec | 26 193 164 133 220 1939—Dec | 26 144 164 152 249 1940—July | 164 103 627 156 305 Aug j 164 103 624 156 308 Sept i 164 109 634 156 314 Oct i 164 109 629 157 328 Nov I 164 129 621 157 351 Dec i 164 140 617 158 367 1941—Jan ! 164 152 616 158 376 Feb i 164 371 614 158 388 Mar I 178 614 158 401 Apr ! 174 572 171 413 May. 174 572 418 June - 173 573 427 July.- Government gold reserves i not included End of month S d w en e- e S r w la it n z d - T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. t O c r o i t e u h s n e 7 r - E m n o d n t o h f U i S n n ta p i t t r e e e d s vio U u K s d n i o i n m t f g e ig - 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 74 185 1937—J une 169 2 934 115 1938—Dec 321 701 2, 690 69 142 1937—Dec.._ s 1,395 81 1939—Dec 308 549 8 1 68 149 1938—Mar. 1,489 June ._ 44 62 1940—July 1 9 90 144 Sept 759 Aug. 490 1 88 145 Oct. 4 103 Sept 490 1 87 145 Dec... 80 331 44 Oct 500 1 86 145 1939—Mar. 154 1,732 559 Nov 501 1 88 145 May. 477 Dec 502 1 90 145 June... 85 17 1941—Jan 520 1 95 145 Sept. 164 Feb 521 1 97 145 Dec... 156 17 Mar 527 1 100 145 1940—Mar.. _ 145 Apr 523 1 105 145 June_— 86 17 J M un ay e -I j 19: 5 52 3 8 0 1 1 108 1 1 4 4 5 4 S D e e p c t. — — 1 4 0 8 5 17 July 1 144 1941—Mar. 88 "I 1 Figures relate to last official report dates for the respective countries, as follows: Germany 1 Reported at infrequent intervals or on de- —June is, 1939; Italy—late in Mar. 1940; Norway—Mar. 30, 1940; Poland—July 31, 1939. layed basis: U. S.—Exchange Stabilization Fund 2 Be°-inninCT Apr. 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1); U. K.—Exchange Equaliza- 3 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- tion Account; France—Exchange Stabilization trol Board. 'Gold reported since that time is gold held by Minister of Finance. Fund and Rentes Fund; Belgium—Treasury. * Change from previous December due largely to inclusion of gold formerly not reported. 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. 1935, respectively. 3 Figure for end of Sept. 1937. « Beginning Mar. 29, 1941, gold reserves no longer reported separately. 4 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 Exchange Equalization Account during 1939. French E. S. F. and the Bank of France, see » Increase due to inclusion of additional foreign gold reserves not previously reported. 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. 942 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 i d on 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- ia A W fr e ic st a Congo2 S U t n at i e te s d s CaDada4 Co b l i o a m- Chile Au li s a t ra- B In ri d t i is a h 5 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold~$35 1934.. 823,003 707,288 366. 795 24, 264 12, 153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11,223 1935.. 882, 533 751,979 377,090 25, 477 13, 625 7,159 126, 325 114,971 23,858 11,515 9,251 31, 240 11, 468 1936_. 971, 514 833,088 396, 768 28,053 16, 295 7.386 152, 509 131,181 26,465 13,632 9,018 40,118 11, 663 1937.. 1,041, 576 892,535 410,710 28, 296 20,784 8,018 168,159 143,367 29, 591 15, 478 9,544 46, 982 11, 607 1938.. 1,136, 360 957,212 425, 649 28,532 24, 670 8,470 178,143 165, 379 32, 306 18,225 10,290 54, 264 11,284 1939.. 1, 212, 796 1, 019, 665 448, 753 28, 009 28, 564 8, 759 196,391 178, 303 32, 300 19, 951 11,376 56,182 11,078 1940.. 1, 275, 505 1,088, 835 491, 628 29,155 32,163 28, 862 210,109 185, 890 30, 878 22,117 11,999 55, 878 10,157 1940—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, 810 87, 060 40,437 2,437 2, 643 15,105 15,819 2,562 1,715 780 4, P88 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, 333 980 1941—January... 106, 015 93, 373 42, 335 2,326 2,618 16, 646 15,199 2,945 2,137 784 4, 544 840 February.. 100, 450 84, 090 39,608 2. 237 2,566 15, 408 14, 446 2,670 1,844 695 3,812 805 March 106, 365 89, 526 42, 075 2, 318 2,696 16, 023 15, 629 2,702 1,891 1,313 4,040 840 April 105, 420 *83, 592 41,357 P2 345 P2, 696 16, 413 15, 384 2,491 2,071 896 4,133 805 May 106, 750 P89,399 42, 716 P/2,345 P2, 731 16, 022 15, 721 P2, 631 1,872 528 H,133 700 June P83, 389 41,188 pf'2, 345P/2, 731 16, 468 15, 890 P/2, 631 1, 777 /528 /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. f Figure carried forward from last previous figure without footnote /. i 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. * 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 oi 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. * 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: l net Y m e o a n r t o h r i e m o x r ( p p - o o n ) r r e t t s s t U K d n i o i n t m g e - d France g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M i e c x o - 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 us l - ia A So fr u ic th a Japan B I r n i d ti i s a h c o t o A t r h i u e l e l n 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, 727 934,243 227,185 968 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, 1511, 826, 403 3,798165,122 341, 618 28, 715 86, 987 612, 94933, 610 23, 239 35, 636 74, 250 22,862 165, 605 50, 9564102, 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 July 519, 974 301, 734 3,158 32 172, 268 1,891 5,856 2,830 5,262 3,432 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 6 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, 261 313 '6, 793 May i.._. 34, 830 16, 309 969 2,794 3,384 4,194 3,594 3,589 June L 30,712 474 1 17, 521 800 2,114 4,593 69 131 5,009 July1 37, 041 542 19, 228 1,088 2,128 4,972 5,199 88 3,811 r Revised. 1 Beginning May 1941, figures by countries refer to gross imports since export data are no longer available. 2 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 3 Includes $31,830,000 from Argentina. 4 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 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., .$126,178,000 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. • Includes $11,236,000 from U. S. S. R. NOTE.—For gross import and export figures and for additional countries see table on p. 900. SEPTEMBER 1941 943 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 r 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—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 2 945. 0 2 1,996. 2 764.8 789.7 1,070.0 99.6 Aug. 14 ... _ ._ ._ 5, 698. 8 2, 984. 9 996.3 1, 988. 6 769.2 790 3 1 055 3 99 1 Aug 21 5, 738. 9 S, 022. 5 1,018.5 2,004. 0 774.0 790.6 1,052. 7 99.1 Aug. 28 _ _ 5, 751. 0 S, 034. 2 1,047. 9 1,986. 3 778.3 790.6 1,048.1 99.9 Sept 4 5, 752. 0 8,040. 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 & Oct. 2 5,805. 5 3,092. 8 1,112. 3 1,980. 5 773.6 793.2 1,044. 3 101.6 Oct. 9 . 5, 825. 6 3,108. 5 1,133. 6 1,975.0 781.8 793 6 1,040 3 101 3 Oct. 16 5, 796. 4 3,086. 3 1,129. 9 1, 956. 4 780.9 794.0 1,034. 3 100.9 Oct. 23 _ _ _ _ 5,805.1 3,118. 7 1,140.1 1, 978. 6 765.6 794.0 1,025 6 101.2 Oct 30 5, 794. 0 3,112. 5 1,158. 9 1, 953. 6 765.7 794.6 1,020. 6 100.7 Nov 6 5,813.0 3,137. 0 1,190. 7 1,946. 3 762.3 795 5 1 018 2 100 G 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, 839. 4 3,177. 8 1, 209.1 1, 968. 7 763.0 800.4 998.6 99.6 Dec 11 5, 802. 6 3,146. 5 1,186. 3 1,960.2 757.6 801.6 997 7 99 3 Dec 18 5, 853. 0 3,182.1 1, 209. 7 1, 972. 4 771.1 803 1 996 4 100 2 Dec 25 5, 830.1 3,160. 9 1,182. 4 1, 978. 5 771.6 803 1 993 2 101 3 1941 Jan 1 5, 832 0 3,159. 0 1, 200. 8 1, 958. 3 775.1 804.1 992.8 100.9 Jan 8 5, 820. 5 3,152. 9 1,198. 8 1, 954.1 775. 8 804.9 985.6 101.3 Jan 15 5,917.9 3, 257. 6 1,301.3 1,956.4 772.2 806 8 979 6 101 7 Jan. 22 5,894.1 3, 255. 2 1, 303. 3 1,951.9 757.1 808.0 974.0 99.8 Jan 29 5, 852. 7 3, 215. 9 1, 288. 2 1, 927. 7 759.9 808.5 969 7 98.8 Feb. 5 5,811.0 3,175.9 1, 269. 0 1, 906. 9 763.1 809.4 965.7 97.0 Feb. 12 5, 781. 7 3,156. 9 1, 255. 0 1,901.8 754.6 810.9 963.5 95.9 Feb. 19 5, 742. 2 3,108.1 1, 228. 8 1, 879. 4 764.6 811.9 961.1 96.5 Feb. 26 5, 747. 5 3,102. 6 1, 243. 4 1, 859. 2 776.1 813.2 958.4 97.2 Mar. 5 5, 762. 2 3,128.1 1, 249. 6 1, 878. 5 764.9 814.4 958.2 96.6 Mar. 12 5, 806. 2 3,188. 0 1, 300.1 1, 887. 9 752.1 814.6 954.7 96.9 Mar. 19 5, 825. 9 3, 202. 4 1, 346. 2 1, 856. 2 756. 2 815.4 953.4 98.4 Mar 26 5, 805. 5 3,185. 2 1, 325. 6 1, 859. 6 755.4 816 5 952.5 95.8 Apr. 2 __ ... . _ 5, 778. 2 3,148. 8 1, 307. 7 1,841.0 767.4 813.5 952.7 95.9 Apr. 9 _. 5, 905. 6 3, 273. 6 1,416.6 1, 857. 0 766.4 816.4 952.1 97.1 Apr. 16 5, 938. 2 3, 299. 2 1, 434. 7 1, 864. 5 772.4 817.0 950.9 98.7 Apr. 23 5, 927. 3 3, 279. 2 1, 424. 0 1, 855. 2 785.0 817.7 946.8 98.5 Apr. 30 5, 917. 7 3, 257. 3 1, 406. 4 1, 850. 9 798.9 816.6 946.7 98.2 May 7 5,911.6 3, 243. 5 1, 400. 4 1, 843.1 791.6 833.9 945.4 97.2 May 14 5, 876. 9 3, 224. 2 1,414.8 1, 809. 4 792.4 834.5 929.0 96.8 May 21 5, 902. 5 3, 252. 0 1,421.2 1,830. 9 794.6 835.4 923.5 97.0 May 28 _ __. - 5, 910. 6 3, 266. 4 1,417.5 1, 848. 9 794.9 836.4 915.4 97.5 r Owing to a change in reporting practice, revisions have been effected in the figures for total capital movement and foreign banking funds in the United States (total and other) beginning Dec. 4, 1940. 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. 2 In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN (or April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 944 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asiai ot A he ll r i 1935—Dec. (Jan. 1, 1936)_ 1, 412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 () 70.9 128. 3 12.7 1936—Dec. 30 2,608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2, 051. 3 150.5 201.2 184.0 21.4 1937—Dec. 29 _ 3,410.3 993.7 281. 7 311. 9 607. 5 123.9 22.1 312.2 2, 653.0 106.3 410.6 224.6 15.9 1938—Dec. (Jan. 4, 1939). 3,844. 5 1,183. 8 339.6 328.6 557. 5 140.5 32.2 472.0 3, 054. 2 155. 3 384.6 214.2 36.2 1939—Dec. (Jan. 3, 1940) 5,021. 2 1,101. 3 468.7 470.3 773.0 165.9 58.0 752.9 3, 790.1 229.4 483.4 431.0 87.4 1940—Aug. (Sept. 4) 5, 752. 0 1,005. 4 459.7 908.4 173.1 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). r5, 832. 0 969.6 670. 3 455.6 911.5 175.9 55.4 922.7 4,161. 0 411.7 606.8 r562. 3 90.2 1941—Jan. 29 ••5, 852. 7 1, 024. 6 667.4 451. 5 890.5 175.3 49.3 906.9 4,165. 5 416.5 611.2 r563.4 96.1 Feb. 26 r5, 747. 5 954.8 667.7 451.0 879.2 176.4 47.5 905.0 4,081. 6 410.5 597. 5 '558.7 99.3 Mar. (Apr. 2). r5, 778. 2 968.5 665.4 471.0 883.6 177.1 47.4 898.1 4,111.0 394.9 623.7 r547. 0 101.7 Apr. 30 '5,917. 7 1, 054. 6 668.6 463.3 872.4 177.8 47.0 899.2 4,182. 9 410.7 039.1 '568.0 117.0 May 7 3 5,911.6 1. 043. 5 673. 5 458. 3 877.0 177.8 47.2 4,167.1 420.2 639.9 569.5 114.9 May 14 5, 876. 9 1, 032. 5 672.4 457. 5 878.9 177.9 47.0 883.7 4,149. 9 416.0 637.6 560.6 112.9 May 21 5, 902. 5 1, 026. 4 670.3 457.5 880.3 177.7 47.2 885.5 4,144. 9 419.5 641.9 576.5 119.7 May 28 5,910.6 1, 035. 4 670.2 457.5 881.2 177.6 47.3 884.7 4,153. 9 403.8 650. 4 583.6 119.0 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From t h J r a o n u . g 2 h , 1 - 935, Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia1 ot A he ll r i 1935—Dec. (Jan. 1, 1936). 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453. 5 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111. 8 76.3 288.4 9.6 109. 4 791. 7 76.3 166.3 126.2 8.0 1938— Dec. (Jan. 4, 1939). 1, 425. 4 364.0 155.3 87.9 205.1 -11.8 1.7 208. 6 1,010. 7 101. 6 127.6 163.3 22.2 1939—Dec. (Jan. 3, 1940). 2,430. 8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1, 655. 4 174.5 215.1 325.4 60.5 1940—Aug. (Sept. 4) 3,040. 7 313.6 483.1 168. 8 462. 7 -19.1 7.3 604.8 2, 021. 2 295.8 311.4 361.7 50.7 S O e c p t. t . 3 ( 0 Oct. 2) 3 3 , , 0 1 9 1 2 2 . . 8 5 3 3 1 0 4 6 . .6 3 4 4 7 6 1 8 . . 4 7 1 1 6 6 6 5 . . 3 1 4 47 4 6 5 . .9 3 - -2 1 0 6 . . 6 5 5.8 6 6 2 1 0 5. . 6 6 2 2, , 0 01 0 2 7 . .8 4 3 3 1 0 0 7 . . 6 9 3 3 1 2 7 5 . . 5 1 4 4 0 1 1 0 . . 8 3 5 5 5 6 . . 1 8 Nov. 27 3,194.0 325.0 465.5 158. 9 479.9 -21. 6 609.4 2, 017.1 335. 0 332.7 456.0 53.2 Dec. (Jan. 1, 1941). % 159. 0 293. 3 458. 0 160.3 494. 7 -22.9 603. 7 1,986. 3 234.1 326. 4 r450.9 61.3 1941—Jan. 29 "•3, 215. 9 349.7 455.1 156.1 482.3 -24.2 -2.8 587. 5 2, 003. 7 343.4 336.1 '•465. 0 67.7 Feb. 26 % 102. 6 279.2 455. 0 155.4 475.8 -22.7 -3.3 584.6 1, 924.1 334. 6 314.2 r458.4 71.3 Mar. (Apr. 2) ••3,148. 8 297.3 452. 8 173.4 484.2 -24.0 -3.5 576.9 1, 957.1 321. 4 349.3 r446. 9 74.1 Apr. 30 % 257. 3 382.8 455.6 165.8 475.4 -23.9 -3.8 576.7 2, 028. 7 333.9 358.0 '446.9 89.9 May 7 3 3, 243. 5 374.0 460. 2 160.5 480.9 -23.8 —3. 8 566.5 2, 014. 6 329.6 358. 2 453. 0 88.1 May 14 3, 224. 2 376.1 458. 9 159. 7 486.4 -23.7 -4.0 560. 6 2, 013. 9 324.8 356. 1 443.4 86. 0 May 21 3, 252. 0 376.2 456. 3 159. 7 489.7 -23.9 -4.3 561. 7 2,015.4 326. 6 359. 8 457. 2 93.0 May 28 3, 266. 4 389.9 456.1 159. 8 493.5 -24.2 -4.1 560. 6 2,031.7 312.0 367. 2 462. 5 93.0 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia! ot A he ll r i 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 1940—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 2.0 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. 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 May 7 791.6 267. 6 76.1 17.8 5.2 195. 7 25.5 50.9 638. 8 67.8 50.4 34.2 .4 May 14 792.4 267. 5 76.1 17.8 5.8 195.7 25.4 50.7 639.1 68.6 49.8 34.5 .4 May 21 794.6 267. 6 76. 6 17.8 5.3 195.7 25.6 51.1 639. 7 69.2 49.7 35.7 .3 May 28 794.9 267.4 76.4 17.8 5.2 195.9 25.5 51.4 639.5 68.3 49.8 37.6 -. 3 r Revised—see note to Table 1. 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. 3 The indicated capital movement for the week ending May 7 includes the following changes due to a change in reporting practice by one bank: Total—nil, United Kingdom +5.7, France +4.6, Netherlands —6.3, Switzerland+4.0, Other Europe—11.2, Asia+3.2. No adjustment has been made for this factor since roughly compensating changes have been incorporated in the reported figures for various dates beginning in April 1940. 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. SEPTEMBER 1941 945 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 th J r a o n u . g h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asiai ot A he ll r * 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—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. 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 May 7 833.9 128.6 43.8 31.0 45.1 36.5 28.1 199.2 512.3 42.4 206.5 58.4 14.3 May 14 834.5 128.8 43.8 31.0 44.9 36.5 28.1 199.2 512.3 42.2 207.1 58.6 14.3 May 21 835.4 128.8 43.8 31.0 44.8 36.5 28.1 199.4 512.5 42.4 207.5 58.8 14.3 May 28 836.4 128.6 43.8 31.0 44.8 36.5 28.1 199.5 512.3 42.7 208.1 59.0 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- Asiai 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 2.5 1936—Dec 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937_Dec. 29 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041. 6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1, 219. 7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133. 7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 —2.6 30.1 87.6 14.3 1940—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. & 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 -28.9 20.9 16.9 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 May 7 945.4 256.5 74.3 234.7 331.8 -30.4 -2.8 64.9 929.1 -31.8 19.8 17.0 11.3 May 14 929.0 243.4 74.3 234.7 328.2 -30.4 -2.7 64.9 912.4 -31.4 19.6 17.1 11.3 May 21 923.5 237.2 74.3 234.7 326.7 -30.4 -2.4 64.9 904.9 -30.4 19.9 17.7 11.4 May 28 915.4 232.8 74.5 234.7 324.1 -30.4 -2.5 64.8 898.0 -31.3 19.5 17.9 11.3 TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES From th J r a o n u . g h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O 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- Asiai ot A he ll r i 1935—Dec. (Jan. 1, 1936) 6.0 (3) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 fj .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 (3) .1 5.0 44.0 3.5 -.5 . 5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 -.2 .2 5.2 47.9 1.8 -.9 -1.5 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Aug. (Sept. 4) 100.5 16.3 18.6 11.9 18.8 -.1 .1 8.0 73.6 10.9 9.4 6.0 Sept. (Oct. 2) 101.6 16.3 18.8 12.3 19.2 -.2 .1 8.1 74.7 11.2 9.1 5.8 .7 Oct. 30 100.7 17.1 19.1 12.5 18.3 -.2 .2 7.3 74.4 10.2 8.3 6.8 1.0 Nov. 27 100.0 17.2 18.9 12.5 16.9 -.2 .1 7.6 73.1 10.7 8.8 6.7 .7 Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 -.2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Jan. 29 98.8 17.1 19.2 13.3 15.9 -.2 .2 8.9 74.4 10.4 6.8 6.3 .9 Feb. 26 97.2 17.0 19.3 13.5 14.4 -.2 .2 9.1 73.3 10.9 6.1 6.1 .9 Mar. (Apr. 2) 95.9 16.7 18.7 13.9 14.5 -.2 .2 7.9 71.7 10.6 6.1 6.4 1.1 Apr. 30 98.2 16.7 19.0 14.0 14.3 -.2 .2 7.8 71.8 11.4 7.0 7.2 .8 May 7 97.2 16.8 19.1 14.3 14.0 _ 2 .2 8.2 72.3 12.1 5.0 6.9 May 14 96.8 16.8 19.3 14.3 13.5 -.2 .2 8.3 72.2 11.8 4.9 7.0 May 21 97.0 16.6 19.3 14.3 13.8 -.2 .2 8.4 72. 5 11.8 4.9 7.2 .7 May 28 97.5 16.6 19.4 14.3 13.6 -.2 2 8.4 72.3 12.0 5.8 6.7 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other" > For explanation see BULLETIN for May 1937, pp. 395-396. »Inflow less than $50,000. < Outflow less than $50,000. 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o 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 he ll r i Reported by Banks in New York City 1929—Dec. 31 2, 672. 7 301.5 923.7 99. 1 105. 2 204.5 157.4 371.3 2, 162.8 241. 8 1882 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 1308 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 1033 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 1178 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 » 466.7 59.1 32.7 127 9.7 25. 8 143 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—Mar. (Apr. 3) 3,165. 2 361.3 290.7 199.7 432.2 8.4 69.3 618.7 1, 9£0.3 250.1 365.5 515.2 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, 785. 2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2, 213. 5 434.3 447.3 r616. 9 73.3 1941—Jan. 29 3,842.1 421.9 487.2 170.0 496.0 5.5 16.0 634.4 2, 230. 9 443.6 457.0 '631.0 79.6 Feb. 26 3, 728. 8 351.4 487.1 169.4 489.5 7.0 15.5 631.5 2,151. 3 434.8 435.1 r624.4 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. 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 May 74 3,869. 7 440.5 487.7 180.7 490.6 5.8 15.0 624.6 2,244. 9 429.7 479.1 615.8 100 JL May 7 3,869. 7 446.2 492.3 174.4 494.6 5.8 15.0 613.4 2, 241. 7 429.7 479.1 619.0 1(XU May 14 3, 850. 4 448.2 491.0 173.6 500.0 5.9 14.8 607.5 2, 241.1 425.0 477.0 609.4 97.9 May 21 3, 878. 2 448.3 488.4 173.6 503.4 5.7 14.5 608.6 2, 242. 6 426.7 480.7 623.2 105.0 May 28 3, 892. 6 462.0 488.2 173.7 507.2 5.5 14.7 607.5 2, 258. 9 412.2 488.1 628.5 104.9 Additional Detail Available from January 3,1940 * 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu e m l- D m e a n rk - l F a i n n d - N w o a r y - S d w en e- Total g t A i e n n r a - - B z r il a- Chile Cuba M ic e o x- Total! China K H 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 21.4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 432.9 167.0 71.4 165.4 29.1 Jan. 31 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24.4 38.3 62.1 36.2 434.7 173.8 72.2 158.7 30.0 Feb. 28 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 439.2 178.9 68.5 162.1 29.7 Mar. (Apr. 3) 475.1 184.3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 455.1 178.5 75.2 169.4 32.0 Apr. (May 1) 460. 183. 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. C 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. C 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. 150.9 17.2 26.3 54. S 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59. 408.3 184.7 87.6 97.4 38.7 Sept. (Oct. 2) 470.3 147. 9 16. 29. 1 51.2 225.3 338.8 110.1 33.4 26.1 48.7 63.2 57.3 431 192.7 87.0 106.8 45.2 Oct. 30 469.0 145. 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. 353.3 115.1 44.1 26.0 46.4 62.6 58. 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. 454.5 207.5 91.1 110.3 46.6 1941—Jan. 29 450.5 143.2 17.1 14.1 48.3 227.7 342.5 118.2 45.4 26.1 48. 49.3 54. 464.3 210.5 93.4 114. 1 46.2 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 April 30 433.1 134.1 16.1 12.5 44.8 225.6 349.1 103.4 50.6 28.8 55. 48.6 62.1 420.5 187.0 92.8 92.5 48.2 May 7 4 434.8 133.9 15.8 11.8 44.7 228.6 348.1 103.8 29.6 59.2 48.3 59.8 420.8 183.6 95. 92.5 49.0 May 7 426.4 125. 5 15.8 11.8 44.7 228.6 348.8 103.8 48.2 29.6 59.2 48.3 59.8 420. 8 183.6 95. 92. 5 49.0 May 14 426.0 125.8 15. 5 11. 6 44.4 228.7 349.5 104.7 50.1 30.4 59.1 48.6 56.6 416.3 179.4 96.6 92.8 47.5 May 21 426.2 125. 7 15.3 9.9 44.3 231.1 349.1 105.1 49.9 29.8 60.4 48.0 55.9 418.6 178.6 96.8 93.1 50.1 May 28 426.2 125.1 15.2 10.3 44.2 231. 5 355.8 107.11 52.4 29.4 60.6 57.5 418.8 176.5 95.9 94.9 51.5 II r Revised—see note to Table 1. The figures for March and April 1941, when originally published, were calculated on the new basis—see BULLE- TIN for July 1941, p. 707, note 4. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 4 Figures adjusted to the basis employed in previous weeks. The reported figures for certain countries on May 7 and succeeding weeks are not strictly comparable to the corresponding figures for preceding weeks, owing to a change in reporting practice (see page 945, note 3). Other changes or corrections in the reporting practice of reporting banks occurred on Aug. 12, 1936, Jan. 5, 1938, and Oct. 18, 1939 (see BULLETIN for May 1937, page 425; April 1939, page 295; and April 1940, page 362). 5 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. SEPTEMBER 1941 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asij ot A he ll r i Reported by Banks in New York City 1931—Dec. 30 1,103.3 166.2 29.5 20 9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. (Jan. 4, 1933) 949.4 89.4 67.6 142 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 94.1 159 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) 608.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 1940—Mar. (Apr. 3) 527.5 39.7 4.9 6.7 6.2 50.1 16.9 48.6 173.2 42.2 110.7 192.8 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. 30 360.2 22.6 2.8 .9 2.7 35.5 1.7 29.1 95.3 25.0 118.3 113.9 May 7 367.5 24.6 2.6 .8 2.8 35.5 1.7 28.9 96.9 28.4 115.6 118.4 8.1 May 14 366. 7 24.6 2.6 .8 2.3 35.5 1.8 29.0 96.7 27 7 116.2 118.1 8.1 May 21 364. 5 24.5 2.1 .9 2.8 35.5 1.6 28.7 96.1 27'. 1 116.2 116.9 8.2 May 28 364.2 2-4. 7 2.4 .9 2.9 35.3 1.7 28.4 96.3 27.9 116.2 115.0 8.8 Additional Detail Available from January 3,19404 5 Europeancountries 6 Latin American countries 4 Asiatic countries Date Pan- Total g B iu el m - D m e a n rk - l F a i n n d - N w o a r y - S d w 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 la i i n l n i e d p- s 1940—Jan. 3 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16.8 32.2 9.7 10.5 5.9 1.0 152.5 22.0 l.» 102.1 26.4 Jan. 31 22.2 7.2 3.7 1.2 3.7 6.5 71.5 12.9 31.2 9.6 10.4 6.5 .9 161.9 22.5 1.6 111.2 26.6 Feb 28 20.4 7.4 2.9 .8 4 0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 .9 168.0 25.4 3 2 111.2 28 2 Mar. (Apr. 3) 19.4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26.1 1.7 125.9 28.9 Apr. (May 1) 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 May 29 14.1 5.1 1. 1 1 5 2 4 4.2 73.9 16.4 32.1 9.5 9.8 5.0 1.1 160.1 24.5 1 9 103 2 30 5 June (July 3) _ 10.6 3.4 .7 1.5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90.6 32.7 July 31 9.1 2.9 .4 1.6 1.3 2.8 75.6 16.4 32.8 10.3 9.9 4.7 1.5 145.3 30.5 2.7 78.6 33 6 Aug. (Sept. 4) 7.7 1.6 .3 1.7 1.2 2.9 72.1 15.1 31.3 9.6 9.9 4.5 1.7 102.3 24.0 3.8 45.0 29.5 Sept. (Oct. 2) 7.5 1.7 .3 1.7 1.2 2.7 72.5 14.8 30.8 10.0 10.6 4.5 1.9 109.8 24.2 4.3 53.2 28.2 Oct 30 7.6 2.2 .3 1.9 1.1 2.1 81.4 13.2 40.2 10.8 10.9 4.6 1.7 110.7 24.2 3.0 58 0 25 4 Nov. 27- 6.1 2.1 .3 1.9 1.0 .8 82.9 13.5 39.0 11.7 11.5 5.3 1.9 113.9 24.0 1.5 62.8 25.6 Dec. (Jan. 1, 1941). 5.5 1.5 .3 1.8 .9 1.0 78.4 11.9 33.1 13.4 11.7 6.1 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 11 134.0 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. 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 May 7 4.4 1.3 .1 1.9 .6 .6 66.6 11.4 25.4 11.7 10.0 5.7 2.3 99.7 27.8 2.1 47.7 22 0 May 14 4.5 1.3 (5) 1.9 . 7 67.0 12.1 24.3 11.9 10.0 6.4 2.3 100.6 28.9 2.8 47.7 21 2 May 21 4.4 1.3 1.9 .6 .'e 67.6 12.4 25.0 12.0 9.9 6.2 2.2 98.4 28.7 2 7 44.4 22^7 May 28 4.2 1.0 (5) 1.9 .6 .6 67.4 12.7 24.1 12.2 9.7 6.0 2.7 98.0 29.2 2.'7 41.1 25.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 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. s Less than $50,000. 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). 948 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue dept. Assets of banking department Liabilities of banking department Bank of England Note (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 Gold* a O ss t e h t e s r 2 Cash reserves a c n o D d u is n a - t d s - S t e i c e u s ri- ci t r i c o u n la 3 - Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 1929—Dec. 25... 145.8 260.0 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930—Dec. 31— 147.6 260.0 38.8 49.0 104.7 368.8 132.4 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—Dee. 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 1985—Dec. 25__ 200.1 260.0 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30__ 313.7 200.0 46.3 17.5 155.6 467.4 150.6 12.1 S9.2 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 1988—Dec. 28._ 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27.. 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—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 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 80... 630.0 .5 38.7 3.0 153.3 591.6 108.0 18.3 51.5 17.7 Nov. 27.. 630.0 1.0 36.9 6.9 161.2 593.3 110.8 27.1 50.3 17.8 Dec. 25.. 630.0 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Jan. 29... 630.0 1.0 31.0 3.8 175.4 599.2 107.9 32.4 53.0 18.0 Feb. 26_. 630.0 1.4 27.0 3.7 175.4 603.2 121.7 14.6 53.0 18.1 Mar. 26.. 630.0 1.1 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Apr. 30.. 6 680. 0 1.5 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 May 28.. 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 July 30.. 680.0 1.7 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 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 t 7 c S i p a e l - 7 Other G er t 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 n te la- G m ov en er t n- Other l O i t a i t b e 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,. 21,111 7,157 ,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30.. 83, 017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20, 072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 3,211 8,288 83,412 3,718 15, 359 1,907 1935—Dec. 27.. 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 8,465 17,698 715 3,583 8,344 89,342 2,089 13, 655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31,909 675 3,781 7,277 93,837 3,461 19, 326 3,160 1938—Dec. 29.. 87, 265 821 7,422 1,797 7,880 20, 627 443 3,612 14,442 110,935 5,061 25, 595 2,718 1939—June 29.. 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 2,928 Oct. 26... 97, 266 85 10,038 2,007 8,298 25,473 336 3,576 17,100 144,379 2,004 14, 790 3,006 Nov. 30.. 97, 266 120 10, 565 1,626 5,206 30,473 454 3,581 17, 769 149,370 1,953 12, 392 3,346 Dec. 28.. 97, 267 112 11,273 2,345 5,149 34, 673 174 3,482 16, 438 151, 322 1,914 14, 751 2,925 1940—Jan. 25.... 97, 268 111 11,861 2,235 5,011 35,673 229 3,444 15, 963 151,738 1,834 14, 965 3,259 Feb. 29... 97, 275 109 12,505 1,810 4,630 40, 523 465 3,403 16,917 156,150 1,203 17,128 3,156 Mar. 28... 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 10136,217 721 3,967 18,491 218,383 » 68,602 3,586 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce. 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. * 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. 10 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. 11 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. SEPTEMBER 1941 949 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 in h s m s m b a a i r l n k li k s o ) ns of R re e f T s s o e o e r r e r t v v a ig e l e n s s o e f x c g G h e 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 c a l ( k l s d s a u s i n n ) r , d g y Se lo c a u n ri s ty E a c s li o g n v i o S e b r t e l e e curiti O es ther a O s t s h e e ts r c N ir ti 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 82 4,552 84 349 315 853 4,285 1,032 923 1936— Dec. 31. 72 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 76 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31_ 76 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30. 78 11, 39,2 30 804 393 2r498 11, 798 2,018 1,378 1940—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 51 427 2,223 13,198 1,706 1,433 Dec. 31. 78 15, 419 32 357 2,066 14,033 2,561 1,396 1941—Jan. 31.. 77 14, 503 28 349 1,834 13, 694 1,726 1,399 Feb. 28. 77 15, 284 24 351 1,445 13, 976 1,935 1,305 Mar. 31. 78 15, 367 32 352 1,672 14,188 2,127 1,210 Apr. 30. 78 15, 644 22 488 1,548 14,689 2,006 1,117 May 31. 78 15,918 18 438 1,922 15, 210 2,012 1,174 June 30. 78 16, 258 45 416 2,336 15, 565 2, 373 1,215 July SIP 78 16, 754 12 (2) 16,031 2,243 p Preliminary. 1 Not shown separately on Reichsbank statement after June 15, 1939. 2 Figure 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) July June May July date of month) July June May July Central Bank of the Argentine National Bank of Bohemia and Mo- Republic (millions of pesos): ravia—Cont. (Mar.) Gold reported separately 1,071 1,071 1,224 Other assets (4) ) Other gold and foreign exchange- 363 308 155 Note circulation 7,007 5, 443 Negotiable Government bonds.. 364 370 242 Demand deposits 2, 051 1,343 O Re th d e i r s c a o s u s n et t s ed paper 25 1 2 5 20 2 7 8 22 2 2 3 Cent O ra th l e B r a li n a k b i o li f t i B es olivia (thousands ) Note circulation 1,248 1,233 1,218 of bolivianos): (Apr.)i Deposits—Member bank 635 550 415 Gold at home and abroad 104,959 97, 492 Government 104 130 157 Foreign exchange 42, 607 38, 510 Other 10 6 4 Loans and discounts 224,182 230, 764 Foreign exchange sold forward- 3 4 15 Securities—Government 440, 344 431, 806 Other liabilities __. 67 62 60 Other 513 13,483 Commonwealth Bank of Australia Other assets 202, 454 18,361 (thousands of pounds): Note circulation 508, 348 431, 124 Issue department: Deposits 422, 463 324, 520 Gold and English sterling 17, 705 17, 705 16, 082 Other liabilities 92, 248 74, 772 Securities 51, 367 49, 374 54, 312 National Bank of Bulgaria (mil- (Oct. Banking department: lions of leva): 1940)i Coin, bullion, and cash 4,136 3,864 5,323 Gold 2,006 2,006 London balances 53, 995 56, 417 52, 052 Net foreign exchange in reserve. _ 4 4 Loans and discounts 21, 234 22,110 34,207 Foreign exchange 1,472 1,216 Securities 49,219 39, 543 35, 884 Loans and discounts 2,749 1, 575 Deposits 120, 883 112,777 119,388 Government debt 3,373 3,373 Note circulation 67, 864 61, 619 Other assets 2,756 2,444 National Bank of Belgium (millions Note circulation 6,262 4, 620 of belgas): (Mar.)i Deposits 3,119 3, 369 Gold 4,331 Other liabilities 2, 629 Foreign exchange 543 Bank of Canada (thousands of Ca- Credits to State and public bodies 2,186 nadian dollars): Credits to private economy 125 Gold s Due from Bank of Issue, Brussels 373 Sterling and United States ex- Other assets 491 change 472 491 216, 280 5,700 Note circulation 7,596 Canadian Gov't. securities: Demand deposits 296 2 years or less 522, 302 501, 489 375, 523 392, 235 Other liabilities 157 Over 2 years 138, 006 142,946 126, 482 123, 598 National Bank of Bohemia and Mo- Other assets 14,879 28, 901 9,911 9,318 ravia (millions of koruny): (Mar.)i Note circulation 404, 674 393, 397 379,426 291, 676 Gold 2 1,465 1,597 Deposits—Chartered banks 216, 268 200,348 239,789 94,423 Foreign exchange 769 735 Dominion Gov't 33, 310 54, 545 88, 579 24,140 Discounts 250 Other 4,721 10, 550 5,382 8,222 Loans Other liabilities 16,686 14, 988 15, 020 12, 389 1 Latest month for which report is available for this institution. 2 Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. 3 Less than 500,000 koruny. 4 Figure not available. 5 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp. 677-678). 950 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) July June May July date of month) July June May July Central Bank of Chile (millions of Bank of Finland (millions of pesos): markkaa): Gold 147 147 146 Gold 556 Discounts for member banks 208 228 160 Foreign assets. . 1,182 Loans to Government 738 742 746 Loans and discounts 5,610 Other loans and discounts 507 442 371 Domestic securities 414 Other assets _ _ 102 116 22 Other assets 2,212 Note circulation 1,232 1,205 1,028 Note circulation 5, 659 Deposits— Deposits 796 Bank 160 170 154 Other liabilities 3,520 Other ... _ 85 60 104 Bank of Greece (millions of drach- Other liabilities 225 239 160 mas): (Mar.)1 Bank of the Republic of Colombia Gold and foreign exchange (net) 18, 465 4, 790 (thousands of pesos): Loans and discounts 16, 585 14 580 Gold 31, 452 31, 508 28, 405 30, 945 Government obligations 3,947 4,049 Foreign exchange 13, 587 20,919 29,140 8,566 Other assets 3,589 3,087 Loans and discounts 26, 200 21, 503 16, 728 22, 242 Note circulation 19, 371 10, 603 Government loans and securities. 55,141 56, 582 55, 487 38, 379 Deposits 20, 908 13, 556 Other assets... _ __ 30, 231 30, 794 34, 456 31, 925 Other liabilities _ 2, 306 2 346 Note circulation _ _ 67,169 68, 688 65, 477 54, 957 National Bank of Hungary (mil- Deposits 49, 975 52, 405 58, 600 51, 766 lions of pengo): Other liabilities. ._ 39 467 40 212 40 139 25 333 Gold 124 124 National Bank of Denmark (mil- Foreign exchange reserve 27 57 lions of kroner): Discounts 826 693 Gold 103 105 117 Loans—To Treasury._ 805 337 Foreign exchange 25 24 9 Other 35 47 Clearing accounts (net) 581 532 182 Other assets _ 374 382 Discounts 9 9 18 Note circulation. . 1 734 1 158 Loans—To Government agencies 17 22 144 Demand deposits _ 202 114 Other 38 53 161 Consolidated foreign credits of 1931 35 Securities 173 179 186 Other liabilities 220 368 Other assets __ _ _ 728 694 193 Reserve Bank of India (millions of Note circulation 748 745 674 rupees): Deposits _____ 719 669 187 Issue department: Other liabilities 208 204 149 Gold at home and abroad... 444 444 Central Bank of Ecuador (thou- Sterling securities 1,138 1,315 sands of sucres): (Mar.)i Indian Gov't. securities. _ . 913 496 Gold 2 64,534 51,943 Rupee coin _ _ _ 362 383 Foreign exchange ^net) ]2 278 16 300 Note circulation ___ 2 730 2 379 Loans and discounts 63, 037 60,113 Banking department: Other assets 23, 242 25, 780 Notes of issue department. _ 128 259 Note circulation 76, 526 68,735 Balances abroad 403 208 Demand deposits 55, 728 46,121 Treasury bills discounted 21 Other liabilities 30 837 39 281 Loans to Government. 55 2 National Bank of Egypt 3 (thou- Investments 79 89 sands of pounds): (Jan.)1 Other assets 18 12 Gold 6,241 6,544 Deposits _ 532 479 Foreign exchange 1 252 1 872 Other liabilities.... 150 111 Loans and discounts... 5, 618 6,603 Bank of Japan (millions of yen): British, Egyptian, and other Cash, bullion, andforeignaccounts 574 (6) Government securities 61, 284 37, 636 Special foreien exchange funds.. 300 300 Other assets. _ 6, 752 Advances—To Government 2 3 Note circulation 36, 250 (4) Other? 534 700 Deposits—Government 4 306 2,420 Government bonds ._ _. 3, 875 2, 495 Other 29 877 18 229 Other assets 519 Other liabilities lo' 714 8 628 Note circulation 3 963 3 326 Central Reserve Bank of El Salva- Deposits—Go vernment 853 651 dor (thousands of colones): Other 444 93 Gold 13 233 13,255 13,219 Other liabilities 545 352 Foreign exchange- 1,638 1, 690 2,660 Bank of Java (millions of guilders): Loans and discounts 1 084 935 2,435 Golds 327 328 151 Government debt and securities. 6,449 7,072 5,298 Foreign bills 19 18 22 Other assets 1 534 1 539 1 311 Loans and discounts . 79 99 > 87 Note circulation 14 961 14 931 14 187 Other assets.-. 111 113 129 Deposits 4 405 4 992 5 587 Note circulation __ __ _ _ 238 232 205 Other liabilities 4 572 4 568 5 149 Deposits _ _ _ 260 °88 Bank of Estonia (thousands of Other liabilities 37 37 27 krooni): Gold and net foreign ex- Bank of Latvia (millions of lats): change 47 846 Gold _ 72 Loans and discounts 57, 399 Foreign exchange reserve.. _ . 29 Other assets 47, 437 Loans and discounts... _ 234 Note circulation 88, 492 Other assets.. _ 45 Demand deposits 28, 285 Note circulation. __ _ 123 Other liabilities 35 905 Deposits __ _ 204 Other liabilities _ _ _ _ 52 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". 6 No comparable figure available; gold alone was reported at 501 million yen. 7 Includes bills discounted, no longer shown separately beginning Mar. 29, 1941. 8 Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder. SEPTEMBER 1941 951 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) July June May July date of month) July June May July (Aug. South African Reserve Bank—Cont. Bank of Lithuania (millions of litu): 1940)i Other assets 40, 874 40, 927 33. 880 Gold 67 67 Note circulation __ _ _ 25 761 26 181 21 788 Foreign exchange 11 9 Deposits. . 64, 254 61,651 50, 325 Loans and discounts 182 183 Other liabilities __ 3 944 4 297 4 192 Other assets _ _ 83 75 Bank of Sweden (millions of Note circulation 187 197 kronor): Deposits _ 111 94 Gold 424 396 380 Other liabilities 46 42 Foreign assets (net) 803 818 578 Netherlands Bank (millions of guil- Domestic loans and investments. 678 686 727 ders) : Other assets _ 947 858 839 Gold 2 1 023 1,022 1,120 Note circulation 1 449 1 398 1 430 Silver (including subsidiary coin) 14 17 13 Demand deposits . 603 593 295 Foreign bills _ _ _ _ __ _ 308 202 Other liabilities 800 767 800 Discounts '__ _ 95 147 81 Swiss National Bank (millions of Loans 194 206 240 francs): Other assets 275 265 69 Gold7 2 283 2 993 2 114 Note circulation. 1,686 1,628 1,277 Foreign exchange _ _ 1,311 1 276 489 Deposits—Government 12 Discounts. 76 68 248 Other 154 169 197 Loans.. _ . .. 27 94 66 Other liabilities . . 55 62 52 Other assets 9 20 223 268 Reserve Bank of New Zealand Note circulation. ._ 2,115 2,115 2,161 (thousands of pounds): Other sight liabilities 1, 546 1 520 752 Gold 2 802 2 802 2 802 Other liabilities 255 250 271 Sterling exchange reserve ... 19, 967 21, 240 13, 027 Central Bank of the Republic of Advances to State or State un- Turkey (thousands of pounds): (Apr.)i dertakings _ _ _ _ __ _ 18 766 17 767 25 226 Gold 119 003 107 923 Investments _ _ ... 3, 773 3,773 2,544 Foreign exchange—Free. 39 Other assets _ __ _ _ 1,648 1, 680 426 In clearing accounts _. _ _ 43 327 21 451 Note circulation._ __ 21 843 21 782 19,623 Loans and discounts 411 273 297 411 Demand deposits 22 678 22 713 22 168 Securities _ _ 192 353 195 692 Other liabilities 2 434 2 767 2 233 Other assets ._ 16 552 38 603 Bank of Norway (millions of Note circulation . .. 487 518 356 938 kroner) * (Mar )i Deposits—Gold _ 79 358 78 124 Gold 186 Other 83' 231 90 661 Foreign assets _ _ _ 102 Other liabilities . I39 402 135 394 Total domestic credits and Bank of the Republic of Uruguay securities _ _ 435 (thousands of pesos): Discounts __ Issue department: Loans (3) Gold and silver... __ ... 86 235 86 235 Securities... __ ______ (3) Note circulation 107 408 93 411 Other assets.__ _ (3) Banking department: Note circulation _ _____.__. 599 Gold 82 841 54 854 Demand deposits—Government- 9 Notes and coin _ 22, 361 44, 867 Other 112 Advances to State and to Other liabilities government bodies ... 39.514 41, 467 Central Reserve Bank of Peru Other loans and discounts. __ 88. 403 93, 394 (thousands of soles): Other assets 104, 414 67, 957 Gold and foreign exchange 54 470 57, 791 Deposits... 124 545 101 944 Discounts 29, 399 15, 833 Other liabilities _ 212 988 200, 596 Government loans. _ 138, 439 121,413 National Bank of the Kingdom of Other assets 10, 652 8,332 Yugoslavia (millions of dinars): (Feb.)i Note circulation 159 232 136.108 Gold 2 790 2 286 Deposits 50, 703 46, 235 Foreign exchange,_ ... ... _ .. 909 513 Other liabilities 23 025 21 025 Loans and discounts. . 1 686 1,855 Bank of Portugal (millions of Government debt._ ___ __ __ 3, 061 3,073 pscudos) • National defense bills 7, 128 4. 091 Gold 4 1 273 921 Other assets. . .. 3 465 3 117 Other reserves (net) 1,060 356 Note circulation 13. 973 12.179 Non-reserve exchange 1,228 155 Other sight liabilities 3 510 1,941 Loans and discounts 364 552 Other liabilities _ . 1, 555 815 Government debt. 1,031 1,033 Bank for International Settle- Other assets 878 1,628 ments (thousands of Swiss gold Note circulation __ ____ 3,093 2,704 francs 8): Other sight liabilities 2 041 938 Gold in bars. . 27, 403 31,007 Other liabilities 700 1,003 Cash on hand and on current National Bank of Rumania (mil- account with banks 31, 544 29, 480 lions of lei): (Apr.)i Sight funds at interest 16, 013 16, 270 Gold 5 32, 279 31, 747 Rediscountable bills and accept- Special exchange accounts 3,061 4,344 ances (at cost) 142,109 145, 876 Loans and discounts 29 167 25 146 Time funds at interest 22 406 21 228 Special loans 6 619 881 Sundry bills and investments __. 223, 525 209,195 Government debt 9,703 7,959 Other assets... _ 2.357 2 303 Other assets 24, 235 12, 824 Demand deposits (gold)... _ 22,858 14, 092 Note circulation _ _ ._ _ 71, 448 58, 961 Short-term deposits (various Demand deposits 16. 967 15, 000 currencies): Other liabilities 10, 648 8,939 Central banks for own ac- South African Reserve Bank (thou- count 14, 532 19, 820 sands of pounds): Other 2,836 2,456 Gold 51, 788 50, 720 37, 032 Long-term deposits: Special ac- Foreign bills 780 471 1,435 counts _ __ _ 229, 001 229, 001 Other bills and loans 518 11 3,958 Other liabilities 196.130 189,990 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. * On Oct. 16, 1940, gold revalued on basis of average cost. s Gold revalued May 19, 1940, at 0.0043 gram fine gold per leu, and again on Apr. 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 See BULLETIN for December 1936, p. 1025. 952 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Date effective U K d n i o i n t m g ed - France m G C a e n e r y n - tra g l B i b u e a m l- nk N o la f 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 A R 3 u a 1 t g e . eff D ec a t t i e ve b C an e k n tr o a f— l A R 3 u a 1 g te . eff D ec a t t i e ve Albania Mar. 21,1940 Japan _'_ 3.29 Apr. 7,1936 In effect Oct. 2, Argentina 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 Bohemia and Lithuania ___ 6 July 15,1939 Oct. 16 2 Moravia Oct. 1, 1940 Mexico 4 Jan. 2,1941 Oct 20 VA 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 • N S o e v p . t . 1 3 3 3 2 C C h o i l l o e mbia 3-4 4 y2 J D u e l c y . 1 16 8 , , 1 1 9 9 3 3 3 6 P P e o r r u tugal. . 4 5 M Au a g r . . 31 1 , ,1 1 9 9 4 4 0 1 May 10, 1938 4 May 13 2M> May 30 3 Sept. 28 3 Denmark 4 Oct. 16,1940 Rumania .. 3 Sept. 12,1940 Oct 27 Ecuador 7 May 26,1938 South Africa 3 June 2, 1941 Nov. 25 . ... 2iz El Salvador- 3 ^ Mar. 30,1939 Spain 4 i 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 LTnited 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 . May 18,1936 Yugoslavia. 5 Feb. 1,1935 Apr. 9 May 17 3H Mar. 17. 1941 i Not officially confirmed. Mav 29 3 NOTE.—Changes since July 31: none. June 26 °>\/ In effect Aug. 31, 1941 2 1M 3H 2 2H 3 Hi OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c a m e n p o k t n a e n t r h s c s ' es 3 T r m e b a o il s n l u s t r h y s Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t 1 M m o fo o n r e n y th m u L p o o n a to t n h s 3 s d P is r r c i a v o t a e u t n e t 1929—June 5 32 5. 35 4.23 31 7. 50 7.90 5. 30 5. 30 4V-i-6V-> 3. 20 1930—June 2.31 2. 30 1.93 1 3.58 3.74 1.89 1.93 3V0-5V2 2. 06 1931—June 2.09 2.10 1. 64 1 6. 05 6.74 1.05 1.07 3-5 1.12 1932—June 1.05 .85 .99 i 4.75 5. 70 .39 1.00 4-6 1.50 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 4 3 3 4 6 3 7 5 0 8 9 — — — — — — — — J J J J J J J J u u u u u u u u n n n n n n n n e e e e e e e e . 1 . . . . . . . . 6 5 0 5 7 9 7 7 8 0 3 9 8 1 1 5 1 . . . . . . . . 6 5 7 4 0 8 8 9 8 6 7 2 0 5 4 6 L . . . . 0 9 7 0 6 7 7 2 9 2 5 5 k 3 3 2 2 2 2 2 3 . . . . . . 8 8 8 8 3 7 0 7 7 8 8 8 8 6 9 0 4 4 3 2 2 3 2 1 . . ^ . . . . . 5 9 1 9 7 7 6 0 7 3 6 8 1 8 7 6 2 4 3 . . / . . C . . 7 1 1 4 1 9 4 1 8 3 5 9 ) 8 2 2 2 3 3 1 1 C . . . . . . . 0 0 9 8 5 1 0 ) 7 0 0 5 3 0 6 5 2 2 2 2 2 2 3 ^ V V V H H ^ 2 3 - 2 - 2 5 2 - - - - 5 - - 5 5 4 0 5 5 3 H H /2 1 1 2 2 1 1 1 1 . . . . . . . . 5 5 0 5 2 6 0 0 0 0 0 0 5 0 0 0 Julv 1.03 1.02 1.00 i 2. 38 1.73 C1) 2.83 1.50 AUg. :. 1.03 1.02 1.00 2.31 1.77 3.00 VA-&A 1.50 Sept 1.03 1.03 1.00 2.25 2.03 2.25 2.68 VA-5H 1.50 Oct 1.03 1.02 1.00 i 2.25 1.87 2.25 2.75 VA-VA 1.31 Nov.. 1.03 1.02 1.00 2.25 1.93 2.25 2.75 33^-5H 1.25 Dec 1.03 1.01 1.00 : 2.25 1.95 2.25 2.75 3K-5K 1.25 1941—Jan 1.03 1.01 1.00 2.25 1.73 2.25 2.75 3K-5K 1.25 Feb 1.03 1.02 1.00 ; 2.25 1.68 2.25 2.75 3#-5# 1.25 Mar 1.03 1.01 1.00 2.25 1.83 2.07 31^-51^ 1.25 Apr 1.03 1.01 1.00 2.25 1.67 2.06 2^75 3K-5^ 1.25 May 1.03 1.00 1.00 2.25 1.93 2.36 3-51-5 1.25 June 1.03 1.00 1.00 2.13 1.88 2.25 3-512 1.25 1 No figures available. NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. SEPTEMBER 1941 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities (Fi p g o u u re n s d s i n s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s o l h n l t o e i a c y r n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Se t c ie u s ri- L cu o s a e t n r o s s m t - o a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time 3 lia O b t i h li e ti r es 10 London clearing banks 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 (4) (4) 232 11 London clearing banks 5 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—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—July 262 146 415 26 658 940 271 2,454 1,465 989 264 August 273 148 430 26 682 927 255 2,481 1,486 995 260 September. 288 144 401 92 697 948 287 2,597 1,570 1,027 260 October 270 137 373 180 723 948 284 2,661 1, 635 1,026 254 November. 285 140 339 236 743 941 274 2,702 1,671 1,031 256 December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—January.... 279 131 269 341 789 926 269 2,757 1,729 1,027 247 February. . 284 128 210 330 814 915 272 2,709 1,696 1,013 243 March 288 132 194 374 821 922 276 2,764 1,728 1,036 242 April 298 137 188 461 820 897 274 2,829 1,769 1,060 247 May.. 293 128 173 469 848 889 273 2,824 1,789 1,035 249 June 311 143 193 482 880 874 311 2,946 1,870 1,075 248 Assets Liabilities Canada Entirely in Canada S a e l b o c r a u o n r a i s d ty a D d e a p o e s x i c ts lu p d d a e in y p g a o b si i le t n s t i e n r b C a a n n k fig (1 u 0 re c s h i a n r t m er i e l d li o b n a s n o k f s . C an E a n d d i a o n f d m o o ll n a t r h s) Cash Security O lo t a h n e s r an f d r d o u m e net Se t c ie u s ri- O au t s h e e t r s ci N r ti c o o u t n l e a- l O ia t t i b h e i s e li r reserves loans and dis- foreign Total Demand Time counts banks 1932—December. 211 103 1,104 155 778 500 115 1,916 538 1,378 821 1933 -December. 197 106 1,036 134 861 482 121 1,920 563 1,357 775 1934-December. 228 103 977 155 967 491 124 2,035 628 1,407 761 1935—December. 228 83 945 141 1,155 529 111 2,180 694 1,486 789 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 % 2,335 752 1,583 850 1938— December. 263 65 940 166 1,463 535' 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—July 277 39 1,053 166 1,576 506 2,674 ,062 1,613 8U August 291 38 1,062 162 1,569 489 90 2,689 ,055 1,634 831 September. 319 37 1,102 178 1,563 529 2,800 ,145 1,655 841 October 310 41 1,138 177 1,520 526 2,778 ,178 1,600 845 November. 313 41 1,128 174 1,513 514 2,758 ,132 1,626 837 December. 323 40 1,108 159 1,531 570 2,805 ,163 1,641 846 1941—January 312 36 1,092 164 1,677 522 2,873 ,205 1,668 851 February- 293 34 1,104 170 1,788 531 2,989 ,302 1,687 850 March 296 35 1,115 178 1,766 52i 2,972 ,270 1,703 858 April 325 31 1,109 189 1,820 544 3,064 1,356 1,708 877 May 321 29 1,132 183 1,812 537 3,045 1, 350 1,695 889 June 288 33 1,292 191 1,688 575 3,075 1,608 1,467 913 Liabilities France (4 large b in a n m ks il . lio E n n s d o f o f f r m an o c n s t ) h figures re C se a r s v h es D b u a e n f k r s om B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e m po a s n i d ts Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1932—December. 9,007 1,766 22, 014 7,850 1,749 37, 759 36, 491 295 4,331 1933—December 5,870 1,416 19, 848 8,309 1,827 32, 635 31, 773 862 273 4,362 1934—December. 5,836 1,421 18, 304 8,159 1,717 30, 943 30, 039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26, 859 694 337 4,399 1936—December. 3,100 2,975 17, 582 7,631 1,957 28, 484 27,955 529 473 4,289 1937—December. 3,403 4,116 18, 249 7,624 2,134 30,348 29, 748 600 661 4,517 1938—December. 3,756 4,060 21, 435 7,592 1,940 33, 578 33,042 537 721 4,484 1939—December. 4,599 3,765 29, 546 7,546 2,440 42, 443 41, 872 571 844 4,609 1940—January... 4,066 4,080 29, 808 7,756 1,745 42,850 42,302 548 938 3,667 February. 4,293 3,993 30, 810 7,579 1,849 43, 737 43,195 542 1,034 3,753 March 6__. 4,110 3,920 34,123 7,499 1,961 46, 608 46, 064 544 1,105 3,901 1 Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month. 1 Represents six-month loans to the Treasury at \y% per cent, callable by the banks in emergency under discount at the bank rate. * Through December 1937, excludes deposits in offices outside England and Wales which are included in total. * Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. 8 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. 954 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Ar ( g p e e n so ti ) na A (p u o st u r n a d li ) a Bel- Brazil (milreis) British Bul- Canada (dollar) Chile (peso) China Year or month gium India garia (yuan Official S E p x e p c o i r a t l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export Sh h a a n i) g- 1934 _. . 33.579 400. 95 23. 287 8. 4268 37 879 1 2852 101 006 0 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. 91 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—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 July 29. 773 23. 704 322. 80 321. 31 6. 0575 5. 0616 30.128 90. 909 88.271 5.243 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 r n n k - e) (m l F k a in a a n - ) r d k- F (f r r a a n nc c ) e ( m m r G e a a i e c r n r k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o l n n la g g r) ( 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—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 July 56.981 24. 524 23. 439 20. 542 322. 57 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 u le i m a u) 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 r s - ) ( S k d r w e o n e n - a) e ( S f r w r l a a i n t n c z d - ) Offic ( i p a o l und F ) ree tr C o o ll n e - d (pe N so t o r ) o n l - l c e o d n- ( Y s d la i u 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. 691 22. 525 443. 54 62.011 36. 789 2.2716 1940 22. 709 3.7110 . 6896 397. 99 9.322 46. 979 23. 802 22. 676 383. 00 65.830 37. 601 2. 2463 1940—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. CO 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 298. 00 9.130 47.138 23. £36 23. 206 403.50 403.16 65. 830 42. 706 July S98. 00 47.160 403. 50 403. 23 65. 830 43. 789 NOTE.—Developments affecting averages during 1941: SSpp ecial export rate for Argentina f"ir s"t 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; China and Japan—since July 25. 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. SEPTEMBER 1941 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 — 100 100 U24 695 134 237 106 i 126 144 1930. _ 86 87 100 554 125 85 181 90 i 103 126 1931 73 72 88 500 111 75 153 76 194 110 1932. - _ — 65 67 86 427 97 70 161 65 192 96 1933 66 67 86 398 93 63 180 63 190 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 3 97 278 74 115 111 1940 79 83 137 110 311 *88 146 143 1940—July 78 82 140 111 306 146 141 August 77 83 140 111 306 146 146 September. . 78 83 141 111 308 148 152' October 79 83 143 111 310 154 156 November 80 84 147 111 310 158 161 December 80 84 149 111 312 159 164 1941—January 81 85 150 111 313 162 167 February.. _ 81 85 150 112 317 165 168- March 82 86 151 112 322 169 170 April 83 87 151 112 324 170 175 May 85 89 151 112 326 171 181 June 87 90 152 331 173 184 July 89 153 P112 329 p Preliminary. i Approximate figure, derived from old index (1913=100). * Average based on figures for 8 months; no data available since August 1939, when figure was 674. 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; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u r d r i u c a u c l t l s - P s r io o n v s i- a t f r n I i i n n d a i d l s s h u r e e a s m d - w i- p tr I r i i n o s a d d h l u e u f d s c in - ts products 1926 100 100 100 581 793 129 132 130 150 1930 . 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 _ 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 662 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1939 65 70 81 97 106 i 653 i 707 108 193 95 126 1940 68 71 83 133 138 111 99 129 1940—July 67 70 82 134 142 112 98 130 August _ _ 66 70 82 136 142 112 99 131 September 66 72 82 140 142 111 99 131 October 66 71 84 143 142 110 99 131 November 68 73 84 143 149 111 99 131 December 70 74 84 145 150 111 100 131 1941—January 72 74 84 145 152 111 100 132 February _ _ 70 74 84 144 153 111 100 133 March 72 75 85 144 154 111 100 133 April _. 74 78 86 144 154 112 100 133 May 76 80 87 144 155 113 100 132 June 82 83 89 145 156 114 100 132 July 86 85 90 P146 P100 p Preliminary. 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. 956 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r ( U S = 19 t n 1 a 3 0 i 5 t t 0 e e - ) 3 s d 9 (J U = K u d n 1 l i o y 0 i n m t l 0 g e 9 ) - d 14 (J F = u r 1 l a y 0 n l 0 9 c ) 1 e 4 (1 m = G 9 1 a 1 e 0 3 n r 0 - y - 1 ) 4 N ( = 1 l e a 9 1 t n 1 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 ( U = S 19 n 1 ta 3 0 i 5 t t 0 e e - ) 3 d s 9 (J U K u = d n l i o y 1 i n m t 0 l g 9 e 0 - d 1 ) 4 F = ( r 1 1 a 9 0 n 3 0 c 0 ) e ( = 1 m G 9 1 a 1 e 0 3 n r 0 - - y ) 14 N ( = 1 l e a 9 1 t n 1 0 h 1 d 0 e - s ) 1 r 3 - (J e S = u r w 1 n la 0 e it l n 0 z 9 ) d - 14 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933 84 120 491 113 120 117 1933 92 140 87 118 139 131 1934 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 78 123 136 128 1936 101 130 470 122 120 120 1936 99 147 86 125 U32 130 1937 105 139 601 122 127 130 1937 103 154 102 | 125 137 137 1938 98 141 702 122 130 130 1938 101 156 117 126 139 137 1939 95 141 J742 123 130 132 1939 99 158 3 122 12fl 140 138 1940 97 164 128 < 140 146 1940 100 184 130 s 148 151 1940-July 97 168 131 145 1940-July 187 132 151 August 96 164 133 146 August 185 133 151 September 97 166 130 149 September 100 187 132 153 October 96 169 127 152 October 100 189 130 157 November 96 172 126 157 November 100 192 130 159 December 97 173 127 158 December 101 195 1 131 160 1941-January 98 172 127 160 1941-January 101 196 132 163 February _ 98 171 127 160 February 101 197 132 163 March I 98 169 128 161 M^arch 101 197 i 132 164 April 101 170 129 167 April 102 198 132 169 May 102 171 r172 May 103 200 171 June 106 170 178 June 105 200 175 Julv 107 167 July 105 199 Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373, SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( p U a S r v t n i e a c i r t e t e a e ) g s d * e ( 1 K D 9 U i 2 e n n 1 c g i = e t d 1 m e o 0 d m b 0 e ) r (1 F 91 r 3 a = n 1 c 0 e 0) G (a e p v r r e m ic ra e a g ) n 2 e y N la e n th d e s r 3 - U S n ta it t e e d s K U in n g it d e o ( d 1 m 926=10 F 0 r ) ance Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues. _ 60 87 36 U39 8 420 278 300 4 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1932 69.5 113.2 88.6 5 67.1 94.8 48.6 67.9 105.2 5 50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55 1935 88.6 129.9 83.5 6 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 7 84.9 99.0 90.9 89.2 75.9 7 98. 2 94.1 89.7 1940 82.0 118.3 100.7 8 77.9 83.6 70.8 114.6 9 95.0 1940—Julv 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 86.0 122.7 73.0 70.4 June 85.8 122.9 75.3 70.7 July 86.3 124.7 78.8 72.5 1 Prices derived from average yields for 60 corporate bonds as published by Standard and Poor's Corporation. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at ^Yi 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 This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. 7 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. 8 Average based on figures for 7 months; no data available May-September. 9 Average based on figures for 9 months; no data available May-July. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 688; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. SEPTEMBER 1941 957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRIXER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District CHAS. E. SPENCER, JR. ALLAN SPROUL, Vice Chairman New York District GEORGE L. HARRISON CHESTER C. DAVIS . Vice President ERNEST G. DRAPER Philadelphia District WILLIAM F. KURTZ M. J. FLEMING Cleveland District B. G. HUNTINGTON HUGH LEACH Richmond District ROBERT M. HANES JOHN K. MCKEE Atlanta District RYBURN G. CLAY JOHN N. PEYTON Chicago District EDWARD E. BROWN RONALD RANSOM President M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District LYMAN E. WAKEFIELD CHESTER MORRILL, Secretary 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 ROBE A RT cc o G u . n R t OUSE, Manager of System Open Market WALTER LIGHTEN STEIN, Secretary 958 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! 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. MeCabe.... Warren F. Whittier Alfred H. Williams.. Frank J. Drinnen_ W. J. Davis E. C. Hill C. A. Mcllhenny i C. A. Sienkiewicz Cleveland.. Geo. C. Brainard.. R. E. Klages M. J. Fleming F. J. Zurlinden. Wm. H. Fletcher R. B. Hays W. F. Taylor* 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 L. M. Clark Chicago F. J. Lewh 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 » Kansas City... R. B. Caldwell... J. J. Thomas H. G. Leedy.. H. O. Koppang. J. W. Helm 2 Dallas J. H. Merritt Jay Taylor R. R. Gilbert E. B. Stroud R. B. Coleman W. J. Evans W. O. Ford i San Francisco R. C. Force... St. George Holden Wm. A. Day Ira Clerk C. E. Earhart i W. M. Hale R. B. West i Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of — Managing Director New York: Minneapolis: Buffalo Branch . R. M. O'Hara Helena Branch _ R. E. Towle Cleveland: Cincinnati Branch.. __ __ B. J. Lazar Kansas City: Pittsburgh Branch P. A. Brown Denver Branch ._ Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch _. _ W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch. . W. T. Clements Atlanta: Birmingham Branch . P. L. T. Beavers Dallas: Jacksonville Branch _ __ Geo. S. Vardeman, Jr. El Paso Branch ... J. L. Hermann Nashville Branch Joel B. Fort, Jr. Houston Branch W. D. Gentry New Orleans Branch _ ___ _E. P. Paris 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 SEPTEMBER 1941 959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 Foreign Exchange Rates (for previous day). month. 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. MONTHLY SEMI-ANNUALLY 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 ting through 1942. 50 cents per copy; in quan- Functions. Obtainable in cloth cover at 50 cents tities of 10 or more, 45 cents per copy. per copy; in paper cover without charge. 128 pages. Chart Book II, Federal Reserve Charts on In- Digest of Rulings—to October 1, 1937. Digests dustrial Production. October 1940. 224 pages. of Board rulings, opinions of the Attorney General Space for plotting through 1946. $1 per copy; in and court decisions construing the Federal Reserve quantities of 10 or more, 85 cents per copy. Act, with compilation showing textual changes in the Act. $1.25 per copy. 683 pages. Banking Studies—Comprising 17 papers on bank- Chart Book I, Federal Reserve Charts on Bank ing and monetary subjects by members of the Board's Credit, Money Rates, and Business. New edition, staff. August 1941. 512 pages. $1.50 per single revised February 1941. 72 pages. Space for plot- copy; in quantities of 10 or more, 75 cents per copy. 960 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 conditions of member banks. 28 M. S. Szymczak. 8 pages. December 1940. pages. November 1935. Economic Preparedness for Defense and Post De- Summary of Provisions of State Laws Relating to fense Problems, by Marriner S. Eccles. 8 pages. Bank Reserves. 33 pages. March 1937. January 1941. Analyses of the Banking Structure—As of Decem- Special Report to the Congress, submitted Deber 31, 1935. Number, deposits, and loans and in- cember 31, 1940. 2 pages. January 1941. vestments of banks classified by size of bank and Economic and Monetary Aspects of the Defense town and by other factors. 33 pages. August 1937. Program, by John H. Williams. 4 pages. February Problems of Banking and Bank Supervision. Ex- 1941. cerpts from the 1938 Annual Report. 33 pages. Federal Reserve Bank Lending Power not Depend- The History of Reserve Requirements for Banks in ent on Member Bank Reserve Balances. 2 pages. the United States. 20 pages. November 1938. February 1941. Monetary Measures and Objectives. Three state- Money in Circulation. 1 page. February 1941. ments by the Board on objectives of monetary policy, on proposals to maintain prices at fixed levels through Commodity Prices, by Frank Garfield and Clayton monetary action, and on legislative proposals relat- Gehman. 16 pages. March 1941. ing 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, The Par Collection System of the Federal Reserve statements of the gold and dollar resources and ex- Banks, by George B. Vest. 8 pages. February 1940. penditures of the United Kingdom, and the text of 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. SEPTEMBER 1941 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) FEDERAL RESERVE BANK QTIES FEDERAL RESERVE BRANCH CITIES o FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis