Federal Reserve Bulletin, 1941-10

FEDERAL RESERVE BULLETIN OCTOBER 1941 Increase in Reserve Requirements Review of the Month—Current Developments in Industry and Agriculture Consumer Credit—Interpretations of Regulation W Free Enterprise and the Challenge of Defense Instalment Loans of Insured Banks, June 30, 1941 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—Current Developments in Industry and Agriculture. 963- 973 From a Legal Standpoint: Reserves—Supplement to Regulation D Increasing Reserve Requirements 974 Consumer Credit—Amendment to Regulation W; Interpretations of Regulation W 974- 987 Foreign Funds Control—General Licenses and Public Circulars Issued by the Secretary of the Treasury 987- 989 From the Board's Correspondence—Banks' Purchases of Government Obligations Entirely Voluntary; Definitions of "Net Demand Deposits" and "Demand Deposits Adjusted" 990- 991 Current Events 992 Free Enterprise and the Challenge of Defense, by Alfred H. Williams 993- 998 Instalment Loans of Insured Banks, June 30, 1941 (See p. lous for table) 999-1000 National Summary of Business Conditions. 1001-1002 Financial, Industrial, Commercial Statistics, U. S. (See p. loos for list of tables). 1003-1046 Condition of Insured Commercial Banks in United States and Possessions, June 30, 1941 and December 31, 1940. 1047 Statistics of All Banks in the United States. 1049-1053 International Financial Statistics (See p. losu far list of tables) . 1054-1071 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1072 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 1073 Federal Reserve Publications 1074-1075 Map of Federal Reserve Districts 1076 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 OCTOBER 1941 No. 10 and AalicuUune in On September 23, 1941, the Board in- that a large majority of the member banks creased reserve requirements of member will be able to meet the increased requirebanks to the limit of its statu- ments out of existing excess reserves and Increase in tory power, effective Novem- all but a few of the remainder by drawing reserve ber 1, 1941. The following upon a portion of their deposits with city requiremen ts statement describing and ex- correspondents. plaining this action was released for publica- "The Board determined that penalties for tion on September 24: deficient reserves prior to December 1, 1941 "As a further step in the Government's shall be based upon reserve requirements program for combating inflation, the Board in effect October 31, 1941. of Governors of the Federal Reserve System, "The following table compares the new after consultation with the Secretary of the requirements with present requirements Treasury, has today increased reserve re- which have been in effect since April 16, quirements for member banks to the present 1938." statutory limit, effective November 1. This action, unanimously agreed upon, increases MEMBER BANK RESERVE REQUIREMENTS reserve requirements by about one-seventh. [Per cent of deposits] "The requirements beginning on that date Present New will be: for demand deposits, 26 per cent at Classes of deposits and banks require- requirements ments central reserve city banks, 20 per cent at reserve city banks, and 14 per cent at country On net demand deposits: Central reserve city banks 22^ 26 banks; for time deposits, 6 per cent at all Reserve city banks 20 "Country" banks 12 14 classes of member banks. This action will On time deposits: result in a reduction of excess reserves from All member banks about 5.2 billion dollars to about 4 billion dollars for member banks taken as a whole. In connection with the action taken by At central reserve city banks excess reserves the Board to increase reserve requirements, will be reduced approximately from 2.4 bilthe Secretary of the Treasury and the Chairlion dollars to 1.7 billion dollars; at reserve man of the Board issued the following statecity banks, from 1,850 million dollars to ment in which the Board of Governors con- 1,500 million dollars; and at country banks, curs: from nearly 1,000 million dollars to 800 million dollars. "The Treasury and the Board of Governors "The action will leave the banks as a whole will continue to watch the economic situation with ample funds to meet all bank credit and to cooperate with other agencies of needs of the defense program and all legiti- the Government in their efforts, through mate requirements of their customers. A priorities, allocations, price regulation, and survey made recently by the Board showed otherwise, to fight inflation. Recommenda- 963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month tions on the question of what additional In September, as the European war enpowers, if any, over bank reserves the Board tered on its third year, industrial activity should have during the present emergency in the United States was at a level and what form these powers should take Current nearly 60 per cent above that of will be made whenever the Treasury and the rimlufon the summer of 1939 when the war Board, after further consultation, determine began. National income was at an that such action is necessary to help in com- annual rate of about 90 billion dollars, an inbating inflationary developments." crease of 25 per cent in the past two years, In the 15 months preceding the Board's as is shown in the accompanying chart. action increasing member bank reserve requirements, the volume of de- INCOME, PRODUCTION, AND PRICES Bank credit posits in the banks of the coun- BILLIONS OF DOLLARS 00 expansion i i • -i i i j_ n r 100 try had increased by about 6.5 90 / 90 billion dollars, or over 10 per cent, corre- 80 / sponding approximately to expansion in k INCOME PAYMENTS y D) yS* bank loans and investments. It may be said, 70 therefore, that the continued growth in de- 60 posits in this period was due to expanding bank credit. Gold imports, which previously 50 had been an important factor in bank deposit 80 growth, have been in smaller volume during 160 the past year and have been more than offset 1 / in their effect on deposits by substantial cur- 140 INDUSTRIAL PRODUCTION rency withdrawals. (ADJUSTED) 1 / 20 Excess reserves reached a maximum of v ~J about 7 billion dollars in the latter part of 00 \ / 1940 and again in January of this year, but 80 1 have subsequently declined to about 5 billion dollars. The principal reasons for this de- 00 i 100 i_ cline were the growth in the amount of cur- 90 WHOLESALE COMMODITY / rency in circulation, which reduced the total j 80 V 80 volume of bank reserves, and an increase in ^ required reserves resulting from bank de- 70 posit expansion. The decrease in excess re- 60 serves has, therefore, been the result of an 1935 1936 1937 1938 1939 1940 1941 expansion in the supply of liquid funds held by the public. These developments were more fully described in the Review of the Month in the September BULLETIN. Purchases by consumers, as reflected in the When the increased requirements go into volume of retail trade, have increased to peak effect, the total amount of required reserves levels. The pressure of the growing demand of member banks will be approximately 9.2 both by consumers and by the Government billion dollars. This is double the amount has been reflected in a rise of commodity that would have been required under the prices to a level higher than at any time in basic minimum percentages given in the the past decade. Federal Reserve Act. About half of the increase in industrial 964 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month output during the past two years has been both crops and livestock products, indicate in defense goods, and schedules call for that, even after allowance for reduced Govfurther sharp increases in these products. ernment payments, cash farm income in 1941, Available production facilities, however, par- at about 10.7 billion dollars, compared with ticularly those for basic metals, are not suf- 9.1 billion dollars in 1940, will be larger than ficient to maintain output of civilian goods in any year since 1929. Demand for most at the level reached during this past summer. farm products for domestic consumption and Consequently the flow of an increasing num- for export is expanding and the Government's ber of materials to fabricators is being regu- agricultural programs are being adjusted to lated by priorities; and output of finished encourage increased output next year. products, particularly of consumers' durable Funds authorized to be spent on the degoods, is being limited. Some limitations fense program in this country now exceed have also been placed on construction of new 60 billion dollars, including industrial plants and on residential building. Magnitude of outlays by the Government With the diversion of existing output from defense and its agencies for the program civilian to defense work, which is increasing Army and Navy, defense in volume and in range of products, the cur-plant and equipment, merchant ships, housrent situation differs from that during most ing, and lend-lease aid to foreign countries, of the past year, when industrial output and also expenditures on account of British showed an extraordinary general expansion. Government orders previously placed. Ap- Then expenditures for defense goods stimu- propriation of an additional 6 billion dollars lated demand for civilian goods and increased for lend-lease aid has been recommended to their output; now further expansion in de- Congress. Of the total program authorized fense output will in many instances be pos-to date about 13 billion dollars has been spent, sible only through curtailment in production and expenditures are now at the rate of of civilian goods. about 1.4 billion dollars a month. The rate Commodity prices, which in the first year of monthly expenditure will continue to exand a half of the war fluctuated within a pand considerably as the program gains moderate range, have risen sharply since momentum, even though funds authorized last February. The rise was first most for ships and other equipment will be exmarked in wholesale prices of basic commodi- pended over a period of several years; thus ties, especially of those not subject to selec- the demands of the defense program upon the tive price controls by Government authority. productive capacity of the country will con- Prices of other raw and semifinished mate- stantly increase. rials also advanced sharply, and the rises During recent months activity has conrapidly spread to many finished products. tinued to expand rapidly in industries mak- The general wholesale price index of the ing products for defense, such Bureau of Labor Statistics in September was Industrial aircraft, ships, and armaas 14 per cent higher than last February. Re- production _ tail prices have advanced more slowly, and in ment. In some others, notably August the index of the cost of living for a iron and steel and nonferrous metals, there wage earner's family was about 5 per cent has been little further advance in this period higher than early this year. owing to limitations on the amount of avail- Sharpest advances have occurred in prices able productive capacity. In a few lines, of farm products, which have gone up by mainly the automobile, silk, and rubber inabout 30 per cent since February. These dustries, activity has been curtailed considerhigher prices, together with larger output of ably in the past month or two, reflecting direct Government limitations on output of OCTOBER 1941 965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month goods for civilian use, as in the case of auto- during the first year of the war. These were mobile production, or limitation on the use chiefly the iron and steel and nonferrous of certain materials, principally metals, rub-metal producing industries, and the expanber, and silk. Reflecting the effect of these sion reflected sharply increased demand— developments, the Board's seasonally ad- both domestic and foreign. Increases were justed index of total industrial output, which particularly large in the aircraft, shipbuildhad risen from 140 to 159 during the first ing, and machinery industries—important half of this year, showed little further ad- consumers of metals—but were not as great vance in the third quarter and in September as in the second year. Production of wood was at about 161 per cent of the 1935-1939 pulp also showed most of its increase by Auaverage. New orders received by manufac- gust 1940; this advance reflected principally turers and shipments from mills also in- the shutting off in the spring of 1940 of creased rapidly during the first half of 1941Scandinavian supplies, which previously had but since that time have levelled off, as is been imported in large volume. shown in the chart on the next page. In the second year of the war increases in The general nature of the increases that output were widespread and rapid. This have occurred over the two-year period since reflected the transition from the initial the outbreak of war is indicated in the ac-period of planning and plant expansion to one of actual output of defense materials, as INDUSTRIAL PRODUCTION well as the effects of the large expansion in consumer purchasing power arising from de- A In u d g e u x s t i , Percentage change fense program expenditures. In general the 1941, advances reflected greater output of military 1935-1939=Aug. 1940- Aug. 1939- 100 Aug. 1941 Aug. 1940 products and were particularly marked in the Industrial Production aircraft, shipbuilding, railroad equipment, T D o u t r a a l ble manufactures 1 19 6 8 2 + + 3 4 0 2 + + 3 1 2 8 machinery, textile, and chemical industries. N M o in n e d r u al r s a 2 ble manufactures 1 14 3 1 4 + + 2 1 4 4 + +1 4 0 There were also substantial increases in out- Durable Manufactures Transportation equipment (except put of products more largely for civilian use^ M a a u c t h o i m ne o r b y iles) 6 22 7 3 6 + + 1 6 4 5 0 + + 9 3 9 3 —e.g., foods, automobiles and furniture. Iron and steel 185 +17 +44 Nonferrous metals and products 183 +38 +23 Construction activity on both defense and Automobiles 108 +28 +24 Stone, clay, and glass products 174 +30 + 5 private projects showed a sharp expansion, Lumber and products 153 +24 + 8 Nondurable Manufactures and this was reflected in increased output Textiles and products 153 +38 + 2 Chemicals 142 +27 +15 of lumber, cement, and other building mate- Leather and products 129 +25 - 6 Food, liquor and tobacco products _ 146 +18 + 1 rials. In a few lines sharp increases in pro- Paper and printing 127 +17 + 7 Rubber and products 130 +13 + 2 duction in the summer of 1941 were in part Petroleum refining 125 +14 - 1 Minerals due to inventory accumulation; particularly Bituminous coal 135 +21 +11 Metal mining 186 +14 +24 for some types of paper, and for some alco- Crude petroleum2 122 +10 - 1 holic beverages which were stocked in large 1 All indexes shown are without seasonal adjustment. amounts in anticipation of considerable tax 2 In 1939 most oil wells were shut down for a two-week period in August. Consequently, in the indexes for "Minerals" and "Crude petroleum," increases later in the year. where the effects of this shutdown were particularly marked, figures for July 1939 were used in computing percentage changes in order to pre- Accumulation of inventories has been subsent more accurate comparisons. stantial in both years since the beginning of companying table which shows indexes for the war. Department of Comoutput in selected industries or groups of Inventory merce figures show that between increases industries in August 1941 and the percent- August 1939 and August 1940 age changes in each of the past two years. value of manufacturers' inventories increased In some lines output expanded most rapidly about 16 per cent, practically all of this rise 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month coming in the last quarter of 1939, when there stocks have also been factors in the inventory was a sudden spurt in industrial activity fol- accumulation of the past year. Recently lowing the outbreak of war. During the first there has been growing concern over possible eight months of 1940 inventories remained undue inventory increases and surveys are fairly constant; while industrial output de- now being conducted by the Government to clined somewhat during the period of uncer- obtain information on this point. tainty as to how the war would develop and Output of metals, which increased sharply then increased rapidly after the invasion of in the first year of the war, reached nearcapacity operations by the lat- MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES Shonagesof er part of 1940. Some projt JANUARY 1939 » 100 materials A ects for plant expansion were inaugurated and others were given consideration. In the summer of 1941 additional expansion programs in the steel, aluminum, and some other metal-producing industries were begun at the request of the Government. Domestic production of many nonferrous metals was supplemented by imports, but combined military and civilian demand exceeded, or seemed likely soon to exceed, available supplies. Consequently priority controls were established for many metals beginning with aluminum in February 1941; magnesium, nickel, and tungsten in March; nickel steel in April; copper in May; tungsten steel and zinc in June; chromium in July; and pig iron, vanadium, and all forms of steel in August. 1939 1940 1941 Source: Department of Commerce. For inventories, December Growing scarcity of other materials also 31, 1938 = 100. Scale for inventories is double that for orders and shipments to indicate approximately the relationships that became evident during 1941. In March would be shown by actual value figures. Latest figures shown are for August. neoprene was added to the priority list; in June, cork, borax, rubber, and some chemithe Low Countries in the spring. Since cals ; in July, chlorine and raw silk; in Aug- August 1940 there has been a steady and subust, reclaimed silk, silk waste and noils, stantial rise in manufacturers' inventories cotton linters, and many chemical comwhich currently are 21 per cent larger than pounds. These actions resulted in marked a year ago and 41 per cent larger than in curtailment in activity in some lines, partic- August 1939 with part of the increase reflectularly the silk and rubber industries. ing higher prices. In a further effort to conserve materials Most of the inventory expansion has been and to divert additional productive facilities in materials and in goods in process. This to defense purposes, a sharp curtailment in has been in part a necessary accompaniment output of passenger automobiles and light of the sharp increases in industrial activity, particularly in industries with long-drawn- trucks for civilian use was ordered for the out production processes, such as shipbuild- 1942 model year. Beginning in August 1941 ing, aircraft, and machinery. Anticipation output in the ensuing five months was to be of rising prices and the building up of reserve curtailed by one-third from the corresponding period of the preceding year and progres- OCTOBER 1941 967 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of. the Month sively greater cuts were indicated for sub- able supplies of raw silk were requisitioned sequent months, with the expectation that for by the Government around the first of the the entire 1942 model year passenger car month, and then spread to other items. Data output would show a reduction of at least for individual cities indicate that there were one-half and light truck production a decrease large increases in department store sales in of one-third or more. Considerable expan- all sections of the country. sion in output of military vehicles and heavy trucks is expected, however, and the facilities INCREASE IN DEPARTMENT STORE SALES BY SELECTED DEPARTMENTS of many of the automobile plants will be used Percentage increase from corresponding period a year ago. for other defense production purposes. Distribution of commodities to consumers Aug. July Jan.- Department 1941 1941 June increased in the latter half of 1940 and this 1941 year has risen sharply further Total sales* 29 23 13 Distribution j > t() n ew recor( levdg T he Board s Homef urnishings: seasonally adjusted index of department store Major appliances (refrigerators, washers, stoves, etc.) 95 54 27 sales rose from a level of 103 in the first Domestic floor coverings 36 34 23 Furniture, beds, mattresses, springs 31 37 21 half of the year to 115 in July and 134 in Domestics, blankets, comforters, linens, towels 33 37 August. In September there was less than Women's apparel and accessories: the usual seasonal increase from the high Women's and misses' coats and suits 54 42 14 Women's underwear, slips, negligees 46 17 9 August level and the index declined to 110, Furs 45 66 22 about 13 per cent larger than in September Piece goods (dress and coat yard goods) 29 16 1 1940. Sales at variety stores and mail order Men's and boys' wear 19 16 11 houses showed similar movements during * Reports of total sales from a larger number of stores showed increases this period. Prices at department stores of 32 per cent for August, 24 per cent for July, and 15 per cent for the first half of 1941. have probably risen by about 10 per cent in Sales of new automobiles continued in the past year. large volume through the 1941 model sea- The large volume of sales during the sumson but from now on will be considerably mer months reflected in part the anticipation below earlier levels owing to restrictions on by consumers that shortages of many prodoutput for civilian use. Used car sales have ucts might develop later in the year and that restrictive credit regulations and sharply been maintained at record levels. increased taxes would soon be adopted. Data Value of stocks of merchandise at departon department store sales, shown in the table ment stores have increased considerably in below, indicate that sales of home furnish- recent months, reflecting in part higher prices ings, which in the first half of this year had paid for goods, and at the end of August were been about one-fifth larger than in the first 27 per cent greater than a year earlier. On half of 1940, rose sharply in August. In- August 31 stocks amounted to about two and creases were particularly large for house- one-half months' sales, and in addition departhold appliances such as refrigerators, wash- ment stores had on order goods amounting to ing machines, and stoves. There was also a nearly two months' sales. The relation of marked expansion in sales of women's ap- stocks to sales was about the same as a year parel which earlier in the year had not shown ago, but at that time outstanding orders as large an increase relative to the preceding amounted to only one month's sales. year as had sales of consumers' durable goods. On the railroads, shipments of freight have The rise in sales of women's wear in August risen sharply and in recent months have been was to some extent attributed to a buying a fourth larger than a year ago and about 40 wave that began with hosiery, when avail- per cent above the 1935-1939 average, making 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month allowance for usual seasonal changes. Cur- index advanced much less sharply than basic rently loadings amount to over 900,000 cars commodities. Many commodities not conweekly, and are close to the shipping capac- tained in the basic index, including manufacity of the railroads. The seasonal peak of tured products and such basic commodities loadings generally comes in October. Con- as lumber and fuels, which as a rule change siderable new equipment has been added this in price only infrequently, have shown large year and there have been marked increases in advances during this period, when prices of operating efficiency. Recently, however, car- many of the sensitive commodities in the builders have reported difficulty in obtaining basic index have been at least nominally preadequate supplies of materials and orders for vented from rising by Federal action. cars and locomotives have not been filled so Up to the latter part of September maxirapidly as had been expected earlier. mum prices had been established for 12 com- In recent months, with the continued rapid modities of the 28 in the basic commodities and widespread advances in commodity index. Federal price controls to date have prices, in both wholesale and been limited largely to industrial materials. Commodity retail markets, official concern Of the 16 included in the index only five price controls —cotton, wool, flaxseed, rosin, and shellac— has been expressed regarding are not limited by Federal ceilings and four the danger of inflationary developments. of these are domestic agricultural products. Selective price controls affecting mainly in- The industrial materials group has shown dustrial materials have been extended further little change during the past two months, and other preventive action has been underas shown in the chart on page 1002 of taken along various lines, including the introduction in Congress of emergency price this BULLETIN. Since the end of July Federal ceilings lower than spot market quotalegislation. tions have been issued for rubber, tin, silk, Following earlier sharp advances, prices of some agricultural commodities declined in the and burlap, while prices of the uncontrolled latter part of September, owing partly to materials have risen somewhat further. prospects of Federal action to limit increases Among the 12 foodstuffs in the index, largely in these commodities. Generally, however, products of domestic farms, only raw sugar wholesale prices of commodities not subject has been subject to a price ceiling. In the to Federal restrictions, including both raw latter part of September prices of foodstuffs materials and finished products and agricul- as a group were 170 per cent of the pre-war tural and industrial commodities, have ad- level as compared with 145 per cent for indusvanced sharply further during the third quar- trial materials. The chart on the next page ter of the year. In September the general shows that prices of basic metals, which have index of 900 commodities reached 92 per cent been subject to price controls, have on the of the 1926 average, as shown in the chart average shown little change in the past year, on page 964. At this point, the index was while prices of other basic products, for most 22 per cent higher than before the war and of which no restrictions have been imposed on at the highest level since January 1930. increases, have risen sharply. Prices of 28 basic commodities in the latter Direct Federal control of prices has expart of September were at 155 per cent of the tended considerably beyond the 12 basic compre-war level. Since the middle of May this modities indicated above. With the important index and the general wholesale price index exceptions of some consumer goods, however, of 900 commodities have advanced by the including automobiles, furniture, gasoline, same amount—about 8 per cent. This is in and sugar, prices of raw and semi-finished incontrast to earlier periods when the general OCTOBER 1941 969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month dustrial materials have been the particular modities, principally cotton, large rises have object of Federal attention. Action was occurred with Federal approval. Thus direct taken early to limit increases in prices of Federal action has sought largely to control metals, including those from secondary the price situation by limiting advances in sources and scrap. Federal representations prices of selected industrial materials. In and warnings were made regarding a number spite of this, however, prices of raw and semiof other industrial raw materials. Subsefinished industrial materials in the general quently maximum price schedules were issued Bureau of Labor Statistics index have advanced 15 per cent since February to a level WHOLESALE PRICES OF BASIC COMMODITIES 25 per cent higher than at the beginning of THURSDAY FIGURES, AUGUST I939M00 the war. Wholesale prices of finished industrial products have been rising steadily since February and in September were at least 11 per cent above the pre-war level. The sharpest increases in wholesale prices have been in prices of farm commodities. These are the chief raw materials of food and textile products, which are important constituents of the cost of living. Considerable advances in retail prices of these products in recent months have contributed largely to a total increase in the cost of living of about 8 per cent from the beginning of the war to the middle of August and further increases are indicated since that time. For a number of commodities—particularly coffee and lard— sales from stocks accumulated during earlier A —•A^-fA /-OTHER COMMODITIES periods when prices were lower have been a factor limiting retail advances over the past year. With exhaustion of these stocks, retail 1939 1940 1941 prices may advance more rapidly. The Gov- Bureau of Labor Statistics index of 28 basic commodities. ernment still holds substantial stocks of live- Federal Reserve classification of 6 metals and 22 other basic commodities. Latest figures shown are for Thursday, September stock products, flour, and cotton. 25. Largely as a result of the rise in farm for hides and rubber; burlap, silk, and cotprices, cash farm income this year will be ton and rayon grey goods; certain grades of about 17 per cent larger than in coke and crude oil; waste paper and paper- Agricultural 1940. According to preliminary board ; and leading grades of lumber as well income and J_« x ^ 11 -r^ i i * as several less important materials. In other prices estimates of the Department of cases action has been limited to informal Agriculture, income from farm requests or agreements to maintain existing marketings is expected to total around 20 per prices. In some instances like print cloths cent larger than last year, while Government and southern pine lumber, Federal maximum payments will be somewhat smaller. The prices have been raised from earlier levels, total of 10.7 billion dollars is only slightly while for a few other important basic com- below average cash income in the 1924-1929 period, as shown in the following table. 970 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month prices received. The accompanying chart CASH FARM INCOME [In millions of dollars] shows changes since 1929 in the Department of Agriculture's indexes of prices received 1941 1924-1929 1940 estimated and prices paid by farmers. The latter index includes prices of commodities used in pro- Total _ . . .. 10,817 9,120 10,700 duction and family maintenance and also in- Marketings Livestock and products ._ . 5,625 4,822 5,700 terest payments and taxes per acre. The CTODS 5,192 3,532 4,300 figures shown on the chart are a revised Government payments.._ 766 700 series recently published by the Department. Source: Bureau of Agricultural Economics, except 1941 estimates for It is currently somewhat lower than the older livestock and products and for crops. index, which is officially used in connection Prices received by farmers for livestock with prices received by farmers in determinand products are currently 36 per cent above ing parity prices for farm products. On the a year ago, and crop prices have advanced basis of the new index, prices received by about 50 per cent. For the year as a whole farmers are now approximately as high relafarm product prices are expected to average tive to prices paid as at any time in the at least 20 per cent higher than in 1940, re-past 15 years. flecting increased consumer and speculative Current estimates indicate that the volume of products marketed will be greater this year PRICES RECEIVED AND PAID BY FARMERS than last year. Total agricultural Production is estimated to be about 3 per cent larger than that of last year and about 13 per cent larger than the average of both the past decade and the 1924-1929 period. Increases in livestock marketings appear to have been fairly general, except for hogs, and crop production has generally increased except in the case of the major export crops—cotton and tobacco. Production of selected crops is shown in the following table. PRODUCTION OF SELECTED CROPS [Millions of units] 1941 Sept. 1 1940 Average estimated 1930-1939 Cotton (running bales)___ 10.5 12.4 12.9 Wheat (bushels) 957.6 816.7 747.5 I93O 1934 1936 1938 1940 Corn (bushels) 2, 524. 0 2, 449. 2 2, 307. 5 Source: Department of Agriculture. The figures for prices Oats (bushels) 1,129.8 1, 235.6 1,007.1 r b in e y c d e e t i x h v e e o d D f a e p r p r e i a c r m e tm s o e n p n t a h t i . d l y ; i L s t a h t a o e s s r t e e v f f i i o s g e r u d r p e r i s n i c d s e h e s x o w p n a n o i d t a y r a e e r t e f o o q r ff u ic a S i r a e t l e p ly r te l y m a . d b o e T p r. t h e e d P H R B o i e a c t a y e a n , t s o ( a b e ( l u 1 s l , 0 s ( h 0 t w o e l h n l b s s i . ) t ) e b a ( g b ) ushels) 3 9 6 1 7 0 6 7 3 . . . . 6 3 9 5 3 9 5 1 9 5 2 6 7 . . . . 2 8 1 7 3 7 4 1 7 5 8 3 0 . . . . 7 7 0 3 Tobacco (pounds) 1, 255.9 1, 452.0 1, 394.8 demand, the raising of Federal crop loan rates, and Federal support of prices of a Source: Department of Agriculture. number of livestock and vegetable products In the coming season the agricultural adby open-market purchases. justment program calls for substantial in- Prices paid by farmers have increased in creases in production of livestock products, the past year, but by a smaller amount than vegetables, vegetable oils, sugar, and naval 971 OCTOBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month stores in order to meet the increased demand The extension of warfare has caused conof domestic consumers and the rapid growth siderable shifts in our exports of agricultural of lend-lease requirements. Larger produc- products and lend-lease aid has tion will be encouraged by increasing acre- Agricultural ulted in a new kind of export reS age allotments and by long-term support of exports demand. The new trend m exprices of selected crops, livestock, and liveports is marked by a shift from cotton and stock products by crop loans and by Federal tobacco, which formerly accounted for the purchases in the open market. bulk of farm exports, to hog, dairy, and Prices of cotton, tobacco, wheat, rice, and poultry products and some processed fruits feed crops are being supported by loans and vegetables; and by a great increase in to producers withholding the share taken by the United Kingdom. Government loans crops from market. The and purchases It is estimated that British orders, which new loan rates are 50 per have become substantial since the incepcent higher than last season for cotton and tion of the lend-lease program last March, wheat and, when determined, may be about will require 6 to 8 per cent of domestic farm 25 per cent higher for corn. Loans on 1940 production in 1942, or about three-fourths crops totalled about 630 million dollars comof total prospective export demand. Last pared with 341 million dollars the previous winter the British share of exports, which season, the amount of the increase correbefore the war was about one-third, had sponding fairly closely with declines in exdeclined to less than one-fifth, reflecting ports of cotton, tobacco, wheat, prunes, widespread reductions for all except minor raisins, turpentine, and rosin. Expansion in export commodities. Principal British needs exports because of lend-lease shipments may are canned and dried food products, with reduce the amount of loans this season. cotton and tobacco in much smaller amounts Prices of hogs and of dairy and poultry than usual. products and also of some vegetable products Though there will be a shift in commodare being supported by Federal open-market ities comprising the total, export demand purchases. These purchases, which are as a whole, including lend-lease shipments, placed in stockpiles available for domestic may amount to 8 to 10 per cent of total relief and foreign aid, have increased since production in the coming year, or about the March 15 to a rate of about 700 million dolsame proportion as in the decade preceding lars annually, according to trade estimates, this war. Last season exports had declined compared with 120 million dollars in the 1939to a rate of about 3 per cent of production, 1940 season, and new lend-lease appropriaowing chiefly to the blockade of the European tions are expected to increase purchases in continent, which formerly took one-third of coming months to a rate of about 2 billion our exports and to a reduction of total imdollars annually. Federal purchases of food ports by the United Kingdom, reflecting in and textiles for the armed forces have also part preference given producers in the been substantial. In addition to direct Fed- British Empire. eral purchases, food distribution through re- As a result of the improved position of tail channels under the Food Stamp Plan conagriculture, there has been increased activity tinues, though on a restricted scale. Butter, in the buying of farms and some pork, and lard, which accounted for nearly r*se *n ^arm *an(* values in recent half of blue stamp purchases, were removed months. Brief surveys made for from the "surplus" list this summer, and the Board of Governors by the Federal Reother commodities on the list may be removed serve Banks and information published by as direct Government purchases increase. the Farm Credit Administration indicate that 972 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month these tendencies are widespread, although in a few localities, but the change that has there are a few sections in various districts occurred recently in the demand and supply where no increase in activity or in land values situation has brought about a condition that has been noted. is more favorable to rising prices. Factors largely responsible for increased On September 26, 1941, a conference of purchasing of farm lands at this time are the agricultural credit agencies and farm organhigher prices of farm products, the efforts of izations, called by the Farm Credit Adminthe Federal agricultural programs toward istration, met in Washington to discuss the maintaining farm incomes, the low level of rise in farm land values and its relation to interest rates on mortgage loans, the rela- credit policies. At this meeting Governor tively low taxes as compared with those in A. G. Black of the Farm Credit Administracities, demand on the part of urban dwellers tion, after reviewing changes in farm land for homes in the country, and the search for values and in farm mortgage credit during tangible investments as a hedge against posthe past 30 years, set forth the following sible inflation. Accompanying the growing objectives that should be aimed at to avoid demand for farms there has been a decrease mistakes of the past: in the supply available for sale. Land banks, "1. To make normal values a primary facinsurance companies, and other lenders have tor in all appraisals for farm real estate loans. substantially reduced their large holdings ac- . . . experience shows this to be the soundest quired through foreclosure during the de- basis of appraisal in a situation such as the pression period. one now confronting us. A substantial part of the buying is by "2. Impress upon present borrowers the wisdom of making use of higher incomes now farmers—owners of other farms wishing to available for the repayment of existing debts. increase their acreage or tenants wanting to This will be a factor in preventing inflation. acquire their own farms. Some part, how- "3. Encourage farmers to build reserves ever, is by former city dwellers—for use as out of higher incomes today to bridge the homes or as a form of investment. Many period when incomes are not so high, by offering inducements to borrowers to accuurban workers are buying small farms, while mulate funds to meet future payments. We wealthier persons are purchasing larger should seek by this and other means to disproperties. courage speculative expansion in the fixed The advance in land values that has oc- farm plant. curred to date is to a large extent a reaction "4. Every effort must be made to avoid fostering speculative increases in production, from the extremely low levels reached in the yet at the same time careful consideration depression years. Although prices paid for should be given to the needs for extending some of the farms acquired as country homes credit to farmers for making sound and necby the wealthier city people seem to be in essary shifts and increases in production to excess of amounts that would yield a profit- meet the needs of the Food-For-Defense program. able return from farm operations, prices of "5. Encourage the sound use of credit to farms in general have not shown an undue foster a better balanced agriculture yielding rise. There are at this time few signs of a higher and more secure standard of living excessive speculation in farm lands, except to the family-type farm." OCTOBER 1941 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom a /LegalStandpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. RESERVES CONSUMER CREDIT Supplement to Regulation D Increasing Reserve Requirements Amendment to Regulation W There is set forth below the text of a sup- Amendment No. 1 to Regulation W plement to Regulation D increasing reserve requirements, which was adopted by the Effective September 20, 1941, the Board of Board of Governors of the Federal Reserve Governors amended Part 3 (a) of the Supple- System on September 23, 1941, to become ment to Regulation W to read as follows: effective on November 1, 1941: (a) The maximum credit value of a new automobile shall be 66% per cent of the bona fide cash pur- SUPPLEMENT TO REGULATION D chase price of the automobile and accessories (including any sales taxes thereon and any bona fide Effective as to each member bank at the opening of business on delivery charges) but such maximum credit value November 1, 1941 * shall in no event exceed 66% per cent of the sum of Reserves required to be maintained by member banks the following items: with Federal Reserve Banks (1) The manufacturer's retail quotation at Pursuant to the provisions of section 19 of the factory, or the equivalent of such quotation. Federal Reserve Act and section 2 (a) of its Regu- (For the purposes of this regulation, this means lation D, the Board of Governors of the Federal the retail delivered price of the automobile with Reserve System hereby prescribes the following re- standard equipment at the factory, as advertised, serve balances which each member bank of the Fed- or as suggested or recommended to dealers, by eral Reserve System is required to maintain on de- the manufacturer; or, in the case of a 1942 model posit with the Federal Reserve Bank of its district: for which such a price has not been so advertised or suggested or recommended, it means the 6 per cent of its time deposits plus— price last so advertised or suggested or recom- 14 per cent of its net demand deposits if not mended for the corresponding 1941 model, inin a reserve or central reserve city; creased or decreased by the percentage by which 20 per cent of its net demand deposits if in a the manufacturer's wholesale price of the 1942 reserve city, except that if located in an outlying model is increased or decreased from the manudistrict of a reserve city or in territory added facturer's wholesale price of such 1941 model.) to such city by the extension of the city's cor- (2) Transportation charges from factory to porate limits such bank may, upon the affirma- point of delivery as suggested or recommended tive vote of five members of the Board of Gov- by the manufacturer for inclusion in the retail ernors of the Federal Reserve System, be delivered price at that point, or in the absence permitted to maintain 14 per cent reserves of any such suggestion or recommendation then against its net demand deposits; an amount substantially equal to the freight by 26 per cent of its net demand deposits if lo- rail from factory to that point; cated in a central reserve city, except that if (3) Any Federal, State, or local taxes not inlocated in an outlying district of a central re- cluded in the foregoing; and serve city or in territory added to such city by (4) Any bona fide charges for delivery or acthe extension of the city's corporate limits, such cessories not included in the foregoing items. bank may, upon the affirmative vote of five mem- In case the automobile is sold for delivery at bers of the Board of Governors of the Federal the factory, by a dealer in a given place to a Reserve System, be permitted to maintain 14 per resident of such place or its vicinity who actually cent or 20 per cent reserves against its net de- intends to bring the automobile to such place or mand deposits. vicinity and use it there, an amount equal to the freight from the factory to such place may The supplements to Regulation D which have prebe included. viously been issued are hereby revoked and superseded. Interpretations of Regulation W •The penalties prescribed by section 3(b) of Regulation D on deficiencies occurring prior to December 1, 1941, shall be assessed The Board of Governors of the Federal on the basis of the reserve requirements in effect immediately Reserve System has issued the following prior to the adoption of this supplement. 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint interpretations of Regulation W relating to under Regulation W during the period until Consumer Credit. November 1, when sections 8 (a) and 8(b) on these subjects become effective, certain general principles applicable to such trans- Seller of Listed Article Acting as Agent in Extending Credit actions during this period until November 1 Interpretation No. 16 of Regulation W are set out below: A case has been presented to the Board in which a dealer selling a listed article in 1. Any instalment credit which was origi- Group D does not take a note from the nally extended before September 1 may be purchaser payable to the dealer, but instead, renewed or revised once on or after Sepaccording to arrangements with a bank, takes tember 1 on any terms which the Registrant from the purchaser a note payable to the would have granted in good faith in the abbank. Since the note is not secured by the sence of the regulation. In the case of the listed article, the question has been presented renewal or revision of a credit which was whether the transaction is an extension of originally extended on or after September 1, instalment sale credit subject to section 4, or the renewal or revision of a credit which in which case a down payment would be was originally extended before September 1 required, or whether the transaction is an but has already been renewed or revised (or extention of unsecured instalment loan credit consolidated with a new credit) on or after subject to section 5(b), in which case the September 1, the credit as renewed or revised down payment would not be required. may not have a maturity beyond 18 months The question is covered by section 2(d) from the date of the renewal or revision. of the regulation. That section defines an This 18-months limitation, however, does not "extension of instalment sale credit" as an apply to a renewal or revision which relates extension of instalment credit which is made to an obligation of a member of the armed "by any seller" and "arises out of the sale forces of the United States incurred prior to of such listed article", and it specifically his induction into the service, or which is states that the definition applies whether necessary for the Registrant's protection in the seller is acting "as principal, agent or connection with an obligation which is in broker". default and is the subject of bona fide collec- It is accordingly clear that the extension tion effort by the Registrant. of credit here in question is an extension 2. The mere act of consolidating two sepaof instalment sale credit, and as such is sub- rate obligations, or of "adding-on" one obliject to the down payment requirement. gation to another, can confer no greater privileges than would apply if the obligations "Household Furniture"—Articles Not Included were treated separately. Accordingly, any Interpretation No. 17 of Regulation W new extension of credit which would be subject to a down payment requirement if made The classification "household furniture" alone, is subject to the same requirement if does not include china dinner sets, stainless steel cooking utensil sets, or silver-plated consolidated with, or "added-on" to, an outflatware. standing obligation. 3. Similarly, in determining the terms of repayment permissible when an extension of Electric Organs—Electronic Instruments—Church Models credit is consolidated with, or "added-on" Interpretation No. 18 of Regulation W to, an outstanding obligation of the same The classification "household electric orobligor, it is necessary to consider (a) the gans" includes electronic instruments and terms on which the outstanding obligation electric action instruments designed for use could be renewed or revised (for that is what in homes. It does not include ecclesiastical its consolidation may in effect accomplish), models the cases of which are specially deand (b) the terms required for the additional signed for use in churches or for similar use. extension of credit if it stood alone. The consolidated obligation may not provide for re- Pre-September Credit—Revised or Renewed Once payment at a slower rate than would have Interpretation No. 19 of Regulation W been permissible if the outstanding obliga- In order to clarify the status of renewals, tion were revised as permitted by the regurevisions and consolidations (or "add-ons") lation and the new credit were extended in OCTOBER 1941 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint accordance with the regulation but the two Trailers, Ambulances, Hearses—Not "Listed Articles'" credits were not consolidated. Interpretation No. 23 of Regulation W 4. While sections 8 (a) and 8(b) which The following articles are not included in require a statement of necessity in certain any of the classifications of listed articles: cases do not become effective until November Automobile trailers whether designed for use 1, section 8(g) of the regulation, which is in as living quarters or otherwise, or motor vefull effect beginning September 1, prohibits hicles designed for use as ambulances or any extension of instalment credit in conhearses. nection with which there is any evasive sideagreement for the subsequent renewing or revising of the credit. Therefore, any exten- Loan to Purchase Listed Article, Not Secured by Article sion of instalment sale credit or instalment Interpretation No. 24 of Regulation W loan credit made on or after September 1 Inquiries have been received as to whether cannot be the subject of any contemporane- Regulation W limits the amount of an instalous agreement, arrangement or understand- ment loan (as distinguished from the maturing by which renewals or revisions are to be ity of the loan) when the Registrant knows used as a means of evading the requirements the loan is for the purpose of purchasing of the regulation. Any renewal or revision a listed article but the listed article is not must be the bona fide result of developments pledged as collateral for the loan. The ancoming after the making of the original ex- swer is that unless an extension of instaltension of credit. Unless it is such a bona ment credit is made by the seller of the listed fide result of a subsequent development, it is article (whether as principal, agent or broprohibited by section 8 (g). ker) as described in section 2(d), or unless the extension of instalment credit is secured, Refrigerators—Beverage Dispensing Machines—Coolers or to become secured, by a recently purchased listed article as described in section 5(a), Interpretation No. 20 of Regulation W the present regulation does not limit the The classification "mechanical refrigeraamount of the credit (as distinguished from tors" does not include coin operated maits maturity) regardless of the lender's chines for dispensing beverages or coolers knowledge that it is to be used to purchase designed for the purpose of holding bottled a listed article. beverages offered for sale even though they are of less than 12 cubic feet rated capacity. "First Lien" on Real Estate—Prior Lien for Taxes Water Pumps—Designed for Household Use Interpretation No. 25 of Regulation W Interpretation No. 21 of Regulation W An inquiry which may be stated as follows has been received under Regulation W: The classification "water pumps designed for household use" includes water system "May first mortgage under section 6 (a) pumps which are either shallow-well or re- be considered 'first lien' even though a ciprocating deep-well pumps having a rated prior lien for current taxes not due and capacity of 300 gallons per hour or less, or payable exists under State law?" deep-well jet type or centrifugal pumps op- The Board is of the opinion that in such erated by motors having a rating of 1/3 a case the first mortgage is a "first lien" horsepower or less. The actual use to which under section 6(a). the pumps are put does not affect the classification. First liens Arising by Operation of Law—Mechanics Liens Refrigerators—Frozen Food Cabinets for Home Use Interpretation No. 26 of Regulation W Interpretation No. 22 of Regulation W "First lien" referred to in section 6 (a) Re ruling number six the classification of Regulation W means any first lien created "mechanical refrigerators" does not include by agreement of the parties at the time of frozen food cabinets designed for the display or as an incident to the extension of credit, of frozen foods offered for sale but does in- including first mortgages, first deeds of trust, clude frozen food cabinets designed for the and the like. It does not, however, include home freezing of foods or for the home stor- a lien arising by operation of law, independage of frozen foods. ently of such an agreement, under statutes 976 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Front a Legal Standpoint such as those designed to protect furnishers the same effect, for the purposes of this quesof labor or material. A lien of the kind ex- tion, as a renewal or revision of the pre-Sepisting in some jurisdictions which is some- tember credit. times referred to as a mechanic's lien but which is a first lien created by agreement Statement of Transaction—Not Furnished to Purchaser of Note of the parties, and not by operation of law Interpretation No. 29 of Regulation W under a statute, is a "first lien" under sec- The question has been asked whether, in tion 6 (a). view of W-5, Registrant who is purchaser or pledgee of obligation or claim subject to "First Lien" on Real Estate—Exempt Regardless of Purpose Regulation is required by section 3 (a) (2) (B) Interpretation No. 27 of Regulation W to receive a copy of the statement of the Extension of credit "secured by a bona transaction required by section 4(f). Anfide first lien on improved real estate duly swer is that purchaser or pledgee is not rerecorded" is exempted by section 6 (a) of quired to receive this statement. Section Regulation W even though the purpose of 4(f) provides that there shall be a written the credit is to purchase a listed article. For instrument or record of the transaction which example, if the credit is secured by such a shall contain certain information and of first lien it is exempt even though part of the which a copy shall be given to the obligor, credit is for the purpose of purchasing a but this instrument or record is not necessafurnace to be installed in the mortgaged prop- rily the same document as the "obligation or erty and even though the lien does not extend claim" which is discounted or accepted by the to the furnace. Conversely, if a portion of Registrant under section 3 (a) (2) (B). the credit involved in the transaction is not secured by the lien, the exemption does not ''First Lien"—Second Mortgage Held by Same Mortgagee apply to that portion of the credit. Interpretation No. 30 of Regulation W An inquiry which may be stated as follows Pre-September Credit—Revised or Renewed after November 1 has been received under Regulation W: Interpretation No. 28 of Regulation W "A mortgagee, who has made a loan of Although W-19 dealt generally with renew- $2,000 secured by a first mortgage, adals and revisions made during September and vances $400 more to the same borrower October, questions have been received re- but instead of combining the two transacgarding renewals or revisions made on or tions into one debt secured by one mortafter November 1, of credits which were gage, the lender takes another note and a originally extended before September 1. second mortgage. Can the latter mortgage The controlling principle in such cases is be regarded as a 'first lien' within the that credit originally extended before Sep- meaning of section 6 (a) ?" tember 1 may be renewed or revised once at any time on or after September 1 without The Board is of the opinion that the secthe statement of necessity referred to in sec- ond mortgage securing the additional loan of tion 8 (a) and on any terms which the Regis- $400 may not be regarded as a "first lien" trant would have granted in good faith in the within the meaning of section 6(a). absence of the regulation. This is the case whether such first renewal or revision of a Violation by Obligor pre-September credit occurs before Novem- Interpretation No. 31 of Regulation W ber 1 (as discussed in W-19) or after No- Question: Is consumer who knowingly vivember 1. When a pre-September credit has olates or induces violation of regulation subbeen once renewed or revised on or after ject to criminal penalties? Answer: Know- September 1, whether such renewal or reviing participation in violation may subject sion occurs before or after November 1, any offender to criminal penalties. subsequent renewal or revision is subject to the same requirements which would apply if "Side Loan77—Need Not be Instalment Credit the credit being renewed or revised had originally been extended on or after September Interpretation No. 32 of Regulation W 1. As indicated in W-19, the consolidation of Question: Section 8(f) line 6, do words a pre-September credit with a new credit has "any other extension of credit" mean any OCTOBER 1941 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint other extension of instalment credit? An- statement as to proposed use of proceeds in swer : Words quoted include but are not con- such cases irrespective of whether loan is fined to other extensions of instalment credit.secured by listed article. However, statement accepted in good faith by registrant will protect registrant as mentioned in 8(c) and Emergency—No Specific Exception For in similar provisions. Interpretation No. 33 of Regulation W Question: May a new furnace be purchased Loan to Make Down Payment without down payment in emergency situations ? Answer: Exceptions to down payment Interpretation No. 36 of Regulation W requirements are those stated in section 6, Question: May bank make loan secured by none of which extend to the situation de- listed article owned more than 45 days in scribed, and the exception inherent in sec- order to make down payment on new listed tion 5(b). article? Answer: Section 8(f) does not prohibit making a loan which will serve as down payment. It merely applies to registrant Purchase or Rediscount of Obligation—Rights and Duties who is required to obtain the down payment Interpretation No. 34 of Regulation W (or required to limit loan to maximum credit Question: Suppose bank loans on instal- value) and prohibits him from making the ment basis or otherwise to a finance company extension of credit if he knows or has reason secured by instalment contracts on listed ar- to know of side loan for making the down ticles. Must bank look to regularity of se- payment. curity? If bank is not required to examine each item of collateral, what is purpose of Loan to Pay in Full for Listed Article section 3(a) (2) (B) ? Answer: So long as Interpretation No. 37 of Regulation W bank's payments arise only out of the loan Question: May bank make loan secured by as distinguished from the underlying obliga- listed article owned more than 45 days in tion, it need not investigate underlying col- order to pay in full the cash purchase price lateral. This is so that lender who takes such of a new listed article? Answer: Yes. collateral will not be in worse position than one who lent unsecured. However, if and Series of Purchases on Different Days when lender attempts to obtain payments Interpretation No. 38 of Regulation W which arise out of the underlying obligation, i.e., to enforce the underlying obligation as Question: Customer purchases from same distinguished from the loan, the lender is seller listed articles on several different days. forbidden to receive the payments unless re- All purchases are put on open charge account quirements of section 3 (a) (2) (B) were met.without down payments with the understand- This is so that registrant who loans upon ing that when last article is purchased a instalment obligations will not be in more definite contract will be made. If all purfavorable position than one who discounts chases go into a single contract must the enor purchases the obligation. To extent that tire contract be dated back to the date of purregistrant is willing to assume the business chase of first article and must the 18 months run from that earliest date? Answer: If risk, he may lend on instalment obligation intention is for instalment payments, down without inspection, realizing the disabilities payments should be obtained at times of which may appear later if it should become different purchases. Similarly, 18 month necessary to disregard loan and rely upon maximum maturities would date from difunderlying instalment obligations. See W-5. ferent purchases and need not go back to purchase of first article. Loan by Bank—No Statement of Purpose Interpretation No. 35 of Regulation W Agreement to Renew Without Curtail Question: If bank makes instalment loan Interpretation No. 39 of Regulation W under $1,000, either secured by listed article Question: When borrower makes bank loan or not secured at all, must bank take state- on straight note for six months not payable ment as to proposed use of proceeds of loan ?in instalments is there anything in regulation Answer: Registrant is not required to take to prohibit an agreement at the time of mak- 978 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint ing the loan to renew the loan at the end of sold, or in which time is required for the six-months period or at subsequent due completion of a job of installation or condates? Answer: Question is not entirely struction. clear and answer would depend on all rele- The general principle applicable to these vant circumstances. There is nothing to pro- cases is that if the delay in the delivery of hibit agreement for renewal if renewal is the article or in the completion of the job is to be made without reduction. However, if bona fide and is not for the purpose of evadagreement is that renewal is to involve a re- ing any of the provisions of the regulation, duction, loan would seem to be instalment the date of delivery or completion may be credit and subject to requirements of the used as the base for applying the requireregulation. ments of the regulation. Hence the down payment could be obtained in such cases at any time on or before such date of delivery Furnace Distinguished From Heating Stoves and Space Heaters or completion. Similarly, the 18-months Interpretation No. 40 of Regulation W maximum maturity in such cases could be The Board has been asked to distinguish calculated from such date of delivery or combetween "Heating stoves and space heaters pletion with, of course, the usual option undesigned for household use" and "Household der section 9(b) of making the 15-day adfurnaces." For purposes of Regulation W, justment permitted by that section for calthe heat generating unit is a heating stove culating the maximum maturity. or space heater when it is designed to heat For any such case in which any date later directly the space in which it is located; the than the date of the contract between the heat generating unit is a furnace when it is seller and the purchaser is used as the base designed for the transmission of heat by for applying the requirements of the regulameans of piping or ducts to the space which tion, it would be advisable for the Regisis to be heated. If a unit is designed to heat trant's records to indicate clearly the facts directly the room in which it is located and justifying such use of a later date. other rooms by piping it is to be classified as A related question received by the Board a furnace. deals with progress payments under a contract for the installation of a heating sys- Heating Stoves—Gas-Fired Floor Furnaces—Small Portable tem, or under a contract for a similar con- Electric Heaters struction job. Payment is to be made for the installation or construction as the job Interpretation No. 41 of Regulation W progresses. Each payment is to be made at • The classification "Heating stoves and the completion of a specified portion of the space heaters designed for household use" job and is to be approximately equal to the includes gas-fired floor furnaces even though cost of that portion, the final payment being they are permanently built into the floor. made at the completion of the job. If such This classification also includes small portan arrangement is a bona fide business pracable electric heaters. tice which is followed for the convenience of the parties concerned and is not an effort Refrigerators—Store Cabinets for Ice Cream to evade any of the provisions of Regulation Interpretation No. 42 of Regulation W W, the regulation does not require any change in the procedure. The classification "mechanical refrigerators" does not include mechanically refrigerated cabinets specifically designed for the Ironers—Hand Operated storage of ice cream or other food products Interpretation No. 44 of Regulation W offered for sale. The jclassification "ironers designed for household use" does not include hand irons, Delay in Delivery or Completion—Basis Date whether electrically or otherwise operated. Interpretation No. 43 of Regulation W "Principal Amount'7 Defined Questions have been received regarding the application of Regulation W to extensions Interpretation No. 45 of Regulation W of instalment sale credit in cases in which The phrase "principal amount" in section there is delay in the delivery of the article 5(b) of Regulation W means the principal OCTOBER 1941 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint amount lent to the obligor, excluding any a single transaction and that the facts existinterest, finance charges, service charges and ing on the date of completion may be used in insurance costs, whether or not deducted in determining the application of the regulation. advance. Consequently, the Board is of the opinion For example, if a borrower receives $975 that the extension of credit may be regarded but signs a note on a discount basis for as secured by a first lien on improved real $1,020, the loan is in a "principal amount" estate within the meaning of section 6(a). of less than $1,000 within the meaning of The general principle is similar to that dissection 5(b). cussed in the second paragraph of W-43. "Musical Instruments Composed Principally of Metals" Three Months7 Instalment Credit—Revised or Renewed Interpretation No. 46 of Regulation W Interpretation No. 49 of Regulation W The classification "musical instruments The Board has received a question under composed principally of metals" does not in Regulation W which may be stated as folgeneral include violins, guitars, mandolins, lows : accordions, clarinets, oboes or bassoons. Cer- "If an extension of credit which was tain models of some of these instruments, originally made as a 3 months' credit conhowever, have metal bodies or tubes, in forming to section 6(f) is renewed or rewhich case they are included in the classivised, must it be limited to a maturity of fication. 3 months from the date of the renewal or One-Payment Credit—Renewal with Curtail revision, or may it have a maturity of as Interpretation No. 47 of Regulation W much as 18 months from the date of the Questions have been received as to whether renewal or revision as in the case of a an extension of credit which, upon its face, is credit which was not originally under secrepayable in onl^ one scheduled payment is tion 6(f) ? If the renewal or revision of an extension of instalment credit if, at its such a credit occurs on or after November maturity, a partial payment is made and the 1, does it require a statement of necessity balance is renewed. as specified in section 8(a)?" Answers to such questions depend upon 1. A renewal or revision of a 6(f) credit whether or not there are any agreements or is not limited to a maturity of three months understandings between the parties at the from the date of the renewal or revision, time the extension of credit is made. For and is limited only to a maximum maturity example, if at the time a particular extenof 18 months from the date of the renewal or sion of credit is made the Registrant and revision as in the case of renewals or reobligor have an understanding that the visions of other credits under the regulation. obligor will be required to make only a partial If the renewal or revision occurs on or after payment at maturity and that, upon making November 1, and alters the terms of repaysuch partial payment, the balance will be rement to terms which would not have comnewed, the extension of credit is an extenplied with section 6 (f) in the first instance, sion of instalment credit notwithstanding the renewal or revision may not be made the fact that the obligation, upon its face, unless a statement of necessity is accepted provides for repayment in only one scheduled in good faith as specified in section 8(a). payment. 2. The preceding paragraph would not ap- "First Lien" to Build House—"Improved Real Estate" ply in the case of the first renewal or revision Interpretation No. 48 of Regulation W on or after September 1 of a credit which An inquiry has been received regarding the was originally extended before September 1. applicability of section 6 (a) of Regulation As indicated in W-19 and W-28 in discussing W to an extension of credit made by a builder other pre-September credits, any pre-Sepcovering the cost of building a home and tember credit may be renewed or revised secured by a first lien on the real estate upon once without the statement of necessity and which the home is to be constructed. on any terms which the Registrant would The general principle applicable to these have granted in good faith in the absence cases is that the mortgage and the contract of the regulation. or contracts for the extension of credit and 3. It is important to note, as pointed out the construction may be regarded as parts of in W-19, that section 8(g) prohibits any 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint extension of instalment credit in connection case in which a Registrant rents a piano or with which there is any evasive side agree- other listed article to a customer and the ment for the subsequent renewing or revising rental contract includes an option giving the of the credit. Any renewal or revision be- customer the right to purchase the article. yond the period originally permissible for Executive Order No. 8843, under the authe credit must be the bona fide result of thority of which Regulation W is issued, some development coming after the making and section 2(b) of the regulation, define of the original extension of credit. Unless "extension of credit" as including "any rentalit is such a bona fide result of a subsequent purchase contract, or any contract for the development, it is prohibited by section 8 (g). bailment or leasing of property under which the bailee or lessee . . . has the option of Radio—Combination With Furniture becoming the owner thereof . . . " There- Interpretation No. 50 of Regulation W fore the type of contract to which the inquiry The Board has been asked whether a piece relates is subject to the provisions of Reguof furniture, such as a table, lamp, or bed, lation W. having a radio built in and a composite part Under these provisions it is necessary that, of the article is to be classified as household under such a contract, the Registrant obfurniture or as a radio. The classification tain, at or before the delivery of the article depends upon the relative value of the com- to the lessee, a deposit equal to the amount ponent parts. If the value of the radio is of the down payment which the regulation greater than the value of the table, lamp, or would require upon an instalment sale of bed as a separate piece of furniture, then the the listed article, and that the lease call for article is to be classified as a radio. periodic payments in an amount not less than the amount of the instalments which Regu- "Household Furnaces and Heating Units For" lation W would require on an extension of Interpretation No. 51 of Regulation W instalment sale credit arising out of the sale The classification "household furnaces and of the article. In the event that the lessee heating units for furnaces (including oil decides to exercise his option to purchase the burners, gas conversion burners, and article, these payments, including the deposit, stokers)" includes heat generating sources under the lease will serve in lieu of both the such as furnaces and boilers, and appurte- necessary down payment and the instalnances which form a part of such sources, ments which would have been due between individually or collectively installed, when the date of the original lease and the date such sources or appurtenances are designed the option to purchase is exercised, and the for actual net output of 240,000 B.T.U. per balance of the sale price may be paid in inhour or less. For purposes of determining stalments subject to the final maturity of 18 the maximum amount of credit the bona fide months from the date of the original lease. cash purchase price of such equipment is In the event that the lessee decides not to exconsidered to include the cost of installation ercise his option to purchase, the Registrant and the cost of accessories such as fuel oil may return to him the difference between the storage tanks, heat control units, or coils for payments, including the deposit, which the heating domestic hot water installed at the lessee has made and the amount of rental time of the installation of the furnace, boiler that may have been agreed upon for the or heating unit. The classification does not period that the lessee has retained the article, include piping, ducts, radiators, convectors, or registers installed in connection with such and it is permissible for the lease to contain equipment, but it is to be noted that these a provision to this effect. items may fall within the classification of It should be noted that the regulation materials and services referred to in Group does not apply to a bona fide rental agree- E of Part 1 of the Supplement. ment under which ,the lessee does not receive a transfer of ownership, does not ob- Rental with Option to Purchase ligate himself to pay as compensation a sum Interpretation No. 52 of Regulation W substantially equal to or in excess of the The Board has been asked several questions value of the article, and does not receive an about the application of Regulation W to a option to purchase. OCTOBER 1941 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Statement of Necessity—Section 8 (c) sometimes called a "pack", which a dealer may at times include in the price of an auto- Interpretation No. 53 of Regulation W mobile as quoted to customers. When the An inquiry which may be stated as folautomobile is sold, all or part of this sum lows has been received under Regulation W: may be eliminated from the price actually "Section 8(d) refers to statements of paid by the purchaser, either by an increase necessity as provided in paragraphs (a), in trade-in allowance or by way of discount (b) and (c) of section 8. However, para- on cash purchases. The question is whether, graph (c) does not contain the words in determining the maximum credit that can 'statement of necessity'. Is the 'written be extended to the customer, such an extra statement' described in section 8(c) to sum of $50 to $100 may be included, either be regarded as a 'statement of necessity'? as part of the "bona fide cash purchase price" If the answer is in the affirmative, would of the automobile and accessories or, in the it be desirable as a practical precaution case of a new automobile, as part of Item 1 for any bank or other lender extending in- or Item 4 of Part 3 (a) of the Supplement. stalment loan credit to take, in every case, In determining what is the "bona fide cash the written statement referred to in sec- purchase price" of a given automobile to be tion 8(c)?" used in determining the maximum amount of credit under Part 3, padding of any kind— The written statement referred to in the such as the "pack" referred to in the queslast sentence of section 8(c) is not a "statetion if it is to be eliminated from the price ment of necessity" of the kind referred to in section 8 (d). Section 8 (c) refers to state- actually paid by the customer by an increase ments of necessity only to the extent that it in trade-in allowance or by some other device incorporates by reference certain require- —must be excluded. In the specific case of ments of "section 8 (a) or 8(b), including a new automobile the maximum credit value the provisos thereof". With respect to last can in no event exceed 66% per cent of the part of inquiry, see W-35. sum of Items 1 through 4 of Part 3 (a) of the Supplement, and a $50 to $100 sum such as that described in the present question could Credit to Retire Obligation Held Elsewhere not be included in any of these four items. Interpretation No. 54 of Regulation W An inquiry which may be stated as follows has been received under Regulation W: Instalments in Decreasing Amounts Interpretation No. 56 of Regulation W "Section 8(e) provides that the require- Inquiry has been received whether section ments of sections 8(a), (b) and (c) do not 4(c) prohibits sale of automobile with first apply 'to any renewal or revision' of an monthly instalment of $65 and remaining 17 extension of credit made prior to Sepmonthly instalments of $23. tember 1, and provides in effect that any such extension of credit may be renewed Section 4(c) is worded in the alternative, or revised once on or after September 1. and instalments must either be substantially Do the same principles apply to an ex- equal in amount or "be so arranged that no tension of credit to retire an obligation instalment is substantially greater in amount held elsewhere, assuming the latter covers than any preceding instalment". Therefore an extension of credit made prior to Sep- answer to inquiry is negative. tember 1?" "Demonstrator" Automobile—Sale of Section 8(e) refers specifically to section 8(c), and therefore the same principles ap- Interpretation No. 57 of Regulation W ply as in the case of a renewal or revision by A question has been received regarding the the original obligee. These principles are dis- application of Regulation W to a case in cussed in W-19 and W-28. which an automobile salesman sells his demonstrator. The question also relates to the "Pack" in Sale of Automobile—"Cash Purchase Price" purchase of the resulting obligation by the Interpretation No. 55 of Regulation W dealer-employer of the salesman. A question has been received under Regu- The dealer-employer in such a case, who lation W concerning a sum of $50 to $100, presumably is a Registrant as described in 982 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint section 3 and also familiar with the par- he be permitted later, in purchasing a secticular transaction, may not in any event pur- ond listed article, to apply any part of the chase the obligation unless it complies with down-payment on the first article as the the requirements of section 4. This is true required down-payment on the purchase of because no Registrant may knowingly pur- the second article?" chase any instalment sale obligation which He is not permitted to do so. fails to comply with section 4, regardless of who made the original extension of credit. Sales by Company to Own Employees—Must Comply The regulation does not apply to an isolated extension of credit by a person who is not Interpretation No. 61 of Regulation W "engaged in the business" as described in An inquiry which may be stated as follows section 3(a). However, it is important to has been received under Regulation W: note that, whatever the form in which the "The X Electric Company purchases arrangement may be set up, an automobile substantial numbers of automobiles for salesman's financial interest in his demoncash and sells them to its salesmen on a strator may represent a relationship that is monthly payment plan, with payments substantially different from that of the orspread over 12 to 18 months. The X Elecdinary automobile ownership. It may have tric Company does not make such sales the formal appearance of a purchase of the to anyone except its salesmen. Is the X automobile by the salesman, when actually Electric Company 'engaged in the busithe demonstrator is in effect the property of ness' as described in section 3(a)? Must the dealer-employer rather than the salesthese extensions of credit comply with the man. In such a case the sale of the demondown-payment and other requirements of strator by the salesman should, for the purthe regulation?" poses of the regulation, be treated like any other sale made by the salesman, i.e., as a Both parts of the question should be ansale made by him as agent for the dealer-em- swered in the affirmative. ployer, andjience should comply with the requirements of section 4 regardless of Repair and Replacement Parts—Not Included whether the obligation is purchased by the Interpretation No. 62 of Regulation W dealer-employer. The Board has received the following inquiries : Purchase or Rediscount—Original Lender Not Registered "Does the term 'automobile' in Group A of Interpretation No. 58 of Regulation W Supplement, Regulation W include automo- In view of provisions of section 3 (a) (2)bile engines purchased separately for instal- (B), bank which discounts an obligation lation in a used car chassis? which is subject to the Regulation is not "Does term 'mechanical refrigerator', Item obliged to ascertain whether the original 1, Group C, Supplement, include motor unit lender is a duly licensed Registrant. replacement, if purchased separately?" These inquiries raise a general question Water Meters Not Included with respect to the treatment of replacement or repair parts for listed articles. It is to Interpretation No. 59 of Regulation W be noted that certain parts are mentioned The classification "plumbing fixtures despecifically in the list, as for example, motors signed for household use" does not include for power driven boats, heating units for water meters. furnaces, and certain items that are included in Group D-4 and Group E. The regulation Down Payment—Excess Not Applied to Second Purchase however does not treat replacement or re- Interpretation No. 60 of Regulation W pair parts as being included in the list The Board has received the following ques- merely by reason of the listing of the comtion relating to Regulation W: plete article, with the consequence that an automobile engine purchased separately "A purchaser buying a listed article would not by inference be classified as a makes a down-payment in excess of the listed article on the ground that automobiles amount required by the regulation. May are listed. On the other hand, if the Regis- OCTOBER 1941 983 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint trant knows or has reason to know that any crease amount received through previous purchase is part of a scheme to acquire a payments when a three months' credit concomplete listed article by purchasing separate forming to section 6 (f) is renewed or revised pieces, the Registrant is required to treat the in good faith as described in W-49. credit extended as if the piece purchased were a listed article. Pressure lookers Not Included Interpretation No. 66 of Regulation W "Equity" Used as Down Payment on Automobile Pressure cookers are not included in any Interpretation No. 63 of Regulation W of the classifications of listed articles. The following question has been received under Regulation W and has been answered Water Cooler Not Included in the affirmative: Interpretation No. 67 of Regulation W "Used car has unpaid instalment con- The classification "mechanical refrigeratract. May dealer pay off unpaid contract, tors" does not include an electrically operated apply the equity in the used car against portable unit for cooling and dispensing down payment on new car and finance the drinking water. difference (assuming it is not more than 66% per cent of the cash price) between the equity and the price of the new car Cost of Lessons Not Part of Purchase Price over 18 equal payments ?" Interpretation No. 68 of Regulation W An inquiry has been received regarding an "On Trial"—"On Approval" instalment sale contract of a musical instru- Interpretation No. 64 of Regulation W ment which states a single sum in payment of purchase price of instrument and lessons Inquiries have been received as to applicability of Regulation W to a case where in playing thereof and carrying charge on vendor of a listed article requests a pro- deferred balance. In such case must amount spective purchaser to allow him to install it allocable to lessons be regarded as being for in prospective purchaser's home "on trial" services rendered in connection with acquisior "on approval" for a 60-day period. The tion of article under section 4(f) (2) ? prospective purchaser agrees and at end of Any sum actually allocated to music les- 60-day period decides to purchase the article. sons is of course not to be regarded as the At what time is the sale of the article to be cost of services rendered in connection with regarded as having been made? acquisition of musical instruments. Assuming that the transaction is entered into in good faith and not for the purpose Section 6 (j) Credit Not Affected by Subsequent Purchase of evasion, the Board is of the opinion that Interpretation No. 69 of Regulation W if the prospective purchaser has the uncon- Obligor who has received credit conformditional right to return the article to the ing to section 6(j) and who subsequently reprospective vendor at any time within the ceives instalment sale credit on listed article 60-day period, and if the prospective purpriced at $100 is not required to make down chaser does not make, and is not obligated payment on original purchase. The 6(j) to make, a deposit or payment of any kind to credit remains a separate transaction. the prospective vendor unless and until he informs the prospective vendor that he has decided to purchase the article, the date of Fifteen Day Adjustment Under Section 9 (b) sale, for the purpose of Regulation W, may Interpretation No. 70 of Regulation W be regarded as the day on which the prospec- Question has been asked whether Section tive purchaser informs the vendor of his de- 9(b) of Regulation W permits first instalcision to purchase the article. ment to fall due 45 days after date of contract or note, assuming such date is date of Down Payment—Three Months' Credit Renewed or Revised sale, even though the result is that the ob- Interpretation No. 65 of Regulation W ligation may show on its face that credit Regulation W does not require a Registrant was extended for I8V2 months. Answer is to obtain down payment or otherwise to in- in the affirmative. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint "Equity" Used to Decrease Purchase Price or if a new contract is entered into between the Registrant and the subsequent purchaser, Interpretation No. 71 of Regulation W the same requirements would apply as if the A question which may be stated as follows Registrant were making an ordinary instalhas been received under Regulation W: ment sale of the listed article. In such event, "A Registrant sells a $100 radio, re- if the listed article involved was, for example, ceiving in trade or exchange a used radio an automobile and the subsequent purchaser which he has previously sold to the cus- agreed to pay $600 for the automobile, the tomer and on which the customer owes the Registrant could not extend credit to him in Registrant an unpaid balance. The Regis- excess of $400. trant allows the customer $15 for his It may be noted, of course, that under secequity. What is the basis price, the maxi- tion 8 (a) of the regulation the requirements mum credit value and the down-payment stated in the preceding paragraph would not requirement of the new radio ? How should apply to action taken by the Registrant in the maximum maturity be calculated for good faith (1) with respect to any obligation such a transaction?" of a member of the armed forces of the United States incurred prior to his induction Under Part 2 of the Supplement, the basis into the service, or (2) for the Registrant's price of the new radio would be $85 ($100 own protection in connection with any obliminus the $15 equity traded in by the cusgation which is in default and the subject tomer). Hence the maximum credit value of bona fide collection effort by the Registrant. would be $68 (80% of $85) and the required down-payment would be $17, which would be in addition to the $15 allowance for the Cooking Stoves—Warmer Drawer customer's equity. The maximum maturity Interpretation No. 73 of Regulation W would be 18 months from the date of the sale With reference to classification "cooking of the $100 radio, with the usual option under stoves and ranges with less than seven heatsection 9(b) of making the 15-day adjusting surfaces" a warmer drawer in electric ment permitted by that section for calculating ranges is not considered a heating surface. the maximum maturity. Refrigerators Not "Seasonal Goods" Transferring "Equity" to New Purchaser Interpretation No. 74 of Regulation W Interpretation No. 72 of Regulation W Refrigerators are not "seasonal goods" Inquiries have been received regarding within the meaning of section 4(d) or cases in which the original instalment purchaser of an automobile or other listed article 5(c)(3). arranges the transfer of his equity to another purchaser, the transfer of the equity being "Purchase Price"—Automobile License Fees arranged directly between the parties and Interpretation No. 75 of Regulation W not by or through any dealer or other Regis- Taxes and fees payable as prerequisite to trant, and the Registrant holding the obliobtaining license plates in name of purchaser gation is in effect asked to recognize or apof automobile or motorcycle may be included prove the transfer. in purchase price of automobile or motor- The Board is of the opinion that such a cycle under section 4(f) (2) and under Parts transfer of the automobile or other listed 2, 3(a), and 3(b) of Supplement. article subject to the original debt and lien may be made without restriction under the regulation provided the original purchaser "Purchase Price"—Car Sold at Discount (who is not a Registrant) remains liable Interpretation No. 76 of Regulation W on the contract and there is no change in the contract except the addition of the signature If a new automobile is sold at a discount, of the new purchaser. and the "bona fide cash purchase price" is However, if the original purchaser is re- therefore less than the sum of items 1 through leased from his obligation under the contract, 4 of Part 3 (a) of the Supplement, the maxior if the terms of the contract are altered mum credit value is limited to 66 2/3 per except by including the subsequent purchaser, cent of the "bona fide cash purchase price". OCTOBER 1941 985 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint "Side Loan for Down Payment"—Releasing Lien on Car Traded In of credit which is outstanding for the purchase of the old car, and the result is that Interpretation No. 77 of Regulation W this $100 brings the total credit in connec- An inquiry which may be stated as follows tion with the transaction beyond the maxihas been received under section 8 (f) of Regumum credit value of the new car. Accordlation W: ingly, when, as stated in the question, the "A purchaser buys an automobile cost- Registrant knows or has reason to know of ing $600 and tenders his old car, which is these facts, the extension of credit is proworth $200, as the required down payment. hibited in each of the three cases presented Purchaser owed a finance company $100 in the question. on the old car, which was part of its unpaid purchase price, but the purchaser was Ice Refrigerators—12 Cubic Feet able to make arrangements with the finance company whereby the automobile Interpretation No. 78 of Regulation W was released as collateral to this loan and The inclusion or exclusion of articles unthere was substituted therefor miscellane- der the classification "ice refrigerators'', ous collateral other than listed articles and which is a part of Group D-7 "New househe was able to obtain a clear title for the hold furniture" in the Supplement, is depurpose of making a trade-in. Assuming termined by the same general principles that in each case that the Registrant involved have been applied in connection with "meknows or has reason to know of the $100 chanical refrigerators". Refrigerators of less transaction: (1) May a finance company, than 12 cubic feet rated capacity are included, other than the one which extended credit no matter what the use to which they are to on the old car, lend 66 2/3 per cent of the be put, unless their design and construction purchase price of the new car when the is such that they are clearly usable only for loan is secured by the new car? (2) May commercial purposes. the finance company which extended credit on the old car make a separate loan to the "Purchase Price" in Section 6(b) same individual equal to 2/3 of the pur- Interpretation No. 79 of Regulation W chase price of the new car when the collateral for the loan is the new car? (3) The phrase "bona fide cash purchase price" May a finance company make two loans to in section 6 (b) means the bona fide cash purthe purchaser, one secured by the new car chase price of the article and accessories purequal to 2/3 of its purchase price, the other chased, including any sales taxes thereon and secured by miscellaneous collateral other any bona fide delivery and installation than listed articles, to pay the $100 which charges. the purchaser owes the other finance company ?" Lease in Connection with War Department Contract Section 8 (f) in effect prohibits extensions Interpretation No. 80 of Regulation W of instalment sale credit under section 4, or An inquiry has been received regarding of secured instalment loan credit under sec- the applicability of Regulation W to a special tion 5(a), in any case in which "the Regis- type of lease contract covering an automotrant making such extension of instalment bile. The lessor is a dealer in automobiles credit knows or has reason to know that there and the lessee is a contractor who has a costis, or that there is to be, any other extension plus-a-fixed-fee contract with the War Deof credit in connection with the purchase of partment. The lease calls for monthly paythe listed article which would bring the total ments of 10% of the purchase price of the amount of credit extended in connection with automobile and provides that when 10 paysuch purchase beyond the maximum credit ments have been made title to the automobile value of such article/' will vest in the Government with the option The down payment in the present case is in the Government at any time to pay the unrepresented by the old car, which is not suf- paid balance and take title to the automobile. ficient for this purpose unless taken at its The contract further provides that the autofull value without regard to the amounts still mobile may be transferred to another conowed by the customer for its purchase. The struction project and in that event the lessor down payment therefore includes the $100 must enter into a new lease agreement with 986 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint the holder of the construction contract at Treasury Department, Office of the Secretary, the new location, payments made under the September 3, 1941 first lease being credited to the second lease. General License No. 72, under Executive Order No. The contract does not provide any means 8389, April 10, 19%0, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transacwhereby the lessee can acquire title to the tions in Foreign Exchange, etc.* automobile. (1) A general license is hereby granted authoriz- The Board is of the opinion that in such ing (i) the filing in the United States Patent Office circumstances the lease is not subject to theof applications for letters patent for inventions and requirements of the Regulation. designs, and the prosecution of such applications, in which any national of any blocked country has at any time on or since the effective date of the Order Coin-Operated Phonographs had any interest, and (ii) the receipt of letters patent issued pursuant to any such application, provided Interpretation No. 81 of Regulation W the following terms and conditions are complied with: The classification "radio receiving sets, (a) The person filing or prosecuting any such application, or acting as attorney or agent in conphonographs, or combinations" does not innection therewith, shall notify the United States clude coin-operated phonographs. Patent Office in writing that the application is being filed and prosecuted pursuant to this general license; and Decorative Fireplace as "Household Furniture" (b) Upon notification by the United States Interpretation No. 82 of Regulation W Patent Office that letters patent will be issued and at least twenty days before the payment to such The classification "new household furni- office of the final fee therefor, there shall be filed ture" includes a prefabricated fireplace, sold directly with the Treasury Department a report on Form TFPc-172, setting forth, under oath, the as a complete unit, that is decorative only information called for therein. and not usable for heating purposes. (2) This general license shall also authorize any person who is not a national of any blocked country: Discount of Note Executed Pursuant to Pre-September Contract (a) To file and prosecute applications for letters Interpretation No. 83 of Regulation W patent in any blocked country; (b) To receive letters patent granted pursuant Section 3 (a) (2) (B) permits purchase or to any such application; and (c) To pay fees currently due to the governdiscount of 24-month note if note was signed ment of any blocked country, either directly or after September 1 pursuant to pre-September through an attorney or representative located commitment. abroad, for the filing of any such application, and for the granting and maintenance of any patent. Similarly, where contractor and home owner have made pre-September contract Domestic banks are authorized to effect the payfor repairs to be financed by a bank, bank ments referred to in (c) and to establish and maintain free dollar accounts if necessary, and only to may finance the repairs on terms provided the extent necessary, to effect such payments. Doin contract even though request for financingmestic banks are not authorized to establish or mainis not presented to bank until after Septem- tain free dollar accounts in cases where such payber 1. ments may be effected in the manner prescribed in (a) or (b) of General License No. 32, as amended. All banks effecting any such payments shall satisfy FOREIGN FUNDS CONTROL themselves that the foregoing terms and conditions are complied with. (3) All persons engaging in any of the transac- General Licenses and Public Circulars Issued by the Secretary tions authorized by (a) or (b) under (2) above of the Treasury shall file promptly with the appropriate Federal Reserve Bank reports setting forth the details of such Since the publication of certain General transactions. Licenses and Public Circulars on pages 853- (4) With respect to each payment authorized by 861 of the September 1941 Federal Reserve (c) under (2) above, reports on Form TFR-132 shall be executed and filed in the manner and form and BULLETIN, the following General Licenses and under the conditions described in General License Public Circulars have been issued by the No. 32, as amended, except that item No. 6 of such Office of the Secretary of the Treasury under form shall be left blank and the originating bank shall indicate on the reverse side of such form: the authority of the Executive Order of April 10, 1940, as amended, and Regulations issued pursuant thereto relating to transactions in * 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 foreign exchange, etc.: 8785, June 14, 1941. and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. OCTOBER 1941 987 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint (a) The specific purpose for which such pay- (a) a citizen of the United States and residing ment Is made; only in the United States; and (b) Whether or not an application for a patent (b) a national of any foreign country solely by has been filed in, or a patent has been issued by, reason of haying been domiciled or resident the United States Patent Office, covering the in- therein on or since the effective date of the Order; vention or design involved; and (c) If such application has been filed in, or such provided, however, that this license shall not be patent issued by, the United States Patent Office, deemed to license as a generally licensed national the number thereof. any individual citizen of the United States who is a national of a foreign country by reason of any (5) This general license does not authorize any fact other than that such individual has been assignment, grant, encumbrance, creation of a license, domiciled or resident in such foreign country on or or execution of any agreement or arrangement of, since such effective date. under, or with respect to any patent, application (2) Reports on Form TFR-300 are not required therefor, license thereunder, or interest therein, in to be filed with respect to the property interests of which any blocked country or national thereof has, on any individuals licensed herein as generally licensed or since the effective date of the Order, had any in- nationals. terest, or any other transaction not specifically au- (3) This general license shall not be deemed to thorized by this general license. affect securities or evidences thereof delivered, or required to be delivered, to a Federal Reserve Bank E. H. FOLEY, JR., Acting Secretary of the Treasury. under the provisions of General Ruling No. 5, as supplemented, or to authorize any transaction with Treasury Department, Office of the Secretary, respect to any such securities or evidences thereof September 3, 1941. or the proceeds thereof. E. H. FOLEY, JR., General License No. 55, as Amended, under Executive Acting Secretary of the Treasury. Order No. 8389, April 10, 194-0, as Amended, and Regulations Issued Pursuant Thereto, Relating to Treasury Department, Office of the Secretary, Transactions in Foreign Exchange, etc.* August 16, 1941. General License No. 55 is amended to read as follows: Public Circular No. 4, under Executive Order No. (1) A general license is hereby granted author- 8389, April 10, 1940, as Amended, and Regulations izing any banking institution within the United Issued Pursuant Thereto, Relating to Transactions States to make payments from blocked accounts of in Foreign Exchange, etc.* China or Japan, or any national thereof, of documentary drafts drawn under revocable or irrevoc- This Public Circular consists of a 30-page pamable letters of credit issued or advised by a domestic phlet containing instructions for the preparation of bank prior to July 26, 1941, provided: reports on Form TFR-300 of all foreign-owned property subject to the jurisdiction of the United States. (a) That such letters of credit were not issued Copies may be obtained from any Federal Reserve in favor of Japan or China or any national thereof; Bank, the Governor or High Commissioner of any or territory or possession of the United States, and the (b) That such drafts have not, since July 26, Secretary of the Treasury, Washington, D. C. 1941, been held by or for the account of any blocked country or national thereof. Treasury Department, Office of the Secretary, (2) Banking institutions making any payment or September 3, 1941. debit authorized by this general license shall file Public Circular No. 5, under Executive Order No. promptly with the appropriate Federal Reserve Bank 8389, April 10, 1940, as Amended, and Regulations weekly reports showing the details of such transac- Issued Pursuant Thereto, Relating to Transactions tions. in Foreign Exchange, etc.* (3) This license shall expire at the close of business on September 30, 1941. (1) Reference is made to General License No. 72. E. H. FOLEY, JR., Attention is directed to the fact that this general Acting Secretary of the Treasury. license does not authorize any person who is a national of any blocked country to file or prosecute Treasury Department, Office of the Secretary, applications for letters patent in any foreign coun- September 9, 1941. try, to receive letters patent granted pursuant to such applications, or to pay any fees to any foreign General License No. 28, as Amended, under Executive country in connection therewith. This general license Order No. 8389, April 10, 1940, as Amended, and does not authorize the payment of fees to attorneys Regulations Issued Pursuant Thereto, Relating to or representatives in the United States or in foreign Transactions in Foreign Exchange, etc.* countries for services rendered in connection with any transaction authorized by such general license General License No. 28 is hereby amended to read and does not authorize the effecting or recording of as follows: any assignment, grant, encumbrance, creation of a (1) A general license is hereby granted licensing license, or execution of any agreement or arrangeas a generally licensed national any individual who is: ment of, under or with respect to any patent, appli- *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. 988 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint cation therefor, license thereunder or interest therein, governments of blocked countries, including political in which any blocked country or any national thereof, subdivisions, or by corporations organized under the has on or since the effective date of Executive Order laws of any blocked country, will be so limited as to No. 8389, as amended, had any interest. allow such redemption or purchase only of such se- (2) Applications for specific licenses relating to curities to which Treasury Department Form patents and interests therein may be made to the ap- TFEL-2 has been previously attached or affixed by, propriate Federal Reserve Bank on Form TFE-1. or under the direction of, the Treasury Department. Such applications should contain in addition to other (2) Applications for the attachment of Form information required the following: TFEL-2 should be filed on Form TFE-2A with the Federal Reserve Bank for the district or with the (a) Whether an application for letters patent Governor or High Commissioner of the territory or has been filed in, or letters patent issued by, the possession of the United States in which the appli- United States Patent Office if such application or cant resides or has his principal office or agency. letters patent are involved in, or in any manner Copies of Form TFE-2A may be obtained from any affected by, the transaction in question; such Federal Reserve Bank or Governor or High (b) If any such application is on file in the Commissioner or from the Treasury Department, United States Patent Office, a true copy thereof Washington, D. C. should be attached to and made a part of the appli- (3) Attention is called to the fact that persons accation for a Treasury license. If letters patent quiring any such securities on or after September have been issued by the United States Patent Office, 15, 1941, to which Form TFEL-2 has not been ata copy thereof should be attached to the applicatached, are required in Form TFE-2A to furnish tion for a Treasury license; and much more complete and detailed information con- (c) A brief nontechnical description of the nacerning the past ownership of the securities than is ture of the invention or design covered by such required of persons who have owned such securities application or letters patent, indicating the use continuously since prior to September 15, 1941. to which such invention may be put. Whereas the former are required on Form TFE-2A (3) Attention is also directed to the fact that the to trace the ownership of such securities through Regulations require that reports on Form TFR-300 April 8, 1940, in order to obtain the attachment of shall be filed with respect to any patents, applica- Form TFEL-2, Form TFE-2A only requires the tions therefor, assignments thereof, or licenses re- latter to trace the ownership of such securities from lating thereto, or any present, future, or contingent the person from whom they have acquired them. interests therein, agreements pertaining thereto, (4) Any person acquiring any such securities and any other contracts affecting or involving the under a contract made prior to September 15, 1941, foregoing, such as the right to receive royalties, li- even though delivery of the securities may have been censing arrangements and contracts by which any effected on September 15, 1941, or within a reasoninformation in the nature of technical data or other- able time thereafter, need trace ownership only from wise is transmitted or exchanged, in which on either the person from whom the securities were acquired, or both June 1, 1940, and June 14, 1941, any foreign provided the Treasury Department is furnished with country or national thereof had any interest of any satisfactory evidence that the contract was made in nature whatsoever, direct or indirect. In the case the normal course of business through or with a of China, Japan, or nationals thereof, a report of domestic bank or broker or dealer. the aforementioned interests is required as of July E. H. FOLEY, JR., 26, 1941. Attorneys who have in their possession Acting Secretary of the Treasury. any property in which any of the interests referred to above exists, are required to file a report thereof Treasury Department, Office of the Secretary, on Form TFR-300. September 18, 1941. E. H. FOLEY, JR., Acting Secretary of the Treasury. Amendment of Public Circular No. 1, under Executive Order No. 8389, April 10, 19 UO, as Amended, Treasury Department, Office of the Secretary, and Regulations Issued Pursuant Thereto, Relating September 13, 1941. to Transactions in Foreign Exchange, etc.* Public Circular No. 6, under Executive Order No. Public Circular No. 1 is amended to read as fol- 8389, April 10, 1940, as Amended, and Regulationslows: Issued Pursuant Thereto, Relating to Transactions "Reference is made to Section 130.4 of the Reguin Foreign Exchange, etc.* f lations providing that reports on Form TFR-300 shall be filed on or before July 14, 1941. (1) Any licenses which may be issued permitting "The time within which such reports on Form the redemption or purchase for sinking fund pur- TFR-300 shall be filed is hereby extended to Octoposes or other purchase for blocked accounts of ber 31, 1941." bonds, debentures or similar obligations issued by E. H. FOLEY, JR., * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. Acting Secretary of the Treasury. 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order f This public circular affects Parts 130 and 131 and will be 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulaincluded in appendices to those parts. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. OCTOBER 1941 989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttont the Soatd 5 @oite5y2ondence Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN. f2anlc5' (fovetnment Obligation* l/oluntaty QUESTION fers a new security issue in the open market, / have been told that the only reason the Govern- it invites subscriptions from the public. Far ment can sell its bonds at such a low rate of interest from being forced to buy securities, banks and is that it forces the banks to buy them. Is this true? trust companies are required to limit their Is it also true that the banks lose certain privileges subscriptions; the maximum is placed at oneif they fail to subscribe to each new issue? half of their combined capital and surplus. ANSWER Subscriptions, of course, are also received THE Government does not force banks to from insurance companies, trustees, individbuy Government securities. In fact, at uals, and other investors. These subscripthe present time the Government is attempt- tions usually run to a total several times as large as the offering. The new securities are ing to sell its new issues as far as possible to then pro-rated among the various subscribinvestors other than commercial banks. The ers, and banks: receive the same proportion issuance of Savings Bonds, which banks are of their subscription as do other investors. prohibited from purchasing, is one method of A bank loses no privileges if it fails to subdistributing securities outside of the banking scribe to each new issue. system. The new tax anticipation notes are It is true that banks have become increasbeing purchased largely by nonbanking taxingly important as holders of Government payers and constitute another method of securities in recent years. It is also true that financing the debt largely outside of commerthe Government has been able to sell its secial banks. The purpose of this policy is to curities in recent years at unprecedently low prevent an excessive growth in private spendinterest rates. Both the purchases by banks ing and investment such as would lead to a and the low interest rates are largely a rerise in prices and interfere with the defense sult of the rapid growth in excess reserves, program. which provide banks with funds available for While the ownership of non-negotiable se- investment, and of the large increase in decurities such as Savings Bonds can be re- posits, which provide depositors with funds stricted, it is not possible to do this in the available for investment. The purchases that case of securities that are sold in the open banks have made have been entirely volunmarket. When the Federal Government of- tary. 'Pefjlnitionl ofi "A/et 'Pamand IPepollt*" and " Pamand 'Pepolit* -fldjtilted' QUESTION ANSWER Will you explain what deductions are allowable ALLOWABLE deductions from demand defrom both demand and time deposits for the purpose posits in computing required reserves of computing required reserves? Are "net demand consist of (1) balances subject to immediate deposits" the same as "demand deposits-adjusted," figures for which are regularly shown in the Federal withdrawal due from other banks (except Reserve BULLETIN in the table entitled, "Condition balances due from Federal Reserve Banks, of All Member Banks"? Also, is the item "Certified from foreign banks or branches thereof, from and Officers' Checks, etc." the same as the item "Cash Items in Process of Collection"? foreign branches of domestic banks, or from 990 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence private banks) and (2) cash items in process bank by its officers which likewise have not of collection, as defined below and further de- been presented for payment. While "certifined in Regulation D of the Board of Gov- fied and officers' checks, etc./' are deposit ernors. No deductions may be made from liabilities of the reporting bank, "cash items gross time deposits. The excess of gross in process of collection" are part of its assets. demand deposits over allowable deductions The following statement shows a computaconstitutes "net demand deposits," i. e., thetion of both net demand deposits and demand amount subject to the applicable reserve re- deposits-adjusted on the basis of figures for quirements. December 31, 1940. The term "demand deposits-adjusted" is not synonymous with "net demand deposits." COMPUTATION OF NET DEMAND DEPOSITS AND AD- JUSTED DEMAND DEPOSITS, ALL MEMBER BANKS, The item "demand deposits-adjusted" com- DECEMBER 31, 1940 prises the excess of gross demand deposits, [In thousands of dollars] other than interbank and United States Government deposits, over cash items in process Net Demand Deposits of collection. It is a statistical measure of 1. Total (gross) demand deposits. . 44,110,412 2. Deduct: the aggregate net balances in the checking Demand balances with accounts of individuals, partnerships, cor- banks in the United porations, States and local government Statesx . . . . 6,084,424 bodies, after allowing for checks outstand- Cash items in process of collection . . . 2,783,960 ing against these accounts. "Cash items in process of collection" are checks and other Total 8,868,384 Less excess of allowable items payable immediately upon presentation deductions over gross for which a bank has given credit to deposi- demand deposits2 . . . 19,608 8,848,776 tors but which it has not yet collected. The 3. Net demand deposits 35,261,636 deduction of "cash items in process of collection" from gross demand deposits is, there- Demand Deposits—Adjusted fore, an adjustment which eliminates, in so 1. Total (gross) demand deposits. . 44,110,412 far as practicable, the double counting of 2. Deduct: Deposits of United deposits, i.e., at the bank on which the checks States Government. 616,118 are drawn and at the bank in which they have Deposits of other been deposited. banks 10,281,272 Cash items in process The item "certified and officers' checks, of collection 2,783,960 13,681,350 etc.," to which you refer, is not the same as 3. Demand deposits—adjusted 30,429,062 "cash items in process of collection"; it is merely one class of demand deposits, repre- 1 Except balances due from Federal Reserve Banks, from forsenting principally the liability which a bank eign banks or branches thereof, from foreign branches of domestic banks, or from private banks. has to the holders of (1) checks which have 2 In the case of a number of banks, balances due from banks plus cash items in process of collection exceed gross demand been certified but have not been presented for deposits. In such cases the excess deductions of individual banks payment, and (2) checks drawn upon the are cumulated and adjustment is made therefor in computing total net demand deposits of all member banks. OCTOBER 1941 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(zuttent Federal Reserve Meetings in Washington Michigan Decatur—The First State Bank of Decatur, Michigan The Federal Advisory Council held its third Hamtramck—The Liberty State Bank of Hammeeting of the year on September 14 and 15. tramck On September 27, the Federal Open Market Missouri Committee met for the third time this year, Elsberry—Bank of Lincoln County and on September 27 and 28 a conference of Stanberry—Farmers State Bank Stanberry the Presidents of the Federal Reserve Banks Steelville—Community Bank, Steelville, Missouri was held. New Jersey East Orange -Ampere Bank and Trust Com- Admissions of State Banks to Membership in the Federal pany New York Reserve System Kenmore—State Bank of Kenmore Monticello—The Sullivan County Trust Com- The following State banks were admitted pany to membership in the Federal Reserve Sys- Newburgh—The Columbus Trust Company tem during the period August 16, 1941, to September 15, 1941, inclusive. Ohio Elmore -The Bank of Elmore Company Illinois Pennsylvania Millbrook—Farmers State Bank of Millbrook White Haven—White Haven Savings Bank Teutopolis—Teutopolis State Bank Vandalia—The Farmers and Merchants Bank South Dakota of Vandalia Onida—The Onida Bank Indiana Texas Salem—The State Bank of Salem Brackettyille—The First State Bank Waterloo—Citizens State Bank Royse City—Citizens State Bank Temple—Farmers State Bank of Temple Iowa Virginia Mondamin—Mondamin Savings Bank Pulaski—The Pulaski Trust Company 992 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

d the ti52 an ALFRED H. WILLIAMS * THE manifold problems that confront us in of operation that we cannot see the whole the present world emergency have been complicated design. It is well now and then discussed time and again, backward and for- to pause and look at the whole panorama of ward. Newspapers, magazines, and radios action in order to appraise the main currents are teeming with accounts of startling hap- that are shaping our course. penings, news behind the news, interpreta- Blessed by a wealth of natural and human tions and conjectures. Diverse views, opin- resources, we have become the arsenal of ions, and exhortations flood the air. At times democracy. We have set for ourselves the it seems that millions of voices are clamoring greatest production job in the history of the for our attention, advocating their own world. brands of policy and program that this coun- About a year ago, when a defense program try should follow in the present crisis. costing 28 billion dollars was announced, the It is through this kind of self-expression magnitude of the task was breath-taking. that democracy works, voicing its desires and Not long ago I stated to a group of bankers aversions, approvals and disapprovals. Cur- meeting here in Atlantic City that the defense rent events are instantly made known to all program had expanded to the staggering sum and we are quick to register our sentiments of 40 billion dollars. That was only two and our judgments. In a living, working months ago. Today we have mapped out democracy, it is difficult for most of us to say expenditures of 60 billion dollars, and we are anything that is really new, and that is the still going strong. During the entire period position in which I find myself at this mo- of the last world war, our total Government ment. I can probably do no better than make expenditures outside of normal operating an attempt to reappraise some of the signifi- costs amounted to only 33 billion dollars— cant underlying developments and their re- and this included our cash loans to the Allies. lation to the endless chain of problems un- This tremendous undertaking has sharply folding before us. expanded the need for bank credit, both to These problems are so big, and they are finance the Government and to provide workcoming at us so fast that it strains us to the ing and capital funds to business. This filimit to keep abreast of them. A stray tornancing so far has amounted to less than 8 pedo in the North Atlantic, a battle on the billion dollars, but we can get some idea of Russian Front, a revolt in Iran, a change of what to expect when we recall that in the last cabinet in Japan, or a diplomatic visit in world war the Government borrowed 25 bil- Turkey may change our whole national prolion dollars. gram overnight, may alter the entire picture In consequence of this increase in credit at the Furniture Mart, and may necessitate and the siphoning of gold from foreign couna change in merchandising, buying or credit tries, our bank deposits and circulating curpolicies at any one or all of your own estabrency in the first two years of the present lishments. In such a kaleidoscope, it is exwar have increased 14 billion dollars. In the tremely difficult to keep a proper perspective. period of six years from 1914 to 1919, these All of us at times become so swamped with totals expanded only 16 billion dollars. We details, so overburdened with the intricacies financed the wild speculation culminating in * An address by Alfred H. Williams, President of the Federal 1929 with about 55 billion dollars in bank Reserve Bank of Philadelphia, before the Banquet Meeting of the deposits and 5 billion dollars in hand-to-hand Eastern Emergency Convention of the National Retail Furniture Association on Tuesday evening, September 16, 1941, in Atlantic money. In sharp contrast, we now have close City, N. J. Note.—Views ex'pressed in signed articles published in the BULLETIN are those of the writers and not tecessarily those of the Board of Governors of the Federal Reserve System. OCTOBER 1941 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Free Enterprise and the Challenge of Defense to 70 billion dollars in bank deposits and over fronts are on the assembly lines. Battles are 10 billion dollars in hand-to-hand money. not pageants with a few thousand knights Our banking system today holds 5 billion poking sticks at each other in a meadow. dollars of excess reserves. This is idle cash, They involve thousand-mile fronts, where and it can be used to increase our present millions of men and billions of dollars worth volume of deposits by at least 35 billion dol- of heavy and intricate equipment are hurled lars. This potential supply of money did not to mutual destruction. exist in the last war, nor during the great The world conflict before us calls for allindustrial expansion of the 1920's. out efforts to the extent that not all of us may While our volume of money and credit is fully realize. It affects every phase of life increasing so sharply and reaching such un- not only in the belligerent but also in the somanageable proportions, the supply of civil- called neutral countries. From our own ian goods for which this money can be spent standpoint, it is in reality war within war. will no doubt decline. Shortages of materials, It is a clash of military force against military labor, plants, and of managerial capacity are force and of economic force against economic restricting our civilian production more and force. Both are equally destructive. It is a more, and the difficulties will be greater as race between totalitarian and democratic defense requirements grow. We are spendmethods. We are showing that a democracy ing over 1 billion dollars a month for nalike ours can match any other system in tional defense now and within a year this resisting aggression on military and indusmay be doubled. Increasing Government retrial fronts. We must also show that we can quirements and increasing restrictions in the so manage our internal economy as to presupply of consumers' goods in the face of serve its foundation based on the system of unprecedentedly sharp expansion in the free private enterprise. But to do this, we supply of spending money has already remust combat those inflationary forces which sulted in higher prices and has brought discause a spiral and tail spin in the economy. tortions in the cost-price structure of in- This is a grave challenge. We are being dustry. challenged to produce and to produce without We do not as yet have a serious inflation in so distorting our business system as to sweep this country, and there is no need for us to away its very foundations of savings and inbecome panicky about our production and vestments and without so overworking this price problems, but if we are to be construcsystem that at the end of the effort its energy tive we must face facts—and the bald fact is spent. We are being challenged to do this is that the trend of prices in the first two production job and yet to retain the force to years of this world war has been amazingly sustain our way of living when the task is like the trend of prices in the last world war, completed. which wound up with such devastating force. We are becoming aware of the magnitude The elements of inflation are here. The balof the schedule we have set for ourselves in ance between the flow of consumer buying providing a hole-proof defense against agpower and the supply of goods available for gression, inflation, and depression. In 1940 purchase is being seriously disturbed. when the defense program was inaugurated, In getting perspective, so that we can follow some rational course toward meeting we were inclined to feel that this was a land our problems, we must recognize that we are of plenty, that our initiative and our energy undertaking a defense program with a very were boundless, that once we set our minds broad scope. It is not enough to think of de- to the task of converting our great resources fense in terms of tanks, planes, and guns. into implements of war we would in short We must think of defense as well in terms of order show the world what a defense proincomes, in terms of prices, in terms of the gram really could be. We were going to propresent and future security and solvency of duce billions of dollars worth of complicated our businesses, and in terms of the protec- war equipment without breaking our stride; tion of our standard of living, of our homes, we were going to do this job in our spare and of our institutions. time—so to speak; we were going to continue Never before has the science of warfare de- "business as usual", we were going to have manded such total coordination of military our guns and butter too. It was a cheerful and industrial strength. Now the battle- delusion, but it was short-lived. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Free Enterprise and the Challenge of Defense It soon became apparent that we might with the men who are trying to organize this have some little difficulty in getting a few work. They have to plan the necessary imported materials such as rubber and tin, changes, which range all the way from an we might have to put our beer back in bottles expansion of 15 million tons in steel-making for a time, but we were confident that shortly capacity to a simplification of bicycle models. our genius for production would search out To make shells we have decided to stop new sources for materials and would devise putting the brass bells on fire engines and new and better, and in the long run probably brass rings on lead pencils. cheaper, substitutes. It is developments like these that should Then, as the- defense program gathered make us remember that it is a job that we are force, we began to see that the demands upon doing and that it is a job to which we must our domestic resources would be much greater give our full attention. As a nation, we than we had anticipated. We decided that we are working overtime; we are not on a were temporarily in for some shortages of Roman holiday. We are facing shortages of materials, but we felt that we could get over everything but money, and we have too much this hump without much difficulty by estab- of that. Money and credit are flowing freely. lishing a priorities system. We felt that Wages and incomes are high. Markets are once the program began to settle down and strong. Prices and profits are rising. But it we became accustomed to it we could get is crucial for us to remember that money is along well and continue our business as usual. like wine—whenever it flows freely the world But we soon found that these unprecedented takes on a rosy glow, but when the flow is demands for labor, materials, plants, and over the buoyant aspect changes into a drab, management were not temporary in nature. depressing hue. It was not a question of getting over a hump. It is possible for us to meet our production These demands were growing, and we were problem. We are dealing there with measuregoing to have to expand that industrial ca- able, exact conditions. The question is one of pacity which we had for so long considered pooling our resources, of expanding our plant, excessive. of training additional labor, of subsidizing And then the needs became more urgent high-cost facilities, and generally of directand we resorted to rationing and to limita- ing our productive energy into defense. We tions on production. We have now discov- can do it, and we are doing just that. Plants ered that we do not have enough productive have turned from the manufacture of linofacilities to do this job in the time it has to leum to ammunition, from ventilating equipbe done without making substantial sacri- ment and baking machinery to guns, from fices. We have found that it takes too long farm implements to trench mortars, from merely to expand our plants, and we have be- bank vaults to ordnance, from radios to fuses, come resigned to the idea that we are all from mouse traps to Army cots, and from reenlisted for the duration and that we must frigerators to binoculars. This shift of cashift our productive capacity away from the pacity involves priorities, rationing, arbiluxuries which make up our standard of liv- trary limitations upon the free production ing into the military necessities which make and flow of goods. Above all, it calls for life itself possible. sacrifices. Each and every one of us has been affected. I well realize the fact that it is difficult to We cannot get materials, we cannot get labor. resign ourselves to sacrifice when our in- Production schedules are disrupted and must comes are rising and when many of us have be changed from week to week. We know more money to spend than we ever had, not that taxes must be increased sharply, but we only in the lean years of the 1930's, but even do not know how much, and so our financial in the prosperous era of the 1920's. In the plans are uncertain. We have found that unrestrained use of money and credit to buy price controls are necessary and that every goods which could be deferred lies a threat to time a new one is imposed we must readjust our security which is second only to war. our buying and selling policies. And now we That threat is inflation, the threat of an upare finding that credit controls are necessary ward spiral of prices, the spiral which feeds if we are to do our job and meet our chal- upon itself and which with every advance lenge. cuts into our real income and destroys a por- In this tough situation, we can sympathize tion of our hard-earned savings. OCTOBER 1941 995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Free Enterprise and the Challenge of Defense Such an inflation can be avoided with in- range from one to twenty years, but we can telligent budgeting of expenditures and in- be sure that when it comes if we hold untelligent planning by Government, business, wieldy inventories, we are bound to take and consumers. But the elements of such a losses, as we did at the end of the last war. situation do exist. We have drained the rest You know better than I do that if you keep of the world of its available gold and upon your warehouses loaded with high-priced furthis basis we have built a deposit structure niture, you may soon have to cut your prices far greater than any in our history and far substantially to get rid of it. in excess of our needs. The combination of scarcity of goods and The volume of our spending money is grow- active buying has pushed prices of staple coming, but the supply of goods for which it can modities to a level 55 per cent above August be used is being reduced. In the past year of 1939. The general wholesale price level Government borrowing from banks amounted has advanced over 20 per cent so far this year. to 3.5 billion dollars and even the most opti- Retail prices are increasing and the cost of mistic agree that another 9 billion dollars living is rising. This brings higher wages, must be financed in the present fiscal year. higher costs and, once again, higher prices. We are increasing our taxes but our expenses It is the sort of thing that can result in that are going up faster. The reserves which have uncontrollable destructive inflationary spiral lain idle for so long are beginning to be used, which we are so determined to avoid. and every expansion of bank credit, whether But if we are to avoid it, if we are to prefor the Government or for business, finds its vent dislocations in our productive system way into the deposits of individuals. Loans by and impairment of profit margins, contraccommercial banks have increased 3 billion tion in the value of our savings and income, dollars in the past year as more money is and an increase in the costs of defense and needed to carry larger working inventories, consumption, we must take early action and to finance subcontracting, to pay additional we must take it on a broad front. Whenever labor and to pay higher prices. As defense an inflation begins to gather force, there is production increases, both business and Govnot much time to dicker and dally, and there ernment requirements for credit will also inare no loopholes that should not be plugged. crease. The volume of hand-to-hand money in Here we may ask ourselves—what are some circulation has also grown sharply with the of the methods of combating present inflationexpansion in employment and trade. ary developments ? The national income has advanced from There are many ways to prevent or fore- 76 billion dollars in 1940 to an annual rate of stall such advances in prices and we are un- 89 billion dollars and the end is not yet in dertaking many of those measures. The quessight. These figures are astronomical, but they tion simply lies in how effective we intend to can be pinned down and made concrete. We make them, in how far we are willing to go in see the significance more clearly when we cooperation. We have imposed price controls realize that the average earnings of factory by fixing arbitrary ceilings on various goods, workers in Pennsylvania, for example, have but price control cannot stand alone, unless it increased about $25 a month in the past year. affects every phase of life, unless all prices, This would buy a lot of additional goods— and anything that looks like a price, are atespecially if purchases were made on the intacked. The only way to make price control stalment plan—providing the goods were effective and still retain a semblance of ecoavailable. If they are not available, the spendnomic and business freedom is to take action ing of the money results only in higher prices. which will in some way bring supply and de- We are all in a buying mood. We have the mand into some sort of balance. The law of funds and life seems so uncertain that we are supply and demand is inescapable; it cannot inclined to live while we may. Tomorrow is be repealed or abrogated. another day. But in following a policy of unrestrained buying, whether we are buying We know by now that we cannot for some for consumption or for business, we are only time do very much toward increasing our injuring ourselves by paying more money for supply to match the rapidly expanding dethe same goods and by accumulating stocks mand for civilian goods. We are forced to which may be worth far less than we paid for move in just the opposite direction—to curthem when our present emergency is past. tail the supply of civilian goods and to devote We do not know when that will be. Guesses our facilities to defense. The only alternative, 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Free Enterprise and the Challenge of Defense then, is to dampen demand during this emer- money is concerned, is a restriction of credit. gency. One phase of this program has been adopted To some extent this is being done by tax and that is the Regulation W, which you have measures. Lowering the tax base and increas- discussed at great length in these meetings. ing the rates on individual incomes takes This regulation, as you know, has been issued money out of the consumers' markets and re- in accordance with an Executive Order of the duces demand to that extent. But these tax President, and the responsibility for adminmeasures have limited effect upon consump- istering the regulation has been delegated to tion in general because the only really sub- the Federal Reserve System. The actual operstantial deductions from incomes are in the ations are to be through the Federal Reserve upper brackets, and these incomes are in the Banks, in order to decentralize the work and minority. Too much reliance cannot be placed make the administration more convenient to on excise taxes; they may prove beneficial in business. reducing spending, but not to any great ex- The Federal Reserve System has had long tent, as has been proved in the experience of experience in the field of credit, and the Fedthis and other countries. The Senate's pro- eral Reserve Banks for over 25 years have posal to broaden the tax base is courageous maintained friendly relations with banking and sound and it is to be hoped that the final and business institutions in their districts. action of Congress will embody the Senate's They know something of the many problems recommendation. that you face in running your businesses, and Another partial solution to this problem it is our hope that the administration of this arising from the lack of balance in the supply regulation can be on a fully sympathetic and of goods and of money is the defense savings cooperative basis with a minimum of inconprogram. This is particularly important as an venience to all of us. It is through team work antidote or preventive for inflation, because and understanding that difficulties and petty not only does it tend to limit the market for annoyances can be eliminated. Remember consumers' goods, but it also supplies the that for all the difficulties you may encounter Government with funds from cash in hand under Regulation W we have the problem rather than through the expansion of bank multiplied many times. We have been given credit. When a bond is sold to an individual this job, and it is our responsibility to see that and the money paid for it and subsequently it is done well. It is for the good of all of us— spent, aggregate deposits do not change; but the seller, the lender, and the consumer. when a bond is sold to a bank and paid for Through Regulation W it is hoped to prewith credit, deposits are increased. It is there- vent the excessive use of consumer instalment fore, essential that we vigorously promote the credit with the aim of dampening demand, sale of Defense Savings Bonds; it is our patri- of facilitating the shift of materials, plants, otic duty to do so by buying these bonds our- labor, and management out of civilian into deselves and by selling them to others, par- fense production, of promoting individual ticularly those in our establishments. savings programs, and of providing some A measure which could supplement these measure of defense against both inflation and antidotes and which would help to cope with subsequent deflation. It is also to be hoped the problem of inflation might be to adjust that plants which are not engaged in defense bank reserve requirements. If the volume production will avoid unnecessary expendiof excess reserves can be reduced, then the tures and investments at this time. If such amount of deposit balances which can grow programs are postponed, they will later befrom excess reserves also is automatically come important elements in a foundation reduced. This is a question which has received for business recovery after the defense proconsideration for some time, and some action gram is finished. along this line may become necessary, if con- The most drastic action that can be taken ditions turn out to be acute. This kind of ac- against inflation is rationing. That is being tion involves a great many difficulties. It must done to some extent in so far as industry is be properly timed and it must be taken in concerned. Our limited stocks of materials such a way that the effect upon individual are being rationed to the plants which have institutions is equitably distributed. the greatest need and can do most toward A further method of limiting the expan- promoting the welfare of the country at the sion of spending money, though not very present time. Under most exigent circumhelpful in so far as reducing the volume of stances, of course, some method of rationing OCTOBER 1941 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Free Enterprise and the Challenge of Defense could be extended to consumers, as is being only reasonable restraints. It is designed done in England. But we realize that this simply to facilitate budgeting of present and form of regulation is ito be avoided as much future incomes and to distribute our puras possible because it directly encroaches chases over periods of rising and falling acupon individual freedom. tivity. It is in the interest of the consumer The first restrictive steps are being taken. because it points the way of building his Are they sufficient? No one can say because backlog of purchasing power to be used after the question of preventing inflation is a ques- the emergency. It is only one element contion not so much of what to do, but of how tributing to national defense, but it epitofar to go. The cold hard fact is that we must mizes the type of action we must take and the go as far as is necessary. attitude that we must cultivate and maintain. Inflation must be prevented not only be- The keynote of this emergency must be recause it destroys savings and income and hits straint. Our business and individual budgets the smaller earnings hardest, but also because must be designed to maintain liquidity and it may bring our long established system of solvency, to prepare ourselves against the unenterprise into collapse. When defense orders certainties of the future. The accumulation of are no longer flooding markets, when plants goods may lead to disastrous losses. The acare limping along, when defense workers are cumulation of debts may bring unbearable working part-time, when wages and employ- burdens. As in any other type of competition, ment are reduced, and when incomes decline, whether it be in sports or in the realm of eco- —then, business will need a sustaining force, nomic action, the best defense is a strong and preferably a self-sustaining force. It is offense. In our present emergency a strong imperative that our business system be in a offense calls for two things: first, the buildposition to meet the present emergency and ing of an impregnable military machine; and to withstand the unavoidable shock of tran- second, the building of adequate breastworks sition from wartime to peacetime activity against inflation by accumulating backlogs of with minimum disturbance to the whole econ- buying power to be used when the emergency omy. We must see to it that it functions effec- expenditures are reduced. tively. Failure to do so might mean its loss or The complex and sweeping nature of our a fundamental alteration, neither of which problems is the gravest challenge that a syswe can afford. We are face to face with a tem of free enterprise has ever had to face. dynamic condition that demands our vigi- It demands the utmost in efficiency, the utlance, ingenuity, and action. It is up to all of most in cooperation, and perhaps the utmost us to see that when the present emergency is in sacrifice. The war carries with it a very past we meet the economic needs of the peo- real threat to our entire free system. The only ple beyond the mere necessities of life, that real protection for this system is the unalterbusiness activity is sustained, and that our able proof that it works in any emergency, freedom of action and thought continue un- the unalterable proof that a free system can impaired in public and private life. produce more and better equipment of any All anti-inflationary measures, which su- kind and can produce this equipment with perficially may seem like an unnecessary in- fewer disturbances and with better protecterference, are directed toward this vital tion against subsequent reaction than any goal. Regulation W affecting consumer credit other system in competition with it. is an example. Alone its effect might be negli- Only through farsightedness, unity of purgible, but without this kind of regulation a pose and self-restraint can we accomplish this great gap in our fortifications, in our defense aim. Only through effective cooperative acagainst economic attacks, would be left open. tion by groups like yourselves who appreciate We can be blitzkrieged by circumstance. An common problems and take common counsel attack by scarce supplies, active bidding, and can the job be done. This call for cooperaprice spirals can sweep over us with the same tive action applies to all—the manufacturer, devastating force, and leave the same ruin in the merchant, the banker, the factory worker, its wake as can mechanized troops. This regu- the farmer, the consumer, as well as the Govlation of instalment credit is one form of re- ernment. To forget petty differences, to substraint which we as a nation have adopted. ordinate everything to a common cause is a It does not take anything away from anybody. reaffirmation of the principles of freedom It does not eliminate instalment buying. It upon which this country has been built. It is does not aim to impose undue hardship but democracy at work. 998 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SJnitalment J-oani <yk SJn.iWz.ed Sanki, <[une 30, 1941 ON June 30, 1941, all insured commercial paper. The smaller increase in personal inbanks had outstanding on their books stalment cash loans likewise is roughly parnearly 1.8 billion dollars of personal and re- allel with the changes in such holdings retail instalment paper. Almost three-fifths ported by other personal instalment cash of this total represented retail instalment lending agencies. loans, either in the form of paper purchased from dealers and finance companies or in the PERSONAL AND RETAIL INSTALMENT PAPER HELD BY form of advances made directly by the banks INSURED COMMERCIAL BANKS, JUNE 30, 1941 to borrowers. Such loans arise from the re- [Amounts in millions of dollars] tail sale of and are secured by specific articles such as automobiles and household goods. r A e m po o r u te n d t I D n e c c re . a 3 s 1 e , 1 s 9 in 4 c 0 e Less than one-sixth of the total were prop- June 30, erty improvement loans insured under the 1941 Amount Per cent provisions of Title I of the National Housing Act, and the remainder were other personal Total instalment loans 1,766 297 20 loans repayable in instalments. Personal Retail instalment paper: Paper purchased 675 156 30 loans not repayable in instalments were not Direct loans 358 101 39 FHA Title I loans 278 2 1 reported, nor were loans made to dealers and Personal instalment cash loans 455 38 9 finance companies on their own promissory notes. A comparison of the figures by major geo- The figures reported as of June 30, 1941, graphic regions shows that the rate of inare shown in detail by States in the table on crease of instalment loans during the first page 1048 of this BULLETIN. Comparable six months of 1941 ranged from 14 per cent data were obtained as of the end of 1940; in the Middle Atlantic and Mountain States as of the end of 1939 a report of retail instal-to over 25 per cent in the West South Central ment paper only was secured. A comparison and New England States. The dollar amount of the retail instalment paper, both pur- increase was greatest in the East North Cenchased and direct, shows that there was tral, Pacific, and Middle Atlantic States. an increase of 257 million dollars in this class The table on page 1048 shows that 11,791 of paper during the first six months of 1941, banks, or 88 per cent of the total number of banks from which reports were received, continuing the trend noted in 1940, and at held $1,765,588,000 of personal and retail an increased rate; the increase during 1940 instalment paper. The remaining banks reamounted to 235 million dollars. For the ported that they held no such loans. Refull 18 months' period ended June 30, 1941, ported instalment paper was 13 per cent of retail instalment paper held by insured comall the so-called "customer loans" of these mercial banks increased from 541 million banks, i.e., of all loans other than open mardollars to 1,033 million dollars, an increase ket paper, real estate loans, loans for purof over 90 per cent. As shown in the followchasing and carrying securities, and loans ing table, direct loans included in retail into banks. This proportion varied from 5 stalment paper increased 39 per cent during per cent for the central reserve city banks in the first six months of 1941 and paper pur- New York and Chicago to 23 per cent for chased increased 30 per cent; personal instalnonmember insured banks, and from less ment cash loans increased 9 per cent, and than 8 per cent in Maine and Rhode Island FHA Title I loans showed only a slight in- to over 23 per cent in the three Pacific States crease. The increase in purchased and direct and Nevada, Michigan, and Arizona. retail instalment paper reported by insured At each class of member banks and at all banks is roughly in line with the increases major geographic regions, paper purchased reported by other concerns holding such from dealers and finance companies was OCTOBER 1941 999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Instalment Loans of Insured Banks greater than the volume of any other type promissory notes even if secured by the of instalment paper. Insured nonmember pledge of instalment paper. In addition to banks and country member banks held a holdings of retail instalment paper, banks greater proportion of personal instalment were asked in the 1940 and 1941 reports for cash loans than did city banks. FHA Title I loans, representing the unpaid These figures of bank holdings of retail in- balances of property improvement loans instalment paper were obtained by the Comp- sured under Title I of the National Housing troller of the Currency for national banks, Act, and for personal instalment cash loans, the Board of Governors for State member representing the unpaid balances of all loans banks, and the Federal Deposit Insurance made to individuals which are repayable in Corporation for insured nonmember banks. instalments. The proceeds of such personal In reporting figures for holdings of retail loans are ordinarily used for consolidation of instalment paper, banks have been asked to debts, medical attention, and general perinclude the unpaid balances of all instalment sonal expenditures. The 1940 and 1941 reloans arising from the retail sale of and se- port forms specified that deposits accumucured by automobiles, trucks, tractors, house- lated for payment of personal loans should hold appliances, furniture, clothing, jewelry, be deducted and the net figures reported. etc. In the 1940 and 1941 reports, paper pur- These deposits amounted to about 122 million chased from or rediscounted for dealers and dollars on June 30, 1941, with 45 million finance companies was reported separately dollars at insured nonmember banks, 40 milas "Paper purchased" and paper represent- lion dollars at country member banks, and ing loans made directly to the borrowers was 42 million dollars at reserve city banks. The reported separately as "Direct loans." The total "customer loan" figures, given for comfigures do not include any loans made to parison in the table, have not been adjusted dealers and finance companies on their own by the amount of such deposits. 1000 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/at tonal Suntmatu oj\ f2u.5in.e55 Condition5 Compiled September 17 and released for publication September 19. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 963-973 of this BULLETIN. INDUSTRIAL activity increased further in owing to Government restriction on pas- August and the first half of September, senger car production, output will be conand commodity prices continued to advance. siderably below that during the previous Distribution of commodities to consumers model year. expanded considerably. In most nondurable goods industries production in August continued around the high Production levels reached earlier this year. At cotton mills activity declined slightly from the rec- In August industrial output increased ord level reached in July, while at woolen somewhat more than seasonally and the mills there was some increase. Rayon output Board's adjusted index advanced from 160 continued at peak levels. In the silk industry to 161 per cent of the 1935-1939 average. operations were curtailed sharply, as the There were sharp further advances in activ- Government requisitioned all supplies of raw ity in the machinery, aircraft, shipbuilding, silk, and deliveries of silk to mills declined from 28,000 bales in July to 2,000 in August. and railroad equipment industries. Lumber Rubber consumption also decreased, owing production also increased, while furniture to a Government curtailment program. Shoe production, which had been unusually large production, which had been unusually large, in July, showed less than the customary seaincreased less than seasonally in August, and sonal rise in August. Output of steel and output of manufactured food products and nonferrous metals continued at near-capacity chemicals showed seasonal increases from the rates. high levels prevailing in June and July. In the automobile industry output of fin- At mines coal production in August, as in ished cars declined sharply as plants were other recent months, was unusually large for closed during the changeover to new model the season, and output of crude petroleum production and output in factories producing rose to a record level of 4 million barrels daily bodies and parts also was reduced consider- in the latter part of the month. Iron ore ably. In the first half of September auto- shipments down the Lakes amounted to 11.5 mobile assemblies increased as production million tons, the largest monthly total on of new models was begun but from now on, record. FREIGHT-CAR LOADINGS INDUSTRIAL PRODUCTION 1940 Federal Reserve index of total loadings of revenue freierht Federal Reserve index of physical volume of production, ad- adjusted for seasonal variation, 1935-1939 average = 100. Subjusted for seasonal variation, 1935-1939 average = 100. By groups shown are expressed in terms of points in the total index. months, January 1935 to August 1941. By months, January 1935 to August 1941. OCTOBER 1941 1001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Value of construction contract awards indicate that retail prices of foods and other showed a further sharp increase in August commodities rose further during this period. and was about four-fifths larger than a year ago, according to F. W. Dodge Corporation Agriculture reports. The rise from July was substantial The outlook for agricultural production in for all general types of construction but was 1941 showed little change during August. most pronounced for publicly financed proj- Crop prospects were reduced slightly by ects. Awards for residential building con- drought but aggregate crop production is tinued to increase. expected to be two per cent larger than last year and the largest for any year except 1937. Distribution Total marketings of livestock and livestock Sales of general merchandise rose sharply products will probably be the largest on recin August and were at an extremely high ord. Preliminary estimates of the Departlevel for this time of year. The Board's sea- ment of Agriculture indicate that cash farm sonally adjusted index of department store income, including Government payments, will sales advanced to 133 per cent of the 1923-be about 10,700 million dollars compared with 1925 average as compared with 115 in July 9,120 million dollars in 1940. and an average of 103 in the first half of this year. In the early part of September de- Bank Credit partment store sales declined from the peak Commercial loans at reporting member reached in the latter part of August. banks in 101 cities continued to rise substan- Railroad freight-car loadings in August tially during the four weeks ending Septemwere maintained in the large volume reached ber 10. Bank holdings of United States Govin June and July. Coal shipments increased, ernment securities showed little net change, following some reduction in July, while load- while holdings of other securities increased ings of grain, which had been large since last somewhat at New York City banks. As a spring, declined. result of the expansion in loans and investments bank deposits continued to increase. Commodity Prices United States Government Security Market Wholesale prices of most groups of commodities continued to advance from the mid- Prices of Treasury bonds increased in the dle of August to the middle of September. latter part of August but subsequently de- Prices of grains, other foodstuffs, and cotton clined somewhat in the first part of Septemshowed large increases and there were ad- ber. On September 15, the partially taxvances also in prices of a number of indus- exempt 2% per cent 1960-1965 bonds were trial commodities not covered by Federal yielding 2.06 per cent compared with the price ceilings. Fragmentary data available record low yield of 2.02 per cent. Yields on Treasury notes showed little change in the period. MONEY RATES IN NEW YORK CITY WHOLESALE PRICES OF BASIC COMMODITIES 1935 1936 1937 1938 1939 1940 1941 1935 1937 1938 1939 1940 1941 Bureau of Labor Statistics' indexes based on 12 foodstuffs and 16 industrial materials, August 1939 = 100. Thursday figures, January 3, 1935 to September 25, 1941. 1002 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. 1005 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1006 Federal Reserve Bank statistics 1007-1011 Reserve position of member banks; deposits in larger and smaller centers. 1012 Money in circulation 1013 Gold stock and gold movements; bank suspensions; bank debits 1014 All banks in the United States, number, deposits, loans and investments. 1015 Condition of all member banks. 1016-1017 Weekly reporting member banks 1018-1021 Commercial paper, bankers' acceptances, and brokers' balances 1022 Money rates and bond yields. 1023 Security markets 1024 Treasury finance 1025-1027 Governmental corporations and credit agencies; Postal Savings System 1028-1030 Business indexes 1031-1041 Department store statistics 1042 Wholesale prices 1043 Current statistics for Federal Reserve chart book 1044-1046 September crop report, by Federal Reserve districts. 1046 Condition of insured commercial banks in the United States and Possessions, June 30, 1941 and December 31, 1940. 1047 Personal and retail instalment paper held by all insured commercial banks, June 30, 1941 1048 Statistics of all banks in the United States 1049-1053 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. OCTOBER 1941 1003 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 MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS. 10 10 r^T^U \^~ 1935 1936 1937 1938 1939 1940 1941 Latest figures for September 24. See page 1005. 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member Treas- bank reserve Date co B d u i i n l s l t - s ed T T o J t . a l S. s e G c t w u M u o r i r v i t a i t e h n - i - r e g n s m t a M e u f n r t i a e t n - r g c l o B e r A t e s a h d e l n e l r i k t r v i e Total s G to o c ld k T s r t e o c u r i a n u n e u r n a r c y g t d - - s y - - M i c n t u i o o c l n a n ir e - - y T h c i u r o n a e r l g s y a d h s s - - u B p s w F r e R o e a y e r r i s n e a t d v i d - h k t l - e e s s - p m N o b d e o s e e m n i - r t - s - c O s F o e R e a t e r u r h c e a d v n - - e l - e t r s To b t a a l l ance c E s e x s - s2 in 5 5 years years Monthly averages of daily figures: 1940—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 Aug. 3 2,444 1,201 1,244 57 2,505 20,718 3,028 7,967 2,277 885 1,451 262 13, 408 6,407 1941—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 Aug 8 2,184 951 1,234 92 2,284 22, 700 3,173 9,839 2,360 829 1,839 286 13, 004 5,017 End of month figures: 1940—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 Aug. 31 4 2,436 1,192 1,244 76 2,515 20, 913 3,036 8,059 2,277 810 1,516 261 13, 541 6,525 1941—June 30 2 2,184 951 1,234 81 2,267 22,624 3,149 9,612 2,275 980 1,831 290 13,051 5,210 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 Aug. 30 11 2,184 951 1,234 80 2,275 22, 719 3,181 9,995 2,376 906 1,821 284 12, 794 4,796 Wednesday figures: 1940—Nov. 6 4 2,327 1,070 1,258 30 2,362 21, 681 3,060 8,385 2,221 465 1,681 271 13,979 6,73J 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 22,359 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 6,336 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 Aug. 27 10 2,184 951 1,234 87 2,281 22, 716 3,178 9,899 2,378 772 1,843 285 12,998 4,994 Sept. 3 12 2,184 951 1,234 45 2,241 22, 722 3,180 10, 034 2,400 708 1,834 284 12,884 4,857 Sept. 10 14 2,184 951 1,234 58 2,255 22, 733 3,185 10, 036 2,397 456 1,843 283 13,158 5,111 Sept. 17 11 2,184 951 1,234 121 2,316 22, 741 3,188 10, 046 2,408 334 1,836 293 13, 328 5,249 Sept. 24 12 2,184 951 1,234 83 2,279 22, 749 3,194 10, 070 2,350 379 1,856 293 13,273 5,202 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. 1005 OCTOBER 1941 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. 30 beginning- Sept. 30 beginning- Sept. 30 beginning- Sept.30 beginning- Boston.. Sept. 1, 1939 Sept. 1, 1939 Sept.2, 1937 1 Sept. 1, 1939 Apr. 29, 1938 New York.... Aug.27, 1937 Aug.27, 1937 Oct. 10, 1935 1 Aug. 25, 1939 Feb. 8, 1934 Philadelphia.. Sept.4, 1937 Sept. 4, 1937 Sept.4, 1937 134 Sept. 1, 1939 Sept. 1, 1939 R C i l c ev h e m la o n n d d A M u a g y .2 1 7 1 , , 1 19 9 3 3 5 7 A M u a g y .2 1 7 1 , , 1 1 9 9 3 3 5 7 S O e c p t t . . 1 1 9 0 , , 1 1 9 9 3 3 5 7 0) J34 S S e e p p t t . . 1 1 , , 1 1 9 9 3 3 9 9 M Fe a b y . 1 1 1 9 , , 1 1 9 93 3 4 5 Atlanta __ Sept.16, 1939 Aug.21, 1937 Aug.21, 1937 1 2 Sept. 16, 1939 Apr. 23, 1938 Chicago. Sept. 1, 1939 Aug.21, 1937 Aug.21, 1937 1 Sept. 1, 1939 Oct. 16, 1933 8t. Louis Sept.21, 1939 Sept.2, 1937 Sept.2, 1937 1 Sept, 16, 1939 Feb. 23, 1935 Minneapolis.. Aug.24, 1937 Aug.24, 1937 Aug.24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept.3, 1937 Sept.3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas Sept.16, 1939 Aug.31, 1937 Aug.31, 1937 1 Sept. 16, 1939 Apr. 16, 1938 Ban Francisco Sept.3, 1937 3, 1937 Sept.17, 1937 134 Sept. 1, 1939 Oct. 19, 1933 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect Sept. 30 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R ff a ec te t i o n n In g e in ff n e i c n t g b — e- Pre ra v t i e ous [Per cent per annum except as indicated by footnote6] Sept. 30 Advances to or in participation with financ- 1-15 days i... Oct. 20, 1933 1 Advances ing institutions 16-30 days .do. 1 direct to Commit- 31-45 days.... _do_. 1 Federal Reserve industrial On por- ments 46-60 days.... .do.. 1 Bank or com- tion for to make 61-90 days _do_. 1 mercial or- which On re- advances 9 1 1 2 - 1 1 - 2 18 0 0 d a d y a s y . s . . . . . . . . d d o o . . . . 1 1 M ganizations i t n io st n i t i u s - p m o a r i t n io i n n g l obligated i i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of Boston 334-6 3 3H M~l 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.. 334-6 234 0) 34-2 rat B e a s c a k p f p ig ly u r t e o s p — u S rc e h e a A se n s n , u if a l a n R y e , p m or a t d e fo b r y 1 9 o 3 th 7 e ( r t a F b e l d e e 4 ra 1 l ) . Reserve Banks. C R l i e c v h e m la o n n d d 33 4 4~ -6 5 (Si 0 ( 0 2 4 ) M 1 - - l 2 Atlanta 4-6 4-6 1-2 MEMBER BANK RESERVE REQUIREMENTS C St h . ic L a o g u o is 334-5 3 3 -6 4 3-6 3 ( - 2 6 ) [Per cent of deposits] Minneapolis __ 3-6 134-2 3-6 1-2 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, D K a a l n l s a a s s City 4 4- - 6 6 3-6 4 4-6 4 «i Classes of deposits 1917- 1936- 1937- 1937- 1938- San Francisco 4-6 4 4-5 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 3-4 1936 1937 1937 1938 after i The Federal Reserve Banks of New York, Philadelphia, Cleveland, On net demand Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, deposits:^ and Dallas may charge same rate as charged borrower by financing On R C C e e o ti s n u m e t n r r e v a t r l e d y r e c e p i s t o e y s rv it e s : city__ 1 1 7 0 3 1 1 1 9 0 5 3 3 4 4 2 17 2^ H 2 2 1 0 6 4 2 1 1 7 2 2 3 ^ 4 in 1 4 8 s t O S O it a n u n m e t e i e p o p e n a e r , s r c r i e f c a n e t l e t o n w l t c e h e s l s a r e s r t g s t h h e a a t d n h n a b r n a o r a t r e r t r e a o c t w h e s a e h c r r o h g w b a ed r y n g . b f e i d 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 i t n i y t a u n t f c i in o in a n g n . ci i n n g s ti i t n u s t t i i o tu n - . All member banks. __ 3 6 5 tio 6 n O w ne i - 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 l es p s e t r h c a e n n t r a ( t s e e c e h n a o rg te e d * ) b • orrower by financing 1 See footnote to table on p. 1012 for explanation of method of com- in • s t M itu in ti i o m n u w m i t c h h a m rg in e i o m n u e m -f ou o r f t h fo u o r f o p n e e r p c e e r n t c e ( n s t e . e note 0puting net demand deposits. MARGIN REQUIREMENTS1 Maximum rates M t A ha X t I M m U a M y b R e A p T a E id S b O y N m T e I m M b E e r D E ba P n O k S s IT a 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 234 Postal savings deposits listed securities, under Regulation T 55 40 Other time deposits pay- For short sales, under Regulation T (3) 50 able in: For loans by banks on stocks, under Regulation U.._ »55 40 6 months or more » 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. ipecified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference be- NOTE.—Maximum rates that may be paid by insured nonmember tween the market value (100%) and the maximum loan value. banks as established by the Federal Deposit Insurance Corporation, »Requirement under Regulation T was the margin "customarily effective February 1, 1936, are the same as those in effect for member required" by the broker. banks. Under Regulation Q the rate payable by a member bank may 1 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. 1006 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 Sept. 24 Sept. 17 Sept. 10 Sept. 3 Aug. 27 Aug. 20 Aug. 13 Aug. 6 Aug. July Aug. Assets Gold certificates on hand I and due from U. S. Treasury _ 20, 362,02920,297, 03220, 297, 03220, 299,03220, 299, 532 20, 299, 532 20, 300, 529 20, 300, 531 20, 299, 030 20, 302, 53218, 606, 300 Redemption fund— F. R. notes , 15, 743 16,386 16, 386 15,146 15,411 16, 229 16, 65: 16, 657 15,146 14,916 11, 398 Other cash 269,462 267,065 262, 666 235,953 274, 705 274,639 279, 984 268,243 256,847 285,154 341, 611 Total reserves 20,647, 23420, 580, 48320, 576, 08420, 550,13120, 589,648 20, 590, 400 20, 597,170 20, 585,43120, 571, 023 20,602, 602 18, 959, 309 Bills discounted: For member banks 11,317 10, 684 13, 405 12, 219 10,180 8,289 9,962 5,389 10, 814 4,682 4,276 For nonmember banks, etc 200 200 200 200 200 200 55 Total bills discounted. 11,517 10, 884 13, 605 12, 419 10, 380 9,962 5,389 11,014 4,682 4,331 Industrial advances _. 9,701 9,681 9,563 9,270 9,448 9,801 9,620 8,518 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, 312, 500 Notes 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820,300 820, 300 1,116, 500 Guaranteed 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,r~ 4,600 4,600 6,600 Total U. S. Government securities, direct and guaranteed. 2,184,100 2,184,100 2,184,100 2,184,100 2,184,000 2,184,000 2,184, 000 2,184,000 2,184,100 2,184,100 2, 435,600 Other Reserve Bank credit outstanding 74,169 111, 796 47,828 34,1 76, 556 69, 995 44,148 32,176 70, 355 94,130 67,123 Total Reserve Bank credit outstanding... 2, 278,750 2, 315, 676 2, 255, 234 2, 241, 078 2, 280, 599 2, 271,970 2, 247, 480 2, 231,113 2, 275, 270 2, 292, 532 2, 515, 572 Liabilities F. R. notes in actual circulation.. 7,164, 250 7,147, 456 7,129, 940 7,117, 836 7,006,926 6, 952,605 6, 906,411 6, 903, 785 7,079, 505 6,857, 075 5, 370, 474 Deposits: Member bank—reserve account... __ 13, 273,08413, 327, 92613,158, 33512, 884, 32312, 997, 65513, 037, 47012, 947, 72412,951,42712, 794, 227 13,155, 45513, 541, 244 U. S. Treasurer—general account 378,956 333, 762 455, 691 708, 465 772, 074 785, 344 919, 425 839, 314 906,190 877, 019 809,827 Foreign.. 1, 111, 359 1,126,450 1,143, 825 1,152, 015 1,152, 699 1, 202,872 1,194, 306 1, 201, 653 1,136, 350 1,145, 009 971,065 Other deposits 744,984 709, 232 698, 933 681, 726 689, 923 631, 830 621, 665 663, f 684, 477 607, 410 545,116 Total deposits. 15, 508, 38315,497, 37015, 456, 78415, 426, 52915, 612, 35115, 657, 516 15, 683,12015, 656, 08215, 521, 24415, 780, 89315, 867, 252 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91.1 90.! 91.1 91.2 91.0 91.1 91.2 91.2 91.0 91.0 ;9.3 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars! Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a 6 th y s s > 1 m t y o o e n ar ths 2 1 y t y 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: Aug. 27 10, 380 7,212 1,481 906 Sept. 3 12, 419 8,223 1,963 957 1,175 Sept. 10 13,605 8,056 3,396 1,095 Sept. 17 .. 10, 884 7,337 1, 507 1,225 161 Sept. 24... ._ 11, 517 8,401 1,342 1,363 287 118 Industrial advances: Aug. 27 9,563 2,202 343 242 1,160 1, 517 1,658 1,543 Sept. 3 _. 9,681 2,366 391 173 1,101 1,498 1,661 1,507 Sept. 10 9,701 2,333 432 166 958 1,177 1,497 1,650 1,488 Sept. 17— . 2,396 376 134 274 1,100 1,526 1,610 1,480 Sept. 24 8,964 2,524 364 176 471 825 1,532 1,603 1,469 U. S. Government securities, direct and guaranteed: Aug. 27 2,184,100 43,000 84,800 238,700 584, 0001, 233, 600 Sept. 3 2,184,100 43, 000 84, 800 238, 700 584,000 1, 233, 600 Sept. 10 '_... _. 2,184,100 43,000 84,800 238, 700 584, 000 1, 233, 600 Sept. 17 2,184,100 43, 000 84.800 66, 200 208, 200 548, 300 1,233, 600 Sept. 24... 2,184,100 43,000 84,800 66,200 208, 200 548, 3001, 233, 600 OCTOBER 1941 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston N Yo e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - l A a t n - ta Chicago Lo S u 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: Aug. 20 20, 299, 532 ,169,938 8, 564I,, 933 ,1, 299, 6291,603,922 707,191 486,914 3,, 334,, 194 542,, 7. 54350,402 484,822 330,5641,424, 269 Aug. 27 20, 299, 532 ,149,147 8, 560, 2001, 298, 2251, 617, 792 712,, 000044 480, 640 3, 369,114 546, 486 348,845 469, 592 329, 4291, 418, 058 Sept. 3 20, 299, 032 ,145, 589 8, 500, 728, 316, 7721,609, 320 731, 4634"9"1 , °8"5~7 3," 3"6 1,962 544,—863060,833 486,724 336,327 1,412, 597 Sept. 10 20, 297, 032 ,151, 761 8, 478, 3111, 295, 4671, 563, 791 753; 079 503, 063 3, 368, 794 546, 406352, 974 492, 027 327, 5261, 463,833 Sept. 17 20, 297, 032 ,165, 291 8,466,882 1'., 285,1212, 562, 934 735, 905 495, 286 3, 428, 338 550,443340, 687 480, 557 330,6841, 454, 903 Sept. 24 20, 362,029 1,186,757 8,482t,, 4—08 ,1 288,1421, 567,634 743, 755 499,933 3, 459, 700 549,414334,198 483,462 329, 7881, 436,838 Redemption Fund—Federal Reserve notes: Aug. 20 16, 229 4,978 1,155 ' 586 548 1,378 949 571 508 754 1,723 Aug. 27 15, 411 4,943 1,021 .,125 530 1,496 519 1,322 937 566 497 747 1,708 Sept. 3 15,146 4,916 903 :,069 975 1,136 491 913 559 487 738 1,690 S S S e e e p p p t t t . . . 1 1 2 0 7 4 1 1 1 6 6 5 , , , 3 3 7 8 4 8 6 3 6 4 4 , , 1 853 1 1 1 , , , 7 7 6 7 7 5 3 3 8 , , 0 0 1 1 5 5 9 9 87 2 2 1 0 0 1 1 1 , , , 7 7 4 7 7 7 5 5 7 4 4 4 6 4 6 4 2 4 L 1 1 , , f 1 2 2 7 1 1 5 8 8 8 9 9 9 0 0 3 2 2 5 5 5 5 2 2 4 4 4 7 7 7 0 8 8 7 7 7 3 3 2 1 1 5 1 1 1 , , , 6 6 6 6 7 7 3 5 5 Other cash: Aug. 20_ 274, 639 20, 725 65,161 17, 923 17, 234 15, 59422, 029 39, 237 17, 052 4,965 12, 234 11, 797 30, 688 Aug. 27 1 274, 705 23, 596 17, 365 18, 350 11, 786 23,603 39, 764 15, 556 5,315 12,635 11, 515 29, 734 Sept. 3 235, 953 21, 770 55, 761 15,169 13, 838 9,765 20, 721 33, 476 13, 366 5,382 11,061 10, 778 24, 866 Sept. 10 262, 666 25, 623 63, 758 18, 782 20, 760 10, 087 20, 458 38, 421 11,712 5,280 12, 289 11,617 23,879 Sept. 17 267,065 27, 219 60, 042 17, 531 17, 425 15, 370 21,186 38, 257 11,015 5,423 11, 935 11, 755 29, 907 Sept. 24 269,462 27, 588 64, 416 16, 407 22, 388 12,989 18, 665 39, 754 11, 575 5,359 12, 360 10, 240 27, 721 Total reserves: Aug. 20 20, 590, 400 195, 641 8, 631,, 249 ,1, 318, 733 ,1 621, 742 724, < 509, 4913, 374, 809 56>0,, 7551355, 938497, 564343,1151, 456, 680 Aug. 27 20, 589, 648 177, 686 8, 626, 7071, 316, 7151 ,1 636, 672 725, 286504, 762 "31.,410, 200 562!,. 9791354, 726482, 724341, 6911,449, 500 Sept. 3 20, 550,131 172, 275 8,557,"" ,333,010 1, 624,133 742, 364513, 069 3!i, 396, 750579,139366, 774498; 272 347, 8431, 439,153 Sept. 10 20, 576, 084 182, 267 8, 543, 842 ,1, 315, 2641 ,1 585, 471 764, 941523, 985 3", 408, 433 55>9,0,20358, 806504, 794339, 8741, 489, 387 Sept. 17 20, 580, 483 197, 393 8, 528, 6971, 303, 668' 1 ," "58,1279 753, 050516, 936 "35,, 446677',, 813 562, 363046, 662 449922,, ~9~70~343,170 I, 486, 485 Sept. 24 20,647, 234 219,198 8, 548,4821, 305, 5171, 590,893 758, 221519,040 3>,, 500, 629 561 340,105496,292 340, 7531,466, 222 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Aug. 20 2,187 1,420 195 100 175 47 130 Aug. 27. 2,407 1,695 78 100 185 27 144 50 Sept. 3 2,197 1,670 58 100 35 27 154 50 Sept. 10 2,001 1,640 8 100 33 125 50 Sept. 17 1,610 1,240 8 100 33 10 89 50 Sept. 24 1,920 1,415 155 100 33 10 127 Other bills discounted: Aug. 20 6,102 5, 415 16 22 50 46 407 10 Aug. 27 7, 973 7,107 34 40 56 64 482 15 Sept. 3 10, 222 9,297 26 37 56 86 542 15 Sept. 10 11, 604 10, 639 19 40 9 56 99 575 15 Sept. 17 9,274 8,130 19 56 46 159 162 598 15 Sept. 24 9,597 8,481 19 56 46 109 165 617 15 Total bills discounted: Aug. 20 8,289 6,835 211 122 175 58 97 173 61 537 10 Aug. 27 10, 380 8,802 112 140 194 65 24 83 172 87 65 Sept. 3 . . _ 12,419 10,967 84 137 44 64 24 83 161 94 65 Sept. 10__. 13, 605 12, 279 27 140 64 24 89 109 99 700 65 Sept. 17 ... 10, 9,370 27 156 56 24 192 172 65 Sept. 24 11,517 174 156 56 24 142 175 15 Industrial advances: Aug. 20 9,586 1,297 1,184 3,676 337 819 166 396 463 747 333 168 Aug. 27 9,563 1,297 1,183 3, 735 321 817 165 369 457 721 333 165 Sept. 3... . . 9,681 1,447 1,183 3,725 268 817 161 329 458 831 298 164 Sept. 10 9,701 1,443 1,183 3,705 261 811 161 377 492 816 298 154 Sept. 17 „ 8,896 1,436 1,183 3,698 255 810 161 349 482 81 298 143 Sept. 24 8,964 1, •"" 3,669 247 160 332 466 143 U. S. Government securities, direct and guaranteed: Bonds: Aug. 20 1, 363, 800 99, 286 384,113 107, 301 141, 89J 74, 720 57, 484 166, 999 65, 886 38,477 53, 594 107, 765 Aug. 27 1, 363,800 99, 286 384,113 107, 301 141,89i 74, 720 57, 484 166, 999 65, 886 38,477 66, 280 53, 594 107, 765 Sept. 3 1, 363,800 99, 286 384,113 107, 301 141, 89; 74, 720 57, 484 166, 999 65, 886 38, 477 66, 280 53, 594 107, 765 Sept. 10 1, 363,800 99, 286 384,113 107, 301 141, 89J 74, 720 57, 484 166, 999 38, 477 66, 280 53, 594 107, 765 Sept. 17 1,363,800 99, 286 384,113 107, 301 141,895 74, 720 57, 484 166, 999 65,886 38, 477 66, 280 53, 594 107, 765 Sept. 24 1, 363,800 99, 286 384,113 107, 301 141,895 74, 720 57, 484 166,999 65,886 38,477 66, 280 53, 594 107, 765 Notes: 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 Aug. 27 820, 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 Sept. 3 820, 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 Sept. 10 820, 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 Sept. 17 820, 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 Sept. 24 820,300 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 U. S. Government securities, direct and guaranteed: Aug. 20 2,184,100 159, 005 615,149 171, 842 227, 243 119, 663 92,061 267,44i 105, 51661, 621106,144 85, 829 172, 582 Aug. 27 2,184,100 159, 005 615,149 171, 842 227, 243 119, 663 92, 061 267, 445105, 51661,621106,144 85, 829 172, 582 Sept. 3 2,184,100 159,005 615,149 171,842 227, 243 119, 663 92, 061 267,445 105, 516 61, 621106,144 85,829 172, 582 Sept. 10 2,184,100 159, 005 615,149 171,842 227, 243 119, 663 92, 061 267, 445105, 51661, 621106,144 85,829 172, 582 Sept. 17 2,184,100 159, 005 615,149 171,842 227, 243 119,663 92,061 267, 445105. 51661,621106,144 85,829 172, 582 Sept. 24 2,184,100 159,005 615,149 171,842 227, 243 119, 663 92, 061 267,445 105, 516 61, 621106,144 85,829 172, 582 1008 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - A ssets—C ontinued Total bills and securities: Aug. 20 2, 201, 975 160, 312 623,168 175, 729 227, 702 120, 657 92, 285 267,841105,613 62, 257106,952 172, 760 Aug. 27 2, 204, 043 160, 312 625,134 175,689 227, 704 120,674 92, 291 267,838105, 59962, 250 106, 95286, 788 172,812 Sept. 3 2, 206, 200 160,452 627, 299 175, 651 227,648 120, 524 92, 286 267, 798 105; 59962, 240 107, 06986,823 172,811 Sept. 10 2, 207,406 160,448 628, 611 175, 574 227, 644 120,483 92, 286 267,846 105, 60562, 222 107, 05986,827 172,801 Sept. 7 2, 203, 880 160, 441 625, 702 175, 567 227, 654 120, 519 92, 278 267,818 105, 70862,192106,397 86,814 172, 790 Sept. 24 2, 204, 581 160, 672 626,128 175,685 227, 646 120, 51292, 277 267,801 105,658 62,176106,415 86,871 172, 740 Due from foreign banks: Aug. 20 47 18 5 4 2 2 1 4 Aug. 27 47 18 5 4 2 2 1 4 Sept. 3 4; 18 5 4 2 2 1 4 Sept. 10 4' 18 5 4 2 2 1 4 Sept. 17 47 18 5 4 2 2 1 4 Sept. 24 47 18 5 4 2 2 1 4 Federal Reserve notes of other banks: 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 Aug. 27 34, 235 1,218 3,278 1,906 1,574 11,106 2,461 2,866 2,259 1,085 2,926 435 3,121 Sept. 3 _. 37, 002 1,176 5,308 1,429 1, 695 10,950 2,648 3,016 2,321 i,r~ 2, 713 710 3,043 S S S e e e p p p t t t . . . 2 1 1 4 7 0.. 3 4 3 8 9 1 , , , 9 9 4 0 1 2 0 1 2 1 1 1 , , , 1 2 6 8 0 2 4 2 5 3 3 2 , , , 6 9 9 1 5 7 9 9 4 1 1 1 , , , 5 4 4 1 1 0 8 7 5 2 1 1 , , , 2 9 1 1 6 4 1 1 1 2 4 4 , , , 9 2 5 8 3 7 5 5 5 2 2 3, , , 3 5 3 1 7 3 9 9 4 2 2 3 , , ,1 6 5 1 1 3 4 3 4 2 2 2 , , , 3 4 8 0 0 6 4 6 5 1 1 , , 0 8 4 4 2 3 8 5 5 4 3 3, , , 6 3 3 1 9 7 1 3 4 8 8 6 5 2 5 7 5 8 4 4 3 , , , 1 3 8 4 7 0 5 5 5 Uncollected items: Aug. 20 988, 793 102, 876 234, 610 73, 413 113, 504 79, 367 36,142 140, 426 27, Oil 41, 090 33, 932 57, 059 Aug. 27 954, 428 93, 657 244, 049 64, 001 118,852 77, 093 34, 235 136,134 46, 570 25,453 36, 697 28, 024 49, 663 Sept. 3... 933, 518 78, 194, 944 57, 345 120, 712 89, 330 43, 680 133,147 56, 054 25, 642 43, 749 36, 598 53, 319 Sept. 10___ 897, 321 84, 505 197, 714 60, 274 109, 030 79, 443 38,197 127, 667 54, 820 25, 53840, 244 34, 959 44, 930 Sept. 17 1, 296, 599 123, 992 293, 696 83, 497 164,100 108. 616 51, 571 198, 266 70, 523 30, 848 49, 581 44, 348 77, 561 Sept. 24 956, 918 92,096 210, 684 62,182 116,901 83,959 38, 567 137,087 47, 414 26,421 46, 635 36,861 58, 111 Bank premises: Aug. 20 40, 667 2,801 10, 280 4,837 4,488 2,743 1,966 3,001 2,298 1,350 2, 932 174 2,797 Aug. 27 40, 641 2,801 10, 280 4,827 4,488 2, 740 1,963 2,997 2,298 1,350 2,932 174 2,791 Sept. 3 40, 588 2,796 10, 262 4,827 4,488 2, 740 1,963 2,997 2,294 2,916 166 2,791 Sept. 10 40, 644 2,796 10, 262 4,856 4,488 2, 766 1,963 2,997 2, 295 1*348 2,916 166 2,791 Sept. 17.. 40, 662 2,796 10, 262 4,856 4, "" 2,784 1,963 2,! 2, 295 1,348 2,916 166 2,791 Sept. 24 40, 781 2,796 10,401 4,856 4,476 2,784 1,962 2,997 2,294 1,348 2,916 166 2,785 Other assets: Aug. 20 49, 359 3,354 13,161 4,177 5,548 2, 947 2,070 5,776 2,304 1,431 2,332 4,282 Aug. 27 50, 220 3,404 13, 50i 4,235 5,641 3,012 2,102 5,849 2,329 1,446 2, 373 4, 326 Sept. 3. 51, 364 3,498 13, 727 4,310 5,762 3,044 2,168 6,036 2,389 1,481 2,469 2,005 4,475 Sept. 10... 55,195 3,579 14,132 7,327 5,854 3,131 2,15, 6,061 2,404 1,502 2,500 2,027 4,523 Sept. 17 42, 369 2,851 11, 262 3,571 4,830 2,570 1,773 4,902 1,933 1,232 2,016 1,667 3,762 Sept. 24 43,221 2,916 11, 694 3,600 4,854 2,598 1,811 4,963 1,973 1,251 2,035 1,710 3,816 Total assets: Aug. 20 23, 904, 5461, 466,1189, 514, 7971, 578,8211,975, 302 940, 212644, 490 3, 794, 524 722, 334 448, 776 653, 950 467.1,697, 574 Aug. 27 23, 873, 2621, 439, 0819, 522, 9711, 567, 3781,994, 935 939,913 63"'17, 816 3,825,890• 7 -2,2-,-03-5 446-,, 3-1 0 634,, .60-54 6J0",~1111,682,217 Sept. 3 23,818, 8501, 419,1989,408, 9501, 576, 5771,984,442 968,954 655,816 3,809, 707727, 797 459,478 657,189 475,1461, 675, 596 Sept. 10.. 23,815, 6081,434, 7829, 398,1981, 564, 8181, 934, 707 1,751 661,.1 67 3,. 81.6,124 727," •0"1 0 449.851860,907 465,7121, 718, 581 Sept. 17.. 24, 205,9401, 489,1019, 473, 6111, 572, 5691, 984, 3411,002,116 666,857 3,944,415 745,124 443, 330658, 255 478, 0231, 748,198 Sept. 24 23, 932,2041, 9,410, 3661, 553, 2621, 982,311656, 978 3,916,017721,628 433,126 657,905 467,9871,707,053 Liabilities Federal Reserve notes in actual circulation: Aug. 20.__ 6, 952, 605 578, 592 1, 820, 200 484, 632 660,438 337, 686 2;2299,, 5541, 486,813 258, 705 175, 567 233,091309, 577, 717 Aug. 27 7, 006,926 586, 418 1, 832, 555 487,849 669, 507 344, 029 23"01,,1581,492,5612.5.8.,,8.2_9. 177.,,44 8232., 9,3.3_. 110,593584,046 Sept. 3... 7,117,836 595,136 1,858,150 495,115 676, 726 352. 741237, 4981, 507, 956265, 266 180, 359 236, 713 114, 958597, 218 Sept. 10 _ 7,129, 940 594, 234 1,851,446 498, 420 679,436 358,093 235, 5481, 513,129265, 594180,950 236,852 113,556 602, 682 Sept. 17... . 7,147, 456 593, 288 1,859, 559 499, 550 680,888 629 235', 762 1, 515, 49'6\ 2701'2,0182, 327237, 410113, 421 599,006 Sept. 24 7,164, 250 595,142 1,859, 748 500,994 363, 393236, 6791, 518, 673 2714,4,51182, 501237,719 114,849 597,234 Deposits: Member bank—reserve account: Aug. 20 13,037,470 650, 391 6,113, 003 787, 523 416, 263284,8671, 892,612 327,620 165, 902 296, 743 242,117 891,884 Aug. 27 . . 12, 997,651 634, 729 6,101, 787 791, 923 427, 896285, 7651,868,044 328,, 002233 116655,,930 293, 815 243, 284 887, 657 Sept. 3_._ . 12, 884, 323 630, 932 6,048, 717 783, 759 937, 599 439, 098 294, 2841,842,115566 332222, ,8 84499 16186,8 ,790 297, 320 251, 300 867, 519 Sept. 10 13,158, 335 661, 072 6, 111, 714 798, 448 934,134 449, 649 306, 24'1, 935, 360 326, 70167 21, 7327,5 3 73;10, 413 250, 400 901, 817 Sept. 17 13. 327, 926 676, 430 6,138, 594 801, 763 974, 332 439,687 3"0"4•, '4-64 2,024, 505 324, 313171,702 300,633 252,677 918,826 Sept. 24 13, 273, 084 683, 052 6,098, 591 804,086 969, 579 455,318298,814 2,024,640 319,164167, 514 299,065 254,664 898, 597 U. S. Treasurer—general account: 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 Aug. 27.. 772, 074 46, 656 247, 317 61, 058 83, 733 23, 505 27, 779 117, 650 35, 471 40,942 24, f 33, 849 29, 224 Sept. 3... 708, 465 31, 240 187, 86r 82,174 90, 403 20, 703 25,174 100, 881 31, 414 46, 392 37, 007 29, 636 25, 579 Sept. 10 455, 691 14, 991 95, 83. 47,100 49, 724 26,017 22, 857 52, 989 27,072 34, 693 27,402 23,941 33,070 Sept. 17 333, 762 25, 406 56, 765 24,098 15, 788 28, 260 15,810 35, 429 33,416 23,010 24, 993 24, 681 26,106 Sept. 24 378, 956 30, 756 82, 255 32, 262 24,074 18,473 23,894 42,060 21, 327 27,821 20, 762 27, 224 Foreign: 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 Aug. 27 1,152, 699 53, 001 451, 237 109, 773 104,115 48, 662 39, 609 135, 802 33,950 24, 897 32,819 32,819 86, 015 Sept. 3 1,152, 015 55, 489 445, 793 110,155 104, 477 48, 832 39, 74: 136, 274 34, 069 24, 984 32, 933 32, 933 86, 329 Sept. 10. 1,143,825 54, 626 447, 249 108, 669 103, 067 48,173 39, 210 134, 436 33, 609 24,647 32, 489 32, 489 85,161 Sept. 17 1,126, 450 52, 048 440,39; 107, 320 101, 788 47, 575 38, 724 132, 767 33,192 24, 341 32,085 32,085 84,130 Sept. 24 1, 111, 359 52, 471 434, 402 105, 712 100,263 46, 862 38,144 130,778 32,694 23,976 31,605 31,605 82,847 Other deposits: Aug. 20 631, 830 11, 306 509, 995 23, 070 27,108 4,832 8,046 5,001 7,622 5, 2,311 1,664 24, 986 Aug. 27. 689, 923 10, 300 577, 562 16, 283 26, 684 5,093 9,202 4,458 7,250 5,882 2,341 1, r • 23, 782 Sept. 3 681, 726 7,295 568, 998 14,824 27, 734 6,621 7,813 5,465 8,008 5,710 2,407 760 26,091 Sept. 10 698, 933 7,575 585, 673 15, 796 27, 753 6,527 7,335 5,444 8,259 5,742 2, 445 633 25, 751 Sept. 17 709, 232 6,404 595, 809 16, 450 27, 510 6,096 7, r" " 4,995 8,398 5, 830 2,611 730 26, 509 Sept. 24 744, 984 7,313 624, 012 14, 265 28, 623 7,401 9,422 5,073 8,602 6,315 5,942 702 27, 314 *Less than $500. OCTOBER 1941 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Phila- Min- Kan- San Total Boston New del- Cleve- Rich- At- Chicago St. neap- sas Dallas Fran- York phia land mond lanta Louis olis City cisco Liabilities—Continued Total deposits: Aug. 20 15,657, 516 771,135 7, 362, 577 986,4441,172, 588 509,368 2,118, 482 402,106 241,178 369, 940 314,6211,041,667 Aug. 27 15, 612, 351 744, 686 7, 377, 903 979, 03:1,183, 334 505,156 362^ 355 "2!,, 125, 954 404, 694 237, 635531, 865311,0381, 026, 678 Sept. 3 15, 426, 529 724, 956 7, 251, 370 990, 9121,160, 213 515, 254 2, 084, 776 396, 340 245,876 314, , 005, 518 Sept. 10 15, 456, 784 738, 264 7, 240, 471 970, 0131,114, 678 530, 366 375^ 6492,128, 229 395, 646 237, 457372, 749 307, 4631,045, 799 Sept. 17 15,497,370 760, 288 7, 231, 563 949, 6311,119,418 521,618 2,197, 696 399, 319 224,883 3610,,322310,1"7"3 1, 055, 571 Sept. 24 15, 508,383 773,592 7, 239, 260 956, 3251,122, 539 528,054370, 2742, 202, 551 388, 508 2191,32 364,433307,733 1, 035, 982 Deferred availability items: 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 Aug. 27 877,919 82,029 183,027 65, 654 107, 236 74, 361 31, 549 159, 305 46, 532 21, 388 36, 340 26, 861 43, 637 Sept. 3 73,170 170, 017 55, 749 112, 673 84, 622 37, 554 168, 961 54, 216 23, 425 39, 359 33, 953 44,988 Sept. 10 849, 540 76, 324 176, 648 58,607 105, 692 78, 930 36, 204 126, 676 53, 761 21,612 39, 832 33, 071 42,183 Sept. 17 1,184, 850 109, 523 252, 859 88, 563 149,147 103, 510 50, 448 183,165 63, 687 26, 309 49, 081 42, 808 65, 750 Sept. 24 882, 796 84,138 181, 549 61,114 106, 359 74, 451 36, 238 146, 657 46, 649 21, 666 44, 279 33, 763 45, 933 Other liabilities, including accrued dividends: Aug. 20 2,931 319 258 275 304 372 114 102 135 133 134 Aug. 27 3,315 338 794 307 353 334 105 371 130 121 150 157 155 Sept. 3 3,080 356 758 276 292 320 96 299 119 120 134 135 175 Sept. 10 6, 558 368 941 3,253 368 340 113 381 137 133 150 149 225 Sept. 17 3,473 408 912 299 363 325 106 348 123 120 146 139 184 Sept. 24 3,950 401 350 397 370 128 431 140 130 155 158 222 Total liabilities: Aug. 20 23, 531,897 1,440, 515 9, 386,1221, 544, 2881, 940, 874 924,170 630,8443, 746, 819 710, 490 439,076342, 653456,1881, 669,861 Aug. 27 23, 500, 5111,413,471 9,394, 2791, 532,8471,960,430 923, 880 624,1673,778,191 710', 185 436^ 608 623, 288 448,649 1, 654, 516 Sept. 3 23, 446,132 1, 393,6189, 280, 2951, 542,052 .1, 949,904952937 642,166 3, 761,9927 71155,,994411 449, 780 645, 873 463, 675 1, 647,899 S S e e p p t t . . 1 17 0 ... 2 2 3 3 , , 8 4 3 4 3 2 , , 1 8 4 2 9 2 1 1 , , 4 4 6 0 3 9 , , 1 5 9 0 0 7 9 9 , , 2 6 3 9 4 , 4, 5 8 0 9 6 3 1 1. , , 5 3 5 8 3 , 0 , 0 4 2 3 91 1 3, , 9 9 0 4 0 9 , , 1 8 7 1 4 6 9 96 8 7 6 , , ' 0 7 8 2 2 9 6 " 5 6• 3 4 7 , , • 2 '5 0 1 4 4 3 3 , , 7 6 8 8 9 , 6 4 , 1 7 5 0 5 7 1 7 5 3 , 3 1" , 3~ 8 2 4 4 9 4 0 4 , 33 1 , 5 2 6 3 6 9 49 6 , 4 5 6 8 , 3 9 5 4 9 5 4 4 , 6 6 2 , 3 9 5 4 1 1 , 1 6 , 9 0 7 , 2 8 0 8 , 9 511 Sept. 24 23, 559,379 1,453,273 9,281, 62~5 1"., 518, 78,3 9112,162 966,268 643, 319 3,868,312 709, 748 423,429 646, 586 456, 503 1, 679,371 Capital Accounts Capital paid in: Aug. 20 140,868 9,351 51, 691 11,913 14, 526 5,537 4,838 15, 069 4,: 3,002 4,545 4,285 11, 763 Aug. 27 140, 942 9,351 51, 687 11,910 14, 602 5, 538 4,840 15, 068 4,348 3,002 4,548 4,285 11, 763 Sept. 3 140, 970 9,351 51, 698 11,907 14, 603 5, 538 4,840 15, 083 4,348 3,002 4,550 4,286 11, 764 Sept. 10... 141,015 9,361 51,711 11, 907 14, 602 5,539 4,841 15, 086 4,362 3,004 4,550 4,288 11, 764 Sept. 17 ... 141,045 9,361 51, 724 11, 908 14, 599 5,542 4, 843 15, 087 4,367 3,004 4,550 4,296 11, 764 Sept. 24 141,013 9,361 51, 725 11,860 14, 599 5,548 4,847 15,091 4,368 3,004 4,550 4,296 11, 764 Surplus (section 7): Aug. 20 '__.. 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. 27 157, 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 Sept. 3 157, 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 Sept. 10 157, 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 Sept. 17 157, 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 Sept. 24 157, 065 10, 906 56,447 15,144 14, 323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10, 785 Surplus (section 13b) : 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 Aug. 27 26, 785 2,874 7,070 4, " 1,007 3,244 713 1,429 533 1,000 1,:" 1,263 2,121 Sept. 3 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 21,21 Sept. 10.... 26, 785 2,874 7,070 V 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Sept. 17 26, 785 2,874 7,070 4,393 1,007 3.244 713 1,429 533 1,000 1,138 1,263 2,121 Sept. 24 26, 785 2,874 7,070 4, 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Other capital accounts: Aug. 20 47, 931 2,472 13, 467 3,083 4,572 2,014 2,370 8,383 2,038 2, 549 2,001 I,1 3,044 A S S S e e e u p p p g t t t . . . . 2 1 3 1 7 7 0 ... 4 4 4 4 7 7 7 7 , , , ,8 8 9 9 9 9 2 5 8 6 1 9 2 2 2 2 , , , , 4 4 4 4 7 4 5 5 9 9 3 1 1 1 1 1 3 3 3 3 , , , , 4 4 4 4 4 8 6 7 0 8 4 7 3 3 3 3 , , , , 0 0 0 0 8 8 8 8 1 1 1 4 4 4 4 4 , , , , 5 6 5 6 9 0 7 0 6 1 3 5 2 2 I 1 , , , . 0 1 0 9 0 0 9 1 4 2 2 2 2 2 , , , , 3 3 3 3 7 7 7 7 2 4 2 1 8 8 8 8 , , , , 3 3 3 3 7 7 7 7 0 8 0 9 2 2 2 2 , , , , 0 0 0 0 4 5 5 5 4 0 2 0 2 2 2 2, , , , 5 5 5 5 4 4 4 3 4 8 3 5 2 2 2 1 , , , , 0 0 0 9 1 2 1 9 8 3 5 5 1 1 1 1, , , , 9 9 9 9 4 4 4 4 9 0 8 8 3 3 3 3 , , , , 0 0 0 0 1 3 2 2 7 2 7 2 Sept. 24 47, 962 2,469 13, 499 3,082 4,597 2,004 2,374 8,361 2,054 2,541 2,018 1,951 3,012 Total liabilities and capital accounts: Aug. 20 23, 904, 5461, 466,1189, 514,797 1, 578,8211, 975, 302 940, 212 644, 490 3, 794, 524 722, 334 448, 776 653, 950', 644687,1, 697, 574 Aug. 27 23, 873, 262 1, 439, 0819, 522, 9711, 567,3 7387 811, 994, 935 939, 913 637, "•- "82,5, 890 722, 035 446, 310 634", ~ 6'05460, 1111, 682, 217 Sept. 3 23,818, 8501, 419,1989,408, 95"0 11, 576,5 757771, 984, 442 968. 954 655, 816 38,09, 707727, 797459, 478 657,189475,146 11, 675, 596 Sept. 10... _ 23, 815, 608 1,434, 782 1, 564, 8181, 934, 707 983. 751661,167 3,816,124727, 010 449, 851660, 907 465; 712 1, 718, 581 Sept. 17 24, 205, 940 1, 489,1019,473,611 1, 572, 5691, 984, 3411, 002,116 666, 857 3, 944, 415745,124 443, 330 665588,, 255 478, 0231, 748,198 Sept. 24 23, 932,204 1,478, 883 9, 410,366 11, 553,2 6226 211, 946, 688 982, 311656,978 3,916,017721, 628 433,126 657, 905467, 9871, 707, 053 Commitments to make industrial advances: Aug. 20 13, 080 1,214 1,524 2,111 1,267 771 899 252 706 672 105 3, 530 Aug. 27 12, 930 1,214 1,524 2,050 1,259 771 899 252 713 697 105 3,418 Sept. 3 12, 872 1,064 524 2,066 1, 246 766 899 1,500 722 587 69 3,401 Sept. 10 12, 995 1,061 517 2,081 1,246 748 1,049 1,600 705 602 23 3,335 Sept. 17 11,487 1,061 516 2,094 1,242 741 1,044 669 705 37 23 3,327 Sept. 24 12, 586 810 516 2,122 1,190 742 1,044 635 1,501 23 3,315 1010 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date (last Wednesday of Ap re p c li e c i a v t e i d ons Ap c p o l n ic s a id ti e o r n a s t i u on nder A a p p p p li r c o a v t e io d ns Advances C m om en m ts it- A b p u p t r o n v o e t d e o x r p w ir i e th d - , P pa a t r i t o ic n i s each month) standing1 sta o n u d t i - ng pl c e o t m ed - » dr a a p w p n li - by sta o n u d t i - ng3 Number Amount Number Amount Number Amount (amount) (amount) (amount) cant, etc. (amount) (amount) 1934—Dec. 26.. 4,386 146, 972 71 2,955 984 49,634 13, 589 8,225 20,966 5,558 1,296 1935—June 26.. 6,325 237, 581 68 11,349 1,646 88, 778 27, 518 20, 579 11,248 24,900 4,533 Dec. 31 * 7,437 293,084 28 2,823 1,993 124,493 32,493 27, 649 11, 548 44,025 8,778 1936—June 24.. 8,006 314,471 12 1,880 2,183 133, 343 30, 484 24,454 9,381 61,425 7,599 Dec. 30.. 8,247 328,998 5 1, 245 2,280 139,829 25, 526 20,959 8,226 77,910 7,208 1937—Mar. 31. 8,344 333,300 9 1,322 2,323 141, 545 23,059 18, 611 7,898 85,210 6,767 June 30.. 8,430 339,509 10 1,263 2,361 145, 758 23,019 16,331 1,470 97, 663 7,275 Sept. 29. 8,474 341,842 1 800 2,381 146, 724 21,415 14,880 537 102, 588 7,304 Dec. 29.. 8, 534 350,551 7 550 2,406 150,987 20,216 12, 780 3,369 107,384 7,238 1938-Mar. 30. 8,708 358,936 19 1,299 2,464 154,918 19, 371 13,110 3,419 111, 193 7,825 June 29.. 8, 976 369, 853 8 476 2, 566 161,158 18,444 13, 649 3,084 117, 555 8,426 Sept. 28. 9,102 378,974 8 146 2,617 L68,380 17, 567 13, 597 5,737 122,447 9,032 Dec. 28.. 9,188 387, 490 5 247 2,653 175,013 17, 345 14,161 1,946 128,839 12, 722 1939-Mar. 29. 9,249 392, 230 14 344 2, 683 177,895 15, 798 12, 647 1,975 135,004 12, 471 June 28.. 9,308 395,499 5 255 2,721 179,778 15, 255 11,175 2,067 139, 281 12,000 Sept. 27. 9,366 402, 305 2 370 2.752 185, 234 14,454 10,517 1,938 146,156 12,169 Dec. 27.. 9,418 405, 225 2 41 2,781 188, 222 13, 683 9,220 2,659 151,679 10, 981 1940-Jan. 31._ 9, 433 406,097 2 76 2,793 188, 879 12, 860 8,376 2,504 154,629 10,510 Feb. 28- 9,456 407, 392 4 32 2,805 190,055 12,997 8,966 1,454 155, 574 11,064 Mar. 27. 9,476 410,192 7 199 2, 814 192, 665 12, 723 8,224 2,471 158,110 11,137 Apr. 24.. 9,487 411,628 4 118 2,825 194, 096 12,001 8,725 2,264 159, 950 11,156 May 29. 9,504 413,178 3 45 2,832 195, 404 11, 242 8,852 2,474 161,491 11, 345 June 26.. 9,512 413, 646 2 33 2,838 195, 739 10,988 8,762 2,195 162, 612 11,182 July 31.. 9,536 415, 599 2 76 2,853 197, 439 10,907 8,582 1,991 164,949 11,010 Aug. 28.. 9,546 416,454 6 444 2,856 197,906 10, 779 8,238 2,095 165, 865 10,929 Sept. 25. 9,556 417, 260 1 10 2,865 198, 966 10,778 8,078 2,315 167,046 10, 749 Oct. 30.. 9,573 420, 837 4 740 2. 875 201, 750 10, 484 7,351 4,260 169, 746 9,909 Nov. 27. 9,581 421,139 2 650 2, 883 202,041 9,893 7,106 4,056 171, 394 9,592 Dec. 314. 9,609 431, 236 2 222 2,908 212, 510 9,152 5,226 13, 954 177,792 6,386 1941—Jan. 29 _ 9,633 435, 474 4 1,929 2,923 214,800 9,483 5,207 12, 325 179,021 8,764 Feb. 26.. 9,659 442, 712 1 600 2,945 223, 226 9,451 5,066 20,424 179, 569 8,716 Mar. 26. 9,682 448, 506 3 823 2,959 228, 732 9,526 7,315 19, 986 180,989 10, 916 Apr. 30.. 9,719 444, 985 2 35 2,987 225, 849 9,157 8,464 13,035 183,646 11, 547 May 28.. 9,793 455,868 5 1,725 3,046 234, 714 9,639 12, 342 14,134 186,062 12, 537 June 25 . 9,817 458, 092 2 35 3,067 238, 505 10, 549 13,072 8,090 192, 783 14,011 July 30.. 9,855 471, 035 3 145 3,096 248, 867 10, 761 11,697 11, 626 202, 287 12, 496 Aug. 27.. 9.891 481, 255 2 70 3,120 258,154 10, 359 12, 928 11, 520 208, 279 15,068 Sept. 24. 9,912 498, 017 3 2,220 3,132 267, 606 9,808 13, 551 10, 251 216, 258 17, 738 1 Includes Industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. »Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $751,- 000, Sept. 24, 1941. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS'. ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is n M o e l a i i n s p - - K C s a a i n s ty - Dallas F c S r is a a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent Aug. 27 7, 362, 287611, 4741, 918, 459509,16;692,105364, 560 258, 4111, 532,197 279, 009182, 78'244,076122, 451 647, 593 Sept. 3 7, 442, 406618, 6181, 937, 342515, 016 702, 750" 3"75 ^ "3"7"8258,9981, 540, 579 283, 391685, 407 246, 36S125, 423 653,130 Sept. 10 7, 497, 636526, 4961, 954, 214516, 789 705, 502 382, 831 258^ 8515,547,697 """ ~"187, 054247, 329125, 565 661, 752 Sept. 17 527, 488623, 9471, 951. 107524, 696 10, 432386, 042260, 9571,552,075 187, 706 "21 7,,971924,928 670, 014 Sept. 24 7, 553, 617633,6421, 954,192522,121712, 758 387, 703" "2.6,11411, 553,895 293, 455187,868 247, 908 127, 605 671,329 Held by Federal Reserve Bank: Aug. 27 355, 361 25, 056 85, 904 21, 316|22, 598 20, 531 28, 253 39, 636 20,180 5,339 11,143 11, 858 63, 547 Sept. 3 324, 570 23, 48f 79,192 19, 901126, 024 22, 637 21, 500 32, 623 18,130 5,048 9,656 10, 465 55, 912 Sept. 10 . . 367, 696 32, 26: 102, 768 18, 369 26, 066 24, 738 23, 307 34, 568 17,958 6,104 10, 477 12, 009 59, 070 Sept. 17. 380, 032 30, 659 91, 548 25,146!29, 544 25, 413 25,195 36, 579 17, 485 5, 37910, 569 11, 507 71, 008 Sept. 24 . 389, 367 38, 500 94, 444 21,127 29, 891 24, 310 24, 462 35, 222 19, 004 5,367 10,189 12, 756 74,095 In actual circulation:i Aug. 27 7, 006, 926586,4181, 832, 555187, 849 669, 50:344,029 230,1581, 492, 561 258, 821977, 448 232, 933110, 593584, 046 Sept. 3 7,117,1— 595,1361, 858,150195,11 676, '72 6" 352, 741237,4981, 507, 956 265, "180, 359 236, 713114,958 59"7"!,218 Sept. 10 7,129, 940 594, 2341, 851, 446498, 42C 679, 436 358, 093 235, 5418, 513,129 265, 594180,950 236i,"," "8"52113, 556 602, Sept. 17 7,147, 456593,: 1, 859, 559199, 550 680, 888 3601 629 235, 762 1, 515, 496 270,112802, 327237, 410113,421599,006 Sept. 24 7,164, 250 595,1421, 859, 748500, 994 682, 867 363, 393 236, 679 1, 518, 673 274, 148521, 501237, 719114,849 59"7,,234 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury Aug. 27 :. 7, 490, 000635, 0001, 920, 000520, 000 695,000 385, 000 265, 0001, 560,000 289, 000184, 000 250, 000128, 000 659, 000 Sept. 3 7, 556, 000635, 0001, 940,000120, 000 705, 000 400,000 265,0001, 560,000 299, 000189, 0C00 250,000129, 000 664:,, 0r0~0" Sept. 10 7, 643, 000635, 0001, 960, 000540, 000 710, 000 400, 000 270, 0001, 580,000 299, 000189, 0C00 250; 000 131, 000 679,000 Sept. 17 7, 658, 000635, 0001,960,000 540,, 000 715, 000 400, 000 270,0001,580, 000 299, 000189, 000 2550,000131, 000 689. 000 Sept. 24 7, 690, 000655, 0001, 960,000 540, 000 715, 000 400, 000 217,00,001, 580,000 309, 000189, 000 250, 000 133,000 689,000 Eligible paper: Aug. 27 9,281 10 8,717 93 185 168 81 Sept. 3 11, 253 10,882 64 35 157 Sept. 10 12, 434 12,194 8 105 Sept. 17 9,605 9, 285 8 85 156 Sept. 24 10, 291 9,811 155 38 85 169 Total collateral: Aug. 27 7, 499, 281635, 0101,928, 717520, 093 695, 000 385,185 26»5,,0001, 560,000 289, 184,168 250,081 000 659, 000 Sept. 3 7, 567, 253635,000 1,950,882 520, 064 705, 000 400,035 26,5,,0001, 560,000 299, 189,157250,088 000 664, 000 Sept. 10 7, 655, 434635,000 1,972,194540, 008710, 000 400, 000 2710,,0001, 580,000 299,033189,105 250,094 000 679,000 Sept. 17 7, 667, 605635,000 1, 969, 285540, 008715,000 400,038 2701,,0001, 580, 000 299, 189,085 250,156 000 689, 000 Sept. 24 7,700, 291655,000 1,969,811540,155 715,000 400, 038 2701,,0001, 580,000 309, 189,085 250,169 000 689,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. OCTOBER 1941 1011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, AUGUST, 1941 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Cl a a n s d se s d i o s f tr b ic a t n s ks m G d 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 r a v l n e R s k e s w se it r h ve b m a A b n e e l m k r l s - 1 C N e c e n i w t t r y a l b a re n C s k h e s i rv - 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 k y n s» posits posits 1 Re- Ex- York quired Held Total reserves held: 1940—August. 13,408 6,709 1,154 3,804 1,740 All member banks _. 46, 430 38, 320 12, 513 7,987 13, 004 5,017 September 13,643 6,705 1,234 3,905 1,800 Central reserve city banks: October 14,043 1,279 4,024 "., 851 New York 16, 756 16, 084 3,701 5,600 1,898 November 14,131 6,975 1,218 4,080 L, 858 Chicago 3,527 3,134 738 1,140 403 December 14,049 6,997 1,142 4,096 , 815 1941—January 14, 339 7,135 1,051 4,240 ,913 Reserve city banks: February 13, 996 6,807 1,033 4,258 ,898 Boston district 1,416 1,276 81 227 413 186 March 13, 979 6,924 931 4,197 ,928 New York district 279 216 149 45 62 16 April 13, 600 6,518 966 4,204 ,912 Philadelphia district.. 1,684 1,430 231 262 573 311 May 13, 650 6,243 1,144 4,298 ,965 June 13, 201 5,958 1,144 4,184 ,914 Cleveland district 2,344 1,866 736 363 762 July 13,120 5,875 1,120 4,198 :, 927 Richmond district 1,061 800 238 152 290 138 August 13, 004 5,600 1,140 4,287 ,978 Atlanta district 990 180 130 182 52 Week ending (Friday) 1941—Aug. 8 13, 017 5,702 1,125 4,245 ,946 Chicago district 1,878 1,362 699 273 477 204 Aug. 15 12, 954 5,539 1,145 4,300 ,971 St. Louis district 1,087 832 174 154 244 90 Aug. 22 13,068 5,614 1,150 4,312 ,992 491 369 100 31 Aug. 29 13, 017 5,558 1,151 4,313 ,996 Minneapolis district- Sept. 5 12, 844 5,462 1,122 4,236 2,023 1,244 831 156 153 219 Sept. 12 13,136 5,563 1,169 4,326 2,078 Kansas City district... 922 588 134 110 156 46 Sept. 19 13, 328 5, 602 1,239 4,382 2,105 Dallas district 2,961 2,410 2,039 524 285 Excess reserves: 1940—August 6,407 3,344 499 1,748 816 San Francisco district. 16, 356 12, 671 2,462 4, 287 1,824 September 6,582 3,324 570 1,821 866 October.._ 6,864 3,465 610 1,888 902 Total November 6,830 3,493 546 1,895 897 1,168 849 568 130 242 111 December 6,646 3,443 476 1,887 840 Country banks: 1, 743 1,284 1,476 228 454 226 1941—January 6,832 3,505 381 2,016 930 N A B R C C Ph o h i l e t e c l i w i s a l v c h t a n o a e m d Y g n t l a a e o o o n l d n d r p d d i d k i h s i s s t d i d d t r a tr i i r i i s i c s s ic d t c t t t r t r r t i i i i s c c c t t t t rict.. 1,1 8 8 7 6 9 4 4 7 9 1 4 1 3 3 4 4 7 5 5 4 2 4 4 6 0 6 7 6 2 8 7 3 2 5 5 4 9 4 2 1 1 1 1 1 6 3 7 0 1 4 2 2 3 2 2 2 1 1 1 5 0 0 9 3 2 8 4 6 2 1 9 4 6 2 4 0 0 0 J J M A M A F u u e u p a a l n b y g r y r e i r c u l u h s a t ry 6 6 5 5 5 5 5 , , , , , , , 1 0 8 3 3 4 8 1 9 3 5 0 2 8 7 3 1 1 4 2 3 2 2 3 2 3 2 1 , , , , , , , 5 1 8 1 2 8 2 9 1 5 6 3 1 0 8 4 0 6 8 2 3 4 2 4 3 4 3 2 3 0 8 2 9 4 5 4 3 8 4 5 7 2 2 1 1 1 1 1 1 , , , , , , , 9 8 7 9 8 0 8 4 2 8 2 8 2 0 9 0 9 3 5 4 4 9 9 8 8 8 9 8 9 3 0 6 7 2 9 1 3 6 6 0 7 2 St. Louis district 501 311 258 50 83 33 Week ending (Friday) Minneapolis district... 246 281 44 70 27 1941—Aug. 8 5,052 1,992 390 1,804 867 Aug. 15 5,004 1,863 407 1,841 892 Kansas City district... 550 337 161 49 75 27 Aug. 22 5, 069 1,916 411 1,841 900 Dallas district 646 402 105 54 92 38 Aug. 29 4,988 1,842 413 1,829 904 San Francisco district. 449 281 49 70 21 Sept. 5 4,820 1,749 386 1,763 922 Sept. 12 5,066 1,832 431 1,831 973 Total- 9,792 6,432 6,277 1,086 1,978 892 Sept. 19 P5, 239 1,876 494 1,870 999 1 Gross demand deposits minus demand balances with domestic banks p Preliminary (except private banks and American branches of foreign banks) and i Weekly figures of excess reserves of all member banks and of country cash items in process of collection. banks are estimates. NOTE.—See table on p. 1006 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 Vll member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Aug. July Aug. July Aug. July Aug. July Aug. July Aug. July Boston 2,584 2,586 649 645 2,426 2,435 527 524 158 150 122 121 New York 18, 777 18, 913 2,473 2,441 i 1, 651 i 1, 609 11,111 11,100 37* 357 514 510 Philadelphia 2,528 2,410 1,117 1,117 2,224 2,112 653 654 304 298 464 463 Cleveland 3,184 3,147 1,476 1,471 2,867 2,838 1,131 1,127 317 309 345 344 Richmond 1,834 1,799 629 626 1,602 1,574 427 425 232 224 202 201 Atlanta 1, 683 1,673 432 434 1,521 1,511 348 349 162 162 84 85 Chicago _ _ _ . . 6,596 6,557 2,044 2,041 1 2, 628 i 2, 618 i 1,213 i 1, 207 441 430 339 336 St. Louis 1,587 1, 574 431 432 1,295 1,289 306 306 292 286 126 126 Minneapolis 885 871 363 363 701 690 197 197 184 181 167 166 Kansas City 1,794 1,751 317 317 1,419 1,390 206 207 375 361 111 110 Dallas.. 1,567 1, 555 239 239 1,220 1,207 193 193 348 348 46 47 San Francisco. _ 3,410 3,322 2,343 2,348 3,271 3,188 2,241 2,247 139 134 102 101 Total 46, 430 46,157 12, 513 12,474 122,825 i 22, 461 18,550 i 8, 535 3,322 3,240 2,624 2,611 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 1012 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s S c c e il a r v t t i e e f s r i- o T n f u r o e 1 r t y a 8 e 9 s s - 0 S s u c i i a b l o v r s i y n e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F B n e e o d s a e t e n e r r k s v a e l t n b i N o o a n t n a e - a k s l 1940— July 7,883 66 46 1,565 1 386 172 249 5,212 22 164 August 8,059 66 47 1,605 1 389 174 258 5,334 22 162 September 8,151 66 48 1,615 1 394 177 259 5,409 22 161 October.._ 8,300 65 48 1,620 1 400 180 264 5,541 22 160 November 8,522 65 49 1,658 1 407 183 275 5,705 21 159 December 8,732 65 50 1,667 1 412 185 290 5,883 21 157 1941—January . 8 593 64 50 1,595 1 403 183 278 5,842 21 156 February 8,781 64 50 1,635 1 406 184 278 5,985 21 155 March 8 924 64 51 1,651 1 413 186 277 6,106 21 154 April 9,071 63 51 1,654 1 418 189 274 6,247 21 153 May 9,357 63 52 1,697 1 426 191 286 6,468 20 152 June 9 612 63 53 1,714 1 434 194 300 6,684 20 150 July 9,732 63 54 1,691 1 438 196 307 6,813 20 149 August 9, 995 62 55 1,723 1 445 199 313 7,027 20 148 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] i T n o c t i a r l - Coin and small denomination currency 2 Large denomination currency2 Un- End of month cula- assorttion i ed « Total Coin $13 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1940—July 7,883 5,599 604 544 1,013 1,798 1,605 2,286 489 1,025 211 486 August _ 8,059 5,748 611 556 1,044 1,858 1,644 2,313 495 1,035 213 493 September. 8,151 5,814 618 566 1,055 1,876 1,663 2,340 503 1,048 216 496 October 8,300 5,911 627 575 1,068 1,908 1,696 2,392 512 1,071 223 508 November. 8,522 639 591 1,107 1,977 1,748 2,426 523 1,089 225 512 December 8,732 6,247 648 610 1,129 2,021 1,800 2,489 538 1,112 227 523 1941—January 6,094 635 577 1,091 1,973 1,781 2,502 540 1,126 230 530 February 8,781 6,243 641 582 1,116 2,041 1,826 2,541 551 1,144 232 535 March 8,924 6,342 650 590 1,132 2,074 1,858 2,583 560 1,163 238 543 April 9,071 6,430 658 595 1,135 2,112 1,892 2,642 573 1,197 241 550 May 9,357 6,683 615 1,176 2,211 1,972 2,675 587 1,218 242 546 June 9,612 6,890 625 1,207 2,289 2,047 2,725 607 1,244 244 548 July... 9,732 6,992 626 1,215 2,334 2,090 2,742 615 1,257 244 544 August 9,995 7,237 700 641 1,257 2,430 2,169 2,760 630 1,274 244 543 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 lHeld by Treasury and Federal Reserve Banks and in circulation. In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s l b i a i o i o l l n l u v v n la d l e e - r i r r s s S c i i s a l o u i v d r i b e y 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 d s B n s F e R e o a e r r e d t n a v - e - l k e s t n b i N o o a a n t n - e a k s l 1937 Year or month m E S e u n h r t i 2 o p s 1 p - t e o 5 R E e f u r c r o e 4 o m i 7 p p . t e 6 s m s N h e i e n p t t - s re N ce e ip t 26 ts .1 1938 33.1 34.4 1.3 1939 110.2 9.8 100.3 1940—July 3,024 1,909 404 175 347 23 167 1940 17 7 .7 17.0 August 3,036 1,915 409 178 347 23 164 September. 3,044 1,920 411 181 347 22 163 1940—August .3 0) .3 October 3,059 1,931 415 183 347 22 162 September... .1 (1) .1 November. 3,072 1,937 419 187 347 22 160 October .1 .1 .1 December.. 3,087 1,945 425 189 347 22 159 November .1 .2 .1 i 1941— F J e a b n r u u ar a y ry... 3 3, , 1 0 0 9 2 7 1 1 , , 9 9 5 5 9 3 4 42 2 8 7 1 1 9 9 2 1 3 3 4 4 7 7 2 2 1 2 1 15 5 6 8 1941—January .2 .1 c) March 3,109 1,965 429 193 347 21 155 February . l .1 April 3,122 1,971 434 194 347 21 154 March (l) (i) May 3,134 1,977 440 196 347 21 153 April .1 (l) .1 June 3,149 1,983 447 199 347 21 152 May 0) (l) July 3,166 1,991 455 202 347 20 151 June M 0) August 3,181 1,998 462 204 347 20 150 July 0) (0 August C1) i Includes silver held against silver certificates amounting to $1,931,- 000,000 on Aug. 30, 1941 and $1,840,000,000 on July 31, 1940. i Less than $50,000. Back figures.—See Annual Iteport for 1937 (table38). Description.—See BULLETINfor Januaiy 1932, pp.7-8. OCTOBER 1941 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] [In thousands of dollars] Ear- 1941 Period of a s G t t p o o e e c l n 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 a l r r d e r : a i k n s e d e - d e- 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 Aug. July Jan.-Aug. crease (—) Im- Ex- Im- Ex- Im- Exports ports2 ports ports2 ports ports* 19342 __ 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 311,258 1,132. 5 1,116. 6 -85.9 131.6 Portugal 109 291 1937 3 12, 760 1, 502. 5 1, 585. 5 -200. 4 143.9 Sweden 1,747 1938 14, 512 1, 751. 5 1,973. 6 -333. 5 148.6 Switzerland 899 1939 17, 644 3,132.0 3, 574. 2 -534. 4 161.7 United Kingdom 79 542 3,190 1940 21, 995 4, 351. 2 4, 744. 5 —644. 7 170.2 U. S. S. R 3,407 14, 643 Canada 10, 845 19, 228 308,156 Mexico 843 1,1 7,675 1940—April 18, 770 336.9 249.9 67.2 13.2 Central America 903 1,028 7,177 May 19, 209 439.0 435.1 -36.7 14.2 West Indies and Ber- June 19,963 754.2 1,163.0 -437. 2 11.1 muda _. 124 78 568 July 20, 463 499.4 520.0 -55.1 16.2 Argentina 10 23 130 August 20,913 450.2 351.6 67.0 12.5 Bolivia 22 76 September. 21, 244 331.6 334.1 36.6 13.5 Brazil 5 17 October... 21,506 261.1 326.0 -117.9 19.2 Chile 209 708 5,524 November. 21,801 295.2 330.1 -39.5 16.6 Colombia 2,230 2,128 15, 505 December. 21,995 194.0 137.2 7.4 16.3 Ecuador _ 228 97 1,874 Peru 319 501 5,788 1941—January.... 22,116 121.7 234.2 -52.8 13.5 Venezuela 448 340 2,985 February.. 22, 232 115.4 108.6 -46.2 12.6 British Guiana 70 108 752 March 22,367 135.4 118.6 .2 12.0 Australia 6,742 5,199 49, 583 April 22, 506 138.5 172.0 -10.5 12.8 New Zealand 167 187 1,726 May 22, 575 69.1 34.8 -3 8 12.6 British Oceania _. 354 34, 2,617 June 22, 624 49.2 30.7 4.0 14.4 British India 1,99J 6,628 July 22, 675 50.5 37.0 -27.7 13.6 Netherlands Indies.... 829 August 22, 719 44.7 37.0 4 -31.2 12.4 China and Hong Sept. 1-24P. 22, 749 29.9 54.0 4 -49.1 Kong 7L 3,697 Japan 9,444 Philippine Islands 5,098 4.972 29, 096 p Preliminary. South Africa 137 88 288, 768 • Figures are those for United States published in table on p. 1056. All other countries 1,947 36: 3,626 adjusted to exclude Philippine Islands production received in United States. Total.. 36, 979 6 37,055 773, 012 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 1 Figures represent customs valuations which, with some exceptions, Dec. 31, 1936, and $1,228,000,000 on Dec. 31, 1937. are at rate of $35 a fine ounce. 4 Gold held under earmark at Federal Reserve Banks for foreign ac- 2 Beginning May 1941, the Department of Commerce temporarily count, in millions of dollars: August 30—1,975.7; September 24—2,024.8. suspended publication of export statistics by country of destination. NOTE.—For back figures see Annual Report for 1937 (table 29). Back figures—See table, p. 1056, and Annual Report for 1937 (tables 31 and 32). BANK DEBITS Debits to deposit accounts except interbank accounts BANK SUSPENSIONS1 [In millions of dollars] Total, 140 133 Member Nonmember all New other other Total, banks banks Year and month report- York lead- reportall ing City ing ing banks ti N on a- al State su I r n e - d 2 in N su o r t ed centers centers *centerss 1929 982,531 603,089 331,938 47,504 1936 461,889 219,670 33,283 Number of banks suspended: 1937 469,463 197,836 235,206 36,421 1934 57 1 8 48 1938.. 405,929 168,778 204,745 32,406 1935 34 4 22 8 1939 423,932 171,382 218, 298 34,252 1936 44 1 40 3 1940 445,863 171, 582 236, 952 37,329 1937 59 4 2 47 6 1938 55 1 1 47 6 1940—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 -Aug 5 2 3 October.._ 39,695 14,952 21,365 3,378 November 39,088 14,952 20,819 3,317 Deposits of suspended banks December. 46, 673 18, 626 24, 327 3,721 (in thousands of dollars):3 1941—January... 41,133 15,147 22,498 3,488 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 '3,861 1940 5,943 256 5,341 346 August 42, 856 15, 079 24, 033 3,745 1941—Jan.-Aug. 2,436 1,933 503 r Revised. 1 Comprises centers for which bank debit figures are available begin- » Represents banks which, during the periods shown, closed tem- ning with 1919, except that one substitution was made in 1920 and one porarily or permanently on account of financial difficulties; does not in 1928. include banks whose deposit liabilities were assumed by other banks at 2 Centers (other than the 141 centers) for which bank debits are currentthe time of closing (in some instances with the aid of Federal Deposit ly reported. The number has changed very little since 1934 and has Insurance Corporation loans). been 133 since 1936. 1 8 D Fe e d p e o r s a i l t s d o e f p m os e it m i b n e s r u b ra a n n c k e s b a e n c d a m in e s u o r p ed er n at o i n v m e e Ja 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 ck a l R fig e u p r o e r s t — fo F r o 1 r 9 3 c 7 o ( r T re a s b p l o e n 7 d 1 i ) n , g w h m ic o h n t a h ls ly o g t i o v t e a s l s a d fo ef r i n 1 i 9 ti 2 o 8 n -1 o 93 f 7 b a s n e k e are as of dates of suspension, and deposits of noninsured nonmember debits. Monthly figures for individual reporting centers with totals by banks are based on the latest data available at the time the suspensions Federal Reserve districts for recent years, and annual figures for indiwere reported. vidual reporting centers with totals by Federal Reserve districts for the Back figures.—See Annual Report for 1937 (table 76). years 1919-1939, are available and will be furnished upon request. 1014 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 figuresf rom 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 (3F INTERBANK DEPOSITS Nonmember [In millions of dollars] Member banks banks Member banks Nonmeniber banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n u k g a s s l b m n a b o e n e m n k r - s - Call date ba A n ll ks 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 14, 855 4 6, 556 5,130 * 1,426 547 7,752 June 30.._ 67,172 ^ 48,076 30, 684 * 17, 392 10, 641 8,456 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 1929—June 29 58,474 41, 531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13, 207 9,981 3,227 Dec. 31.. 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1936—June 30 48,458 20,679 27, 778 32,259 12, 542 19, 717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49,524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 49,696 22, 514 27,182 32, 739 14,285 18, 454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48, 566 22,198 26,368 31,752 13,958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 . .. 47,381 21,130 26, 252 30, 721 12,938 17, 783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 312 48,929 21,354 27, 575 32,070 13, 208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49, 616 21, 318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3, 245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940—Mar. 26 51,135 22,190 28,945 34,163 13,939 20,224 3 10, 226 4,922 5,304 3 6, 746 3,329 3,417 June 29 51, 335 22, 341 28,995 34,451 13, 969 20,482 10,188 4,926 5,262 6,696 3,445 3,251 Dec. 31. 54,188 23, 741 30,448 37,126 15, 321 21,805 10, 248 4,959 5,289 6,815 3,461 3,353 1941—Apr. 4 56,147 24, 322 31,825 38,983 15,878 23,104 10, 276 4,954 5,322 6,889 3,490 3,399 June 30 57, 945 25, 312 32, 633 4 40, 659 416, 729 4 23, 930 10, 314 4,955 5,360 6,972 3,628 3,344 i 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 figureso n some call dates included some interbank deposits not shown separately in a few State bank abstracts. 8 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 Dec. 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, Apr. 4, 1941. Back figures.—See Annual Report for 1937 (tables 48-49). OCTOBER 1941 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Investments 1 Loans for U. S. Government obligations Gall date m T l v o a i o e e a n n s t n n - d a t t - s l s Total i C t m d a c r i o u n i n i e a a m s d - r l l - - ' - A t c u a g u l 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 s d k r c c c - u a h r r a o r it s y t i i h T e i n n s e o g g rs8 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 N D o ir t e e c s t Bonds G t a e u n e a d - r- g S p O d a s a i o t u t c i o a n b i v l a b o f t i l d i l e - i 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 2,463 3,191 714 11,515 9,784 249 520 3,094 1.393 4,528 1933—June 30__24,786 12,858 953 3,752 2,372 330 4,857 11,928 6,887 ,113 ,049 3,725 1,744 3,297 1938—June 3O._30,721 12,938 492 701 2,614 2,613 120 6,397 17,783 12,343 316 3,653 6,246 2,128 2,143 3,296 Dec. 31- 32,070 13,208 4,737 442 973 775 2,716 125 2,728 18,863 13,222 286 3,389 7,208 " 340 2,448 3,192 1939—June 30..32, 603 13,141 4,783 420 731 736 2,828 58 2,796 19,462 13, 777 441 2,720 7,786 831 2,554 3,131 Dec. 30. _33,941 13,962 5,386 455 790 700 2,957 56 19,979 14,328 ,223 3; 144 1940—Mar. 26 •34,163 13,939 20,224 14.421 3,107 2,905 June 29. 34, 451 13,969 6,538 450 447 3,069 3,020 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 456 642 6523,228 3,230 21,805 .5,823 652 ,594 9,091 3,486 3,013 2,970 1941—Apr. 46...38, 983 15,878 23,104 3,487 3,206 2,911 June 30 __40,659 16, 729 7,270 738 537 575 6353,365 3,565 23,930 18,078 127 10, 4813,839 2,984 2,867 New York City"* 1929—Dec. 31__ 8,774 6,683 195 1,257 2,145 322 2,595 2,091 1,112 166 758 1933—June 30.. 7,133 3,424 364 759 1,044 162 937 3,709 2,551 987 926 478 680 1938—June 30.. 8,013 3,172 141 656 717 85 1,541 4,840 3,740 222 1,358 1,451 709 394 707 Dec. 31__ 8,335 3,262 1,456 138 787 220 99 436 5,072 3,857 158 1,142 1,663 894 617 698 1939—June 30. _ 1,474 128 555 215 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30_. 9,339 1,768 120 611 188 44 425 6,043 4,772 315 797 1,275 579 1940—Mar. 26 • 9,594 3,211 4,972 1,286 726 June29_. 9,829 3,014 1,801 103 320 188 426 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10, 910 3,384 2,025 100 465 190 443 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Apr. 4«._.11,696 3,502 8,194 6,625 1,620 771 798 June 30._12,493 3,778 2,405 97 422 186 129 33 503 8,715 7,268 5771,526 3,415 1,751 651 796 City of Chicago' 1929—Dec. 31- 1,757 1,448 251 535 116 3 19 94 1933—June 30_. 1,287 677 61 251 237 610 384 206 82 97 87 138 1938—June 30_. 1,806 525 29 109 361 1,281 981 12 313 535 122 140 159 Dec. 31_. 1,969 539 319 43 70 62 1,430 1,114 59 291 655 109 141 176 1939—June 30.. 2,052 544 329 39 71 59 1,507 1,175 185 234 621 135 154 179 Dec. 30__ 2,105 569 41 60 1,536 1,203 153 176 701 172 162 170 1940—Mar. 26« 2,222 564 1,658 1,319 139 175 164 June 29.. 2,205 603 417 1,602 1,258 254 161 710 134 177 167 Dee. 31 2,377 696 476 1,681 1,307 297 145 752 112 188 186 1941—Apr. 4«.__ 2,649 780 1,869 1,466 125 226 177 June 30- 2,707 846 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 1,538 258 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 1938—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 Dec. 31__11, 654 4,963 1,914 149 119 242 1,230 20 1,081 6,691 5,018 57 1,224 2,997 740 866 1939—June 30_.11,756 5.004 1,884 138 115 221 1,284 12 1,116 6.751 4,991 78 1,014 3,010 889 Dec. 30- 12,272 5,329 2,100 155 119 222 1,335 1,168 6,943 5,194 63 819 972 890 860 1940—Mar. 26812,153 6,305 6,848 5,070 963 928 850 June 29_-12,160 5,365 2,134 156 87 210 1,372 1,224 6,795 4,947 3,052 969 981 Dec. 31 13,013 5,931 2,436 153 115 207 1,436 1,307 7,081 5,204 771 3,281 1,049 984 1941—Apr. 46...13,494 6,165 7,328 5,440 1,047 1,034 855 June 30 —14,013 6,498 2,879 175 202 100 1981,477 1,457 7,515 5,700 73 606 3,858 1,162 979 Country Banks 1929—Dec. 31__13,375 8,936 201 291 2,231 1,462 45 4,705 4,439 1,267 171 627 2,546 1933—June 30.. 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1938—June 3O._ 9,752 4,388 173 21 790 1,269 2,126 5,364 2,964 715 1,657 679 878 1,522 Dec. 31_. 10,113 4,444 1,048 138 25 243 1,353 1,149 3,233 732 1,893 597 982 1,453 1939—June 30. 10.109 4.605 1,095 140 22 229 1,402 1,180 5,504 3,127 563 1,870 683 1,025 1.351 Dec. 30- 10,224 4,768 1,151 163 20 1,477 1,234 5,456 3,159 431 1,972 725 1,061 1,236 1940—Mar. 26 • 10,194 4,860 5,334 3,060 719 1,076 1,197 June 29.. 10, 257 4,987 1,187 174 1,544 1,308 5,270 451 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,267 187 2011,644 1,397 5,517 3,269 433 2,081 710 1,146 1,102 1941—Apr. 4<L-11,144 5,431 5,713 3,456 694 1,176 1,081 June 30..11. 446 5,607 1,377 555 216 1951,739 3 1,504 5,839 3,627 60 374 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. 8 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures.See Annual Report for 1937 (tables 52-58). 1016 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars! Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w 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 c o s t e - h t s ic m po a d a d s e n i - - t d s p u v n a a i e d l r r s t - - - , S p t o a l t i e t- s C a f e i n e r d d ti- U G . o v S - . p u v n a a i e d l r r s t - - - , S p a t o a n l t d i e t- s Postal banks For- r B i o n o w g r s - - c C o i a t u a c a p n - l - ts Call date B s a e n rv k e s banks *lusted2 s p h a c o o n i r p r d a - s - , s d s ii i u nc i o v oa b n i li - - s ch c e o e e t f c f c r i . s k - * ' s m e e r n n t - * s p h a c o o n i r p r d a - s - , s d s i u i o v b n i - - s i s n a g v s - * m D a e n - d Time b e a i n g k n s tions tions Total—All Member Banks 2,374 658 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,617 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 2,314 662 643 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 10,848 462 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 69 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 61 8,507 144 759 3 5,522 Dec. 30 12, 279 862 6 5,634 26,461 24,965 2,499 658 725 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 6 137 6 635 3 5, 754 1941—Apr. 4 12,959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 June 30 New York City 6 827 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 7,273 280 195 139 662 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 3D 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 6 3,629 6 1 6 672 1,601 1940—Mar. 26 7,072 88 119 10, 235 10,283 258 147 67 732 29 3,840 650 1,599 June 29 7,057 102 122 11,062 11, 357 370 471 48 768 51 4,032 646 1,615 Dec. 31 6,715 85 6 154 11,645 11, 629 302 302 29 806 38 6 4,021 6577 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 fi 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 6 195 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 6283 1, 755 1,685 181 26 108 486 10 4 •1,151 67 270 1941—Apr. 4 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 June 30 Reserve Ci ty 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 6 115 656 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 86 286 228 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 L, 128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,403 307 2,117 6,255 5,272 L, 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 L,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 1,648 389 6 2,645 6,954 5,832 L, 205 131 147 5,757 151 35 6 566 6 29 62 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 L, 115 164 143 5,816 147 37 538 29 2 3 1,876 June 29 1,857 452 3,002 7,845 6,846 ,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." » 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. * U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). OCTOBER 1941 1017 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 dollar Loans Investments Loans for u. k3. Government obligations Total Com- purchasing loans mer- or carrying and cial, securities Date or month in- in- Open Real Loans m ve e s n t t - s Total t d a r u i n a s d l - , p m k a a p e r t e - r br T o o k- e lo st a a n t s e ba t n o ks O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1940—August 24,140 8,504 4, 456 295 375 470 1,214 39 1,655 15,636 11,994 730 2,113 6,572 2,579 3,642 1941—April 27, 270 9,849 5,506 351 482 450 1,230 41 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 39 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 40 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 40 1,915 18, 059 14,490 1,079 2,249 7,946 3,216 3, 569 August 28, 942 10, 631 6,149 400 453 438 1,253 41 1,927 18, 281 14, 578 1,069 2,266 7,931 3,312 3,703 1941—July 2 28, 325 10, 453 5,897 371 529 453 1, 244 40 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 41 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 39 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 37 1,914 18,142 14,593 1,081 2, 251 7, 959 3, 302 3. 549 July 30 28, 771 10, 572 6,047 388 478 439 1,253 43 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 39 1,919 18,164 14,553 1,075 2,253 7,920 3,305 3,611 Aug 13 23, 874 10, 663 6,146 399 457 440 1,254 42 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 41 1,930 18,337 14, 593 1,064 2,276 7, 939 3,314 3,744 Aug. 27 29,107 10, 697 6,183 400 448 437 1,254 43 1,932 18, 410 14, 608 1,079 2,279 7,934 3,316 3,802 Sept. 3 29, 238 10, 903 6,222 397 607 436 1, 256 45 1,940 18, 335 14, 567 1,019 2,283 7,949 3,316 3,768 Sept. 10 29, 230 10, 975 6,310 397 588 437 1,258 43 1.942 18, 255 14, 496 936 2,284 7,963 3,313 3, 759 Sept. 17 29, 098 10, 917 6,362 394 469 437 1,260 40 1, 955 18.181 14, 408 844 2,287 7.957 3, 320 3. 773 Sept. 24 29,120 10, 954 6,389 393 481 437 1,258 40 1,956 18,166 14, 397 814 2,294 7,962 3,327 3,769 New York City 1940—August.. 9,554 2,752 1,698 83 269 164 124 30 384 6,802 5,407 334 1,060 2,641 1,372 1,395 1941—April 11, 263 3,229 2,090 96 341 163 112 32 395 8,034 6,578 351 1,374 3,185 1,668 1,456 Mav 11,635 3,314 2,141 92 349 161 114 31 426 8,321 6,929 487 1,449 3,219 1,774 1.392 June __11, 794 3,412 2,213 94 349 161 114 30 451 8,382 7,003 582 1,456 3,242 1,723 1,379 July 11, 926 3,496 2,291 90 357 164 112 31 451 8,430 7,080 605 1,442 3,232 1,801 1, 350 August 12, 082 3,534 2,367 85 326 161 110 33 452 8,548 7,082 602 1,438 3,188 1,854 1,466 1941—July 2 11,865 3,500 2,264 91 382 168 111 32 452 8,365 7,021 610 1,459 3,245 1,707 1,344 July 9 11,930 3,492 2,278 89 369 165 112 29 450 8,438 7,098 607 1,444 3,244 1.803 1,340 July 16. 11,954 3,507 2,295 91 363 165 112 31 450 8,447 7,112 630 1,438 3,242 L, 802 1,335 July 23 11,896 3,477 2,300 88 333 162 112 30 452 8,419 7,081 587 1,433 3,214 ,847 1.338 July 30 11, 983 3,505 2,318 89 339 162 112 32 453 8,478 7,087 591 1,434 3,216 ,846 1,391 Aug. 6 12,001 3, 512 2,337 88 332 161 112 31 451 8,489 7,097 625 1,432 3,195 ,845 1,392 Au^ 13 12 041 3,545 2,372 88 328 161 111 33 452 8,496 7,074 582 1,433 3,200 ,859 1,422 Aug. 20 12,127 3,540 2,385 84 317 160 109 32 453 8,587 7,091 609 1, 445 3,183 ,854 1,496 Aug. 27 12,157 3, 537 2,375 81 325 160 109 34 453 8,620 7,066 590 1,443 3,176 1,857 \554 Sept 3 12, 270 3,695 2,393 79 462 159 110 35 457 8,575 7,031 548 1,442 3,187 1,854 1,544 Sept. 10 12, 259 3, 709 2,428 77 445 159 109 33 458 8, 550 7,009 503 1,443 3,211 1, 852 1,541 Sept. 17. _ 12, 152 3,600 2,435 76 336 159 108 32 454 8, 552 7,004 460 1, 450 3,237 1, 857 1,548 Sept. 24 12, 208 3,616 2,450 74 342 159 107 31 453 8,592 7,040 468 1,453 3,249 1,870 1,552 Outside New York Cifv 1940—Amnist . 14, 586 5,752 2,758 212 106 306 1,090 9 1,271 8,834 6, 587 396 1,053 3,931 1,207 2,247 1941— April 16,007 6,620 3,416 255 141 287 1,118 9 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 8 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 9 1,464 9,629 7,410 474 807 4.714 1,415 2,219 August 16, 860 7,127 3,782 315 127 277 1,143 8 1,475 9,733 7,496 467 828 4,743 1, 458 2,237 1941—July 2 16 460 6,953 3,633 280 147 285 1,133 8 1,467 9,507 7,272 470 787 4, 684 1,331 2,235 July 9. 16, 551 6,961 3,655 285 136 281 1,136 12 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 8 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 7 1,462 9,723 7, 512 494 818 4, 745 1. 45ri 2.211 July 30 16, 788 7,067 3,729 299 139 277 1,141 11 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 8 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 9 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 9 1,477 9,750 7,502 455 831 4,756 1,460 2,248 Aug. 27 16, 950 7,160 3,808 319 123 1,145 9 1,479 9,790 7,542 489 836 4,758 1, 459 2,248 Sept. 3 16, 968 7,208 3,829 318 145 277 1,146 10 1.483 9,760 7,536 471 841 4,762 1,462 2,224 Sept. 10 16, 971 7, 266 3. 882 320 143 278 1,149 10 1,484 9, 705 7,487 433 841 4, 752 1,461 2,218 Sept. 17 16,946 7. 317 3,927 318 133 278 1, 152 8 1,501 9,629 7,404 384 837 4.720 1,463 2,225 Sept. 24 16, 912 7,338 3,939 319 139 278 1,151 9 1,503 9,574 7,357 346 841 4,713 1,457 2,217 NOTE —For description of fimres see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530 531*. For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65 67) and corresponding tables in previous Annual Reports. 1018 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 e v a t d - 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 a o n i c l s - t - e k h t s i s c j m p u D o s a d a e t e d s e - n - i - d t d s 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 a s t i - - - s - - , - , S p s d s a i t i o u i c a o n v l a b t d n i i l e - t s - - s c C c h a o e f e e t i f n e c e f r r . c d i d t s - k i ' - s m U G e e . r o n n v S - t - 2 . s p p I u n h v a c n o a a o e n i i d r r d p l r r d a s t i - - - s - , - - , S p s d s a i t i o u c i o a n b v l a t n - i d i e l t s - - s P i s n o a g s v s t - a 2 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 a t c p a n - - l ts Date or month tions tions Total 101 Cities 11,316 498 3,163 20,878 20,319 1,466 360 506 5,155 182 24 8,258 111 684 1 3,783 1940—August 11,371 510 3,472 23, 515 22,947 1,769 491 390 5,275 172 25 9,077 114 645 3 3,847 1941—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 10, 646 547 3,476 24, 343 23, 789 1,798 467 530 5,274 158 22 9,075 111 639 2 3,883 August 10, 863 570 3,516 23, 949 23, 667 1,604 616 463 5,243 174 26 9,158 114 666 1 3,872 1941—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 10, 633 559 3,462 24, 453 23, 787 1,894 479 505 5^ 271 159 20 9,103 112 629 1 3,883 Aug. 27 10, 534 543 3,502 24, 349 23, 719 1,876 475 591 5,268 156 21 9,240 115 626 1 3,889 Sept. 3 10, 725 573 3,530 24, 503 23, 948 1,843 494 590 5,273 156 21 9,336 113 630 1 3,886 Sept. 10 10, 879 551 3,676 24, 375 24,040 1,785 478 596 5,273 155 21 9,592 115 613 1 3,881 Sept. 17 10,830 559: 3,592 24, 390 23, 853 1,811 525 608 5,270 159 21 9,440 112 626 1 3,885 Sept. 24 New York City 6,417 82 79 9,678 9,688 278 195 35 668 40 3,629 628 1,495 1940—August 6,202 82 116 10, 987 11, 064 307 282 18 719 27 3,862 585 1,511 1941—Aplii 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 5,316 88 87 10, 910 10, 995 299 251 62 740 24 3,797 577 1,518 August 5,622 128 91 10, 988 11,166 250 359 20 708 20 3,877 603 1,509 1941—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 5,302 90 93 10,965 10,977 360 248 89 739 25 3 791 568 1,516 Aug. 27 5, 257 88 84 10,978 11, 005 330 245 107 738 24 3,814 566 1,520 Sept. 3 5,300 91 88 10, 977 11, 077 309 281 107 739 26 3,855 566 1,519 Sept. 10 5,315 84 93 10,781 10, 937 273 229 109 739 23 3, 959 551 1,518 Sept. 17 5,267 84 87 10,816 10, 913 282 302 121 736 23 3.904 563 1, 518 Sept. 24 Outside New York City 4,899 416 3,084 11, 200 10,631 1,188 165 471 4,487 142 24 4,629 111 56 1 2,288 1940—August 5,169 428 3,356 12, 528 11, 883 1,462 209 372 4,556 I4o 25 5, 215 114 60 3 2,336 .941—April 5.397 457 3, 396 12, 955 12, 248 1,500 230 375 4, 546 157 26 5, 225 115 63 2 2, 345 May 5,258 462 3,382 12,983 12, 423 1,450 213 437 4,534 153 26 5,199 114 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 5,330 459 3,389 13,433 12, 794 1,499 216 468 4,534 134 22 5,278 111 62 2 2,365 August 5,241 442 3,425 12, 961 12, 501 1,354 257 443 4,535 154 26 5,281 114 63 1 2,363 1941—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 13, 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 3,476 12,850 1,487 216 467 4, 536 134 20 5,307 112 63 1 2, 365 Aug. 20 5,331 469 3,369 13, 488 12, 810 1,534 231 476 4,532 134 20 5,312 112 61 1 2,367 Aug. 27 5,277 455 3,418 3,371 12, 714 1,546 230 484 4,530 132 21 5,426 115 60 1 2,369 Sept. 3 5,425 482 3,442 3,526 12, 871 1, 534 213 483 4,534 130 21 5,481 113 64 1 2,367 Sept. 10 5, 564 467 3,583 3,594 13,103 1,512 249 487 4,534 132 21 5,633 115 62 1 2,363 Sept. 17 5,563 475 3,505 3,574 12, 940 1,529 223 487 4,534 136 21 5,536 112 63 1 2,367 Sept. 24 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. OCTOBER 1941 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars.] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 1 d e ) s d er a v te e m l v o a i e e n a n s n n d - t t s - s Total t d c a r i u i i n n a a s - d l - l , , p O m k a p p a e e r e t n - r br T s o e o k c - urities e l R s o e t a a a n t l s e L ba o t n a o k n s s O l t o h an e s r Total Total Bills Not( Bonds G t a e u n e a d - r- O s r e i t t c h i u e e s - r agri- ers To cul- and others tural dealers Boston (6 cities) Aug. 27 1,446 781 430 11 16 151 665 541 25 43 398 75 124 Sept. 3 1,443 781 426 15 16 80 152 662 537 22 43 397 75 125 Sept. 10 1,444 786 429 18 16 152 658 534 18 43 401 72 124 f Sept. 17 1,440 782 430 13 16 152 658 533 17 42 402 72 125 Sept. 24 1,433 777 425 15 16 151 656 533 15 41 405 72 123 New York (8 cities)* Aug. 27 13,149 3,948 2, 530 329 206 194 559 9,201 7,507 618 1,486 3,418 1,985 1, 694 Sept. 3 13, 256 4,106 2,548 466 205 195 563 9,150 7,468 572 1,484 3,431 1,981 1, 682 Sept. 10 13, 248 4,126 2,587 450 205 194 564 9,122 7,443 527 1.486 3,450 1,980 1, 679 Sept. 17 13,133 4,021 2,596 341 205 194 561 9,112 7,424 480 1,492 3,467 1, 985 1,688 Sept. 24 13,192 4,038 2,613 346 205 193 560 9,154 7,463 1,496 3,481 1,998 1,691 Philadelphia (4 cities) Aug. 27 1,345 566 301 27 31 52 111 779 507 26 384 272 Sept. 3 1,343 567 302 30 31 52 109 776 508 28 382 97 268 Sept. 10 1,349 572 305 28 32 52 111 777 509 29 383 96 268 Sept. 17 1,349 572 306 27 32 52 111 777 508 29 382 96 269 Sept. 24 1,348 571 306 27 32 52 111 777 510 29 384 96 267 Cleveland (10 cities) Aug. 27 2,228 861 411 13 19 185 211 1,367 1,098 183 733 181 269 Sept. 3 2,238 864 413 13 19 185 212 1,374 1,106 183 732 182 268 Sept. 10 2,245 872 420 13 19 185 212 1, 373 1,106 181 733 183 267 Sept. 17 2,248 873 421 13 19 185 212 1,375 1,106 181 733 183 269 Sept. 24 2,242 870 418 14 19 185 210 1,372 1,103 181 733 183 269 Richmond (12 cities) Aug. 27 819 319 151 3 13 50 500 432 78 253 Sept. 3 823 321 153 4 13 49 502 434 78 254 100 68 Sept. 10 832 327 156 4 13 50 505 437 79 252 105 Sept. 17 831 326 159 3 13 49 505 437 79 251 105 Sept. 24 835 330 159 4 13 50 90 505 437 79 251 106 Atlanta (8 cities) Aug. 27 736 376 190 11 38 124 244 48 116 70 116 Sept. 3 735 378 191 11 38 124 357 242 45 117 70 115 Sept. 10 736 379 192 11 124 357 242 45 117 70 115 Sept. 17 740 383 192 11 126 357 241 44 118 70 116 Sept. 24 740 386 197 11 126 354 238 44 117 70 116 Chicago (12 cities)* Aug. 27 4,110 1,352 891 60 139 173 2,758 2,188 364 217 1,247 360 570 Sept. 3 4,106 1,373 898 60 140 173 2,733 2,172 347 219 1,247 359 561 Sept. 10 4,063 1,376 904 140 174 2,687 2,131 314 219 1,238 360 556 Sept. 17 4,002 1,388 913 141 178 2,614 2,062 266 219 1, 216 361 552 Sept. 24 3,958 1,394 915 142 178 2,564 2,015 232 1,206 360 549 St. Louis (5 cities) Aug. 27 857 411 237 60 76 446 335 1 35 220 79 111 Sept. 3 859 413 239 60 76 446 335 1 35 220 79 111 Sept. 10 422 246 60 77 446 336 1 35 221 79 110 Sept. 17 436 256 60 81 449 338 3 35 220 111 Sept. 24 894 442 262 60 81- 452 341 5 36 221 111 Minneapolis (8 cities) Aug. 27 478 245 129 15 91 233 192 10 20 122 40 41 Sept. 3 479 248 131 15 92 231 191 21 122 40 40 Sept. 10 481 250 133 15 92 231 191 21 122 40 40 Sept. 17 483 254 134 15 95 229 189 21 122 38 40 Sept. 24 481 254 134 15 227 186 21 121 37 41 Kansas City (12 cities) Aug. 27 813 403 241 33 85 410 275 44 113 111 135 Sept. 3 813 405 242 33 408 275 46 111 111 133 Sept. 10 813 412 248 33 401 267 44 112 104 134 Sept. 17 818 419 255 33 399 265 44 110 104 134 Sept. 24 821 425 260 33 396 262 44 110 100 134 Dallas (9 cities) Aug. 27 626 332 225 23 294 234 35 120 46 60 Sept. 3 630 334 226 23 64 296 236 35 122 47 60 Sept. 10 . . . 634 338 229 23 65 296 236 35 122 47 60 Sept. 17 636 340 231 23 65 296 236 34 122 60 Sept. 24 635 341 232 24 65 294 233 34 119 61 San Francisco (7 cities) Aug. 27 2,500 1,103 447 385 200 1,397 1,055 64 810 174 342 Sept. 3 2,513 1,113 453 386 201 1,400 1,063 66 814 175 337 Sept. 10 2,517 1,115 461 388 194 1,402 1,064 67 812 177 338 Sept. 17 2,533 1,123 469 387 196 1,410 1,069 10 67 814 178 341 Sept. 24 2,541 1,126 468 387 199 1,415 1,076 12 72 814 178 339 City of Chicago* Aug. 27 2,711 880 655 22 1,831 1,456 361 116 820 159 375 Sept. 3 2,701 897 660 22 1,804 1,438 345 115 820 158 366 Sept. 10 2,658 899 665 22 1,759 1,397 312 115 811 159 362 Sept. 17 2.615 907 672 22 1,708 1,352 265 115 812 160 356 Sept. 24 2,581 914 675 22 1,667 1,314 232 115 807 160 353 * 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. 1020 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 with Cash ances mand vid- States Certi- vid- States banks Bor- Cap- Federal Reserve F e R e r e a d - l - va in ult m w d e o i s - th tic po d a e s d - i - ts p u n a a e l r r s t - - , p a i o c n l a d i l t- a f o i f n e f d i d - U G e . r o n v S - - . p u n a a e l r r s t - - , p a i o c n l a d i l t- P s o a s v t - al F ei o g r n - row- 3o i a t u c a - n l ts distric ( t 1 9 a 4 n 1 d ) date serve banks usted1 ships, sub- cers' ment2 ships, sub- ings 2 De- banks Banks and divi- checks and divi- mand Time cor- sions etc. cor- sions pora- porations tions Boston (6 cities) 500 152 198 1,443 1,399 25 12 229 384 21 250 Aug. 27 501 150 204 1,442 1,404 22 12 229 387 21 250 Sept. 3 518 154 203 1,457 1,415 23 11 229 396 21 250 Sept. 10 531 152 210 1,460 1,433 29 12 229 403 21 250 Sept. 17 543 152 204 1,457 1,422 27 12 228 406 22 250 Sept. 24 New York (S cities)* 5,491 115 248 11, 771 1,629 551 267 112 1,104 3,875 569 1,642 Aug. 27 5,438 112 248 11, 785 1,656 532 261 130 1,103 3,900 567 1,647 Sept. 3 5,484 116 259 11,808 .1,736 507 299 130 1,105 3,943 568 1,645 Sept. 10 5,517 108 283 11,638 .1, 618 478 252 132 1,105 4,048 553 1,644 Sept. 17 5,463 109 268 11, 669 1, 585 320 145 1,102 3,991 565 1,644 Sept. 24 Philadelphia (4 cities) 594 24 209 1,255 1,180 148 12 19 256 465 219 Aug. 27 589 24 220 1,246 1,170 150 8 19 255 476 219 Sept. 3 595 26 211 1,249 1,171 144 11 19 255 478 219 Sept. 10 25 222 1,247 1,195 144 11 19 255 492 218 Sept. 17 231 1,268 1,201 144 11 19 255 484 217 Sept. 24 Cleveland (10 cities) 783 405 1,791 1,774 116 37 47 728 525 393 Aug. 27 754 402 1,756 1,736 116 31 48 727 537 394 Sept. 3 749 401 1,762 1,733 126 29 47 727 534 392 Sept. 10 778 416 1,790 1,774 127 31 46 726 552 392 Sept. 17 776 406 1,778 1,748 131 51 726 541 393 Sept. 24 Richmond (12 cities) 292 256 665 646 34 208 102 Aug. 27 300 263 661 651 34 208 399 101 Sept. 3 303 269 671 662 34 208 407 101 Sept. 10 303 284 670 663 35 208 419 102 Sept. 17 313 277 684 667 34 208 411 103 Sept. 24 Atlanta (8 cities) 187 266 546 521 85 49 187 352 Aug. 27 191 263 535 514 84 49 187 361 Sept. 3 199 269 541 525 80 49 188 371 Sept. 10 197 278 543 537 80 49 188 377 Sept. 17 196 275 543 526 84 49 188 373 Sept. 24 Chicago (12 cities)* 1,525 3,429 3,171 442 129 976 1,406 422 Aug. 27 629 3,391 3,125 441 130 976 1,419 423 Sept. 3 1^593 615 3,417 3,157 451 130 976 1,425 424 Sept. 10 1,681 633 3,401 3,194 428 132 977 1,474 423 Sept. 17 1,683 631 3,393 3,151 423 127 977 1,436 424 Sept. 24 St. Louis (5 cities) 242 202 601 50 22 187 418 Aug. 27 233 205 595 52 22 187 425 Sept. 3 237 205 594 613 47 22 187 434 Sept. 10 234 201 593 623 47 23 187 442 93 Sept. 17 227 191 585 613 49 23 187 443 Sept. 24 Minneapolis (8 cities) 107 113 346 315 1 111 189 63 Aug. 27 110 116 345 316 1 111 195 63 Sept. 3 109 128 359 330 1 111 196 63 Sept. 10 106 122 353 327 1 111 193 63 Sept. 17 107 121 352 318 1 111 193 63 Sept. 24 Kansas City (12 cities) 215 312 629 613 16 140 473 109 Aug. 27 215 314 620 610 17 140 482 109 Sept. 3 227 321 639 620 17 140 484 109 Sept. 10 217 354 649 645 18 139 499 110 Sept. 17 217 340 647 634 18 140 490 110 Sept. 24 Dallas (9 cities) 154 304 562 61 39 124 273 91 Aug. 27 160 302 583 562 62 40 124 282 91 Sept. 3 158 309 593 572 63 41 124 284 91 Sept. 10 160 328 598 589 59 40 124 299 92 Sept. 17 160 318 597 579 61 39 124 292 92 Sept. 24 San Francisco (7 cities) 543 321 1,391 1,376 113 85 1,021 363 396 Aug. 27 536 336 1,397 114 1,021 377 396 Sept. 3 553 340 1,413 1,414 110 1,023 384 396 Sept. 10 557 345 1,433 1,442 108 1,024 394 391 Sept. 17 544 330 1,417 1,409 109 1,024 380 392 Sept. 24 City of Chicago* 1,119 277 2,251 2,136 226 475 1,055 275 Aug. 27 1,131 279 2,252 2,123 238 474 1,059 276 Sept. 3 1,201 268 2,261 2,127 255 474 1,066 276 Sept. 10 1,267 273 2,243 2,148 236 474 1,107 275 Sept. 17 1,280 276 2,246 2,132 228 473 1,081 276 Sept. 24 * 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. OCTOBER 1941 1021 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial Accepting banks Goods stored in or End of month paper Total Im- shipped between s i t n a g n d i - st i a n n g d- Total O bi w ll n s bo B u il g ls ht Others* U S p i n t n o a i t r t t o t e e s s d E U S f x r t n p o a i t o m t e e r s d ts c D h o e a x l n - l g ar e Unit p ed oints F i c n o o r u ei n g - n States tries 1940—May 234 214 171 113 58 43 78 47 12 41 34 June 224 206 166 112 54 40 79 43 13 36 34 July 232 188 152 103 49 36 75 32 13 35 32 August 245 182 148 103 44 34 80 24 11 38 29 September 251 177 142 100 42 35 80 22 11 35 28 October..- .. _ 252 187 149 96 53 38 91 20 11 37 28 November 232 197 159 99 60 38 98 20 9 41 29 December 218 209 167 100 67 42 109 18 10 44 27 1941—January 232 213 168 103 65 45 115 16 11 44 26 February . 241 212 164 99 65 48 119 18 7 42 26 March 263 217 170 107 63 47 120 24 8 41 25 April _ 275 220 170 105 66 49 126 25 7 38 23 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 August 354 197 148 100 47 50 114 21 3 49 11 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 1Dalances Customers' Other credit balances Debit Debit credit balances i End of month C b u ( a d s n l t e a e o n b t m ) c i t e e i s rs' a i b n n p a a v d l c a a e c r n t s t o r n t c a u m e e d n s r e i t s n s n i ' n g t a i b n n a a v d l c a e c f n t s i o r r t c a u m m e d n s e i t n s i n n g t C a b h a n a s a d n h n k d i o n s n r M o b w o o n e r d e - y a Free O (n th et e ) r m p i a e n r n v t I t n n e a e st n r - s d ' m i e n f n v i I r t n e m a s n t- d a c c a c p I o n i u ta n l ts trading trading (net) accounts accounts 1935—December. 1,258 75 135 179 930 286 79 24 10 410 1936—June 1,267 67 164 219 985 276 86 24 14 420 December _ _ 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 65 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June _ 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 6 269 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 August 628 10 160 189 460 262 72 16 7 221 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). 1022 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] rate ion— rate on- on 3-to-5 year U. S. 7 other 11 South- U u . r y S . 9 T 1- r d e a a y s- Tr n e o a t 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 N r a n o s r t a t e h n r - d n W er c n e it s i t a e e n s r d n Stock bills 3 cities Year, P c r o i m m - e P ba ri n m k e - ch e a x n - ge 1934 average1 3.45 2.45 3.71 4.32 mo w n e t e h k , or m pa e p rc e i r a , l ac e c r e s' pt- l c o a a l n l is N su ew es Deal- T e a x x - - Tax- 1 1 9 9 3 3 5 6 a a v v e e r r a a g g e e 1 1 2 2 . . 9 6 3 8 1 1 . . 7 7 6 2 3 3 . . 3 0 9 4 3 3 . . 7 4 6 0 m 4 o t n o t h 6 s an 9 c 0 es, n r e e w - - fe o r f e - d q e u r o s' - empt able 1 1 9 9 3 3 7 8 a a v v e e r r a a g g e e 1 1 _ 2 2 . . 5 5 9 3 1 1 . . 6 7 9 3 2 2 . . 8 7 8 5 3 3. . 2 2 6 5 days als 2 within tation 1939 average 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 67 2.71 3.28 1940 average .56 .44 1.00 .014 .04 .50 September 2.53 .70 2.74 3.26 October 2.57 70 2.90 3.21 1940—Aug .56 .44 1.00 .019 .04 .58 November 2.49 .70 2.68 3.20 Sept. .56 .44 1.00 .021 .05 .48 December 2.60 70 2.95 3.23 Oct. .56 .44 1.00 (4) .02 .43 Nov. .56 .44 1.00 .003 .02 .34 1939—January 2.64 1.73 2.97 3.32 Dec .56 .44 1.00 (4) .02 .35 .65 February 2.52 1.70 2.69 3.26 1941— F J e a b n . . . 5 5 6 6 . .4 4 4 4 1 1 . . 0 0 0 0 .(4 0)34 . .0 0 4 2 . . 4 5 3 5 . . 8 7 1 6 1939 Q — u M ar a t r e c r h ly figures 2.95 2.13 3.05 3.77 Mar. .56 .44 1.00 .089 .11 .50 .84 June 2.91 2.15 3.05 3.62 April .56 .44 1.00 .092 .10 .52 .81 September 2.68 2.04 2.78 3.31 May .56 .44 1.00 .082 .11 .44 .72 December __ 2.59 1.96 2.69 3.32 J J u u l n y e . .5 5 0 6 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 0 0 8 9 9 7 . .1 1 2 2 . .3 3 7 8 . .6 6 7 8 1940—March 2.65 2.03 2.67 3.35 Aug .50 .44 1.00 .108 .13 .33 .62 J S u e n p e tember 2 2 . . 5 6 9 8 2 2 . .1 0 4 0 2 2 . . 4 5 9 6 3 3 . .3 4 8 3 Week ending: December 2.59 2.00 2.53 3.36 A S S e e u p p g t t . . . 6 _ 1 3 3 0 _ _ _ . _ _ _ _ _ V ¥ V i i * V V V i i i e e e 1 1 1 . . . 0 0 0 0 0 0 . . . 0 0 0 9 5 7 0 0 1 . . .1 1 1 0 3 1 . . . 3 3 3 2 2 1 . . . 6 5 5 0 8 8 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 3 5 Sept. 20... XA Vie 1.00 .037 .10 5 .36 5.63 Sept. 27 ._ Yi Vl6 1.00 .062 .08 .38 .65 1 Prior to March 1939 figures were reported monthly on a basis not strictly comparable with the current quarterly series. 1 Monthly figures are averages of weekly prevailing rates. Back figures.—See November 1939 BULLETIN, pp. 963-969 for descrip- 2 The average rate on 90-day stock exchange time loans was 1.25 per tion and for back figures. cent during the entire period. 3 Tax-exempt bills prior to March 1941; taxable bills thereafter. 4 Rate negative. 5 Number of issues included decreased from 2 to 1 on Sept. 15, 1941. Back figures—See Annual Report for 1937 (tables 43 and 44). Figures for Treasury bills and Treasury notes available on request. BOND YIELDS* [Per cent per annum] Corporate (Moody's)5 Year, month, or week Go U v .S e . rn- M ip u a n l i 3 c- c H g o r i r a g p d h o e - - By ratings By groups ment 2 rate4 Total Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues. 120 30 30 30 40 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—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 August 1.94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 Week ending: Aug. 30 1.92 2.01 2.65 3.29 2.74 2.91 3.24 4.28 2.89 3.93 3.06 Sept. 6 1.91 2.00 2.64 3.29 2.74 2.91 3.23 4.27 2.88 3.93 3.06 Sept. 13____ 1.94 1.99 2.65 3.29 2.74 2.91 3.24 4.28 2.89 3.93 3.07 Sept. 20___. 1.95 1.99 2.64 3.30 2.75 2.92 3.24 4.30 2.89 3.95 3.07 Sept. 27_._. 1.94 1.99 2.64 3.31 2.75 2.91 3.24 4.33 2.88 3.97 3.07 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. Figure for Aug. 16, 1941 published in the September Federal Reserve BULLETIN (page 909), should be revised to 2. 65. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 3 issues respectively, 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. OCTOBER 1941 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate Stock prices Vol- U. S. ume o Year, month, or date Govern Munic- tradment2 ipal 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 o Number of issues. 2-6 60 20 20 20 Tota trial road utility shares) 1938 average 102.5 113.7 78.9 82.9 58.6 95.3 1939 average 105. 2 116.3 81.6 86.0 58.0 100.9 Number of issues 20 420 348 32 40 1940 average 107.2 121.2 82.0 87.5 57.9 100.6 1938 average 135.6 1,104 1940—August 106. 121.2 81.5 57.5 100.2 1939 average 141.2 105 977 September. 107. 122.3 82.7 87.8 59.7 100.6 1940 average _ 140.1 97 767 October 108. 124.6 83.6 89.2 61.0 100.6 November.. 110. 127.3 83.9 90.3 60.9 100.5 1940—August 137.3 317 December.. Ill 129.3 84.0 90.2 61.1 100.7 September. 139.1 553 1941—January 110. 127.7 85.3 90.5 64.3 101.2 October 140.4 599 February... 108. 125.6 84.5 89.9 62.7 100.9 November- 141.9 1,044 March 110. 125.4 85.3 90.2 64 3 101.3 December . 143.9 814 April 110. 126.8 85.8 90.2 65.9 101.1 1941—January __. 145.4 564 May 111. 128.1 86.0 90.1 66.7 101.2 February.. 143.0 444 June 111. 129.2 85.8 90.4 65.8 101.1 March 142.1 440 July 111. 130. 0 86.3 91.1 66.6 101.0 April 141.8 495 August 111. 130.6 86.0 91.0 65.9 101.2 May 140.9 420 June 141. 0 463 Aug. 27 111.4 130.4 86.0 91.0 65.6 101.4 July 142. 8 757 Sept. 3 111.5 130.6 86.0 91.1 65.5 101.4 August 144.0 473 Sept. 10 111.1 130.8 85.7 91.3 64.1 101.6 Sept. 17_.-_. 111.0 130. 8 85.5 91.4 63.5 101.6 Aug.27..__ 143.9 409 Sept. 24-.__ 111.1 130. 8 85.2 91.2 62.8 101.7 Sept. 3 143.9 532 Sept. 10--__ 143.5 640 Sept. 17.___ 143.6 663 1 Monthly data are averages of daily figures, except for municipal Sept. 24 143.8 615 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 1 Standard and Poor's Corporation. Monthly data are averages of o 19 n 4 b 0 a B si U s L o L f E a T I i N y , A p p p er . c 1 e 1 n 79 t, - 1 1 1 6 8 0 y . e ar P r b i o c n es d . exp F r o e r s s d e e d s c i r n i p d ti e o c n i m se a e ls . N o W ve e m ek b l e y r W 2 e d A n v e e s r d a a g y e p fi r g ic u e r s e s o . f 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- Tota month re- mestic State Fed- Corporate (do- State Fed- Corporate fund and and eral For- mestic and eral Foring) for- Total mu- agen- eign » and Total mu- agen- eign eign) nici- cies' Bonds for- nici- cies l Bonds pal Total and Stocks eign) pal Total and Stocks notes notes 1931 4,038 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 821 789 32 51 1932 1,751 1.197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 — 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2.239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 - — -. 4,804 1,956 1,954 757 461 736 601 135 2 2,848 2,848 478 344 2, 026 1,834 193 0 1940—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 G 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 (3) 316 316 14 216 86 76 11 0 Aug 471 360 360 33 0 327 324 4 0 110 110 11 25 74 73 2 0 t 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). 1024 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 g d o r e o t b s a t s l i b n T e t o a e r t r i a e n l s g t Total T b u r i e r l a y ls s- Ma T n r u r o k e r t e a y e t s s a - ble b T o i u r s n e r s a y d u s s e - 2 s i S p P b a r a o o e v n n s w i t n d d a a g s l r s S b U a o v . n N S in d . o g s n s m i T s n a s u t o r r u a r e k t e x y e a e s s s t - ab O le thers Total S se i o t c c y u i 4 a r- l j s u A i e s c r t d e v e - 5 d - ot A h l e l r6 t d M u e r a b e - d t Other 1932—June . 19,487 19,161 718,852 616 1,261 13,460 790 309 105 204 60 266 1933—June 22,539 22,158 721,834 954 4, 548 13,417 806 323 92 231 66 315 1934—June-__ 27,053 26,480 726,084 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 i, 354 11,381 17,168 200 316 945 626 19 127 480 169 620 1937—June 36,425 35,800 34,242 J, 303 10,617 19,936 198 800 389 1,558 579 538 441 119 606 1938—June 37,165 36,576 33,900 L, 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 L,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—Aug.... 43,905 43,317 38,383 L, 303 6,384 27,236 196 3,008 256 4,934 3,622 515 797 205 383 Sept 44,073 43,480 38,417 L, 303 6,384 27, 235 196 3,044 254 5,063 3,751 517 796 212 381 Oct 44,137 43, 560 38,459 L, 307 5,660 27,960 196 3,084 252 5,102 3,777 517 808 197 380 Nov 44,273 43,707 38,498 t, 308 5,660 27,960 196 3,123 251 5,209 3,885 516 808 187 379 Dec. ,., 45,025 44,458 39,089 L, 310 6,178 27,960 196 3,195 249 5,370 4,047 516 806 189 377 1941—Jan 45,877 45,320 39,895 1,307 6,813 27,960 196 3,371 248 5,426 4,066 517 842 181 376 Feb 46, 090 45, 535 40, 002 L, 306 6,813 27,960 196 3,480 247 5,534 4,174 518 841 180 374 Mar 47,173 46, 581 40,898 ]L, 604 5,722 29, 532 196 3,599 245 5,683 4,324 518 840 220 372 Apr 47, 231 46,673 40,967 :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 L, 603 5,721 29, 554 196 4,008 243 5,834 4,485 530 819 190 370 June... 48,961 48,387 42, 267 .1,603 5,698 30,215 196 4,314 241 6,120 4,728 553 839 205 369 July.... 49, 513 48,965 42, 641 1,603 5,698 30,215 196 4,649 279 6,324 4,811 555 957 180 368 Aug 50, 921 50,371 43,901 1,604 5,698 30,169 196 4,908 1,037 289 6,470 4,941 557 971 184 367 1 Including amounts held by Government agencies and trust funds which aggregated $2,100,000,000 on July 31, and $2,100,000,000 (preliminary) on August 31, 1941. These amounts exclude holdings by production credit associations and joint stock land banks. 2 Including Liberty bonds. 3 Including adjusted service bonds and beginning with July 1941, depositary bonds (amounting to $52,000,000 at end of August). 4 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 5 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. 6 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. 7 Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000. SECURITIES FULLY GUARANTEED BY 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 o e t r a i d r p o t r e g o m n r a r a a g l - e C O H o L w t r i o o p o n m a o n e n r r e a s' - s C F t R r o i u t n e r i c p c o a t o n o n i n o r c a - e n - C m C o C t o r r i o p e d o m d o n it i r - y t a- H A U o u i u t . t h y S si o . n r g - i H A F st o e d r d u m a e s t i i i r o n n a n g - l m be a d a t e u r b i r n t e * g d 1934—June 681 312 134 235 December - 3,063 980 1,834 249 1935—June 4,123 1,226 2,647 250 December .. 4,494 1,387 2,855 252 1936—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 (3) D ecember 4,645 1,410 2,937 297 (3) 1938—June 4,853 1,410 2,937 299 206 1 DecPTTiber 4,992 1,388 2,888 509 206 1 1939—June 5,450 1 379 2 928 820 206 114 3 DeoPTnber 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 1940—August . 5,813 5,788 1,269 2,603 1.096 696 114 9 24 September 5,808 5,787 1,269 2,602 L, 097 696 114 9 21 October 5,810 5,790 1,269 2,602 L,097 696 114 12 19 November 5,919 5,901 1,269 2,600 L, 097 696 226 13 18 D ecember,. 5,917 5,901 1,269 2,600 L, 097 696 226 13 15 1941—January 5,915 5,901 1,269 2,600 L,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 L,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 August 6,937 6,928 1,269 2,409 2,101 905 226 17 9 1 Principal amount of obligations guaranteed as to interest and principal, Excludes obligations held by U. S. Treasury and reflected in the public debt. 2 Figures on matured debt were not published prior to September 1939. s Less than $500,000. OCTOBER 1941 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT AND FULLY GUARANTEED, AUGUST 31,1941 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total fully Ma ca tu 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 a y e s s - T u re r a y s B - on P d S P s r a a o e v n - s i w d n ta g a l s r c d T b a u o u r ll e e n r a a y d b o s s l - r e1 Total 2 C F M F a e o g t a d a r i o p r o e g r m o r n e t a - r l - C O H a L o w t o o r i n p o m a e o n n e r r s - ' F C R s a i o t t n e t i r r i c o a u p o o n n c o n n c - r - e - C m C C a o o r t o r i e d p o m d i o n t i - r y t - H A o U u u i . t t s h y S i o n . r g - c a s d a g e n u t l u c i t l e e e u a a s e r b r o - i d l r e1 1941—Before Oct. 1 701 701 Oct. 1-Dec. 31.„ 1,107 903 204 616 300 204 112 616 1942 Jan.l Mar. 31... 426 426 (3) 310 310 650 Apr l-June30.__ July 1-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 1,581 875 571 114 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, 667 1,604 5,698 30,169 196 30,169 6,911 1,269 2,409 2,101 905 226 6,911 Within 1 year 2,235 1,604 631 (3) 1,202 886 204 112 2,417 1 to 5 years 8,545 5,068 3,460 17 8, 509 2,906 875 1,216 701 114 4,494 5 to 10 years _. 7,613 7,585 28 9,911 1,930 1,175 755 10 to 20 years 16, 871 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 August 31. 3 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 able adjusted issues2 service 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—June 22,158 323 366 1,998 19,471 6,887 590 720 1,000 10,300 1934—June 27,161 396 1,055 2,432 23, 278 9,413 890 970 1,500 10, 500 1935—June 31, 768 633 1,365 2,433 27, 337 11, 429 1,290 1,540 2,600 10,400 100 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 10,800 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 6,000 10, 400 2,200 1940—June 47, 874 4,775 r 3 2, 292 2,466 38, 341 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 r 18, 078 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. * 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. 1026 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 retinjments) counts period etc,* Excess excess Period c ta I o x n m e - s e n i c M n e e n t o l i a e l s u l a r - s - - s S t e a o i c x t c y u e ia r s - l o A th l e l r c T e r o i e p t - a t l s ce N r i e p e - t ts1 I d n e o e t s n e b t r t - f t e i N o d n e n a s - e - a l r A m t j c A u u g u e r s d r l a n t - i - - l - t m p U e l r m e o e n - n y - - t - T c f t e o r r a r u a u s c n s n - t t s o t - s ot A he ll rr Total1 d e ( o c i x + t f e u p ) i r e p r e e n o ts - s - r p ( c o t + e e u f e n i r x ) p r e d o - e t s i s - r - f G b e u r a e n a l n d - l - d G e r b o t s s 3 reve- Pro- 1ief etc.1 (-) ance 2 nue gram Fiscal year ending: June 1938... 2,640 2,279 755 567 6,242 5,855 926 1,029 362 1914 220 2,788 7,239 -1,384 +306 -338 +740 June 1939— 2,189 2,232 740 507 5,668 5,165 941 l,.2O6 787 2,595 L82 2,396 8,707 -3, 542 +890 +622 +3, 275 June 1940-_ 2,125 2,345 838 617 5,925 5,387 1,041 1,657 1,020 1919 208 3,153 8,998 -3,611 +136 -947 +2, 528 Junel941__. 3,470 2,967 932 900 8,269 7,607 1,111 6,080 968 1 741 235 2,577 12, 711 -5,103 -148 +742 +5, 994 2 months ending: Aug. 1940___ 87 584 178 84 933 778 40 396 130 293 139 527 1,524 -746 +371 +563 +938 Aug. 1941— 142 537 221 109 1,009 809 33 2,084 101 238 153 518 3,127 -2, 318 +598 +240 +1, 960 1940— Aug.. 38 346 139 43 566 447 20 210 76 142 25 232 706 -259 +320 +196 +135 Sept.. 432 213 29 37 711 711 148 225 75 139 10 162 759 -48 -158 -39 +168 Oct... 44 237 38 47 365 333 73 297 103 145 251 869 -536 -24 -495 +64 Nov.. 49 252 138 46 485 362 11 379 108 138 20 162 817 -455 +216 -103 +136 Dec. 429 231 34 46 741 740 219 470 110 155 218 1,172 -432 -209 +111 +752 1941—Jan... 63 210 47 52 372 340 25 569 103 146 18 251 1,111 -771 +15 +97 +852 Feb.. 104 204 193 172 674 541 21 584 96 138 20 217 1,075 -534 -3 -324 +213 Mar._ 1,208 273 34 52 1,567 1,566 150 748 102 159 10 229 1,399 +167 -236 +1,014 + 1,083 Apr.. 75 244 43 240 602 565 73 763 71 148 18 242 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 1,276 339 812 32 135 211 528 —252 259 +729 +1, 241 July. 84 268 48 56 456 413 25 960 60 132 153 268 1,598 -1,185 +599 -34 +551 Aug. _ 59 269 173 54 554 397 9 1,124 41 106 250 1,529 -1,133 -2 +274 +1, 408 } Details of trust accounts, etc. Details of general fund balance (erid of period) Old-age insurance trust fund and railroad Unemployment Net expenditures in checking All other retirement account trust fund accounts of Government agencieis Period Inc N e r i e e p - t ts m v I e e n s n - t t - s m B p e e f a i n n y t e - ts - ce R i e p - ts m v I e e n s n - t t - s p O tu e e t n r x h e d - e s r i- s C F t R r o i u n e r c c p a o t o n i n r c o a - e n - C m C o C o r r o p e d m d o it i r - y t a- U i S H n n t g o a i u t t A e e s s u d - - o A th l e l r ce R i e p - ts p tu E e r n x e - d s i- Total m g c o o r e e n l n d - t S io e r i a g g n e - W a b i n o n a c r g l k - e tion tion thority Fiscal year ending: June 1938— 550 461 85 763 560 191 *9 *184 1 *12 414 327 2,216 142 446 1,628 June 1939— 639 516 120 838 395 442 *658 136 4c60 *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 2 months ending: Aug. 1940... 201 *4 26 202 98 110 26 *134 19 489 137 117 2,454 143 590 1,720 Aug. 1941... 246 8 36 258 206 54 •114 *186 *11 *53 187 155 2,873 143 610 2,120 1940—AUg 145 1 13 143 85 53 (4) *144 *6 432 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 51 413 29 17 1,920 143 595 1,183 Nov. 143 *5 15 145 113 31 59 24 03 450 18 6 1,817 143 596 1,078 Dec. 1 151 15 51 11 33 15 17 g 21 35 25 1, 928 143 597 1,188 1941—Jan 42 *10 15 78 29 41 16 12 32 443 38 50 2, 025 142 599 1, 283 Feb. 152 *5 16 149 113 43 160 7 *8 430 33 42 1*701 601 '957 Mar 11 160 17 28 •10 37 64 37 25 156 46 49 2,715 142 602 1,970 Apr. 46 *10 17 69 40 35 *406 33 24 412 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 27 418 86 83 2,633 143 605 1,885 July 89 24 18 82 60 29 *280 *221 *22 411 147 122 2,599 143 607 1,848 Aug 157 •16 18 176 146 25 166 34 10 M42 40 32 2, 873 143 610 2,120 r Revised to transfer expenditures of U. S. Maritime Commission from "all other" to national defense. 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expendi tures, and from transfers to trust accounts. 2 Details given in lower section of table. J For details, see page 1025. 4 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 see BULLETIN for October, 1940, pp. 1052-1054. OCTOBER 1941 1027 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Assets Loans and preferred stock: Loans to financial institutions 430 433 437 441 469 485 445 425 409 400 397 417 408 Preferred stock, etc 772 756 757 757 739 736 729 711 706 703 702 698 693 Loans to railroads 552 553 513 512 515 516 523 518 523 523 505 505 497 Home and housing mortgage loans 2,342 2,336 2,348 2,387 2,387 2,390 2,424 2,395 2,406 2,427 2,436 2,445 2,413 Farm mortgage loans 2,540 2,534 2,526 2,517 2,508 2,500 2,481 2,485 2,475 2,467 2,458 2,448 2,437 Other agricultural loans 693 815 802 785 772 757 728 727 776 867 830 779 754 All other loans 1,185 1,197 1,200 1,214 1,291 1,298 1,309 1,352 1,386 1,409 1,472 1,511 1,553 Total loans and preferred stock 8,513 8,623 8,583 8,613 8,680 8,682 8,639 8,614 8,681 8,796 8,800 8,804 8,756 Cash 462 566 572 521 549 533 580 595 620 771 464 376 771 U. S. Qovt. direct securities 740 715 693 704 699 701 723 736 756 771 780 802 824 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 131 131 131 130 128 128 127 127 124 126 125 123 123 Other i 35 36 36 30 24 22 21 22 20 21 17 18 17 Accounts and other receivables __ 394 519 512 521 513 491 552 524 551 555 549 598 707 Business property 567 569 570 597 601 593 599 600 602 608 623 636 653 Property held for sale . ._ _ 1,067 1,061 1,081 1,094 1,113 1,141 1,190 1,206 1,245 1,297 1,392 1,497 1, 567 Other assets 184 191 193 188 210 211 214 251 310 338 359 423 435 Total assets other than interagency 2 12,092 12,410 12, 371 12, 398 12, 518 12,500 12,645 12, 676 12, 909 13, 2*82 13,108 13, 277 13,853 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S.__. 5,526 5,811 5,809 5,808 5,919 5,917 5,915 5,914 5,916 6,560 6,371 6,370 6,939 Other i 1,351 1,354 1,356 1,354 1,422 1,395 1,389 1,386 1,390 1,385 1,434 1 443 1 442 Other liabilities 1,103 1,234 1,238 1,243 1,237 1,214 1,294 1,292 1,391 1,432 1,492 1,604 1, 761 Total liabilities other than interagency2 7,980 8,400 8,403 8,406 8,579 8,526 8,599 8,592 8,696 9,377 9,297 9,417 10,142 Excess of assets over liabilities, excluding interagency transactions 4,112 4,010 3,968 3,992 3,939 3,974 4,046 4,084 4,213 3,906 3,811 3,860 3,711 U S. Govt. interests 3,706 3,603 3,558 3,580 3,526 3,559 3,629 3,666 3,792 3,484 3,388 3,436 3,286 Privately owned interests.. 406 407 410 412 413 415 417 418 421 422 423 424 425 i Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. 2Including, 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, JULY 31, 1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and Total U.S. Accounts debentures pr s l e o a to f n a e c n d r k r s ed Cash o d G t b i i o r l o i e n g v c s a t t . - G o t u t b i e o l a e i n r g d a s a n - - r o a e a c b t n h e le e d iv s r - p B r u o s p in e e rt s y s P h r e o s l a d p l e e f r o t r y an U G te n u e i a t d e r d - by Other States Reconstruction Finance Corporation 1,538 321 51 25 0) 45 2,102 National defense corporations 0) 0) 39 0) 309 Home mortgage and housing agencies: Home Owners' Loan Corporation 2,036 129 6 3 314 2,418 0) Federal home loan banks 168 54 53 11 1 76 RFC Mortgage Company 67 0) 2 7 1 Federal National Mortgage Association 196 W! 4 0) 1 85 United States Housing Authority.. _. 296 31 6 3 127 226 Farm credit agencies: Federal Farm Mortgage Corporation 626 15 49 11 1,270 37 Federal land banks 1,811 43 112 171 6 68 «975 Federal intermediate credit banks 259 22 36 2 244 Banks for cooperatives 80 17 23 8 1 0) 0) Production credit corporations 62 1 47 0) Regional agricultural credit corporations 7 15 0) 0) 0) Commodity Credit Corporation 209 20 188 4 779 907 Farm Credit Administration 262 13 0) Farm Security Administration 465 30 1 Insurance agencies: Federal Crop Insurance Corporation 8 0) Federal Deposit Insurance Corporation 53 32 434 37 0) 28 Federal Savings and Loan Insurance Corporation 1 25 103 2 Federal Housing Administration 14 32 29 1 11 17 2 Export-Import Bank of Washington 115 1 70 0) Tennessee Valley Authority 18 8 393 8 U S Maritime Commission 31 20 47 Rural Electrification Administration 297 6 Public Works Administration 82 Other 96 15 6 15 63 1 15 Total 8,756 771 824 123 707 653 1,567 6,939 1,442 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 1028 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May July Aug. Loans to financial institutions 172 149 145 Loans on preferred stock of banks and insurance companies 57 57 57 53 50 49 49 49 48 Preferred stock, capital notes, and debentures. 459 460 460 455 452 447 442 437 434 432 429 425 410 Loans to railroads (including receivers) 508 470 470 473 474 482 482 487 487 470 470 462 461 Loans for self-liquidating projects 42 38 47 36 37 35 35 36 37 37 81 81 Loans to industrial and commercial businesses For national defense 0) 3 3 7 11 17 21 61 65 70 71 Other 129 129 128 126 121 117 115 114 113 111 109 108 Loan to Great Britain 100 Loans to drainage, levee, and irrigation districts 77 Other loans 5 5 5 Securities purchased from Public Works Administration 110 116 116 116 114 113 113 113 111 122 120 Total loans and investments, other than interagency 1,538 1,503 1,511 1,522 1,519 1,512 1,499 1,503 1,511 1,538 1,61$ Preferred stock of, and loans to Export-Import Bank 74 74 74 99 99 174 174 174 174 174 174 Loans to Rural Electrification Administration 146 146 146 146 146 152 157 164 168 175 182 Capital stock of, and loans to RFC Mortgage Company 68 71 73 Capital stock of, and loans to Federal National Mortgage Association 79 101 102 Loans to Tennessee Valley Authority Capital stock of, and loans to national defense companies 2 121 168 219 282 Loans to Farm Security Administration 33 60 81 97 116 Capital stock of Federal Home Loan Banks._ 125 125 125 125 125 Total loans and investments.. 1,918 1,932 2,003 2,089 2,244 2,319 2,383 2,473 2,573 1 Less than $500,000. 2 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans Short-term credit Loans to cooperatives Emer- Agricul- End of year or month otal TT'oHorcil Land Federal Produc- gency Banks tural j: euerai Bank inter- tion crop and for Market- Total land Com- Total i mediate credit drought Total 3 cooper- ing Act banks mis- credit associa- relief atives revolvsioner banks 2 tions 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—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 August 2,975 2,426 1,804 622 450 45 221 177 99 83 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, $25,0 2 0 E 0, x 0 c 0 l 0 u i s n iv 1 e 9 o 36 f , l o $1 a 6 n , s 0 0 t 0 o , 0 a 0 n 0 d i n d i 1 s 9 c 3 o 7 u , n $ t 1 s 1 , f 0 o 0 r 0 , r 0 e 0 g 0 io i n n a l 1 9 a 3 g 8 r , i $ c 8 u , l 0 t 0 u 0 r , a 0 l 0 0 c r i e n d i 1 t 9 3 c 9 o , r p a o n r d a t f i r o o n m s , $ p 6 r ,0 o 0 d 0 u ,0 c 0 ti 0 o 7 n $8 , c 0 r 0 e 0 d ,0 it 0 0 a s s s i o n c c i e a t 1 i 9 o 3 n 9 s . , and banks for cooperatives, amounting to a total of $229,000,000 in August 1941. These loans and discounts are included in the columns for the institutions concerned. 3 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. OCTOBER 1941 1029 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 E m n o d n t o h f H O p L t C e i o o o w o r o r m s a n r a n ' n - - e - B H L a F e o n o e ra m k a d l n s - e i c s i a a a F l a e v o s t e n r i i s a a o d n d o n l - n g - s s 2 M C R p g a o a o F n g m C r y e t - - c M t A F i g i e N a o a s e o r t n a s g a d i r - o l o a e - t - - l n t U S H h A n t i o o a n i r u u t g t i e - e s t s d - y End of month D a i n b e to c a p l e r o - s s s 1 - Total b i C p t n a o o a n s r s d y k i h e - s - T U o . t a S l . s e G c o r D g u e b o a c r i l v - i i - t - t e i r e n s G m o t a e u b n e e a l - n d i r - t - f s C e u e r t n a e c n s d . e * h s, tions gations jg33—June 47 Dec 132 85 1934—June. _ 1,217 85 1934—June 1,198 1,225 695 453 418 35 76 Dec. .. 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._. 2,945 119 475 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 1937—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 1940—Aug.— 1,996 168 1,462 60 168 111 1940—August ],297 1,340 41 1,224 1,078 146 75 Sect.— 1,988 176 1,488 61 171 129 September ]L, 295 1,339 40 1,224 1,078 146 74 Oct. . 1,981 182 1,515 63 175 168 October L, 296 1,338 38 1,224 1,078 146 75 Nov 1,969 186 1,533 65 178 176 November ,298 1,341 37 1,224 1,078 146 80 Dec 1,956 201 1,546 67 181 186 December ,304 1,348 36 1,224 1,078 146 88 1941—Jan. . 1,942 171 1,564 68 185 228 1941—January ,314 1, 356 34 1,239 1,093 146 84 Feb.._- 1,929 157 1,579 68 187 211 February ,318 1,361 33 1,245 1,098 146 83 Mar 1,914 146 1,600 69 190 233 March.. _ ,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 L.304 1,356 30 1,251 1,104 146 75 July.— 1, 855 168 1,718 67 196 296 July P .307 Aug 1,841 173 69 198 305 August _ PI, 309 i Loans and discounts to member institutions of the Federal Home p Preliminary, Loan Bank System. i Outstanding principal, represented by certificates of deposit. Does 2 Federal Home Loan Bank Board estimates for all Federal savings 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, 3 Not available. accrued interest on bond investments, and accounts due from late postmasters. Back figures—See BULLETIN for August 1935, pp. 501-502. FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Loans insured by Federal Housing Insured home mortgages (Title II) held in portfolio Administration (Gross) i by classes of institutions 2 End of month Total p P ( m e r T i r o m I r e o i ) t v t n y - p l e t e - - s ( s h N c t T t m o i r o I e o i u m ) a n w t n c l l - e e l - H m ( g T I a o o I i g m ) r t e l t e s e - h g o r M a g ( e u g T a r I n s n o o e I i i ) s d t t u r n a l t p o e g - l n ( h f T D V e i o n n i u e I g t s - ) s l e e - Total b C m a c o e i n m a r k - l - s b M s i t a n u a n g v u a k s l - - s ci a l S a i a o s n t a n s i a g v d o o n s - - ns p I c a n a o n s n m c u i e e r - - s a F c e g e i r e e d a 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 ]L, 049 565 32 137 187 56 72 Dec 2,097 721 13 1,300 63 L, 199 634 38 149 212 77 89 1939—Mar 2,314 759 18 1, 451 86 L, 349 699 44 159 241 114 92 June 2,547 814 26 1,607 100 1,478 759 50 167 271 137 94 Sept 2,784 867 32 1,777 108 L, 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 3,266 972 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. 3 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. 1030 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] Construction ][ (p n h d y u s s i t c ri a a l l v p o r l o u d m u e c ) t i 2 o n * awar c d o e n d t ra (v ct a s lue)3 Employment * Y m ea o r n a th nd ( I 1 m v n = 9 p a c 3 e 1 a l o 5 n u 0 y - m 0 e t - 3 s ) 9 e 1 Total 1935 D - a 3 b f u 9 M a l = r e c - 1 a t 0 u n 0 N r d a u e b u o - s l r n e - - M era in ls - Tot 1 a 9 l 23 R d - t 2 e e ia 5 n s l i = - - 10 o 0 A th ll er 1 N = 9 a c 3 g 1 u o 5 r 0 l n - i - 0 3 - - 9 19 F 23 a - c 2 t 5 o = ry 100 r 1 o = 9 p F t l o 2 1 a a l 3 s r 0 y c y - - 0 - * 25 F 1 i = l 9 r n o c e 3 1 g a a i 5 0 g d r s - 0 3 * - h 9 t- ( D v 1 m = s 9 a s e t a 2 l 1 p e o u l 3 0 a e n r e - 0 e s r 2 t ) t 5 - *ep m W = r c 1 s i o o 1 h c a 0 m d e 2 0 l o e s i 6 0 l - t e * y - 1 - 9 C i = l n 3 i o o 1 v 5 g f 0 s - - * t 3 0 9 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted ustedjusted justed usted usted usted usted usted justed usted justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98 0 120 78 iqo a 10 A K 1920 75 03 60 83 63 30 00 107.1 117.2 129 94 154 4 ~IAO O 1921 58 53 57 66 56 44 65 82.0 75 6 110 87 Q7 A 197* 7 1922 73 81 67 71 79 68 88 90.7 81.2 121 88 96 7 11Q 7 1923 88 103 72 08 84 81 86 103.8 102.9 142 98 100 6 191 Q 1924 82 05 60 80 04 05 04 96.4 96.0 139 99 no 1 199 9 1925 90 107 76 02 122 124 120 99.8 101.1 146 103 103 5 19K A 1926 06 114 79 00 120 121 135 101.7 104 2 152 106 100 0 19ft A 1927 95 107 83 100 129 117 139 99.5 102.4 147 107 95 4 194 n 1928 00 117 85 00 135 126 142 99 7 103 5 148 108 Qfi 7 199 A 1929 122.3 110 132 03 117 87 142 107.6 106.0 110.4 152 111 95 3 122 5 1 1 9 9 3 3 1 0 1 9 1 4 0 . . 3 9 9 7 1 5 6 9 7 8 8 7 4 0 8 0 0 3 0 6 2 3 3 5 7 0 1 8 2 4 5 1 9 0 2 0 . . 3 9 9 78 2 . . 1 4 8 6 9 7. . 8 4 1 10 3 5 1 1 9 0 2 2 8 7 6 3 0 4 1 1 1 0 Q 8 A 7 1932.... 73.2 58 41 70 66 28 13 40 82.8 66.3 46.7 78 69 64.8 07.6 1Q33 69.5 60 54 70 76 25 11 37 83.3 73.4 50.1 82 67 65 9 09 4 1934 80.2 75 65 81 80 32 12 48 90.5 85.7 64.5 89 75 74 9 95 7 1935 87.2 87 83 00 86 37 21 50 94.2 91.3 74.1 92 79 80 0 08 1 1936 101.2 103 108 100 00 55 37 70 100.0 99.0 85.8 107 88 80 8 09 1 1937__ 107.2 113 122 106 112 50 41 74 105.0 108.6 102.5 111 92 86.3 102.7 1938 98.9 89 78 05 07 64 45 80 98.5 90.9 78.5 89 85 78 6 100 8 1939 105.5 108 109 108 106 72 60 81 102.3 99.9 92.2 101 90 77 1 90 4 1940 112.5 123 138 113 117 81 72 80 105.6 107.5 105.4 109 94 78.6 100.2 1938 July - 97.2 86 84 71 05 94 60 40 68 97.0 87.2 85.9 71.7 88 83 78 8 August . 98.1 00 91 78 00 97 66 53 77 97.6 89.3 90.2 77.9 90 83 78 1 September 99.1 93 97 83 100 98 78 56 06 98.2 91.0 93.6 82.3 02 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 06 56 128 99.6 94.8 95.3 85.3 95 87 77.5 December 101.4 101 99 97 104 102 06 67 128 100.3 96.7 96.2 88.1 96 88 77.0 100.2 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 60 55 80 100.8 96.7 97.0 88.8 94 88 76 7 00 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 99.6 1940 January 110.6 122 117 134 113 118 76 63 03 104.9 107.6 105.0 99.8 111 02 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 67 66 104.0 104.0 104.4 99.8 100 89 78.4 99.8 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 60 77 104.2 103.9 103.1 99.5 111 91 77.5 100 6 July 111.7 122 120 136 ••113 120 85 77 01 104.7 105.1 103.2 98.2 110 92 77 7 August 113.3 124 124 143 112 113 00 82 08 105.6 107.4 107.4 105.5 112 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 04 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 r164 124 119 115 00 136 110.6 116.6 116.2 122.4 119 101 80 0 100 7 1941 January 121.3 140 135 171 123 118 103 84 117 111.0 418.3 115.5 120.7 122 101 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 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 ••114.2 128.7 127.8 152.1 139 104 87.1 104.6 July 131 0 160 159 199 138 130 139 115 158 ^116.0 133.3 130.6 152.8 138 115 88 8 105 2 August P133. 5 P162 P138 P132 P137 P104 P116.2 P132. 7P132. 5 P157.0 139 134 90.3 106.0 Septembers •161 e166 e205 e135 "132 «132 c110 e91.8 v Preliminary. * Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 1032-1035; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1040. * 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. 1036-1039 for employment and payrolls and p. 1043 for prices. 5 Excludes military and naval forces. e For sales comparisons by cities and by departments see p. 1042 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. OCTOBER 1941 1031 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.- May June July Aug. Industrial Production—Total 1__ 122 724 127 130 134 139 140 144 147 144 154 159 160 P!60 Manufactures—-Total * _ 123 126 129 134 137 142 144 148 151 153 '159 164 165 P165 Durable l 136 143 151 155 157 '164 171 176 180 180 190 195 199 P19S Nondurable '113 112 112 116 130 134 123 126 127 '131 135 139 138 P138 Iron and SteeL . .._ 159 163 169 172 171 174 179 179 I84 181 I84 184 185 185 Pis: iron 157 162 167 169 173 173 177 176 178 170 175 179 181 182 Steel... . .. 162 166 175 178 177 181 186 187 193 193 196 196 197 198 Open hearth and Bessemer ... 155 159 164 167 164 166 172 171 177 172 174 173 174 172 Electric 210 219 247 259 263 283 291 300 305 340 355 359 365 382 Machinery. 133 138 145 149 152 16 4 168 177 185 194 206 214 216 P223 Transportation Equipment2 129 149 159 165 171 177 190 203 207 197 r228 '248 257 P234 Aircraft. __ 398 460 508 552 600 635 685 741 768 '818 872 '926 1,003 PI,179 Automobile bodies, parts, and assemblv 101 121 121 125 125 125 134 143 142 124 152 161 171 P135 Automobile factory sales. 83 71 110 130 134 129 14* 152 143 122 151 148 154 93 Railroad cars . 119 127 148 148 166 172 178 182 178 196 218 235 234 P237 Locomotives 113 123 140 160 168 186 204 222 234 266 280 308 342 P351 Shipbuilding (private yards) 189 213 220 227 226 263 282 307 335 352 380 425 459 M63 *ns Nonferrous Metals and Products 131 137 '149 rl55 162 167 173 179 183 '189 184 189 P183 Nonferrous metal smelting3__ 132 132 132 133 135 137 137 142 142 147 148 144 142 P145 Copper smelting 131 133 129 130 135 135 133 140 136 145 144 136 131 135 Zinc smelting 141 140 148 147 147 152 153 158 163 164 170 170 173 175 Copper deliveries 119 134 154 170 179 190 201 209 219 221 231 222 234 221 Lead shipments 127 128 126 132 145 158 161 165 172 186 205 210 204 183 Zinc shipments*.. '134 '139 '141 142 144 146 149 148 146 147 144 144 142 143 Tin consumption 116 117 113 109 112 115 119 130 143 147 147 141 155 Lumber and Products 107 114 121 123 127 132 137 135 128 132 132 135 141 P141 Lumber _ 104 113 121 124 128 133 139 139 125 128 122 125 131 P136 Furniture. _ 115 115 121 122 125 128 132 129 132 139 151 '155 161 P153 Stone, Clay and Glass Products 115 119 124 126 ISO no 154 158 150 142 141 150 151 P154 Cement 110 115 125 133 140 155 181 183 156 139 134 138 143 148 Common and fnpft hriplr 117 129 131 126 135 147 Common brick 117 130 124 126 136 147 Face brick 118 125 146 127 132 148 Glass containers 117 114 116 115 114 119 123 131 139 135 148 155 154 158 Polished plate glass 100 114 118 111 113 117 137 138 135 142 142 152 146 133 Textiles and Products US 113 116 123 135 140 138 143 146 150 157 156 155 P154 Textile fabrics. 109 111 113 121 132 135 133 140 143 146 152 151 151 P148 Cotton consumption 121 124 120 126 139 142 144 152 156 160 164 160 162 160 Rayon deliveries 137 127 120 129 146 156 156 148 150 158 169 173 173 P170 Silk deliveries 57 61 65 71 77 74 69 67 71 74 71 73 78 P57 Wool textiles 101 106 123 132 140 145 136 149 152 152. 165 163 157 P164 Carpet wool consumption. 69 95 109 125 128 131 119 143 146 139 148 149 126 P141 Apparel wool consumption 113 108 137 152 160 163 149 165 179 171 196 190 177 P176 Woolen yarn 102 104 120 124 131 132 125 134 135 140 153 151 153 P160 Worsted yarn... 113 117 135 149 152 157 150 163 163 166 178 178 174 P179 Woolen and worsted cloth. 105 105 122 127 140 149 142 153 154 156 167 165 160 P166 n Leather and'Products 97 95 97 107 109 107 108 114 114 123 130 128 P122 Leather tanning 85 92 90 93 100 102 102 103 113 109 118 121 124 Cattle hide leathers 88 98 95 100 110 113 115 112 119 118 129 131 136 Calf and kip leathers 75 83 82 85 92 86 88 92 112 97 99 98 92 Goat and kid leathers 84 83 83 81 82 86 79 87 97 96 105 113 117 Shoes 101 101 99 100 112 113 110 112 115 117 126 136 131 P120 Manufactured Food Products 110 in 110 118 117 121 117 120 121 123 124 127 126 PISS Wheat flour _ 100 99 100 104 99 104 98 105 105 110 110 107 103 P98 Cane sugar meltings. . 101 90 86 116 136 122 124 107 122 123 119 129 102 Manufactured dairy products 115 110 115 122 117 125 131 127 125 135 134 130 133 P136 Ice cream 117 104 114 128 122 131 138 132 129 144 Butter. 106 105 .105 108 106 110 119 118 118 119 117 111 113 109 Cheese 116 115 115 114 117 118 123 124 131 138 134 121 128 134 Canned and dried milk 124 132 133 135 126 138 136 129 124 135 139 132 141 165 Meat packing 116 119 121 127 133 134 114 126 134 126 132 124 125 134 Pork and lard 132 141 147 152 159 165 121 145 159 143 147 134 132 149 Beef 101 99 95 101 106 107 110 109 110 110 120 120 123 124 Veal 97 91 92 98 102 97 86 94 91 96 97 91 96 94 Lamb and mutton 98 96 95 106 110 109 112 112 111 108 109 101 110 105 Other manufactured foods 110 115 109 118 116 120 117 119 120 122 122 129 128 P136 Alcoholic Beverages r109 '92 103 103 96 101 105 108 104 107 114 122 130 P124 Malt liquor.. __ _ 104 91 93 100 94 104 105 106 100 102 106 107 115 110 Whiskey 72 44 71 80 77 85 78 81 80 82 90 94 108 93 Other distilled spirits ••150 '215 231 118 86 85 112 132 132 140 129 154 206 206 Rectified spirits 155 87 126 134 131 105 126 131 130 137 170 206 190 Tobacco Products 103 106 108 115 113 114 113 116 117 120 119 118 114 118 Cigars 101 105 102 105 103 108 111 110 109 117 109 106 106 109 Cigarettes 106 110 113 120 119 121 118 125 127 127 131 131 123 129 Manufactured tobacco and snuff._ 99 96 100 112 106 101 101 96 97 101 100 97 97 96 ' Revised. P Preliminary. 1 Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. 2 Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals." * Zinc shipments revised 1940: Jan., 128; Feb., 121; Mar., 116; April, 110; May, 111; June, 122. 1032 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 c) Governors. 1935-39 average= 100] 1940 1941 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Paver and Paper Products 130 12k 120 122 125 ISO 129 128 132 13k Ik2 Ik7 Paper and pulp 130 123 118 121 124 131 129 128 133 136 145 149 152 Pulp 153 150 150 148 150 159 153 153 160 161 162 175 167 Groundwood pulp 117 119 117 118 123 119 119 122 119 121 120 121 122 Soda pulp 142 120 114 124 113 142 128 129 137 135 141 151 149 Sulphate pulp 179 179 185 184 186 200 190 193 199 199 203 216 203 Sulphite pulp 151 148 145 140 143 148 144 144 153 156 155 170 163 Paper 126 118 113 117 120 127 126 124 129 132 142 145 150 Paperboard .. 130 121 118 123 132 143 138 134 138 143 158 154 170 161 Fine paper 121 114 107 110 114 114 110 110 114 115 127 134 140 Newsprint production 111 113 111 112 109 109 113 115 115 114 114 114 112 113 Printing paper 126 117 111 114 114 117 119 123 126 131 138 149 147 Tissue and absorbent paper 131 121 125 124 120 131 132 125 133 132 137 144 142 Wrapping paper 126 117 107 110 114 120 120 119 124 129 139 140 138 Paperboard containers 128 Printing and Publishing L Uk 110 108 109 110 112 111 Uk 116 118 rm rl28 126 P128 Newsprint consumption 102 104 104 104 106 107 103 105 106 106 107 106 106 109 Petroleum and Coal Products. 112 US 116 116 118 120 122 122 123 121 125 127 P128 Petroleum refining.__ 108 109 112 112 114 116 117 117 119 120 122 123 P124 Gasoline 106 109 113 111 112 115 117 118 120 120 124 123 123 Fuel oil.... .... 111 116 113 115 116 120 120 122 121 121 120 123 Lubricating oil 113 98 102 109 115 107 112 104 105 118 118 134 133 Kerosene 116 111 121 123 123 130 120 123 113 117 115 104 108 Coke _. 139 140 143 145 147 149 150 152 154 133 148 154 154 154 Byproduct coke 137 137 139 141 143 143 143 145 145 134 141 145 146 146 Beehive coke 218 263 267 266 281 378 367 398 434 69 386 435 429 453 Chemicals 117 115 Uk 116 118 121 122 123 123 135 H5 Rubber products 109 115 12k 126 132 Uk lkl 153 155 158 162 192 153 130 Rubber consumption 109 116 125 128 133 147 143 156 158 161 164 196 156 132 Tires and tubes ... _ 106 105 109 109 116 117 123 128 134 131 144 152 126 117 Pneumatic tires 108 106 110 110 118 118 124 128 135 132 144 151 127 118 Inner tubes . .. 95 102 107 103 107 115 121 127 132 130 145 155 125 110 Minerals—Total 120 113 117 113 118 119 118 118 125 96 125 133 130 P132 Fuels,— 117 112 115 109 113 113 Uk US 121 86 121 129 127 P129 Bituminous coal 121 121 119 98 112 115 117 114 149 22 149 153 146 Anthracite 133 115 108 94 97 108 98 102 102 71 80 126 137 P162 Crude petroleum 114 108 114 115 115 113 114 113 112 113 114 120 119 P119 Metals 137 123 128 137 m 152 lkk 152 H8 150 U9 161 Ik9 I L Z C r e i o o n a n p d c p o . e . r . r e shipments .... 1 1 1 1 5 4 1 2 9 2 5 9 1 1 1 1 5 3 1 2 9 9 4 5 1 1 1 1 3 1 5 3 7 2 5 1 1 1 1 1 6 4 1 3 3 1 7 1 1 1 1 1 9 4 1 3 2 3 3 5 1 1 1 1 8 3 4 1 6 9 5 6 1 1 1 1 4 8 1 4 8 7 6 0 1 1 1 1 5 8 4 1 3 9 4 6 1 1 1 1 9 4 4 1 1 8 7 8 2 1 1 1 0 1 5 5 0 9 2 1 1 1 1 1 9 5 1 5 7 9 5 0 2 1 1 1 0 4 1 5 0 9 7 5 1 2 1 1 5 0 1 5 6 7 4 4 2 1 0 5 3 5 Gold 125 93 107 125 127 141 120 133 124 122 114 157 106 Silver 122 88 109 113 136 132 119 133 127 121 138 107 139 r Revised. P Preliminary. i Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. OCTOBER 1941 1033 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] 1941 Industry July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar Apr. May June July Aug. Industrial Production—Totall.. 120 124 132 136 136 136 135 140 144 155 160 159 P162 M N D a o n u n r u d a f u b a r l c e a t 1 u bl r e es—Totall 1 1 1 2 1 3 0 1 1 1 1 1 2 1 3 5 4 9 1 1 1 3 1 5 3 9 0 1 1 1 3 3 5 8 1 9 1 1 1 3 3 6 9 1 1 1 1 1 4 3 6 0 1 4 1 1 1 3 6 1 9 6 8 1 1 1 4 7 3 4 1 3 1 1 1 4 3 7 9 6 8 1 1 1 5 3 8 3 9 3 1 1 1 6 3 9 0 4 3 1 1 6 9 5 8 1 1 1 6 3 9 4 8 7 P p 1 i 6 r 7 n P141 Iron and Steel 151 158 166 171 172 174 179 179 184 181 184 184 185 185 Pig iron 154 161 164 169 173 173 177 176 178 170 175 179 181 182 Steel 154 161 '171 176 178 181 186 187 193 193 196 196 197 198 Open hearth and Bessemer ... 148 154 161 165 166 166 172 171 177 172 174 173 174 172 Electric 199 212 242 265 283 291 300 305 340 355 359 365 382 257 Machinery 129 135 142 149 152 164 168 177 185 194 216 Tran A s i p r o c r r t a a f t t ion Equipment * 110 1 4 2 6 2 0 1 50 5 8 4 179 6 1 0 8 0 5 6 1 3 8 5 8 2 7 0 4 7 1 2 7 1 6 4 8 206 872 '926 1,003 I, P2 1 16 79 Automobile bodies, parts, and 552 assembly 77 91 119 142 143 138 138 148 150 136 152 161 137 Automobile factory sales 70 23 89 142 161 152 151 161 160 139 164 164 134 47 Railroad cars 117 130 135 141 153 172 178 182 178 196 218 235 234 *>237 * Locomotives 116 124 137 152 163 186 204 222 234 266 280 308 342 P351 Shipbuilding (private yards) 185 202 213 229 219 263 307 335 352 425 459 P563 Nonf N er o r n o C f u e s o r r p M o p u e e s t r a m s ls m e a e ta n lt l d i n s P m g r e o l d ti u n c g ts 3 1 1 1 2 2 2 6 6 6 1 1 2 2 7 7 U 1 1 3 2 S 1 9 ' 1 1 1 3 3 6 8 8 2 1 1 1 5 3 3 8 9 7 135 1 1 1 6 3 3 6 3 7 1 1 1 7 4 4 3 0 2 1 1 1 7 3 4 9 6 2 1 1 1 8 4 4 4 5 7 ' 1 1 1 4 4 9 4 8 0 1 1 1 3 4 8 6 4 5 ' 1 1 1 4 3 8 1 1 8 P P 1 1 1 8 4 3 3 4 5 Zinc 133 133 143 147 147 152 153 158 163 164 170 170 173 175 Copper deliveries 118 133 156 173 181 188 200 209 219 221 231 222 234 221 Lead shipments 118 122 127 138 155 165 166 165 172 186 205 210 204 183 Zinc shipments* ••124 '128 ••138 143 ••147 ••147 149 148 ••146 147 144 144 142 143 Tin consumption 115 115 108 108 112 112 114 130 146 151 153 148 154 Lumber and Products 111 123 189 182 126 121 116 119 130 134 140 144 P153 Lumber 112 126 134 132 123 114 113 115 118 128 130 135 142 P150 Furniture 107 118 127 133 130 133 123 129 133 135 142 150 149 P157 Stone, Clay and Glass Products 127 133 139 142 186 125 110 112 125 172 166 P174 Cement 136 141 150 154 145 124 100 102 117 139 163 174 177 181 Common and face brick 147 150 161 154 147 125 Common brick 149 153 162 160 149 120 Face brick 140 142 161 140 141 133 Glass containers 121 124 118 119 115 111 110 120 130 135 159 163 172 Polished plate glass 118 127 129 141 144 131 141 142 142 149 109 Text T ile e s x t C a il n e o d t f t P a o b r n r o i d c c u o s c n t s s umption 1 1 1 0 0 0 1 9 5 1 1 1 1 1 0 4 1 8 1 1 1 2 1 1 0 5 8 1 1 12 2 2 9 4 6 1 1 1 8 3 3 7 9 4 1 1 1 4 4 3 0 2 6 1 1 1 3 3 4 8 3 4 1 1 4 5 0 2 1 1 1 4 4 5 3 7 6 1 1 1 5 6 4 0 0 6 1 1 1 5 5 6 2 7 4 1 1 1 6 5 5 0 5 0 1 1 16 5 5 2 5 0 P P1 1 U 5 6 3 S 0 Rayon deliveries 134 137 138 144 151 154 154 148 150 158 169 173 173 P170 Silk deliveries 51 57 65 77 87 79 72 68 74 73 66 66 70 P51 Wool textiles 98 109 120 129 139 145 136 149 152 152 165 163 157 P164 Carpet wool consumption. 67 101 111 124 126 131 119 143 146 139 148 149 126 P141 Apparel wool consumption 108 113 137 145 162 163 149 165 179 171 196 190 177 P176 Woolen yarn 102 108 119 121 129 132 125 134 135 140 153 151 153 P160 Worsted yarn 107 120 130 149 152 157 150 163 163 166 178 178 174 P179 Woolen and worsted cloth. 102 107 116 122 139 149 142 153 154 156 167 165 160 P166 Leather and Products 91 104 104 117 122 118 120 119 124 Leather tanning 83 89 93 101 104 103 112 112 110 115 118 119 Cattle hide leathers 82 93 94 101 114 115 116 125 121 118 126 125 126 Calf and kip leathers 83 87 81 82 88 87 97 105 96 94 100 101 Goat and kid leathers 83 81 84 80 79 87 79 91 96 99 103 113 116 Shoes 114 111 102 95 106 121 128 123 124 119 127 Manufactured Food Products 120 131 138 116 115 104 104 107 112 120 129 138 P154 Wheat flour 99 100 115 113 103 100 99 104 102 103 100 101 102 Cane sugar meltings 116 95 102 113 112 98 103 105 135 135 117 132 117 Manufactured dairy products 165 ••145 117 96 80 79 84 92 105 134 182 199 193 P183 Ice cream 196 169 124 92 73 68 69 78 99 138 Butter 130 ••116 104 95 84 87 95 101 105 118 151 155 137 120 Cheese 150 130 119 107 82 89 96 107 133 177 186 165 151 Canned and dried milk 151 136 123 108 95 103 110 121 152 200 195 172 169 Meat packing 109 102 112 127 151 159 133 122 122 119 132 121 119 116 Pork and lard 119 106 117 143 191 212 157 145 143 135 147 130 119 112 Beef 102 100 107 110 111 107 110 100 102 120 118 125 126 Veal 96 92 101 108 104 92 83 86 95 101 92 95 95 Lamb and mutton 93 95 107 113 107 104 118 112 107 105 111 96 104 104 Other manufactured foods 117 136 140 132 117 115 103 103 105 107 111 122 137 Alcoholic Beverages 'US r90 108 108 104 87 100 108 120 129 131 P119 Malt liquor 128 106 94 82 77 81 84 111 124 137 142 128 Whiskey 40 24 56 76 96 104 106 91 90 75 59 51 Other distilled spirits 70 '103 317 314 181 105 73 79 86 84 77 91 97 99 Rectified spirits 130 134 174 207 140 92 113 124 122 149 165 160 Tobacco Products 112 110 118 120 115 108 108 110 118 121 128 123 122 Cigars 105 108 117 127 123 83 90 96 100 111 108 113 111 113 C igarettes 119 116 121 118 114 108 119 118 119 118 133 144 138 136 Manufactured tobacco and snuff,. 101 97 108 115 105 95 100 100 96 r Revised. P Preliminary. 1 Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. 2 Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals " * Zinc shipments revised 1940: Jan., 135; Feb., 124; Mar., 119; Apr., 112; May, 111; June, 116; Year, 129. 1034 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 Industry July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr. May June July Aug. Paper and Paper Products 1U 127 12k 126 131 136 137 m Ik3 k Paper and pulp 123 121 120 124 124 124 128 133 137 140 147 144 Pulp 147 148 147 150 151 154 154 159 164 165 145 173 160 Groundwood pulp 104 101 102 110 126 124 124 127 128 136 165 124 109 Soda pulp 133 120 115 124 113 138 128 133 141 139 133 150 141 Sulphate pulp 175 179 185 188 186 190 192 199 203 199 141 214 199 Sulphite pulp 144 148 145 143 144 144 144 148 156 159 203 167 155 Paper 120 117 116 120 120 120 124 129 133 136 155 143 142 Paperboard 123 123 125 130 132 127 132 138 144 146 142 154 161 163 Fine paper 110 107 102 110 110 112 111 118 122 126 155 131 127 Newsprint production 108 110 111 112 112 110 113 113 115 114 130 115 109 "116 Printing paper 118 113 110 115 113 116 119 126 132 136 115 146 138 Tissue and absorbent paper 124 121 131 129 119 126 128 130 134 135 "•140 143 134 Wrapping paper 122 116 108 113 114 116 120 124 126 130 136 137 133 Paperboard containers 125 136 Printing and Publishing l 103 102 108 113 112 112 115 121 12k 126 rl27 115 P119 Newsprint consumption. 91 105 111 111 109 104 110 113 111 107 92 Petroleum and Coal Products. 113 Ilk 118 118 119 119 120 120 119 121 Petroleum refining 109 110 114 114 115 115 115 115 114 119 122 124 P125 Gasoline 109 112 116 114 113 112 113 114 114 118 124 126 127 Fuel oil 109 114 114 116 117 122 123 124 119 119 120 122 P121 Lubricating oil 111 97 102 109 115 106 108 103 104 122 122 134 131 Kerosene 110 107 119 123 126 131 126 124 115 119 115 102 103 Coke 136 139 142 145 148 149 150 152 154 133 148 154 154 154 Byproduct coke 135 137 139 141 143 143 143 145 145 134 141 145 146 146 Beehive coke 181 210 222 274 309 378 367 434 69 386 435 429 453 ChemicaU 110 112 116 120 121 123 135 137 138 Rubber Products 109 115 135 137 k 151 155 157 Rubber consumption. 109 116 128 128 138 140 148 153 158 i6a 164 196 156 132 Tires and tubes 106 105 109 109 116 117 123 128 134 131 144 152 126 117 Pneumatic tires___ 108 106 110 110 118 118 124 128 135 132 144 151 127 118 Inner tubes 95 102 107 103 107 115 121 127 132 130 145 155 125 110 Minerals—To tal _ 121 117 124 122 119 113 115 116 96 127 131 130 P134 Fuels 111 109 " 116 112 115 116 117 118 121 87 118 121 Bituminous coal_. 106 111 124 110 128 127 130 134 143 18 126 132 128 Anthracite 104 85 103 99 98 115 114 112 105 76 88 116 107 P120 Crude petroleum.. 114 111 114 114 111 111 111 112 114 116 118 120 119 P122 Metals 179 16k 171 18k H7 102 90 181 18k Iron ore shipments-. 315 308 301 294 162 210 323 326 344 335 Copper 133 135 136 146 147 146 145 155 151 156 159 152 147 152 Lead 112 114 112 117 114 118 116 116 116 121 117 116 110 Zinc 121 118 127 131 135 139 140 144 147 151 150 149 154 Gold 134 100 121 156 146 141 112 122 103 107 108 125 113 Silver 113 91 107 115 135 133 118 137 132 124 133 107 129 r Revised. P Preliminary. c Corrected. 1 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. 1035 OCTOBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted toCensus of Manufactures through 1937 1923-25 avera?e=100 1940 1941 Industry and group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total* 105.1 107.4 108.9 111.4 114.2 116.6 118.3 118.6 119.4 122.0 124.9 128.7 133.3 132.7 Durable goods* 100.4 104.3 107.4 111.2 114.6 117.6 121.1 122.1 123.0 126.3 129.5 134.0 141.0 140.6 Nondurable goods* 109.6 110.2 110.3 111.5 113.8 115.7 115.6 115.2 115.9 118.0 120.5 123.6 126.1 125.2 Iron Steel Products 107.3 111.1 112.9 116.1 118.9 122.4 124.8 125.5 126.2 128.3 132.0 rlS6. 0 139.7 140.5 Blast furnaces, steel works _ 120 123 123 125 127 130 133 133 133 136 140 145 149 150 Bolts, nuts, washers, rivets 110 116 119 121 128 135 139 145 151 153 160 166 169 172 Cast-iron pipe 76 78 81 84 89 89 88 92 92 93 94 95 95 94 Cutlery, edge tools 104 104 107 109 110 110 110 108 110 114 117 122 130 129 Forgings 70 74 77 81 83 88 90 94 96 100 102 104 111 111 Hardware _ _ 84 98 102 105 109 113 113 114 116 115 116 118 115 121 Plumbers' supplies __ __ 84 87 89 90 94 98 99 98 100 101 102 102 102 103: Stamped, enameled ware 157 169 179 188 190 196 194 201 202 204 214 220 228 232 Steam, hot-water heating 87 91 92 97 100 103 106 106 107 109 111 114 123 124 Stoves 95 96 95 98 100 108 113 106 106 107 110 114 121 115 Structural, ornamental 75 78 81 84 86 91 96 100 100 101 103 104 105 106 Tin cans, tinware 100 98 96 99 103 104 109 112 113 113 129 131 131 Tools 95 98 101 106 111 116 121 126 128 133 136 138 141 145 Wirework 139 152 170 189 201 207 206 208 208 203 '207 '214 218 200 Machinery 116.6 120.0 122.5 126.6 ISO. 9 136.0 U1.2 144.2 148.1 155.8 161.6 167.5 173.2 176.6 Agricultural implements __ _ _. 133 139 141 143 140 143 147 140 126 158 166 170 175 182 Cash registers, etc. 130 129 132 132 134 137 137 140 146 151 150 163 168 170 Electrical machinery 104 107 111 116 120 126 131 137 142 147 153 159 164 169 Engines, turbines, etc 165 176 182 197 211 218 237 239 243 245 259 275 293 314 Foundry, machine-shop products. 98 101 103 107 110 114 118 120 124 129 134 140 144 144 Machine tools 237 247 247 257 265 275 286 296 304 315 '326 '337 349 366 Radios, phonographs 145 145 138 134 142 150 155 165 178 189 197 184 191 184 Textile machinery __ __ 77 76 79 81 83 86 89 92 95 98 101 104 107 108 Typewriters 116 119 123 126 128 130 131 110 134 138 143 150 155 157 Transportation Equipment 110.7 120.9 ISO. 2 140.2 W.9 145.6 160.4 152 9 154.1 168.8 164.5 r174.3 196 4 188.0 Aircraft .._ 3,115 3,479 3,881 4,243 4,447 4,731 5,089 5,398 5,509 5,813 '6,121 '6, 538 7,208 7,984 Automobiles 97 107 116 125 127 124 123 123 123 125 128 '132 150 133 Cars, electric-, steam-railroad 51 50 55 58 64 67 75 71 70 70 74 82 90 88 Locomotives 31 33 36 39 42 46 52 55 56 59 64 67 75 79 Shipbuilding 175 186 187 195 204 220 244 262 268 284 '299 338 380 386 Nonferrous Metals, Products 110.7 115.7 118.6 122. S 126. S 129.4 1SS.S 135.1 136.2 138.9 140.7 144.1 148.3 147.5 AliimiTinTn* 190 199 202 207 214 218 229 224 220 229 234 230 238 236 Brass, bronze, copper 132 140 147 153 162 168 173 176 179 181 182 190 193 195 Clocks, watches 95 98 100 101 101 102 107 109 111 115 118 121 125 120 Jewelry _ _ 100 99 94 96 98 101 102 105 107 111 113 115 120 118 Lighting equipment _ 81 92 100 103 105 106 110 112 110 112 112 116 123 120 Silverware, plated ware 71 70 72 74 75 76 77 79 79 81 82 84 94 86 Smelting, refining 89 92 92 94 94 96 98 100 101 101 102 102 103 105 Lumber, Products 67.6 69.0 70.6 71.3 73.6 75.2 76.3 75 6 74 0 74 2 74.6 75 9 79 0 78 4 Furniture 89 90 91 91 93 96 97 98 98 101 104 106 108 107 Lumber, millwork 62 63 65 68 71 72 74 72 71 70 69 71 75 76 Tjiimbftr, sawmills 60 62 64 64 66 67 68 67 65 65 64 65 68 68 Stone, Clay, Glass Products 81.3 81.8 83.0 84.7 88.4 90.4 94.6 92.9 92.3 92.3 92.1 93.7 98.6 98. & Brick, tile, terra cotta 60 60 61 61 65 68 75 74 71 70 69 69 73 73 Cement 66 69 70 72 74 76 75 76 75 74 73 74 76 77 Glass 105 107 109 112 117 117 120 116 118 121 122 124 131 131 Marble, granite, slate 45 45 46 46 45 46 46 47 46 45 45 44 43 42 Pottery 94 94 94 96 100 105 108 108 108 109 109 116 126 123 Textiles, Products 100.2 101.1 101.9 102.6 105.3 107.2 107.3 107.1 107.6 109.8 112.9 116.1 120.1 117. & Fabrics. _ _ _ . 91.3 92.6 93.5 95.2 97.7 98.7 98.8 99.1 100.4 103.3 105.9 109.0 111.1 109.6 Carpets, rugs 71 72 75 79 82 82 85 84 83 86 89 90 89 91 Cotton goods 91 93 94 95 97 99 99 100 101 103 106 111 113 115 Cotton small wares _ 77 79 81 82 87 90 92 93 94 97 103 107 110 111 Dyeing, finishing textiles _ _ ._ 125 128 129 129 129 132 132 134 136 138 141 144 149 143 Hats, fur-felt _ . 85 83 84 80 84 85 '83 '83 83 80 '83 86 86 78 Hosiery 136 138 138 140 141 144 144 142 142 141 144 146 149 144 Knitted outerwear 69 72 69 70 71 74 69 69 68 71 76 '81 85 83 Knitted underwear 76 75 74 75 76 77 81 78 78 79 81 79 90 88 Knitted cloth 138 147 151 153 151 149 144 141 143 141 155 163 162 158 Silk, rayon goods 63 62 61 63 65 64 63 64 66 69 74 75 72 67 Woolen, worsted goods 85 86 90 93 99 98 98 98 102 109 109 110 112 108 Wearing apparel 116.1 116.1 116.5 114.8 118.0 121.9 122.0 120.5 119.3 119.8 124.0 127.0 135.1 129.4 Clothing, men's 105 104 104 102 109 115 114 111 110 114 122 124 124 120 Clothing, women's . . _ _ . 166 164 165 164 168 170 166 166 164 159 161 170 194 177 Corsets, allied garments____ 106 112 112 112 114 114 114 113 114 114 116 119 119 122 Men's furnishings 120 125 126 122 118 116 116 118 118 119 121 124 138 137 Millinery 71 73 78 74 68 69 76 82 78 78 73 68 75 80 Shirts, collars 116 118 119 117 117 122 131 126 125 128 131 133 135 136 ' 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 August 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. 1036 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 toCensus of Manufactures through 1937. 1923-25 average=100] 1940 1941 Industry and group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Leather, Manufactures _ 90.9 89.1 89.9 91.1 93.8 9L 3 93 3 93.2 94.8 95.5 96.8 101.0 100.2 97.9 Boots, shoes 89 87 88 90 92 93* 91 91 92 93 94 98 97 94 Leather _ _ 81 82 81 82 84 85 85 86 88 90 90 95 97 96 Food, Products 129.0 129.8 126.9 129.9 132.4 135.6 138.8 131.0 181.3 132.5 135.0 137.1 137.1 139.8 Baking _ 146 146 144 144 144 144 143 145 146 148 149 151 149 152 Beverages 268 272 265 271 281 285 281 279 278 277 287 285 289 298 Butter. 96 96 96 96 102 101 98 99 102 105 107 105 103 104 Canning, preserving.. __ 137 146 130 152 152 157 149 144 139 140 147 156 160 170 Confectionery 86 88 86 86 90 91 89 88 91 92 89 90 97 101 Flour.. 79 79 79 78 78 78 78 77 78 79 78 80 79 76 Tcft CrftHTTI 75 76 75 79 81 81 80 81 79 82 79 •77 78 80 Slaughtering, meat packing 111 108 109 110 114 121 112 111 113 114 119 121 119 118 Sugar, beet __ __ 99 106 110 100 102 145 240 144 111 97 99 93 89 77 Sugar refining, cane 97 93 91 95 95 97 92 89 97 103 102 97 90 89 Tobacco Manufactures 62.8 63.0 68.7 68.3 63.4 64.7 66.3 64.9 64.O 65.0 65.8 65.8 65.7 64.2 Tobacco, snuff. _ _ ... 58 56 57 57 55 57 57 54 54 54 54 53 53 53 Cigars, cigarettes _ .... 64 64 65 64 65 66 68 66 65 66 67 68 67 66 Paper, Printing.. _ 116.5 116.4 115.7 116.1 116.8 117.8 117.1 117.2 118.5 119.8 121.2 122.9 124.8 124.7 Boxes, paper 119 119 117 117 120 122 123 122 125 129 132 139 142 143 Paper, pulp ... 117 117 117 115 116 116 116 117 119 120 123 125 126 128 Book, job printing _ 101 100 100 102 101 102 103 101 103 104 104 104 108 105 Newspaper, periodical printing 116 117 116 116 118 117 116 116 117 117 117 117 117 118 Chemicals, Petroleum, and Coal Products _ __ 121.7 122.2 121.7 122.9 124.1 125.3 126.5 127.4 128.1 132.5 185.7 rl39. 7 142.4 144.6 Petroleum refining 122 122 121 121 120 120 120 120 121 121 123 125 127 127 Other than petroleum 121 5 122.2 121.8 123 5 124.9 126 4 128 1 129 1 129 9 135.2 138 9 143 4 146 1 148.8 Chemicals __ 138 141 141 143 147 151 154 157 161 163 168 172 173 180 Cottonseed oil, cake, meal 78 75 62 92 101 102 102 100 94 110 106 107 109 102 Druggists' preparations 119 117 116 114 113 113 116 118 119 122 129 132 135 138 Explosives 133 139 145 141 144 147 151 162 163 0) 0) 0) 0) (0 Fertilizers _. 114 113 107 107 107 103 104 103 95 112 118 125 130 126 Paints, varnishes ... 124 126 127 125 127 128 130 130 134 135 136 140 145 147 Rayon, allied products 308 306 309 310 311 314 310 306 308 324 330 337 326 328 Soap 83 85 86 86 82 87 88 90 89 91 93 94 103 104 Rubber Products . 84.7 87.0 89.7 91.6 93.6 96.8 99.0 100.4 102.0 103.9 106.1 rill.7 113.0 113.2 Rubber boots, shoes 56 54 54 57 60 64 67 69 69 74 78 82 82 78 Rubber tires, inner tubes 69 71 73 74 75 77 78 79 80 82 83 86 87 86 Rubber goods, other 141 149 155 157 160 167 171 174 177 176 179 192 194 201 r Revised. 1 Data not available. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total Employees in nonagricultural establishments Mili- Year and month m e a m g e t n u n r p o i r t c l n a o u * - l y l - 12 Total M fa i c n a t n g u * u r- - Mining s C t t i r o o u n n c - - ti T p p o u o r n a b r n t l a a i s n c - - d Trade ci i m F a ce l i i , , n s s c a a e e n n r l - v d - - m G e e r o n n v t - - s f n o t a a a r n c v r d y e a s l utilities laneous SEASONALLY ADJUSTED 1940—August 35, 747 29, 604 10,160 1,256 3,058 6,282 4,175 3, 811 546 September 35, 936 29, 793 10, 280 1,318 3,059 6,285 4,174 3,828 634 October 36, 324 30,181 10, 477 835 1,490 3,053 6,289 4,181 3,856 737 November 36, 827 30, 684 10, 698 833 1,669 3, 053 6,341 4,204 3,886 822 December 37, 460 31, 317 10,899 837 1,974 3,064 6,437 4,226 3,880 884 1941—January 37, 571 31, 428 11, 021 849 2,014 3,077 4,233 3,936 958 February 37, 787 31, 644 11,045 846 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 6,449 4,280 4,059 1,679 June 38,680 32, 537 'll, 843 889 1,644 3,220 6, 536 '4, 295 4,110 1,758 July r39, 273 r33,130 12, 211 r914 1, 668 '3, 264 '6, 614 '4, 336 ••4,123 1,821 August 39, 338 33,195 12,162 927 1,666 3,299 6,664 4,339 4,138 1,934 UNADJUSTED 1940—August 35, 902 29, 759 10,163 839 1,443 3,081 6,168 4,226 3,839 549 September 36, 528 30, 385 10, 479 846 1,511 3,120 6,321 4, 255 3,853 634 October 36, 867 30, 724 10, 668 856 1,654 3,121 6,362 4,187 3,876 733 November 36, 986 30, 843 10, 735 853 1,709 3,065 4,167 3,881 822 December 37, 608 31, 465 10,856 855 1,720 3,039 4,180 3,931 884 1941—January 36, 621 30, 478 10, 797 852 1,623 3,012 6,165 4,142 3,887 958 February 36,928 30, 785 10, 982 854 1,678 3,028 6,173 4,164 3,906 1,145 March 37, 227 31, 084 11,152 864 1,631 3,056 6,259 4,187 3,935 1,343 April 37,676 31, 533 11, 370 564 1,775 3,113 6,463 4,265 3,983 1,546 May 38, 321 32,178 11, 545 1,782 3,185 6,421 4,327 4,049 1,662 June '33. S60 »-32, 717 11,777 1,816 3,239 6, 530 4,353 4,126 1,740 July '39, 281 '33,138 11,995 1, 895 '3, 290 '6, 512 '4. 394 '4,164 1,857 August 39, 542 33, 399 12,146 904 1,921 3,323 6,543 4,394 4,168 1,914 r Revised * Revised from January 1937 to date owing to adjustment of manufacturing employment to Census of Manufactures through 1939. 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 2 Excludes military and naval forces. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for August 1941 are preliminary. For back figures, adjusted for seasonal variation, see pp. 534-535 of the BULLETIN for June 1941. OCTOBER 1941 1037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics; adjustecto Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. Total* 103.2 107 4 122 6 124.9 127.8 130. 6 132.5 98 2 105.5 134.7 144.1 152. 1 152 8 157.0 Durable goods* 98 4 102.4 127 7 131 3 135 1 137 9 137 8 97 4 106 5 149 9 163 1 173.8 172 6 175 9 Nondurable goods*___ 107.8 112.2 117 8 118. 8 121 0 123 7 127 4 99.1 104 4 117 7 '122.9 127.8 130.6 135.9 Iron, Steel, Products.. 106. 2 110.7 129.4 '132.9 136.1 138. S 140.1 IO4.4 '113. 6 150. 9 '160. 9 '168. 6 166.9 171.3 Blast furnaces, steel works 119 122 137 141 144 147 149 116 125 164 173 180 182 183 Bolts, nuts, washers, rivets 109 115 155 161 166 167 171 112 139 212 234 248 224 242 Cast-iron pipe __ 78 80 93 94 97 98 96 75 76 104 110 115 112 111 Cutlery, edge tools 99 102 117 119 120 124 126 91 93 125 134 139 135 147 Forgings. 68 73 100 102 104 107 110 78 86 140 152 164 157 167 Hardware 83 96 117 117 118 114 118 86 107 136 142 150 137 153 Plumbers' supplies 84 87 101 102 102 102 103 76 '82 98 105 106 102 108 Stamped, enameled ware . 153 164 210 218 220 222 225 167 183 243 265 279 272 288 Steam, hot-water heating 84 90 109 112 114 119 123 78 85 117 129 138 138 141 Stoves 92 98 109 113 116 117 117 81 89 111 119 125 122 127 Structural, ornamental 76 80 99 102 106 107 109 68 73 103 114 120 112 125 Tin cans, tinware- 106 108 110 121 132 139 144 113 122 127 146 163 171 182 Tools 94 96 133 136 138 140 142 92 96 166 172 181 173 185 Wirework 136 146 207 '213 '216 213 192 141 163 243 '277 '285 272 250 Machinery 116 1 119.2 156.2 '162. 5 '168. 0 172. 6 175.4 125. 7 131.1 197.4 '217. 2 230. 2 233.3 239.8 Agricultural implements 131 131 169 171 172 171 172 149 152 230 229 233 228 228 Cash registers, etc. 130 129 151 151 163 168 170 136 136 191 196 216 214 223 Electrical machinery. ._ 104 107 147 154 159 164 168 118 124 192 215 224 232 240 Engines, turbines, etc 168 176 257 272 286 298 314 223 '240 372 480 498 523 Foundry, machine-shop products. 98 101 130 135 140 143 144 96 101 152 166 179 178 181 Machine tools 235 238 317 '327 '339 346 351 308 303 472 '507 529 535 556 Radios, phonographs 143 157 159 174 181 189 199 139 150 164 192 200 219 231 Textile machinery 77 76 99 101 104 106 108 73 74 112 124 131 133 136 Typewriters. _ _ 114 118 138 144 148 153 156 117 125 175 190 208 217 223 Transportation Equipment 99.7 105.0 166.4 '171.7 '177. 8 179.2 168.1 '98. 9 115.6 191.4 '216. 6 239.6 229.9 220. 3 Aircraft 3,147 3,479 5,929 '6, 305 6,734 7,280 7,984 3,125 3,727 7,134 '7, 745 % 212 3,078 10, 642 Automobiles ._ 82 86 132 134 135 127 106 81 96 147 171 188 160 134 Cars, electric-, steam-railroad 51 51 74 80 86 90 89 43 47 73 84 92 91 92 Locomotives 31 33 60 65 68 76 79 31 33 72 80 91 103 105 Shipbuilding.. 170 181 294 308 335 369 377 193 211 393 '429 '498 571 593 Nonferrous Metals, Products. ___107.0 113.8 138.7 139.9 '141.9 143.5 U5.1 105.9 117.0 157.2 '166. 7 '174. 6 174.1 181.2 Aluminum * 187 195 231 234 228 234 232 201 '233 290 322 321 320 336 Brass, bronze, copper 130 138 183 184 190 190 193 146 161 235 247 '262 264 276 Clocks, watches 90 95 114 116 117 118 117 91 101 134 143 148 138 145 Jewelry 93 99 104 104 107 112 118 76 83 94 98 101 105 112 Lighting equipment. . 77 88 113 112 114 116 114 64 77 106 110 117 118 115 Silverware, plated ware.. 63 69 82 83 84 83 84 52 61 82 91 94 87 94 Smelting, refining _. 89 91 100 102 102 103 104 87 89 107 112 117 117 119 Lumber, Products 68.2 71.3 73.8 74.7 76.9 79.7 81.1 60.7 68.3 75. 7 78.0 '84.O 85.6 92.9 Furniture ... 88 91 98 100 104 106 108 74 82 95 103 110 110 116 Lumber, millwork 63 64 70 70 73 76 78 49 53 59 62 '67 68 75 Lumber, sawmills 62 65 65 66 67 70 71 54 62 66 66 71 74 82 Stone, Clay, Glass Products 82.4 84.5 93.0 95.6 97.1 99.6 101.5 71.1 76.9 91.1 97.8 100.2 99.1 104.5 Brick, tile, terra cotta 64 64 69 73 75 78 79 52 54 62 69 72 74 77 Cement 72 75 74 78 79 82 83 68 73 76 85 90 91 93 Glass . 103 107 122 124 126 128 131 105 116 144 150 154 147 156 Marble, granite, slate 48 49 45 '47 46 45 45 34 37 35 39 35 35 36 Pottery 87 91 113 113 114 117 120 71 81 111 114 118 115 125 Textiles, Products 94.5 99.7 112.1 '112. 5 '112. 6 113.2 115.6 77.7 87. A 107.0 110.3 '111. I 113. 6 119.3 Fabrics... __. 88.0 90.4 103.7 105.1 106.2 107.0 106.8 76.4 80. P 104.1 109. 3 111.6 113.3 114.0 Carpets, rugs 71 71 87 89 90 89 91 54 59 82 90 90 90 94 Cotton goods 88 89 105 106 109 109 110 78 80 113 117 120 123 126 Cotton small wares 74 77 101 103 104 105 107 69 73 107 114 116 121 124 Dyeing, finishing textiles 116 122 143 141 139 139 136 95 102 135 134 133 134 132 Hats, fur-felt 83 87 81 '81 '83 84 81 78 83 '66 '77 '86 91 90 Hosiery 131 136 142 143 143 143 141 129 144 155 158 158 160 153 Knitted outerwear 66 70 71 77 '79 81 81 54 60 64 72 '75 75 77 Knitted underwear _ 72 73 83 82 79 86 86 63 66 84 85 83 91 90 Knitted cloth 136 148 142 155 160 160 159 117 129 133 149 153 152 153 Silk, rayon goods 61 63 69 69 69 69 68 47 51 60 '63 64 64 63 Woolen, worsted goods _. _ _ 83 87 104 107 108 109 109 74 78 102 113 117 117 118 Wearing apparel 104.9 116.7 126.2 124. 2 121.9 122.3 130.3 75.7 94.9 106.2 105.9 104.1 107.3 122.4 Clothing, men's 103 107 118 119 120 122 123 77 82 98 101 107 109 114 Clothing, women's 137 164 172 165 159 160 177 89 130 132 132 119 128 156 Corsets, allied garments 103 109 118 118 118 115 119 100 109 133 137 139 132 141 Men's furnishings 110 117 122 122 122 126 128 98 114 124 130 131 137 141 Millinery 55 73 88 76 63 58 81 37 65 76 51 43 40 74 Shirts, collars ._ 111 117 131 132 132 129 135 88 102 127 131 136 131 144 ' Revised. For back figures see BULLETIN for February 1941, p. 166. * Indexes adjusted to Census of Manufactures through 1939. 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Tndex 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 1940 1941 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. Leather, Manufactures 91.6 98.0 101.0 101.0 76.4 77.0 91.0 97.2 103. S 105. 0 B Le o a o t t h s, e r shoes 91 9 8 1 0 9 9 6 0 9 9 5 4 9 9 8 6 9 9 8 5 7 7 5 6 7 77 5 95 87 1 9 0 2 7 1 9 0 9 9 1 1 0 0 9 1 Food, Products 135.4 145.7 123.6 135.0 144.5 158.2 131.3 134. 7 144.3 152.4 164.7 Baking 147 147 147 152 150 153 142 140 141 148 154 153 156 Beverages 300 299 272 310 324 328 353 358 331 362 391 422 430 Butter 105 103 102 114 113 112 90 89 90 97 105 104 105 Canning, preserving 179 264 97 136 210 305 146 248 88 91 134 213 317 Confectionery 74 80 86 80 83 92 69 77 86 84 86 85 101 Flour 80 80 77 78 80 77 76 76 76 75 79 82 80 Ice cream 92 91 78 92 96 96 78 78 75 83 85 84 Slaughtering, meat packing 111 107 110 120 119 117 118 112 133 138 139 142 Sugar, beet 58 89 44 52 65 56 88 54 57 57 70 Sugar refining, cane 101 103 93 91 91 83 93 90 97 87 96 Tobacco Manufactures 62.4 64. 63.5 65.5 65.4 65.5 62.3 58., 67.1 70.1 69.8 Tobacco, snuff 56 55 54 52 52 52 67 65 62 67 67 68 68 Cigars, cigarettes 63 65 67 67 67 62 62 59 67 70 70 70 Paper, Printing. 114.7 115.2 119.4 r121.6 123.6 111.2 110.9 121., 128.6 128.7 130.6 Boxes, paper 116 118 127 135 139 142 128 131 151 159 170 174 181 Paper, pulp 117 117 120 125 126 128 126 125 139 146 158 157 163 Book, job printing 100 103 102 105 104 87 86 94 95 Newspaper, periodical printing __ 114 117 117 115 115 106 106 112 114 114 Chemicals, Petroleum, and Coal Products 118.5 119.4 134.7 135.8 141.2 133.0 134-4 157.0 163.6 171.1 175.2 178.5 Petroleum refining 123 123 121 125 127 128 137 137 142 146 157 157 159 Other than petroleum 117.4 118.6 138.1 138.3 140.9 144.4 131.9 133.5 161.5 168.9 175.5 180.7 184.7 Chemicals 140 142 162 172 176 180 167 169 208 222 233 240 247 Cottonseed, oil, cake, meal 45 52 91 66 63 71 43 49 84 66 62 60 66 Druggists' preparations 113 114 122 127 129 135 125 127 138 143 150 163 168 Explosives 133 140 0) 0) 0) 0) 167 172 0) 0) 0) 0) 0) F P R S e a o a r i a y t n p i o t l . n s i . z , , e v a r a s ll r i n ed is h p e r s oducts 3 1 8 8 0 2 0 1 7 5 3 1 8 0 2 1 8 4 1 3 1 9 7 1 3 2 9 8 7 3 1 9 9 2 4 3 3 7 5 3 1 1 9 2 4 0 1 4 6 1 1 3 1 9 2 4 0 1 9 4 3 3 1 1 7 1 3 0 0 5 2 0 3 1 1 7 1 3 0 1 8 2 2 1 1 3 1 7 5 4 1 7 8 2 6 3 1 1 1 5 2 7 2 6 7 0 6 3 1 1 9 6 7 2 4 2 8 9 3 1 1 9 6 7 4 1 9 3 1 3 1 1 9 7 6 4 2 1 8 4 Rubber Products 83.5 85.9 105.0 110.7 111.4 111. 87.' 122.3 128.7 14L2 135.7 138.1 Rubber boots, shoes 54 55 72 78 79 79 51 57 84 88 98 94 99 Rubber tires, inner tubes 69 71 82 86 87 77 76 106 111 122 118 116 Rubber goods, other 138 144 181 190 189 132 142 195 207 225 214 229 r Revised. * Data not available. NOTE.— Figures for August 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 June July Mar. Apr. May June July June July Mar. Apr. May June July Total 37.5 37.3 40.4 40.0 40.8 41.3 40.3 67.2 66.7 69.7 70.8 72.6 73.8 74.4 Durable goods _ 38.7 37.9 42.0 41.5 42.5 43.1 41.5 73.2 72.7 76.8 78.5 80.6 82.2 82.6 Iron, Steel, Products 37.6 37.2 41.0 40.8 41.5 42.0 39.9 77.4 77.7 79.5 84.1 85.8 86.3 86.2 Machinery 40.8 40.5 44.9 44.5 45.4 45.6 44.6 74.3 74.4 77.8 78.9 81.8 83.2 83.6 Transportation Equipment 38.1 36.2 42.3 39.7 42.4 43.8 41.2 90.5 89.1 92.0 92.3 94.5 97.6 98.8 Nonferrous Metals, Products 39.0 38.6 42.1 42.0 42.8 43.1 42.0 70.2 70.1 74.8 74.9 77.0 79.4 80.3 Lumber, Products 38.5 37.0 39.7 40.2 40.1 40.9 39.9 52.3 51.9 54.1 54.7 55.6 57.0 57.7 Stone, Clay, Glass Products 36.3 35.5 37.2 38.0 38.5 38.6 37.4 66.4 66.5 68.9 69.5 71.0 71.7 72.0 Nondurable goods 36.4 36.7 38.8 38. 4 38.9 39.4 39.0 61.7 61.5 62.4 62.9 64.1 65.0 65.7 Textiles, Products 33.5 33.8 37.8 37.3 37.9 38.1 37.4 49.6 50.2 51.7 52 A 53.0 53.4 55.0 Fabrics 34.1 34.8 38.6 38.3 38.8 39.1 38.5 48.4 48.6 49.4 50.9 52.0 52.2 53.4 Wearing apparel 32.5 31.9 36.3 35.3 36.2 36.0 35.4 51.8 53.4 56.1 55.3 55.0 55.9 58.2 Leather, Manufacturesl 33.2 35.9 39.7 38.0 37.5 38.7 38.7 55.3 55.3 57.2 57.9 59.0 59.9 60.9 Food, Products 40.1 39.9 40.0 39.6 40.3 41.0 41.1 64.1 62.5 65.5 65.5 67.0 67.2 66.1 Tobacco Manufactures 38.1 36.8 36.1 33.2 36.9 37.6 37.3 50.5 50.2 49.7 50.6 50.9 51.7 52.3 Paper, Printing.. __ 38.5 38.4 39.7 39.6 40.0 40.1 39.6 79.7 79.1 80.7 80.5 81.1 82.6 82.5 Chemicals, Petroleum, and Coal Products 38.5 38.5 39.1 39.9 39.8 40.5 40.0 77.7 .78.3 76.6 77.3 80.6 82.4 83.8 Petroleum refining.. _. _ _ 35.7 35.3 36.0 37.0 37.0 »-38.2 37.4 98.3 98.6 96.7 99.5 100.8 »102.0 103.0 Other than petroleum refining. 39.6 39.7 40.1 40.7 40.7 41.2 40.8 70.2 70.9 70.5 70.7 74.4 76.1 77.7 Rubber Products 36.4 35.7 39.7 39.4 40.3 r41. 4 39.2 78.0 78.5 79.9 80.4 81.6 83.6 84.5 r Revised. 1 Beginning with October 1940 figures are not comparable because of expansion in reporting sample. OCTOBER 1941 1039 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.] Month Total R b es u i i d ld e i n n t g ial Factories Co N m o m n e re rc s i i a d l ential E d b u u c il a d t i i n o g nal1 Other i P a u u n b t d l i i l c i p ti u w e b s o l i r i c ks 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 January 196.2 305.2 77.4 111.3 12.9 55.9 15.9 26.9 6.1 11.6 17.7 24.2 66.3 75.1 February __ 200.6 270.4 74.9 116.5 15.4 37.8 20.2 20.9 8.1 7.9 26.9 23.5 55.2 63.9 March 272.2 479.9 121.7 147.9 21.8 121.8 23.1 33.1 9.3 10.4 19.6 36.1 76.7 130.6 April 300.5 406.7 135.4 166.5 23.5 66.2 24.0 36.2 17.4 11.2 24.0 29.7 76.3 96.9 May 328.9 548.7 145.9 201.3 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 398.7 577.4 140.4 205.0 49.5 109.8 38.9 37.2 16.5 19.1 34.1 54.5 119.3 151.7 August 414.9 760.2 153.0 231.5 39.6 135.7 28.6 69.8 14.4 11.7 36.6 69.4 142.8 242.0 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 J 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.—SeeB ULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the[Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] ddolllalr]5.] 1941 1940 Number Liabilities> Federal Reserve district Aug. July Aug. Federal Reserve 1941 1940 1941 1940 district Boston___ 44, 483 33, 252 23,711 Aug. July Aug. Aug. July Aug. New York 73, 617 52,988 55, 220 Philadelphia 26, 437 50,901 17,951 Boston 60 72 77 786 1 240 1, 082 Cleveland 53, 853 73, 716 35,685 New York 357 329 408 3,214 6 657 4,258 Richmond 145,492 64, 333 47, 363 Philadelphia ._ 68 61 62 1,445 483 680 Atlanta _ 111,790 33,473 97, 509 Cleveland 47 47 46 750 761 684 Richmond 32 16 42 377 198 713 Chicago 125,049 95, 796 62,485 Atlanta 42 39 53 317 551 424 St. Louis 55, 793 106,509 25,170 Chicago 136 129 177 2,090 1,361 2,379 Minneapolis 13,597 14,514 12,195 St. Louis 23 25 42 183 184 638 Minneapolis 15 15 18 75 204 219 Kansas City 25,462 28,772 11,410 Kansas City._ . _ 42 50 52 217 495 239 Dallas _ 84, 660 23,138 26, 242 D Sa a n ll a F s r a _ ncisco 11 2 2 0 11 1 1 4 11 3 7 4 1,4 2 7 1 0 0 1,21 6 9 9 1,2 3 9 8 7 4 Total (11 districts) 760,233 577,392 414,941 Total 954 908 1,128 11,134 13, 422 12, 997 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. 1040 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 * 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 '387 287 160 186 212 '287 -18 115 45 111 '100 May 290 257 249 32,4 385 285 148 202 211 297 5 109 47 112 88 June 265 233 236 350 '330 286 146 179 211 280 -21 87 57 138 '50 July 268 228 230 317 265 141 169 232 P278 3 87 61 84 P81 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.-July 1,805 1,818 1,646 2,381 P2, 446 1,949 1,102 1,263 1,526 PI, 872 -144 717 382 855 P574 P Preliminary. »• Revised. i Including both domestic and foreign merchandise. * General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS 1 RAILROADS1 [Index numbers; 1935-39 average=100] [Millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p u e r c o s t t d s - Ore la o c n e u l e s - - c l d . h c i a s .l e n . - o r p a T e i r o lw a t t a a i l n y g e r x a T p i o l e w t n a 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—July.... 110 120 158 100 88 107 138 108 95 ADJUSTED* Aug 112 124 162 96 96 115 139 110 95 Sept 112 114 147 106 98 122 145 112 95 1940—June... 360 299 61 r20 Oct 110 91 149 100 99 128 181 116 96 July.... 356 ••302 54 13 Nov 116 109 150 98 98 131 181 120 97 Aug.— 365 308 57 16 Dec 119 107 153 96 96 133 164 125 99 Sept.... 377 309 67 25 1941-Jan 122 109 145 102 88 138 180 130 99 N Oc o t v.... 3 3 7 6 9 3 3 31 1 2 1 6 5 7 2 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 Aug 139 158 199 103 84 152 155 141 99 May... 439 346 93 50 June..- 474 363 110 68 UNADJUSTED July 471 370 100 1940—July.— 110 102 136 145 74 108 250 107 94 UNADJUSTED Aug 113 109 136 117 91 '120 244 110 96 S O e c p t t 1 1 2 2 5 5 1 10 2 4 0 1 1 4 4 9 4 1 1 0 1 7 7 1 1 2 5 9 2 1 1 3 3 2 5 2 2 5 3 4 8 1 1 2 3 4 2 1 10 0 0 0 1940— J J u u l n y e . . ._ .. _ 3 36 4 6 5 '3 2 0 9 8 7 '5 4 8 8 1 r8 6 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 1941—Jan. ... 113 124 174 90 84 124 45 115 94 N O o c v t .___ 4 3 1 7 4 5 3 3 2 0 7 4 8 7 7 1 4 3 3 1 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 c70 149 283 139 99 Apr. ... 375 322 53 7 Aug 140 139 167 125 80 160 271 141 99 May.__ 442 354 89 43 June... 455 362 93 53 r Revised. c Corrected. July.... 485 379 106 P66 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. p Preliminary. 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 ofResearch and Statistics. OCTOBER 1941 1041 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 August Eight Department 1941 months 1938 1939 1940 1941 1938 1939 1940 1941 1941 NET SALES—entire store +29* +16* Jan.__ 90 92 101 79 Main Store + 31 +16 Feb... 90 103 81 Basement Store +32 +13 Mar._. 89 103 93 Women's, girls', and infants' apparel and ac- Apr._. 89 104 106 cessories +33 +U J M u a n y e . . . . 8 9 9 1 1 1 0 0 5 4 87 1 1 0 0 5 0 Main W o st m or e e n i 's and misses' coats and suits +54 +35 +21 +15 July.. 92 115 64 79 Women's and misses' dresses +15 +10 Aug... 98 134 77 106 Blouses, skirts, sportswear, sweaters, Sept.. 97 105 knit apparel +26 +18 Oct... 94 101 Juniors' and girls' wear +25 +19 Nov._ 100 106 114 Aprons, housedresses, uniforms + 9 +14 Dec... 101 168 179 Women's underwear, slips, negligees. _ +46 +14 Infants' wear +20 +16 Year.. 85 90 94 Women's and children's shoes +19 +12 Furs +45 +33 Basement2 +26 +14 J F a e n b . . . . . . 7 7 1 3 65 Men M 's a i a n n d s t b o o re y s 1 ' wear +19 + + 1 1 2 3 J J M A M u u p a a n l r r y y e . . . . . . . . . . . ' 7 7 7 7 8 4 4 4 7 2 Base M M B m o e e e n y n n t s 2 ' ' s s ' c f c l u l o o r t n t h h i i s i n n h g g i n a g n s d , h fu a r t n s, i s c h a i p n s gs + + + 2 1 2 7 5 1 +15 + + + 1 1 1 6 0 5 +10 Aug... 87 Homefurnishings +35 +23 Sept.. Main store l +36 +24 Oct... Furniture, beds, mattresses, springs._. +31 +25 Nov.. 71 Domestic floor coverings +36 +26 Dec... Draperies, curtains, upholstery +23 +14 Major appliances (refrigerators, wash- Year.. 68 68 ers, stoves, etc.) +95 +38 Domestics, blankets, comforters, lin- Back figures.—Department store sales, see BULLETIN for August 1936, ens, towels +33 +24 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 +30 +19 Piece goods (dress and coat yard goods, all WEEKLY INDEX OF SALES materials) +29 + 6 Weeks ending on dates shown. 1935-39 average=100 B M a a s i e n m e s n to t re + +• 2 3 8 3 + + 5 8 1938 1939 1940 1941 Shoes (basement only) + 7 Aug. 6 70 Aug. 5.... 77 Aug. 3.... 81 Aug. ..102 * Based on reports from 240 stores. Reports of total sales from a larger 13.... 69 12.... 73 10.... 79 ..116 number of stores, including many stores not reporting sales by depart- 20.... 72 19.... 76 17.... 81 16.. . 113 ments, showed an increase of 32 per cent for August and 18 per cent for 27.... 79 26.... 82 24.... 92 23 119 the first eight months of 1941, as indicated in the table below. Sept. 3.... 105 Sept. 2.... 108 31....118 30 152 i Group totals for main store include sales in departments not shown 10.... 94 9.... 98 Sept. 7.... 109 Sept. 6 122 separately. 17. ...Ill 16. ...112 14.... 123 13 133 * Group totals for basement are not strictly comparable with those 24.... 104 23.... 107 21. ...117 20 131 shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES Percentage change from corresponding periods of preceding year A 19 u 4 g 1 . J 1 u 94 ly 1 E m 1 i 9 o g 4 s h . 1 t A 19 u 4 g 1 . J 19 u 4 ly 1 E m 1 i 9 o g 4 s h 1 . t A 19 u 4 g 1 . 1 J 9 u 4 ly 1 E m 1 i 9 o g 4 s h . 1 t E m 1 i 9 o g 4 s h . 1 t United States.... +32 +24 +18 Cleveland (cont'd) Chicago +28 +17 Dallas +19 Boston +31 +23 +17 Cleveland +43 +33 +24 Chicago +18 +14 +10 Shreveport +17 New Haven +32 +20 +17 Columbus +32 +25 +17 Peoria +31 +13 +14 Dallas +17 Portland +29 +22 +17 Toledo +32 +26 +18 Fort Wayne +43 +37 +28 Fort Worth.... +19 Boston +28 + 21 +13 Youngstown... +36 +35 +27 Indianapolis... +36 +23 +20 Houston +17 Springfield +37 +26 +21 Erie +50 +38 +26 Des Moines +19 +15 +11 San Antonio... +32 +27 Providence +30 +21 +19 Pittsburgh +37 +23 +17 Sioux City +16 +17 +11 Wheeling +53 +36 +24 Detroit +42 +37 +25 San Francisco +21 +18 Ne A B N N N B B E w u l r l i i e e B m i a b n f w w d Y f g r a g i a g o o a a n r l h Y e a r o r o r y k k a a p k o m o l r F y k r t t n a o a l n n ls . d . . + + + + + + + + + 6 2 2 2 4 4 4 3 3 0 6 9 9 5 3 3 ' 0 + + + + + + + + + 3 3 2 2 2 3 2 2 2 4 1 9 2 2 3 3 1 2 + + + + + + + + + 2 2 3 1 1 1 2 1 1 7 7 4 6 2 5 3 3 5 Ri C N W W B L R c C h y h o a i h m i a c l r n a a n s t h f o r r c s i h o n m l m l t h e l i e o d k n b s o o s n g t u n t r - o e t o d r S n o g n a n ^ le . m C. + + + + + + + + + 2 4 3 4 3 6 2 2 3 0 7 6 6 2 7 5 1 4 + + + + + + + + + 4 2 2 3 2 2 3 5 2 9 7 1 0 2 2 3 5 9 + + + + + + + + 1 4 1 2 3 2 2 1 4 6 6 6 7 2 3 5 St. E L F G L M L Q F l o o v a L i u r i i t n u a a o r l n i t t w n l n u s n i t e s i d i c s S a v s n y v u m g i R R i l k l l i o e l a e t e h e c p k id . s .. . . . + + + + + + + + + + 2 3 5 3 3 2 3 5 4 3 4 1 7 0 0 9 1 0 5 6 + + + + + + + + + + 2 3 2 4 2 3 2 1 4 2 7 6 7 7 8 5 5 6 1 9 + + + + + + + + + + 1 2 3 2 1 1 2 1 3 2 6 8 8 7 5 4 0 6 0 1 P B L S S L S F O h a a a r o o a a B e n n c o s k n k s r e e e g l A n D a F r r n a o k m s B n r n i i f x e e a g d i e e g l n e e n a e o l a c l y c d t e o i n h s s d co.. + + + + + + + + + 2 3 2 3 1 1 1 4 Q 9 6 0 8 7 9 3 4 + + + + + + + + + 2 2 1 1 3 1 1 5 9 7 9 2 8 5 1 9 P S R y o o r u c a g h c h e u k s s t e e e e r psie _ + + + 3 2 4 0 3 1 + + + 1 1 1 8 8 8 + + + 2 1 1 3 5 5 Atl H B an i u r t n a m ti i n n g g t h o a n m... + + +3 4 3 7 8 4 + + + 3 2 2 1 2 7 + + +2 2 1 2 1 9 Mi S S M n p t n . e r e i m L a n p o g p o u f h l i i i i e s s s ld + + + + + 3 3 5 1 2 0 6 1 6 6 + + + + + 4 2 2 1 2 4 6 6 5 3 + + + + + 2 1 4 1 1 0 6 3 0 5 V B S S S a t a a o o n l n i l c s t e e J a k j o t o a o R s a n e n o n d s d a Napa + + + 1 7 4 0 1 0 + + + + 1 4 4 6 0 3 Philadelphia +32 +23 +18 Montgomery... +30 +35 +15 Kansas City +32 +26 +16 Nampa +13 +8 Trenton +31 +21 +18 Jacksonville +41 +32 +32 Denver.. _ +29 +19 +17 Portland +16 +19 Lancaster +28 +18 +14 Tampa +45 +29 +25 Hutchinson +20 +11 +13 Salt Lake City. +1' +17 Philadelphia._ +32 +26 +18 Atlanta +30 +29 +19 Topeka +42 +32 +20 Bellingham +13 +11 Cl A W R Y C ev i e k o e i n a r r l l c k a k o d i n n e i n d n s n g - a B t a i rre.. + + + + + + 3 5 3 3 4 4 6 9 9 1 1 '+ + + + + + 2 2 3 2 2 3 6 6 9 4 5 0 + + + + + 1 1 3 2 1 8 6 2 1 5 J N K M N B C a a a n e h c a w s t o a k c o h x t s o n v t o v O n a i n i R l n r l l l l e o o e e o u a g n g s a e . . . _ . . . . . + + + + + + + 3 3 4 3 4 3 3 4 8 8 8 1 3 3 + + + + + + + 2 3 2 2 2 2 1 4 4 9 7 4 7 5 + + + + + + + 2 2 2 1 1 2 2 2 2 0 6 7 1 3 W J T O K S O o t u k a m . p i l n c l l J s a a h i s a o n h h a i s a t o s e a m p C h a it C y i . t . y . + + + + + + 2 1 2 2 3 2 4 4 2 7 6 1 + + + + + + 2 2 1 3 2 1 0 0 5 9 5 3 + + + + + + 1 1 1 2 1 1 4 7 0 1 1 5 Y T E W S S e p a v a a a c o e k l t o k r l i t a e m m l a e t n a t a W e alla... + + + + + - 4 3 4 2 1 4 8 7 7 1 + + + + + + 2 2 3 1 3 6 7 9 9 7 r Revised. 1042 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week com- prod- Foods Chemimodi- ucts Hides and Textile Fuel and Metals Building cals and House- Miscelties Total leather products lighting and metal materials allied furnish- laneous products materials products products ing goods 1929. . _ ___ 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80 3 78 5 92 1 89 9 88 7 92 7 77 7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 64.9 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 32 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—July 77.7 66.5 70.3 82.3 99.0 72.4 71 1 95.1 92.5 77 0 88.5 77.7 August 77.4 65.6 70.1 82.0 96.9 72.3 71.1 94.9 93.3 76.7 88.5 76 7 September __ 78.0 66.2 71.5 82.3 98.3 72.5 71.0 95.4 95.6 76.8 88.5 76.5 October 78.7 66.4 71.1 83.5 100.4 73.6 71 6 97.3 97.8 76 9 88.6 76.9 November... 79.6 68.2 72.5 84.1 102.3 74.5 71.9 97.6 98.9 77.5 88.6 77.5 December 80.0 69.7 73.5 84.1 102.3 74.8 71.7 97.6 99.3 77,7 88.9 77.3 1941—January 80.8 71.6 73.7 84.3 102.4 75.2 72 1 97.7 99.6 78 6 89.0 77.1 February. 80.6 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78.5 89.1 76.9 March 81.5 71.6 75.2 84.9 102.6 78.4 72.0 97.7 99.5 79 8 89.5 77.6 April 83.2 74.4 77.9 85.9 103.9 81.0 72 9 97.9 100.1 31 8 90.4 78.6 May ._ 84.9 76.4 79.5 87.4 106.4 83.0 75.6 98.1 100.4 33.6 91.4 79.6 June 87.1 82.1 83.1 88.6 107.8 84.5 77 9 98 3 101.0 33 8 93.1 80.6 July 88.8 85.8 84.7 89.7 109.4 86.2 78.5 98.5 103.1 35.2 94.4 82.0 August 90.3 87.4 87.2 90.8 110.2 88.3 79.0 98.6 105.5 36.0 95.4 83.7 Week ending— 1941—June 7 85.9 79.6 81.5 88.4 107.6 78 3 98 3 100.5 33 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 33 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 98 6 102 4 35 1 95 3 81.3 July 19 88.3 85.4 83.8 89.7 109.6 85.0 79 3 98 6 102.6 35 0 95.4 81.7 July 26 88.8 86.7 84.6 90.0 109.7 86.4 79 4 98.6 102.7 35 0 95. 5 81.8 August 2 89.2 87.2 85.5 90.2 109.7 86.6 79.4 98.6 103.3 35. 5 95.8 82.3 August 9. 89.6 87.8 86.2 90.6 109.9 87.1 79.6 98.6 104.2 85.7 95.9 83.0 August 16 89.6 86.4 86.7 90.7 110.2 87.4 79.5 98.7 104.8 K5 9 96.4 83.1 August 23 90.0 86.7 87.0 90.9 110.8 87.3 79 8 98.6 105.2 85 9 96.8 83 6 August 30. 90.6 88.6 88.2 91.1 110.9 87.6 79.8 98.7 105. 7 85.8 96.9 84.1 SeDtember 6__ 91.0 89.1 88.6 91.4 111.2 88.3 79.9 98.7 106.0 S6.0 97.1 84.5 September 13 91.6 91.6 89.1 91.6 111.4 88.7 80.0 98.7 105. 9 87.3 97.9 84.9 September 20 91.5 91.2 88. 5 91.8 111.7 89.2 80 0 98.7 106.2 87 8 98.0 85.0 September 27. 91.2 89.9 87.6 92.0 112.3 89.6 80.1 98.7 107.0 88.1 98.3 85.1 1940 1941 1940 1941 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Aug. Farm Products: Metals and Metal Products: Grains 59.3 74.5 75.9 76.3 79.6 Agricultural implements 92.3 92.4 92.4 92.5 92.9 Livestock and poultry 71.5 88.0 93.0 98.9 99.0 Farm machinery 93.5 93. 5 93.5 93.5 93.9 Other farm Drodurts 63.3 69.5 76.6 79.9 82.0 Iron and steel 94.8 96.1 96.5 96.8 96.9 Foods' Motor vehicles . ._ _ 95.6 100.2 100.3 100.4 100.4 Dairy products 74.3 81.6 84.3 87.7 90.3 Nonferrous metals 79.1 84.4 84.5 84.7 84.4 Cereal products 75.1 78.2 79.8 SO, 3 81.5 Plumbing and heating 80.5 83.0 83.1 83.2 86.8 Fruits and vegetables 63.2 64.0 73.0 69.4 70.3 Building Materials: Meats 76.1 87.2 90.8 93.8 97.5 Brick and tile 90.1 91.9 92.5 94.2 95.1 Other foods 60.4 76.9 79.5 81.6 84.4 Cement 90.6 91.5 91.9 92.1 92.1 Hides and Leather Products: Lutnber * 98.4 116.8 117.6 122.3 127.5 Shoes 107.0 110.1 111.7 14.7 116.1 Paint and paint materials 84.2 89.3 90.3 91.6 93.3 Hides and skins 77.1 110.3 112.4 112. 5 112.2 Plumbing and heating 80.5 83.0 83.1 83.2 86.8 Leather 88.3 96.9 97.9 98.1 98.5 Structural steel 07.3 107.3 107.3 107.3 107.3 Other leather products 99.7 101.7 102.1 102. 7 103. 7 Other building materials 93.4 96.3 96.9 98.4 99.9 Textile Products: Chemicals and Allied Products: Clothing 85.6 90.9 91.6 93.9 95.1 Chemicals 84.8 86.8 87.2 87.3 87.5 Cotton goods 68.6 91.0 94.6 96 1 101.5 Drugs and Pharmaceuticals 96.2 98.7 99.9 100.0 100.1 Hosiery and underwear 61.5 61.3 61.9 62.9 63.8 Fertilizer materials 68.0 71.1 69.9 74.0 75.3 Silk 43 0 49 1 51 2 51 4 52 0 Mixed fertilizejrs 74.2 73.2 73.8 77.0 77.1 Rayon 29.5 29.5 29.5 29.5 29.5 Oils and fats 39.1 80.6 80.6 83.7 87.3 Woolen and worsted goods 83.7 94.1 94.6 96 5 98.2 Housefurnishing Goods: Other textile products 71 9 92 0 94 1 98 0 96 8 Furnishings 94.8 98.0 99.0 99.7 100.7 Fuel and Lighting Materials: Fuirniture 81.8 84.3 87.0 88.9 89.9 Anthracite 79.0 80.7 81.0 82.2 83.3 Miscellineous: Bituminous coal 96 2 102 9 103 7 104 9 106.3 Auto tires and tubes 58.8 58.8 58.8 58.8 60.8 Coke 109.6 120.4 122.2 122.2 122.2 Cattle feed 74.5 81.8 88.9 104.2 108.8 Electricity 72 4 67 7 Paper and pulp 93.5 96.7 98.0 98.8 100.7 Gas 84 5 80 1 81 0 80.8 Rubber, crude 41.0 49.8 45.6 46.0 47.8 Petroleum products.. 49.2 55.3 59.9 60.9 61.4 Other miscellgineous 82.8 85.6 87.4 88.9 89.8 *Revised series. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). OCTOBER 1941 1043 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 Aug. Sept. Sept. Sept. Sept. page 27 3 10 17 24 June July Aug. WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total. 3 2.28 2.24 2.26 2.32 2.28 U. S. Gov't securities, Reserve Bank credit, total ___ 2, 7 2.28 2.30 2.28 by maturities, total _. 5 2.18 2.18 2.18 2.18 2.18 U. S. Gov't securities 7 2.18 2.18 2.18 Within lyr 5 .13 .13 .13 .19 .19 Bills discounted 7 .01 Within 5 yrs 5 .95 .95 .95 .95 .95 Gold stock 2 22.60 22.65 22.70 After 5 yrs 5 1.23 1.23 1.23 1.23 1.23 Money in circulation 2 9.44 9.67 9.84 Gold stock 3 22.72 22.72 22.73 22.74 22.75 Treasury cash 2 2.25 2.30 2.36 Treasury currency 3 3.18 3.18 3.19 3.19 3.19 Treasury deposits 2 .99 .95 .83 Money in circulation 3,11 9.90 10.03 10.04 10.05 10.07 Reserve balances 2, 8 13.20 13.12 13.00 Treasury cash holdings 3 2.38 2.40 2.40 2.41 2.35 Required reserves 8 7.85 7.93 7.99 Treasury deposits 3 .77 .71 .46 .33 .38 Excess reserves 8 5.35 5.19 5.02 Nonmember deposits 3 1.84 1.83 1.84 1.84 1.86 Money in circulation, total _._ 10 9.61 9.73 10.00 E M x e c m es b s e r r e s b e a r n v k e s r — ese to rv ta e l s e 3 9 1 4 3 . . 9 0 9 0 1 4 2 . . 8 8 2 8 1 5 3 . . 0 16 7 P 1 5 3. . 3 2 3 4 13.27 B C i o l i l n s s o a f n $ d 5 0 b i a ll n s d u o n v d e e r r $50__ 1 1 0 0 6 2 . . 8 7 9 3 6 2 . . 9 7 9 4 7 2 . . 2 7 4 6 New York City 9 1.84 1.75 1.83 1.88 Chicago 9 .41 .39 .43 .49 TREASURY FINANCE R C e o s u e n rv tr e y c b it a y n b k a s n e ks 9 9 1. . 8 9 3 0 1. . 7 9 6 2 1. . 8 9 3 7 Pl 1. . 8 0 7 0 U. S D . i G re o c v t e o r b n l m ig e a n t t i o d ns e , b t t: otal.. 19 48.39 48.97 50.37 MEMBER BANKS Bonds 19 34.97 35.34 35.56 Total, 101 cities: Notes 19 5.70 5.70 6.74 L B o a a la n n s c a e n s d d i u n e v t e o stments 16 29.11 29.24 29.23 29.10 29.12 B Sp il e l c s ial issues 1 1 9 9 6 1 . . 1 6 2 0 6 1 . . 3 6 2 0 6 1 . .6 4 0 7 domestic banks 16 9.22 9.36 9.45 9.71 9.55 Guaranteed obligations 19 6.36 6.93 6.93 Demand deposits adjusted 16 24. 45 24.35 24. 50 24.38 24.39 MONEY RATES, ETC. Per cent per annum Time deposits 16 5.43 5.43 5.43 5.43 5.43 New York City: F. R. Bank discount Commercial loans 17 2.38 2.39 2.43 2.44 2.45 rate, N. Y 23 1.00 1.00 1.00 Brokers' loans 17 .33 .46 .45 .34 .34 Treasury bills (new issues) _ _ 23 0.089 0.097 0.108 U. S. Gov't obligations 17 7.07 7.03 7.01 7.00 7.04 Treasury notes 2 23 0.38 0.37 0.33 100 cities outside New York: U. S. Gov't bonds 3 29 1.91 1.90 1.94 Commercial loans 17 3.81 3.83 3.88 3.93 Commercial paper 25 .56 .50 .50 U. S. Gov't obligations 17 7.54 7.54 7.49 7.40 Corporate Aaa bonds 25, 29 2.77 2.74 2.74 Corporate Baa bonds ___ 29 4.31 4.28 4.27 MONEY RATES, ETC. Per cent per annum In unit indicated Treasury bills (new issues) 21 .090 .071 .050 .037 .062 Stoc T k o p t r a i l c es (1926=100): 31 75.3 78. 8 78.7 Treasury notes a 21 0.32 0.31 0.32 0.36 0.38 Industrial 31 88.3 93.2 93.3 V. S. Gov't bonds 3 21, 29 1.92 1.91 1.94 1.95 1.94 Railroad... 31 26.7 27.8 28.1 Corporate Aaa bonds 29 2.74 2.74 2.74 2.75 2.75 Public utility _.. 31 69.8 70.0 69.4 Corporate Baa bonds 29 4.28 4.27 4.28 4.30 4.33 Volume of trading (mill. shares) 31 .46 .76 .47 Brokers' balances (mill, dol- In unit indicated lars): Credit extended customers 33 616 628 628 Stock prices (1926=100): Money borrowed 33 395 388 460 Total 31 78.9 79.3 78.4 80.1 79.0 Customers' free credit Industrial 31 93.4 93.9 93.0 95.4 93.9 balances _ 33 255 266 262 Railroad 31 28.1 28.0 27.0 27.5 26.9 Public utility 31 69.8 70.0 69.5 69.6 69.1 BUSINESS CONDITIONS Vo sh lu a m re e s ) of trading (mill, 31 .41 .53 .64 .66 .62 W A ho ll l e c s o a m le m p o r d ic i e ti s e : s (1926=100): BUSINESS CONDITIONS T Fa o r t m al s p roducts 35,6 3 5 5 8 8 7 2 . . 1 1 8 8 5 8 . . 8 8 8 9 7 0 . . 4 3 Wholesale prices: Other4 35 88.6 89.7 90.8 All c T F O o a o m th r t m a m e l r o p * d r i o ti d e u s c ( t 1 s 9 26= 100) 3 3 3 • 5 5 5 9 8 91 0 8 . . . 1 6 6 9 8 9 1 9 1 . . . 1 0 4 9 9 9 1 1 1 . . . 6 6 6 9 9 9 1 1 1 . . . 5 2 8 9 8 92 1 9 . . . 0 2 9 Indu ( s A t T F r u i i o g a n . t l i a s 1 h l 9 c . e 3 o . d . 9 m . = m 10 o 0 d ) i : ties 3 3 7 7 1 1 1 0 1 7 . . 3 9 1 1 0 1 9 3 . . 1 0 1 1 1 1 4 0 . . 4 2 Basic commodities Raw and semifinished 37 118.2 120.8 122.9 (Aug. 1939=100), total 36 152.7 153.8 156.5 156.6 155.6 Cost of living (1935-39=100): 12 foodstuffs 36 164.8 165.9 171.7 171.4 170.4 All items. _._ 39 104.6 105.2 106.0 16 industrial Rent. 39 105.8 106.1 106.3 mater ials... 36 144.1 145.1 145.8 146.2 145.2 Clothing.... 39 103. 3 104.2 105.9 Steel production Food 39 105.9 106.7 108.0 (per cent of capacity) ._. 44 96.5 96.3 96.9 96.1 96.8 Au (t to h m ou o s b . i c le a rs p ) r oduction 44 40.0 32.9 53.2 60.6 78.5 e Estimated. * Preliminary. Freight-car loadings (thous. cars): 1 Figures for other than Wednesday dates are shown under the T M o i t s a c l e llaneous ... 4 4 5 5 9 3 1 9 2 0 . . 7 3 3 7 3 9 7 7 . . 6 7 9 3 1 9 4 0. . 9 0 9 40 0 0 8 . . 0 5 W 2 e T d a n x e -e sd x a e y m p in t c i l s u s d u e e d s o in n l t y h . e w N e u e m kl b y e r p e o r f i o is d s . ues included decreased Electric power production from 2 to 1 on Sept. 15, 1941. (mill. kw. hrs.) 46 3,224 3,096 3,281 3,232 3,233 3 Partially tax-exempt issues only. F D . e ( H 1 p 9 . a A 3 r 5 t . - m 39 h e = o n 1 m t 0 e s 0 t ) o m re o s r a tg le a s ges, 46 152 122 133 131 * 5 6 L E O e s t s h t s i e m r t h a t a t h e n a f n $ o 5 r f , a 0 S r 0 e m 0 p , 0 t p e 0 r m 0 o . b d e u r c t i s s s a h n o d w f n o o o d n s p . age 1031. new constr. (tbous.) 47 5.34 4.47 4.97 4.91 * Current figures are for the revised edition of the Chart Book announced on p. 864 of the September BULLETIN. Copies of this Chart Book can be obtained at a price of 50 cents each. 1044 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*—Continued 1941 1941 Chart Chart book book page June July Aug page June July Aug MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926=100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:*3 Wholesale prices: Total (1935-39=100) 41, 42 159 160 P160 Canada 65 90.0 Durable manufactures 41 74.0 75.6 P75.0 Germany 65 P83.6 P83.6 Iron and steel 42 20.2 20.4 P20.3 Japan. 65 139.8 139.0 139.4 Machinery, etc. 42 38.1 39.2 P38. 7 Sweden 65 137.4 Other durable 42 15.6 16.1 P16.0 Switzerland 65 128.1 Nondurable manufactures 41 65.1 64.6 P64.7 United Kingdom... 65 123.0 123.6 T P e a x 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 0 2 . . 4 7 2 1 0 2. . 7 4 * P > 2 1 0 2. . 0 8 In cents per unit of Foods, liquors, and tobacco._ 42 17.6 17.6 P18.3 foreign currency Other nondurable 42 14.3 13.9 PIS. 6 Foreign exchange rates: Minerals .__ 41, 42 20.3 19.8 Argentina (peso) 67 29.77 29.77 29.77 New orders, shipments, and Canada (dollar) 67 88.18 88.27 88.96 inventories (Jan. 1939=100): Japan (yen) • 66 23.44 23.44 New orders, total 43 229 212 P195 Switzerland (franc)7 66 23.21 Durable 43 330 295 P255 United Kingdom (pound) 67 403.16 403. 23 403.18 Nondurable 43 164 159 P156 Shipments, total ... 43 191 185 P188 1941 Durable 43 233 222 P216 Nondurable 43 154 151 P164 Inventories, total 43 129 131 P134 Apr. May June Durable 43 139 141 P146 Nondurable 43 117 121 Freight-car loadings:! 2 In billions of dollars T C o oa ta l l (1935-39=100)3 . 5 5 7 7 1 3 39 3.1 13 3 8 1.9 1 3 39 3.5 Increase in U. S. gold stock:5 Miscellaneous 57 76.3 76.8 77.2 Total 63 15. 48 15. 55 15. 60 All other _ 57 29.2 29.1 28.7 Ne T t o c t a al p ital inflow: _ 62, 63 '6.05 5.99 Inflow of foreign capital 62 '4.01 '3.97 3.89 1923-25=100 Return of domestic capital.. 62 1.96 1.98 2.00 Merchandise export surplus 63 4.72 4.81 4.86 Other factors 63 '4.70 '4.70 4.76 Factory employment. 51, 53 127 8 130. 6 P132. 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, 53 152. 1 152. 8 P157. 0 tie D s u o e f t b o a f n o k r s e : igners 64 3.88 3.89 3.82 Av ( e c r e a n g ts e p h e o r u h rs o u w r) o rked 51 73 8 74.4 N D e u t e d fr u o e m t o f o fo re r i e g ig n n er e s r s 6 6 4 4 3 . .5 3 2 6 3 . .5 3 3 6 3. . 4 3 8 4 (hours per week) 51 41 3 40.3 Department store sales 3 59 104 115 134 Department store stocks 1 59 77 '82 87 1940 1941 In millions of dollars Oct.- Jan.- Apr.- Dec. Mar. June Residential contracts awarded :* Total 47 187 191 224 Public ._ 47 72 53 82 In billions of dollars Private, total 47 115 139 142 QUARTERLY FIGURES 1- and 2-family dwellings 47 101 124 126 Construc O ti t o h n e r contracts awarded:4 47 14 15 17 Cash C i a n s c h o m in e c o a m nd e outgo of U.S.Treas.: 18 1.90 2.84 2.62 T R o es ta id l ential . 4 4 9 9 4 1 7 8 8 5 2 5 1 7 2 0 P P1 5 9 6 1 1 C Ex a c sh e ss o u o t f g o ca sh outgo 1 1 8 8 3 1 . . 1 2 7 7 3 1 . . 8 0 9 5 4 1 . .8 46 4 Non O ag t r h i e c r u ltural employment * 49 293 358 P371 Dom T e o s t ti a c l corporation security issues: 32 1.05 .78 .61 (mill, persons): New 32 .28 .17 .19 Total 50 38.68 39.27 P39. 34 Refunding 32 .77 .61 .42 Manufacturing and mining 50 12.73 13.13 P13. 09 Trade 50 6.54 6.61 P6.66 Government 50 4.11 4.12 M. 14 Per cent per annum Transportation and utilities 50 3.22 3.26 P3. 30 Inco C m o e n p s a tr y u m ct e i n on ts : 1 50 1.64 1.67 PI.67 Bank T o r t a a t l e , s 1 o 9 n c i c ti u e s s_ to _ m ers' loans: 25 2.59 2.58 2.55 Total 54 7, 339 7,350 P7, 491 New York City 27 2.00 2.06 1.95 Cash S O a f t a l h a r e r m r i e s i n a c n o d m w e: ages. 5 5 4 4 2 5 , , 3 0 3 0 7 2 2 5 , , 3 0 4 0 1 9 P P2 5 , , 3 1 8 0 6 5 7 11 o c S t i h t o i e e u r s t h N e o rn r t a h n e d rn W a e n s d t e E rn a s c t i e ti r e n s .. 2 2 7 7 3 2 . . 3 5 6 3 3 2 . . 2 5 5 3 2 3. . 2 5 3 8 Total 55 904 PI, 114 Crops 55 237 340 P561 p Preliminary. ' Revised. Livestock and products 55 536 549 P533 1 Adjusted for seasonal variation. Gov't payments... 55 25 15 P20 2 In points in total index. Exports and imports: 3 Estimate for September is shown on p. 1031. Exports 61 '330 P359 4 Three-month moving average, adjusted for seasonal variation, Imports 61 280 P278 s Cumulated from Jan. 31, 1934. Excess of exports 61 '50 P81 s No rate certified since July 25, 1941. 7 No rate certified since June 14, 1941. * Current figures are for the revised edition of the Chart Book announced on p. 864 of the September BULLETIN. Copies of this Chart Book can be obtained at a price of 50 cents each. OCTOBER 1941 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FORFEDERAL RESERVE CHART 1500K—Continued [In billions of dollars] Chart 1938 1939 1940 1941 b p o a o g k e Se 2 p 8 t. D 3 e 1 c. M 2 a 9 r. Ju 3 n 0 e O 2 ct. D 3 e 0 c. M 2 a 6 r. Ju 2 n 9 e D 3 e 1 c. Apr. Ju 3 n 0 e CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 12 57.65 59.12 59.11 60.95 62.87 64.10 64.88 66.96 70,75 P72. 43 P74. 15 Demand deposits adjusted . 12 25.10 26.01 26.04 27.35 29.09 29.79 30.54 31.96 34.94 P36. 09 P37. 30 Time deposits 12 26.27 26.38 26.56 26.80 26.81 27.06 27.28 27.47 27.74 P27. 91 P27. 90 Currency outside banks 12 5.50 5.83 5.63 6.01 6.19 6.40 6.23 6.70 7.32 P 7.78 P8.20 Loans and investments, total.. 13 48.24 48.87 48.93 49.62 49. 95 50.88 51.14 51.34 54.19 56.15 57.94 Loans 13 21.04 21.30 21.15 21.32 21.32 22.17 22.19 22.34 23.74 24.32 25.31 Investments 13 27.21 27.57 27.78 28.30 28.32 28.71 28.95 29.00 30.45 31.83 32.63 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 14 10.71 10.88 10.69 10.95 10.89 11.18 11.31 11.60 12.34 13.50 14.24 Guaranteed 14 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 14 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 14 3.19 3 01 2.96 2.94 2.77 (2) 2.70 2.80 (2) 2.72 Foreign securities 14 .18 .18 .18 .19 (2) .19 I*) .17 .17 (2) .15 Loans, total 1 _ 12.94 13.21 13.05 13.14 13.47 13.96 13.94 13.97 15.32 15.88 16.73 Commercial loans (incl. open-market paper) 15 6.97 3 5.89 5.96 5.99 6.57 6.72 7.52 8.55 Street loans (Brokers' loans) 15 .53 3 .79 .67 .56 (3) .61 .32 .47 (2) c.42 Other security loans4 15 2.77 3 .96 .90 .91 .88 (2) .80 .83 <*) c.79 Real estate loans 15 2.66 2.72 2.75 2.83 (2) 2.96 (2) 3.07 3.23 (2) 3.37 All other loans *5 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 1 43 89 45.34 47.07 47.87 50.36 54.75 Amount held by: __ . U. S. Government agencies and trust funds: Public issues 20 2.20 2.14 2 32 2.29 2 25 2.36 Special issues 20 3 16 3.77 4.23 4.77 5 37 6 12 Federal Reserve Banks 20 2.56 2.55 2.48 2.47 2.18 2 18 Commercial banks 20 15 07 15.70 16 30 16.55 17 76 20 12 Mutual savings banks 20 2 88 3.04 3.10 3.11 3.22 P3 36 Insurance companies 20 6 5.60 5.80 6 6.00 6.10 6 6. 50 6 6 60 Other investors 20 612. 40 12.30 612. 60 12.60 613.10 614. 00 p Preliminary. c Correction. 1 Series not shown in Chart Book. 2 Figures available for June and December dates only. 3 Figures are reported on somewhat different basis beginning December 31,1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 4 Includes since December 31,1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purposes are included in commercial loans and in all other loans. 5 Includes loans to banks and other loans under new classification beginning December 31, 1938. 6 Partly estimated. * Current figures are for the revised edition of the Chart Book announced on p. 864 of the September BULLETIN. Copies of this chart book can be obtained at a price of 50 cents each. SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of September 1, 1941] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Sept. 1, tion Sept. 1, tion Sept. 1, tion Sept. 1, 1940 1941 1940 1941 1940 1941 1940 1941 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,366 7,833 88 76 New York 25, 393 28, 260 8,786 7,327 92 88 Philadelphia.. 47, 863 48, 935 16, 901 16, 580 158 150 Cleveland 160, 404 193, 730 47, 351 55, 298 77 59 Richmond 1,730 949 135, 014 130, 885 26, 663 27, 251 Atlanta 2,304 1,918 178, 019 183, 789 6,508 6,955 Chicago 965, 662 983, 641 63, 298 61, 072 1,921 1,797 St. Louis_ i 3, 277 i 3, 214 326,128 333, 438 62, 531 52, 978 77 38 Minneapolis 265, 502 262, 721 24, 756 36, 576 187, 516 237, 397 Kansas City 606 520 225, 245 254, 213 232, 606 281, 793 6,522 7,577 Dallas. 3,869 3,436 105,113 88, 322 29, 957 36,105 105 158 San Francisco 720 673 7,491 8,197 69, 794 103, 031 30,991 25, 257 Total 12, 566 10, 710 2, 449, 200 2, 523,964 589,151 684, 966 227, 547 272, 597 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Sept. 1, tion Sept. 1, tion Sept. 1, tion Sept. 1, 1940 1941 1940 1941 1940 1941 1940 1941 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston_. 7,047 6,616 3,485 3,120 32, 923 35, 681 54,600 54,479 New York_ .. 31, 264 26, 084 5,858 4,313 1,983 2,359 32,153 30,360 Philadelphia 19, 499 20, 209 2,359 2,084 49, 590 54, 030 24, 843 23,825 Cleveland 57, 472 62,118 5,978 5,164 123,150 104, 325 20,132 19, 953 Richmond _. ___ 21, 064 23,113 4,099 3,836 743, 939 650, 747 28, 489 21, 985 Atlanta 15, 205 19, 584 3,259 3,505 178,516 137, 554 15,337 15,350 Chicago 525, 658 458, 905 21, 291 19, 843 36, 785 31, 575 41, 618 39, 817 St. Louis _ 60. 057 60, 325 8,210 8,070 277, 570 233, 008 13,817 12,622 Minneapolis 302, 514 247, 777 10, 550 11, 873 3,034 2,668 52, 330 45, 533 Kansas City _ _ 127, 627 133,125 7,302 8,786 4,476 3,918 35, 334 32,900 Dallas 40 507 39, 314 1, 781 1,778 3,949 7,208 San Francisco 27, 714 32, 587 12,140 12, 928 75,120 69, 821 Total 1, 235, 628 1,129, 757 86, 312 85, 300 1, 451, 966 1, 255, 865 397, 722 373, 853 1 Includes 18,000 bales grown in miscellaneous territory. 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, JUNE 30, 1941 AND DECEMBER 31, 1940 [Amounts in thousands of dollars] June 30, 1941 December 31, 1940 National State Banks National State Banks banks banks not banks banks not All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Assets Loans, discounts, and overdrafts (including rediscounts) 19, 913,169 10,896,985 5, 828, 971 3,187,213 18, 397, 472 10,004, 346 5, 316,252 3, 076,874 United States Government obligations, direct and fully guaranteed 19, 370, 714 11,110, 780 6, 965, 555 1, 294, 379 17, 063,870 9, 735, 316 6, 087, 730 1, 240, 824 Other bonds, stocks, and securities 6, 907, 899 3, 810, 723 2, 039, 282 1, 057, 894 7, 099, 402 3, 908, 252 2, 074,171 1,116,979 Total loans and securities. 46,191,782 25, 818, 488 14, 833, 808 5, 539, 486 42, 560, 744 23, 647, 914 13,478,153 5, 434, 677 Customers' liability on account of acceptances 79, 424 49, 905 28, 814 705 83, 640 47,148 35, 904 588 Total bank premises, furniture and fixtures, and other real estate 1, 496, 069 749, 543 482, 377 264,149 1, 534,145 763, 365 490, 449 280, 331 Reserve with Federal Reserve Banks 12, 958, 527 7, 451, 783 5, 506, 744 13, 991, 733 7, 986, 914 6, 004, 819 Coin and currency 1, 242, 618 702, 589 296, 764 243, 265 1, 235, 263 712, 561 278, 585 244,117 Balances with other banks 8, 308, 583 4, 829, 776 1, 471, 418 2, 007, 389 8, 216, 029 4, 735, 455 1, 461,161 2, 019, 413 Cash items in process of collection 2, 488, 529 1, 512, 266 916, 519 59, 744 2, 847, 322 1, 663, 795 1,120,165 63, 362 Income accrued but not yet collected 111,837 61, 224 44,178 6,435 111, 579 60, 238 44, 788 6,553 Prepaid expenses 11,046 5,180 4,104 1,762 11, 021 5,252 4, 330 1,439 Other assets 95, 697 47,190 35, 754 12, 753 128, 049 37, 922 78, 760 11, 367 Total assets. A, 112 41, 227, 944 23, 620, 480 8,135, C 70, 719, 525 39, 660, 564 22, 997,114 8, 061, 847 Liabilities Demand deposits of individuals, partnerships, and corporations 34, 330, 943 19,166, 544 12, 262,174 2, 902, 225 32, 400, 488 17, 913, 896 11, 662,168 2, 824, 424 Time deposits of individuals, partnerships, and corporations 15, 207, 488 8, 012, 413 3, 877, 869 3, 317, 206 15, 002, 076 7, 926, 759 3, 760, 049 3, 315, 268 Public funds of states and political subdivisions 4, 009, 655 2,521,811 815, 975 671, 869 3, 820, 595 2, 352, 995 805, 740 661, 860 U. S. Govt. and postal savings deposits__. 730, 726 531, 420 141, 982 57, 324 735, 463 501, 825 170, 280 63, 358 Deposits of other banks; cash letters of credit; certified officers', and travelers' checks outstanding, etc 11, 337, 836 7, 041, 033 4,132, 552 164, 251 11, 510, 548 4, 244,100 174, 650 Bills payable, rediscounts, and other liabilities for borrowing money 10, 675 2,005 882 7,788 11, 481 155 8,199 Acceptances executed by or for account of reporting banks and outstanding 94, 387 59, 307 34, 353 727 98, 056 42, 978 595 Dividends declared but not yet payable 38, 833 23, 318 13, 834 1,681 41, 863 14, 392 2,910 Income collected but not yet earned 98, 246 55,623 24, 072 18, 551 84,133 21, 286 16, 467 Expenses accrued and unpaid. 101, 861 56,138 36, 290 9,433 86, 863 29, 916 8,917 Other liabilities 250, 356 168, 605 71, 429 10, 322 254, 573 76, 780 9,329 Total liabilities, excluding capital accounts 16, 211, 006 37, 638, 217 21, 411, 412 7,161, 37 64, 046,139 36,132, 318 20, 827, 844 7, 085, 977 Capital stock, notes, and debentures. 2, 858, 363 1, 519, 583 839, 255 499, 525 2, 872, 040 1, 523, 437 832, 821 515, 782 Surplus 2, 603, 327 1, 333, 520 984, 517 285, 290 2, 563, 263 1, 307, 038 972, 583 283, 642 Undivided profits 898, 317 498, 074 270,170 130, 073 838,125 467,711 253, 733 116, 681 Reserves for contingencies 349, 646 202. 906 105, 772 40, 968 336, 776 194, 729 101,110 40, 937 All other capital accounts 63, 453 35, 644 9,354 18, 455 63,182 35, 331 9,023 18, 828 Total liabilities, including capital accounts 5,984,112 41, 227, 944 23, 620, 480 ;, 135, 68870, 719, 525 39, 660, 564 22,997,114 8, 061, 847 Number of banks. 13, 423 5,130 1 1, 423 6,870 13, 438 5,144 1,342 6,952 1 Excludes 3 mutual savings banks members of the Federal Reserve System; figures, therefore, differ from those published in the Member Bank Call Report. OCTOBER 1941 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONAL AND RETAIL INSTALMENT PAPER HELD BY ALL INSURED COMMERCIAL BANKS JUNE 30, 1941 [Amounts in thousands of dollars] Number of insured Personal and retail instalment paper commercial banks Total customer C ge la o s g s r e a s p o h f ic b a d n iv k i s s i a o n n d s s s s r l o o e e t n m a t p a l a o e m i l l r p a e t i i e n n n n r t d - g - R s s r o n e e t n a o t p a a l o m l i p l r e t e a i i r n n n n - t d - g e e e x c l a o c u l a e a r n e p i n d s t t s i t e " a o s t n e 2 Total P R a e p t e a r il p i a n p s e ta r l D m i e re n c t t T F lo i H t a le n A s 1 n P a s s e t h r a s l o l m o n e a a n n l s t ' P R c lo u e a a r s t n t i o o c s e m " t n 2 o e t) r paper paper l purchased loans All insured commercial banks 11, 791 1,630 13, 342, 922 1, 765. 588 675,161 357,500 277, 664 455,263 13.2 Member banks—Total 5,872 681 11, 572, 909 1, 353,196 536, 654 265,770 232,394 318, 378 11.7 Central reserve city banks__ 37 13 3, 625, 813 183, 967 91,159 3,632 26, 994 62,182 5.1 Other reserve city banks... _ 315 32 4, 511,173 604, 462 242, 645 135, 588 117,859 108, 370 13.4 Country banks 5, 520 636 3, 435, 923 564, 767 202, 850 126, 550 87, 541 147, 826 16.4 Insured nonmember banks 5,919 949 1, 770, 013 412. 392 138, 507 91, 730 45,270 136, 885 23.3 New England.._ . .. __ 447 45 868,150 85, 009 34, 038 11, 297 10, 920 28, 754 9.8 Maine. _ . _ _. 53 5 49, 077 3,823 1,634 833 312 1,044 7.8 New Hampshire - - 51 5 24, 564 2,707 690 596 232 1,189 11.0 Vermont 60 12 27, 500 3,785 2,076 545 169 995 13.8 Massachusetts 178 12 590, 227 54, 512 24, 052 6,801 7,551 16,108 9.2 Rhode Island 13 3 67, 249 3,816 1,331 486 418 1, 581 5.7 Connecticut 92 8 109,533 16,366 4, 255 2,036 2,238 7,837 14.9 Middle Atlantic 1,698 416 4, 908, 423 453, 032 165, 509 38, 540 83, 680 165,303 9.2 New York _. _ 622 92 3, 534, 087 280, 804 96, 267 15, 823 49, 622 119,092 7.9 New Jersey 313 37 316, 622 71, 445 26, 631 6,116 20, 003 18, 695 22.6 Pennsylvania.._ __. _ ._._ 763 287 1, 057. 714 100, 783 42,611 16. 601 14,055 27, 516 9.5 East North Central 2,711 231 2, 343, 444 321,599 125, 879 86,288 41, 695 67, 737 13.7 Ohio.. ... 601 72 615, 184 89, 011 26, 751 28, 393 7,423 26, 444 14.5 Indiana 405 70 193, 246 37 665 22, 415 5 439 3 457 6,354 19.5 Illinois 767 52 1,012,101 81, 223 43, 249 10, 401 10, 984 16, 589 8.0 Michigan . __ _ __ 412 9 322, 991 88, 737 25, 520 34, 491 16, 449 12, 277 27.5 Wisconsin 526 28 199, 922 24. 963 7,944 7, 564 3,332 6, 073 12.5 West North Central 2,718 210 1,270,107 193, 645 77,785 52. 488 34, 657 28, 715 15 2 Minnesota - . 631 13 312, 657 65, 509 24, 534 14, 658 19,004 7,313 21.0 Iowa 554 30 235, 978 30, 353 12,510 9, 485 3, 574 4, 784 12.9 Missouri 516 61 404, 701 54, 874 21, 751 15, 485 8,446 9,192 13.6 North Dakota _ 143 7 29, 608 6. 762 3,308 2,097 478 879 22.8 South Dakota 152 9 43, 238 6, 794 3,616 1,979 387 812 15.7 Nebraska 307 54 123,762 10,669 3,997 2, 695 1, 604 2.373 8.6 Kansas. _ _ . 415 36 120, 163 18, 684 8.069 6.089 1, 164 3,362 15.5 South Atlantic 1,204 284 1, 093, 950 171,555 61, 288 32, 477 21, 557 56,233 15.7 Delaware _ __ 24 18 40, 334 3,404 379 577 661 1,787 8.4 Maryland _ __ _ _. 107 65 117,689 15,916 2,956 3,417 4, 496 5,047 13.5 District of Columbia 21 1 79,1C9 16,747 3,248 4,339 2,042 7,118 21.2 Virginia 273 39 242. 827 43.193 15, 755 8,016 5,396 14, 026 17.8 West Virginia 126 47 83, 094 10,090 5,120 1,210 413 3,347 12.1 North Carolina 176 44 160, 580 20, 814 4,803 4,126 1, 717 10,168 13.0 South Carolina. ... 83 31 50. 710 5, 794 1,201 1.879 838 1,876 11.4 Georgia 243 26 225, 362 42. 491 23, 132 6,506 4,390 8,463 18.9 Florida 151 13 94, 185 13,106 4,694 2,407 1,604 4.401 13.9 East South Central 809 260 539, 389 61,246 21, 824 10, 354 11, 053 18, 015 11.4 Kentucky __ - 219 153 153, 919 14, 293 4,924 3,105 1,847 4,417 9.3 Tennessee 251 37 221, 913 27, 508 11,229 3,379 5,522 7,378 12.4 Alabama. 172 37 113.159 12,957 3,670 2,972 2.397 3. 918 11.5 Mississippi . 167 33 50, 398 6, 488 2,001 898 1,287 2.302 12.9 West South Central _ _ 1,384 131 856. 577 109,172 35, 918 35, 674 7,988 29, 592 12.7 Arkansas 182 25 51, 531 9,262 5,126 1. 740 698 1,698 18.0 Louisiana 129 16 145. 331 15,193 5 854 1,738 2, 521 5, 080 10.5 Oklahoma 363 18 154. 994 23.13S 8, 258 7, 216 1, 293 6,371 14.9 Texas 710 72 504, 721 61, 579 16, 680 24, 980 3,476 16, 443 12.2 Mountain 450 28 265,188 43,573 15, 894 11, 435 6, 630 9,614 16.4 Montana 11 33, 269 4,483 1, 334 1, 345 485 1,319 13.5 Idaho 47 26,911 5, 483 3,189 875 703 716 20.4 Wyoming .. . 23, 660 3, 008 921 1, 099 181 807 12.7 Colorado 81,172 10,170 4,188 2.866 1,361 1, 755 12.5 New Mexico. 37 20, 226 2,846 1,099 713 328 706 14.1 Arizona.. 29, 442 8, OOo 2,057 1, 657 1, 755 2, 536 27.2 Utah 58 42,139 6. 657 1, 660 2,597 1,209 1,191 15.8 Nevada 11 8,369 2,921 1,446 283 608 584 34.9 Pacific 370 2a 1,197, 694 326, 757 137, 026 78, 947 59, 484 51, 300 27.3 Washington 187, 60C 43, 390 16. 258 13,200 7, 053 6,879 23.1 Oregon 68 102,345 24,50 8,769 9,611 2, 904 3, 221 23.9 California 177 19 907, 743 258, 86 111, 999 56,13C 49, 52" 41,200 28.5 1 Exclusive of one bank from which a report on "Personal and Retail Instalment Paper" was not received. 2 "Customer loans" as used here consist of total loans, less open market paper, real estate loans, loans for purchasing or carrying securities, and loans to banks. "Customer loans" figures are not adjusted by such accumulations for repayment as are reported as deposits, although such accumulations are deducted from "Personal instalment cash loans," which are reported net. 1048 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loans and investments Deposits, exclusive of Number of interbank deposits banks Total Loans Investments Federal Reserve district June Apr. June June Apr. June June Apr. June June Apr. June June Apr. June 30, 4, 29, 30, 4, 29, 30, 4, 29, 30, 4, 29, 30, 4, 29, 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1841 1940 All banks:i Boston 5, 970 5,793 5,602 2,825 2,738 2,678 3,145 3,055 2,924 6,611 6,532 6,253 864 867 869 New York __ 22, 717 21,876 19, 631 8,742 8,383 7,777 13, 975 13,493 11,854 24,711 24, 326 22,424 1,188 l,19o 1,201 Philadelphia 3,637 3,542 3,406 1,446 1,365 1,302 2,180 2,177 2,103 4,251 4,212 3,973 907 808 912 Cleveland.. ___ 4,016 3,854 3,620 1,746 1, 694 1,527 2, 270 2,160 2,094 4,934 4,718 4,347 1,223 1,224 1,230 Richmond 2,209 2,171 2,021 1,131 1,101 1,012 1,078 1,070 1,008 2,895 2,787 2,528 1,056 1, 055 1,059 Atlanta 1,657 1,597 1,430 92fc 89C 111 732 707 653 2,131 2,064 1,826 1,051 1,04? 1,050 Chicago 6,865 6,673 5,861 2,741 2, 58C 2,264 4,125 4,093 3,597 8,597 7,889 7,5C4 2,442 2,445 2,460 St. Louis 1,804 1,793 1,575 946 807 81 f 858 886 760 2,088 2,031 1,857 1,497 1, £00 1,512 Minneapolis 1,203 1,190 1,112 62C 622 544 577 568 568 1,453 1,416 1,341 1,281 1,281 1,288 Kansas City 1,552 1,513 1,413 845 81 f 731 707 698 681 1,917 1,863 1,745 1,830 1,835 1,851 Dallas 1,195 1,183 1,051 658 667 577 536 516 474 1, 682 1,638 1,464 948 848 952 San Francisco-.. 5,120 4,961 4,615 2,678 2,56C 2,337 2,441 2,401 2,278 5,80C 5,734 5,318 567 set 571 Total 57, 945 56,147 51,335 25,312 24, 322 22, 341 32, 633 31,825 28,895 67,172 65, 211 60,582 14, 855 14, 871 14,955 Member banks: Boston. 2,181 2,074 1,924 1,153 1,077 998 1,028 897 925 2,745 2, 687 2,458 347 94f. 350 New York 15, 246 14, 366 12, 261 4,971 4,641 4,058 10, 275 9,724 8,203 16,818 16, 424 14,603 786 78] 759 Philadelphia 2,536 2,474 2, 342 1,111 1,044 98£ 1,425 1.43C 1,357 3, 024 2,884 2,791 65P 651- 651 Cleveland 3,230 3,089 2,859 1,364 1, 323 1,162 1,866 1, 765 1,687 4,04C 3,852 3,467 667 663 650 Richmond 1,465 1,467 1,328 734 657 713 733 671 1,866 1,877 1,676 437 434 419 Atlanta 1.319 1,276 1,122 706 682 578 613 594 544 1,650 1,588 1,416 317 317 316 Chicago 5,787 5, 550 4,735 2,087 1,924 1,604 3,700 3,626 3,131 7,138 6,383 6,047 883 868 817 St. Louis 1,336 1,328 1,123 661 640 545 675 689 578 1,477 1,432 1,288 426 420 401 Minneapolis 853 840 778 428 424 365 425 416 412 1,029 897 852 452 456 462 Kansas City 1,260 1,219 1,131 648 629 548 611 589 583 1,528 1,482 1,389 738 737 735 Dallas . 1,052 1,039 908 569 579 490 483 460 418 1, 478 1,437 1,275 570 570 557 San Francisco 4,394 4,261 3,941 2,279 2,181 1,978 2,115 2,080 1,963 5,178 5,023 4, 635 277 279 281 Total 40, 659 38, 983 34, 451 16, 729 15,878 13,969 23,930 23,104 20,482 48,076 46,178 42,039 6,556 6,528 6,388 Monmember banks: Boston 3, 789 3,719 3,678 1,672 1,661 1,679 2,117 2,058 1,999 3,866 3,845 3,794 517 518 519 New York... 7,471 7,511 7,370 3, 771 3,742 3,720 3, 701 3,769 3,650 7,892 7,802 7,821 402 412 442 Philadelphia 1,101 1,068 1,064 336 321 317 765 747 746 1,227 1,217 1,182 251 255 261 Cleveland 786 765 761 382 371 365 404 394 396 894 866 850 556 561 580 Richmond... 744 704 693 379 367 354 365 337 339 929 910 853 619 621 ' 640 Atlanta 338 321 308 219 208 199 119 113 110 481 476 409 734 732 734 Chicago.. _ 1,078, 1.123 1,126 653 656 660 425 467 466 1,458 1,506 1,457 1,559 1,576 1,643 St. Louis 468' 465 452 285 267 270 183 198 182 612 599 559 1,071 1,080 1,111 Minneapolis 350 350 334 198 198 178 152 152 156 424 419 389 829 825 826 Kansas City . 293 294 282 197 185 184 96 109 98 389 381 357 1,092 1,098 1,116 Dallas ... 143 144 143 90 88 87 53 56 55 203 201 189 379 378 395 San Francisco- 725 701 674 400 379 359 325 321 315 721 711 635 280 287 290 Total. 17, 286 17,164 16, 884 8,583 8,443 8,372 8, 704 8,721 8,512 19,096 19,032 18,543 8,299 8,343 8, 557 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 1052. OCTOBER 1941 1049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d l e u p s o i s v i e t s of inter- Nu b m an b k e s r of State Ju 1 n 9 e 4 3 1 0, Ap 1 r 9 . 4 1 4, Jun 1 e 9 4 2 0 9, Jun 1 e 9 3 4 0 1 , Apr 19 . 4 4 1 , Ju 1 n 9 e 4 0 29, Ju 1 n 9 e 4 1 30, Ap 19 r 4 . 1 4, Ju 1 n 9 e 4 0 29, J 1 3 u 9 0 n 4 , e 1 A 1 p 9 4 4 r , 1 . J 1 2 u 9 9 4 n , 0 e New England: Maine 116,029 112, 291 112,311 186, 931 188, 995 181, 829 352,256 340,404 335, 239 100 100 New Hampshire 115, 723 110, 695 108, 904 159,"" 156, 680 152, 968 291, 340 285, 390 279, 599 107 107 107 Vermont 99, 737 96,722 93, 765 62, 866 63, 228 63, 618 175,964 172, 542 169,986 81 82 82 Massachusetts 1, 853, 0301, 792, 4731, 749,4431, 939, 6191,869,519 1,804, 2994,119, 7274,088,155 3, 944, 900 38' 388 390 Rhode Island 198, 874 192, 397 182, 473 276, 613 266, 867 254,420 532,032 517,167 489, 246 35 35 35 Connecticut 597, 343 587, 074 578, 393 659, 692 645, 282 587,775 1, 496, 2191, 477, 2951, 356,001 202 202 202 Middle Atlantic- New York 7, 958, 3167, 621, 3797,059, 50912, 949, 01212,495, 25410, 933,186 22, 444, 482 22,126, 332'0, 353,088 864 867 874 New Jersey 754,164 729,709 689,135 1,047, 5271,017,919 942,234 2,318,257 2,244,509 2,108, 339 383 385 386 Pennsylvania 1, 786,1921, 687, 3' 1, 580, 5532, 997, 9332, 981,1612,922,750 5,444,138 5,355,984 5,049, 462 1,085 1,091 East North Central: Ohio 1,078, 5041,051, 733 937, 748 1, 098,1231,001, 337 950, 892 2,825, 9202, 692, 5042,448, 585 695 696 699 Indiana 368,041 347,280 318, 696 407, 262 402, 449 377,739 1,011, 674 957,178 902, 852 506 506 507 Illinois 1, 347, 3711, 255, 5561, 053, 6362, 461,0332, 460, 7832,119, 6504, 556, 5364,019, 9874, 028, 917 834 836 842 Michigan 563, 278 528, 730 457, 071 851,203 827, 615 717, 851 1, 935, 2561, 824, 2471, 587, 655 442 443 449 Wisconsin 340, 434 325, 206 292, 023 439,368 437, 348 417,176 998,177 965, 353 903, 563 569 570 575 West North Central: Minnesota 424, 546 410,839 374,324 397, 243 393, 248 392,112 946,421 908, 320 875, 304 677 676 677 Iowa 366, 510 361, 854 359,366 198, 295 192,584 183,! 701, 618 702, 222 639,765 644 645 649 Missouri 581,147 542,805 489, 506 623, 715 671, 252 561, 516 1, 270, 3321, 230, 9031,144, 774 619 621 627 North Dakota 36,955 45,136 28, 504 24, 468 23, 394 24,919 80,242 81, 777 70,145 160 160 160 South Dakota 53, 663 54, 216 47,128 29,944 30,443 30, 546 102,875 101,383 93, 643 162 162 165 Nebraska 151, 481 151,318 125, 399 106,866 104, 795 107, 991 290, 303 285, 405 265, 778 418 418 421 Kansas 180, 623 180,601 164,232 129, 551 123, 503 124, 781 417,130 398.957 370,174 660 665 671 South Atlantic: Delaware 84,334 82,992 79, 516 129, 852 128, 333 113,142 270, 725 250,041 238, 663 45 45 46 Maryland 240,379 240,234 222, 907 467, 487, 653 458,443 941,347 899,092 862, 511 187 187 189 District of Columbia. 137,896 132,107 121,397 144, 548 141,691 134, 951 405,765 393, 285 349,675 22 22 22 Virginia 351, 304 340, 718 315,619 187, 987 178,341 169, 850 663,604 633,330 562, 608 314 314 314 West Virginia 148, 505 140,709 137,010 90,252 84,937 79, 551 329, 877 318, 457 296,826 181 181 182 North Carolina 217, 557 211,487 187,257 170, 322 158,350 149, 620 447,158 434.958 376,582 228 228 228 South Carolina 67,169 66, 793 57,619 41, 707 41, 658 37,405 178, 552 179, 379 144, 545 151 150 151 Georgia.— 285, 978 272, 730 231, 524 132, 698 125, 578 115, 27" 484,121 458, 752 406,116 286 285 285 Florida 134, 063 132, 738 105, 322 189, 279 177, 568 157, 915 452,997 467, 577 376,761 173 172 173 East South Central: Kentucky 244, 860 234,420 219, 933 157, 039 152,044 145, 200 458, 280 452,165 413, 854 405 405 409 Tennessee 281,323 272,i 243, 513 161,075 155,712 136,182 533, 636 504, 949 460,617 297 297 297 Alabama 146, 940 139,465 127,114 108, 785 104,685 99, 817 351, 642 333, 799 289, 951 217 217 218 Mississippi 75, 297 74, 804 69, 235 74, 828 72,176 70, 416 210,377 218,159 188,138 207 207 206 West South Central: Arkansas 71, 277 70,298 67, 534 66, 785 62, 913 55, 025 196, 715 199, 260 165, 458 216 216 219 Louisiana 185, 691 181,362 154, 678 179,870 185, 815 184,169 471,154 454.002 434,041 146 146 145 T O e k x l a a s homa 5 1 9 7 5 7 , , 4 3 5 9 7 1 6 1 0 6 2 7 , , 9 8 4 5 7 1 5 1 1 5 8 6 , , 2 5 1 9 1 3 4 1 9 4 3 9 , , 5 8 1 2 5 3 4 1 7 4 1 9 , , 8 7 7 9 0 1 4 1 2 3 9 2 , , 0 3 1 8 9 4 1, 4 5 2 1 7 9 , , 4 3 3 1 4 5 1, 4 4 0 7 8 4 . , 0 0 6 3 00 1, 3 3 8 1 9 7 , , 4 1 3 3 99 8 3 3 9 6 0 8 3 3 8 5 8 8 3 3 9 9 1 Mountain: Montana 44, 955 48,533 36, 344 56,193 52, 433 53,575 145,913 147,097 135,156 111 111 112 Idaho... 39,714 39, 553 34, 815 40,138 39,127 39,915 109, 662 105, 580 97, 441 50 50 50 Wyoming 30,093 27, 566 28, 282 17, 540 17,525 17, 080 67, 303 68, 450 62, 209 58 58 58 Colorado 106,088 103, 908 91, 320 97, 980 95,112 98, 956 316, 201 317,121 294,484 144 146 146 New Mexico 27, 458 24, 541 24, 584 19, 720 19, 005 19,514 66, 350 65, 956 60,148 41 41 41 Arizona 43,104 42, 539 34,294 28, 994 29, 538 26, 398 100, 861 100,751 90,901 12 12 12 Utah 72, 894 70, 279 64, 357 51, 206 50,157 48,189 155, 336 151, 770 140,845 60 60 59 Nevada.. 17,052 15, 749 14, 487 18,140 17, 376 14, 612 45, 460 45,166 42, 232 11 11 11 Pacific: Washington 273, 268 256,389 226, 299 230, 741 233,310 219,380 631,054 625, 882 547, 240 138 138 142 Oregon 124, 321 112,473 106, 751 162,334 151,510 130, 259 367, 802 353, 420 311, 480 73 73 74 California 2,115, 7072, 030, 338 1, 862,1121, 916, 6781, 887, 594 1, 806, 3034, 512, 3624, 374,0394,110,1 227 226 227 Total- 25, 312, 036 24, 321, 55322, 340, 746 32, 633,06391,825, 458 28, 994, 67767,171, 90285,211,059 60,582,39714, 85514, 87114, 955 i Comprises national banks in the continental United States and all nonnational banks described in footnote 1 on page 1052. 1050 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Ju 1 n 9 e 4 3 1 0, A 1 p 9 r 4 . 1 4, Ju 1 n 9 e 4 2 0 9, Ju 1 n 9 e 4 3 1 0, A 1 p 9 r 4 . 1 4, Ju 1 n 9 e 4 2 0 9, Ju 1 n 9 e 4 3 1 0, Ap 19 r. 4 1 4, Jun 1 e 9 4 2 0 9, Ju 1 3 9 n 0 4 e , 1 A 1 p 9 4 r 4 , . 1 Ju 1 2 9 n 9 4 e , 0 New England: Maine 41, 247 40, 724 41,187 58,537 54, 339 55,814 123,022 118,984 116,650 36 37 37 New Hampshire 37, 265 34, 650 32,859 29, 658 31, 606 27,894 77, r~~ 74, 268 68,477 52 52 52 Vermont 32,114 31,195 28,788 19,399 20,947 19, 906 59, 276 58, 803 57, 515 40 41 41 Massachusetts •__. 631, 432 585, 03^ 524, 388 465, 561 444, 906 421,116 1, 371, 2641, 354,6881,253,112 124 124 125 Rhode Island 55, 524 51, 940 46,062 37, 756 36,487 32, 660 122,612 115,164 98, 475 12 12 12 Connecticut 111, 688 107,165 100, 627 154,146 153, 702 128, 506 364, 510 358, 817 302,417 52 52 52 Middle Atlantic: New York ., 847, 3711,726, 508 1,493,607 4, 393, 7514,103, 894 3, 348, 5236, 574,648 6,432, 50G 5,617,816 425 426 429 New Jersey 292,812 280, 286 259, 960 430,013 430,264 379, 841 959, 828 910,341 846,456 225 225 225 Pennsylvania 931,715 884, 556 832, r -'1,477,47* 1, 465, 4821, 438, 9772, 757, 3722, 707, 5792, 545, 580 690 East North Central: Ohio 429, 874 420, 811 365, 412 459, 379 433, 944 414,957 1,168, 650 1,113,317 1,021,010 242 242 244 Indiana 165,198 156,131 138,824 240,731 240,587 223,125 515, 450 494, 420 466,766 124 124 125 Illinois 995,686 927,124 745, 220 1, 866, 4521, 908, 9981, 573, 2273, 307, 0712,889,117 2,864, 376 339 339 329 Michigan 255, 678 236, 856 186,093 525, 756 508,780 420,678 1,065, 655 995, 531 827, 482 78 77 82 Wisconsin 133, 388 127, 315 109, 260 274,683 273,093 256, 213 529, 946 510, 892 484, 43C 101 103 West North Central: Minnesota 280,210 271, 318 241, 935 281,071 275,247 271, 610 642, 344 607,899 591,635 186 187 188 Iowa 107,101 103, 971 108, 317 91,606 85, 354 78,971 227, 669 226, 482 208,061 103 103 106 Missouri 232, 953 225, 385 198, 725 257, 327 281, 340 243, 245 529,003 522,129 480,173 84 841 85 North Dakota 22, 208 26,132 17,809 17, 26, 16, 283 17, 959 50, 048 50, 326 46, 252 45 45 47 South Dakota 30, 459 30,757 27,690 18, 454 18,585 19,143 59,133 58,195 55, 762 38 38 41 Nebraska 109, 064 108,523 87,856 89, 411 87,451 90, 822 214, 354 209, 379 197,649 133 133 135 Kansas 88,390 90, 084 77, 70; 81,905 75, 874 233,915 222, 535 206, 376 181 181 182 South Atlantic: Delaware 9,175 8,825 8,80: 8,189 7,641 19,859 19,179 18,994 15 15 15 Maryland 76, 350 75, 856 68, 994 163,004 211,120 181,717 342, 513 328,045 311, 802 63 63 63 District of Columbia 64,457 61, 524 56, 584 85, 268 84, 354 82,049 229,032 219, 755 192, 712 9 9 9 Virginia 183, 574 180,996 168, 439 117, 668 113,:"" 108,824 391,540 374,547 333,875 13C 130 130 West Virginia 75, 21, 70, 752 69,022 53, 270 61, 428 46, 569 177, 077 169,140 160, 612 77 77 78 North Carolina 55, 355 53,092 47, 005 28, 412 27, 932 26, 760 122, 400 117, 827 100, 223 44 44 43 South Carolina 45, 790 45, 375 38, 84f 23, 229 23, 457 19,179 115,873 113,045 92,187 22 21 21 Georgia 176,481 173,044 137, 549 95,439 89,355 85, 357 301,938 283, 882 258,713 51 51 52 Florida 95, 379 94,460 71,306 155, 863 144, 97,5 126, 442 331, 504 340, 393 273, 980 52 52 52 East South Central: Kentucky 117, 565 110,797 100, 958 97, 242 94,694 87,808 226, 209 230, 831 202,579 95 95 Tennessee 197, 720 194,678 167, 770 126, 930 122, 566 105,95" 373, 402 353, 714 324,907 71 71 Alabama 101, 884 95, 681 86,183 77,875 75, 506 69,845 246,395 231,705 203,247 66 Mississippi 23,277 23, 014 20, 890 24, 446 23, 509 23, 341 70,071 70, 502 64,163 24 West South Central: Arkansas 37, 834 37, 251 35,013 40,422 37, 569 32, 649 108, 410 109, 476 91,953 50 50 Louisiana 124, 371 121, 925 99,056 129,169 136,842 132,053 303, 360 288, 304 280,296 29 29 Oklahoma 147, 142,752 132, 277 132,069 131, 493 116, 270 363, 425 348, 397 335, 269 207 207 209 Texas 494, 748 503,700 429,607 435,750 412,'"" 376,632 1,297, 742 1, 256,8901,128,257 445 446 446 Mountain: Montana 20, 678 22, 484 16, 899 32,888 30,384 31, 233 81, 064 82, 382 76, 502 42 42 43 Idaho 31,029 31,058 17,129 33,238 32, 378 20,474 88,052 84,436 51, 249 19 19 18 Wyoming 19, 825 18,134 18, 64" 14, 248 14,100 13,976 47, 305 48,017 43, 796 26 26 26 Colorado 81,165 79, 974 69, 393 82, 287 79,030 82, 412 254,305 254, 426 235, 513 78 78 78 New Mexico 20, 916 18,677 18, 16,470 15,760 16,221 61,583 51,391 47,335 22 22 22 Arizona 32, 32i 31, 615 24, 307 18,164 19,055 16, 980 70,094 70,495 62,930 5 5 5 Utah 29,018 27,428 24,858 23,936 24,126 23, 248 68,340 67,446 60,190 13 13 13 Nevada 15, 379 14,234 13,132 17,039 16,210 13, 40' 41, 768 41,393 38,962 6 6 6 Pacific- Washington 208,932 194, 672 165, 531 167, 571 153,088 484,183 480,979 406, 486 43 44 Oregon 109, 375 98, 245 149,317 138,411 117,48^ 331, 318,875 279,792 26 27 California ., 470,4111,406,188 1, 303,8011, 289, 8261, 224, 2453,190, 943 3,080, 382 2,898,145 96 99 Total 10,896, 98510, 402,899 9,156, 258 14,921, 503 14, 563, 307 12, 881, 73901, 683, 88529, 467, 220 26,931,1395,130 5,138 5,164 OCTOBER 1941 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AU Banks in the United States—Continued STATE BANKS1 -PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments Deposit b s, a n e k x c d lu ep si o v s e i t o s f inter- Nu b m an b k er s of State Ju 1 n 9 e 4 3 1 0, A 1 p 9 r 4 . 1 4 2 , Ju 1 n 9 e 4 2 0 9, Ju 1 n 9 e 4 1 30, A 1 p 9 r 4 . 1 4 2 , Ju 1 n 9 e 4 2 0 9, Ju 1 n 9 e 4 3 1 0, A 1 p 9 r 4 . 1 2 4, Ju 1 n 9 e 4 2 0 9, J 1 3 u 9 0 4 n , 1 e A .9 p 41 r. 2 J 1 2 u 9 9 n 4 , e 0 New England: Maine 74, 782 71, 567 71,124 128, 394 134, 656 126,015 229,234 221,420 218, 589 63 63 63 New Hampshire 78,458 76,045 76,045 130,240 125,074 125,074 213,441 211,122 211,122 55 55 55 Vermont 67,623 65, 527 64,977 43,467 42,281 43, 712 116,688 113, 739 112,471 41 41 41 Massachusetts ,221, 598 1,207,436 1,225,055 1,474,058 1,424,613 1, 383,1832, 748,463 2, 733, 467 2,691,788 263 264 265 Rhode Island 143, 350 140,457 136,411 238, 857 230,380 221,760 409,420 402,003 390,771 23 23 23 Connecticut 485,655 479,909 477, 766 505, 546 491, 580 459, 269 1,131,709 1,118,478 1,053, 584 150 150 150 Middle Atlantic: New York ;, 110,945 5,894,871 5, 565,9028, 555,2618, 391,3607, 584, 6635,869,834 5,693,837 4, 735,272 439 441 445 New Jersey 461, 352 449, 423 429,175 617, 514 587, 655 562, 393 1, 358,429 1, 334,168 1,261,883 158 160 161 Pennsylvania 854,477 802,822 748, 245 1, 520,4551, 515,6791,483,773 2, 686,766 2,648,405 2, 503, 882 401 East North Central: Ohio 648,630 630, 922 572,336 638,744 567,393 535,935 1,657, 270 1, 579,187 1, 427, 575 453 454 455 Indiana 202,843 191,149 179, 872 166, 531 161,862 154,614 496,224 462,758 436,086 382 382 382 Illinois 351, 685 328,432 308,416 594,581 551,785 546, 423 1, 249,465 1,130,870 1,164, 541 495 497 513 Michigan 307,600 291,874 270, 978 325,447 318, 835 297,173 869,601 828,716 760,173 364 366 367 Wisconsin 207,046 197,891 182,763 164, 685 164,255 160,963 468, 231 454,461 419,133 470 469 472 West North Central: Minnesota 144, 336 139, 521 132, 389 116,172 118,001 120, 502 304,077 300, 421 283,669 491 Iowa 259, 409 257, "~ 251,049 106, 689 107, 230 104,907 473,949 475, 740 431,704 541 542 543 Missouri 348,194 317, 420 290, 781 366, 388 389, 912 318, 271 741, 329 708,774 664,601 535 537 542 North Dakota 14,74" 19,004 10, 695 7, 203 7, 111 6,960 30,194 31,451 23,893 115 115 113 South Dakota 23, 204 23, 459 19, 438 11,490 11,858 11,403 43,742 43,188 37,881 124 124 124 Nebraska 42,417 42, 795 37, 543 17, 455 17, 344 17,169 75,949 76,026 68,129 285 286 Kansas 92, 233 90, 51 86, 529 47,646 47, 629 47, 696 183, 215 176, 422 163, 798 484 489 South Atlantic: Delaware 75,159 74,167 70,709 121,663 120, 692 105,846 250, 866 230,862 219,669 30 31 Maryland 164,029 164, 378 153, 913 304, 874 276, 533 276, 726 598,834 571,04' 550, 709 124 124 126 District of Columbia- 73,439 70, 583 64,813 59, 280 57, 337 52,902 176, 733 173, 530 156,963 13 13 13 Virginia 167, 730 159, 722 147,180 70,319 64, 454 61,026 272,064 258,783 228,733 184 184 184 West Virginia 73, 290 69, 957 67, """ 36, 982 33, 509 32,982 152,800 149, 3r 136, 214 104 104 104 North Carolina 162, 202 158, 395 140, 252 141,910 130,418 122,860 324, 758 317,131 276, 359 184 184 185 South Carolina 21, 379 21,418 18,774 18,478 18, 201 18, 226 62, 679 66, 334 52, 358 129 129 130 Georgia 109,497 99, 686 93, 975 37, 259 36, 223 29, 920 182,183 174, 870 147,403 235 234 233 Florida 38, 684 38, 278 34,016 33,416 32, 593 31, 473 121,493 127,184 102, 781 121 120 121 East South Central: Kentucky 127, 295 123, 623 118, 97.c 59, 57, 350 57, 392 232,071 221, 334 211, 275 310 310 314 Tennessee 83, 603 77,960 75, 743 34,145 33,146 30,225 160, 234 151, 235 135, 710 226 226 226 Alabama 45, 056 43, 78' 40, 931 30,910 29,179 29,972 105, 24" 102,09' 86,704 152 152 152 Mississippi 52, 020 51,790 48,345 50, 382 48,667 47,075 140,306 147,657 123,975 183 183 182 West South Central: Arkansas 33, 443 33,047 32, 521 26,363 25, 34. 22, 376 88,305 89,784 73, 505 166 166 169 Louisiana 61,320 59, 437 55, 622 50, 701 48,973 52,116 167, 794 165, 698 153,745 117 117 116 Oklahoma 30,011 25,099 24,316 17, 754 18, 377 16,11' 64,009 "59, 606 54,144 183 181 182 Texas 1C0,709 99, 247 57,765 58, 826 52, 38' 221,573 217,710 189,142 391 389 393 Mountain: Montana 24, 277 26,049 19, 44, 23,305 22,049 22, 342 64,849 64, 715 58,654 69 69 69 Idaho 8,685 8,495 17,686 6,900 6,749 19,441 21,610 21,144 46,192 31 31 32 Wyoming 10, 268 9,432 9, 735 3,292 3,425 3,104 19,998 20,433 18, 413 32 32 32 Colorado 24,923 23, 934 21, 927 15,693 16,082 16, 54 61, 896 62,69£ 58,971 66 68 68 New Mexico 6,542 5,864 5,897 3,250 3,245 3,293 14, 76" 14,565 12, 813 19 Arizona 10,779 10,924 9,98" 10,830 10, 482 9,418 30,767 30,256 27,97' 7 Utah 43,876 42, 85: 39, 496 27, 270 26,03: 24,94 86,996 84, 324 80,Q5t 46 Nevada 1,673 1, 515 135£ 1,10 1,166 1,205 3,69f 3,77r 3,271 5 Pacific- Washington 64, 336 61, 71' 57, 992 65, 21! 65, 736 66, 29! 146, 87: 144,902 140, 754 Oregon 14,946 14, 22i 13, 237 13, 017 13,096 12,77: 35,972 34, 4£ 31,688 47 California 645, 296 624,15C 573, 562 612, 877 597, 768 582,05$ 1, 321,416 1, 293,65' 1,211,942 128 Total- 14,415,051 13,918,65413,184, 488 17, 711, 56617, 262,15: 16,112, 88636, 488,01 35, 743,83< 33, 651, 25£ 9,72, 9,732 9,791 1 Comprises all state commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private and industrial banks as are included in abstracts issued by state banking departments. 2 For call dates included in the April 4 columns see page 797 of the August 1941 BULLETIN. 1052 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued PRIVATE BANKS —PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 1052 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d l e u p si o v s e i ts of inter- Nu b m an b k er s of State Ju 1 n 9 e 4 3 1 0, A 1 p 9 r 4 . 1 4 1 , Ju 1 n 9 e 4 2 0 9, Ju 1 n 9 e 4 3 1 0, A 1 p 9 r. 4 1 4 1 , Ju 1 n 9 e 4 2 0 9, Ju 1 n 9 e 4 3 1 0, A 1 p 9 r 4 . 1 4 1 , Ju 1 n 9 e 4 2 0 9, J 1 u 3 9 0 n 4 , e 1 A 19 4 p , 4 r 1 . 1 J 1 2 u 9 9 n 4 , e 0 Connecticut: District No. 1 258 253 287 153 158 162 431 423 398 2 2 2 District No. 2 104 101 112 72 72 69 391 352 330 1 1 1 Indiana: District No. 7 1,881 1,782 1,791 1,064 986 999 4.675 4,371 4.170 14 14 14 District No. 8 102 95 85 54 55 54 243 154 154 1 1 1 Kansas 1 2 2 1 2 2 1 1 1 New Jersey (Dist No 2) 10 15 12 12 8 6 _ 1 1 New York 42, 578 37, 629 37, 833 58,961 62,928 66, 349 86,17S 84, 241 83,145 6 8 Ohio 2,188 2,183 2,158 611 586 584 3,246 3,113 3,'O42 13 13 13 Pennsylvania: District No. 3 4, 955 3. 621 4.059 8,070 8,383 7,066 13, 089 12, 702 11,632 11 11 11 District No. 4_ 1,402 1, 291 1, 419 1,226 1,152 1,128 3,214 2,939 2,789 4 4 4 South Carolina 864 867 674 88 75 54 744 878 580 1 1 1 Total 54, 333 47, 834 48, 433 70, 299 74,407 76, 479 112,213 109,183 106, 248 54 55 57 1 For call dates included in the April 4 columns see page 798 of the August 1941 BULLETIN. MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 1052 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Ju 1 n 9 e 4 3 1 0, A 1 p 9 r 4 . 1 4 1 , Ju 1 n 9 e 4 2 0 9, Ju 1 n 9 e 4 3 1 0, A 1 p 9 r 4 . 1 4 1 , Ju 1 n 9 e 4 2 0 9, Ju 1 n 9 e 4 3 1 0, Ap 19 r. 4 1 4 1 , Ju 19 n 4 e 0 29, J 1 u 3 9 0 n 4 , e 1 A 19 4 p , 4 r 1 . 1 J 1 2 u 9 9 n 4 , e 0 Connecticut: District No. 1 255,067 254,012 257, 709 298, 667 289,971 278, 759 583,837 583,407 569, 214 58 58 58 District No. 2 85,199 84, 647 83,287 76, 796 75, 593 74, 756 176, 510 175, 291 171, 356 14 14 14 Delaware 13,077 12, 870 12, 863 35,161 35,052 32,411 44,775 43,834 41, 526 2 2 Indiana: District No. 7. 5,873 5,945 6,172 4,673 4,328 3,642 11,932 11,852 11, 790 3 3 3 M M M M N N e e a a a i w w n i s r D n n y s e a e J H l i a c e s s a n t h r o r s m d u t i e a c s p y t e : s t N h ts i o r . e 8 .- 98 3 2 6 1 0 7 8 6 4 9 , , , , , , 2 2 7 5 4 9 1 2 6 9 3 7 1 0 3 5 6 4 98 3 2 6 1 1 8 6 74 8 , , , , , , > 6 5 " 3 9 8 4 4 2 2 3• 4 7 0 5 7 9 2 9 3 6 1 8 6 4 0 8 6 , , , , , , 0 0 6 0 7 9 1 1 4 1 3 2 1 2 0 2 5 5 1,1 1 1 9 9 2 4 7 2 5 2 2 5 0 , , , , , , 4 3 6 6 5 5 4 1 3 3 8 0 7 4 4 1 5 0 1,1 1 1 1 7 4 6 0 1 2 1 8 8 0 7 , , , , , , 0 3 2 1 4 2 8 7 0 4 2 2 9 7 6 9 7 3 1,1 1 1 5 9 4 6 1 1 2 4 8 6 7 , , , , , , 3 1 2 6 1 4 1 8 4 0 1 2 2 9 0 1 5 7 2,1 2 1 1 6 6 2 3 9 3 8 8 9 1 5 , , , , , , 4 0 0 1 8 5 6 1 3 3 0 7 6 0 7 0 1 0 2,1 2 1 1 6 2 6 3 9 7 5 8 8 0 4 , , , , , , 1 2 8 1 7 5 4 9 3 8 8 9 3 8 7 6 7 3 2,1 2 1 1 6 2 6 2 9 1 9 8 6 8 4 , , , , , , 3 9 5 0 1 4 9 5 8 4 1 5 0 6 1 3 3 3 1 3 4 9 1 i 1 2 3 1 2 1 3 4 9 1 1 2 3 1 1 2 1 4 3 9 1 1 1 3 2 2 2 D Di i s s t t r r i i c c t t N No o . . 3 2 11 4 7, , 2 2 6 5 7 3 120 4 , , 6 2 3 2 4 0 12 V 0, 4 " 07 163 8 , , 2 6 6 0 6 5 161 7 , , 6 8 2 9 2 4 161 7 , , 8 4 2 5 3 3 3 1 0 3 4 , , 8 9 2 7 2 5 30 1 9 3 , , 3 7 0 7 7 7 31 1 3 3 , , 7 5 4 2 3 7 2 2 2 2 2 2 New York !. 066, 6603, 066,856 3,042,676 2,413,896 2, 423,180 2, 404,197 5,648, 555 5, 687, 786 5, 670,370 134 134 134 Ohio 58,102 56, 516 50,778 61,924 61,097 63,236 125, 745 125, 495 124,072 3 3 3 Oregon 2,179 2,117 1,824 658 570 2,843 2,723 2,774 1 1 1 Pennsylvania: District No. 3 78, 549 75, 786 75, 508 442, 763 431,927 434,302 562,887 563,077 553,098 6 6 District No. 4 11,714 11, 894 11,189 42,130 41, 748 41,670 58,004 57,118 56,923 1 1 Rhode Island 59,165 57, 527 54, 298 115,934 112,450 108, 425 180,415 178,634 178,988 Vermont 31,262 30,945 31,113 22,110 21, 523 22, 544 57, 559 57,339 57,411 Washington 30, 203 29, 303 27, 602 45,094 45, 550 45,155 75, 430 74, 559 73,075 Wisconsin: District No. 7. 2,088 2,088 2,128 2,309 2,322 2,259 4,846 4,810 4,678 3 District No. 9 108 110 103 48 47 42 145 145 138 1 Total 4,957,965 4,953,552 4,926,475 5, 363,145 5,322,345 5,261, 527 10,648,294 10,683,998 10,631, 219 550 550 1 For call dates included in the April 4 columns, see page 798 of the August BULLETIN. OCTOBER 1941 1053 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 1055 Gold production 1056 Gold movements 1056 International capital transactions of the United States. 1057-1062 Central banks 1063-1066 Money rates in foreign countries. 1067 Commercial banks 1068 Foreign exchanges rates. 1069 Price movements: Wholesale prices 1070 Retail food prices and cost of living. 1071 Security prices. 1071 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. 1054 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d g t A i e n r n a - - g B i e u l m - Brazil I B n is r d h i i t a - g B a u r l- ia C a a d n a - Chile lo C m o- bia C v z s a e lo k c - i h a o- m D a e r n k - Egypt France m G a e n r y - Greece 193g—Dec 11 258 501 632 25 275 20 188 29 19 91 54 55 2 995 27 26 1937 Dec 12 760 469 597 32 274 24 184 30 16 92 53 55 2 564 28 24 1938—Dec 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 1 29 28 1940—Aug. 20,913 2 402 47 274 24 38 30 15 56 53 52 2,000 28 Sept. 21, 244 385 48 274 24 8 30 15 56 53 52 2 000 28 Oct. 21, 506 369 49 274 24 5 30 17 58 53 52 2,000 28 Nov 21 801 353 50 274 8 30 19 58 53 52 2 000 28 Dec 21, 995 353 4 734 51 274 7 30 17 58 52 52 2 000 28 1941—Jan.. 22,116 353 734 51 274 7 30 20 59 51 52 2,000 28 Feb 22 232 353 734 55 274 8 30 18 59 49 52 2 000 28 Mar. 22, 367 353 734 56 274 6 30 18 59 48 52 2,000 28 Apr. 22, 506 353 57 274 7 30 17 59 48 52 2,000 May 22 575 353 58 274 8 30 16 59 48 52 2 000 June 22, 624 353 62 274 6 30 18 61 47 2, 000 July 22 675 353 7 30 18 2 000 Aug 22, 719 17 2, 000 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico e N rl e a t n h d - sZe N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1936—Dec. 25 25 208 463 60 46 491 23 98 20 75 68 114 203 5 718 1937_Dec. 25 25 210 261 79 24 933 23 82 21 83 69 120 189 6 525 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec. 24 26 144 164 90 32 692 23 94 20 i 84 69 152 249 1940—Aug. 24 26 i 137 164 103 30 624 23 184 20 69 156 308 Sept 24 164 109 25 634 23 21 69 156 314 Oct. 24 164 109 28 629 23 21 59 157 328 Nov 24 164 129 32 621 23 21 59 157 351 Dec. 24 164 140 47 617 23 20 59 158 367 1941—jan 24 164 152 50 616 23 59 158 376 Feb 24 164 171 52 614 23 59 158 388 M^ar 24 178 54 614 23 158 401 Apr 24 174 56 572 23 171 413 May 24 174 58 572 23 172 418 June 24 173 59 573 23 175 July 24 173 60 573 23 178 431 Aug.. 59 Government gold reserves not included End of month S d w e e n - e S r w la i n tz d - T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - 7 Y sl u av g i o a - B.I.S. t O c r o i t e u h s n e 8 r - E m n o d n t o h f U i S n n t a p i t t r e e e s d vio U u K s n i i n f t i g e g - d ure F s rance g B i e u l- m dom 1936—Dec. 240 657 26 2,584 77 59 48 11 183 1936—June 59 103 1937_Dec 244 650 29 2,689 74 52 51 5 185 1937—June 169 2 934 115 1938—Dec. 321 701 29 2,690 69 52 57 14 142 1937—Dec. 3 1, 395 81 1939—Dec 308 549 29 9 1 68 52 59 7 149 1938—Mar 1 489 June... 44 62 1940—Aug 153 490 87 1 88 52 69 10 145 Sept 759 Sept. 152 490 87 1 87 51 71 9 145 Oct. 4 103 Oct. 150 500 87 1 86 51 74 14 145 Dec. 80 331 44 Nov. 157 501 87 1 88 51 77 11 145 1939—Mar. 154 1,732 559 Dec. 160 502 88 1 90 51 82 12 145 May 477 1941—jan_ 165 520 87 1 95 52 83 13 145 June 85 17 Feb 171 524 87 1 97 52 83 13 145 Sept.. 164 Mar 172 527 89 1 100 52 13 145 Dec. 156 17 Apr 174 528 95 1 105 52 12 145 1940—Mar. 145 May 180 530 1 108 52 9 145 June 86 17 June 192 528 1 52 10 144 Sept. 105 July 189 533 1 52 144 Dec 48 17 Aug 1 144 1941—Mar... 88 i Figures relate to last official report dates for the respective countries, as follows: Germany i Reported at infrequent intervals or on de- —June 15, 1939;[taly—late in Mar. 1940; Norway—Mar. 30 1940; Poland—July 31, 1939. layed basis: U. S.—Exchange Stabilization Fund 2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1);U. K.—Exchange 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 tim3 is goldheld by JMinister of Finance. Fund and Rentes Fund; Belgium—Treasury. 4 Change from previous December due largelyto inclusion of gold formerly not reported. 2 Figure for end of Mar. 1937, first date re- 8 Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug.1, 1936, imd Apr. ported. 1938, respectively. 3 Figure for end of Sept. 1937. e Beginning Mar. 29,1941, gold reserves nol onger reported separately. * First date reported. For complete inonthly 7 Beginning Dec. 1940, figures comprise largely reserves of new Central Bank but also series from Oct. 1938-May 1939. see BULLETIN include remaining holdings of four former banks of issue amounting since March 1941to about for February1941, p. 170. $12,000,000. NOTE.—For details regarding special gold 8 These countries are: Albania, Algeria, Australia, Austria through Mar . 7, 1938,Belgian transfers in I9so-4.n hptwppn thp "RHtich F. TC A Congo, Bolivia,China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland, and the Bank of Enpl^Ti*^ ar\r\ Vipt.xi reen the Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain French E S F nnri thp. Rank of Frsnee see of these countries have been carried forward from last previous official report. 9 Gold holdings of Bank of England reduced to nominal amount by gold transfers to Brit- BULLETIN for September 1940,p. 926. ish Exchange Equalization Account during 1939. NOTE.—For description of table andback figures see BULLETIN for September L940, pp. 925-934 and pp.1000-1007; details regarding special nternal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. OCTOBER 1941 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Other U o . utside Total A So fr u ic th a d R e h s o i - a A W fri e c s a t 2 B C e o l n g g ia o n S U t n at i e te s d 4 Canada5 Mexico Co b l i o a m- Chile Au li s a tr a- B In ri d ti i s a h 0 $1=15-6/21 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, 016, 791 448, 753 28, 009 28, 564 8,759 196, 391 178, 303 '29, 426 19, 951 11,376 56,182 11,078 1940-. 1, 275, 505 1, 088, 835 491, 628 29,155 32,163 38, 862 210,109 185,890 30,878 22,117 11,999 55, 878 10,157 1940—June 103,810 87, 060 40,437 2,437 2,643 15,105 15, 819 2, 562 1,715 780 4, 688 875 July 109, 760 92, 665 41, 936 2,459 2,590 19,109 16, 007 3,010 1,952 850 4, 263 490 August 109, 305 92, 557 41, 989 2,498 2,725 16, 294 16, 343 4,027 2,184 1,243 4,693 560 September.. 106, 505 89, 672 40,958 2, 450 2,652 17, 324 15, 440 2,596 2,016 673 4,616 945 October 113, 330 97, 803 42, 362 2,477 2,709 22, 004 16, 386 2,337 1,789 1,121 5,638 980 November.. 108, 080 92, 522 41, 620 2,404 2,687 19, 952 15, 775 1,905 1,713 929 4,592 945 December.. 107, 800 91, 852 41,188 2,433 2,668 19, 694 15, 780 2,221 1,675 4, 333 1941—January... 106, 015 90, 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, 525 88, 4S6 41,357 2, 355 2 2. 580 16,413 15, 384 2,491 2,071 896 4,133 805 May n05,105 P8S, 142 42, 716 f2, 355 2, 615 16, 022 15, 721 P 1,476 1,872 528 4, 136 700 June 105, 980 P83, 935 41,186 /2, 355 / 2, 615 16, 468 15, 890 v2, 841 1,777 1,023 3,939 840 July P93, 276 43, 093 /2, 355 /2, 615 18, 537 P15,925 •/ 2,841 2,072 fl, 023 /3, 939 875 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000. p Preliminary. r Revised. / Figure carried forward from last previous figure without footnote /. 1 Annual figures through 1939 are estimates of U. S. Mint. Annual figure for 1940 and monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 Beginning April 1941, figures are for Gold Coast only. ' Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Monthly figures for U. S. for 1940 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure $242,602 so that aggregate for 1940 is equal to annual estimate compiled by Bureau o Mint in cooperation with Bureau of Mines. B Figures for Canada beginning January 1941 are subject to official revision. 6 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. 8. 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 n o o e r r t t t s s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t - d h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o t o r t A h i u e l e n l s r - 1934 2 1,131,994 499,870 260,223 8,902 94,348 12,402 86, 82930, 270 16,944 12,038 1,029 12 4 76,820 32, 304 1935 1, 739,019 315, 727 934, 243 3 227,185 968 95,17113, 667 10,899 15, 335 3,498 65 75, 268 46, 989 1936 1,116, 584 174,093 573, 671 3,351 71, 006 2 7,511 72, 64839, 966 11,911 21, 513 23, 280 8 77, 892 39, 735 1937 1, 585, 503 891, 531-13,710 90, 859 6,461 6 54, 452 111, 48038, 482 18, 397 25, 427 34, 713 181 246,464 50, 762 29,998 1938 1, 973, 5691, 208, 728 81,135 15, 488 163,049 60,146 1,363 76, 31536, 472 10, 557 27, 880 39,162 401 168,740 16,159 3 67, 975 1939 3, 574,151 1, 826, 403 3,798165,122 341, 618 28, 715 86,987 612, 94933, 610 23, 239 35, 636 74, 250 22, 862 165, 605 50,9564102, 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 49,989s 388, 468 1940 Aug 351, 553 10, 819 3,637 6 264, 32810, 335 4,516 3,738 6, 746 11, 687 954 34, 789 Sept— 334,100 3,650 27 217, 627 545 2,330 3,764 14, 605 7,854 13, 228 523 69, 946 Oct 325, 964 1,738 222, 726 538 2,673 14, 770 6,704 11, 815 784 64, 208 Nov 330,107 936 7 262, 718 545 3,283 14, 441 6,240 12,186 2,170 27, 580 Dec 137,176 99 80,389 347 2,814 3,268 14,994 1,751 13, 262 7,446 12,805 1941 Jan 234, 242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149, 735 6,085 4,501 6,062 Feb 108, 609 1,218 337 81, 529 814 11 2,772 6,738 96 « 15,093 Mar... 118,567 817 95, 619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171, 992 21 20, 216 1,147 2,934 3,587 4,720 132, 261 313 6,793 May i...- 34,830 2 16, 309 969 2,794 3,384 4,194 3,594 3,589 June 1 30, 712 474 1 17, 521 800 7 2,114 4,593 69 131 5,009 Julyi.... 37,041 542 19, 228 1,088 2,128 4,972 5,199 88 3,811 Aug.i.... 36, 973 79 10, 845 843 2,230 5, 098 6,742 137 1,995 9,011 1 Beginning May 1941, figures by countries refer to gross imports since export data are no longer available. 2 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 3 Includes $31,830,000 from Argentina. * Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 6 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. «Includes $11,236,000 from U. S. S. R. NOTE.—For gross import and export figures and for additional countries see table on p. 1014. 1056 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 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 Total f b u a n n d k s Other a f b u r n o d a s d of f u U n . d S sr . f f o u r n ei d g s n r balances 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 L, 201. 4 74 0 Sept 27 5,035. 3 2,479. 5 552.1 1,927. 3 618. 4 676.9 L, 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) 5,115.9 2,539. 0 539.1 1,999. 9 631. 6 761.6 1,095.0 88.7 June (July 3) 5, 440. 7 2, 830.1 922.3 1, 907. 8 684.1 785.6 L, 042.1 98.9 1940—July 10 5, 461. 2 2,849. 5 931. 4 1,918.1 692.3 786.4 L 033 5 99 5 July 17 5, 496. 7 2,887. 5 967. 8 1,919.8 699.4 788.1 L 022.6 99 0 July 24 5,498. 2 2, 887. 7 977.8 1, 909. 9 698.7 788.4 1.023.2 100.1 July 31 . . .. 5, 522. 2 2,900.0 993.8 1,906.1 714.1 788.7 L,019. 4 99 9 Aug 7 5, 614.1 2,941. 2 » 945. 0 2 1, 996. 2 764.8 789.5 1 019.0 99 6 Aug. 14 5, 647. 4 2,984. 9 996.3 1, 988. 6 769.2 790.2 1,004.0 99.1 Aug 21 -. . 5, 687. 5 8,022. 5 1,018. 5 2,004. 0 774.0 790.4 001 4 99 1 Aug 28 5, 699. 3 8,034. 2 1,047. 9 1,986. 3 778.3 790.5 996. 5 99.9 Sept 4 5, 699. 8 8,040. 7 1,054. 7 1,986.0 773.1 790.4 995.1 100.5 Sept 11 5, 668. 4 3,014.1 1,012. 8 2,001. 3 768.4 790.8 995 2 99 9 Sept 18 5, 751. 9 3,087 2 1,107. 7 1,979 5 773 2 791 2 999 8 100 6 Sept 25 . , 5, 731. 9 3,062. 6 1,087.0 1,975. 5 782.0 791.6 995 0 100 8 Oct 2 5, 748.1 3,092. 8 1,112. 3 1,980. 5 773.6 793.1 987.0 101.6 Oct 9 5, 767. 0 3,108. 5 1,133. 6 1,975.0 781 8 793 5 981 9 101 3 Oct 16 5, 736. 6 3,086. 3 1,129. 9 1,956. 4 780.9 793.9 974 5 100 9 Oct. 23 _ __ _ 5, 744. 0 3,118. 7 1,140.1 1, 978. 6 765.6 793.9 964.7 101.2 Oct 30 5,731.0 3,112. 5 1,158. 9 1,953. 6 765.7 794.4 957 6 100 7 Nov 6 5, 745. 0 3,137.0 1,190. 7 1,946. 3 762.3 795.4 950 3 100 0 Nov 13 5, 734. 7 3,141.9 1,195. 5 1,946 4 751 5 795 9 946 0 99 4 Nov 20 5, 786. 9 3,199.3 1,248. 7 1,950. 6 752.3 797.9 936 0 101 4 Nov. 27 5, 780. 7 3,194. 0 1, 231. 6 1, 982. 5 764.0 798.2 924. 5 100.0 Dec. 4 5, 758. 0 3,177. 8 1, 209.1 1, 968. 7 763.0 800.2 917.4 99.6 Dec 11 5, 718. 2 3,146. 5 1,186. 3 1, 960. 2 757.6 801 3 913 5 99 3 Dec 18 5, 763. 7 3,182.1 1, 209. 7 1, 972. 4 771.1 802.9 907. 5 100.2 Dec 25 5 733 0 3 160 9 1,182 4 1 978 5 771 6 802 8 896 3 101 3 1941—Jan. i 5, 727. 6 3,159. 0 1, 200. 8 1, 958. 3 775.1 803.8 888.7 100.9 Jan 8 5, 704. 0 3,152. 9 1,198. 8 1, 954.1 775.8 804.6 869. 4 101.3 Jan 15 5 781 3 3 257 6 1,301 3 1 956 4 772 2 806 4 843 3 101 7 Jan. 22 . . 5, 747. 5 3, 255. 2 1, 303. 3 1,951.9 757.1 807.6 827.8 99.8 Jan 29 5, 694. 5 3, 215. 9 1, 288. 2 1, 927. 7 759.9 808.1 811.9 98.8 Feb 5 5, 644. 3 3,175. 9 1, 269. 0 1, 906. 9 763.1 809 0 799 3 97 0 Feb. 12 .. _ _ _ __ 5, 609. 9 3,156. 9 1, 255. 0 1,901.8 754.6 810.5 792.1 95.9 Feb. 19 5, 563. 8 3,108.1 1, 228. 8 1, 879. 4 764.6 811.5 783.1 96.5 Feb 26 5, 564. 5 3,102. 6 1, 243. 4 1,859. 2 776.1 812.7 775 8 97 2 Mar. 5 ___ 5, 560. 8 3,128.1 1, 249. 6 1, 878. 5 764.9 814.0 757. 3 96.6 Mar 12 5 592 9 3 188 0 1,300 1 1 887 9 752 1 814 1 741 9 96 9 Mar. 19 5, 598. 8 3, 202. 4 1, 346. 2 1, 856. 2 756. 2 814.8 726 9 98.4 Mar 26 5 567 0 3,185. 2 1, 325. 6 1, 859. 6 755.4 815. 8 714.7 95.8 Apr 2 5, 526. 5 3,148. 8 1, 307. 7 1, 841. 0 767.4 812.7 701.8 95.9 Apr 9 5, 647. 5 3, 273. 6 1, 416. 6 1, 857. 0 766.4 815. 6 694.7 97.1 Apr. 16 .. .. .-_ _ _ 5, 678. 3 3, 299. 2 1, 434. 7 1, 864. 5 772.4 816.2 691.9 98.7 Apr 23 5, 666. 3 3, 279. 2 1, 424. 0 1, 855. 2 785.0 816.7 686.8 98.5 Apr. 30 5, 652. 5 3, 257. 3 1, 406. 4 1,850. 9 798.9 815.7 682.4 98.2 May 7 5, 639.1 3, 243. 5 1, 400. 4 1, 843.1 791.6 832.9 673.8 97.2 May 14 5, 602. 2 3, 224. 2 1, 414. 8 1, 809. 4 792.4 833.5 655. 2 96.8 May 21 5, 627. 8 3, 252. 0 1,421. 2 1, 830. 9 794.6 834. 5 649.6 97.0 May 28 5, 635. 8 3, 266. 4 1,417.5 1, 848. 9 794.9 835.4 641. 6 97.5 June 4 .. _ _ _ 5, 608. 9 3, 235. 2 1, 418. 6 1, 816. 6 803.6 836.3 637.1 96.8 June 11 5, 602. 7 3, 226. 9 1,401.3 1, 825. 6 811. 6 832.6 634.4 97.2 June 18 5, 627. 8 3, 249. 3 1, 407. 9 1, 841. 4 815.7 831. 6 634.4 96.7 June 25 5. 620. 7 3, 240. 9 1,410.3 1, 830. 7 817.8 833.1 632.4 96.5 July 2 5, 575. 4 3 193.3 1, 375.1 1,818.2 818.6 834.1 631.2 98.2 r Revised—see note on p. 1062. 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading Bee BULLETIN for April 1939, p. 285. »In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. OCTOBER 1941 1057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From t h J r a o n u . g 2 h , — 1935, Total' U K d n o i m i n t g e r - 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 er C ad a a n- A L m i a c t a e in r- Asia* oth A e l r l i 1935—Dec. (Jan. 1, 1936) 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (2) 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—Sept. (Oct. 2) 5, 748.1 946.7 683.0 457.9 884.4 176.3 84.6 934.0 4,167. 0 387.3 603.8 506.5 83.6 Oct 30 5, 731. 0 931.3 679.9 456.9 896.7 173.9 75.9 930.0 4,144. 6 384.4 601.0 515.4 85.6 Nov. 27 5, 780. 7 927.9 675.9 450. 8 895.8 173.8 70.3 925.5 4,119.9 415.5 606.5 557.9 80.9 Dec. (Jan. 1, 1941) 5, 727. 6 865.2 670.3 455.6 911.5 175. 9 55.4 922.7 4, 056. 6 411.7 606.8 562.3 90.2 1941—Jan. 29 - - 5, 694. 5 866.4 667.4 451.5 890.5 175.3 49.3 906.9 4, 007. 3 416. 5 611.2 563 4 96.1 Feb. 26 5, 564. 5 771.7 667.7 451.0 879.2 176.4 47.5 905.0 3, 898. 5 410.5 597.5 558.7 99.3 Mar (Apr 2) 5, 526. 5 716.7 665.4 471.0 883 6 177.1 47.4 898.1 3, 859. 3 394.9 623.7 547 0 101.7 Apr. 30 5, 652. 5 789.4 668.6 463.3 872.4 177 8 47.0 899.2 3, 917. 7 410. 7 639.1 568.0 117.0 May 28 5, 635. 8 760.6 670.2 457.5 881.2 177.6 47.3 884.7 3, 879.1 403.8 650.4 583.6 119.0 June 4 _ 5, 608. 9 735.3 670. 9 456. 5 881. 5 177. 8 46.9 885.3 3, 854.1 398.3 654.3 583.4 118.9 June 11 5, 602. 7 723. 0 668. 8 460.0 881. 2 177.6 47.0 881. 5 3, 839.1 389.8 658. 8 598.4 116.7 June 18 5, 627. 8 729.6 675. 1 460.1 885. 4 46.9 880. 5 3, 855. 4 410.8 654.5 590.9 116.2 June 25. _ 5, 620. 7 713. 7 672. 0 459. 7 8S6. 0 177. 7 46.7 884.0 3, 839. 8 409.7 654. 7 598. 0 118.5 July 2 5, 575. 4 696.1 670.5 456. 7 886. 6 177. 6 47.0 883. 6 3, 818. 2 400.4 659.5 579.7 117.6 TABLE 3.—FOREIGN BANKINGFUNDS IN UNITEDSTATES, BY COUNTRIES From t h J r a o n u . g 2 h , — 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia* ot A he ll r i 1935—Dec. (Jan. 1, 1936) 603.3 128.6 129. 6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149 3 90 4 15 2 1937 j)ec 29 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. (Jan. 4, 1939) 1, 425. 4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 163.3 22.2 1939—Dec. (Jan. 3, 1940) 2, 430. 8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1, 655. 4 174.5 215.1 325.4 60.5 1940—Sept. (Oct. 2) 3,092.8 314.3 471.4 166.3 445.9 -16.5 5.8 620.6 2,007. 8 310.6 317.5 401.8 55.1 Oct 30 3,112.5 306.6 468.7 165.1 476.3 -20.6 .6 615.6 2,012.4 307.9 325.1 410 3 56 8 Nov 27 3,194.0 325.0 465.5 158.9 479.9 -21.6 .1 609.4 2, 017.1 335. 0 332.7 456.0 53 2 Dec. (Jan. 1, 1941) 3,159. 0 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1, 986. 3 334.1 326.4 450.9 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 . _ 3,102. 6 279.2 455.0 155. 4 475.8 -22.7 -3.3 584.6 1, 924.1 334.6 314.2 458. 4 71.3 Mar (Apr 2) 3,148. 8 297.3 452.8 173.4 484.2 -24.0 -3.5 576. 9 1, 957.1 321.4 349.3 446 9 74 1 Apr 30 _ . 3, 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 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 June 4 _ . 3, 235. 2 369.0 456. 2 158.6 495. 5 -23.8 -4.5 561.7 2, 012. 8 307.9 368. 8 453.0 92.7 June 11 3. 226 9 360 2 454 4 162.1 495 6 —24 0 —4 4 557 9 2,001 8 304 7 370 1 459 7 90 6 June 18 3. 249. 3 387.1 460.3 161.3 499. 9 -23.9 -4.4 556. 7 2, 017. 0 326. 5 367.7 448.0 90.2 June 25 3, 240. 9 353.5 456. 3 160. o 500. 7 -24.0 -4.6 559. 9 2, 002. 3 326.0 368.9 451. 4 92.5 July 2 3, 193. 3 334.4 451.0 157. 3 500.5 -24.0 —4.4 559.6 1. 974. 4 317.8 371.9 433. 7 95.5 TABLE 4.—UNITED STATES BANKINGFUNDS ABROAD, BY COUNTRIES From t h J r a o n u . g 2 h , — 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia 1 oth A e l r l 1 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310. 2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1 1 9 9 3 3 7 8 — — j D _) e e c c . 2 ( 9 Jan. 4, 1939) 4 5 4 1 9 0 . . 1 1 2 2 0 0 7 6 . . 4 2 6 6 5 8. . 4 3 — -5 4 .6 .4 2 2 . . 6 6 1 1 0 41 5 . . 7 1 1 6 3 . . 5 7 2 3 6 3 . . 9 8 4 46 0 0 9 . .3 9 -2 3 1 5 . . 7 9 5 6 1 6 .8 6 -4 1 6 8 . 5 7 — -7 8 .0 7 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940— Sept (Oct 2) 773.6 271.9 75.3 17.6 6.5 185.6 24.5 45.0 '626.4 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 .8 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 June 4 _ _ 803.6 266.4 76.6 17.8 5.3 195. 7 25.5 51.2 638.4 67.4 52.3 45.7 -.3 June 11 811.6 266.3 76.3 17.8 5.3 195.7 25.5 51.0 638. 0 66.9 54.9 52.2 -.4 June 18 815.7 267.4 76.6 17.8 5.3 195. 7 25.6 51.2 639. 7 68.0 52.1 56.4 -.5 June 25 817 8 266 3 76 6 17 8 5 2 195 7 25 6 51 4 638 7 69 4 51 4 59 0 — 6 July 2 818. 6 268.6 76.6 17.8 5.2 195. 7 25.6 51.2 640.8 68.5 52. 1 57.7 -.4 r Revised—see note on p. 1062. c Corrected. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 1058 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 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J ro an u . g h 2 — , 1935, Total' U K d n i o i n m t g e 7 d - 1 France N la e e n r t d - h s - S l w a e n r it d - z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia ! oth A e l r l i 1935—Dec. (Jan. 1, 1936). 125.2 67.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (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—Sept. (Oct. 2) 793.1 130.4 43.0 31.0 47.4 36.1 28.1 195.9 511.8 20.7 197.6 50.1 12.9 Oct. 30 794.4 130.0 42.9 31.0 46.3 36.5 28.1 196.0 510.9 21.3 198.6 50.5 13.1 Nov. 27 798.2 129.7 42.9 31.0 46.0 36.5 28.1 196.1 510.4 23.5 199.8 51.2 13.3 Dec. (Jan. 1, 1941) 803.8 128. 6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Jan. 29 808.1 128.7 43.5 31.0 46.1 36.5 28.1 197.2 511.2 25.8 203.5 54.2 13.5 Feb. 26 _ . 812.7 129.0 43.6 31.0 45.8 36.5 28.1 198.1 512.1 26.4 204.5 55.9 13 8 Mar. (Apr. 2) 812.7 128.3 43.7 31.0 45.2 36.5 28.1 198.9 511.8 26.5 203.0 57.6 13.9 Apr. 30 815.7 127.8 43.8 31.0 45.2 36.5 28.1 199.1 511.5 25.9 206.0 58.2 14.2 May 28 835.4 127.7 43.8 31.0 44.8 36.5 28.1 199.5 511.4 42.7 208.1 59.0 14.2 June 4 836.3 127.5 44.1 31.0 44.7 36.5 28.1 199.3 511.2 42.7 59.2 14.3 June 11 832.6 127.3 44.2 31.0 44.7 36.5 28.1 199.4 511.1 38.6 209.1 59.5 14.3 June 18 831.6 127.2 44.2 3.1.0 44.7 36.5 28.1 199.5 511.2 36.9 209.5 59.7 14.3 June 25 833.1 127.2 45.1 31.0 44.7 36.5 28.1 199.6 512.1 37.0 209.7 59.9 14.4 July 2 834.1 127.2 49.1 31.0 44.7 36.5 28.1 199.6 516.2 37.0 210.5 60.1 10.4 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J ro a u n 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- Ger- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia* ot A he ll r » 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 -5.4 -. 1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29_. 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041. 6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1, 219. 7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133. 7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Sept. (Oct. 2) 987.0 213.8 74.5 230.7 365.4 -28.8 26.2 64.5 946.2 -20.7 26.6 22.0 12.8 Oct. 30 957.6 205.0 74.1 230.6 349.6 -29.1 23.1 64.5 917.9 -19.0 26.2 20.0 12.6 Nov. 27 924.5 185.2 74.1 230.9 346.8 -29.1 17.0 64.6 889.6 -20.3 25.1 17.5 12.6 Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851. 3 -18.4 25.6 17.6 12.6 1941—Jan. 29 811.9 101.7 74.2 233.3 340.2 -29.2 -1.6 64.6 783.2 -25.7 24.7 17.7 12.0 Feb. 26 775.8 75.1 74.2 233.2 338.9 -30.2 -3.0 64.5 752.6 -26.9 21.8 16.8 11.4 Mar. (Apr. 2) 701.8 6.2 74.2 234.9 334.7 -30. 3 -3.0 64.8 681. 5 -28.9 20.9 16.9 11.3 Apr. 30 682.4 -7.5 74.3 234.8 332.1 -30.3 -3.0 64.9 665. 3 -31.8 20.6 17.0 11.3 May 28 641.6 -41.0 74.5. 234.7 324.1 -30.4 -2.5 64.8 624.2 -31.3 19.5 17.9 11.3 June 4 637.1 -44.3 74.5 234.8 322.3 -30.4 -2.5 64.9 619.3 -31.7 19.4 18.7 11.4 June 11 634.4 -47.4 74.5 234.8 322.1 -30.4 -2.5 64.9 616.1 -32.3 19.2 20.0 11.4 June 18 634.4 -48.6 74.5 235.5 321.8 -30.4 -2.5 64.9 615. 2 -32.7 20.2 20.2 11.4 June 25 632.4 -49. 7 74.5 235. 9 321.7 -30.4 -2.5 64.8 614.4 -34.5 20.2 20.8 11.4 July 2 ___ 631.2 -50.5 74.6 236.1 321.7 -30.4 -2.5 64.8 613.8 -34.4 19.3 21.1 11.4 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From th J ro an 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- Asia* ot A he ll rs 1935—Dec. (Jan. 1, 1936) () 2.4 1.3 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 4.0 10.4 -.9 9.1 -.7 .4 22.6 -7.6 -4.2 2.1 (*) 1937—Dec. 29 11.5 11.5 5.0 10.8 (8) 5.0 44.0 3.5 -.5 .5 1938— Dec. (Jan. 4, 1939) 13.4 12.9 6.8 9.6 -.2 5.2 47.9 1.8 -.9 -1.5 (1) 1939—Dec. (Jan. 3, 1940) 19.4 20.1 9.3 17.8 -. 1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Sept. (Oct. 2) 16.3 18.8 12.3 19.2 -.2 8.1 74.7 11.2 9.1 5.8 .7 Oct. 30 17.1 19.1 12.5 18.3 -.2 7.3 74.4 10.2 8.3 6.8 1.0 Nov. 27. 17.2 18.9 12.5 16.9 -.2 7.6 73.1 10.7 8.8 6.7 .7 Dec. (Jan. 1, 1941) 17.0 19.9 13.4 16.2 -.2 7.9 74.3 10.7 9.2 6.0 .7 1941—Jan. 29 17.1 19.2 13.3 15.9 -.2 8.9 74.4 10.4 6.8 6.3 .9 Feb. 26 17.0 19.3 13.5 14.4 -.2 9.1 73.3 10.9 6.1 6.1 .9 Mar. (Apr. 2).. 16.7 18.7 13.9 14.5 -.2 7.9 71.7 10.6 6.1 6.4 1.1 Apr. 30 ._ 16.7 19.0 14.0 14.3 -.2 7.8 71.8 11.4 7.0 7.2 May 28 16.6 19.4 14.3 13.6 -.2 8.4 72.3 12.0 5.8 6.7 June4 16.6 19.5 14.2 13.7 -.2 8.3 72.3 12.0 5.0 6.8 June 11 16.5 19.5 14.2 13.6 o 8.2 72.1 11.9 5.6 6.9 June 18 16.6 19.4 14.4 13.7 -.2 8.2 72.4 12.0 4.9 6.7 June 25 16.4 19.4 14.5 13.8 -.2 8.4 72.4 11.8 4.6 6.9 July 2 16.4 19.2 14.5 14.5 -.2 8.4 73.1 11.6 5.7 7.1 .7 r Revised—see note on p. 1062. 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. OCTOBER 1941 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia* ot A he ll r * Reported by Banks in New York City 1929—Dec. 31 2, 672. 7 301.5 923.7 99.1 105. 2 204.5 157.4 371.3 2,162.8 241.8 188.2 49.0 31.0 1930—Dec. 31 2, 335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30 1, 303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. (Jan. 4, 1933) 733.8 171.0 72.2 13.8 82.2 30.2 36.6 63.1 469.1 89.3 117.8 44.4 13.1 1933—Dec. (Jan. 3, 1934) 388.2 48.3 24.9 8.3 11.9 16.3 9.9 30.1 149.7 88.7 96.4 43.1 10.4 1934—Nov. 28 2 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5 3 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227 1 103.3 117.4 125.1 12.0 Dec. (Jan. 2, 1935) 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232 9 99 3 122.8 130.1 12.0 1935—Dec. (Jan. 1, 1936) 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107. 5 686 3 145 3 156.3 188.9 23.4 1936—Dec. 30.__ 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814 3 186.1 263.9 200.2 27.1 1937—Dec. 29 1, 729. 6 261.5 143. 9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236. 0 20.0 1938—Dec. (Jan. 4, 1939) 1, 996. 6 436.1 187.4 101.8 218. 8 17.8 20.4 255. 5 I, 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 1,980. 3 250.1 365.5 515.2 54.1 Apr. (May 1) 3,188. 3 326.6 286.7 213.1 447.6 8.5 71.3 616.1 ,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 i, 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. 3 397.2 197.6 172.8 493.5 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 3 447.3 616.9 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 8 435.1 624.4 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 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 June 4._ 3, 861. 4 441.2 488.4 172.6 509.2 5.8 14.3 608.6 2, 240. 0 408.1 489.7 619.0 104.6 June 11- 3, 853.1 432. 3 486.5 176.1 509.2 5.6 14.4 604.8 2, 229. 0 404.9 491.1 625. 7 102. 6 June 18 - 3, 875. 5 439. 2 492.4 175.3 513.6 5.7 14.4 603.6 2, 244. 2 426.7 488.6 614. 0 102.1 June 25 _ 3, 867.1 425. 6 488. 4 174.5 514.4 5.7 14.1 606.8 2, 229. 4 426.1 489. 8 617.3 104.4 July 2... 3,819.5 406.6 483.1 171.2 514.2 5.7 14.4 606.5 2, 201. 6 417.9 492.8 599. 7 107.5 Additional Detail Available from January 3,19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu el m - D m e a n rk - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n n r a - - B zi r l a- Chile Cuba M ic e o x C P a a m a n . n d Z a - . Total China H K o o n n g g Japan I P s p h la i i n l n i e d p s - 1940—Jan. 3 407.1 159.2 28.1 21.4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 432.9 167.0 71.4 165.4 29.1 Jan.31 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24.4 38.3 62.1 36.2 434.7 173.8 72.2 158.7 30.0 Feb. 28 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 439.2 178.9 68.5 162.1 29.7 Mar. (Apr. 3) 475.1 184.3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 455.1 178.5 75.2 169.4 32.0 Apr. (May 1) 460.2 183.7 23.0 27.2 67.5 158.9 297.1 80.6 35.0 23.4 46.4 67.2 44.5 461.3 184.1 81.1 164.1 32.0 May 29 443.3 172.0 21.1 29.5 64.1 156.7 311.8 83.3 34.8 24.8 49.6 68.6 50.6 446.2 178.8 79.4 151.8 36.2 June (July 3) 457.0 161.3 19.5 29.6 59.0 187.6 326.5 88.7 39.0 30.2 49.7 65.3 53.5 448.4 181.8 78.4 152.6 35.6 July 31 457.7 154.9 18.4 29.1 57.8 197.5 321.3 93.1 38.0 29.2 48.1 60.3 52.7 446.6 181.6 84.3 142.6 38.2 Aug. (Sept. 4)..__. 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 408.3 184.7 87.6 97.4 38.7 Sept. (Oct. 2) 470.3 147.9 16.8 29.1 51.2 225.3 338.: 110.1 33.4 26.1 48.7 63.2 57.3 431.6 192.7 87.0 106.8 45.2 Oct. 30 469.0 145.7 16.2 24.3 51.3 231.5 348.2 112.7 39.7 25.0 48.4 64.4 57.9 432.5 195.1 89.4 102.8 45.2 Nov. 27 466.2 145.7 16.1 22.0 50.1 232.4 353.3 115.1 44.1 26.9 46.4 62.6 58.6 475.2 218.6 92.2 119.3 45.1 Dec. (Jan. 1, 1941) 462.7 144.8 17.3 16.5 48.7 235.4 341.7 115.4 36.2 28.5 47.9 55.0 58.7 454.5 207.5 91.1 110. 3 45.6 1941—Jan. 29 450.5 143.2 17.1 14.1 48.3 227.7 342.5 118.2 45.4 26.1 48.6 49.3 54.8 464.3 210.5 93.4 114.1 46.3 Feb. 26 437.9 140.7 17.0 12.3 46.2 221. 319.6 103.3 35.1 25.3 47.3 52.6 55. 464.4 217.5 97.5 103.4 46.0 Mar. (Apr. 2) 429.6 135. 4 16.4 10.0 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 55.6 48.6 62.1 420.5 187.0 92.8 92.5 48.2 May 28 426.3 125.1 15.2 10.3 44.2 231. f 355.8 107.1 52.4 29.4 60.6 48.8 57.5 418. 176.5 95.9 94.9 51.5 June 4 426.6 124.6 16.2 9.4 44.1 232.2 357.2 109.9 50.8 28.9 61.8 48. £ 57.3 414.6 175.5 97.8 90.4 50.9 June 11 426.6 125.0 16.2 8.0 43.8 233.6 358.6 109.1 53.1 28.7 62.2 48.3 56.4 415.3 172.2 97.4 94.2 51.5 June 18 425. 124.9 16.0 5.6 43.6 235.7 357.3 112.! 52.4 29.9 60.9 45.3 55. 412.5 169.4 97.5 92.6 53.0 June 25 426.4 124.9 16.4 5.5 43.7 235.7 363.2 115.6 54.2 29.9 61.0 44.9 57.8 406.3 171.6 96.5 86.8 51.4 July 2 425.7 125. 5 15.9 5.4 43.7 235.2 364.2 119.4 53.4 29.4 60.1 42.6 59.4 393.4 164.4 101.3 79.2 48.5 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". J Last report date on old basis. ' First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941. (See BULLETIN for May 1937, p. 425; April 1939, p. 295; April 1940, p. 362; and September 1941, p. 947). 1060 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 9.—SHORT-TERM FOREIGN ASSETS, 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 er n - y Italy E O u t r h o e p 3rr el E T u o ro ta p l e Can- A L m i a c t a e in r- Asiai ot A h l e l r i Reported by Banks in New York City 1931—Dec. 30 1,103.3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. (Jan. 4, 1933).... 949.4 89.4 67.6 14.2 6.4 433.7 11.5 96.1 719.0 43.9 158.2 24.8 3.5 1933—Dec. (Jan. 3, 1934) 907.1 197.9 65.0 18.1 12.5 258.1 16.8 83.9 652.3 34.7 159.2 54.6 6.3 1934—Nov. 282 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 s 1,137. 8 266. 4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec. (Jan. 2, 1935) 1,139. 9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117. 4 8.5 1935—Dec. (Jan. 1,1936)_ 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 _ 672.6 114.1 16.8 21.9 5.4 165. 1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 - 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Mar. 29 _ 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 June 28 496.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 14.8 Sept. 27 485.7 66.0 8.7 9.6 2.9 67.1 12.2 41.6 208.1 49.7 108.5 104.0 15.4 Dec. (Jan. 3,1940) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Mar. (Apr. 3) 527.5 39.7 4.9 6.7 6.2 60.1 16.9 48.6 173.2 42.2 110.7 192.6 8.9 Apr. (May 1) - 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 8.0 May29_... 475.0 30.1 7.9 3.2 5.0 47.3 18.3 44.6 156.5 26.7 US. 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 7.8 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 8.8 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 12*. 9 12C.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 7.7 May 23.... _. 364.2 24.7 2.4 .9 2.9 35.3 1.7 28.4 96.3 27.9 116.2 115.0 June 4__ 355.5 25.7 2.2 .8 2.8 35.5 1.7 28.6 97.3 28.8 113. 7 106.9 June 11. 347.5 25.8 2.4 .8 2.8 35.5 1.7 28.7 97.7 29.4 111.1 100.4 June 18. 343.4 24.8 2.1 .8 2.8 35.5 1.6 28.6 96.1 28.3 113.8 96.2 9.0 June 25 _ 341.3 25.8 2.1 .8 2.9 35.5 1.6 28.4 97.1 26.9 114.6 93.6 9.1 340.5 23.5 2.1 .8 2.9 35.5 1.6 28.6 95.0 27.8 113.9 94.9 Additional Detail Available from January 3,19404 5 European countries 6 Latin American countries 4 Ashitic countries Date Total g B i e u l- m D m e a n rk - l F a i n n- d N w o ay r- S d w e e n - Total g t A i e n r n a - - B z r il a-Chile Cuba M ic e o x- C P a a m a n .Z n d a - . Total China H Ko o n n g g Japan I P s p h la i i n l n i e d p s - 1040—Jan. 3 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16.8 32.2 9.7 10.5 5.9 1.0 152.5 22.0 1.9 102.1 26.4 Jan. 31 22.2 7.2 3.7 1.2 3.7 6.5 71.5 12.9 31.2 9.6 10.4 6.5 .9 161.9 22.5 1.6 111.2 26.6 Feb 28 20.4 7.4 2.9 .8 4.0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 .9 168.0 25.4 3.2 111.2 28.2 Mar. (Apr. 3) 19.4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26.1 1.7 125.9 28.9 Apr. (May 1) 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 May 29 14.1 5.1 1.1 1.5 2.4 4.2 73.9 16.4 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 ?, 40.2 10.8 10.9 4.& 1.7 110.7 24.2 3.0 58.0 25.4 Nov 27 6.1 2.1 .3 1.9 1.0 .8 82.9 13.5 39.0 11.7 11.5 5.3 1.9 113.9 24.0 1.5 62.8 25.6 Dec. (Jan. 1, 1941). 5.5 1.5 .3 1.8 .9 1.0 78.4 11.9 33.1 13.4 11.7 6.1 2.1 103.8 23.7 1.7 55.8 22.6 1941—Jan. 29 5.6 1.4 .3 1.9 .8 1.2 80.0 11 1 34.0 14.9 11.8 6.1 2.1 117.9 24.2 1.1 71.8 20.7 Feb. 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 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 June 4 . 4.4 1.2 (5) 1 9 .6 . 7 69.0 12.3 25.6 12.5 9.9 6.5 2.3 90.1 30.5 2.7 31.3 25.6 June 11 4.4 1.2 (5) 1.9 .6 .6 67.4 12.0 25.4 12.5 9.5 5.5 2.5 83.5 30.9 2.9 25.3 24.4 June 18 4.5 1.2 (5) 2.0 .6 .6 69.2 11 9 26 8 12.5 9.6 5.9 2.5 79.6 31.0 2.8 20.4 25.4 June 25 4.4 1.1 (5) ?, 0 .6 .6 69.8 12 4 26.0 12.9 9.8 6.1 2.C 76.7 30.6 3.0 16.8 26.3 July 2. 4.4 1.1 (5) 2.0 .6 .6 69.5 12.6 25.4 13.2 9.8 5.9 2.7 78.2 31.1 2.7 17.3 27.1 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 1 Last report date on old basis. 3 First report date on new basis. * The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, and Asia. fi 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). OCTOBER 1941 1061 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 NOTE.—New data relating to security transactions for account of the United Kingdom during the period February 22, 1940, to May 14,1941, are now available for publication. The new data necessitate revisions in columns 1, 6, and 7 of Table 1 and columns 1, 2, and 9 of Tables 2, 5, and 6. Revised cumulative figures by weeks are shown in the table below through May 28, 1941. Cumulative figures on the revised basis subsequent to May 28, 1941, are given in the regular BULLETIN tables. [In millions of dollars. Minus sign indicates net movement from United States] TOTAL CAPITAL MOVEMENT FOREIGN SECURITIES DOMESTIC SECURITIES From Jan. 2, 1935, through— Total K U in n g it d e o d m E T u o ro ta p l e Total K U in n g i d t o e m d E T u o ro ta p l e Total K U i n n i d te o d m E T u o r t o a p l e 1940—Feb. 28- 5,067.6 1,006.1 3.834.3 1.125.0 306.4 1,003. 7 Mar. 6— 5,038.1 3,807. 0 1,121.1 302.1 1,001.7 Mar. 13_. 5,053. 4 971.1 3,811.7 1,113.2 294.7 997.0 Mar. 20_. 5, 095. 8 958.7 3,842. 5 No revisions previous to 1,109. 4 288.7 993.4 Mar. 27.. 5,109.1 949.6 3, 833. 3 week ending May 1, 19Jfi. 1.104.1 283.7 988.4 Apr. 3___ 5,115.9 964.8 3,877. 2 1.095.0 273.7 980.0 Apr. 10.. 5,090. 9 925.6 3, 831. 2 1.084.1 259.6 970.3 Apr. 17__ 5,122.1 932.4 3, 844. 6 1, 084. 2 257.2 969.2 Apr. 24.. 5,161.5 932.0 3,881.1 1,080.1 254.9 967.3 Mayl... 5,140. 9 909.3 3,854. 7 77;. i 132.0 513.8 1,075.9 249.2 963.7 May 8_.. 5,146.0 922.8 3,860. 4 773.1 132.2 514.2 1,071.3 244.3 960.4 May 15.. 5,147. 6 935.3 3,860. 5 774.7 132.3 514.0 1.067.0 237.5 955.6 May 22.. 5, 207. 8 935.0 3,894. 0 774.9 132.4 513. 6 1,062.0 236.3 954.6 May 29.. 5,161.4 3,870.9 775.5 132.4 513.7 1,054. 2 234.6 953.2 June 5-.. 5,194. 9 932.0 3, 878. 6 778.9 132.3 513.7 1, 066. 7 234.1 965.4 June 12_. 5,161.5 943.5 3, 842.3 780.3 132.3 513.8 1,069.8 233.3 968.1 June 19.. 5, 368. 4 938.6 4,045. 7 782.0 131.9 513.6 1,066.7 232.3 966.8 June 26.. 5, 352. 6 932.5 4, 028.9 782.4 131.8 513.4 1,052.9 230.0 963.4 July 3... 5, 440. 7 963.6 4,104. 5 785.6 131.7 513.4 1.042.1 229.4 963.3 July 10_. 5,461. 2 948.6 4,089.1 786.4 131.7 '513. 2 1,033. 5 228.7 961.9 July 17. _ 5, 496. 7 939.2 4.079.0 788.1 131.5 513.0 1,022.6 228.5 960.3 July 24.. 5,498. 2 931.1 4,078. 3 788.4 131.4 512.9 1,023. 2 229.8 960.9 July 31- 5, 522. 2 911.7 4,064. 9 788.7 131.3 513.1 1,019. 4 229.0 958.4 Aug. 7... 5, 614.1 944.8 4,134. 5 789.5 131.3 513.0 1,019.0 227.9 955.8 Aug. 14_ 5, 647. 4 944.9 4.150. 0 790.2 131.2 512.9 1,004. 0 225.2 949.2 Aug. 21.. 5,687. 5 937.6 4.151. 9 790.4 131.0 512. 6 1,001.4 224.5 946.9 Aug. 28.. 5, 699. 3 941.2 4,161. 9 790.5 130.9 512.4 996.5 223.8 944.8 Sept. 4_. 5, 699. 8 953.3 4,170. 6 790.4 130.8 512.2 995.1 223.0 942.9 Sept. 11- 5, 668. 4 913.4 4.127.1 790.8 130.7 512.1 995.2 219.8 938.7 Sept. 18-. 5, 751. 9 985.3 4,198. 3 791.2 130.6 512.0 999.8 218.7 943.4 Sept. 25- 5, 731. 9 947.3 4,168. 9 791.6 130.6 512.0 995.0 216.4 951.9 Oct. 2___. 5, 748.1 946.7 4,167. 0 793.1 130.4 511.8 987.0 213.8 946.2 Oct. 9___ 5, 767. 0 950.6 4,176. 7 793.5 130.3 511.8 211.6 939.6 Oct. 16- 5, 736. 6 925.8 4,151.2 793.9 130.2 511.7 974.5 209.6 932.3 Oct. 23- 5, 744. 0 925.5 4,137. 7 793.9 130.0 511.2 964.7 207.6 924.6 Oct. 30- 5, 731. 0 931.3 4,144. 6 794.4 130.0 510.9 957.6 205.0 917.9 Nov. 6__. 5, 745. 0 925.8 4,136. 8 795.4 129.9 510.8 950.3 199.6 911.6 Nov. 13_. 5, 734. 7 921.0 4,127. 3 795.9 129.9 510.7 946.0 195.3 906.4 Nov. 20-. 5, 786. 9 925.8 4,127. 2 797.9 129.8 510.6 936.0 189.9 900.2 Nov. 27_. 5, 780. 7 927.9 4,119.9 798.2 129.7 510.4 924.5 185.2 Dec. 4__. 5, 758. 0 901.3 4,090. 2 800.2 129.4 510.5 917.4 182.4 885.5 Dec. 11_. 5, 718. 2 866.8 4,054. 9 801.3 129.2 510.4 913.5 177.9 881.2 Dec. 18_ 5, 763. 7 895.2 4,086. 5 802.9 129.0 510.3 907.5 172.5 872.2 Dec. 25-. 5, 733. 0 857.7 4, 046. 4 802.8 128.6 510.0 896.3 164.5 859.9 1941—Jan. 1_._ 5, 727. 6 865.2 4,056. 6 803.8 128.6 510.0 157.1 851.3 Jan. 8_-. 5, 704. 0 842.7 4,032. 7 804.6 128.7 510.6 869.4 144.6 837.3 Jan. 15_. 5. 781. 3 933.2 4,118.1 806.4 128.7 510.9 843.3 124.2 813.9 Jan. 22-. 5, 747. 5 905.5 4, 077. 7 807.6 128.8 511.2 827.8 113.7 801.1 Jan. 29_. 5, 694. 5 866.4 4,007. 3 808.1 128.7 511.2 811.9 101.7 783.2 Feb.5-. 5, 644. 3 835.2 3,973.9 809.0 128.7 511.5 799.3 92.7 771.6 Feb. 12_. 5, 609.9 803.0 3, 935. 5 810.5 128.7 511.9 792.1 87.4 766.1 Feb. 19-. 5, 563. 8 769.0 3, 896. 9 811.5 128.9 512.0 783.1 80.4 758.0 Feb. 26- 5, 564. 5 771.7 3, 898. 5 812.7 129.0 512.1 775.8 75.1 752.6 Mar. 5__. 5, 560.8 747.5 3.897.0 814.0 129.0 512.3 757.3 56.0 732.8 Mar. 12_. 5, 592. 9 791.6 3, 931. 3 814.1 128.9 512.1 741.9 44.7 720.4 Mar. 19-. 5, 598. 8 766.0 3.912.4 814.8 128.7 511.9 726.9 30.9 705.4 Mar. 26-. 5, 567. 0 744.5 3,887. 0 815.8 128.5 511.9 714.7 19.4 695.6 Apr. 2... 5, 526. 5 716.7 3,859. 3 812.7 128.3 511.8 701.8 6.2 681.5 Apr. 9— 5, 647. 5 819.0 3,963. 0 815.6 128.1 511.6 694.7 -0.5 674.3 Apr. 16-. 5, 678. 3 837.5 3, 981.9 816.2 128.1 511.7 691.9 -2.1 671.8 Apr. 23- 5, 666. 3 807.4 3.940.1 816.7 127.9 511.5 686.8 -3.3 670.2 Apr. 30- 5, 652. 5 789.4 3,917.7 815.7 127.8 511.5 682.4 -7.5 665.3 May 7__. 5, 639.1 771.0 3,894. 5 832.9 127.7 511.4 673.8 -15.0 657.5 May 14-. 5, 602. 2 757.7 3, 875.1 833.5 127.8 511.4 655.2 -30.5 638.5 May 21.. 5, 627. 8 751.7 3,870.1 834.5 127.9 511.5 649.6 -36.6 631.1 May 28.. 5, 635. 8 760.6 3, 879.1 835.4 127.7 511.4 641.6 -41.0 624.2 1062 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS is A su s e se t d s e o p f t. Assets of banking department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Goldi a O ss t e h t e s r 2 C C o a in sh rese N rv o e t s es a c v n o a D d u n i c n s a - e t d s s - S t e i c e u s ri- cir t c io u n la 3 - Bankers' D P e u p b o l s i i c t s Other l O ia t t i b h e i s e li r - 1929— Dec. 25... 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930—Dec. 31— 147.6 260.0 38.8 49.0 104.7 368.8 132.4 36.2 18.0 1931—Dec. 30— 120.7 275.0 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28... 119.8 275.0 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—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 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30... 313.7 200.0 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29__. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 198a-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__. *.2 580.0 1.0 25.6 4.3 176.1 654.6 117.3 29.7 42.0 17.9 1940—Aug. 28.. .2 630.0 .7 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25_. .2 630.0 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 30... .2 630.0 .5 38.7 3.0 153.3 591.6 108.0 18.3 51.5 17.7 Nov. 27.. .2 630.0 1.0 36.9 6.9 161.2 593.3 110.8 27.1 50.3 17.8 Dec. 25... .2 630.0 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Jan. 29... .2 630.0 1.0 31.0 3.8 175.4 599.2 107.9 32.4 53.0 18.0 Feb. 26__ .2 630.0 1.4 27.0 3.7 175.4 603.2 121.7 14.6 53.0 18.1 Mar. 26.. .2 630.0 1.1 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Apr. 30.. .2 * 680. 0 1.5 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 May 28.. .2 680.0 1.6 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 June 25 . .2 680.0 1.7 41.3 6.9 156. 2 639.0 112. 5 25.3 50.4 17.8 July 30- .2 680.0 1.7 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 Aug. 27.. .2 680.0 1.8 15.5 6.4 183.9 664.7 125.7 14.9 49.1 18.0 Assets Liabilities Bank of France Domestic bills Loans on— Deposits Ad- (Figur o e f s fr in an c m s i ) llions Gold« ch F e e a i o g x n r n - g - e m O ar p k e e n t7 cial7 Other v G a e n t r o o n c v - e - s G S t o h e v r o e m r r t n - - s O ec th u e ri r - a O s t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r 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.. 68, 863 21,111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30.. 83, 017 4,484 6,802 3,438 2,515 9,196 85, 028 2,311 20,072 2,041 1933—Dec. 29- 77, 098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 063 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 1036—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 a 7,422 1,797 7,880 20, 627 443 3, 612 14, 442 110,935 5, 061 25, 595 2,718 1039—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 2,926 Oct. 26... 97, 266 85 10, 038 2,007 8,298 25,473 336 3,576 17,100 144, 379 2,004 14, 790 3,006 Nov. 30.. 97, 266 120 10, 565 1,626 5,206 30,473 454 3,581 17, 769 149, 370 1,953 12, 392 3,346 Dec. 28_. 97, 267 112 11, 273 2,345 5,149 34, 673 174 3,482 16, 438 151, 322 1,914 14, 751 2,925 1940—Jan. 25... 97, 268 111 11,861 2,235 5,011 35, 673 229 3,444 15, 963 151, 738 1,834 14, 965 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 9. 84, 616 43,194 661 3,646 °136,217 721 3,967 18, 491 218,383 984 "68,602 3,586 i Through February 1939, valued at legal parity of 85 shillings a fine ounce. J Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. * 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. 8 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. a Figures taken from annual report of Bank for 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, Mar. 22, Apr. 30. June 11, and Sept. 23,1941, increased the amount of authorized advances for occupation cost to 85,000,000,000, 100,000,000,000, 108,000,000,000, 118,000,000,000 and 130,000,000,000 francs, respectively. 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. OCTOBER 1941 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichsbank Reserves of gold andBills (and Securities (Figu r r e e i s c h in s m m a i r l k li s o ) ns of re f T s o e o r r e t v a ig e l n s exc G ha o n ld g * e i T c n h r c b e e l i u a c ll k s d s u s in ) r , y g Se lo c a u n ri s ty E a c s li o g n v i o e b r t l e e Other a O s t s h e e ts r c N i t r i c o 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 1 1 9 9 3 3 1 0 — — D i) e e c c 3 3 i 1 2 1, , 1 6 5 8 6 5 2,2 9 1 8 6 4 2 4, , 2 5 4 7 2 2 2 2 4 5 5 6 1 1 0 6 2 1 1,0 6 6 3 5 8 4 4 , , 7 7 7 7 6 8 7 6 5 5 5 2 1,3 8 3 2 8 2 1932—Dec 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 ... 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5.510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 _ 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1, 621 8,223 1,527 1,091 1939—Dec 30 78 11, 392 30 804 393 2,498 11,798 2,018 1,378 1940—Aug 31 77 12, 891 31 56 419 2,448 13,026 1,608 1,287 Sept 30 78 13, 206 16 50 422 2,184 12,847 1,795 1,314 Oct. 31 78 13, 069 31 56 425 2,240 12, 937 1,610 1,352 Nov 30 78 13, 532 26 51 427 2,223 13,198 1,706 1,433 Dec 31 78 15, 419 38 32 357 2,066 14,033 2,561 1,396 1041—Jan 31 77 14, 503 28 28 349 1,834 13, 694 1,726 1,399 Feb. 28 77 15, 284 34 24 351 1,445 13, 976 1,935 1,305 Mar 31 78 15, 367 23 32 352 1,672 14,188 2,127 1,210 Apr. 30 78 15, 644 32 22 488 1,548 14, 689 2,006 1,117 May 31 78 15, 918 23 18 438 1,922 15, 210 2,012 1,174 June 30 78 16, 258 20 45 416 2,336 15,565 2, 373 1,215 July 31 78 16, 754 27 12 359 2,302 16, 031 2, 243 ],259 Aug 31P 77 17,306 25 16 (2) (2) 16, 502 2,326 (2) 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine National Bank of Bohemia and Mo- Republic (millions of pesos): ravia—Cont. Gold reported separately. 1,071 1, 071 1,220 Other assets Other gold and foreign exchange- 415 363 150 Note circulation 7,101 5, 764 Negotiable Government bonds 357 364 223 Demand deposits 2,091 1,196 Rediscounted paper 9 15 19 Other liabilities Other assets 228 252 224 Central Bank of Bolivia (thousands Note circulation 1,263 1,248 1.202 of bolivianos): (Apr.)i Deposits—Member bank 669 635 383 Gold at home and abroad 104, 959 97, 985 Government 64 104 173 Foreign exchange 42, 607 66,612 Other 13 10 5 Loans and discounts 224,182 228, 028 Foreign exchange sold forward 4 3 13 Securities—Government 440, 344 430, 610 Other liabilities 68 67 60 Other 8, 513 13, 891 Commonwealth Bank of Australia Other assets 202, 454 22, 833 (thousands of pounds): Note circulation 508, 348 438,175 Issue department: Deposits 422, 463 339, 942 Gold and English sterling 17, 705 17,705 16, 081 Other liabilities „ 92, 248 81, 842 Securities _ _ 52, 614 51, 367 54, 304 National Bank of Bulgaria (mil- (Oct. Banking department: lions of leva): 1940)i Coin, bullion, and cash 4,108 4,136 6,736 Gold.__ 2, 006 2, 006 London balances . 42, 489 53, 995 44, 786 Net foreign exchange in reserve 4 4 Loans and discounts 22,176 21,234 35,167 Foreign exchange.. 1,472 1,437 Securities 52, 111 49, 219 39, 026 Loans and discounts 2,749 1,607 Deposits __ 110,484 120. 883 117,157 Government debt 3,373 3,373 Note circulation __ 69,114 67, 864 61, 619 Other assets. . 2,756 2,421 National Bank of Belgium (millions Note circulation __ . 6,262 4,879 of belgas): (Mar.)i Deposits 3,119 3,174 Gold 4,331 Other liabilities 2,980 2,796 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 & . _ Due from Bank of Issue, Brussels 373 Sterling and United States ex- Other assets 491 change 40, 617 472 491 2, 723 Note circulation 7 596 Canadian Gov't. securities: Demand deposits . 296 2 years or less 519, 716 522, 302 501, 489 430,113 Other liabilities 157 Over 2 years 141, 365 138, 006 42, 946 121,189 National Bank of Bohemia and Mo- Other assets _ 21, 284 14, 879 28, 901 18, 222 ravia (millions of koruny): Note circulation 422, 230 404, 674 393, 397 306, 534 Gold 2 ._ 1 503 1,597 Deposits—Chartered banks 212, 902 216, 268 200, 348 215, 539 Foreign exchange. _ __ 788 712 Dominion Gov't 60, 657 33, 310 54, 545 32, 857 Discounts 660 376 Other 9,965 4,721 10, 550 3, 610 Loans 409 Other liabilities 17, 227 16, 686 14, 988 13, 707 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. * 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). 1064 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of Chile (millions of Bank of Finland—Cont. (May)i pesos): Domestic securities 414 Gold. 147 147 146 Other assets _ 2,212 Discounts for member banks 183 208 158 Note circulation 5 659 Loans to Government 738 738 746 Deposits 796 Other loans and discounts _ 522 507 370 Other liabilities 3 520 Other assets 99 102 23 Bank of Greece (millions of drach- Note circulation 1,199 1,232 1,018 mas): (Mar.)i Deposits- Gold and foreign exchange (net) 18, 465 4,967 Bank 189 160 146 Loans and discounts 16, 585 14, 683 Other 70 85 116 Government obligations 3,947 4,049 Other liabilities __ 231 225 163 Other assets • 3 589 3 197 Bank of the Republic of Colombia Note circulation 19, 371 11,077 (thousands of pesos): Deposits 20, 908 13, 585 Gold. _ 30, 584 31,452 31, 508 26, 870 Other liabilities 2 306 2 233 Foreign exchange 7,209 13, 587 20, 919 11,012 National Bank of Hungary (mil- Loans and discounts _ _ 33, 501 26, 200 21, 503 24, 859 lions of pengo): Government loans and securities 55, 025 55,141 56, 582 40, 321 Gold 124 124 124 Other assets 29, 515 30, 231 30, 794 31, 612 Foreign exchange reserve 20 25 50 Note circulation 65, 085 67,169 68,688 55, 237 Discounts 887 825 849 Deposits 49, 805 49, 975 52, 405 53, 232 Loans—To Treasury 803 803 336 Other liabilities 40, 944 39, 467 40 212 26 204 Other 41 35 44 National Bank of Denmark (mil- Other assets 467 454 316 lions of kroner): Note circulation. 1,773 1, 756 1,200 Gold 103 117 Demand deposits 251 209 208 Foreign exchange 25 9 Consolidated foreign credits of 1931 32 35 Clearing accounts (net) 581 278 Other liabilities 286 267 312 Discounts 9 15 Reserve Bank of India (millions of Loans—To Government agencies 17 137 rupees): Other 38 133 Issue department: Securities 173 172 Gold at home and abroad 444 444 Other assets 728 291 Sterling securities 1 188 1 315 Note circulation _ 748 694 Indian Gov't. securities 913 496 Deposits 719 278 Rupee coin 366 346 Other liabilities 208 180 Note circulation. 2,769 2,315 Central Bank of Ecuador (thou- Banking department: sands of sucres): (Apr.)1 Notes of issue department 142 287 Gold 65, 674 54, 686 Balances abroad 371 269 Foreign exchange (net) 15, 805 12, 488 Treasury bills discounted 18 Loans and discounts 59, 678 60, 944 Loans to Government 2 3 Other assets 23, 976 25 671 Investments. 84 87 Note circulation 76, 988 71, 049 Other assets 15 12 55 668 43, 322 Deposits 457 558 Other liabilities 32, 476 39, 418 Other liabilities 156 117 National Bank of Egypt 2 (thou- Bank of Japan (millions of yen): (May)1 sands of pounds): (May)i Cash, bullion, andforeign accounts 574 (5) Gold 6,241 6,241 Special foreign exchange funds. _. 300 300 Foreign exchange 1 272 1 167 Advances—To Government 2 3 Loans and discounts 3,086 6,508 Others 534 914 British, Egyptian, and other Government bonds __ 3,875 2,620 Government securities 75, 817 38, 790 Other assets __ 519 (5) Other assets 6,537 (3) Note circulation. _ . 3 963 3 533 Note circulation 41 573 (3) Deposits—Government 853 714 D p.prtsi ts—Go vftrn m fin t 6,453 2,053 Other 444 109 Other 35 012 18 541 Other liabilities 545 416 Other liabilities 9,913 8,606 Bank of Java (millions of guilders): Central Reserve Bank of El Salva- Gold 7 327 327 152 dor (thousands of colones): Foreign bills ... 19 19 21 Gold 13, 238 13, 233 13, 201 Loans and discounts __ _ 78 79 118 Foreign exchange 1 421 1 638 1 876 Other assets 129 111 129 Loans and discounts 1 359 1 084 2 789 Note circulation _ _ _ 237 238 204 Government debt and securities. 6,317 6,449 5,332 Deposits 280 260 190 Other assets 1 606 1 534 1 361 Other liabilities 35 37 27 Note circulation 15, 783 14, 961 13,909 Bank of Lithuania (millions of litu): Deposits 3,572 4,405 5,323 Gold 67 Other liabilities 4,587 4,572 5,327 Foreign exchange .. ... 11 Bank of Finland (millions of Loans and discounts _ 182 markkaa): (May)1 Other assets 83 Gold 556 Note circulation._ __ _ _ 187 Foreign assets 1,182 Deposits _ 111 Loans and discounts 5,610 Other liabilities 46 1 Latest month for which report is available for this institution. 2 Items for issue and banking departments consolidated. 3 Figure not available. 4 Included in "Other liabilities". 5 No comparable figure available; gold alone was reported at 501 million yen. 6 Includes bills discounted, no longer shown separately beginning Mar. 29, 1941. 7 Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder. OCTOBER 1941 1065 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) Aug. July June Aug. date of month) Aug. July June Aug. Bank of Sweden—Contd. Netherlands Bank (millions of guil- Other assets 898 947 822 ders) * Note circulation 1 440 1 449 1 451 Gold _ 1,023 1,023 1,115 Demand deposits— _ 737 603 271 Silver (including subsidiary coin) 12 14 15 Other liabilities 702 800 817 Foreign bills _ _ 397 308 Swiss National Bank (millions of Discounts _ ._ 45 95 78 francs): Loans 185 194 235 Gold 2,305 2, 283 2,119 Other assets __ _ _ _ __ 274 275 95 Foreign exchange 1 262 1 311 548 Note circulation 1 705 1,686 1,297 Discounts 87 254 Deposits—Government _ _ 12 Loans 22 27 54 Other 173 154 189 Other assets.__ 227 220 272 Other liabilities 56 55 52 Note circulation. 2 114 2 115 2,119 Reserve Bank of New Zealand Other sight liabilities 1,514 1,546 860 (thousands of pounds): Other liabilities 275 255 269 G St o e l r d li . n g exchange reserv _ e 15 2 , , 8 5 0 8 2 3 19 2 , , 9 8 6 0 7 2 12 2 , , 8 2 0 1 2 7 Ce T n u t G r r a o k l l e d y B ( a t n h k o us o a f n d t s h e o f R p e o p u u n b d l s ic ): of (Apr.)i Ad d v e a rt n a c k e i s n g to s State or State un- 24 408 18 766 26 908 Foreign exchange—Free _ 39 Tri vestments 3, 773 3,773 2,544 In clearing accounts. 43, 327 18, 617 1 614 1 648 380 Loans and discounts 411, 273 311, 241 Note circulation __ 21,776 21, 843 20. 066 Securities ^ 192, 353 195, 338 Ba k n r k D o n e e m r o ) a f : nd N d o e r p w o a si y t s (millions of 23 2 , , 5 9 0 0 1 2 22 2 , , 4 6 3 7 4 8 ( 2 M 2 2 , , a 4 3 r 5 3 . 2 0 )1 N D O e o th p te e o r s c i l t i i s r a c — b u i l G l O a it t o t i i e h l o d s e n . r ._ .. _ 4 1 8 8 7 3 1 7 9 6 3 2 , , , 3 5 4 2 5 5 1 5 0 3 8 8 2 2 1 3 1 9 6 3 3 7 2 5 8 6 3 , , , , 9 2 0 5 7 3 3 6 4 3 8 9 0 5 5 Gold 186 Bank of the Republic of Uruguay Foreign assets 102 (thousands of pesos): Total domestic credits and Issue department: (May)1 securities 435 86 235 86, 235 Discounts.. Note circulation 107, 408 92, 861 Loans.. _. _ _ _ Banking department: Securities-.. _ _ __. Gold 82, 841 53, 284 Other assets 22, 361 45, 263 Note circulation _______ 599 Advances to State and to Demand deposits—Government. 9 government bodies 39 514 41 866 Other 112 Other loans and discounts 88, 403 93, 396 Other liabilities Other assets 104 414 68, 949 Central Reserve Bank of Peru Deposits 124, 545 101, 285 (thousands of soles): Other liabilities 212, 988 201, 473 Gold and foreign exchange 58,102 57. 020 Central Bank of Venezuela (thou- Discounts 22, 942 16 274 sands of bolivares): Government loans 144,375 126 670 Gold 124, 304 123, 805 123 805 Other assets. _ 10. 497 10,' 333 Foreign exchange (net) _ _ 35, 789 31,148 33, 065 Note circulation 162, 234 133 440 Credits to national banks 38, 997 38, 000 38, 000 Deposits __ 50, 704 53 665 Other assets... _ __ 8,160 7,567 6,492 Other liabilities ._ _ 22, 977 23,192 Note circulation- Bank of Portugal (millions of Central Bank 83, 289 79, 385 77, 405 escudos) * National banks 81, 464 85, 978 89, 72S Gold 3 1,274 922 Deposits _. _ _ _ 34, 509 27, 720 30, 587 Other reserves (net) 1,228 392 Other liabilities 7,988 7,437 3,642 Non-reserve exchange _ _ _ _ 1, 273 142 National Bank of the Kingdom of Loans and discounts 358 488 Yugoslavia (millions of dinars): (Feb.H 1,031 1 033 Gold _ 2 790 2 330 Other assets 872 1 632 Foreign exchange 909 556 Note circulation 3,188 2 679 Loans and discounts 1,686 1 651 Other sight liabilities 2,148 958 Government debt _ 3,061 3 073 Other liabilities 699 972 National defense bills 7, 128 4 598 National Bank of Rumania (mil- Other assets 3, 465 3.017 lions of lei): Note circulation. 13, 973 12,241 Gold 4 33 605 3^, 974 31 8^3 Other sight liabilities 3 510 2 181 Special exchange accounts 12. 699 10,045 4. 507 Other liabilities 1, 555 803 Loans and discounts 30,102 30,143 25, 009 Bank for International Settle- Special loans 5 579 583 879 ments (thousands of Swiss gold Government debt 9, 608 9,609 7, 970 francs6) : Other assets 31 164 27 713 12 938 Gold in bars 30 805 29 385 Note circulation __ 81, 861 77, 081 60, 357 Cash on hand and on current Demand deposits 23 574 22, 176 13 051 account with banks 36, 288 38, 862 Other liabilities ._ 12, 323 11,810 9.738 Sight funds at interest 16, 665 15, 400 South African Reserve Bank (thou- Rediscountable bills and acceptsands of pounds): ances (at cost) 143. 071 143, 673 Gold 52, 255 51, 788 37, 350 Time funds at interest 22, 414 21, 355 Foreign bills 836 780 840 Sundry bills and investments __ 220, 933 208, 402 Other bills and loans. 13 518 1,903 Other assets... 140 2.714 Other assets _ _ _ __ 44, 478 40, 874 34, 493 Demand deposits (gold) 22, 838 15, 846 Note circulation 23, 807 25, 761 23, 664 Short-term deposits (various Deposits __ 69, 357 64, 254 44, 847 currencies): Other liabilities ___ 4,417 3,944 6,076 Central banks for own ac- Bank of Sweden (millions of count 18, 298 21, 530 kronor): Other 3,446 2,462 Gold 417 424 338 Long-term deposits: Special ac- Foreign assets (net) 858 803 685 counts.. 229, 001 229, 001 Domestic loans and investments 707 678 693 Other liabilities 196, 733 190, 953 1 Latest month for which report is available for this institution. 2 Figure not available. 3 On Oct. 16, 1940, gold revalued on basis of average cost. 4 Gold revalued Apr. 1, 1941, at 0.0047 gram fine gold per leu. 5 Agricultural and urban loans in process of liquidation. 6 See BULLETIN for December 1936, p. 1025. 1066 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n t m g ed - France m G a e n r y - g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a er n i - t d z- b C an e k n tr o a f— l S R e 3 a p 0 te t. ef D fec a t t i e ve b C an e k n tr o a f— l S R e 3 a p 0 te t. ef D fe a ct 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 Jan. 25,1940 Latvia 5 Feb. 17,1940 Oct. 9 Bohemia and Lithuania -__ 6 July 15,1939 Oct. 16 2 2 Moravia ___ Oct. 1, 1940 Mexico 4 Jan. 2,1941 Oct. 20 . _ 2H Nov. 26 Dec. 3 ._ 2 Jan. 28, 1937 4 Bolivia 6 Nov. 8,1940 Netherlands c June 27, 1941 June 15 6 British India. 3 Nov. 28,1935 New Zea- July 7 5 Bulgaria 5 Dec. 1, 1940 land IK July 26, 1941 Aug. 4 4 Canada Mar. 11,1935 Norway May 13, 1940 Sept. 3 . Chile 3-4}J Dec. 16,1936 Peru 5 Aug. 1, 1940 Nov. 13 3 2 Colombia 4 July 18,1933 Portugal 4 Mar. 31, 1941 May 10, 1938 4 May 13 2H May 30 3 Sept. 28 3 Denmark 4 Oct. 16,1940 Rumania 3 Sept. 12,1940 Oct. 27 2H Ecuador 7 May 26,1938 South Africa 3 June 2,1941 Nov. 25. — El Salvador.. 3 Mar. 30,1939 Spain 4 i Mar. 29,1939 Jan. 4, 1939 2 Estonia Oct. 1,1935 Sweden 3 May 29,1941 Apr. 17 _ 4 Finland. 4 Dec. 3,1934 Switzerland. Nov. 26,1936 May 11 3 July 6 Aug. 24 4 Aug. 29 3 France •Mar. 17, 1941 Turkey 4 July 1,1938 Sept. 28 3 Germany Apr. 9,1940 United King- Oct. 26.. ____ 2 Greece 5 July 14,1941 dom 2 Oct. 26,1930 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 m Mar. 17, 1941 1H « Corrected, May 29 3 i Not officially confirmed. June 27 c NOTE.—Changes since Aug. 31: ncne. In effect Sept. 30, m 1941 2 IK 2 2}/2 3 OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c a m e n p o k ta n e n t r h c s s ' es 3 T r m e b a i o l s n l u s t r h y s Da m y o -t n o e - y day o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t 1 M m o fo n o r e n y th m u L p o o n a to t n h s 3 s d P is r r c i a v o U a u t n e t 1929—July 5.38 5.39 4.54 7.39 8.21 5.20 4.90 3.19 1930—July 2.37 2.38 1.78 1 3.40 4.30 •1.85 1.85 1.92 1931—July 2.58 2.44 2.05 17.00 18.89 1.53 1.40 4-6 2 1.55 1932—July .92 .66 .67 4.58 5.49 .49 1.00 4-6 1.50 1933—July .48 .40 .62 Yi 3.87 5.19 3.54 2.64 1.50 1934—July .87 .76 .85 Yi 3.75 4.67 .74 1.00 1.50 1935—July .65 .59 .75 X) 3.00 3.10 3.25 2.77 2.79 1936—July .58 .58 .75 Yi 2.88 2.96 2.01 1.73 2.25 1937—July .56 .53 .79 2.88 2.64 .13 .92 1.00 1938—July .55 .52 .75 X) 2.93 2.96 .13 .50 2>|-5 1.00 1939—July .79 .77 .75 2.75 2.65 .51 .75 23^-5 1.00 1940—July 1.03 1.02 1.00 Yi 2.38 1.73 2.83 1.50 Y2 1940—Aug 1.03 1.02 1.00 H 2.31 1.77 3.00 3^-5H 1.50 Sept 1.03 1.03 1.00 X* 2.25 2.03 2.25 2.68 3H-5H 1.50 Oct 1.03 1.02 1.00 2.25 1.87 2.25 2.75 1.31 Nov „ 1.03 1.02 1.00 2.25 1.93 2.25 2.75 1.25 Dec 1.03 1.01 1.00 2.25 1.95 2.25 2.75 1.25 1941—Jan 1.03 1.01 1.00 2.25 1.73 2.25 2.75 1.25 Feb 1.03 1.02 1.00 2.25 1.68 2.25 2.75 1.25 Mar 1.03 1.01 1.00 1 2.25 1.83 2.07 2.75 1.25 Apr 1.03 1.01 1.00 2.25 1.67 2.06 2.75 1.25 May_. 1.03 1.00 1.00 2.25 1.93 2.36 1.25 June 1.03 1.00 1.00 2.13 1.88 2.25 1.25 July 1.03 1.00 1.00 Yi 1.88 2.25 1.25 Yi c Corrected. 1 Based on data for part of month only. 2 No figures available. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. OCTOBER 1941 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom • Assets Liabilities (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s o l h n l t o e i a y c 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 n 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. 236 187 316 630 238 2,238 (4) 232 11 London clearing banks5 1936—December. 244 195 322 660 890 249 2,315 1,288 1ni2 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 193*—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—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 L,027 260 October.— 270 137 373 180 723 948 284 2,661 1,635 L, 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 L, 030 250 1041—January.... 279 131 269 341 789 926 269 2,757 1,729 L,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 L, 036 242 April 298 137 188 461 820 897 274 2,829 1,769 L,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 July 139 275 476 902 866 267 2,991 1,898 ]L, 093 240 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s 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 s i i l t e n s t i e n r b C a a n n k fig (1 u 0 r e c s h i a n r t m er i e ll d i o b n a s n o k f s . C a E na n d d i a o n f d m o o ll n a t r h s) Cash Security O lo t a h n e s r a a n f b d r d r o u o m e n a e d t Se ti c e u s ri- a O s t s h e e ts r ci N r ti c o o u t n l e a- l O ia ti t b e h 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 1,916 538 821 1933—December.- 197 106 1,036 134 861 482 121 1,920 563 775 1934—December.. 228 103 977 155 967 491 124 2,035 628 761 1935—December.. 228 83 945 141 1,155 529 111 2,180 694 789 1936—December.. 240 114 791 161 1,384 554 103 2,303 755 837 1937—December.. 255 76 862 102 1,411 5.75 2,335 752 850 1938—December. _ 263 65 940 166 1,463 535 2,500 840 843 1939—December.. 292 53 1,088 132 1,646 612 2,774 1,033 963 1940—August 291 38 1,062 162 1,569 489 2,689 1,055 831 September. 319 37 1,102 178 1,563 529 2,800 1,145 841 October 310 41 1,138 177 1,520 526 2,778 1,178 845 November.. 313 41 1,128 174 1,513 514 2,758 1,132 837 December.. 323 40 1,108 159 1,531 570 2,805 1,163 846 1W1—January 312 36 1,092 164 1,677 522 2,873 1,205 851 February... 293 34 1,104 170 1,788 531 2,989 1,302 850 March 296 35 1,115 178 1,766 521 2,972 1,270 858 April. 325 31 1,109 189 1,820 544 3,064 1,356 877 May 321 29 1,132 183 1,812 537 3,045 1,350 889 June 33 1,292 191 1,688 575 3,075 1,608 913 July 34 1,279 188 1,681 559 3.068 1,579 907 Assets Liabilities France (4 large b in a n m ks il . l io E n n s d o f o f f r m an o c n s t ) h figures Cash D b u a e n f k r s om B co il u ls n d te 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 ti r es 1932—December. 9,007 1,766 22,014 7,850 1,749 37, 759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 1,827 32, 635 31, 773 862 273 4,362 1934—December. 5,836 1,421 18, 304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 694 337 4,399 1936—December. 3,100 2,975 17, 582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18, 249 7,624 2,134 30,348 29, 748 600 661 4,517 1938—December. 3,756 4,060 21, 435 7,592 1,940 33, 578 33,042 537 721 4,484 1939—December. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—January- 4,066 4,080 29,808 7,756 1,745 42,850 42,302 548 3,667 February. 4,293 3,993 30,810 7,579 1,849 43, 737 43,195 542 1,034 3,753 March «... 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. « Represents six-month loans to the Treasury at l}4 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. « District Bank included beginning in 1936. • No figures available since March 1940. NOT*.—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. 1068 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Offi A ci r a ( g l p e e n s S E o ti ) p x n e p a c o ia rt l Offi A c ( i p u a o l st u r n a d l F i ) a ree ( g b B i e u e lg m l- a) O B f r f a ic z i i a l l (mi F lr r e e i e s) B ( I r r n u i d p ti i e s a e h ) g ( B l a e u r v l i - a ) C Of a f n ic a i d al a (do F l r l e a e r) Off C ic h ia il l e ( E pe x s p o o ) rt S C ( h y h h a a u i n i a n ) g n a - 1934 33. 579 400.95 23.287 8. 4268 37.879 1. 2852 01.006 10.1452 34.094 1935.... 32 659 388.86 18.424 8. 2947 36. 964 1. 2951 99.493 5. 0833 36. 571 1936 ._ 33.137 395. 94 16.917 8. 5681 5. 8788 37. 523 1. 2958 99. 913 5.1240 29. 751 1937.. 32 959 393. 91 16. 876 8. 6437 6.1983 37. 326 1. 2846 00.004 5.1697 ""i'oooo" 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—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 Aug. 29.773 23. 704 322. 80 321. 28 6. 0575 5. 0646 30.130 90. 909 88. 961 Year or month C (p o b e l i s o a o m ) - ( C s k lo z o e v r c u a h n k o a i - a ) ( D m kr e a o n r n - k e) (m l F k a in a a n - r ) d k- F (f r r a a n nc ce ) ( m m r G e a a i e c r n r k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e u a n n r - g y 6) ( 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— Sept 56. 985 1.9619 39. 926 .6602 22. 623 19. 367 5. 0357 23. 436 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 Aug 56. 982 25.110 20 538 322. 54 United Kingdom Uruguay Year or month N (k o r r o w n a e y ] P (z o l l o a t n y d ) P c o u g (e r d a s t l o - u ) - R ( n l u e i m u a ) a- (p S A o o fr u u i n t c h a d) (p S e p s a e i t n a) ( S S m d t e o r e t a l t n l l i a t e t s r s - ) ( S k d w r e o e n n - a) e ( S f r w r l a a i n t n c z d - ) Offic ( i p a o l und F ) ree tr C o o ll n e - d (pe N so t o r ) o n l - l c e o d n- ( Y s d 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. 991 22. 525 443. 54 62. 011 36.789 2.2716 1940.. 22 709 3.7110 .6896 397. 99 9.322 46. 979 23.802 22. 676 403. 50 383.00 65.830 37.601 2. 2463 1940—Sept. 3. 9629 398.00 9.130 47.102 23.810 22. 784 403. 50 403.42 65. 830 36. 366 2. 2436 Oct. 3.9841 398. 00 9.130 47.101 23. 814 23.148 403. 50 403. 26 65.830 37.629 2. 2436 Nov 3 9849 398.00 9.131 47.100 23. 818 23. 202 403. 50 403. 56 65.830 38.994 2. 2409 Dec. 3 9915 398.00 9.132 47.100 23. 824 23. 201 403. 50 403. 50 65.830 39.480 2.2407 1941—Jan 3. 9986 398. 00 9.130 47. 089 23. 826 23. 220 403.50 403.42 65.830 39.491 2.2397 Feb. 4. 0069 398.00 9.130 47.094 23.829 23. 217 403. 50 402.97 65.830 39. 649 Mar. 4. 0039 398. 00 9.130 47.106 23. 824 23. 210 403. 50 403.19 65.830 39. 566 Apr. 4. 0009 398. 00 9.130 47.107 23. 825 23. 201 403. 50 402.48 65.830 40.065 May 4 0017 398. 00 9.130 47.107 23.839 23. 203 403. 50 403.10 65.830 41.161 June 4. 0026 398. 00 9.130 47.138 23. 836 23. 206 403. 50 403.16 65.830 42. 706 July. 398. 00 47.160 403. 50 '403. 23 65.830 43. 789 Aug 398 00 47 160 403. 50 403.18 65. 830 43. 745 NOTE.—Developments affecting averages during 1941: Special export rate for Argentina first reported in addition to official rate on Mar. 27; nominal. No rates certified: Yugoslavia—since Jan. 28; Hungary—since Mar. 12; Chile—since May 21; Finland, Germany, Italy, Portugal, Spain, Sweden, and Switzerland—since June 14; 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. OCTOBER 1941 1069 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 States Year or month (1926=100) 1926 100 1930 86 1931 73 1932__ ___ 65 1933 66 1934.__ 75 1935 80 1936 81 1937 __ 86 1938 79 1939 77 1940 79 1940—August 77 September. __ 78 October 79 November. . December. __ 1941—January February March April May._ . . June July August ooo© oooooc OO i-i T-H <M United Canada Kingdom France Germany Italy Japan (October (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) 100 1124 695 134 237 87 100 554 125 85 181 72 88 500 111 75 153 67 86 427 97 70 161 67 86 398 93 63 180 72 88 376 98 62 178 72 89 338 102 68 186 75 94 411 104 76 198 85 109 581 106 89 238 79 101 653 106 95 251 75 103 2 681 107 3 97 278 83 137 110 311 83 140 111 83 141 111 83 143 111 84 147 111 84 149 111 85 150 111 85 150 112 86 151 112 83 87 151 112 85 89 151 112 87 90 152 P112 89 153 90 CD OO C Netherlands Sweden (1926-30 =100) (1935=100) 106 i 126 90 i 103 76 i 94 65 192 63 i 90 63 196 62 100 64 102 76 114 72 111 74 115 4 88 14fi 310 312 313 317 322 324 326 331 329 330 33 s Switzerland (July 1914 =100) 144 126 110 96 91 90 90 96 111 107 111 143 146 152 156 158 161 159 164 162 167 165 168 169 170 170 175 171 181 173 184 * Preliminary. i Approximate figure, derived from old index (1913=100). 1 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 8 Average based on figures for 7 months; no data available since July 1939, when figure was 96. 4 Average based on figures for 5 months; 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 u al c s- ts p an r F o d a d r f u o m c o t d s p I r n o tr d d i u u al c s- ts p A r t g o u r d r i u c a u l ct l- s P s r io o n v s i- a p t f r n i I r i n n d o a i d l d s s h u u e r e s c a m d - w ts i- p tr I r i i n o s a d d h l u e u f d s c i - n ts - 1926 100 100 100 581 793 129 132 130 150 1930 .. 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 . 79 84 78 87 90 327 348 102 84 92 119 1936. 81 82 80 92 96 426 397 105 86 94 121 1937 . 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1939 65 70 81 97 106 i 653 i 707 108 i 93 95 126 1940 68 71 83 133 138 0) 111 99 129 1940—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 Dfififiinhftr 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 90 146 157 P114 P100 P132 August 87 87 91 9 Preliminary. * Average based on figures for 8 months. 1 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. 1070 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r ( U S = 19 n 1 ta 3 0 i 5 t t 0 e e - ) 3 s d 9 (J U = K u d n 1 l i o y n i 0 m t l 0 g e 9 ) - d 14 (J F = u r 1 l a y 0 n l 0 c Q ) e H ( = 1 m G 9 1 a 1 e 0 3 n r 0 - y - 1 ) 4 N ( = 1 l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r 3 - (J S e = u r w 1 n l e 0 a i l t 0 n 9 z ) d - 14 Y m e o a n r t o h r ( U S = 19 t 1 n a 3 0 i t 5 t 0 e e - ) s 3 d 9 (J U K u = d n l i o 1 y i n 0 m t 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 - 1 ) 4 N ( = 1 l e a 9 1 t 1 n 0 h 1 d 0 e - s 1 ) r 3 - (J e S = u r w 1 n l 0 a e it l n 0 9 z 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 *132 130 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 3 122 126 140 138 1940 97 164 128 4 140 146 1940 100 184 130 5 148 151 1940-August 96 164 133 146 1940-August 185 133 151 September 97 166 130 149 September 100 187 132 153 October. _. 96 169 127 152 October 100 189 130 157 November 96 172 126 157 November 100 192 130 159 December 97 173 127 158 December 101 195 131 160 1941-January___ 98 172 127 160 1941-January 101 196 132 163 February _ 98 171 127 160 February. 101 197 132 163 March 98 169 128 161 March 101 197 132 164 April... _. 101 170 129 167 April 102 198 132 169 May 102 171 172 May 103 200 171 June 106 170 178 June 105 200 175 July 107 167 July 105 199 August 108 167 August 106 199 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 749. 3 Average based on two quarterly quotations; no data available since May 1939, when figure was 123. 4 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 5 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocl Year or month ( p U a S r v n t i e a c i r e t t a e e ) g d s i e ( 1 K D 9 U i 2 e n n 1 c g i = e d t 1 m e o 0 d m b 0 e ) r (1 F 91 ra 3 n = c 1 e 00) G (a e p v r r e m i r c a a e g n ) e 2 y N la e n th ds e r 3 - U S n ta i t t e e s d K U in n g i d te o ( d 1 m 926=10 F 0 r ) ance Germany (1 N 9 l 3 e a 0 t n h = d e 1 s r 0 - 0) Number of issues. _ 60 87 36 2 139 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 67.9 105.2 550.3 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 83.9 99.0 90.9 89.2 75.9 98.3 94.1 89.7 1940 82.0 118.3 84.7 100.7 7 77.9 83.6 70.8 114.6 8 95.0 1940—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 69.9 228.3 131.1 115.1 April.. 85.8 121. 7 100.5 103.0 78.5 73.8 69.7 269.5 131.0 126.5 May 86.0 122.7 98.4 82.1 73.0 70.4 274.6 121.6 June 85.8 122.9 75.3 70.7 July 86.3 124.7 78.8 72.5 August 86.0 78.7 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 4^ 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 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. Sources— See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. OCTOBER 1941 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LiSTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District CHAS. E. SPENCER, JR. ALLAN SPROUL, Vice Chairman New York District GEORGE L. HARRISON CHESTER C. DAVIS Vice President ERNEST G. DRAPER Philadelphia District WILLIAM F. KURTZ M. J. FLEMING Cleveland District B. G. HUNTINGTON HUGH LEACH JOHN K. MCKEE Richmond District ROBERT M. HANES JOHN N. PEYTON Atlanta District RYBURN G. CLAY RONALD RANSOM Chicago District EDWARD E. BROWN M. S. SZYMCZAK President St. Louis District S. E. RAGLAND CHESTER MORRILL, Secretary Minneapolis District LYMAN E. WAKEFIELD S. R. CARPENTER, Assistant Secretary Kansas City District W. DALE CLARK WALTER WYATT, General Counsel Dallas District J. P. DREIBELBIS, Assistant General Counsel R. E. HARDING San Francisco District E. A. GOLDENWEISER, Economist PAUL S. DICK JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 1072 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 Willett1 New York.... Beardsley Ruml.... Edmund E. Day.... Allan Sproul L. R. Rounds. R. M. Gidney LT i. WWT. JUXTnmo-kAem Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe Warren F. Whittier. Alfred H. Williams Frank J. Drinnen.. W. J. Davis E. C. Hill C. A. Mcllhenny 2 C. A. Sienkiewicz Cleveland.... Geo. C. Brainard. . . R. E. Klages.. M. J. Fleming.. . . F. J. Zurlinden. . . . Wm. H. Fletcher R. B. Hays W. F. Taylor 2 G. H. Wagner Richmond... Robt. Lassiter.. . . W. G. Wysor.. .. Hugh Leach. J. S. Walden, Jr.. . J. G. Fry Geo. H. Keesee 1 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. Lewis.. . . Clifford V. Gregory. C. S. Young.. H. P. Preston . . . J. H. Dillard A. J. Mulroney St. Louis. . Wm. T. Nardin.. .. Oscar Johnston.. . . Chester C. Davis. . F. GuyHitt.. 0. M. Attebery C. M. Stewartx Minneapolis. . W. C. Coffey.. Roger B. Shepard. . J.N.Peyton.. .. 0. S. Powell. E. W. Swanson Harry I. Ziemer 2 Kansas City.. R. B. Caldwell. J. J. Thomas.. H. G. Leedy. Henry 0. Koppang J. W. Helm 2 D. W. Woolley Dallas J. H. Merritt.. Jay Taylor R.R.Gilbert.. .. E. B. Stroud.. .. R. B. Coleman WvTv . JT . Tx?iT/7v-OaTn1Os W. 0. Ford 1 San Francisco R. C. Force.. St. George Holden.. Wm. A. Day.. .. Ira Clerk.. C. E. Earhart1 W. M. Hale R. B. West 1 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: Dallas: Birmingham Branch P. L. T. Beavers El Paso Branch J. L. Hermann Jacksonville Branch. Geo. S. Vardeman, Jr. Houston Branch W. D. Gentry Nashville Branch.... Joel B. Fort, Jr. San Antonio Branch M. Crump New Orleans Branch... E. P. Paris 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 OCTOBER 1941 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

redetal 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 Bulletin. Released about the 10th Federal Reserve "Par List" (Banks upon which of the month. The subscription price is $2.00 per checks will be received by Federal Reserve Banks annum, or 20 cents per single copy, in the United for collection and credit). Released in January States (including insular possessions), Canada, and July, with monthly supplements about the Chile, Colombia, Costa Rica, Cuba, Dominican 7th of the month. 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. 496 pages. $1.50 per single revised February 1941. 72 pages. Space for plot- copy; in quantities of 10 or more, 75 cents per copy. 1074 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. OCTOBER 1941 1075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS 3 v MINN. MINNEAPOLIS ( S.DAK. /Sa"^ec^7 L__ ARK. LittIe#Rock/ ^ HM BOUNDARIES OF FEDERAL RESERVE DISTRICTS .MM BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis