Federal Reserve Bulletin, 1941-12

FEDERAL RESERVE BULLETIN DECEMBER 1941 Review of the Month—Rising Cost of Living Consumer Credit—Interpretations of Regulation W Gold and Dollar Resources of the United Kingdom Banks in United States Territories and Possessions 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—Rising Cost of Living. 1211-1216 From a Legal Standpoint: Consumer Credit—Interpretations of Regulation W 1217-1218 Foreign Funds Control—General Licenses and Public Circular Issued by the Secretary of the Treasury. 1218-1221 Gold and Dollar Resources of the United Kingdom. 1222-1225 Banks in United States Territories and Possessions. 1226-1228 Current Events 1229 From the Board's Correspondence—Development and Use of Member Bank Earning and Expense Statements. 1230-1231 National Summary of Business Conditions. 1232-1233 Financial, Industrial, Commercial Statistics, U. S. (See p. 1235 for list of tables) 1235-1281 International Financial Statistics (See p. 1283 for list of tables). 1283-1299 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1300 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. 1301 Federal Reserve Publications. 1302-1303 Index to Volume 27. 1305-1334 Map of Federal Reserve Districts. 1336 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 .- DECEMBER 1941 No. 12 foing (?oAt Continued increases in production and em- sistance to price advances has been a factor ployment in recent months have been ac- restricting sales of some products recently. companied by sharp advances in the cost of In wholesale markets the reduction in buying living, which have reflected chiefly previous has resulted in a period of relatively stable upward movements in wholesale prices. prices. There have been declines in prices of Wage rates have been further increased and some agricultural commodities, especially corporate profits, after allowance for higher those marketed in large volume at this seataxes, have continued substantially in excess son. Prices of most industrial materials have of 1940. National income has risen to a rate remained at earlier advanced levels, but a of over 95 billion dollars a year. As increases number of finished industrial products have in capacity have been less rapid than the advanced further. Price ceilings have been growth in the demand for goods and as addi- established for additional basic materials and tional pressure for conversion of existing also for some products at later stages of proplant to military production has developed, duction and distribution. shortages of many types of civilian goods Industrial production by October had inhave come closer. Measures for limiting creased to 164 per cent of the 1935-1939 the growth of civilian demand have been average, according to the Board's put into effect, particularly stiffer taxes and Increase in seasonally adjusted index, and a production regulation of consumer credit. There are further increase to about 166 is also instances in which incomes and conse- indicated for November. The rise of seven quently demand for goods are being curtailed points in the five months since June, when as a result of dislocations incident to the the index was at 159, compares with a more transition from civilian to military pro- rapid increase of 20 points in the first half duction. of this year. The total increase since the This autumn, growth in activity has not defense program was initiated a year and a been accompanied by forward buying to the half ago has been 50 points. For the calendar same extent as during the latter part of year 1941 the index is likely to average 156, 1940 and the first half of 1941. Manufac- as compared with 123 last year and 108 in turers and distributors have been operating 1939. more conservatively, as inventories and un- Increased industrial output since June has filled orders have accumulated all along the been largely in the fabrication of armaline, and have been less active buyers. Buying ments and of equipment for armament proby consumers has also been reduced some- duction. Output of passenger automobiles, what from peak levels reached in the third tires, silk goods, and a few other products, quarter of the year, when the volume of pur- on the other hand, has been curtailed, largely chases rose in anticipation of shortages, by Federal action, and in most other lines installment credit regulation, and higher production has shown little further increase. excise taxes. Reduced buying has been par- This has been in contrast with developments ticularly apparent in automobiles and other earlier in the year when output of most consumers durable goods. Consumer re- products increased rapidly. 1211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month COMMODITY PRICES total cost of living was estimated to be 9 per AUGUST 1839 • 100 cent higher than last February and, as is 170 170 shown on the chart in the opposite column, 160 160 11 per cent above the prewar level. 150 150 The wholesale price index of 900 commod- >40 / 140 ities, which had risen from 81 per cent of the 28 BASIC COMMODITIES / 1926 average in February to 92 in September, 130 130 1 by November had advanced one point further 120 / \ 1 120 to 93. This level, as shown on the chart, is no / no 24 per cent above that of August 1939, before —^ / the outbreak of war. The recent relative 100 100 stability in this index has reflected further 90 90 130 130 increases in prices of finished industrial products, partly offset by declines in agricultural 120 120 900 COMMODITIES commodities. Livestock and meat prices have no no been lower, chiefly as a result of a large seatoo / 100 sonal increase in marketings, and there have 90 90 been some reductions in prices of other food- 120 120 stuffs and cotton, which earlier this year had no no shown the largest increases. COST OF LIVING ^ (00 — , • i, - 100 For 28 basic commodities, prices in the latter part of November were about the same 90 90 1939 1941 as they were two and a half months earlier, Bureau of Labor Statistics data; general wholesale price index as is shown in the chart below. Prices of and cost of living index shifted to August 1939 base and monthly data for cost of living prior to September 1940 estimated by Fed- most basic industrial materials have recently eral Reserve. November 1941 estimated. Movement of traffic on the railroads this WHOLESALE PRICES OF 28 BASIC COMMODITIES autumn has been heavy, but no important THURSDAY FIGURES, AUGUST 1939 • 100 PER CENT shortages of equipment were evident during the season of peak traffic. In the field of construction, contract awards have continued at high levels, with an unusually large portion of publicly financed projects. Building materials have been generally available, except for local and temporary shortages, but recently Federal action has been taken to limit the use of specified materials and to grant priorities on materials to be used on projects essential to defense. Wholesale prices have been relatively stable since the early part of September, after a period of swift advance begin- Recent price j i t February. Retail nng as changes . prices, which rose less than wholesale prices during the spring and sum- Bureau of Labor Statistics indexes since August 1939 ; earlier mer months, have continued to advance indexes are Federal Reserve groupings of Bureau of Labor Statistics data. Latest figures shown are for November 27, 1941. sharply. By the middle of November the 1212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month remained largely unchanged at Federal ceil- higher prices for goods. Other factors affecting levels established earlier and agricultural ing market supplies were reduction or shifts commodities, following a sharp decline in thein coastwise and foreign shipping facilities middle of October, have advanced. Imported, due partly to extensive naval warfare, reas well as domestic, commodities in Novem- luctance to expand plant facilities at the ber were near the levels reached in early start of the defense program, and the with- September. holding and accumulation of stocks on the part of private concerns and public agencies. Price advances in wholesale markets earlier This autumn, however, as buyers had built this year, particularly for basic commodities, up their inventories and extended their comhad been partly in anticipation Causes of of important changes in the un- mitments considerably, they berising prices Slackemng of j willing, in many inderlying situation as a result of came ess pnce advance ° . J the rapidly expanding defense program. stances, to extend their pur- Prior to the passage of the first Lend-Lease chases further into the future, especially Act in March, the defense program was of a when still higher prices were asked by sellers limited character involving Federal expendiand when the retail market for goods at adtures for armaments of about 30 billion vanced prices had not been tested. At the dollars over a period of several years. With same time Federal restrictions on purchasing authorization of lend-lease aid and further of materials and on output of finished prodadditions to the defense program to a com-ucts were being extended. As a consequence bined total of over 60 billion dollars, it becameof these and other factors, the volume of evident that public expenditures for arma- orders placed with manufacturers declined ments and facilities to produce them would MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES be vastly expanded and that Government purchases of foodstuffs and other agricul- 150 \ tural and industrial commodities would be 140 1 / in large volume. Moreover, the expenditures 130 130 were more urgent and were expected to con- y tinue over a longer period of time. It soon be- 120 i120 came apparent that the large-scale purchases INVENTORIES */ 1 110 110 i required would have important direct effects / 100 100 in the commodity markets as well as im- i i portant indirect effects in increasing con- 90 ^— 90 230 A 230 sumer incomes, limiting supplies of many consumers goods, and increasing costs of 210 210 production. 190 190 i Prices had already risen considerably in 170 170 the autumn of 1940, and the prospect of 1 / j.\NEWORDERS 1 these new developments stimulated unpre- 150 150 .' \ If cedented buying by producers, distributors, 130 130 and consumers during the spring and sum- . /VsH,P»^ENTS 110 110 mer of this year. Unfilled orders continued to expand, delivery dates lengthened, and 90 90 1939 1940 1941 buyers, in many instances anxious to build Source: Department of Commerce. For inventories, December up inventories as well as to meet expanding 31, 1938 = 100. Scale for inventories is double that for orders and shipments to indicate approximately the relationships that current requirements, were willing to pay would be shown by actual value figures. Latest figures shown are preliminary data for October 1941. DECEMBER 1941 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month from earlier peak levels, as indicated in the commodities has improved. Consumer buychart on the preceding page. ing also showed a decline in October follow- New orders received by manufacturers ing a period of exceptionally heavy purof durable goods have declined substantially chases. from the peak reached last June, although Notwithstanding the recent slackening in they are still at a high level compared with buying, the underlying situation with regard 1939 and most of 1940, both in value terms to increasing defense outlays, higher incomes, and after allowance for price increases. New and reduced supplies of many products has orders, however, in October were still as continued to develop generally along lines exlarge, relative to the prewar period, as ship- pected earlier, and the upward movement in ments of durable goods, which rose little prices of industrial products has continued, after June. Orders and shipments of non- despite some further extension of Federal acdurable goods, which increased less sharply tion. Also, further advances in living costs than those for durable goods, have continued have contributed to continued pressure for at or near peak levels. Inventories held by higher wage rates. manufacturers have continued to increase, Following earlier increases in prices at reflecting larger amounts of goods in process, wholesale, retail prices have risen sharply in accompanying increased operations, as well recent months. In some inas accumulation of supplies of raw materials. Rise in cost stances, retail prices have ad- Among the other factors operating to vanced independently, with the limit price advances since the early part of changes being reflected back to jobbers' and September have been a seasonal increase in producers' prices. The largest advances, as marketings of farm products and an improve- shown in the chart on the next page, have been ment in the supply situation, at least tem- in commodities, particularly foods, clothing, porarily, for some other commodities. Specu- and house furnishings. Rents and services, lative sentiments have been affected by inter- however, have also been rising in recent national developments and the accompanying months, particularly in those localities where prospects of more widespread price controls. consumer incomes and expenditures have During this period there has been an exten- been greatly increased. The total cost of livsion of Federal maximum price action, par- ing, covering both goods and services, in Noticularly to petroleum products and to se- vember was about 11 per cent above the prelected metal, lumber, paper, chemical, and war level, most of the rise having occurred textile products. Earlier advances in prices since March this year. of imported commodities and improved ship- Prices for goods and services purchased by ping practices have brought forth more abun- the low income groups appear to have indant supplies of commodities such as wool, creased most sharply. Thus foods, which burlap, and sugar than had been anticipated, commonly absorb about half of the expendiand partly as a result prices of 11 basic im- tures by the lower third income group as comports have leveled off since June, as indicated pared with a fifth by the upper third, have In the chart on page 1212. Increased sup- risen by 20 per cent from the prewar level. plies of petroleum products have been made Also the lower priced foods such as pork available to the East Coast of this country as products, cheese, flour, and beans have shown a result of the return of a substantial number among the largest increases in price. Clothof tankers previously taken over by Great ing, which is also especially important in the Britain. Also, with the shift from the Fed- budgets of those in the lower income groups, eral priorities system to more direct allocation has shown a large price increase, with the of materials, the supply situation for some sharpest advances in work clothing and other 1214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month COST OF LIVING this summer, reflecting partly earlier in- 1935-39 AVERAGE = 100 creases in wholesale prices in expectation of restricted imports. Pressure on prices of these commodities, however, has recently been reduced by improved shipping facilities, direct Federal controls over raw sugar prices, and action to increase supplies of beverages and vegetable oils. Retail prices of cereal products, which this year had shown little change until July, have since increased, along with other retail foods, notwithstanding the existence of large domestic supplies of grains. Prices of canned and other processed foods have risen partly because of increased processing costs; another important factor in the rise has been the greatly increased Federal demand for these products for the armed forces and for export to the United Kingdom. Retail prices of housefurnishings as a group have shown almost as large a rise in the past year as food prices. Furniture has 1935 1936 1937 1938 193^9 19 1941 advanced 25 per cent, while prices of such Bureau of Labor Statistics data for the fifteenth of the month ; selected dates March 1935-July 1936, quarterly through September diverse products as rugs, electrical appli- 1940, and monthly October 1940-October 1941. ances, and china have increased about 10 per cotton products. Percentage increases in cent. Prices of automobiles, tires, and gasorents on units renting for $30 and less have line, included in the miscellaneous group, been about twice the average shown on thehave increased about 15 per cent since last chart. Fuller employment and increases in year. wage rates have resulted in considerably A continued rapid increase in income paylarger earnings of many individuals with low ments has been one of the important elements incomes, but numerous others, particularly in contributing to the advance in trade and the services and in nondefense Rise in income prices. Income payments to production, have had little or no change in payments individuals in October were income. at a rate of about 95 billion a year, an in- The rise in the food index since last spring crease of 25 per cent from the rate of 76 bilhas reflected to a large extent advances in lion dollars a year in August 1940, according prices of livestock products. Direct Federal to recently revised seasonally adjusted figures purchases of pork, dairy, and poultry prod- of the Department of Commerce. For wages ucts, chiefly to increase exports and to stimu- and salaries the average rise was 27 per late larger output, have been substantial since cent, with larger increases in the com- April. Representing a new demand outside modity producing industries and the Governof regular trade channels, these purchases ment, smaller increases in the distributive have had a strong influence on prices. At and service industries, and a decline in work the same time increases in consumer demand relief wages. Agricultural income has risen for these products have been larger than for substantially. There has been some increase other foods. Retail prices of sugar, bever- in dividends but this has not been in proporages, and oils and fats also rose considerably tion to the growth in profits. DECEMBER 1941 1215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month The rise m wages and salaries has reflected PROFITS OF LARGE INDUSTRIAL CORPORATIONS, for the most part additional employment and JANUARY-SEPTEMBER, 1940 AND 1941 increased hours of work. In manufacturing, . Num- Profits (in mil- Perfor example, these factors accounted for ber lions of dollars) cent- Industrial Group of age nearly three-fourths of the increase in pay- com- inpanies 1941 1940 crease rolls from August 1940 to October 1941. Average hourly earnings have risen about Total 416 1,242.2 945.4 +31 14 per cent in this period and this rise has ac- Durable goods—total 250 772.0 552.9 +40 counted for about one-fourth of the increase Iron and steel 44 244 9 176 6 +39 Nonferrous metals and products. 51 65.0 50.4 +29 in factory payrolls. Part of the rise in aver- Machinery: Electrical industrial 8 58.9 51.9 +14 age hourly earnings has reflected more over- Other industrial 25 35.2 25.1 +40 Business 5 17.8 11.6 +53 time work, paid for at higher rates, but most Other- 6 3.3 1.7 +92 Transportation equipment: of the increase, particularly since the early Automobiles ._ 10 202.5 138.4 +46 Automobile accessories.. _ . 30 34.3 24.8 +38 months of this year, has come about through Railway equipment 9 17.0 11.0 +54 Aircraft .. .. 4 23.5 12.5 +87 increases in wage rates. Other durable 58 69.5 48.8 +42 Increases in average hourly earnings dur- Nondurable goods—total 131 428.7 361.2 +19 ing this period were widespread, but they Foods 18 47.9 42.3 +13 Beverages, confectionery, and were more marked in the industries produc- tobacco 14 53.3 50.0 +7 Paper and printing 20 19.2 13.8 +39 ing metals and metal products than in most Industrial chemicals.. . _. . . 25 144.7 135.2 +7 Drugs 10 42.3 35.0 +21 other lines. Activity in these industries has Oil producing and refining 27 104.0 71.2 +46 Other nondurable - - - 47 78.8 62.5 +26 been at exceptional levels, creating unusual Miscellaneous services, . 35 41.6 31.3 +33 demand for workers and at the same time making it possible for manufacturers to pay these taxes. Quarterly data on reserves for higher wages and to earn higher profits. Federal taxes, and profits before and after de- Earnings of large industrial corpora- duction of such reserves, are available since tions, despite increasing costs and heavier the beginning of 1939 for 122 industrial comtaxes, have been larger during panies. The Federal tax reserves set up 1941 than during 194°- As by these companies during the first nine shown in the table, reported months of 1941 were 53 per cent of net earnearnings of 416 companies were about 30 perings before taxes as compared with 17 per cent larger in the first nine months of 1941 cent in the first nine months of 1939. As a than in the first nine months of last year. result the major part of the increase in earn- The largest increases have occurred in such ings that has accompanied the defense produrable goods industries as iron and steel, air- gram has been set aside as reserves to meet craft, railway equipment, general industrial Federal taxes. Earnings of these 122 commachinery, automobiles and automobile ac- panies, after all charges and before taxes, cessories. In nondurable goods industries were 1,200 million dollars for the first nine earnings for year to date have shown smaller months of 1941, an increase of 770 millions as increases, except for the oil producing and compared with the corresponding period of refining and paper and printing groups. 1939; reserves for Federal taxes showed an Net profits shown in the table are after de- increase of 550 millions. Earnings after ductions for reserves for Federal income and taxes—that is, the remainder available for excess profits taxes, which have absorbed an stockholders—also increased substantially; increasing proportion of earnings before for the 122 companies they were 25 per cent taxes. In 1940 normal taxes were increased larger in the first nine months of 1941 than and an excess profits tax was imposed, and in 1940 and nearly 60 per cent larger than in this year further increases were made in the corresponding period of 1939. 1216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

7tom a Jleaat Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. CONSUMER CREDIT lation W, even though the bank may anticipate that at the maturity of the note it may Interpretations of Regulation W accept a partial payment and a renewal note for the balance; provided the bank makes no Since the publication of the November 1941 commitment to do so and the transaction is Federal Reserve BULLETIN, the Board of Gov- entered into in good faith and not as a means ernors of the Federal Reserve System has of avoiding or evading the Regulation. issued the following interpretations of Regulation W relating to Consumer Credit: Effect of Amendment No. 2 Upon Existing Interpretations Interpretation No. 108 of Regulation W Seasonal Goods Interpretation No. 106 of Regulation W Amendment No. 2 to Regulation W will affect certain interpretations previously is- The determination of whether listed artisued by the Board, and the following comcles are "seasonal goods" within the meaning ments will be pertinent to the interpretations of sections 4(d) and 5(c)(3) of Regulaindicated: tion W depends on their typical use, rather W-15. See sec. 9(f) as amended relating than on the distribution of their sales during to "Farmer Plans." the year or the use to which the article is put W-16. Even if not instalment sale credit, in a particular case. transaction would involve a "purpose loan" For these reasons, Group D-l listed articles under sec. 5 (a) as amended. (furnaces, etc.) and Group C-6 articles (heat- W-19, W-28, W-49 and W-65. Note posting stoves, etc.) are winter "seasonal goods," ponement of effective date of sees. 8 (a) even though occasionally such articles may be through 8(d) as amended; note the proviused the year round. Similarly, Group C-8 sions of amended sec. 8(b) relating to addarticles (room-unit air conditioners), Group ons ; and note provisions relating to the state- D-5 articles (home air conditioning systems), ment of necessity now contained exclusively and Group D-6 articles (attic ventilating in sec. 8 (d) as amended. Otherwise the prinfans) are summer "seasonal goods" even ciple stated in W-19, W-28, W-49 and W-65 though occasionally they may be used will not be affected. throughout the year. W-25, W-26, W-27, W-30 and W-48. Not However, as pointed out in W-74, a refrigaffected, but note that sec. 6 (a) has been erator is not a "seasonal good," since refrigamended and broadened. erators are typically used the year round. W-33. Note amendment of sec. 5 (a) as to The fact that some refrigerators may go un- "purpose loans"; and note amended sec. 4(e) used during winter months does not alter this relating to down payments. general classification. W-45. Note that the figure in sec. 5(b) as amended is $1,500. One-Payment—Bank Loan—Renewal with Curtail W-92. Note that sec. 6 (a) has been amended and broadened, and note change to Interpretation No. 107 of Regulation W $1,500 in sec. 5 (b), as amended. In response to several inquiries regarding W-24, W-36, W-37 and W-53 will be obso- W-47, the Board said that an ordinary bank lete after November 30. loan evidenced by a promissory note repay- W-35 will be obsolete after December 31. able in full at maturity is not subject to Regu- See sec. 5(d) as amended. DECEMBER 1941 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Group E—Lender and Vendor Are on Equal Footing ber Federal Reserve BULLETIN, the following General Licenses and Public Circular have Interpretation No. 109 of Regulation W been issued by the Office of the Secretary of Since Amendment No. 2 of Regulation W the Treasury under the authority of the increases the figure $1,000 to $1,500 in the Executive Order of April 10, 1940, as definition of instalment loan credit but amended, and the Regulations issued purleaves the figure $1,000 in Group E of the suant thereto relating to transactions in Supplement, the Board has been asked foreign exchange, etc.: whether the Amendment will permit a vendor to make an instalment sale of Group E mate- Treasury Department, Office of the Secretary, rials and services in the amount of $1,200 November 12, 1941 on easier terms than it will permit a lender General License No. 58, as Amended, Under Executo make an instalment loan to finance the tive Order No. 8389, April 10, 19 UO, as Amended* same transaction. and Regulations Issued Pursuant Thereto, Relating Section 6(b) of the Regulation equalizes to Transactions in Foreign Exchange, etc* the application of the Regulation to vendors General License No. 58 is amended to read as foland lenders in such cases. lows: If the $1,200 transaction does not include (1) A general license is hereby granted licensing any articles in Group C or D, Section 6(b) all transactions ordinarily incident to the importing exempts it for both lender and vendor. and exporting of goods, wares and merchandise between the United States and any part of China other If the $1,200 transaction does include arthan Manchuria, provided the following terms and ticles listed in Group C or D, its status under conditions are complied with: Section 6(b) is likewise the same for both (a) Such transaction shall not involve property lender and vendor: the transaction is exempt in which any one of the following has at any time for both lender and vendor if the bona fide on or since the effective date of the Order had any interest and shall not be by, or on behalf of, or cash purchase price of the Group C or D pursuant to the direction of any one of the followarticles does not exceed $600 (that is, 50% ing: of the total over-all deferred balance of (i) any blocked country other than China or $1,200) ; and it is not exempt for either (ii) any person within Manchuria, or lender or vendor if the purchase price of the (iii) any national of any blocked country C or D articles exceeds $600. other than China unless such national is within China; (b) Exports from the United States to China Refrigerators—Locker Plant Systems having a value in excess of $100 shall be effected Interpretation No. 110 of Regulation W only provided both of the following conditions are satisfied: The classification "mechanical refrigera- (i) payment therefor has been or will be made tors" does not include refrigerated locker through a domestic bank and such domestic plant systems composed of a group of frozen bank has been notified by an appointed bank food storage lockers which are not indi- that the importer within China has paid or has completed arrangements to pay therefor vidually refrigerated but are installed in a with United States dollars acquired from refrigerated room, even though the indi- such appointed bank, or in lieu of the forevidual lockers are of less than 12 cubic feet going, a domestic bank has been notified by capacity. an appointed bank that the shipment has been otherwise approved by the Stabilization Automobiles—Station Wagons Board of China; and (ii) on each shipment the domestic bank referred Interpretation No. Ill of Regulation W to in (i) shall execute Form TFR-158 in quadruplicate. The original of such executed The classification "automobiles" under form shall be transmitted by the domestic Group A-l of the Supplement includes sta- bank directly to the collector of customs at tion wagons. the port of exportation and shall be received by such collector of customs prior to the exportation of the shipment. The duplicate FOREIGN FUNDS CONTROL of such executed form shall be delivered by the domestic bank to the exporter or his agent who shall present and, if requested, deliver General Licenses and Public Circular Issued by the such copy to the collector of customs at the Secretary of the Treasury * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. Since the publication of certain General 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order Licenses on pages 1094-1097 of the Novem- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 1218 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint port of exportation at the time the Shipper's paying drafts drawn, or reimbursing themselves Export Declaration is filed. The remaining for payments made, under letters of credit, or maktwo copies of such executed form shall be ing any other payment or transfer of credit, in filed promptly by the domestic bank with the connection with any importation or exportation appropriate Federal Reserve Bank. pursuant to this general license, or engaging in any other transaction herein authorized, shall (c) Imports into the United States from China satisfy itself (from the shipping documents or having a value in excess of $100 shall be effected otherwise) that: only provided both of the following conditions are satisfied: (i) any such transaction is incident to a bona (i) payment therefor in United States dollars fide importation or exportation and is cushas been or will be made through a domestic tomary in the normal course of business, and bank and the exporter within China has sold that the value of such importation or exor has completed arrangements for selling portation reasonably corresponds with the such United States dollars to an appointed sums of money involved in financing such bank, or in lieu of the foregoing, the ship- transaction; and ment has been otherwise approved by the (ii) such importation or exportation is or will be Stabilization Board of China; and made pursuant to all the terms and condi- (ii) prior to the release of any such shipment tions of this license. from customs custody the collector of customs (2) As used in this general license: of the port of entry through which the shipment is imported shall have received a con- (a) The term "appointed bank" shall mean any sular invoice covering such shipment and of those banks cooperating with the Stabilization such consular invoice shall bear the certifi- Board of China and buying and selling foreign excation of a United States consul in China change with the permission of, and subject to the that an appointed bank has duly notified the conditions prescribed by, such Board, the names of consul that the exporter within China has which appear on Schedule A of this general license sold or has completed arrangements for sell- at the time the transaction is effected. ing the United States dollar proceeds from (b) A person shall not be deemed to be "within such shipment to such appointed bank or that China" unless such person was situated within and the shipment has been otherwise approved by doing business within China on and since June 14, the Stabilization Board of China. 1941. E. H. FOLEY, JR., (d) The conditions prescribed in (b) and (c) Acting Secretary of the Treasury. shall not apply with respect to any import or export: (i) if the shipment was in transit between the SCHEDULE A OF GENERAL LICENSE NO. 58 United States and China on November 12, The offices within Hong Kong and any part of 1941; or China, except Manchuria, of the following are hereby (ii) if the consignee or consignor of the ship- licensed as "appointed banks" within the meaning of ment is the United States Government or the General License No. 58: Chinese National Government or a recognized (a) The Chase Bank agency or political instrumentality of either (b) National City Bank of New York government; or (c) Underwriters Bank for the Far East (iii) if payment for the shipment was fully ef- (d) American Express Company fected prior to November 12, 1941, and the (e) Moscow Narodny Bank, Ltd. following reporting procedure is followed: (f) Thos. Cook & Son (Bankers) Ltd. On each such shipment a domestic bank (g) Hongkong & Shanghai Banking Corporation participating in financing the shipment shall (h) Mercantile Bank of India, Ltd. execute Form TFR-158A in quadruplicate. The original of such executed form shall be (i) David Sassoon & Co., Ltd. transmitted by such domestic bank directly (j) E. D. Sassoon & Co., Ltd. to the collector of customs at the port of im- (k) E. D. Sassoon Banking Co., Ltd. portation or exportation as the case may be (1) Chartered Bank of India, Australia & China, and shall be received by such collector of cus- Ltd. toms prior to the release of such shipment (m) Nederlandsch Indische Handelsbank from customs custody or prior to the exporta- (n) Nederlandsche Handel Maatschappij tion of such shipment as the case may be. (o) Shanghai Commercial and Savings Bank, Ltd. The duplicate of such executed form shall be (p) Bank of East Asia, Ltd. delivered by the domestic bank to the im- (q) National Commercial Bank, Ltd. porter or exporter or their respective agents (r) Chekiang Industrial Bank, Ltd. who shall present and, if requested, deliver (s) Bank of Canton, Ltd. such copy to the collector of customs at the (t) Oversea-Chinese Banking Corporation, Ltd. time the shipment is released from customs (u) Kincheng Banking Corporation custody or the Shipper's Export Declaration (v) China Banking Corporation is filed, as the case mav be. The remaining (w) Bank of China two copies of such executed form shall be (x) Bank of Communications filed promptly by the domestic bank with the (y) Farmers Bank of China appropriate Federal Reserve Bank. (z) Central Bank of China (e) Any domestic bank prior to issuing, confirm- E. H. FOLEY, JR., ing or advising letters of credit, or accepting or Acting Secretary of the Treasury. DECEMBER 1941 1219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, any blocked country other than China of the follow- November 12, 1941 ing Chinese banks as generally licensed nationals: General License No. 59, as Amended, Under Execu- (a) the Bank of China; tive Order No. 8389, April 10, 1940, as Amended, (b) the Bank of Communications; and and Regulations Issued Pursuant Thereto, Relating (c) the Farmers Bank of China. to Transactions in Foreign Exchange, etc.* Any transaction engaged in by any such office of General License No. 59 is amended to read as fol- any such bank pursuant to the order of or for the lows: account of any person not within any blocked country is also hereby authorized to the same extent, and (1) A general license is hereby granted licensing under the same circumstances, as though such transas generally licensed nationals the offices within action were solely for the account of such office of Hong Kong and any part of China except Manchuria such bank; provided, however, that this authorizaof the following: tion shall not be deemed to permit any payment, (a) The Chase Bank transfer or withdrawal from any blocked account. (b) National City Bank of New York (2) Any office within Hong Kong or any part of (c) Underwriters Bank for the Far East China, except Manchuria, of any such bank is also (d) American Express Company authorized to engage in all transactions ordinarily (e) Moscow Narodny Bank, Ltd. incident to the importing and exporting of goods, (f) Thos. Cook & Son (Bankers) Ltd. wares and merchandise between the United States (g) Hongkong & Shanghai Banking Corporation and any part of China, except Manchuria, provided (h) Mercantile Bank of India, Ltd. all the terms and conditions of General License No. (i) David Sassoon & Co., Ltd. 58 are complied with. (j) E. D. Sassoon & Co., Ltd. (3) Banking institutions within the United States (k) E. D. Sassoon Banking Co., Ltd. m making any payment, transfer or withdrawal from (1) Charted Bank of India, Australia & China, the accounts of any such office of the aforementioned Ltd. banks shall file promptly with the appropriate Federal Reserve Bank monthly reports setting forth (m) Nederlandsch Indische Handelsbank the details of such transactions during such period. (n) Nederlandsche Handel Maatschappij (o) Shanghai Commercial and Savings Bank, Ltd. E. H. FOLEY, JR., Acting Secretary of the Treasury. (p) Bank of East Asia, Ltd. (q) National Commercial Bank, Ltd. (r) Chekiang Industrial Bank, Ltd. Treasury Department, Office of the Secretary, (s) Bank of Canton, Ltd. November 12, 1941 (t) Oversea-Chinese Banking Corporation, L.td. (u) Kincheng Banking Corporation Revocation of General License No. 64, under Execu- (v) China Banking Corporation tive Order No. 8389, April 10, 1940, as Amended, (2) Any such office of any such bank is also au- and Regulations Issued Pursuant Thereto, Relate thorized to engage in all transactions ordinarily ing to Transactions in Foreign Exchange, etc.* incident to the importing and exporting of goods, wares, and merchandise between the United States General License No. 64 is hereby revoked. and any part of China, except Manchuria, provided E. H. FOLEY, JR., all the terms and conditions of General License No. Acting Secretary of the Treasury. 58 are complied with. (3) Banking institutions within the United States making any payment, transfer or withdrawal from Treasury Department, Office of the Secretary, the accounts of any such office of the aforementioned November 12, 1941 banking institutions shall file promptly with the General License No. 75, under Executive Order No. appropriate Federal Reserve Bank monthly reports 8389, April 10, 1940, as Amended, and Regulations setting forth the details of such transactions during Issued Pursuant Thereto, Relating to Transacsuch period. ^^ £ R JR tions in Foreign Exchange, etc.* Acting Secretary of the Treasury. (1) A general license is hereby granted authoriz- Treasury Department, Office of the Secretary, ing remittances in any amount by any person November 12, 1941 through any domestic bank to any person in any part of China except Manchuria, and any domestic General License No. 61, as Amended, under Execu- bank is authorized to effect such remittances, protive Order No. 8389, April 10, 1940, as Amended, vided the following terms and conditions are comand Regulations Issued Pursuant Thereto, Relat- plied with: ing to Transactions in Foreign Exchange, etc.* (a) Such remittances may be made from any General License No. 61 is amended to read as account other than a blocked account and, subject follows: to item (b) hereof, such remittances may be made (1) A general license is hereby granted licensing from the blocked account of any national of China. the offices outside the United States and not within (b) Such remittances may not be made from * 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. 1220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint any blocked account if any of the following has of the remittance to a designated agent of the Cenan interest in such account: tral Bank of China for the account of an appointed (i) Any national of any blocked country other bank. than China; E. H. FOLEY, JR., (ii) Any person within Manchuria; or Acting Secretary of the Treasury. (iii) Any blocked country other than China; Treasury Department, Office of the Secretary, and November 27, 1941 (c) Such remittances shall be effected by a domestic bank paying the dollar amount of the General License No. 4-2A Under Executive Order No. remittance to a designated agent of the Central 8389, April 10, 19 UO, as Amended, and Regulations Bank of China for the account of an appointed Issued Pursuant Thereto, Relating to Transactions bank. In Foreign Exchange, Etc.* (2) All domestic banks effecting such remittances (1) A general license is hereby granted: shall satisfy themselves that the foregoing terms (a) Licensing as a generally licensed national and conditions are complied with. any individual who has been residing only in the (3) With respect to each remittance made pur- United States at all times on and since June 17, suant to this general license reports on Form TFR- 1940, and 132 shall be executed and filed in the manner and (b) Licensing as a generally licensed national form and under the conditions prescribed in General any partnership, association, corporation or other License No. 32. Domestic banks through which any organization which is a national of any blocked such remittances originate shall note on the reverse country solely by reason of the interest therein of side of such form the nature of the transaction for a person or persons licensed as generally licensed which the remittance is being made but need not nationals pursuant to this general license. furnish the information called for in item 6 of such (2) Every person licensed herein as a generally form. licensed national shall file with the appropriate Fed- (4) All dollars accruing to any appointed bank eral Reserve Bank within thirty days after the date pursuant to this general license shall, if so required hereof a report under oath in triplicate setting forth by the Stabilization Board of China, be made avail- (a) the name, address and nationality of such perable to the Board by payment to the Central Bank son; (b) a statement that such person is licensed as of China against delivery of an equivalent amount a generally licensed national under this general liof Chinese national currency. cense; and (c) a statement that such person has filed (5) This general license shall not be deemed to a report on Form TFR-300 or that such person was authorize any transaction incidental to imports and not required to file such report because the total exports between the United States and China. value of all property interests of such person to be (6) As used in this general license: reported was less than $1,000. Any person not com- (a) The term "appointed bank" shall have the plying with this reporting requirement is not authorsame meaning as that prescribed in General Li- ized to engage in any transaction under this general cense No. 58. license. (b) The term "designated agent of the Central (3) This general license: Bank of China" shall mean either the Bank of (a) Shall not be deemed to suspend, cancel or China or the Philippine Bank of Communications. otherwise modify in any way the requirements of E. H. FOLEY, JR., the Order and regulations relating to reports on Acting Secretary of the Treasury. Form TFR-300 with respect to the property interests of persons licensed herein as generally Treasury Department, Office of the Secretary, licensed nationals, and November 12, 1941 (b) Shall not be deemed to license as a generally licensed national any individual who on or since Public Circular No. 7, under Executive Order No. the effective date of the Order has acted or pur- 8389, April 10, 19%0, as Amended, and Regulations ported to act directly or indirectly for the benefit Issued Pursuant Thereto, Relating to Transactions or on behalf of any blocked country, including the in Foreign Exchange, etc.* government thereof, or to license any individual who is a national of a foreign country by reason General Licenses Nos. 32 and 33 shall not be of any fact other than that such individual has deemed to authorize remittances to any individual been domiciled in, or a subject or citizen of, a forin any part of China, except Manchuria, unless such eign country at any time on or since the effective remittances are effected in the manner prescribed date of the Order. in paragraph (1) (c) of General License No. 75, E. H. FOLEY, JR., namely, by a domestic bank paying the dollar amount Acting Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- 8785. June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. tions, April 10. 1940, as amended June 14, 1941, and July 26, 1941. DECEMBER 1941 1221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(fold and ffoLLat /Qteoutcte ofi the United Kinadom J ON September 30, 1941, in connection able by Mr. Bell include statements of the gold with the hearings on the second ap- and dollar assets of the United Kingdom on propriation bill under the Lend-Lease Act, September 1, 1941, and of the anticipated certain further information concerning the gold and dollar transactions of the Sterling gold and dollar resources of the United Area in the six months from September 1, Kingdom and the gold and dollar trans- 1941, to March 1, 1942 (the first half of the actions of the Sterling Area was pre- third year of war). The figures employed sented by Mr. Daniel W. Bell, Under Secre- in these statements were prepared by the tary of the Treasury, to the Subcommittee of British Government; they exclude Lendthe Committee on Appropriations of the Lease transactions, which do not involve any House of Representatives. In the BULLETIN immediate payments. for February 1941, pp. 99-101, tables were On the basis of this and other published presented showing the status of the United information, the table at the bottom of the Kingdom's gold and dollar resources on Au-page has been prepared to demonstrate the gust 31, 1939, and on December 31, 1940, as changing state of the United Kingdom's gold well as the estimated gold and dollar trans- and dollar resources during the first two actions of the Sterling Area in the intervening years of war. In the sixteen months period and those anticipated in the calendar through the end of 1940, 2,316 million dolyear 1941. The additional data made avail- lars of such assets was disbursed, three- BRITISH ESTIMATES OF UNITED KINGDOM GOLD AND DOLLAR RESOURCES [In millions of dollars] Dollar balances Direct and Market miscellane- Gold and dollar resources Total Gold securities ous in- Total Official Private vestments i Held August 31, 1939 4,483 2,038 595 50 545 950 900 Expended Sept. 1939-Dec. 1940 2,316 1,746 236 -4 240 334 Held December 31, 1940 2,167 292 359 54 305 616 900 Unavailable . _ . _ _. 356 51 305 2 305 Available 1,811 241 54 54 6l6 900 Expended or pledged Jan.-Aug. 1941 640 141 -5 -5 3 389 115 Held September 1, 1941, without R. F. C. commitment 4 1,527 151 364 54 310 227 785 Unavailable: Held for pledging with R FC 555 60 5 495 Other 600 310 2 310 6 290 Available without R. F. C. commitment 372 151 54 54 7 167 A A v n a ti i c la ip b a le te S d e n p e te t m ex b p e e r n 1 d , i 1 tu 94 re 1 , S w e i p th t. 1 R 9 . 4 F 1 . - F C e . b c . o 19 m 4 m 2 itment 4__. 6 1 9 5 7 0 15 * 1 37 * 9 379 — 7 16 * 7 ... Anticipated available holdings March 1, 1942. 547 * * — * — * Figure not predictable. 1 Excludes throughout some small investments which, because of their size, the British regard as virtually unsaleable. 2 The private dollar balances on Dec. 31, 1940, and Sept. 1, 1941, are classified as unavailable, since they were considered by the British to be at the minimum level necessary for the transaction of current business. 3 Includes 145 million dollars pledged with Reconstruction Finance Corporation on Aug. 1, 1941. 4 On Sept. 1, 1941. the R. F. C. was committed to advance a further 325 million dollars to the British Government against the pledge of assets in this country valued at 555 million dollars. Since Sept. 1, the R. F. C. has actually disbursed 250 million dollars pursuant to this commitment. 5 Includes branches of British insurance companies valued at 200 million dollars, only the earnings of which will be pledged against R. F. C. loan. 6 Trusts in United States held for United Kingdom beneficiaries; these are established under United States law and hence may be unavailable to the British Government. 7 Includes 62 million dollars of securities not readily marketable, and over 30 million dollars of some 1,100 marketable stocks in small holdings which could not be immediately mobilized. 1222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold and Dollar Resources of the United Kingdom quarters in the form of gold. In the follow- less than the value of the collateral pledged ing eight months, the total utilization of at that time. Secondly, the sale of British resources was only 640 million dollars, but interests in the American Viscose Corporasince the British had little gold left to lose, tion and in the Brown and Williamson Tothe sale of securities and investments had bacco Corporation produced only 80 million to be expedited to meet even this reduced dollars, while the British figure for their drain. holdings of direct investments, valued on a In July 1941, however, the British nego- book value basis, declined as a result of these tiated an agreement with the Reconstruction transactions by 115 million. Finance Corporation which eliminated the No official statement has been made public necessity of selling outright their remaining of the total gold and dollar transactions of dollar assets. The Reconstruction Finance the Sterling Area during the first eight Corporation undertook to advance to the months of 1941. It may be estimated, however, that the aggregate gold and dollar British Treasury a total of 425 million dollars receipts of the Sterling Area during this against the pledge of British-owned market period from the export of merchandise and securities with a market value of 205 million, of currently-mined or dishoarded gold, and and British direct investments in this counfrom the liquidation of the United Kingdom's try with an estimated value of 495 million. resources, amounted to over 1,500 million This loan will bear interest at 3 per cent and dollars. Of this amount, 907 million dollars will run for fifteen years, subject to partial was required for payments on British Govextension under certain conditions. The inernment orders in this country, according to come accruing on the pledged investments Mr. Bell's statement before the House Subwill be used to service the loan and, if maincommittee. This indicates that over 600 tained at the average level of the past five million dollars was devoted to the remaining years, would provide for full amortization items of expenditure, such as payments for of the loan during the initial fifteen-year imports from the United States not supperiod. plied on British Government orders, net pay- By September 1, 1941, the Reconstruction ments to this country on service transactions, Finance Corporation had actually advanced and net gold and dollar payments to other 100 million dollars against the pledge of marcountries. ket securities valued at 145 million. It thus It may be noted that the British forecast remained committed to disburse a further for 1941 published in the BULLETIN for Feb- 325 million dollars against the pledge of ruary 1941 anticipated a drain on the United collateral valued at 555 million. Since Sep- Kingdom's gold and dollar resources during tember 1, 1941, an additional 250 million the year of 844 million dollars, after elimdollars has in fact been advanced against inating from the calculations the item of 620 collateral valued at about 305 million, thus million for gold payments to Canada and reducing the unutilized portion of the loan Newfoundland which in practice these counto 75 million dollars. tries have foregone. The actual proceeds Although the United Kingdom's unpledged from the liquidation of resources in the first gold and dollar resources declined 640 million eight months of 1941 was almost exactly dollars in the first eight months of 1941, at eight-twelfths of this estimate for the year. least 80 million dollars of the decline yielded This coincidence is accidental, of course, esno cash proceeds. Firstly, as noted above pecially since the forecast for 1941 excluded the initial advance from the Reconstruction any payments which might be made on new Finance Corporation was 45 million dollars orders placed by the British Government dur- DECEMBER 1941 1223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold and Dollar Resources of the United Kingdom ing the year, and any changes during 1941 in for the year by almost 130 million dollars. the scheduled payments on the old orders. This is attributable to our unexpectedly large Actually, according to Mr. Bell's statement imports from sterling countries other than before the House Subcommittee, changes in the United Kingdom, the actual figures for the old orders and the placement of new con- eight months having fallen little short of the tracts increased the British commitments to forecast for the year as a whole. American supplies by 458 million dollars dur- With regard to the anticipated gold and ing the first eight months of 1941; and no dollar transactions of the Sterling Area after doubt substantial payments on these addi- September 1, 1941, Mr. Bell presented to the tional commitments were made in this period. Subcommittee British estimates for the six Total payments on British Government or- months through March 1,1942 (the first half ders in the first eight months of 1941, accord- of the third year of war) and conveyed cering to Mr. Bell, amounted to 907 million tain additional information concerning the dollars, or about 60 million more than eight- liquidation of commitments on British Govtwelfths of the figure forecast for the year. ernment orders. The data for the six months' This excess cannot be taken as a measure of period is presented in the table below in subpayments on the new commitments, however, stantially its original form. The supplemensince even assuming the accuracy of the tary information regarding British Govern- British estimate for payments during 1941 ment orders in this country may be sumon the orders outstanding at the beginning marized as follows: of the year, there is no reason to expect that (In millions these payments had a regular incidence of dollars) Commitments outstanding on January 1,1941 1,393 through the year. Add: Additional commitments incurred An analogous difficulty confronts any com- January-August 1941 . . 458 (Changes in contracts, amendments, parison of the other items in the annual fore- options taken up, new contracts, etc.) cast with the actual figures for the first eight Deduct: Payments January-August 1941 907 months of the year. It may be noted, however, Commitments outstanding on September 1,1941 943 that our reported imports from the Sterling Anticipated payments September 1941-February 1942 500 Area in the first eight months of 1941 exceeded eight-twelfths of the British forecast Amount due after March 1, 1942, under existing commitments 443 ESTIMATED GOLD AND DOLLAR TRANSACTIONS OF STERLING AREA SEPTEMBER 1, 1941-MARCH 1, 1942 [In millions of dollars] Payments to United States'by United Kingdom: Receipts from United States by United Kingdom: On British Government orders in the United States. 500 From merchandise exports For services (shipping, interest, film remittances, From services (shipping, interest, etc.) 60 etc.) 85 For other goods and services, urgent or ineligible for Total.. 120 Lend-Lease 110 Receipts from United States by Rest of Sterling Area: TotaL. 695 F F r ro o m m m se e rv rc ic h e a s n d (s is h e ip e p x i p n o g r , t s interest, etc.) 31 1 0 5 TotaL. 325 Payments to United States by Rest of Sterling Area (on Other Receipts by Sterling Area as a Whole: goods and services) 280 From sale abroad of currently mined and dis- Fr h o o m ar u de n d id e g n ol t d ifiable transactions l 290 150 Pa S y t m at e e n s t s r eq b u y i r S i t n e g r li G ng o ld A r o e r a D t o o l l C ar o s untries other than United TotaL. 440 Receipts from Disposition of Gold and Dollar Resources of the United Kingdom held on September 1, 1941 . 150 Total Gold and Dollar Expenditures-. 1,035 Total Gold and Dollar Receipts 1.035 i May consist in part of capital transactions, but probably also reflects such items as gifts. 1224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold and Dollar Resources of the United Kingdom The estimates of the gold and dollar trans- in the six months' forecast under the item actions of the Sterling Area in the six months "Other goods and services, urgent or ineligiending March 1, 1942, indicate a net deficit ble under Lend-Lease/' Thus, according to to be covered from United Kingdom resources the British estimates, a net gold and dollar of 150 million dollars. Funds considerably surplus of 350 million dollars would accrue in excess of this amount have in fact been to the Sterling Area in the six months endmobilized since September 1 by drafts on ing March 1, 1942, from transactions other the Reconstruction Finance Corporation than the liquidation of the old British Govcredit. Included in the transactions account- ernment commitments. If this anticipated ing for this deficit are payments totaling 500 surplus continues to accrue at the same rate million dollars on British Government orders after March 1, 1942, it will provide within placed before September 1,1941. These com- eight months the means for liquidating the mitments are now in the process of liquida- balance of the commitments outstanding on tion. New British Government orders during Sept. 1, 1941 without any further drain on the next six months will be handled under the much diminished gold and dollar rethe Lend-Lease arrangements or are included sources of the United Kingdom. DECEMBER 1941 1225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Hank± in United J>tate5 Tettitotiel and From time to time, inquiries are received located in the respective territory or possesrelating to banks in the Territory of Alaska, sion. There is given below a table showing the Canal Zone, the Territory of Hawaii, the the location of these offices, together with Commonwealth of the Philippines, Puerto their deposits. Rico and other such areas under the sover- National banks, in the discretion of the eignty or jurisdiction of the United States. Comptroller of the Currency, may be char- By way of a general response to these in- tered in Alaska, Hawaii, Puerto Rico and the quiries, a table showing the number of bank- Virgin Islands. Also, national banks, or ing offices, and their deposits, in territories banks organized under local laws, located in and possessions, and also brief summaries Alaska or in a dependency or insular possesof the local laivs relating to banking, if any, sion or any part of the United States outside are set forth below. the continental United States, may, with the consent of the Board of Governors of the Fed- The latest available information indicates eral Reserve System, become member banks that in the territories and possessions there of any one of the Federal Reserve districts * are 197 banking offices with aggregate deand must in that event take stock, maintain posits of about 400 million dollars. The great reserves and be subject to all the other promajority of these offices (49 banks with 123 visions of the Federal Reserve Act. branches) are offices of domestic banks, i. e., banks whose principal place of business is * There are no such members at the present time. NUMBER OF BANKS AND BRANCHES, AND DEPOSITS1 IN AREAS UNDER THE SOVEREIGNTY OR JURISDICTION OF THE UNITED STATES2 [Deposits in thousands of dollars] Branches of Branches of Domestic banks American banks 4 foreign banks 5 Area 3 Number Number Deposits of Number Deposits Number Deposits branches Alaska 17 22,072 1 American Samoa 1 271 Canal Zone 4 17,926 Guam 1 588 Hawaii 11 153, 713 38 1 (6) Commonwealth of the Philippines 9 88, 840 71 1 14,030 8 39,315 Puerto Rico .. _ ___ _ _____ 8 26, 014 11 7 52,387 4 Virgin Islands of the United States __. __ • 2 1,767 2 7 49 293, 265 123 12 84,343 13 w 1 Latest available figures, mostly June 1941. 2 Excluding the 48 States and the District of Columbia. The figures also exclude some Governmental credit agencies and other miscellaneous financial institutions not usually counted in banking statistics. 3 There are no banking offices in Baker Island, Canton Island, Enderbury Island, Howland Island, Jarvis Island, Johnston Island, Kingman Reef, Kure Island, Midway Island, Navassa Island, Swan Islands, and Wake Island. 4 Comprises branches of 2 New York national banks. 5 Distributed as follows: Hawaii—1 branch of a Japanese bank; Commonwealth of the Philippines—3 branches of an English bank, 2 branches of a Hongkong bank, 2 branches of 2 Japanese banks, and 1 branch of a Netherlands East Indian bank; Puerto Rico—2 branches each of 2 Canadian banks. 6 Not available. 7 Includes 6; national banks which are not members of the Federal Reserve System but which are under supervision of the Comptroller of the Currency, 4 in Alaska and 1 each in Hawaii and the Virgin Islands. 1226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Banks in United States Territories and Possessions Summary of Laws of branch banks which may be opened subject to certain restrictions. Alaska—Three or more persons may incor- The Treasurer is the bank supervising auporate to do a banking business; and upon thority. There are statutory provisions recompliance with all legal requirements, the lating to required capital funds, reserves, Territorial Banking Board, which is charged loans, obligations, deposits, investments, diviwith the supervision of banking, issues a cerdends, etc. tificate of authority to do business. Among Trust companies are organized under a other things, the required articles of incorseparate law and may not transact a banking poration must designate the city where the business and banks may not exercise trust bank has its principal place of business and powers. The Treasurer is the supervisory the nature of the business to be conducted. authority over trust companies and detailed The statutory requirements as to capital provisions are made governing the transactually invested apply to all banks, includaction of business. ing private bankers and banking partner- Foreign institutions may do a banking ships. business in Hawaii with the consent of the All banks must make quarterly reports to Treasurer; but they must operate in accordthe Banking Board which may also call for ance with certain specified requirements. special reports; and such matters as loans, Commonwealth of the Philippines—Banks reserves, deposits, and indebtedness are submay be incorporated by filing articles of assoject to certain restrictions. ciation with the Bureau of Commerce and Institutions may also be incorporated by Industry accompanied by a certificate of aufive or more persons to do a trust business. thority issued by the Bank Commissioner, Canal Zone—There are no special Canal who is the supervisory authority over all Zone banking laws. However, under section banks. Banks are classified as savings and 25 of the Federal Reserve Act, two New York mortgage banks, commercial banks and trust City banks operate branches in the Canal companies. Upon compliance with certain Zone. requirements applicable to savings and mort- Hawaii—Not less than five persons may gage banks, commercial banks may be authormake application to the Treasurer of the Ter- ized to accept savings deposits. Commercial ritory, the general supervisory authority over banks and trust companies are expressly banks, for permission to incorporate a bank. authorized to establish branches, with the If he finds that the public convenience will approval of the Bank Commissioner, if they be promoted thereby, the Treasurer may ap- have a paid-up capital of the required prove the application, and thereafter the in- amount. A trust company may, with the corporators must execute and file with the Bank Commissioner's approval, conduct a Treasurer articles of incorporation and an commercial banking business which must be application for charter. If the Treasurer is kept separate and distinct from its trust # satisfied that all legal requirements have been business. Similarly, and with like approval, complied with, he may issue a charter to the commercial banks may operate a trust busiincorporators to do a banking business. ness. Apparently, all banking must be done by Banks must submit quarterly condition reincorporated institutions, and banks are ports to the Bank Commissioner who is reclassified as commercial banks and savings quired to examine the affairs of all banks at banks. Commercial banks may conduct sav- least once a year. ings departments, but the two departments Banks of the foregoing classes organized must be kept separate except in the operation and operating in the Commonwealth of the DECEMBER 1941 1227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Banks in United States Territories and Possessions Philippines are granted the powers and are Thomas and St. John has not enacted any subject to many of the restrictions familiar banking laws. to the banking business; and foreign banks The Colonial Council of St. Croix has enmay not operate in the Commonwealth of the acted a rather comprehensive banking law. Philippines unless they comply with certain Three or more persons may incorporate to do restrictions imposed for the protection of a banking business and upon compliance with local depositors. the legal requirements, the Banking Board, Puerto Rico—Five or more persons may which is charged with the supervision of organize a bank by filing articles of incorpora- banking, issues a certificate of authority to tion with the Executive Secretary and secur- do business. Banks so incorporated have the ing a certificate from the Treasurer of Puerto usual banking powers except trust powers. Rico to the effect that all legal requirements Foreign banking corporations and partnerhave been met. Banks are subject to superships are also required to obtain a certificate vision and inspection by the Treasurer and from the Banking Board to do business. must make monthly reports to him and pub- All banks are required to make quarterly lish annual reports in a newspaper. Detailed reports to the Banking Board and the Bankprovisions are prescribed relating to reserves, ing Board may examine all banks at least loans, capital, merger, etc. once each year. Such matters as loans, re- A separate law covers the incorporation of serves, deposits, indebtedness, liability of trust companies which may be accomplished stockholders and directors and holding stock by at least seven persons filing articles of inof another bank, are subject to certain recorporation with the Executive Secretary. strictions. The Treasurer is the supervisory authority Samoa and Guam—The Bank of American which examines and receives semiannual re- Samoa was founded in 1914 by Executive ports from trust companies. Order of the Governor. It is owned, operated, In order to operate in Puerto Rico, foreign and its deposits are guaranteed by the govbanks must obtain a license issued by the ernment of American Samoa. The bank is Treasurer after the filing of a copy of the authorized to conduct a general commercial institution's charter, etc., with the Executive and savings bank business including trust Secretary. business. Virgin Islands—The legislative branch of The Bank of Guam is a branch of the Naval the government of the Virgin Islands con- Government of Guam and was established by sists of two Colonial Councils, one for the municipality of St. Croix, and the other for Executive Order of the Governor in 1915. All the municipality of St. Thomas and St. John. the capital stock of the bank is owned by the These Colonial Councils enact all laws gov- Naval Government of Guam. The bank is erning the islands, subject to veto by the Gov- authorized to conduct a general banking busiernor and subject also to final approval or ness including trust business. disapproval of the President*of the United The islands of Guam and Samoa are under States whenever he deems it necessary to the administration of Naval officers apexercise that right. pointed by the President of the United States, The local laws of the Virgin Islands avail- and in both cases the officers and directors able are not complete but it appears that the of the banks are officials of the Naval Gov- Colonial Council for the municipality of St. ernment. 1228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Election of Class B Director November 17 the members of the Council met with the Board of Governors. Henry H. Tucker, President of Fones Brothers Hardware Company, Little Rock, Arkansas, was elected a Class B director of Admissions of State Banks to Membership in the Federal the Federal Reserve Bank of St. Louis on Reserve System November 18, 1941, to fill the unexpired por- The following State banks were admitted tion of the term ending December 31, 1943. to membership in the Federal Reserve System At the time of his election as a Class B during the period October 16, 1941, to Nodirector, Mr. Tucker was serving under apvember 15, 1941, inclusive. pointment by the Board of Governors as a director of the Little Rock Branch of the Federal Reserve Bank. His resignation as a Kansas branch director was submitted to the Board Horton—Home State Bank, Horton, Kansas of Governors and accepted on November 26, Norton—The First State Bank 1941. Missouri Death of Class C Director Ste. Genevieve -Bank of Ste. Genevieve Clifford V. Gregory, Associate Publisher of Wallaces' Farmer and Iowa Homestead, New Jersey Des Moines, Iowa, who had served as a Class Phillipsburg—Phillipsburg Trust Company C director of the Federal Reserve Bank of Chicago since January 1, 1940, and as Deputy Ohio Chairman of the Bank since January 1, 1941, St. Henry—The St. Henry Bank died on November 18, 1941. Pennsylvania Philadelphia—Security Bank and Trust Com- Meeting of Federal Advisory Council pany of Philadelphia The fourth meeting of the Federal Advisory Council during the current year was Virginia held in Washington on November 16-17. On Hillsville—Carroll County Bank DECEMBER 1941 1229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom the Ho aid 5 &otte5pondence Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN. and l/le ok Atembet Hank £atnina and Sixpence Statement* QUESTION expenditures, returns to stockholders, etc. on an aggregate basis. For some time we have been interested in the tables published in the FEDERAL RESERVE BULLETIN analyz- Another important use that is served by ing the earnings and expenses of member banks, e.g., compilations of bank earnings data, particuthose on pages U67-U72 of the May 19 Ul BULLETIN. Any information you can supply as to the purposes larly those of the type published on pages 632 served by these records and how the records origi- and 685-699 of the July 1941 Federal Renated will be greatly appreciated. serve BULLETIN, in which operating ratios of individual banks are computed and aver- ANSWER aged, is to provide a basis of comparison to THE analyses of member bank earnings and which the managements of individual banks expenses published in the Federal Reserve can refer in seeking to determine the relative BULLETIN serve a variety of purposes, the efficiency of their policies and operations. primary one probably being to provide fuller They are enabled thus to find points of weakinformation concerning the course and direcness and sources of possible trouble which tion of banking developments than is obtainthey might not be aware of otherwise. In able from analyses of balance sheet figures the light of such findings, corrective measalone. When, for example, there is a substanures can frequently be taken and more effectial decline in bank earnings, it is desirable tive means of conducting operations discovto know whether it is caused by temporary ered. influences or by fundamental changes in the The historical background of the earnings source or disposition of bank income. In and dividends statements that are required the latter event, the ultimate effect might be of our banks is somewhat obscure. In the depletion of bank capital and increased risks early days of the national banking system, to depositors unless some means were found however, a need developed for reports (to be to improve the earning position of banks. made to the supervisory authority) of divi- Such analyses are, therefore, valuable to the dends declared by national banks. No proauthorities responsible for credit and fiscal vision requiring the submission of such repolicies and bank supervision, as well as to ports was contained in the National Bank others interested in these matters. Publica- Act as originally enacted February 25, 1863 tion of such data is also in line with the prac- or as reenacted June 3, 1864, but on March tice of making public available statistics 3, 1869, section 5212, U. S. R. S., was added relating to earnings of large industrial corpo- which provides that "each (national bankrations, railroads, and other institutions. As ing) association shall report to the Compyou perhaps know, income statements are troller of the Currency, within ten days after not required to be published by individual declaring any dividend, the amount of such banks. There is, consequently, a real need dividend, and the amount of net earnings in for providing data showing bank earnings, excess of such dividend". The reports origi- 1230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence nally were required to be submitted only fol- tered banks to submit regular reports of lowing dividend declarations, but beginning earnings and dividends to the respective with 1871 the Comptroller of the Currency State banking departments. Kansas, which required them to be submitted at least semi- has required them every year since 1902, annually, whether or not dividends were de- apparently is the first State to have insticlared, and beginning with 1916 every tuted such a requirement. national bank has been required to submit State bank members of the Federal Rereports covering the semiannual periods end- serve System were originally required to ing with June and December. submit reports to the Comptroller of the Cur- The first reports required of national banks rency, as national banks do. Since 1917, by the Comptroller showed only the dividend however, their reports have been submitted declared (rate and amount), net profits, tax in duplicate to the Federal Reserve Banks, on profits, capital stock, undivided profits, which in turn have sent one copy of each reand a few related items. In 1871 gross earn- port to the Board's offices in Washington. ings, expenses (including taxes), premiums National banks furnish copies of their repaid and charged off, and bad debts and peats to the Federal Reserve Banks, in acother losses were added to the report form. cordance with the instructions of the Comp- Various changes were made from time to troller of the Currency. The forms of the time in the report form, but it was not until reports rendered by national and State bank 1917 that a break-down as to the sources and members have been revised at intervals, and disposition of earnings was required in the instructions have been issued, with the reregular reports. It appears, however, that sult that the figures now reported are more in the early days some such information was detailed and probably more accurate than obtained from certain banks on special occa- the earlier ones. sions or for some specific purpose. For ex- Ever since the inception of Federal deposit ample, on page XII of the Annual Report of insurance, at the beginning of 1934, all inthe Comptroller of the Currency for 1870 it sured nonmember banks have been required is stated that for the year ending September to submit annual reports to the Federal De- 30 (1870), banks in New York City, Boston, posit Insurance Corporation showing the and Philadelphia paid interest aggregating sources and disposition of their income, re- $6,486,172.66 on their deposits. It is further coveries, losses, net profits, dividends, and shown that 1,070 banks paid interest on other items. These data, combined with the their deposits but 540 banks paid none. This similar reports submitted by national and information apparently was obtained from State member banks, produce information on the submission of a special report by these bank earnings in this country that is more banks. comprehensive than any that was ever be- Many States now require their State-char- fore available. DECEMBER 1941 1231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/at tonal Su.mntG.tu on Eu.5Ln.Q55 Condition5 Co?npiled November 18 and released for publication November 21. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 1211-1216 of this BULLETIN. INDUSTRIAL activity continued to increase materials. Since the beginning of the model in October and the first half of November year production has been substantially in exand there was some further advance in prices cess of retail sales and dealers' stocks have of industrial materials and finished products. risen sharply. Output of cars and trucks in Distribution of commodities to consumers October was about one-fourth smaller than declined in this period following an unusually in October last year; in the industry as a large volume of trade in the preceding three whole, however, activity, as measured by months. „ , man-hours worked, was about the same as a year ago, apparently reflecting a shift to Production Volume of industrial production increased armament production. further in October and the Board's seaspn- In most other manufacturing industries ally adjusted index advanced from 161 to 164 output in October was maintained at or near per cent of the 1935-1939 average. Increases the rates prevailing in other recent months. in activity occurred mainly in industries pro- At cotton mills activity increased, following ducing machinery, armament, and other dur- some reduction in the previous month, while able manufactures required under the de-at wool mills there was a slight decline from fense program. In the meatpacking industry the peak reached in September. Steel proactivity also advanced considerably and out- duction rose to an average rate of about 99 put of other manufactured food products, per cent of capacity during October but dewhich has been unusually large in recent clined slightly in the first half of November. months, declined less than seasonally. Coal production declined somewhat in Oc- Automobile production increased during tober and early November, while output of October and in the first half of November crude petroleum increased further to new was sustained at about the rate reached at record levels. Iron ore shipments down the the beginning of the month. Production in Lakes were maintained at a high rate and October approximated the quota permitted through the end of October amounted to for the month, whereas in August and Sep- 71,600,000 gross tons, a larger volume than tember output had been considerably below had previously been transported in any comthe quotas set, owing in part to delays inci- plete shipping season. dent to the changeover to new model produc- Value of construction contract awards detion and to difficulties in obtaining certain creased slightly in October, according to fig- INDUSTRIAL PRODUCTION DE.PARTMENT STORE SALES AND STOCKS POINTS IN TOTAL INDEX 180 1935 1937 !938 1939 1935 1936 1937 1938 1939 1940 1941 Federal Reserve index of ppyh ysical volume of produpc,tion, ad- Federal Reserve indexes of value of sales and stocks, adjusted justed ffo r seasonall variiai tion, 1993355-1193399 average = 100. BBy for seasonal variation, 1923-1925 average •= 100. By months, Janmonths, January 1935 to October 1941. I uary 1935 to October 1941. 1232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions ures of the F. W. Dodge Corporation. De- and finished products have been more reclines in awards for publicly-financed work stricted than in earlier periods, reflecting were partly offset in the total by an increase partly an extension of Federal maximum in privately-financed projects. Awards for price action particularly to petroleum prodresidential building showed little change, al- ucts and to selected metal, chemical, and texthough an increase is customary in this tile products. month. Contract awards in October con- Prices in retail markets have continued to tinued in larger volume than a year ago. advance sharply. In September the cost of Total awards were 60 per cent larger, reflect- living, as measured by the Bureau of Labor ing increases of 13 per cent in private con- Statistics' index, increased 2 points to 108 struction and of 112 per cent in public work. per cent of the 1935-1939 average and was 7 per cent above the level of last March. Since Distribution September retail food prices, which usually Distribution of commodities to consumers decline at this season, have increased further declined in October following an unusually and preliminary data indicate that retail large volume of trade in the preceding three prices of other commodities have continued months. During the third quarter sales had to rise. „ , been stimulated considerably by several fac- Bank credit tors, notably apprehension that there might Total loans and investments at reporting be shortages and higher prices of many con-member banks rose further during October sumers' goods later on, as well as desire to and the first two weeks in November. Holdavoid stricter instalment credit terms, effec- ings of U. S. Government securities increased tive September 1, and higher taxes on many and commercial loans continued to advance. products effective October 1. Excess reserves of member banks declined Railroad freight-car loadings declined from 4.7 billion dollars to 3.5 billion on Nosomewhat from September to October, owing vember 1, reflecting the increase in reserve principally to decreased shipments of grain requirements previously announced by the products and coal. Shipments of livestock Board to be effective on that date. increased and ore loadings showed less than United States Government security market the usual seasonal decline. Long-term Treasury bonds declined slightly Commodity prices in price during the early part of November, following a relatively sharp increase after Prices of agricultural commodities, which the middle of September to a record high had declined from the early part of Septemlevel around November 1. Yields on shortber to the middle of October, have advanced term issues have firmed since early in Sepsomewhat since that time and prices of intember, the yield on Treasury notes of Dedustrial commodities have increased further. cember 1945 advancing from 0.62 per cent Recent advances for industrial raw materials on September 15 to 0.83 on November 15, MONEY RATES IN NEW YORK CITY and the bill rate rising to 0.258 per cent. MEMBER BANK RESERVES 1BIL6LIONS OF DOLLARS 1935 1936 1937 1938 1939 1940 1941 Weekly averages of daily yields of 3- to 5-year tax-exempt Treasury notes, Treasury bonds callable after 12 years, and aver- 1935 1936 1937 1938 1939 1940 1941 age discount on new issues of Treasury bills offered within week. Wednesday figures, January 2, 1935 to November 26, 1941. Re- For weeks ending January 5. 1935 to November 22, 1941. luired and excess reserves, but not the total, are partly estimated. DECEMBER 1941 1233 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. . . 1237 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1238 Federal Reserve Bank statistics . . . 1239-1243 Reserve position of member banks; deposits in larger and smaller centers. . 1244 Money in circulation . 1245 Gold stock and gold movements; bank suspensions; bank debits. 1246 All banks in the United States, number, deposits, loans and investments. . 1247 Condition of all member banks. . 1248-1249 Weekly reporting member banks 1250-1253 Commercial paper, bankers' acceptances, and brokers' balances. 1254 Money rates and bond yields. 1255 Security markets 1256 Treasury finance .... 1257-1259 Governmental corporations and credit agencies; Postal Savings System. . 1260-1262 Business indexes 1263-1273 Department store statistics 1274 Wholesale prices 1275 Current statistics for Federal Reserve chart book 1276-1278 November crop report, by Federal Reserve districts. 1278 All member banks—Condition on Sept. 24, 1941, by classes of banks. 1279-1280 Changes in number of banks and branches in the United States. 1281 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. DECEMBER 1941 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 20 18 16 14 TREASURY CASH AND DEPOSITS 1935 1936 1937 1938 1939 1940 1941 10 10 f- - 8 1 8 - REQlJ1RED RESERVES t*"-~—*+.—m Vn- - 2 f V I EXCESS RESERVES - 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for November 26. See page 1237. 1236 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 fin millions of dollars] Reserve Bank credit outstanding Member Treas- bank reserve Date co B d u i i n s l - l t s ed T U ot . a S l s . e G c t w u M u o r i v r i t i a t e h n i - r e - g n s m t a M e u f n r te i a t n r - g R c B o r e A e t s a h d e n l e r i l k v t r e Total s G t o o l c d k T s r t e o c u r i a n n u e u r n a c r y g t d - - s y - - M i c n t u i o o c l n a n i e r - - y T h c i u r n o a e r g s l a y d h s s - - u B p s w r F e R o e y a e r r i s e n a t v d i - d h k t l e - e s s - p m N b o d e o e e s m n - i r t - s - c O s F o e R e a t e r u r c h 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 - s5 in 5 5 years years Monthly averages of daily figures: 1940—Aug 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 Sept 2,434 1,191 1,243 64 2,503 21,064 3,040 8,095 2,287 781 1,535 265 13,643 6,582 Oct 2,381 1,102 1,280 67 2,454 21, 393 3, 051 8,226 2,257 477 1,624 270 14, 043 6,864 1941—Aug.. 2,184 951 1,234 92 2.284 22,700 3,173 9.839 2,360 829 1,839 286 13,004 5,017 Sept 2,184 951 1,234 101 2,297 22, 740 3,188 10,061 2,379 476 1,836 289 13,184 5,116 Oct. 2.184 934 1,250 130 2,322 22, 779 3,203 10, 270 2,220 525 1,905 292 13, 097 5,001 End of month figures: 1940—Aug. 31 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 Sept. 30 2,434 1,191 1,243 46 2,485 21,244 3,044 8,151 2,290 756 1,581 269 13,727 6,655 Oct. 31 2,333 1,074 1,259 76 2,412 21, 506 3,059 8,300 2,188 349 1,661 271 14, 208 6,960 1941—Aug. 30 2,184 951 1,234 80 2,275 22,719 3,181 9.995 2,376 906 1,821 284 12. 794 4,796 Sept. 30 2,184 951 1,234 69 2,264 22, 761 3,198 10,163 2,281 423 1,838 292 13, 227 5,169 Oct. 31 2.184 908 1,277 119 2,309 22,800 3,219 10, 364 2,207 987 1,899 290 12, 580 4,557 Wednesday figures: 1941—Jan. 8 2,184 1,048 1,136 2,237 22,034 3,034 8,628 2,203 220 1,740 284 14, 284 6,835 Jan. 15 2,184 1,048 1,136 2,254 22,066 3,092 8,542 2,195 237 1,742 283 14,414 6,896 Jan.22 2,184 1,048 1,136 2,256 22,089 3,095 8,541 2,196 261 1,750 283 14, 410 6,864 Jan. 29 2,184 1,048 1,136 2,228 22,110 3,097 8,548 2,200 258 1,799 283 14,347 6,799 Feb. 5 2,184 1,048 1,136 2,217 22,122 3,099 8,627 2,212 692 1,784 283 13,842 6,308 Feb. 12 2,184 1,048 1,136 2,260 22,130 3,100 8,665 2,212 622 1,837 283 13,871 6,331 Feb. 19._... 2,184 1,048 1,136 2,235 22,140 3,102 8,668 2,222 479 1,785 282 14, 021 6,410 Feb. 26 2,184 1,048 1,136 2,223 22,179 3,101 8,725 2,204 1,752 281 14,175 6,542 Mar. 5 2,184 1,048 1,136 2,237 22,237 3,103 8,805 2,192 391 1,772 280 14,136 6,435 Mar. 12.... 2,184 1,048 1,136 2,244 22,318 3,106 8,811 2,196 421 1,748 14, 211 6,483 Mar. 19... 2,184 984 1,201 2,259 22, 335 3,104 8,826 2,208 913 1,721 13,741 6,108 Mar. 26.... 2,184 984 1,201 2,221 22, 359 3,108 8,842 2,230 906 1,788 288 13, 633 6,011 Apr. 2 2,184 955 1,230 2,244 22, 384 3,110 8,944 2, 251 1,045 1,704 288 13,506 5,941 Apr. 9 2,184 955 1,230 46 2,235 22, 413 3,113 2,272 813 1,740 288 13,656 6,027 Apr. 16 2,184 1,008 1,177 100 2,286 22,421 3,116 2,269 534 1,763 289 13,979 6,264 Apr. 23 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 2,184 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 2,184 1,008 1,177 43 2,229 22, 525 3,125 9,151 2,292 804 1,905 13,440 5,711 May|14 2,184 1,008 1,177 53 2,239 22,538 3,129 9,155 2,283 762 1,961 287 13,458 5,689 May 21 2,184 1,008 1,177 50 2,237 22,565 3,131 9,186 2,280 477 1,972 286 13,732 5,855 May 28 2,184 1,008 1,177 43 2,231 22,573 3,133 9,294 2,221 462 1,926 286 13,749 5,824 June 4 2,184 951 1,234 54 2,240 22, 579 3,136 9,394 2,229 993 1,852 285 13,201 5,407 June 11 2,184 951 1,234 63 2,249 22,593 3,138 9,393 2,240 941 1,809 285 13,312 5,488 June 18 2,184 951 1,234 55 2,241 22,612 3,142 9,433 2,258 1,024 1,855 295 13,131 5,314 June 25 2,184 951 1,234 63 2,249 22,620 3,148 9,490 2,275 1,081 1,891 295 12,985 5,145 July 2 2,184 951 1,234 86 2,273 22,627 3,150 9,704 2,276 837 1,820 13.125 5,265 July 9 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 2,184 951 1,234 108 2.294 22,655 3,157 9,645 2,309 849 1,792 13, 223 6,336 July 23 2,184 951 1,234 61 2,248 22,664 3,161 9,634 2,320 954 1,769 13,117 5,181 July 30.... 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 2.184 951 1, 234 41 2,231 22,682 3,169 9,795 2,345 1,865 287 12,951 5,018 Aug. 13.... 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.... 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.... 2,184 951 1,234 87 2,281 22, 716 3,178 2,378 772 1,843 285 12,998 4,994 Sept. 3 2,184 951 1,234 45 2,241 22, 722 3,180 10,034 2,400 1,834 12, 884 4,857 Sept. 10.... 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 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.... 2,184 951 1,234 2,279 22, 749 3,194 10,070 2,350 379 1,856 293 13,273 5,202 Oct. 1 2,184 951 1,234 49 2,244 22, 761 3,196 10,183 2,259 309 1,918 13, 240 5,193 Oct. 8 2,184 951 1,234 70 2,265 22, 772 3,203 10, 237 2,241 304 1,877 291 13, 290 5,209 Oct. 15 2,184 951 1,234 121 2,313 22, 778 3,207 10, 283 2,222 259 1,920 292 13, 321 5,234 Oct. 22 2,184 1,277 103 2,291 22, 786 3,214 10, 278 2,195 977 1,800 292 12,749 4,655 Oct. 29 2,184 1,277 61 2,250 22, 796 3,219 10, 307 2,209 915 1,910 292 12,632 4,602 Nov. 5.. .. 2,184 1,277 57 2,247 22, 788 3,221 10, 421 2,195 933 1,821 291 12, 594 3,409 Nov. 12_._. 2,184 908 1,277 72 2,263 22, 793 3,222 10,472 2,213 807 1,790 290 12, 707 3,540 Nov. 19.... 2,184 1,277 118 2,307 22, 778 3,228 10, 535 2,184 59R 1,764 290 12, 942 3 692 Nov. 26.... 2,184 1,277 94 2,284 22, 781 3,230 10, 567 2,195 440 1,678 13.126 3,799 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3jand 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. DECEMBER 1941 1237 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. D R e a c t . e 1 beg e i f n I f n e n c i t ng- D R e a c t . e 1 beg e i f n I f n e n c i t ng- D R e a c t . e 1 beg e i f n I f n n ec i t ng- D R e a c t . e 1 beg e i f n I f n n ec i t ng- D R e a c t . e 1 beg e i f n I f n e n c i t ng- Boston Sept. 1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 1939 2H Apr. 29, 1938 New York._._ Aug.27, 1937 Aug.27, 1937 Oct. 10, 1935 Aug.25, 1939 Feb. 8, 1934 Philadelphia- Sept.4, 1937 Sept. 4, 1937 Sept. 4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Aug.27, 1937 Aug.27, 1937 Sept.10, 1937 Sept. 1, 1939 Feb. 19, 1934 Atlanta Sept.16, 1939 Aug.21, 1937 Aug.21, 1937 Sept.16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Aug.21, 1937 Aug.21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept.21, 1939 Sept.2, 1937 Sept. 2, 1937 Sept.16, 1939 4 Feb. 23, 1935 Minneapolis.. Aug.24, 1937 Aug.24, 1937 Aug.24, 1937 Sept. 1, 1939 3 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept.3, 1937 Sept. 3, 1937 Sept.16, 1939 2H Apr. 16, 1938 Dallas Sept.16, 1939 Aug.31, 1937 Aug.31, 1937 Sept.16, 1939 Apr. 16, 1938 San Francisco Sept.3, 1937 Sept.3, 1937 Sept.17, 1937 Sept. 1, 1939 Oct. 19, 1933 * 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 Dec. 1 on advances and commitments under Maturity e R ff a ec te t i o n n In g e in ff n e i c n t g — be- Pre r v at i e ous [Per cen S t e p c e ti r o a n n 1 n 3 u b m o f e x th c e e p F t e a d s e i r n a d l i R ca e t s e e d r v b e y A f c o t otnote8] Dec. 1 Advances to or in par- 1-15 days L... Oct. 20, 1933 ticipation with financ- 16-30 days.... .._.do Advances ing institutions 31-45 days.... direct to Commit- 46-60 days.... .do Federal Reserve industrial On por- ments 6 9 1 1 1 2 - - 1 9 1 - 2 1 0 8 0 d 0 d a d a y a y s y s . s . . . . . . . . . . d d o o Bank m ga o e n r r i c c z i o a al t m i o o - n r- s t i t i w n i o o s h n t n i i c t f u h i o s - r p m O o a r n i t n i o r i e n n - g i a to d v m an a c k e e s i This rate also applies to acceptances bought under repurchase agree- obligated * ments, which agreements are always for a period of 15 days or less. Ne N w O T Y E o . r — k M on in i p m ri u m m e b b u a y n i k n e g r s' r a a te c s c ep a t t a n t c h e e s F p e a d y e a r b a l l e R in e s d e o rv ll e a rs B ; a h n i k g h o e f r N Bo ew st o Y n ork.. __ 3^ 4 - - 6 6 2-3 3 2 3 - H 5 1-2 rates may be charged for other classes of bills. The same minimum Philadelphia 3^-6 1 rates apply to purchases, if any, made by other Federal Reserve Banks. Cleveland % Back figures—See Annual Report for 1937 (table 41). Richmond 4-6 Atlanta 4-6 (4)3 1-2 MEMBER BANK RESERVE REQUIREMENTS Chicago 3-6 4-6 St. Louis 3-6 3-6 [Per cent of deposits] M inneapolis 3-6 3-6 3-6 1-2 Aug. 16, Mar. 1, May 1, Apr. 16, Effec- Kansas City 4-6 4 4 Classes of deposits 1936- 1937- 1937- 1938- tive Dallas 4-6 4 4-6 1 and banks Feb. 28, Apr. 30, Apr. 15, Oct. 31, Nov. 1, San Francisco 4-6 3-4 4-5 1937 1937 1938 2 1941 19412 O O n n d A C R C e e n e l o t p l i s n e u o m e m t t s n r r i e t v a t e d s r l m e e d , y * r m e c b 1 e p i e s a t o r e y n s r d i b v t e a s : n c k i s ty ._ .. . 1 1 1 4 5 9 0 ^ ^ ^ 2 Y 1 2 2 iy 3 M 2 4 2 2 1 6 6 0 4 2 1 1 2 5 7 2 M M 2 2 1 6 0 6 4 t a i R i n n o i 2 3 4 s 1 d c n t S O O h T it a w m D n h n u m e e e t i a o i t e l h o p n l F p a e n d a e e s r m , , s d r c e r i i m A e f n a r c n a t i a e l t e m l t o y l n a w l t R c u e n h e c m s e t l a s r e h a s r s , a e t g t s o h r r h e g v f a C a d t e e n h n t h h b a B i r s r c n a o r a e a a a t r m e n e g r t r e o a k o e c p w t s , h e e s r a e r o h a S c r r f o t t g h c e . w N b e e a y d n r n e L a g t . w s b o e f i d o ( u n c s Y r i e a h r s b e o n o , a o c r w r n r k M g i r n e o , e o g r i t d w P n e b h n i e y b n i e l r ) l o s a . a f b t r p i d i r n y o t o e a u l w l n i f t p s i i c e n h o , i r n a i n a K n g . b , c a y i i n C n n g s s l f a e t i s i n v i t n a e u n s C l t a t c i i i n o i t t n u y d n g - , , . * See footnote to table on p. 1244 for explanation of method of com- 5 One-half of one per cent less than rate charged borrower by financing puting net demand deposits. institution with minimum of four per cent (see note i). 2 Percentages in this column are double the statutory requirements, 8 Minimum charge one-fourth of one per cent. which were in effect June 21, 1917-Aug. 15, 1936. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS1 Maximum rates that may be paid by member banks as established by Prescribed by Board of Governors of the Federal Reserve System in the Board of Governors under provisions of Regulation Q accordance with Securities Exchange Act of 1934 [Per cent per annum] [Per cent of market value] Nov. 1, 1933 Feb. 1, 1935 In effect Apr. 1, Nov. 1, to to beginning 1936- 1937 Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Oct. 31, and 1937 after Savings deposits For extensions of credit by brokers and dealers on Postal savings deposits listed securities, under Regulation T 55 40 Other time deposits pay- For short sales, under Regulation T (J) 50 able in: For loans by banks on stocks, under Regulation U 3 55 40 6 months or more i Regulations T and U limit the amount of credit that may be ex- 90 days to 6 months tended on a security by prescribing a maximum loan value, which is a Less than 90 days specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference be- NOTE.—Maximum rates that may be paid by insured nonmember tween the market value (100%) and the maximum loan value. banks as established by the Federal Deposit Insurance Corporation, * Requirement under Regulation T was the margin "customarily effective February 1, 1936, are the same as those in effect for member required" by the broker. banks. Under Regulation Q the rate payable by a member bank may 3 Regulation U became effective May 1, 1936. not in any event exceed the maximum rate payable by State banks or NOTE.—Regulations T and U also provide special margin requirements trust companies on like deposits under the laws of the State in which on "omnibus" accounts and loans to brokers and dealers. the member bank is located. 1238 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 Nov. 26 Nov. 19 Nov. 12 Nov. 5 Oct. 29 Oct. 22 Oct. 15 Oct. 8 Oct. Sept. Oct. Assets Gold certificates on hand and due from U. 8. Treasury__. 20, 554, 02120, 556, 53320, 557,032 20, 557,030 20, 559,027 20, 560,029 20, 525,03220, 501,030 20, 557,03120,446,030 19, 280,297 Redemption fund—F. R. notes , 15, 344 13, 553 13, 737 14, 555 13,424 13,289 14,153 14,010 14, 555 14, 729 8,919 Other cash 258,491 259,193 243, 661 258,143 275,188 267, 533 250, 498 243,391 269, 666 250,! * 342, 327 Total reserves. 20, 827,85620,829, 27920, 814, 430 20,829, 728 20,847, 639 20, 840,85120, 789, 683 20, 758,43120,841,252 20,711,64419, 631, 543 Bills discounted: For member banks 5,909 4,974 6,422 5,997 5,154 3,545 7,762 10,771 6,019 10,768 3,278 For nonmember banks, etc 200 200 797 Total bills discounted. 5,909 4,974 6,422 5,997 5,154 3,545 7,762 10, 971 6,019 10, 968 4,075 Industrial advances 10,039 10,065 10,033 9,772 9,570 9,273 9,087 9,954 8,918 8,173 U. S. Government securities: Direct Bonds 1, 402, 200 1,402, 200 1,402, 200 1, 402, 200 1,402, 200 1,402, 200 1, 359, 200 1, 359,200 1,402, 200 1,359, 200 1,374,600 Notes.. 777, 300 777,300 777,300 777, 300 777, 300 777,300 820, 300 820, 300 777, 300 820,300 953,600 Guaranteed 4,600 4,600 4,'""" 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 Total U. S. Government securities, direct and guaranteed. 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2, 332, 800 Other Reserve Bank credit outstanding 84,119 107, 62,362 46,727 50, 814 93, 367 111,770 60, 677 108,853 60,480 67, 338 Total Reserve Bank credit outstanding, _ 2, 284,123 2, 306, 648 2, 262,949 2, 246,85; 2,249,840 2, 290, 582 2, 312, 905 2, 264,835 2, 264,466 2,412, 386 Liabilities F. R. notes in actual circulation 7, 612, 074 7, 579, 039 7, 520, 360 7,475, 059 7, 385,166 7, 352,047 7,350,851 7, 299, 505 7, 431, 727 7, 233, £ 5, 576, 520 Deposits: Member bank—reserve 13,125, 84012,941, 83112, 706, 69712, 594,43012,631, 59112, 748, 58713, 321, 39013, 290, 44812, 579, 94213, 227, 29314, 208,066 account _ _. U. S. Treasurer—general 440, 327 598,465 806, 749 933, 220 914,827 977,178 258,814 304,023 987,307 422,880 349,112 account 1, 029, 399 1,046, 242 1,129, 262 1,147,151 1,189,409 1,140, 505 1,188, 259 1,165,164 1,177,458 1,114,1"" 1,081,174 Foreign 648, 302 718,133 660, 297 674,213 720,534 659,405 731,908 711,401 721,321 724, 333 579,619 Other deposits Total deposits.. 15, 243, 86815, 304, 67115, 303,00515, 349, 01415, 456, 36115, 525, 67 15, 500, 37115, 471, 036 15,466,028 15,488, 16, 217,971 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91.1 91.0 91.2 91.3 91.3 91.1 91.0 91.2 91.0 91.2 90.1 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars! Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h ys s 6 1 m y t o o e n a t r hs 2 1 y y to e e a a r r s 2 5 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: Oct. 29 5,154 2,424 137 572 378 1,525 118 Nov 5 5,997 2,828 293 572 343 1,904 59 Nov. 12 6,422 2,989 354 653 472 1,896 58 Nov. 19 4,974 1,609 240 608 379 2,069 69 Nov 26 5 909 3,166 225 438 178 1,836 66 Industrial advances: Oct 29 9 772 2,788 392 415 540 866 1,644 1,701 1,426 Nov. 5 10,033 3,042 398 671 693 474 1,616 1,722 1,417 Nov. 12 10,065 3,105 377 550 403 931 1,590 1,694 1, 415 Nov. 19 10, 039 3,129 394 692 621 543 1,589 1,659 1,412 Nov. 26 9,995 3,056 659 431 595 748 1,541 1,556 1,409 U. S. Government securities, direct and guaranteed: Oct 29 2,184,100 84, 800 66, 200 208, 200 548, 300 1, 276, 600 Nov. 5 2,184,100 84,800 66, 200 208, 200 548, 300 1, 276,600 Nov. 12 2,184,100 84,800 66, 200 208, 200 548, 300 1, 276, 600 Nov 19 2,184,100 84, 800 66, 200 208, 200 548,300 I, 276,600 Nov. 26 2,184,100 84, 800 66, 200 208, 200 548, 300 1, 276, 600 DECEMBER 1941 1239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston N Y e o w r - 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 - la A n t t - a Chicago Lo S u t. is n M o e i l a n i p - s - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from TJ. S. Treasury: Oct. 22 20, 560, 0291, 240, 7678,495,112 1293, 5181,663, 678 772, 653 3, 341,043573, 368345, 861500,676359,657 1, 465, 341 Oct. 29 20. 559, 0271, 212, 5008, 330, 759 1321, 542 , 659, 253 777766,, 223300 515, 740 3, 411,372 612, 743653, 268511, 282376,4731,477,862 Nov. 5 20, 557,0301, 243, 6538,129,318 1320, 5011, 654, 654 802, 840 534^ 3,447,414625,473368,987532, 530396,6311, 500, 673 Nov. 12 20, 557, 0321, 202,1158, 064,174 1334, 3691, 640, 700 826,909 552, 6143,435,944617,926 382', 063544, 065402,3461, 553, 807 Nov. 19 20, 556, 5331,176, 6548,185,628 1276, 8541,644,865 808, 313 528, 2133,458,127611,185 379,,008899535, 575 4"0.1,0871, 550,943 Nov. 26 20, 554,0211,152, 5468,189,491 1274, 37"7 1., 658, 492803, 616 517, 2773, 494,083614, 361376, 384541, 790398, 56'6 11, 533,038 Redemption Fund — Federal Reserve notes: Oct. 22 13, 289 4,634 852 629 560 1,491 292 837 822 514 410 671 1,577 Oct. 29 13, 424 4,593 1,696 566 506 1,088 266 771 810 508 399 662 1,559 Nov. 5 14, 555 4, 552 1,540 499 1,450 1,689 241 710 797 500 385 654 1,538 Nov. 12 13, 737 4, 512 1,389 431 1,398 1,316 215 655 784 495 375 646 1,521 Nov. 19 13, 553 4,477 1,260 380 1,354 1,002 694 612 774 487 368 640 1,505 Nov. 26 15, 344 4,444 1,130 330 1, 1,667 672 1,568 764 857 635 1,483 Other cash: Oct. 22_ 267, 533 26,382 57,147 17, 466 19,553 15, 414 18, 708 37, 918 17, 728 4,834 12,912 11, 503 27,968 Oct. 29 275,188 28, 981 56,417 16, 653 18, 559 16,857 20, 265 40,742 17,777 5,704 13,149 11,702 28,382 Nov. 5. 258,14r 27,924 49, 531 15, 554 20, 570 12, 969 17,915 38,041 18,311 5,097 13,441 11,891 26,899 Nov. 12 243,661 23, 241 49, 654 13, 912 15,624 15,106 18, 220 35,459 18, 526 4,823 14, 896 11,495 22,705 Nov. 19 259,193 27, 326 52, 530 18, 064 19, 892 16,608 17, 325 36, 786 19,261 4,977 12,400 10,396 23,628 Nov. 26 258, 491 26, 301 50, 756 15, 717 16, 900 18,459 18,845 38,199 19,453 5,226 12, 276 10,861 25, 498 Total reserves: Oct. 22 20,840,851 1, 271, 7838, 553, 1111,311.,, 613, 1 683, 791 789, 558 527, 355 3,379, 798 591,918 351, 209 513,998 371,8311,494,886 N N N N O o o o o ct v v v v . . . . . 2 2 5 1 1 9 _ 6 2 9 __ 2 2 2 2 2 0 0 0 0 0 , , , , , 8 8 8 8 8 2 4 1 2 2 9 7 4 9 7 , , , , , 6 4 8 7 2 3 3 5 2 7 9 0 6 8 9 1 , , , , , 1 2 8 2 2 2 4 3 7 2 0 6 , 6 9 8 , , , , 2 1 8 4 0 9 2 6 5 7 1 9 8 7 48 8 8 8 8 , , , , , 1 1 3 2 2 1 8 8 3 4 5 0 8 1 9 , , , , , 2 3 4 8 3 1 8 1 7 7 8 9 7 2 7 1 1 1 1 , , , , , 2 3 3 3 2 9 4 3 3 5 9 8 8 6 , , 0 , , , 4 7 5 " 2 6 5 4 1 4 1 1 " 1 , , , , , 6 6 6 6 6 7 7 6 7 5 8 6 6 6 7 , , , , , 3 6 7 1 7 1 7 1 0 2 8 4 1 0 2 8 8 7 8 8 2 4 1 9 2 5 3 7 4 3 , , , , 3 4 1 7 9 3 7 9 4 2 1 5 8 2 3 5 5 5 5 5 3 5 4 3 7 6 2 6 6 , , , , 5 2 7 2 3 7 1 9 3 1 2 4 , 2 3 3 3 4 3 , , , 7 4 4 5 4 , 8 5 3 9 6 2 5 3 , , , 1 8 8 8 5 6 8 5 2 5 0 5 6 5 3 6 6 6 7 4 6 3 3 , 4 3 1 4 , 1 , 2 , 5 3 5 3 7 6 2 8 3 8 1 2 3 3 0 3 3 3 7 8 3 7 5 , 8 9 4 2 3 4 , , 0 8 , 9 5 4 1 6 5 8 8 5 0 4 5 5 55 3 4 5 4 5 5 6 95 84 2 , , , 4 3 4 38 9 , 3 4 8 3, 2 ,5 3 6 3 3 3 6 , 0 4 4 4 3 4 4 1 1 3 0 1 44 2 9 8 0 ,1 , 1 8 4 0 2 1 2 8 8, 6 7 3 7 3 1 2 6 7 2 1 1 1 1 1 3 , , , , , 5 5 5 5 5 7 2 0 7 6 8 9 6 7 0 , , , . , 1 0 8 1 0 0 3 0 0 7 1 3 3 6 9 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Oct. 22 1,351 150 595 58 200 30 14 85 140 54 Oct. 29 1,744 300 595 193 132 34 is: 110 155 43 Othe N N N N r o o o o b v v v v i . . . . l l 5 2 1 1 s 6 2 9 discounted: 2 2 2 1 , , , , 3 1 5 5 5 3 8 6 5 4 9 1 3 2 2 2 0 7 5 0 4 1 1 , , 0 4 8 2 1 4 6 5 5 5 5 5 2 2 2 5 3 8 1 1 1 1 6 6 5 3 2 2 2 2 1 1 1 1 4 4 4 4 4 5 2 3 9 7 4 4 9 1 1 1 7 1 0 6 5 0 0 0 2 2 2 6 1 2 3 5 5 0 0 2 2 2 2 8 8 9 9 1 1 5 5 1 1 0 0 8 8 Oct. 22 2,194 200 25 52 12 45 1,295 512 53 Oct. 29 3,410 470 70 12 45 2,264 478 71 Nov. 5 3,863 580 70 9 45 2,707 331 7i Nov. 12 .. 3,861 340 70 13 15 59 2,937 306 71 Nov. 19 3,619 45 94 12 15 59 3,096 191 67 Nov. 26 3,320 40 94 10 32 400 51 2,415 171 Total bills discounted: Oct. 22 3, 545 350 620 252 42 25 14 130 1,435 566 53 Oct. 29 5,154 300 1,065 193 202 46 25 157 155 2,419 521 71 Nov. 5. 5,997 300 1,595 273 202 23 25 57 120 2,922 359 121 Nov. 12 6,422 225 1,785 308 232 27 50 24 159 3,157 334 121 Nov. 19 4,974 300 408 256 26 50 34 169 3,326 220 185 Nov. 26 5, " 274 905 428 246 24 57 2,480 200 185 Industrial advances: Oct. 22 9,570 1,895 1,096 3,573 211 792 271 336 400 480 96 283 137 Oct. 29 _ ___ 9,772 1,845 1,096 3,724 208 782 275 347 500 479 96 283 137 Nov. 5_. 10,033 1,941 1,096 3,732 207 781 456 341 500 474 96 273 136 Nov. 12_ 10,065 1,941 1,095 3,717 211 779 470 342 500 510 95 273 132 Nov. 19 10, 039 1,958 1,095 3,705 198 775 344 500 497 95 272 131 Nov. 26 1,955 1,095 3,671 203 771 339 500 496 94 272 131 TJ. S. Government securities, direct and guaranteed: Bonds: Oct. 22 1,406,800 109, 078 364, 773 110, 798 139,060 86,951 60, 063 192, 099 71, 57041,870 60, 502 49, 307 120, 729 Oct. 29 1,406,800 109, 078 364, 773 110, 798 139,060 86,951 60, 063 192, 099 71, 570 41,870 60, 502 49,307 120, 729 Nov. 5 1,406,800 109, 078 364, 773 110,798 139,060 86, 951 60,063 192, 099 71, 570 41,870 60, 502 49,307 120,729 Nov. 12 1,406, 800 109,078 364, 773 110, 798 139,060 86,951 60, 063 192, 099 71, 57041,870 60, 502 49,307 120, 729 Nov. 19 1, 406, 800 109, 078 364, 773 110, 798 139, 060 86,951 60, 063 192,099 71, 57041,870 60, 502 49, 307 120, 729 Nov. 26 1, 406,800 109,078 364, 773 110, 798 139, 060 86, 951 60, 063 192, 099 71, 57041,870 60, 502 49, 307 120, 729 Notes: Oct. 22 _____ 777, 300 60, 270 201, 548 61, 219 76, 833 48, 045 33,186 106,141 39, 54423,134 33,430 27, 244 66, 706 Oct. 29 777, 300 60, 270 201, 548 61, 219 76,833 48, 045 33,186 106,141 39, 544 23,134 33,430 27, 244 66, 706 Nov. 5 777, 300 60, 270 201, 548 61, 219 76, 833 48, 045 33,186 106,141 39, 544 23,134 33,430 27, 244 66, 706 Nov. 12 777, 300 60, 270 201, 548 61, 219 76, 833 48,045 33,186 106,141 39, 544 23,134 33,430 27, 244 66, 706 Nov. 19 777, 300 60, 270 201, 548 61, 219 76,833 48, 045 33,186 106,141 39, 544 23,134 33, 430 27, 244 66, 706 Nov. 26 777, 300 60, 270 201, 548 61, 219 76, 833 48, 045 33,186 106,141 39, 54423,134 33, 430 27, 244 66. 704 Total U. S. Government securities, direct and guaranteed: Oct. 22 2,184,100 169, 348 566, 321 172,017 215,893 134, 996 93, 249 298, 240 111, 11465, 004 93,932 76, 551 187, 43.5 Oct. 29 2,184,100 169, 348 566, 321 172, 017 215, f" 134,996 93, 249 298, 240 111, 11465,004 93,932 76, 551 187, 435 Nov. 5 2,184,100 169,348 566, 321 172, 017 215,893 134, 996 93, 249 298, 240 111, 11465,004 93,932 76, 551 187, 435 Nov. 12 2,184,100 169, 348 566, 321 172, 017 215, 893 134, 996 93, 249 298, 240 111, 11465,004 93,932 76, 551 187, 435 Nov. 19 2,184,100 169, 348 566, 321 172, 017 215,893 134, 996 93, 249 298, 240 111, 11465, 004 93,932 76, 551 187, 435 Nov. 26 2,184,100 169, 348 566, 321 172, 017 215, 893 134, 996 93, 249 298, 240 111, 11465, 004 93,932 76, 551 187, 435 1240 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 Ne o w r - k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dalla: F c S i r a s a n c n o - A ssets— Continued Total bills and securities: Oct. 22 ._ 2,197, 21 171,595 568, 03' 175,648 216, 356 ] 35, 788 93, 562 298, 60: 111,525 65, 614 95, 46; 77,40f 187,625 Oct. 29 2,199, 02i 171,495 568,48? 175. 934 216,303 135, 77f 93, 570 298, 612111,77 65, 638 96, 44r 77, 35, 187,643 Nov. 5 __ 2, 200,13C 171,589 569, 012 176, 022 216,302 135, 77' 93, 728 298, 606111,67 65, 595 96, 95f 77,18? 187, 692 Nov. 12.. 2, 200, 58* 171,514 569, 20 176. 042 216, 336 135,77! 93, 746 298, 632111,638 65,673 97,18' 77,158 187, 688 Nov. 19 . 2,199,113 171,301 567, 716 176,130 216, 34r 135. 771 93, 74- 298, 63' 111,648 65, 670 97, 355 77. 04? 187, 751 Nov. 26 2, 200, 004 171, 57' 568, 321 176,116 216,342 135, 767 93, 741 298, 63C112, 513 65, 711 96, 50C 77, 02S 187, 751 Due from foreign banks: Oct. 22 47 18 6 4 Oct. 29 4' 18 4 Nov. 5__ 4' 18 4 Nov. 12. __ _ 4' 18 4 Nov. 19. 4' 18 4 Nov. ?6 4' 18 4 Federal Reserve notes of other banks: Oct. 22 38, 271 1,248 2,708 1,483 2,219 13, 754 2,706 2,467 2,633 3,405 96- 3,779 Oct. 29 35, 734 942 2,137 1,329 1, 848 13,407 3, 21"" 2,559 1,671 1,067 3,31 680 3.513 Nov. 5 38, 217 990 4,170 838 2,228 14, o: 2, 63: 2,489 2,621 1,436 2, 44.* 890 3^401 Nov. 12 36, 065 1,112 4,904 1,000 1,373 13, 279 2,47: 2,373 2,858 838 3,16 838 1,853 Nov. 19 36, 908 916 2,90; 1,642 1,93' 12,521 3,188 2,92? 3, 357 879 2, 850 746 3,048 Unc N ol o l v e . cte 2 d 6 items: 32, 63' 82' 2,64; 1,461 1,462 11, 2,806 3,119 1,790 1,471 1,511 661 2,995 Oct. 22 1, 072, 061 102,072 251,515 69. 053 127,001 86,118 45.101 156, 436 47, 439 27, 759 48,415 40, 392 70, 760 Oct. 29 993, 098 96, 581 234. 492 65, 229 127,287 75, 44, 5f" 145,180 44, 750 27,115 41, 664 32,470 58, 328 Nov. 5. 908, 253 95, 063 168,249 57, 577 117,500 79, 504 52, 471 131,413 42, 25, 246 42, 34' 36, 422 59, 966 Nov. 12 948, 526 86, 822 191,39' 60,450 130,912 84, 54' 38, 285 148, 682 42,179 28, 371 43, 800 41,811 51, 270 Nov. 19 1, 243, 860 117,161 373, 006 78, 681 139,395 90, 902 46.102 154, 749 47,14 30, 86.r 48,315 47, 086 70, 454 Ban N k o p v. r em 26 ises: 1, 027, 780 96, 457 257,119 68, 587 138, 590 80? 086 42, 075 140, 509 43, 251 26, 298 40, 347 36, 083 58, 378 Oct. 22 40, 983 2,791 10,548 4,86: 4,463 2,892 1, 958 2,991 2,28i 1,345 2,900 1,158 2,785 Oct. 29__ 40. 945 2,78' 10, 548 4,857 4.464 2,883 1, 956 2, 986 2,282 1, 345 2,900 1,158 2,779 Nov. 5 40, 900 2,787 10, 530 4,853 4,463 2,883 1, 956 2,986 2,282 1,343 2, 887 1,151 2,779 Nov. 12 40,955 2,78" 10. 530 4, 4,463 2,926 1,956 2,986 2,282 1,343 2,887 1,151 2,779 Nov. 19.._ 41, 2,78' 10. 659 4, 4,463 2,927 1,956 2 £" 2, 283 1,343 2,887 1,151 2,779 Nov 26 41, 06C 2,787 10, 659 4,855 4,451 2,935 1, 952 2,'fi 2,282 1,343 2,887 1,151 2,772 Other assets: O O c c t t . . 2 2 9 2 ____ 4 45 4 , ,4 6 1 0 7 5 3 3, ,186 1 11 1 , , 3 7 7 3 0 " 3 3, , 8 6 3 3 0 7 4,766_ 2 3, , 0 9 3! 30 1 1 , , 896 5 5, , 6 7 4 5 0 9 2 2, , 1 0 3 9 1 8 1 1, , 3 3 7 5 1 0 1 1 , , 8 9 5 0 3 2 1 1 , , 5 5 8 9 1 8 4 4 , , 2 1 0 4 9 1 Nov. 5.. 46,110 3, 326 11,838 3,680 4,941 3,032 1,924 5,88: 2,191 1,428 1,937 1,636 4,295 Nov. 12.._ 47,102 3,376 12,245 3, 796 5, 020 3,117 1,944 5, 995 2,238 1,417 1, 957 1,631 4,366 Nov. 19. 47, 733 3,444 12,325 3, 810 5,ir 3,121 2,00, 6,109 2,272 1,432 1,991 1,667 4,440 Tota N l o a v s . se 2 t 6 s: 3,528 12, 676 3,98" 5,185 3,205 2,042 6,231 2, 315 1,459 2,017 1,726 4,491 Oct. 22 24, 233,845 552, 676 9,397, 3071, 566, 306 038, 600 ,031, 042672, 5493, 845,939r57, 902;48,182366, 035193, 327 763, 980 Oct. 29 24,162, 094 521,13£ 9,216,"" 1,589,945 033,109 , 024, 684681, 5573, 907,987 793.939 t56, 016371, 058502, 099 764,279 Nov. 5 24, 063, 385 , 549, 887 8,944, 2061, 579, 529, 022,112, 052, 773"05, 225" 927.547805; 842 "I 635 >92, 923526, 459 787, 247 Nov. 12. 24,087,712 495, 482 8,903,5121,594,870 , 015, 830, 082, 977'09,4553, 930, 732798, 432 85,023 '08, 329537,077 825,993 Nov. 19 24, 398, 026 , 504, 074 9, 206, 0471, 560,431 , 033, 371, 071,167693, 2293, 960,931797, 928484, 739701, 740539,817 844, 552 Nov. 26 24,178, 243 458, 46' 9, 092, 81£1, 545, 435, 042, 734, 057, 626679, 4123, 337 796, 730 !,378 1,192526, 707 816, 410 Liabilities Federal Reserve notes in actual circulation: Oct. 22 7, 352, 04' 611,152 1, 509, 459 695, 903 388,100246, 7961, 550, 355289, 657.87, 722142, 67922,34; 618,893 Oct. 29.__ 7, 385,166 613, 381 1,896,314 511, 545 701, 224 390, 71"9 249, 7911, 554, 985291,166 .88, 324>42,174 .23,498 622, 045 Nov. 5 7,475, 059 618, 769 1,920,566 520, 655 705, 431 396,916253,179 1, 571, 327294, 796 90, 657 !44, 750 26, 921 631,092 Nov. 12... 7, 520, 360 624, 435 1, 924, 890 525, 349 714, 010 401, 095253,1621, 579, 93r295, 902 .91, 584!45, 044 26, 927 638, 029 Nov. 19 7, 579, 039 629, 507 1, 948, 691 530,949 717, 573 398, ~'" i,780 , 595, 927297, 079 93,059 !46, 321.28,139 639,174 Depo N s o i v t . s: 26 7, 612, 074 631,310 1,955, 827 725, 452 399; 540254, 36£ ., 600, 232598, 651 .93, 759546, 956 28, 974 638, 922 Member bank—reserve account: Oct. 22 2, 748, 58' 666, 095 5, 757, 623 767, 547 967, 050 452,421 286, 252 , 891,370334, 695 .57,469 504,974 253, 788 909, 303 Oct. 29 2, 631, 591 673, 950 5, 527,163 786, 446 970. 646 450, 790287, 5221, 931, 260353,130 68, 340 106,4""266, 07" 909, 792 Nov. 5___ 2, 594, 430 690, 348 5,393, 947 769, 874 945, 76' 472,846 313, 6231,909, 797366, 626 .79, 687126, 961285,489 939,465 Nov. 12 2, 706, 69" 645, 318 5,422, 041 788, 972 941, 630 489, 052"525, 0271, 949,667366, 666 .87, 663134,143293, 240 963, 278 Nov. 19 2, 941, 831 644, 819 5, 632, 411 754,351 972,150 475, 073304, 2032, 000, 542362, 111 .84, 060137, 904293, 334 980,873 Nov. 26 3,125, 840 632, 589 5, 778, 29r 750, 066 990, 743 480, 663306, 9132, 028, 213 88, 446 !43, 543293, 54" 964, 743 IT. S. Treasurer—general account: Oct. 22 977,178 95, 626 413,929 65, 032 90, 253 35, 764 33, 729 70,425 32, 259 38, 741 28, 822 31, 674 40, 924 Fore N N N N O ig o o o o c v t v v v n . . . . . : 2 1 2 5 1 9 9 6 2 8 4 9 9 5 4 0 9 3 1 0 6 8 3 4 , , , , ,8 4 3 2 7 2 6 2 2 4 7 5 7 0 9 2 6 4 6 5 4 3 4 8 8 , , , , , 1 1 8 3 4 6 6 7 2 3 9 4 1 0 2 3 3 2 1 9 9 9 3 7 5 1 3 8 0 , , , , , 6 8 4 0 2 0 7 2 6 4 5 6 6 3 9 6 7 6 4 5 4 3 0 4 5 . , , , , 1 4 0 6 9 1 1 0 8 2 6 4 3 7 5 6 8 6 4 3 7 9 8 5 2 , , , , , 0 1 4 5 5 2 0 9 3 9 1 6 7 1 3 3 3 3 2 3 1 8 1 7 7 , , , , , 8 1 6 9 7 9 9 4 8 4 1 3 1 4 0 3 2 3 3 3 3 0 3 8 1 , , , , , : 6 0 5 7 2 3 2 1 7 0 5 4 1 8 6 3 3 3 4 6 1 9 3 , , , , , 4 1 6 4 7 4 5 4 4 1 9 3 4 3 2 3 3 4 4 3 8 8 4 5 5 , , , , , 4 8 0 8 5 9 0 4 2 5 1 0 2 5 9 4 4 3 3 3 2 6 5 3 0 , , , , , 4 7 3 3 7 9 6 6 7 9 4 6 3 3 2 3 2 3 2 6 8 2 0 : , , , , , 2 0 5 6 7 5 4 2 1 2 8 9 527 3 3 3 3 2 2 4 5 1 3 , , , , , 0 4 2 7 7 1 7 1 8 4 5 5 0 0 4 3 3 2 3 2 5 2 8 9 7 , , , , , 3 7 7 5 7 8 6 2 4 2 1 5 1 7 4 Oct. 22.. 1,140, 505 51,795 442, 664 109, 361 103, 723 48, 479 39,460 135, 291 33, 823 24,803 32, 695 32, 695 85, 716 Oct. 29 1,189, 409 50, 218 467, 728 113, 662 107, 803 50, 386 41, 012 140, 613 35,153 25, 779 33, 981 33, 981 89, 093 Nov. 5 1,147,151 50, 005 446, 535 110,132 104, 455 48, 821 39, 738 136, 245 34, 061 24, 978 32, 926 32, 926 86,329 Nov. 12 1,129, 262 47, 828 442,131 108, 220 102, 642 47, 974 39, 048 133, T"- 33, 470 24, 545 32, 354 32, 354 84, 816 Nov. 19.. 1, 046, 242 43, 42!" 410,382 100, 285 95,116 44,456 36,185 124, 064 31,016 22, 745 29, 982 29, 982 78, 600 Nov. 26 1, 029, 399 42, 842 403, 080 98, 770 93, 678 43, 784 35, f" 122,189 30, 547 22, 401 29, 529 29, 529 77, 412 Other deposits: Oct. 22._ 659, 405 7,492 543, 289 12, 960 30,' 6,890 7,790 4,792 6,493 2, 1,262 26, 207 Oct. 29 720, 534 9,969 596,105 13,050 30, 977 7,874 8,654 5,471 12,121 6,552 2,597 1,407 25, 757 Nov. 5 674, 213 13, 844 547, 632 9,376 31, 071 8,118 8, 391 5,627 10, 379 6,f~~ 2,368 971 29, 798 Nov. 12 660, 297 9,011 533, 246 13, 470 31, 024 7,409 9,119 7,399 10,194 6,320 2,846 844 29, 415 Nov. 19 718,133 594, 014 10, 967 30, 892 10,179 7,068 7,119 10, 405 6,734 2,17' 1,249 28, 342 Nov. 26 648, 302 6,858 526, 259 10, 305 31, 002 10, 567 8,058 4,713 10, 418 8,102 2,106 1,092 28, 822 *Less than $500. DECEMBER 1941 1241 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: Oct. 22 -15, 525,675 821,008 7,157,505 954,9001,192,010 543,554367,231 , 101,878 409,385 227, 506 369,129;19,419 , 062,150 Oct. 29 15, 456, 361 792,301 6,984,059 977,274 1:,, 174, 532 540, 790 375.,,902 ,159,087 446,295 236>,, 03437-3,124 334,940 ., 062, 023 Nov. 5 --. 15, 349,014 819,068 6, 726, 719 963, 469 1 561, 769 393;,,3792,185,118 456, 625 247',,6 67766 395, 782352,166 ., 078, 357 Nov. 12 15,303,005 765,489 6,688, 667 974,265 '1,137, 793 582, 326 407',,0742,157,358 448", 730159,022 4"07",!595357,453 , 117,233 Nov. 19 15,304,671 741,654 6,807, 683 916, 528 1,147,689 566,901380,9812,166, 369 441,557 215566,, 305 358, 775 , 123, 536 Nov. 26 15,243, 868 710, 458 6, 803, 058 904, 5551,153, 444 563, 655370, 6392,194, 268 443,893!52, 741 349,907 , 099, 524 Deferred availability items: Oct. 22 978, 741 94, 507 220,806 67,069 115, 713 82, 879 44, 709 145,473 46,841 23,120 42,765 39,879 54,980 Oct. 29 942, 331 89, 363 205, 802 66,058 122, 302 76,601 41,831 145,624 44,436 21, i 44, 256 31,953 52, 267 Nov. 5 861, 573 85,939 166, 860 60,589 112, 801 77, 589 44, 661 122, 848 42, 402 21,485 40,870 35,691 49, 838 Nov. 12 886, 211 79,497 159,704 60, 344 128,963 83,027 35, 375 145,104 41, 763 24, 580 44,140 40,997 42, 717 Nov. 19 1,136, 372 106, 756 319,459 78,113 133,061 44,634 150, 306 47, 283 25, 578 47,212 41, 218 53, 856 Nov. 26 943, 708 90, 476 203, 606 67,806 128, 751 77, 869 40, 548 142, 395 42,143 22,063 41, 971 36,122 49, 958 Other liabilities, including accrued dividends: Oct. 22 4, 405 1,233 391 429 393 162 478 144 143 160 290 Oct. 29 5,192 476 1,320 563 507 459 370 553 161 123 193 186 281 Nov. 5 4,818 525 1,291 357 483 404 333 493 150 133 182 170 297 Nov. 12 5,201 462 1,466 456 564 435 168 573 172 150 208 194 353 Nov. 19 4,999 552 1,411 386 556 416 163 543 149 132 195 184 312 Nov. 26 5,525 579 1,496 533 596 448 183 623 178 152 201 206 330 Total liabilities: Oct. 22 23,860,851 527,072 9, 268, 5301, 531, 8192,004,055 1,014,926 658,898 3;,, 798,184 746,027 438,496154, 733 481,,8031, 736, 313 Oct. 29 23, 789,050 495, 521 9,087, 4951, 555,440- ,1998,565 1,008, 569 6677 , 894T3,860, 249 782,058 446, 319 659,747490, 5771, 736, 616 Nov. 5 23,690,464 524, 301 8,815,436 %1 545,070 1, 987, 6011,036,678 6911,, 5523,879, 786 793,973 459, 681, 584514,9481, 759, 584 Nov. 12 23, 714, 777 8, 774, 7271, 560, 414, 981, 3301,066, 883 6955,, 7793, 882,968 786,567 475; 336 696,987525, 5711, 798, 332 Nov. 19 24,025, 081 478) 469 9,077, 2441, 525, 9761,998, 879r 11,055,053 6799, 558 3i, 913,145 7860,68 475,074 690,421528, 3161, 816, 878 Nov. 26 23,805,175 432,823 1, 510,977 2,008, 2431,041,512665, 7353, 937, 521 784, 86, 686, 854515, 2091, 788, 734 Capital Accounts Capital paid in: Oct. 22 141, 248 9,362 51, 772 11,860 14,603 5,639 4,848 15,097 4,376 3,011 4,553 4,356 11,771 Oct. 29 141, 259 9, 362 51,779 11,875 14,603 5,639 4,855 15,07f 4,376 3,012 4,556 4,356 11,771 Nov. 5 141, 284 9,362 51, 779 11,866 14,602 5, " 4,' 15,078 4, 376 3,013 4,584 4,357 11, 773 Nov. 12 141, 302 9,362 51,784 11, 866 14,603 5,643 4,858 15,078 4,376 3,017 4, 585 4,35' 11, 773 Nov. 19 141, 324 9,367 51, 796 11, 866 14,603 5,647 4,857 15,085 4,376 2,997 4,585 4,357 11,788 Nov. 26 141, 352 9,368 51, 796 11,866 14,603 5,649 4, 15,104 4,377 2,99: 4,586 4,357 11, 788 Surplus (section 7): Oct. 22 157,065 10,906 56, 447 15,144 14, 323 5,247 5,725 22,824 4,92! 3,15! 3,613 3,974 10, 785 Oct. 29 157,065 10, 906 56,447 15,144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Nov. 5... 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 Nov. 12 157,065 10, 906 56,447 15,144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Nov. 19 157,065 10, 906 56,447 15,144 14, 323 5,247 5, 725 22, 824 4,925 3,15! 3,613 3,974 10, 785 Nov. 26 157,065 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): Oct. 22 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Oct. 29 26, 785 2,874 7,070 4,393 1,00" 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Nov. 5 26, 785 2,874 7,070 4,393 1,007 3,244 71 1,429 533 1,000 1,138 1,263 2,121 Nov. 12 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Nov. 19 26, 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Nov. 26 26, 785 2,874 7,07C 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Other capital accounts: Oct. 22 47,896 2,46! 13,488 3,090 4,612 1, 2, 365 8,405 2,041 2,528 1, 1,931 2,990 Oct. 29 47,935 2,472 13,49f 3,093 4,611 1, 2,370 8,410 2,047 2,533 2,004 1,929 2,986 Nov. 5 47, 787 2,444 13,474 3,056 4,579 1,965 2,380 8,430 2,035 2,519 2,004 1,917 2,984 Nov. 12 47, 783 2,457 13,484 3,053 4, 567 1,960 2,380 8,433 2,031 2,518 2,006 1,912 2,982 Nov. 19 47, 771 2,458 13,490 3,052 4,559 1,976 2,376 8,448 2,026 2,516 1,- 1,90" 2,980 Nov. 26 47,866 2,496 13,515 3,055 4,558 1,974 2,378 8,459 2,030 2,514 2,001 1,904 2,982 Total liabilities and capital accounts: Oct. 22 ._ 24, 233, 8451, 552, 6769, 397, 3071, 566, 3062, 038, 60C1, 031, 042672, 5493, 845, 939757,902448,182666,035493, 3271, 763, 980 Oct. 29 24,162,094 1,521,135 9, 216, 2861, 589, 9452,033,1091, 024, 684 68,15,5 '5537, 907,98"793,939456,016671,058502,0991, 764, 279 Nov. 5 24,063,385 1, 549,8878,944, 2061, 579,529 22,,022,1121, 052, 7 705. 2253, 927, 547305, 842469,635692, 923526,4591, 787, 247 Nov. 12 24,087,712 1,495,482 8,903, 5121, 594, 8702, 015, 8301,082,977709,4553,930, 732798,432485,023708, 329537,0771,825,993 Nov. 19 24, 398, 0261, 504,0749, 206, 0471, 560, 4312,033, 3711,071,16'693, 2293, 960, 931797, 928484, 739701, 740539, 8171,844, 552 Nov. 26 24,178, 243 1,458, 4679, 092, 8151,545,4352, 042, 7341, 057, 626"" 'I, 4132, 985, 337796, 730478, 378 !, 195226, 7071,816,410 Commitments to make industrial advances: Oct. 22 13, 574 553 463 2,270 1,228 1,226 1,041 1,600 559 1,501 3,082 Oct. 29 13, 238 551 463 2,174 1,22' 1,196 1,028 1,600 395 1/501 3,052 Nov. 5 14,175 449 460 2,237 1,22' 1,081 1,776 1,600 745 1,501 3,048 Nov. 12 14,657 449 460 2, 1,222 1,067 1,773 1,600 1,250 1,501 3,017 Nov. 19 14, 574 462 458 2,286 1,218 968 1,771 1,600 1, 249 1, 501 3,010 Nov. 26 14,7 461 458 2,305 1,19' 956 1,771 1,600 1,244 1,501 3,191 1242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday of Ap r p ec li e c i a v t e i d ons Ap c p o li n c s a i t d i e o r n a s t i u on nder A a p p p p li r c o a v 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 R x r e p w p i a r i e i t d h d , - , P pa a t r i t o ic n i s each month) sta o n u d t i - ng! sta o n u d t i - ng pl c e o t m ed - 3 dr a a p w p n l i- 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 2,617 168,380 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. 3i *. 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 Oct. 29.. 9,950 504,144 1 5,000 3,161 274, 739 10, 612 13, 238 12,317 219. 598 18, 974 Nov. 26.. 9,974 506, 320 3 375,000 3,179 276, 499 10, 836 14, 735 9,774 221, 421 19, 733 i Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. i 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 $747,- 000, Nov. 26, 1941. * Tuesday. 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 C ca h g i- o L S ou t. is n M o e l a i i n s p - - K C s a a i n t s y - Dallas F c S r is a a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent: Oct. 29 7,761,865645,130 1,988,934 531,241730,561414, 378271,412 1, 589, 203312, 391194,322 254,460 136,916 692,917 Nov. 5 7,816, 607652, 487 22,,0 0020,2 ,"17-0 542, 794 732, 634119,2"9"3' 270, 906 1,600,917313, 746 1"96", 104 254,412 139,087 692,060 Nov. 12 7, 901,975652,6412,020,477 551120 738,691424,172 274t;, 0741,639, 211312,985 196, "5•"5"9 255,457 138,628 697,960 Nov. 19 7, 953, 846658,332200 2,.0 29',. 8 57 553,,0 06 752,, 386 =42:4,218273, 44"6 "1., 650,775 3-1,49!23'199,913256,496 137,755 702, 751 Nov. 26 8, 005, 755656,887 2, 042, 032 560, 547 763,435 425,93"9"' 2,7 74^4:1, 653, 221316,091199,388257,993144,131708, 644 Held by Federal Reserve Bank: Oct. 29 376, 699 31, 749 92, 620 19, 696 29,337 23,659 21,621 34,218 21,225 5,998 12, 286 13,418 70,872 Nov. 5 341, 548 33, 718 81, 604 22,139 27, 200 22.377 17,727 29,590 18,950 5,447 9,662 12,166 60,968 Nov. 12 381,615 28,206 95,587 25,771 24,681 23,077 20,912 59,278 17, 083 4,975 10,413 11,701 59,931 Nov. 19 374, ~ 28,813 81,166 22,057 34,813 25.378 19,666 54,848 17,844 6,854 10,175 9,616 63, 577 Nov. 26 393, 681 25, 577 86, 205 22,464 37, 983 26,399 23,082 52,986 17, 440 5,629 11, 03r 15,157 69, 722 In actual circulation:* Oct. 29 ', 385,166613, 3811,896,314511,545 701,224390,719 249, 1, 554,985 291,166 188, 324 242,174123,498 622,045 Nov. 5.. 7, 475, ' 6"18, 769 1, 920, 566 520, 655 710,54i31396,916 253, 1, 571,327 294, 796 190,657 244, 751026,921 6f31,092 Nov. 12 _.7, 520,360624,435 1, 924,890 525,349 714,010 401,095 253,162. 1, 579,933 295,902 191, 584 245,014246,927638,029 Nov. 19 7, 579, 629, 5071, 530,949 717, 573 398; 840 253', "7810, 595,927 297,079 193,059 246,321128,139 "6"391,,1:74 Nov. 26 7, 612, 074631,, 310 .1, 955, 825738,083 ""5, 452399, 540 254,- 3"65 1, 600, 235 298,651 193, 759 246,915268,974 638,922 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Oct. 29 7,901,000655,000 2,000,000 540,000 735,000 450,000 275,000 1,620,000 329,000 197,000255,000141,000 704,000 Nov. 5. 7,988,000675,000 2,010,000 565,000 735,000 450,000 275,000 1, 640,000 329,000 255,000143,000 714,000 Nov. 12. . . . 8,047,000675,000 2,035,000 565,000 740,000 450, 000 280,0001, 660,000 329,000 200; 000255,00014"40,000 714,000 Nov. 19 8, 072,000675,000 2,045,000 565,000 755,000 450,000 280,0001, 660, 000 329,000 200,000255,000144,0000 714, 000 Nov. 26 S, 136, 000675, 000 2, 055, 000 565,000 765,000 450,000 280, 000, 16,80 6,8 0; 000 329, 000 2"0"3 ,•2 6000,0000150, 0C00 724, 000 Eligible paper: Oct. 29 4,175 300 1,065 193 157 151 2,309 Nov. 5 5,17" 300 -1, 595 223 57 116 2,886 Nov. 12 5,558 225 1,785 258 24 3,120 Nov. 19 4,151 300 368 34 156 3,293 Nov. 26 5,111 274 905 380 899 199 2,454 Total collateral: Oct. 29 7,905,175655,300 2,001,065540,193 735,000 450,000 275,0001,620,000 329,157 197,151 257,309141,000 704t,000 Nov. 5 7,993,177675, 300 2,011, 59J 565, 223 735,000 450,000 275,0001, 640,000 329,057 197,116 257, 886143,000714,000 Nov. 12 \ 052, 558675, 225 2,036, 785565, 258 740, 000 450,000 280, 0001, 660,000 329, 024 200,146 258,120144,000714,000 Nov. 19 8, 076,151675,000 2,045, 300 565, 368 755,000 450.000 280,0001, 660, 000 329, 034 200,156 258, 293144,000714,000 Nov. 26 8,141, 111675, 274 2, 055, 905 565, 380 765, 000 450~, 000 280, 0001, 680, 000 329, 899 203,199 262,454150, 000 24, 000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. DECEMBER 1941 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, OCTOBER, 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] Gross Net F R ed e e se ra rv l e R s e w se it r h ve m A e l m l - Ce c n i t t r y a l b r a e n s k e s rve Re- Coun- Classes of banks de- de- Time Banks ber city and districts mand mand de- banks* New Chi- banks banksi po de s - its po d s e i - ts ] posits Re- Held Ex- York cago quired Total reserves held: 1940—October 14,043 1,279 4,024 ,851 All member banks _. 47,811 39,060 12, 593 8,096 13,097 5,001 November 14,131 6,975 1,218 4,080 ,858 Central reserve city banks: December 14,049 6,997 1,142 4,096 ,815 New York 16,845 16, 022 849 3,687 5,314 1,626 1941—January 14, 339 7,135 1,051 4,240 ,913 Chicago 3,526 3,106 491 731 1,243 512 February 13,996 6,807 1,033 4,258 March 13, 979 6,924 931 4,197 Reserve city banks: April 13, 600 6,518 966 4,204 ,912 Boston district 1,468 1,315 81 234 424 190 May 13, 650 6,243 1,144 4,298 ,965 New York district 288 223 150 47 66 20 June 13, 201 5,958 1,144 4,184 ,914 Philadelphia district. _ 1,719 1,450 228 265 573 307 July 13,120 5,875 1,120 4,198 1,927 August 13, 004 5,600 1,140 4,287 1,978 Cleveland district 2,403 1,901 734 762 393 September 13,184 5,554 1,218 4,335 2,076 Richmond district 1,132 875 243 165 321 156 October 13, 097 5,314 1,243 4,391 2,149 Atlanta district 1,035 723 136 193 57 Weekending (Friday): 1941—Oct. 3 13, 256 5,474 1,310 4,364 2,107 Chicago district 1,882 1,357 705 273 477 204 Oct. 10 13, 299 5,413 1,307 4,413 2,166 St. Louis district 1,177 894 175 165 248 83 Oct. 17 13, 337 5, 414 1,251 4,464 2,208 Minneapolis district... 516 383 83 71 97 26 Oct. 24 12, 973 5,316 1,187 4,352 2,118 Oct. 31 12, 714 5,073 1,192 4,356 2,094 Kansas City district... 1,281 876 156 161 225 64 Nov. 7 12, 675 4,945 1,163 4,381 2,185 Dallas district 962 627 132 116 164 48 Nov. 14_ 12, 742 4,917 1,179 4,413 2,233 San Francisco district. 3,103 2,519 2,049 543 841 298 Nov. 21 12, 964 5,062 1,228 4,449 2,226 Excess reserves: Total 16,967 13,143 4,916 2,546 4,391 1,845 1940—October 6,864 3,465 610 1,888 902 November 6,830 3,493 546 1,895 897 Country banks: December 6,646 3,443 476 1,887 840 Boston district 1,227 570 135 267 132 1941—January 6,832 3,505 381 2,016 930 New York district 1,874 1,348 1,502 237 499 263 February 6,422 3,166 347 2,004 906 Philadelphia district.. 878 581 114 217 103 March 6,304 3,203 252 1,923 927 April 5,883 2,812 295 1,885 891 Cleveland district 571 747 106 220 114 May 5,831 2,514 434 1,949 933 Richmond district 874 480 399 78 149 72 June 5,351 2,238 424 1,820 870 Atlanta district 741 447 257 66 108 41 July.. 5,193 2,150 388 1,789 866 August 5,017 1,898 403 1,824 892 Chicago district 1,244 778 136 266 130 September 5,116 1,834 478 1,836 968 St. Louis district 552 337 261 54 92 39 October 5,001 1,626 512 1,845 1,017 Minneapolis district.._ 423 265 281 46 74 Week ending (Friday); 1941—Oct. 3 5,188 1,772 572 1,853 991 Kansas City district.. _ 582 360 161 51 Oct. 10 5,217 1,720 571 1,884 1,042 Dallas district 700 433 106 57 Oct. 17 5,223 1,709 523 1,912 1,079 San Francisco district. 489 302 307 52 Oct. 24 4,853 1,616 459 1,799 979 Oct. 31 4,636 1,423 461 1,796 955 Total 10,472 6,7 6,337 1,131 2,149 1,017 Nov. 7 2 *3, 473 855 328 1,443 P846 Nov. 14 P3, 530 836 346 1,453 P894 Nov. 21 956 384 1,472 P887 1 Gross demand deposits minus demand balances with domestic banks (except private banks and American branches of foreign banks) and cash items in process of collection. p Preliminary NOTE.—See table on p. 1238 for percentages of deposits required to be 1 W eekly figures of excess reserves of all member banks and of country held as reserves. banks are estimates 2 Increase of approximately 15 per cent in reserve requirements became effective Nov. 1, 1941. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Boston 2,695 2.620 650 650 2, 531 2,457 527 527 164 163 123 123 New York 19, 007 18,979 2,501 2,488 i 1, 783 i 1, 735 11,126 i 1,123 379 377 526 518 Philadelphia 2,597 2,572 1,116 1,116 2,271 2,254 649 650 326 318 468 466 Cleveland 3, 291 3,243 1,482 1,478 2,953 2,912 1,132 1,131 338 331 349 347 Richmond ... _ . 2,007 1,927 642 634 1,742 1,678 434 430 265 249 207 204 Atlanta 1,777 1,737 437 433 1,605 1,571 352 349 171 167 85 85 Chicago ._ 6, 652 6,668 2,055 2,047 i 2, 666 i 2, 660 i 1, 222 i 1, 217 460 456 342 341 St. Louis 1,729 1,646 436 434 1,399 1,334 308 307 330 312 128 127 Minneapolis 939 918 364 364 736 723 197 197 203 194 167 167 Kansas City 1,863 1,846 318 317 1,466 1, 456 207 207 397 390 110 110 Dallas 1,662 1,619 238 238 1,283 1,261 191 191 380 357 47 47 San Francisco 3, 591 3,524 2,356 2,348 3,433 3,375 2,252 2,245 158 150 103 103 Total 47,811 47, 299 12, 593 12, 545 i 23,866 i 23,415 i 8, 597 i 8, 571 3,573 3,465 2,656 2,638 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 1244 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 rotal 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- T o n f u r o e r 1 t y a e 8 s 9 s - 0 S s u c i i b a l o v r s i y e n id r - M c i o n in or U S n n t o a i t t t e e e s d s R F n e e o d se t e e r r s v al e R F B n e e o d s a e t e n e r r k s v al e t n b i N o o a n a t n e - a k s l 1940—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 September.. 10,163 62 56 1,724 1 455 202 314 7,181 20 147 October 10, 364 62 57 1,715 1 463 205 317 7,378 20 146 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] End of month i T c n u o c l t a i a r - l - Coin and small denomination currency J Large denomination currency 2 as U so n r - ttion i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed* 1940—September 8,151 5,814 618 566 36 1,055 1,876 1,663 2,340 503 1,048 • 216 496 25 52 3 October 8,300 5,911 627 575 36 1,068 1,908 1,696 2,392 512 1,071 223 508 25 52 3 November _ 8,522 6,098 639 591 38 1,107 1,977 1,748 2,426 523 1,089 225 512 26 51 3 December 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941—January 8,593 6,094 635 577 37 1,091 1,973 1,781 2,502 540 1,126 230 530 24 52 4 February. 8,781 6,243 641 582 38 1,116 2,041 1,826 2,541 551 1,144 232 535 24 55 4 March 8,924 6,342 650 590 38 1,132 2,074 1,858 2,583 560 1,163 238 543 24 56 1 April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 1,197 241 550 25 56 2 May _ 9,357 6,683 669 615 40 1,176 2,211 1,972 2,675 587 1,218 242 546 24 57 2 June 9,612 6,890 681 625 41 1,207 2,289 2,047 2,725 607 1,244 244 548 24 57 2 July 9,732 6,992 688 626 40 1,215 2,334 2,090 2,742 615 1,257 244 544 24 58 3 August _ 9, 995 7, 237 700 641 42 1, 257 2,430 2,169 2,760 630 1,274 244 543 24 46 3 September 10,163 7,378 713 658 42 1,270 2,469 2,227 2,787 645 1,293 243 537 24 46 3 October 10, 364 7,537 725 663 41 1,287 2,527 2,293 2,830 638 1,316 245 539 25 47 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve Banks and in circulation, In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s b o a i i u l l l n v l v l - d a e e r r r s s S i i s u a l i b v d r - y e - 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 s F e R e a e r r e a n v d - l k - e t n b i N o o a n t n a e - k a s l Year or month m E S e u n h r t i o s p p - t e o R E e f u r c o r e o m i p p e ts m s N h e i e n p t t - s rec N e e ip t ts lion 1 coin notes 1937. 21.5 47.6 26.1 1938. 33.1 34.4 1.3 1939. 110.2 9.8 100.3 1940—September. 3,044 1,920 411 181 347 22 163 1940.. 17.7 .7 17.0 October 3,059 1,931 415 183 347 22 162 November. 3,072 1,937 419 187 347 22 160 1940—October .1 .1 .1 December.. 3,087 1,945 425 189 347 22 159 November.. .1 .2 .1 December.. .1 .1 1941—January 3,097 1,953 427 191 347 22 158 February... 3,102 1,959 428 192 347 21 156 1941—January .2 .1 0) March 3,109 1,965 429 193 347 21 155 February ... .1 .1 April 3,122 1,971 434 194 347 21 154 March (*) May 3,134 1, 977 440 196 347 21 153 April.. June 3,149 1,983 447 199 347 21 152 May 8 July... 3,166 1,991 455 202 347 20 151 June August 3,181 1,998 462 204 347 20 150 July September. 3,198 2,006 469 207 347 20 149 August October 3,219 2,013 482 210 347 20 148 September _ 0) October 0) 1 Includes silver held against silver certificates amounting to $1,939,- 000,000 on Oct. 31, 1941 and $1,864,000,000 on Oct. 31, 1940. i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. DECEMBER 1941 1245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] [In thousands of dollars] Ear- Period of a s G t t p o o e e c n l r d k i d od In s g c t i o r o n e c ld a k se im g N o p e l o d t rt g m o c o a l r r d e r : a k i n s d e e - e d - p D ti r c o t o i m g d o o u n e l c s d i - - From or to— Oct. Sept. Jan.-Oct. crease (—) Im- Ex- Im- Ex- Im- Exports ports* ports ports 5 ports ports* 1934>. 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 34 30 354 1937 _ a 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. _ 1939 17,644 3,132.0 3, 574.2 -534.4 161.7 United Kingdom... 55 250 3,495 1940 21,995 4,351. 2 4, 744. 5 —644. 7 170.2 U. S. S. R 5,550 5,652 25,844 Canada 16,074 42,563 366,793 Mexico ___ 1,020 495 9,190 1940—June _. 19,963 754.2 1,163.0 -437. 2 11.1 C entral America 911 9,048 July 20,463 499.4 520.0 -55.1 16.2 West Indies and Ber- August 20,913 450.2 351.6 67.0 12.5 muda 103 737 September- 21, 244 331.6 334.1 36.6 13.5 Argentina 20 160 October 21, 506 261.1 326.0 -117.9 19.2 Bolivia 1 87 November-. 21,801 295.2 330.1 -39.5 16.6 Brazil 18 December.. 21,995 194.0 137.2 7.4 16.3 Chile... 323 1,338 7,185 Colombia 2,107 2,488 20,100 1941—January 22,116 121.7 234.2 -52.8 13.5 Ecuador _ 253 2,604 February... 22,232 115.4 108.6 -46.2 12.6 Peru 583 1,634 8,004 March 22,367 135.4 118.6 .2 12.0 Venezuela 608 392 3,985 April 22, 506 138.5 172.0 -10.5 12.8 British Guiana . 7, 6" May 22, 575 69.1 34.8 -3.8 12.6 Australia.. _ 6,151 2,064 57,798 June 22,624 49.2 30.7 4.0 14.4 New Zealand T 405 2,208 July 22,675 50.5 37.0 -27.7 13.6 British Oceania 652 3,268 August 22, 719 44.7 37.0 -31.2 12.4 British India 2,327 8,954 September. 22, 761 41.5 65.7 -46.8 17.8 Netherlands Indies.... 2, 855 October.. _ 22,800 38.8 40.4 4 -32. 2 P17.7 China and Hong Nov. 1-26P. 22, 781 -18.7 45.3 4 -54.5 Kong 3,697 Japan 9,444 Philippine Islands 3,143 3,10: 35,346 * Preliminary. South Africa 200 3,694 292,663 i Figures are those for United States published in table on p. 1285, All other countries 140 16 3,783 adjusted to exclude Philippine Islands production received in United States. Total _ 40,444 65, 707 879,163 55 » 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 million dol- Figures represent customs valuations which, with some exceptions, lars on Dec. 31, 1936, and 1,228 million 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 suspended count, in millions of dollars: October 31—2,054.7; Nov. 26—2,109.3. publication of export statistics by country of destination. NOTE.—For back figures see Annual Report for 1937 (table 29). Back figures.—See table, p. 1285, 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 Member Nonmember all New other 133 Total, banks banks Year and month re i p n o g rt- Y C o it r y k le in a g d- ce o n th te e r r s2 all centers centers * banks Na- In- Not tional State sured 2 insured 1929.. _ 982,531 331,938 47,504 1936 __ 461,889 219,670 33,283 Number of banks suspended: 1937. 469,463 197,836 235,206 36,421 1 1 1 9 9 9 3 3 3 5 4 6.. .. 3 4 5 4 4 7 4 1 1 4 2 0 8 2 48 8 3 1 1 1 9 9 9 3 3 4 8 9 0 . . 4 4 4 0 2 4 5 3 5 , , , 9 9 8 2 3 6 9 2 3 1 1 1 6 7 7 8 1 1 , , , 7 3 5 7 8 8 8 2 2 2 2 2 0 1 3 4 8 6 , , , 7 2 9 9 4 5 8 5 2 3 3 3 2 4 7 , , , 4 2 3 0 5 2 6 2 9 1 1 1 1 1 9 9 9 9 9 3 4 3 3 4 7 0 8 9 1 . —-Jan.-Oct. 4 2 5 5 2 2 9 5 5 4 4 1 1 2 2 3 1 4 4 2 1 7 7 5 8 3 1 6 6 3 0 1 1 9 9 4 4 0 1 — — N O D S J o e c e a v c t p n o e e t u e b m m a m e r b b b r y e e . e . . r r . r . . . 3 3 3 4 4 9 9 3 6 1 , , , , , 0 6 6 8 1 8 9 7 1 3 8 5 3 2 3 1 1 1 1 1 2 4 4 8 5 , , , , . 5 9 9 6 1 9 5 5 2 4 4 2 2 6 7 2 2 1 2 2 0 1 8 2 4 , , , , , 8 2 3 3 4 1 6 6 2 9 9 7 5 7 8 3 3 2 3 3 , , , , , 3 3 9 7 4 1 7 5 2 8 7 1 1 8 8 Deposits of suspended banks February.. 35,783 13,268 19,457 3,057 (in thousands of dollars):3 March 44,558 17,402 23, 586 3,570 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 3 3 3 3 3 3 0 4 6 7 5 8 9 _ . _ . 3 1 3 1 1 1 6 5 0 4 1 3 9 , , , , , , , 9 0 3 9 9 0 7 3 1 0 1 9 4 2 7 5 6 2 8 3 3 5 7 1 , , ,3 3 3 5 2 4 1 7 4 0 3 5 1 3 9 6 6 0 7 2 1 4 , , 7 6 2 0 2 1 8 9 1 1 1 1 3 6 1 5 0 0 1 , , , , , , , 9 5 3 7 1 2 7 1 8 4 6 5 0 2 2 1 9 3 6 7 1 3 2 1 4 , , , 0 4 9 9 4 5 3 4 3 8 8 3 9 4 4 9 5 0 6 9 2 J J A M A S O u u e p u c n a l p y r g t y e o t i u l e b s m e t r b . e _ r _ 4 4 4 4 4 4 5 4 2 5 3 3 2 0 , , , , , , , 2 6 8 8 8 8 9 3 6 0 7 5 7 4 7 5 8 0 6 5 2 1 1 1 1 1 1 1 6 6 5 7 5 9 5 , , , , , . , 1 6 2 2 6 1 0 2 5 8 5 8 4 7 4 4 2 7 8 8 9 2 2 2 2 2 2 2 4 4 3 4 3 7 4 , , , , , , , 0 6 3 8 7 3 0 7 1 6 5 9 1 3 4 0 0 3 5 5 3 3 3 3 3 3 3 4 , , , , , , , 8 7 8 9 5 4 7 0 4 6 0 0 1 4 1 7 6 1 7 5 5 1941—Jan -Oct. 2,436 1,933 503 1 National series, for which bank debit figures are available beginning with 1919. » Represents banks which, auring the periods shown, closed tem- 2 Except that 1929 figure is for 128 centers only. porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at Back figures.—Annual report for 1937, page 157. Annual totals, beginthe time of closing (in some instances with the aid of Federal Deposit ning with 1919, by Federal Reserve districts and for individual centers, Insurance Corporation loans). are available for distribution and will be furnished upon request. * Federal deposit insurance became operative January 1, 1934. 1 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Annual Report for 1937 (table 76). 1246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITSl [In millions of dollars] Nonmember Member banks4 banks Member banks4 Nonmeniber banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u k g s a s l b m n a b o e n e m n k r - s - Call date ba A n l k l s Total ti N on a- al State M s b a a v u n i t n k u g s a s l b n e o r O n t b m h a e e n r m ks - 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29. 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31... 55, 289 33,865 20,290 13, 575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30. _. 37, 998 23,338 14,772 8,566 9,713 4,946 Dec. 30. 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38,505 23, 771 15, 386 8,385 9,708 5,026 1936—June 30 15,752 6,400 5,368 1,032 566 8,786 1936—June 30.. 51,335 34,098 21,986 12,112 10,060 7,178 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31._. 53, 701 35,893 23,107 12,786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30.._ 53, 287 35,440 22,926 12, 514 10, 213 7,635 Dec. 31 15, 393 6,341 5,260 1,081 563 8,489 Dec. 31... 52,440 34, 810 22, 655 12,155 10, 257 7,373 1938—June 30 15, 287 6,338 5,242 1,096 563 8,386 1938—June 30. _. 52,195 34, 745 22, 553 12,193 10, 296 7,153 Dec. 31 15, 206 6,338 5,224 1,114 556 8,312 Dec. 31... 54,054 36, 211 23,497 12, 714 10, 365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30... 55,992 38,027 24, 534 13,493 10,521 7,444 Dec, 30. 15,037 6,362 5,187 1,175 552 8,123 Dec. 30... 58, 344 39, 930 25, 661 14, 269 10,613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—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 6,556 5,130 1,426 547 7, 752 June 30.. _ 67,172 48,076 30, 684 17, 392 10, 641 8,456 Sept. 245 14, 852 6,596 5,125 1,471 546 7,710 Sept. 24 5 _ 68, 453 49,160 31. 500 17,660 10, 641 8,652 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks4 Nonmember banks Call date Mutual savings banks Other nonmember banks Invest- Invest- Total Loans ments Total Loans 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 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 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 5,906 4,079 5,115 3,238 1,877 1936—June 30. 48,458 20,679 27, 778 32,259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31_ 49, 524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30. 49,696 22, 514 27,182 32, 739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31. 48, 566 22,198 31, 752 13, 958 17, 794 10.187 4,996 5,191 6,627 3,244 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. 31 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—June 29. 51, 335 22,341 28,995 34,451 13,969 20,482 10.188 4,926 5,262 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 3,490 3,399 June 30. 57, 945 25, 312 32, 633 40,659 16, 729 23,930 10, 314 4,955 5,360 6,972 3,628 3,344 Sept. 24 59, 308 26, 215 33, 093 41,943 17, 546 24, 397 10, 325 4,960 5,365 7,040 3,709 3,331 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few- State bank abstracts. * Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in condition reports among "Other assets." The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,- 000,000, respectively. » 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. * Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana. 6 Figures for nonmember banks are preliminary. Back figures.—See Annual Report for 1937 (tables 48-49) DECEMBER 1941 1247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments 1 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 m t d a c r i o u n i i n e a s a m d - r - l l - ' - A c t a u u g l l r * r - i - - p O m k a p a p e e r t e n - r b o a p r T e L s n r o u r o e s d k o r c c c - a u a h n r r a s r i t s y f t i i o h T i e n n s e r o g g rs3 e l R o st e a a n a t l s e L ba o t n o a k n s s l O o t a h n e s r 4 Total T U o . t a S l . G B o il v ls ern N D m o i e r t n e e c t s t o B b o li n g d a s tio G n t a e u s n e a d - r- g 8 p O a d s a i t o u t i c o a b n i v b l a o t f l d i - i l i e t n - - - s s O r s i e t t c h ie u e s - r deal- sions ers Total—All Member Banks 1929—Dec. Si- 35,934 26,150 2,463 7,685 3,191 714 1, 515 9,784 249 520 3,094 1,393 4,528 ms—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 30.. 30.72] 2,938 492 701 2,614 2,613 120 6,397 17, 783 [ 2,343 316 ,653 6,246 2,128 2,143 3,296 Dec. 31.. 32,070 :3,208 4,737 442 973 775 " 716 125 2,728 18,863 13,222 286 3,389 7,208 340 2,448 3,192 1939—June 30. _32, 603 .3,141 4,783 420 731 736 828 58 2,796 19,462 L3, 777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30_. 33, 941 3,962 5,386 455 790 700 957 56 2,888 19, 979 .4,328 563 2,223 8,398 3,144 2,692 2,959 1940—June 29.. 34,45i 3,969 5,538 450 447 668 3,069 42 3,020 20, 482 .4, 722 797 543 8,261 3,121 2,888 2,873 Dec. 31.. 37,126 5,321 6,204 456 642 652 3,228 43 3,230 21,805 5,823 652 2,594 9,091 3,486 3.013 2,970 1941—Apr. 46... 38, 983 5,878 23,104 3,487 3.206 2.911 June 30.. 40,659 6, 729 7,270 738 537 575 3,365 3,565 23,930 8,078 ,631 10, 481 3,839 2,984 2,867 Sept. 24.. 41,943 7,546 24, 397 8, 338 3,161 2,899 New York City'' 1929—Dec. 31.. 8,774 6,683 195 1,257 2,145 322 2,595 2,091 1,112 58 166 222 758 1933—June 30.. 7,133 3,424 364 759 1,044 162 937 3, 709 2,551 638 987 926 478 680 1938—June 30.. 8,013 3,172 141 556 717 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 1,663 894 517 698 1939—June 30.. 1,474 128 555 215 41 440 5,700 4,483 168 908 2,284 ,123 480 736 Dec. 30_. 9,339 3,296 1,768 120 611 188 44 425 6,043 4,772 315 797 2,385 ,275 579 693 1940—June 29 9,829 3,014 1,801 103 320 188 32 426 6,815 5,486 421 1,092 2,650 ,324 634 695 Dec. 31.. 10,910 3,384 2,025 100 465 190 25 443 7,527 6,044 207 1,245 2,977 ,615 695 788 1941—Apr. 4«._. 11,696 3,502 8,194 6,625 ,620 771 798 June 30.. 12,493 3,778 2,405 97 422 186 129 33 503 8.715 7,268 577 ,526 3,415 1,751 651 796 Sept. 24.. 12,930 3,939 8,991 7,331 819 841 City of Chicago * 1929—Dec. 31_. 1,757 1,448 251 533 535 309 116 3 19 94 96 1933—June 30_. 1,287 677 61 251 237 610 384 206 82 97 87 138 1938—June 30. 1, " 525 29 109 361 1,281 981 12 313 535 140 159 Dec. 31. 639 319 43 70 62 1,430 1,114 59 291 655 141 176 1939—June 30.. 2,052 544 329 39 71 59 1,507 1,175 185 234 621 154 179 Dec. 30_ 2,105 365 41 66 60 1,536 1,203 153 176 701 162 170 1940—June 29. 2,205 417 23 61 62 1,602 1,258 254 161 710 177 167 Dec. 31 _ 2,377 696' 476 42 54 84 1,681 1,307 297 145 752 188 186 1941—Apr. 4«__. 2,649 780 1,869 1,466 226 177 June 30. 2,707 846 20 101 1,861 1,483 417 125 803 190 188 Sept. 24- 2,573 918 1,655 1,304 175 176 Reserve City Banks 1929—Dec. 31. 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 165 1,112 448 1,128 1933-June 30. 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 681 1,597 698 930 1938—June 30. 11,150 4,853 163 95 998 1,201 26 2,369 6,298 4,658 1,268 2,603 718 732 908 Dec. 31_ 11,654 4,963 1,914 149 119 242 1,230 20 1,081 6,691 5,018 1,224 2,997 740 808 1939—June 30_ 11, 756 5.004 1,884 138 115 221 1,284 12 1,116 6.751 4,991 1,014 3,010 889 895 Dec. 30.. 12, 272 5,329 2,100 155 IIP 222 1,335 1,168 6,943 5,194 819 3,339 972 890 860 1940—June 29. 12,160 5,365 2,134 156 87 210 1,372 1,224 6,795 4,947 839 3,052 969 981 868 Dec. 31.. 13,013 5,931 2,436 153 115 .207 1,436 1,307 7,081 5,204 771 3,281 ,049 984 893 1941—Apr. 4«__.13,494 6,165 7,328 5,440 ,047 1,034 855 June 30 _ 14,013 6,498 2,879 175 202 100 1,477 1,457 7,515 5,700 73 606 3,858 1,162 979 836 Sept. 24. 14,588 6,861 7,727 5,914 975 838 Country Banks 1929—Dec. 31. 13, 375 201 291 2,231 1,462 4,705 4,439 1,267 171 627 2,546 1933—June 30. 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 681 1,549 1938—June 30. 9,752 4,388 173 21 790 1,269 2,126 5,364 2,964 715 1,657 579 878 1,522 Dec. 31. 10,113 4,444 1,048 138 25 243 1,353 1,149 5,669 3,233 732 1,893 697 982 1,453 1939—June 30. 10.109 4.605 1,095 140 22 229 1,402 1,180 5,504 3,127 563 1,870 683 1,025 1.351 Dec. 30. 10,224 4,768 1,151 163 20 224 1,477 1.234 5.456 3,159 431 1,972 725 1.061 1,236 1940—June 29. 10,257 4,987 1,187 174 17 208 1,544 1,308 5,270 3,030 451 1,849 695 1,097 1,144 Dec. 31. 10,826 5,309 1,267 187 21 201 1,644 1,397 5,517 3,269 433 2,081 710 1,146 1,102 1941—Apr. 46.. 11.144 5, 431 5,713 3,456 1,176 1,081 June 30. 11, 446 5,607 1,377 555 216 17 1951,739 1,504 5,839 3,627 60 374 2,404 1,165 1,047 Sept. 24. 11,852 5,828 6,024 3,789 1,191 1,044 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. 8 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures.—Bee Annual Report for 1937 (tables 52-58). 1248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demanddeposits Time deposits, Interbank except interbank except interbank (ieposits Reserves Bal- De- Indi- Indi- Domestic w F e R e r e i a t - d h l - v C a i a n u s l h t m a w n d e o i c s - t e h ti s c m po a d a e d s - n i - t d s p u v n a a i e d l r r s t - - - , S p a t o a n l t i d e t- s C a f e i n e d r d ti- U G . o v S - . p u v n a a i e d r l r s t - - - , S p a t o a n l t i d e t- s Postal banks For- r B i o n o w g r s - - c C o i a a t u c p a - - n l ts Call date B s a er n v k e s banks i usted2 s p h a c o o n i r p r d a s - - , s d s i i n u i o v n b n i i - s - ch c e e e tc c rs . k 8 ' s m e e r n n t - 4 s p h a c o o n i r p r d a s - - , s d s i u i o b v n - i s - ings * m D a e n - d Time b e a i n g k n s tions tions Total—All Member Banks 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1929—Dec. 31 2, 235 405 2,008 12,089 11, 830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 8,004 712 4,084 20, 893 19, 816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 1938—June 30 8,694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 10,011 712 4,674 23, 587 22, 448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 1939—June 30 11, 604 841 5.506 25.681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,52? Dec. 30 13. 751 789 5,751 27, 877 26, 397 2,529 475 711 11,459 410 59 8,852 134 7t)3 3 5.608 1940—June 29 13, 992 991 6,185 30. 129 29, 576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 Dec. 31 13, 531 837 « 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 13, 246 1,061 6 8, 562 33, 822 32,149 3,090 730 781 11,980 382 50 610,176 6 140 6 628 13 5,852 Sept. 24 New York City « 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 3 517 65 119 6 698 6,900 273 367 123 694 32 2 514 291 1 587 1938—June 30 4 104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1 593 Dec 31 4 975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 1939_j,lne 30 5 915 89 125 8,899 9,030 251 178 74 693 43 3,542 i 695 1,592 Dec 30 7 072 88 119 10,235 10, 283 258 147 67 732 29 3,840 650 1,599 1940—June 29 7,057 102 122 ! 1,062 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 5, 534 96 6 114 11, 506 11,595 300 342 135 810 29 6 4,040 6563 10 1,635 Sept. 24 City of Chicago 5 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1929—Dec. 31 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1933—June 30 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 1938—June 30 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 1939_june 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 1 187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 1940—June 29 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 Dec. 31 815 20 6 283 1,755 1.685 181 26 108 486 10 4 61,151 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 1,278 39 6 271 2,228 2,112 228 29 95 469 22 61,081 68 279 Sept. 24 Reserve City Banks 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1929—Dec. 31 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1933—June 30 2 289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2,514 113 32 1,753 1938—June 30 2 354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 Dec. 31 2, 735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 1939—June 30 3.118 348 2,485 8,176 8,002 813 190 435 4.362 240 14 3,516 117 53 1.828 Dec. 30 3, 759 334 2,679 8.774 8,372 956 147 422 4,422 219 18 3,526 105 44 1,873 1940—June 29 4,027 398 2.741 9, 581 9,4P8 995 228 327 4,506 226 19 3,919 106 51 1,904 Dec. 31 4 107 361 fi 2,859 10,137 9, 552 1,206 171 273 4,540 202 19 6 4.023 e 108 6 49 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 4 359 425 6 2,885 11,060 10, 637 1,221 190 383 4,591 186 19 6 4,324 6108 6 55 1,948 Sept. 24 Country Banks 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1929— Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1933—June 30 1,263 316 1,806 5,738 4,863 L,008 126 68 5,499 144 52 380 22 2 11 1,778 1938—June 30 1,353 322 1,956 6,224 5,215 ,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,403 307 2,117 6, 255 5,272 ,130 135 136 5,619 145 40 439 26 2 5 1,828 1939—June 30 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 1,733 328 2,711 6,969 5,960 ,115 164 143 5,816 147 37 538 29 2 3 1,876 1940—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 p3,044 8,039 6,886 ,269 163 114 6.006 142 31 6 677 629 62 3 1,943 1941—Apr. 4 1,914 437 3,106 8,374 7,282 ,269 190 151 6,049 143 31 652 30 2 3 1,956 June 30 2,075 501 6 3, 293 9,028 7,805 1, 341 169 168 6,110 145 30 6 732 6 32 62 3 1,990 Sept. 24 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. »Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935. * TJ. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 6 Central reserve city banks. 6 Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). DECEMBER 1941 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars! Loan5 Investments Loans for U. 3. Government obligations Com- purchasing mer- or carrying loans cial, securities Date or month m v a i e e n n s n d - t t - s Total t d a r i u i n n a s d - l - , p O m k a p p a e e r t e n - r br T o o k- e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G 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—October 24,429 8,852 4,709 300 424 458 1,221 39 1,701 15, 577 11,908 683 1,878 6,744 2,603 3,669 1Q41—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 r 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, 661 6,149 400 453 438 1,253 41 1,927 18, 281 14, 578 1,069 2,266 7,931 3,312 3,703 September 29,171 10, 937 6,321 395 536 437 1,258 42 1,948 18,234 14, 467 903 2,287 7,958 3,319 3,767 I October ... _._ 29, 368 11,152 6,525 412 521 432 1,260 39 1,963 18, 216 14, 457 811 2,249 8,067 3,330 3,759 1941—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 Oct. 1 29,125 11,024 6,447 397 494 428 1,257 39 1,962 18,101 14, 301 785 2,280 7,917 3,319 3,800 Oct. 8 _ . 29,132 11,076 6,501 403 493 427 1,256 40 1,956 18,056 14, 307 815 2,250 7,920 3,322 3,749 Oct. 15. 29, 385 11, 244 6,568 419 551 439 1,258 43 1,966 18,141 14, 378 842 2,255 7,946 3,335 3,763 Oct. 22 29,618 11,212 6,556 423 535 433 1,262 37 1,966 18, 406 14, 653 817 *% 220 -8, 273 3,343 3,753 Oct. 29 29, 582 11, 203 6,554 419 531 431 1,265 37 1,966 18, 379 14, 648 797 2,242 8,279 3,330 3,731 Nov. 5 29, 523 11, 238 6,572 418 550 436 1,256 42 1,964 18, 285 14, 606 815 2,557 8,311 2.923 3,679 Nov. 12 29, 611 11,317 6,633 428 554 430 1,261 41 1,970 18, 294 14, 632 832 2,558 8,313 2,929 3,662 Nov. 19 _ 29, 656 11, 285 6,632 426 527 428 1,260 36 1,976 18, 371 14,696 898 2,548 8,323 2,927 3, 675 Nov. 26 29, 693 11, 266 6,602 427 536 428 1,259 39 1,975 18, 427 14,735 950 2,520 8,344 2,921 3,692 New York City 1940— October _. __ 9,644 2,874 1,798 79 301 159 119 30 388 6,770 5,356 319 971 2,638 1,428 1,414 1941—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 September 12, 222 3,655 2,426 77 396 159 108 33 456 8,567 7,021 495 1,447 3,221 1,858 1,546 October _. 12, 266 3,726 2,523 79 376 152 107 30 459 8,540 7,001 442 1,418 3,265 1,876 1,539 1941—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 Oct 1 12, 237 3,654 2,482 72 354 151 107 30 458 8,583 7,002 479 1,437 3,224 1,862 1,581 Oct. 8 12,188 3,686 2,515 72 356 150 107 30 456 8,502 6,968 474 1,402 3,223 1,869 1,534 Oct. 15 12, 309 3,783 2,547 83 400 154 106 34 459 8,526 6,985 449 1,412 3,243 1,881 1,541 Oct 22 12, 326 3,755 2,544 84 378 153 106 29 461 8,571 7,045 423 1,408 3,324 1,890 1,526 Oct. 29 12, 268 3,750 2,527 82 390 152 107 29 463 8,518 7,005 384 1, 431 3,310 1,880 1,513 Nov. 5 _ .. . 12,195 3,770 2,536 82 401 152 107 34 458 8,425 6,967 401 1,619 3,347 1,600 1,458 Nov. 12 12, 225 3,801 2,565 84 403 151 107 33 458 8,424 6,980 419 1,621 3,333 1,607 1,444 Nov. 19 12,184 3,780 2,562 84 381 153 107 31 462 8,404 6,953 425 1,598 3,324 1,606 1,451 Nov. 26 12,151 3,768 2,545 86 384 153 104 31 465 8,383 6,918 410 1,572 3,339 1,597 1,465 Outside New York City 1940—October 14, 785 5,978 2,911 221 123 299 1,102 9 1,313 8,807 6, 552 364 907 4,106 1,175 2,255 1941—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 September 16, 949 7,282 3,895 318 140 278 1,150 9 1,492 9,667 7,446 408 840 4,737 1,461 2,221 October. 17,102 7,426 4,002 333 145 280 1,153 9 1,504 9,676 7,456 369 831 4,802 1,454 2,220 1941—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 Oct. 1 -- 16,888 7,370 3,965 325 140 277 1,150 9 1,504 9,518 7,299 306 843 4,693 1,457 2,219 Oct 8 16,944 7,390 3,986 331 137 277 1,149 10 1,500 9,554 7,339 341 848 4,697 1,453 2,215 Oct 15 17,076 7,461 4,021 336 151 285 1,152 9 1,507 9,615 7,393 393 843 4,703 1,454 2,222 Oct. 22 . 17,292 7,457 4,012 339 157 280 1,156 8 1,505 9,835 7,608 394 '812 '4.949 1,453 2,227 Oct 29 17,314 7,453 4,027 337 141 279 1,158 8 1,503 9,861 7,643 413 811 4,969 1,450 2,218 Nov 5 17, 328 7,468 4,036 336 149 284 1,149 8 1,506 9,860 7,639 414 938 4,964 1,323 2,221 Nov. 12 17, 386 7,516 4,068 344 151 279 1,154 8 1,512 9,870 7,652 413 937 4,980 1,322 2,218 Nov 19 17,472 7,505 4,070 342 146 275 1,153 5 1,514 9,967 7,743 473 950 4,999 1,321 2,224 Nov. 26 17, 542 7,498 4,057 341 152 275 1,155 8 1,510 10,044 7.817 540 948 5,005 1,324 2,227 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 1250 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.En millions of dollars] Demand deposit3, Time deposits, Interbank except interban] except interbank deposits Re- B s s w j e e R a e ? r r r n i v e e a t v k u h e - l e - s s v C a i a n u sh lt b m a w B a n d e n a i c o s t l e k - h t - i s s c m p u D o s d a a t d s e e e n i - - - t d d s x s I p u v n h a c n a a i o e n i d d l r p r r d s t i - - - s - - , , S p s d s a i t o i 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 f e e e i n e f t e l c r r c d i s t d . - k i ' - s m U G e e r . o n n v S - t - 2 . s I p u v n h a c n a a n o e i i d d r p l r r d s t i - - s - - - , , S p s d s a i t i o u c i o a n v l a b t n i d i e l t - s - - s P in s o a g s v s t - a 2 l m D a D e n b o - d a m n e k T s s t i i m c e b F e a i o n g r k n - s r B i o n o w g r s - - co C i a u t a c a n p - l t - s Date or month pora- porations tions Total 101 Cities 11, 856 505 3,309 21,442 21, 040 1,490 423 507 5,180 172 24 8,666 111 681 1 3,797 1940—October 10, 925 585 3,479 23,969 23, 509 1,741 518 456 5,233 175 26 9,059 114 663 1 3,873 1941—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, 742 556 3,575 24,404 23,890 1,829 493 596 5,271 156 21 9,402 114 624 1 3,885 September 10, 597 555 3,543 24, 391 24, 021 1,863 563 510 5,280 156 21 9,485 112 635 1 3,895 October 10, 534 543 3,502 24,349 23, 719 1,876 475 591 5,268 156 21 9,240 115 626 1 3,889 1941—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 10, 792 537 3,596 24, 277 23, 894 1,906 656 580 5,267 160 21 9,557 112 624 1 3,888 Oct. 1 10,804 558 3,523 24,400 23, 788 1,857 503 442 5,285 157 21 9,496 113 633 1 3,892 Oct. 8 10,816 550 3,645 24,640 24, 772 1,823 568 276 5,278 156 21 9,782 111 632 1 3,897 Oct. 15 10, 358 562 3,504 24, 382 23, 989 1,840 569 598 5,283 154 21 9,347 111 645 2 3,902 Oct. 22 10, 215 568 3, 449 24, 258 23, 662 1,889 519 653 5,285 153 21 9,245 112 640 2 3,896 Oct. 29 10, 058 550 3,276 23, 876 23, 394 1,904 557 658 5,298 152 21 9,145 110 642 3 3,914 Nov. 5 10,140 588 3,361 24,151 24,134 1,853 507 658 5,292 156 21 9,167 110 643 3 3,915 Nov. 12 10, 361 543 3,342 24,192 24, 052 1,708 725 726 5,295 154 20 9, 263 111 643 5 3,912 Nov. 19 10, 534 574 3,335 24,452 23, 979 1,822 534 777 5,275 151 22 9,139 111 660 4 3,918 Nov. 26 New York City 6,601 84 82 9,808 9,860 293 240 35 677 42 3,770 625 1,497 1940—October 5,667 123 97 10, 986 11,086 291 305 19 699 22 3,860 600 1,519 1941—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, 285 86 88 10, 888 10,983 299 264 111 738 24 3, 883 561 1,519 September 5, 039 82 90 10, 600 10, 782 306 314 197 739 25 3,878 574 1,521 October 5,257 88 84 10,978 11,005 330 245 107 738 24 3,814 566 1,520 1941 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 5,161 80 90 10, 672 10, 865 342 398 129 736 24 3,976 563 1,520 Oct. 1 5,157 82 87 10, 701 10, 784 317 284 120 747 24 3,882 570 1 522 Oct. 8 5,138 81 91 10, 706 11,071 289 286 124 738 25 3,975 572 1,522 Oct. 15 4, 985 81 93 10, 564 10, 735 277 321 283 735 25 3,812 587 1,523 Oct. 22 4,755 84 92 10, 357 10, 452 305 283 331 738 25 3, 747 578 1,520 Oct. 29 4,623 85 91 10,162 10, 327 324 338 336 744 25 3, 664 580 1, 530 Nov. 5 4,644 88 90 10, 248 10. 507 289 268 336 740 25 3, 636 582 1,531 Nov. 12 4, 833 81 93 10, 320 10', 627 272 405 340 747 23 3,687 584 1,531 Nov. 19 5,006 84 89 10, 511 10, 503 368 287 357 738 23 3,611 598 1,530 Nov. 26 Outside New York City 5, 255 421 3,227 11, 634 11,180 1,197 183 472 4,503 130 24 4,896 111 56 1 2,300 1940—October 5,258 462 3,382 12, 983 12,423 1,450 213 437 4,534 153 26 5,199 114 63 1 2,354 1941—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 5,457 470 3,487 13,516 12, 907 1,530 229 485 4,533 132 21 5,519 114 63 1 2,366 September 5,558 473 3,453 13, 791 13, 239 1,557 249 313 4,541 131 21 5,607 112 61 1 2,374 October 5,277 455 3,418 13,371 12, 714 1,546 230 484 4,530 132 21 5,426 115 60 1 2,369 1941—Sept. 3 5,425 482 3,442 13, 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 13, 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 13, 574 12, 940 1,529 223 487 4,534 136 21 5,536 112 63 1 2,367 Sept. 24 5,631 457 3,506 13, 605 13,029 1,564 258 451 4,531 136 21 5,581 112 61 1 2,368 Oct. 1 5,647 476 3,436 13, 699 13, 004 1,540 219 322 4,538 133 21 5,614 113 63 1 2,370 Oct. 8 5,678 469 3,554 13, 934 13, 701 1,534 282 152 4,540 131 21 5,807 111 60 1 2,375 Oct. 15 5,373 481 3,411 13,818 13, 254 1,563 248 315 4,548 129 21 5,535 111 58 2 2,379 Oct. 22 5,460 484 3,357 13, 901 13, 210 1,584 236 322 4,547 128 21 5,498 112 62 2 2,376 Oct. 29 5, 435 465 3,185 13, 714 13, 067 1,580 219 322 4,554 127 21 5,481 110 62 3 2,384 Nov. 5 5,49f> 500 3,271 13, 903 13, 627 1,564 239 322 4,552 131 21 5,531 110 61 3 2,384 Nov. 12 5,528 462 3,249 13, 872 13, 425 1, 436 320 386 4,548 131 20 5, 576 111 59 5 2,381 Nov. 19 5,528 490 3,246 13, 941 13, 476 1,454 247 420 4,537 128 22 5,528 111 62 4 2,388 Nov. 26 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. DECEMBER 1941 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. 3. Government obligations Com- purchasing 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 T l v o a i o e e n a n s t n n d - a t t s - l s Total t m a c d a r i g i u i n n e a a r s d - r l i l - , - - , p O m k a p a p e e r t e n - r b o r T e s o r r o e s k c c - a u r r r it y i i T e n s o g e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G t a e u n e a - d r- O s r e i t t c h i u e e s - r cul- and others tural dealers Boston (6 cities) Oct. 29 1,481 783 422 94 19 16 79 4 149 698 577 41 41 428 67 121 Nov 5 1,470 776 422 94 15 15 79 4 147 694 574 41 45 429 59 120 Nov. 12 1,480 786 431 97 13 15 79 4 147 694 579 46 46 428 59 115 Nov 19 1,479 783 429 97 15 15 78 2 147 696 583 46 48 428 61 113 Nov. 26 1,483 783 428 97 16 15 78 2 147 700 587 45 47 433 62 113 New York (8 cities)* Oct. 29 13,279 4,169 2,683 105 394 197 194 29 567 9,110 7,456 390 1,474 3,587 2,005 1 654 Nov. 5 ..- 13, 206 4,186 2,690 103 405 197 194 34 563 9,020 7,421 409 1,667 3,628 1,717 1,599 Nov 12 13, 245 4,219 2,721 106 407 196 193 33 563 9,026 7,440 431 1,669 3 615 1 725 1 586 Nov. 19 . .13, 202 4,200 2,719 105 385 198 194 31 568 9,002 7,409 438 1,649 3,602 1,720 1,593 Nov. 26 13,174 4,186 2,700 106 389 198 191 31 571 8,988 7,378 422 1,627 3,618 1,711 1,610 Philadelphia (4 cities) Oct 29 1 361 570 304 43 27 31 52 113 791 526 1 27 403 95 265 Nov. 5 1,375 569 303 44 27 32 51 112 806 538 6 29 404 99 268 Nov 12 1,383 574 305 46 26 32 51 114 809 541 6 29 407 99 268 Nov 19 1,387 568 302 44 29 30 50 113 819 551 6 29 417 99 268 Nov. 26 1,388 568 300 43 29 31 50 113 822 553 9 29 416 99 269 Cleveland (10 cities) Oct. 29 2,273 866 414 25 14 19 187 1 206 1,407 1,143 15 176 766 186 264 Nov 5 2 269 866 413 25 15 19 187 1 206 1,403 1,137 12 196 762 167 266 Nov. 12 2,286 872 419 25 15 19 187 1 206 1,414 1,146 16 195 765 170 268 Nov 19 2 306 874 417 26 16 19 187 1 208 1,432 1,160 15 200 772 173 272 Nov 26 2,315 872 413 28 18 19 187 1 206 1,443 1,170 25 201 770 174 273 Richmond (12 cities) Oct 29 877 330 161 14 3 13 51 88 547 481 9 77 279 116 66 Nov 5 876 328 160 15 3 18 45 87 548 481 9 82 274 116 67 Nov 12 883 331 161 16 3 13 51 87 552 485 9 82 278 116 67 Nov. 19 888 331 159 16 4 13 51 88 557 489 10 82 281 116 68 Nov 26 889 332 159 17 4 13 51 88 557 489 11 80 282 116 68 Atlanta (8 cities) Oct 29 772 412 215 5 7 12 38 2 133 360 246 6 41 128 71 114 Nov. 5 774 417 217 6 7 12 37 2 136 357 244 4 50 127 63 113 Nov 12 789 420 215 5 7 13 38 1 141 369 254 10 50 131 63 115 Nov. 19 794 422 218 6 7 13 38 1 139 372 259 17 50 130 62 113 Nov 26 798 425 220 6 8 13 38 3 137 373 261 19 50 129 63 112 Chicago (12 cities)* Oct 29 4 048 1,390 915 52 42 61 143 177 2,658 2,094 247 210 1,279 358 564 Nov. 5 4,060 1,406 919 51 53 61 143 179 2,654 2,088 246 271 1,277 294 566 Nov 12 4 037 1,412 921 51 57 61 143 179 2,625 2,064 224 271 1,275 294 561 Nov. 19 4,068 1,398 924 50 45 59 143 177 2,670 2,108 263 269 1,281 295 562 Nov 26 4,071 1,384 912 48 45 59 144 176 2,687 2,123 287 264 1,279 293 584 St. Louis (5 cities) Oct 29 918 465 287 20 5 12 60 1 80 453 340 3 37 223 77 113 Nov 5 916 464 287 20 5 12 60 1 79 452 339 2 42 224 71 113 Nov. 12 916 468 289 22 5 11 60 1 80 448 337 2 43 223 69 111 Nov 19 922 466 287 22 5 11 60 1 80 456 344 8 43 223 70 112 Nov. 26 929 469 289 23 5 11 60 1 80 460 347 10 43 225 69 113 Minneapolis (8 cities) Oct 29 497 262 140 2 2 6 16 96 235 194 7 17 135 35 41 Nov 5 501 266 143 2 2 6 16 97 235 195 9 20 135 31 40 Nov 12 500 268 145 2 2 6 16 97 232 192 6 18 137 31 40 Nov 19 502 268 144 2 2 6 16 98 234 193 7 17 137 32 41 Nov 26 501 267 144 2 2 6 16 97 234 193 7 17 137 32 41 Kansas City (12 cities) Oct 29 855 449 278 31 3 11 33 93 406 277 25 41 113 98 129 Nov 5 860 453 283 30 3 11 33 93 407 278 25 45 113 95 129 Nov. 12 866 459 286 30 3 12 33 1 94 407 278 25 45 114 94 129 Nov 19 860 457 286 29 3 12 33 94 403 275 24 46 113 92 128 Nov 26 864 460 288 29 3 11 33 1 95 404 276 25 46 113 92 128 Dallas (9 cities) Oct 29 660 358 245 2 5 14 24 68 302 241 40 33 122 46 61 Nov. 5 658 356 244 2 5 14 23 68 302 241 39 40 122 40 61 Nov 12 659 355 245 2 5 14 23 66 304 243 39 41 124 39 61 Nov 19 668 356 246 2 5 14 23 66 312 250 43 45 124 38 62 Nov 26 675 360 249 2 5 14 23 67 315 254 47 43 124 40 61 San Francisco (7 cities) Oct 29 2,561 1,149 490 26 10 39 388 196 1,412 1,073 13 68 816 176 339 Nov 5 2,558 1,151 491 26 10 39 388 197 1,407 1,070 13 70 816 171 337 Nov 12 2,567 1,153 495 26 11 38 387 196 1,414 1,073 18 69 816 170 341 Nov 19 2,580 1,162 501 27 11 38 387 198 1,418 1,075 21 70 815 169 343 Nov 26 2 606 1,162 500 26 12 38 388 198 1,444 1,104 43 73 818 170 340 City of Chicago* Oct 29 2,643 912 678 31 37 54 22 90 1,731 1,365 246 118 846 155 366 Nov 5 2,648 925 682 30 48 53 22 90 1,723 1,356 243 159 841 113 367 Nov 12 2 625 931 683 30 53 53 22 90 1,694 1,331 221 159 838 113 363 Nov 19 2,658 917 688 28 39 52 22 88 1,741 1,375 260 157 844 114 366 Nov 26 2,659 905 676 27 40 52 22 88 1,754 1,389 284 152 841 112 365 * 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. 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w F e R e r i e a t d h - l - v C a i a n u sh lt m a w d n e i o c s t - e h t s ic m po d a a s d e n i - - t d s p u v n a a i e d l r r s t - - - , S p a i t o c a n l a t i d l e t- s C a o f e i f n e f r d i d t - i- U G e . r o n v S - - . p u v n a a i e d l r r s t - - - , S p a i t o c a n l a t i d e l t- s P s o a s v t - al banks F ei o g r n - r B i o n o w g r s - - co C i a u t a c a n p - l t - s F d e is d t e ri r c a (1 t l 9 a R 4 n 1 e d ) s e d r a v t e e B s a e n rv k e s banks justed1 sh a co n ip r d s - , s d s i u i o v b n i - - s c c h e e t e c r c . s k ' s ment2 sh a co n ip r d s - , s d s i u i o v b n i - - s ings 2 m D a e n - d Time banks pora- porations tions. Boston (6 cities) 528 153 194 1,518 1,429 156 26 12 228 1 1 368 21 1 251 Oct. 29 533 152 187 1,503 1,400 167 27 8 228 1 1 373 23 1 252 Nov. 5 499 155 192 1,491 1,420 153 26 8 227 1 1 374 21 1 252 Nov. 12 499 151 196 1,480 1,428 136 26 8 228 1 1 385 19 1 252 Nov. 19 485 155 192 1,487 1,431 123 29 9 225 1 1 368 20 1 252 Nov. 26 New York (8 cities)* 4,960 109 247 11,248 11,126 545 307 345 1,104 27 7 3,832 13 579 1,645 Oct. 29 4,816 111 238 11,034 11,008 555 357 351 1,111 28 7 3,750 13 582 1,656 Nov. 5 4,830 117 239 11,129 11,210 529 291 351 1,107 33 7 3,720 13 583 1,657 Nov. 12 5,034 106 239 11, 222 11, 322 436 505 355 1,112 31 7 3,769 13 585 2 1,657 Nov. 19 5,195 113 227 11,342 11,194 535 308 373 1,104 30 7 3,692 13 600 2 1,656 Nov. 26 Philadelphia (4 cities) 584 27 216 1,262 1,210 130 12 21 252 2 474 13 6 218 Oct. 29 559 27 213 1,253 1,216 130 10 21 252 3 469 13 5 218 Nov. 5 580 28 204 1,283 1,246 137 10 21 247 2 467 13 5 218 Nov. 12 546 27 204 1,260 1,227 129 14 21 245 3 461 13 6 215 Nov. 19 542 26 211 1,268 1,236 120 16 21 244 2 455 13 6 219 Nov. 26 Cleveland (10 cities) 771 58 404 1,830 1,805 126 33 25 730 19 540 35 1 396 Oct. 29 738 55 390 1,787 1,764 128 29 27 729 18 529 35 1 395 Nov. 5 730 60 387 1,806 1,863 123 31 27 729 18 521 35 2 395 Nov. 12 762 53 366 1,825 1,826 116 36 29 729 17 524 35 1 395 Nov. 19 761 58 363 1, 831 1,842 114 31 31 728 16 528 35 1 395 Nov. 26 Richmond (12 cities) 303 31 278 694 677 71 13 27 209 3 2 434 5 101 Oct. 29 311 28 271 692 687 70 12 27 209 3 2 437 5 104 Nov. 5 322 31 277 715 714 72 17 27 209 3 2 442 5 103 Nov. 12 312 28 264 697 695 67 15 28 208 3 2 439 5 104 Nov. 19 319 30 264 713 695 71 16 27 206 3 3 435 5 103 Nov. 26 Atlanta (8 cities) 182 18 261 546 529 85 5 38 190 3 3 384 4 2 99 Oct. 29 201 17 248 544 533 84 6 38 190 3 3 392 3 2 100 Nov. 5 208 19 248 564 569 82 6 37 192 3 3 395 3 2 100 Nov. 12 191 17 256 553 552 82 6 40 192 3 2 399 3 2 100 Nov. 19 191 18 247 557 544 86 6 41 191 3 2 391 3 2 100 Nov. 26 Chicago (12 cities)* 1,589 84 629 3,447 3,232 404 50 95 980 25 3 1,404 9 9 428 Oct. 29 1,552 82 566 3,383 3,164 387 47 95 982 25 3 1,375 9 8 430 Nov. 5 1,591 89 587 3,401 3,307 374 51 95 983 25 3 1,399 9 9 430 Nov. 12 1,636 83 576 3,398 3,245 365 50 143 984 25 3 1,412 9 9 429 Nov. 19 1,653 87 613 3,455 3,292 381 50 143 985 25 4 1,414 9 9 431 Nov. 26 St. Louis (5 cities) 256 16 199 626 649 46 11 18 188 4 2 466 1 99 Oct. 29 264 15 188 618 639 48 9 18 189 4 2 467 1 99 Nov. 5 265 17 204 635 669 53 8 18 189 4 2 469 1 99 Nov. 12 262 14 198 627 652 53 9 19 188 4 2 471 1 99 Nov. 19 264 16 195 636 653 55 11 19 187 4 2 470 1 100 Nov. 26 Minneapolis (8 cities) 106 9 114 368 337 64 8 1 110 1 186 3 1 64 Oct. 29 114 7 105 364 331 70 7 1 111 1 190 2 1 64 Nov. 5 116 9 110 370 350 67 8 1 111 1 193 2 1 64 Nov. 12 115 7 104 368 339 66 7 1 111 1 187 3 1 64 Nov. 19 118 9 105 373 342 69 8 1 110 1 188 3 1 64 Nov. 26 Kansas City (12 cities) 218 18 288 649 636 87 11 14 140 2 1 471 6 1 111 Oct. 29 232 15 262 643 631 85 11 14 140 2 1 466 6 2 111 Nov. 5 244 17 281 674 680 84 11 15 141 2 1 472 6 2 111 Nov. 12 240 15 288 655 659 87 11 17 141 2 1 485 6 2 111 Nov. 19 244 16 288 669 653 88 11 20 140 2 1 478 6 1 111 Nov. 26 Dallas (9 cities) 169 15 291 609 582 66 15 20 124 8 1 305 1 93 Oct. 29 181 14 295 605 579 72 15 21 124 8 1 321 1 93 Nov. 5 184 15 304 613 611 72 18 21 124 8 1 327 1 93 Nov. 12 184 13 308 614 601 66 14 27 124 8 1 331 1 93 Nov. 19 184 15 302 623 600 69 14 29 124 8 1 322 1 94 Nov. 26 San Francisco (7 cities) 549 30 328 1,461 1,450 109 28 37 1,030 59 381 23 20 391 Oct. 29 557 27 313 1,450 1,442 108 27 37 1,033 57 376 23 19 392 Nov. 5 571 31 328 1,470 1,495 107 30 37 1,033 57 388 23 19 393 Nov. 12 580 29 343 1,493 1 506 105 32 38 1,033 57 400 23 19 393 Nov. 19 578 31 328 1,498 1,497 111 34 63 1,031 57 398 23 20 393 Nov. 26 City of Chicago* 1,193 41 286 2,283 2,180 227 26 74 474 22 1, 050 7 278 Oct. 29 1,155 41 265 2,255 2,138 223 26 73 475 22 1,022 7 280 Nov. 5 1,183 44 279 2, 256 2, 213 215 27 73 475 22 1,042 7 280 Nov. 12 1,227 41 275 2,264 2,190 208 26 119 475 22 1,057 7 280 Nov. 19 1,251 41 277 2,290 2,209 216 26 119 475 22 1,058 8 281 Nov. 26 * 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. DECEMBER 1941 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Com- Held by Based on mercial paper Total Accepting banks Goods stored in or End of month shipped between s i t n a g n d 1 - st i a n n g d- Total O bi w ll n s b B ou il g ls ht Others* U S p i n t o n a i r t t t o t e e s s d E U S f x n r t p o a i o t m t e e r s d ts c D h o e a x l n - l g ar e Unit p ed oints F i o n reign States countries 1940—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 September 371 177 131 85 46 46 105 13 4 45 9 October _ 378 185 138 90 47 47 109 12 4 48 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 balances Customers' Debit Debit credit balances l Other credit balances End of month C b u a ( d s n l t e a e o b n t m ) i c t e i e s rs' a i b n n p a a v d l a c a e c r n s t t o r n c t u a m e e n d s r e t i s s i n n ' n g t a i b n n a a v d l c a e c f n i t s o r r t c m u a m e n d s e t i s n 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 * Free O (n th et e ) r m p i a e n r n v t I t n n e a e s n t r - s d ' m i e n f n v i I t r n e m a s n t- d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1935—December 1,258 75 135 179 930 286 79 24 10 410 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 6 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June.. 653 12 58 223 376 267 82 22 6 269 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 g 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 September 633 10 83 196 396 260 78 16 8 219 October. 628 9 102 186 414 255 74 16 7 217 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 M argin 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). 1254 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] rate1 on— rate on- on 3-to-5 year U u . r y S . 9 T 1- r d e a a y s- Tr n U e o a . t s e S u s . ry 1 T 9 o c t i a ti l es Y N C o e it r w y k E e 7 N r a n o o s t r t a h t e h n e r - d n r 1 W e 1 r c n e i S t s i o a t e e n u s r t d n h- Stock bills 3 cities Prime Prime ex- Year, com- bank- change 1934 averaged 3.45 2.45 3.71 4.32 mo w n e t e h k , or m m p 4 a o e t p r n o c e t i r h 6 a , s l a a c n e c 9 r c e s 0 e ' p s t , - n l c o r e a e a w l - n l - is f N s e o u e r f e w e - d s D q e u e r o s a ' - l- e T m e a x x p - - t T ab a l x e - 1 1 1 1 9 9 9 9 3 3 3 3 7 8 6 5 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 1 1 1 1 . . . _ . 2 2 2 2 . . . . 5 5 6 9 9 3 8 3 1 1 1 1 . . . . 6 7 7 7 9 6 2 3 3 3 2 2 . . . . 3 0 8 7 9 4 8 5 3 3 3 3 . . . . 7 2 4 2 6 6 0 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 Monthly figures1 1938—June -. 2.56 1.70 2.78 3.31 1938 average _.. .81 .44 1.00 .053 .07 .83 July 2.57 1.70 2.78 3.35 1939 average _ .59 .44 1.00 .023 .05 .59 August.— 2.52 1.67 2.71 3.28 1940 average .56 .44 1.00 .014 .04 .50 September 2.53 1.70 2.74 3.26 1940—Oct. .56 .44 1.00 (4) .02 .43 October 2.57 1.70 2.90 3.21 Nov. .56 .44 1.00 003 .02 .34 November 2.49 1.70 2.68 3.20 Dec. . .56 .44 1.00 (4) .02 .35 .65 December 2.60 1.70 2.95 3.23 1941—Jan .56 .44 1.00 (4) .02 .43 .76 1939—January 2.64 1.73 2.97 3.32 F M eb a . r . . 5 5 6 6 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 0 0 3 8 4 9 . . 0 1 4 1 . .5 5 0 5 . . 8 8 1 4 February 2.52 1.70 2.69 3.26 April .56 .44 1.00 .092 .10 .52 .81 Quarterly figures May .56 .44 1.00 .082 .11 .44 .72 1939—March 2.95 2.13 3.05 3.77 June .56 .44 1.00 .089 .12 .38 .68 June 2.91 2.15 3.05 3.62 July .50 .44 1.00 .097 .12 .37 .67 September 2.68 2.04 2.78 3.31 Aug .50 .44 1.00 .108 .13 .33 .62 December 2.59 1.96 2.59 3.32 Sept .50 .44 1.00 . 055 .10 .34 .62 Oct .50 .44 1.00 .049 .09 .41 .72 1940—March 2.65 2.03 2.67 3.35 June 2.59 2.00 2.49 3.38 Week ending: September.. 2.68 2.14 2.56 3.43 Nov. i____ V* 7/l6 1.00 .151 .15 .45 5.78 December,. 2.59 2.00 2.53 3.36 Nov. 8—. Vie 1.00 .200 .25 .48 .85 Nov. 15 V« 7 A < 1.00 .258 .28 .57 .90 1941—March 2.58 2.06 2.53 3.25 Nov. 22___ V« VlC 1.00 .267 .30 .63 .93 June 2. 55 1.95 2.58 3.23 Nov. 29— Vi Vl6 1.00 .242 .30 .60 • .94 September. 1.98 2.62 3.29 1 Monthly figures are averages of weekly prevailing rates. 1 Prior to March 1939 figures were reported monthly on a basis not 2 The average rate on 90-day stock exchange time loans was 1.25 per strictly comparable with the current quarterly series. cent during the entire period. 3 Tax-exempt bills prior to March 1941; taxable bills thereafter. Back figures.—See November 1939 BULLETIN, pp. 963-969 for descrip- 4 Rate negative. tion and for back figures. 5 Number of issues included increased from 1 to 2 on November 1. 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 U.S. High- Year, month, or week Jovern- Munic- grade By ratings By groups ipal3 corporate* Total Indus- Rail- Public Aaa Aa A Baa trial road utility Number of issues.. 2-6 15 5 120 30 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—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 L. 96 2.20 2.76 3.39 2.82 3.04 3.38 4.33 3.06 3.96 3.16 May .92 2.14 2.75 3.37 2.81 2.99 3.34 4.32 3.02 3.95 3.13 June .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 .94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 September.. 1.94 1.99 2.64 3.30 2.75 2.91 3.24 4.30 2.88 3.95 3.07 October 1.88 1.91 2.61 3.27 2.73 2.87 3.21 4.28 2.85 3 93 3.05 Week ending: Nov. 1... 1.83 1.89 2.58 3.27 2.73 2.86 3.20 4.28 2.85 3.92 3.05 Nov. 8— 1.83 i.89 2.57 3.26 2.72 2.86 3.19 4.26 2.84 3.90 3.04 Nov. 15.. 1.84 1.90 2.56 3.27 2.72 2.86 3.19 4.28 2.84 3.91 3.04 Nov. 22_. 1.86 1.89 2.57 3.27 2.72 2.86 3.19 4.29 2.85 3 92 3.04 Nov. 29.. .85 1.90 2.58 3.27 2.72 2.87 3.19 4.29 2.85 3.91 3.04 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have 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. DECEMBER 1941 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices 6 Vol- Corporate 4 Common (index, 1935-39=100) ume of trad- Year, month, or U.S. ing 7 week m G e e r o n n v t - - 2 M ip u a n l i 3 c- H gr i a g d h e - Mediu I m nd u a s n - d lo R w a e i r l - - grad P e ublic fa D ul e t - ed fer P r r e e d - 5 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h t n h a ( d o i r n e s u s - o ) f Total trial road utility Number of issues. 2-6 15 25 10 10 15 15 402 354 1938 average 102.5 113.7 111.1 83.4 86.7 72.2 91.6 15.1 161.4 1,104 1939 average 105.2 116.3 113.8 89.5 91.2 78.1 99.3 13.8 167.5 977 1940 average 107.2 121.2 115.9 94.8 97.3 83.8 103.5 14.0 169.2 767 1940—October. _._ 108.8 124.6 117.2 97.7 101.1 86.4 105.9 15.0 170.8 599 November _ 110.7 127.3 118.0 98.5 103.0 86.8 105.9 15.3 171.6 1,044 December.. 111.8 129.3 117.7 98.1 102.8 86.2 105.3 16.4 176.2 814 1941—January 110.4 127.8 117.7 99.2 103.0 89.0 105.6 17.9 177.9 564 February... 108.8 125.6 116.7 97.5 101.7 87.1 103.8 17.5 172.9 444 March 110.1 125.4 116.9 98.4 102.2 88.4 104.6 19.3 171.5 440 April 110.8 126.8 116.8 99.5 103.1 89.5 106.0 20.7 170.8 495 May 111.4 128.2 117.0 99.3 102.4 89.4 106.2 21.0 168.9 420 June -_ 111.5 129.5 117.7 99.2 103.3 87.9 106.3 21.6 168.9 463 July 111.7 130.4 118.7 99.9 104.8 87.8 107.1 23.9 173.1 757 August 111.1 131.0 118.5 99.6 104.9 86.8 107.3 24.9 174.3 473 September _ 111.1 131.2 118.1 98.0 105.1 84.5 107.2 24.4 173.4 599 October 112.0 133.0 118.8 99.2 105.3 85.0 107.2 25.1 172.1 557 Week ending: Nov. 1 __ 112.7 133.5 119.2 99.2 105.3 85.2 107.3 25.2 171.2 80 560 Nov. 8 112.7 133.5 119.3 99.6 105.6 85.8 107.4 25.2 170.7 721 Nov. 15 112.6 133. 3 119.2 99.3 105.9 107.4 24.5 171.2 834 Nov. 22 112.3 133.5 119.2 99.3 106.0 84.5 107.5 24.9 170.3 78 756 Nov. 29 112.4 133.3 119.2 99.5 106.2 84.7 107.5 24.7 169.9 67 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Standard and Poor's Corporation. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November, 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). CAPITAL ISSUES [In millions of dollars] ]?or newcapital For refunding Total Domestic Domestic Y m e o a n r t o h r f ( u a n r n n e e - d d w - m T (d o e o s t - a ti l c State Fed- Corporate e F ig o n r - 2 m T a (d o e n o s t d a t - i l c S a t n a d te Fed- Corporate Foring) e f i o g r n - ) Total n m ic u i - - a c e g ie r e a s n l - i Total B a o n n d ds Stocks e f i o g r n - ) Total n m ic u i - - a c g ie e s n - i Total B a o n n d ds Stocks pal 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 1931. 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—Oct 711 258 258 98 112 48 22 26 0 453 453 80 28 345 332 14 0 Nov.... 442 264 264 53 42 169 166 3 0 178 178 25 59 94 68 26 0 Dec 613 191 191 129 0 62 46 16 0 422 422 73 14 335 292 43 0 1941—Jan 421 95 95 40 2 53 51 2 0 325 325 23 31 271 269 3 0 Feb 347 77 77 37 8 32 25 6 0 270 270 26 17 227 210 17 0 Mar 406 182 182 86 9 87 56 31 0 223 219 93 11 115 84 32 4 Apr 920 745 745 60 645 39 29 10 (3) 175 175 40 28 107 107 0 0 May... 406 107 107 37 5 64 61 3 0 299 299 74 28 197 162 35 0 June 881 519 519 59 370 90 77 14 (3) 362 362 26 223 113 108 5 0 July.... 612 296 296 40 212 44 30 13 (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 Sept 273 65 65 31 0 34 22 12 0 209 209 20 27 161 156 6 0 Oct 299 132 132 29 0 103 50 54 0 167 167 35 35 97 96 1 0 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle;for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). 1256 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] Marketable public issues 1 Nonmarketable public issues Special issues Noninterest bearing debt E m n o d n o th f T g d o r e t o b a s t l s i b n T e d t o a e e r r t b i a e t n l s g t Total T b u r i e r l y a ls s- T n u r o e r t y a e s s - b T o u r n e ry a d s s - 2 p s P b a r a o o e v n n s w i d t n d a a g s l r s Total3 b U s i o n a . n g v S d s - . s T n u o r ta e r t y e x a s s- j b s u o e A i s c n r t d e v e d - - d s Total s S e o i c c t u y ia r * - l Other6 tu M re a d - Other 1932—June... 19,487 19,161 618,852 616 1,261 13,460 790 309 309 60 266 1933—June... 22, 539 22,158 6 21,834 954 4,548 13, 417 806 323 323 66 315 1934—June... 27,053 26,480 « 26,084 1,404 6,653 15, 679 831 396 396 54 518 1935—June. _ . 28,701 27, 645 26, 950 2,053 10,023 14,019 855 62 62 633 633 231 825 1936—June-- 33,779 32,989 31,102 2,354 11,381 17,168 200 1,261 316 945 626 19 607 169 620 1937—June. 36,425 35, 800 33,054 2,303 10, 617 19,936 198 1,188 800 389 1,558 579 979 119 506 1938—June.. _ 37,165 36, 576 32, 344 1,154 9,147 21,846 197 1,556 1,238 319 2,676 1,601 1,075 141 447 1939—June 40,440 39,886 33,965 1,308 7,243 25,218 196 2,151 1,868 283 3,770 2,511 1,258 142 411 1940—June.. . 42,968 42,376 34,436 1,302 6,383 26, 555 196 3,166 2,905 261 4,775 3,528 1,247 205 386 1940—Oct 44,137 43, 560 35,123 1,307 5,660 27, 960 196 3,336 3,084 252 5,102 3,777 1,325 197 380 Nov... 44,-273 43,707 35,124 1,308 5,660 27,960 196 3,374 3,123 251 5,209 3,885 1,324 187 379 Dec.__- 45,025 44,458 35, 645 1,310 6,178 27,960 196 3,444 3,195 249 5,370 4,047 1,322 189 377 1941—Jan.. 45, 877 45,320 36, 276 1,307 6,813 27, 960 196 3,619 3,371 248 5,426 4,066 1,359 181 376 Feb._._ 46,090 45, 535 36,275 1,306 6,813 27,960 196 3,727 3,480 247 5,534 4,174 1,359 180 374 Mar. _ 47,173 46, 581 37,054 1,604 5,722 29,532 196 3,844 3,599 245 5,683 4,324 1,359 220 372 Apr.... 47, 231 46, 673 37,075 1,603 5,721 29, 554 196 3,891 3,647 244 5,707 4,354 1,353 186 372 May... 47,721 47,160 37,075 1,603 5,721 29, 554 196 4,251 4,008 243 5,834 4,485 1,349 190 370 June .. 48,961 48,387 37, 713 1,603 5,698 30, 215 196 4,555 4,314 241 6,120 4,728 1,392 205 369 July... 49,513 48,965 37,713 1,603 5,698 30, 215 196 4,929 4,649 239 6,324 4,811 1,512 180 368 Aug.... 50,921 50, 371 37,667 1,604 5,698 30,169 196 6,234 4,908 1,037 237 6,470 4,941 1,528 184 367 Sept. _. 51,346 50,791 37,368 1,305 5,698 30,169 196 6,765 5,132 1,343 236 6,658 5,126 1,532 190 365 Oct 53, 584 53, 040 38,869 1,404 5,509 31, 759 196 7,507 5,394 1,818 235 6,664 5,196 1,468 179 364 1 Including amounts held by Government agencies and trust funds which aggregated $2,103,000,000 on Sept. 30, and $2,189,000,000 (preliminary) on Oct. 31, 1941. These amounts exclude holdings by production credit associations and joint stock land banks. 2 Including Liberty bonds. 3 Beginning with July 1941 includes depositary bonds not shown separately which amounted to $61,000,000 on Oct. 31. 4 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 5 Including special issues to Government life insurance fund, adjusted service fund, national service life insurance fund, Government employees' retirement funds, Postal Savings System, Federal Deposit Insurance Corporation, and Federal Savings and Loan Insurance Corporation. e 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 AGENCIES » [In millions of dollars] Interest-bearing Total Non- End of month o a u m t i s n o t g u a n n 2 t d- Total M C F o F o e t r r a d i p t o r e g o m n r a r a a g l - e C O H o L w t r 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 c p o a o t o n n i n r c o a - e n - C m C o C t o r r i o p e d o m d o n it i r - y t a- H A U o u i u . t t h s y S i o n . r g - i H A F st o e d r d u a m e s ti i r i o n n a n g l - m i b n e a d t a t e e u r r b i r e n t e s g d a t 1934—June 681 312 134 235 December , . ._ 3,063 980 1,834 249 1935—June 4,123 L, 226 2,647 250 December 4,494 L, 387 2,855 252 1936—June 4,718 L, 422 3,044 252 December 4,662 L, 422 2,988 252 1937—June - - 4,665 1,422 2,987 255 December 4,645 L, 410 2,937 297 193g—June 4,853 1,410 2,937 299 206 1 December _. _. _. 4,992 L, 388 2,888 509 206 1 1939—June 5,450 L, 379 2,928 820 206 114 3 December 5,704 5,621 1,269 2,731 1,096 407 114 4 83 1940—June . . - 5,529 5,498 L,269 2,603 1,096 407 114 8 31 1940—October 5,810 5, 790 1,269 2,602 1,097 696 114 12 19 November 5,919 5,901 L,269 2,600 1,097 696 226 13 18 December 5,917 5,901 1,269 2,600 1,097 696 226 13 15 1941—January . _. ... . 5,915 5,901 L, 269 2,600 1,097 696 226 12 14 February 5,914 5,901 L, 269 2,600 1,097 696 226 13 13 March _ . 5,916 5, 905 L, 269 2,600 1,097 696 226 16 11 April 6,560 6,550 1,269 2.600 1,741 696 226 17 10 Mav 6,371 6,359 L, 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 L, 269 2,409 2,101 907 226 17 10 August . _ .-__•___.. 6,937 6,928 L,269 2,409 2,101 905 226 17 9 September - ... _ 6, 937 6,929 1,269 2,409 2,101 905 226 18 8 October ._ _ __ 6,938 6,930 1,269 2,409 2,101 905 226 18 8 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. 3 Less than $500,000. DECEMBER 1941 1257 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, OCTOBER 31,1941 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total Treas- M c a a 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 y a e s s - T u re r a y s B - on P d S P s r a a e o v n - s i w d n ta g a l s r c b d a u u o ll e n r a y d b o l s r e* 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 p n o m a o e n n e r r- s' F C R s a i o t t n e t i r r i c o a 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 - y r 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 a u a s e b r r o - i d l r - e1 Within 1 year 2,188 1,404 784 (3) 1,522 1,206 204 112 2,737 1 to 5 years __ 8,202 4,726 3,460 17 8,509 2,586 875 1,896 701 114 4, 174 5 to 10 years 7,613 7,585 28 10,667 1,930 1,175 755 10 to 20 years 16, 871 16, 719 152 10,993 779 779 Over 20 years.. 3,995 3,995 1,591 95 95 Total 38,869 1,404 5, 509 31, 759 196 31, 759 6,911 1,269 2,409 2,101 905 226 6,911 1941—Nov. 1-Dec. 31— 919 904 15 616 300 204 112 616 1942—Jan.l-Mar.31— 927 501 426 (3) 310 310 650 Apr 1-June 30 Julyl-Sept.30.._ 342 342 (3) i 276 276 1,151 Oct. 1-Dec. 31._. 232 232 320 320 320 1943 1,396 1,396 (3) 1,855 614 324 289 614 1944 1,849 1,849 (3) 2,555 1,561 875 571 114 2,394 1945 3,191 1,249 1,941 (3) 1,755 412 412 1,167 1946 1,535 1,519 16 2,344 1947 2,384 2,370 14 1,460 1,095 340 755 1948 1,489 1,487 2 3,361 1949 821 819 2 2,278 835 835 1950 1,689 1,687 2 1,186 1951 1,230 1,223 7 3, 500 1952 . 2,454 2,436 18 1,024 779 779 1953 2,932 2,904 27 725 1954 3,709 3,687 22 681 1955 1,515 1,480 35 2,611 1956 1,170 1,170 2,431 1958 1,449 1,449 919 1959 - - 982 982 1960 2,611 2,611 1,485 1961 50 50 1963 919 919 1964 95 95 19fi5 1,485 1,485 1967 1,591 1972 1,591 1,591 1 Securities not callable prior to maturity are shown as of date of maturity. 2 Excluding debentures of Federal Housing Administration, which amounted to $18,000,000 on October 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 investors* 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 issues 2 service bonds 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_ D j e un c e e mber _ 4 41 0 , , 4 3 6 5 5 3 2 1, , 5 2 5 2 8 7 2 2 , , 0 0 3 4 6 9 2 2, , 5 5 6 2 4 6 3 34 4 , , 3 5 4 1 5 3 1 1 2 2 , , 6 3 8 7 9 1 1 1 , , 7 8 9 7 0 0 2 2 , , 4 3 5 9 0 0 5 5 , , 0 20 0 0 0 1 11 1 , , 5 3 0 0 0 0 1 1 , , 2 1 0 0 0 0 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 3 2,292 2,466 38, 341 14,722 1,830 3,110 6,100 9,700 2,900 December 50,360 5,370 ' 2, 250 2,184 40,556 15,823 1,940 3,220 6,500 9,900 3,200 1941—June 54, 747 6,120 3 2, 360 2,184 44, 083 18,078 2,020 3,430 6,600 9,700 4,300 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 1916-1931, see BULLETIN for July 1941, p. 664. 1258 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 (exel. debt retiremeiits) counts period etc.,2 Excess excess Period c ta I o x n m e - e s n i c M n e e n t l o a i e l s u a l r - - - s s S t e a o i c x t c y u e ia r s - l o A th l e l r c T e r o i e p t - a t l s c N e r i e e p - t ts' I d n e o e t s n e b t r t - t f i "I e o d VNT n e n QB s - a - e l m A t j c A u u u g e r s d l r n a t - - i - l t - m p U e r l m e o e n - n y - - t - T c f t e o r r a r u u a s c n n s - t t t s o s - ot A h l e l r Total1 d e ( c o i x + t e ( f p u i - ) e p r r ) o e e n ts s - r - p ( c o t + e e u f e n i x ) r p r e d o - e t s i s - r - f G e b u r a e n a l n d l - - d G e r b o t s s 3 reve- Pro- lief et(3.1 (-) ance2 nue gram Fiscal year ending: June 1938... 2,640 2,279 755 567 6,242 5,855 926 1,029 362 1,914 220 2,788 7,239 -1,384 f306 -338 +740 June 1939— 2,189 2,232 740 507 5,668 5,165 941 1,206 787 2,595 182 96 8,707 -3,542 4-890 +622 +3,275 June 1940— 2,125 2,345 838 617 5,925 5,387 1,041 1,657 1,002 1,919 226 3,153 8,998 -3,611 4-136 -947 +2, 528 June 1941... 3,470 2,967 932 900 8,269 7,607 1,111 6,080 877 1,741 325 2,577 12, 711 -5,103 -148 +742 +5,994 4 months eATnI fd~\ 1i nTl gCT. * Oct. 1940... 563 1,033 245 168 2,010 1,822 261 918 ••288 577 68 939 3,152 -1,330 +189 +29 +1,170 Oct. 1941 __. 991 1,112 307 225 2,634 2,390 277 4,931 161 456 534 1,024 7,084 -4,694 +80 +8 +4,623 1940—Oct.._ 44 237 38 47 365 333 73 297 '96 145 r251 869 -536 -24 -495 +64 Nov.. 49 252 138 46 485 362 11 379 108 138 20 62 817 -455 +216 -103 +136 Dec. 429 231 34 46 741 740 219 470 110 155 218 L, 172 -432 —209 +111 +752 1941—Jan.- 63 210 47 52 372 340 25 569 103 146 18 ;251 :L, 111 -771 +15 +97 +852 Feb.. 104 204 193 172 674 541 21 584 96 138 20 217 L, 075 -534 -3 -324 +213 Mar.. 1,208 273 34 52 1,567 1,566 150 748 102 159 10 229 L, 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 L, 141 -747 -264 -521 +490 June 916 265 32 64 1,277 1,276 339 812 32 135 211 I. 528 -252 -259 +729 +1, 241 July . 84 268 48 56 456 413 25 960 44 132 169 268 I'p 598 -1,185 +599 -34 +551 Aug.. 59 269 173 54 554 397 9 1,124 27 106 14 250 1,529 -1,133 -2 +274 +1, 408 Sept.. 780 261 37 58 1,136 1,135 169 1,320 32 108 6 238 1,874 -739 -293 -607 +425 Oct... 68 314 49 57 489 445 75 1,527 58 109 45 269 2,083 -1,637 -225 +376 +2, 238 Details of trust accounts, etc. Details of general fund balance (end of period) tru O st l d f - u a n g d e a i n n d su r r a a i n lr c o e ad Unemployment Net expenditures in checking All other retirement account trust fund accounts of Government agenci3S Period In- N re e - t v ] e [n s - t- Be n•fi n if. e- -±iVt5" v I e n s - t- O e t x h - er • s F t R r i u e n c c a o t n i n c o - e n m C C o r o e d m d it i - y t U S H n t o a i u t t e e s s d - AAlili • x p vb- p E en x d - 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 - v a v b i n n a o c l g r - e kceipts ments pay- ceipts ments pendi- Corpora- Corpora- ing Au- other ceipts tures ments tures tion tion thority Fiscal year ending: June 1938-_ 550 461 85 763 560 191 *9 *184 1 412 414 327 2,216 142 446 1,628 June 1939___ 639 516 120 838 395 442 *658 136 *60 *]86 440 324 2,838 142 536 2,160 June 1940- _ 703 573 129 959 443 514 *234 10 17 ]74 458 358 1,891 143 585 1,163 June 1941-_ 844 637 186 1,114 563 555 80 58 21 H41 674 622 2,633 143 605 1,885 4 months ending: Oct. 1940 244 139 55 375 111 275 3 *114 85 H78 '241 '195 1,920 143 595 1,183 Oct. 1941 323 203 73 356 265 98 260 *190 17 87 332 291 2,641 143 613 1,885 1940—Oct 32 *5 15 107 31 84 *10 21 51 r40 46 r30 1,920 143 595 1,183 Nov. 143 *5 15 145 113 31 59 24 *L03 '50 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 "43 38 50 2,025 143 599 1,283 Feb 152 *5 16 149 113 43 160 7 *8 '30 33 42 1 701 143 601 957 Mar 11 160 17 28 •10 37 64 37 25 "56 46 49 2,715 143 602 1,970 Apr 46 •10 17 69 40 35 *406 33 24 "12 57 48 2,425 143 603 1,679 May 148 *6 17 167 137 30 82 57 31 241 43 32 1,904 143 604 1,157 June 58 224 17 51 19 31 87 •16 27 •18 86 83 2,633 143 605 1,885 July 89 24 18 82 60 29 *280 *221 "22 •11 ]162 138 2,599 143 607 1,848 Aug 157 *16 18 176 146 25 166 34 10 *42 54 46 2,873 143 610 2,120 Sept 1 185 18 24 24 98 13 9 *27 53 51 2,266 143 611 1,511 Oct 75 11 19 74 59 20 277 •17 20 *8 63 56 2,641 143 613 1,885 r Revised for change in classification of commodity stamp transactions of Surplus Marketing Administration. Figures for 1939 and November 1940-June 1941 have not yet been revised because of lack of adequate data. 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. * For details, see page 1257. * 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. DECEMBER 1941 1259 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Assets Loans and preferred stock: Loans to financial institutions 437 441 469 485 445 425 409 400 397 417 408 407 409 Preferred stock, etc. 757 757 739 736 729 711 706 703 702 698 693 669 666 Loans to railroads 513 512 515 516 523 518 523 523 505 505 497 497 497 Home and housing mortgage loans 2,348 2,387 2,387 2,390 2,424 2,395 2,406 2,427 2,436 2,445 2,413 2,413 2,427 Farm mortgage loans 2,526 2,517 2,508 2,500 2,481 2,485 2,475 2,467 2,458 2,448 2,437 2,426 2,411 Other agricultural loans 802 785 772 757 728 727 776 867 830 779 754 726 717 All other loans 1,200 1,214 1,291 1,298 1,309 1,352 1,386 1,409 1,472 1,511 1,553 1,690 1,738 Total loans and preferred stock 8,583 8,613 8,680 8,682 8,639 8,614 8,681 8,796 8,800 8,804 8,756 8,826 8,864 Cash 572 521 549 533 580 595 620 771 464 376 771 594 523 U. S. Govt. direct securities 693 704 699 701 723 736 756 771 780 802 824 844 846 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 131 130 128 128 127 127 124 126 125 123 123 123 122 Other i. 36 30 24 22 21 22 20 21 17 18 17 18 17 Accounts and other receivables _ _ 512 521 513 491 552 524 551 555 549 598 707 671 759 Business property 570 597 601 593 599 600 602 608 623 636 653 664 671 Property held for sale 1,081 1,094 1,113 1,141 1,190 1,206 1,245 1,297 1,392 1,497 1,567 1,625 1,710 Other assets 193 188 210 211 214 251 310 338 359 423 435 517 563 Total assets other than interagency 2 12, 371 12, 398 12, 518 12,500 12, 645 12, 676 12,909 13, 282 13,108 13, 277 13, 853 13, 882 14, 076 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S.__. 5,809 5,808 5,919 5,917 5,915 5,914 5,916 6,560 6,371 6,370 6,939 6,937 6,937 Other i 1,356 1,354 1,422 1,395 1,389 1,386 1,390 1,385 1,434 1,443 1,442 1,445 1,434 Other liabilities 1,238 1,243 1,237 1,214 1,294 1,292 1,391 1,432 1,492 1,604 1,761 1,741 1,859 Total liabilities other than interagency 2 8,403 8,406 8,579 8,526 8,599 8,592 8,696 9,377 9,297 9,417 10,142 10,123 10, 231 Excess of assets over liabilities, excluding interagency transactions 3,968 3,992 3,939 3,974 4,046 4,084 4,213 3,906 3,811 3,860 3,711 3,759 3,845 U. S. Govt. interests 3,558 3,580 3,526 3,559 3,629 3,666 3,792 3,484 3,388 3,436 3,286 3,333 3,418 Privately owned interests.. 410 412 413 415 417 418 421 422 423 424 425 426 427 1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. 2 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 30, 1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and p T r s l e o a t o o f n a e t c n d a r k r s l ed Cash s d G U e t i c i o r . e u e S v s c r t . i t . - G se u t t e c i a e e u r d s a ri n - - A r o e c a a c c b t n h e o le d e i u v s r n - ts p B r u o s p in e e rt s y s P h r e o s l a p d l e e f r o ty r an U G te n u e i d a t d e e r d - b b e y ntur O e t s her States Reconstruction Finance Corporation 1,640 11 51 26 (0 45 2,102 National defense corporations 12 0) 115 0) 441 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,999 183 5 3 303 2,417 0) Federal home loan banks _ 178 48 50 10 1 76 R Fe F d C er a M l o N r a tg ti a o g n e a l C M om o p rt a g n a y ge Association 20 7 0 0 0) 0) 2 5 7 1 1 85 United States Housing Authority _. 332 11 6 4 127 226 Farm credit agencies: Federal Farm Mortgage Corporation 616 21 52 10 1,269 28 Federal land banks _ 1,795 59 125 174 6 63 2 973 Federal intermediate credit banks... 250 27 36 2 245 Banks for cooperatives. 94 12 22 8 1 0) 0) Production credit corporations 62 19 44 0) 0) Regional agricultural credit corporations 7 15 1 0) Commodity Credit Corporation 172 19 179 3 804 905 Farm Credit Administration 258 22 C1) Farm Security Administration 470 31 1 Insurance agencies: Federal Crop Insurance Corporation _ _ 6 0) Federal Deposit Insurance Corporation 51 21 448 36 0) 27 Federal Savings and Loan Insurance Corporation 2 25 103 3 Fp.dp.ral Housing ArimiriistTfltioTl 17 32 30 1 13 18 4 Export-Import Bank of Washington 141 1 45 0) Tennessee Valley Authority 18 7 413 8 U. S. Maritime Commission 30 20 45 Rural Electrification Administration.. 309 6 Public Works Administration 84 Other... 94 14 6 15 66 1 15 Total 8,864 523 846 122 759 671 1,710 6,937 1,434 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 1260 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Loans to financial institutions 172 166 162 158 149 139 134 Loans on preferred stock of banks and insurance companies 57 56 53 50 49 49 49 48 48 48 48 Preferred stock, capital notes, and debentures- 460 455 452 447 442 437 434 432 429 425 410 407 405 Loans to railroads (including receivers) 470 473 474 482 482 487 487 470 470 462 461 461 448 Loans for self-liquidating projects 47 36 36 37 35 35 36 37 37 81 81 81 81 Loans to industrial and commercial businesses: For national defense 3 6 7 11 17 21 61 65 70 71 82 Other 128 126 121 119 117 115 114 113 111 109 108 106 100 Loan to Great Britain 100 125 299 Loans to drainage, levee, and irrigation districts 77 77 74 Other loans 5 5 5 Securities purchased from Public Works Administration 116 115 114 113 113 113 111 122 120 117 117 117 Total loans and investments, other than interagency 1,511 1,522 1,519 1,512 1,499 1,503 1,511 1, 538 1,613 1,640 1,798 Preferred stock of, and loans to Export-Import B ank 74 99 99 174 174 174 174 174 174 174 174 174 174 Loans to Rural Electrification Administration 146 146 146 152 157 164 168 175 182 190 195 207 Capital stock of, and loans to RFC Mortgage 202 Company 71 73 75 76 Capital stock of, and loans to Federal Na- 77 tional Mortgage Association 93 96 101 102 103 105 109 Loans to Tennessee Valley Authority 8 107 Capital stock of, and loans to national defense 8 companies * 83 121 168 219 282 327 527 643 Loans to Farm Security Administration 33 60 81 97 116 89 101 110 Capital stock of Federal Home Loan Banks... 125 125 125 125 125 125 125 125 125 Total loans and investments.. 1,932 2,003 2,089 2,244 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 1 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 Loansto cooperatives Emer- Agricul- End of year or month otal Land Federal Produc- gency Banks tural j? euerai Bank inter- tion crop and for Market- Total lloanncrli Com- Total i mediate credit drought Total3 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—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 September. 2,954 2,411 1,795 616 431 43 208 174 111 94 16 October.... 2,924 2,395 1,786 610 410 39 194 170 119 101 16 1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $6,000,000-$8,000,000 since 1939. 2 Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives, amounting to a total of $219,000,000 in October 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. DECEMBER 1941 1261 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 L p C t e i o o o w r o o r m s a n r a n ' n - - e - B H L F a e o n o e ra m k a d l n s - e » c s i a a F a l e a v o s t e r n 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 F o n g m C r y e t - - M t A F i g e N o a s e r o n a s g a d r o - a l e - t - - l U t S H h A n t i o o a n i r u u t t g i e e - s t s d - y End of month D a i n b e to c a p e l r o - s s s 1 - Total b C i t a n o a n d r s k y e h s - T U o . t a S l . s e G c r D u e o i r c v - i t t e i r e n s G m t a e u e n e a n - d r t - f s C e u e r t a n r c e s v - d .» h e s, ciation 1934—June.. 1,198 1,225 453 418 35 76 1933—June — 47 Dec... 1,207 1,237 540 597 467 130 100 Dec — 132 85 1935—June.. 1,205 1,236 385 777 630 147 74 1934—June — 1,217 85 Dec... 1,201 1,237 287 853 706 147 98 Dec 2,379 87 81 1936—June.. 1,232 1,265 203 967 800 167 95 1935—June — 2,658 79 186 Dec... 1,260 1,296 145 1,058 891 167 93 Dec 2,897 103 348 6 1937—June.. 1,268 1,307 136 1,100 933 167 71 1936—June — 2,945 119 475 18 Dec... 1,270 1,308 130 1,097 930 167 80 Dec 2,765 145 587 36 1938—June.. 1,252 1,290 115 1,103 936 167 73 1937—June — 2,556 167 742 49 Dec... 1,252 1,291 1,132 965 167 73 Dec 2,398 200 854 68 10 1939—June.. 1,262 1,304 1,157 ,011 146 78 1938—June — 2,265 196 948 41 38 13 Dec... 1,279 1,319 1,192 ,046 146 74 Dec 2,169 199 1,034 54 80 32 1940—June. . 1,293 1,337 1,224 ,078 146 1939—June.... 2,081 169 1,136 57 125 68 Dec 2,038 181 1,271 57 147 123 1940—Oct... 1,296 1,338 1,224 ,078 146 75 1940—June — 2,013 157 1,405 60 163 87 Nov.. 1,298 1,341 1,224 ,078 146 80 Dec... 1,304 1,348 1,224 ,078 146 1940—Oct 1,981 182 1,515 63 175 168 Nov.— 1,969 186 1,533 65 178 176 1941—Jan... 1,314 1,356 1,239 1,093 146 84 Dec 1,956 201 1,546 67 181 186 Feb... 1,318 1,361 1,245 1,098 146 83 Mar.. 1,320 1,364 1,259 1,113 146 74 1941—Jan 1,942 171 1,564 68 185 228 Apr... 1,317 1,362 1,259 1,113 146 73 Feb.— 1,929 157 1,579 68 187 211 May- 1,310 1,359 1,254 1,108 146 75 Mar 1,914 146 1,600 69 190 233 June.. 1,304 1,356 1,251 1,104 146 75 Apr 1,900 142 1,628 70 190 266 July.. 1,307 1,359 1,251 1,104 146 80 May... 1,885 145 1,658 70 192 288 Aug... 1,309 1,365 1,250 1,104 146 June — 1,870 170 1,688 65 194 316 Sept.. n,311 July.... 1,855 168 1,718 67 196 296 Oct... P1,317 Aug 1,841 173 1,751 69 198 306 Sept.... 1,825 178 1,775 70 200 332 Oct 1,809 184 (3) 73 203 328 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 1 Loans and discounts to member institutions of the Federal Home 2 Includes working cash with postmasters, 5-per cent reserve fund and Loan Bank System. miscellaneous working funds with the Treasurer of the United States, 8 Federal Home Loan Bank Board estimates for all Federal savings accrued interest on bond investments, and accounts due from late postand loan associations which are private institutions chartered and masters. supervised by the Federal Home Loan Bank Board. Back figures—See BULLETIN for August 1935, pp. 501-502. 3 Not available. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATIONl INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] Y m ea o r n o th r Total p ( P m e r T i r o r m I e o i ) t v t n y - p l e t e - - s ( h s N c t t T m o i r o e o i u m a n t w n c l l - e e l - H ( m g T a I o o I i g m ) t r e l t e s e - g h r g a M ( o e g T a r u n o e n o i s s t u t d r i a l t p n o e l - g n ( h f T V D e i o n n i u I e g t s ) - s l e e - E m n o d n t o h f Total b C m a c o i n e a m r k l - s - b M s t i a n u a n g v a u k s l - - s a a S l i t a s o n i s a n o a g o v d n n s c - s i- I p c a n a o n s n m c u i e r e - - s a c F e g ie e r e a s d n l - 2 - Other3 I) II) 1934 30 30 1936—Dec 365 228 8 56 41 5 27 1935 320 224 94 2 1937—Dec 771 431 27 110 118 32 53 1936 557 246 309 2 1938—Mar 856 472 26 119 146 42 51 1937 495 60 424 11 June 933 509 28 127 165 44 60 1938 694 160 13 473 48 Sept L, 049 565 32 137 187 56 72 1939 954 208 25 669 51 Dec 1,199 634 38 149 212 77 89 1940 1,026 251 26 736 13 1939—Mar L, 349 699 44 159 241 114 92 June 1,478 759 50 167 271 137 94 1940—Oct.... 112 29 2 80 1 Sept L,622 824 57 178 302 148 113 N D o e v c. 1 9 0 9 4 2 2 8 4 2 2 6 7 9 8 * 1940— J D M u e n a c e r [ L 2 , , , 7 0 9 9 7 4 3 5 9 1,0 9 9 2 7 0 6 1 3 1 9 7 0 0 1 0 2 2 1 0 0 9 1 8 2 3 4 3 3 9 4 2 3 1 1 1 1 8 7 5 2 1 3 1 1 12 2 3 7 3 3 1941—Jan. __ 102 20 2 79 * Sept 2,232 1,093 112 216 480 190 141 Feb.... 84 20 1 61 1 Dec 2,409 1,162 130 224 542 201 150 Mar.... 84 17 2 62 3 1941—Mar :,598 1,247 146 230 606 210 159 Apr. 75 12 1 60 2 June 2,755 1,318 157 237 668 221 154 May- 89 22 1 65 1 Sept 2,942 1,381 190 246 722 225 178 June... 105 27 3 75 * J A u u l g y . . . . . . . 1 9 0 1 5 2 1 0 8 2 3 7 8 0 2 * 1 1 Gross amount of mortgages held, does not include terminated mort- Sept... 107 31 2 73 1 gages and cases in transit to or being audited at the Federal Housing Oct 125 34 2 85 2 2 Administration. 2 The RFC Mortgage Company, the Federal National Mortgage Association, and the United States Housing Corporation. i Figures represent gross insurance written during the period and do 3 Including mortgage companies, finance companies, industrial banks, not take account of principal repayments on previously insured loans. endowed institutions, private and State benefit funds, etc. * Less than $500,000. 1262 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] Income ] ( i p n h d y u s 1 s i t 9 c r 3 i a a 5 l l - 3 v p 9 o r = l o u 1 d m 0 u 0 e c ) t i » o n • aw C a 1 r o 9 c d n 2 o e 3 s n d - t t 2 r r u 5 ( a v c = c t a 1 t i s l 0 o u 0 n e) 3 Employment * F to a r c y - Freight- D m ep e a n r t t- W s h al o e le- C o o f st pay- pay- car store com- liv- Y m ea o r n a th nd ( 1 m v 9 = a 3 e l 1 u 5 n 0 - e t 0 3 ) s 9 > Total D ab f u M a l r e c - a tu n N r u d a e b - u o s l r n e - - M era in ls - Total R d t e e ia n s l i - - o A th ll er 1 t N 9 a = u c 3 g u 1 r o 5 a r l 0 n i - - i - 0 3 - s 9 19 F 23 a - c 2 t 5 o = ry 100 r 1 o 9 = l 2 l 1 3 s 0 - 0 * 25 1 i l 9 = n o 3 g 1 a 5 s 0 d - 0 3 - • 9 (v 19 s a = a 2 l 1 u l 3 e 0 - e s 0 2 ) 5 *ep m r = 1 i o c 1 9 d 2 e 0 i 6 s 0 t * y 19 = in 3 1 g 6 0 - 0 4 39 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted usted justed usted usted usted usted Justed usted lusted usted justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 120 78 138 6 124 6 1920 75 93 60 83 63 30 90 107.1 117.2 129 94 154 4 143 2 1921 58 63 57 66 56 44 65 82.0 75.6 110 87 97 6 127 7 1922 73 81 67 71 79 68 88 90.7 81.2 121 88 96 7 119 7 1923 88 103 72 98 84 81 86 103.8 102.9 142 98 100 6 121 9 1924 82 95 69 89 94 96 94 96.4 96.0 139 99 98 1 122 2 1925 90 107 76 92 122 124 120 99.8 101.1 146 103 103 5 126 4 1926 96 114 79 100 129 121 135 101.7 104.2 152 106 100 0 126 4 1927 95 107 83 100 129 117 139 99.5 102.4 147 107 95 4 124 0 1928 99 117 85 99 135 126 142 99.7 103.5 148 108 96 7 122 6 1929._ 122.3 —— 110 132 93 107 117 87 142 107.1 106.0 110.4 152 111 95.3 122.8 1930 110.9 91 98 84 93 92 50 125 100 3 92.4 89.4 131 102 86 4 119 4 1931 94.3 ...... 75 67 79 80 63 37 84 91 6 78.1 67.8 105 92 73 0 108 7 1932 73.2 58 41 70 67 28 13 40 82 2 66.3 46.7 78 69 64 8 97 6 1933 69.5 69 54 79 76 25 11 37 82 9 73.4 60.1 82 67 65 9 92 4 1934 80.2 75 65 81 80 32 12 48 90.1 85.7 64.5 89 75 74.9 96 7 1935 87.2 87 83 90 86 37 21 60 93 8 91.3 74.1 92 79 80 0 98 1 1936 101.2 103 108 100 99 55 37 70 99 8 99.0 85 8 107 88 80 8 99 1 1937 107.2 113 122 106 112 59 41 74 105. 0 108.6 102.5 111 92 86.3 102.7 1938 98.9 89 78 95 97 64 45 80 98 6 90.9 78 5 89 85 78 6 100 8 1939 105.5 108 109 108 106 72 60 81 102.8 99.9 92.2 101 90 77.1 99.4 1940 __ 112.5 123 138 113 117 81 72 89 106.4 107.5 105.4 109 94 78.6 100.2 1938 July . — 97.2 86 84 71 95 94 69 49 68 97 0 87.2 85.9 71.7 88 83 78.8 August 98.1 90 91 78 99 97 66 53 77 97 8 89.3 90.2 77.9 90 83 78.1 September 99.1 93 97 83 100 97 78 66 96 98 4 91.0 93.6 82.3 92 85 78.3 100.7 October 100.2 96 100 89 100 99 82 57 102 99 0 92.0 94.2 85.0 95 86 77 6 November 100.7 100 102 96 103 102 96 56 128 99 9 94.8 95.3 85.3 95 87 77.5 December 101.4 101 99 97 104 102 96 67 128 100.7 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 8 96.8 94.5 84.7 98 88 76.9 February 101.9 101 99 97 104 101 73 68 85 101 0 96.8 96.1 87.1 95 88 76.9 March 103.0 101 100 96 104 104 69 55 80 101 2 96.7 97.0 88.8 94 88 76.7 99.1 April 101.8 97 98 93 103 91 67 58 74 100 5 96.6 96.9 86.8 87 88 76.2 May 103.6 98 99 93 104 97 63 55 68 101 1 96.3 95.9 86.3 90 87 76.2 June 104.8 103 102 99 106 104 63 58 67 102 2 97.3 96.4 87.9 97 86 75.6 98.6 July 104.6 105 102 102 106 107 67 62 71 102 6 98.4 96.6 85.8 99 87 75.4 August 106.5 106 106 108 108 92 73 67 78 103 0 99.0 99.5 91.2 101 88 75.0 September 107.8 114 119 118 111 114 73 68 76 103.7 100.8 103.7 95.4 111 90 79.1 100.6 October 109.1 121 126 129 115 119 76 68 82 105 0 104 8 107 3 103 2 114 92 79.4 November 109.9 124 126 134 117 120 83 61 101 105 7 107.0 107.5 103.2 114 93 79.2 December 111.2 125 122 138 117 114 86 60 107 106.3 108.2 107.8 105.4 110 95 79.2 99.6 1940 January 110.6 122 117 134 113 118 75 63 93 105 6 107 6 105 0 99 8 111 92 79.4 February 110.1 116 113 124 110 114 63 66 68 104 9 105 8 105.0 99.3 105 90 78.7 March 108.8 113 112 118 107 117 62 67 66 104 7 104.0 104.4 99.8 100 89 78.4 99.8 April 109.1 112 112 116 107 119 64 62 66 104 0 102 8 103.2 97.9 103 89 78.6 May 110.1 116 117 123 110 117 64 64 65 104 5 102 8 102.5 97.8 106 89 78.4 June 110.2 122 121 133 114 119 74 69 77 105 0 103 9 103 1 99 5 111 91 77.5 100.5 July 111.7 122 120 136 113 119 85 77 91 105 4 105.1 103.2 98.2 110 92 77.7 August 113.3 124 124 143 112 114 90 82 98 106 3 107 4 107.4 105.5 112 98 77.4 September 114.6 127 132 151 112 116 93 82 101 106 9 108.9 111.4 111.6 112 97 78.0 100.4 October 115.8 130 135 155 116 113 95 ' 85 103 108.1 111.4 113.8 116.2 110 94 78.7 100.2 November 116.6 134 136 157 120 118 111 87 130 109 7 114.2 114.7 116.4 116 100 79.6 100.1 December 119.0 139 136 164 124 118 115 90 136 111 5 116.6 116.2 122.4 119 101 80.0 100.7 1941 January 121.3 140 135 171 123 119 103 84 117 111.8 118.3 115.5 120.7 122 101 80.8 100.8 February 123.0 144 140 176 126 118 99 76 118 112.5 118.6 117.8 126.8 124 103 80.6 100.8 March 123.7 147 144 180 128 125 94 74 109 112.3 119.4 119.9 131.2 126 103 81.5 101.2 April. 124.5 144 144 180 131 95 103 80 121 112.5 122.0 122.6 134.7 112 104 83.2 102.2 May 128.4 154 155 190 135 126 101 88 111 114.0 124.9 124.9 144.1 135 105 84.9 102.9 June 131.0 159 160 195 139 132 117 101 129 115 4 128.7 127.9 152.2 139 104 87.1 104.6 July 133.3 160 159 199 138 131 139 115 158 117 2 133 4130. 7 152 7 138 115 88.8 105.3 August 134.8 162 199 139 132 152 112 184 117 7 133 3 133.0 158.3 139 134 90.3 106. 2 September 136.9 161 167 203 137 131 161 105 206 117.5 132.4 135.3 163.0 130 116 91.8 108.1 October P164 pies *>209 P132 P140 *>88 P182 P117.9 P132. 5P135.1 P166.7 127 105 92.4 109.4 November' e166 el66 '213 •140 e133 135 C92.8 * Preliminary. * Average per working day. r Revised. • Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 1264-1267; 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. 1272. * 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. 1268-1271 for employment and payrolls and p. 1275 for prices. * Excludes military and naval forces. Revised 1929 to date owing to revisions in data compiled by Bureau of Labor Statistics. 6 For sales comparisons by cities and by departments see p. 1274 of this BULLETIN. 7 Series being revised. 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. DECEMBER 1941 1263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of theBoard of Governors. 1935-39 average= 100] 1940 1941 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Totall-- 127 130 134 139 140 144 147 144 154 159 160 r161 161 P164 M D an u u ra fa b c le t l u res .. —Total1 1 1 2 5 9 1 1 1 3 5 4 5 1 1 3 5 7 7 1 1 4 6 2 4 1 1 4 7 4 1 1 1 4 7 8 6 1 1 5 8 1 0 1 1 5 8 3 0 rl 1 6 9 0 0 1 1 6 95 4 1 1 6 9 5 9 '1 1 6 9 6 9 1 2 6 0 6 3 P P 1 2 7 0 0 9 Nondurable 112 116 120 124 123 126 '128 131 135 139 138 139 137 P138 Iron and Steel 169 172 171 174 179 179 184 181 184 184 185 185 192 191 Pig iron 167 169 173 173 177 176 178 170 175 179 181 182 185 184 Steel... 175 178 177 181 186 187 193 193 196 196 197 198 207 206 Open hearth and Bessemer ... 164 167 164 166 172 171 177 172 174 173 174 172 179 178 Electric 247 259 263 283 291 300 305 340 355 359 365 382 405 410 Machinery _ 145 149 152 164 168 177 185 194 206 214 216 r224 227 P236 Transportation Equipment2 159 165 171 177 190 203 207 197 r229 243 r255 240 2&5 P270 Aircraft 508 552 600 635 685 741 768 818 '876 '932 1,003 1,123 1 910 Pl 354 Automobile bodies, parts, and assemblv . 121 125 125 125 134 143 142 124 152 161 '168 139 133 P144 Automobile factory sales 110 130 134 129 144 152 143 122 151 148 154 93 74 110 Railroad cars 148 148 166 172 178 182 178 196 218 '233 233 236 248 P285 Locomotives... 140 160 168 186 204 222 234 '257 280 308 342 355 371 P378 Shipbuilding (private yards) 220 227 226 263 282 307 335 '354 '381 425 467 '485 556 P632 Nonferrous Metals and Products 14S 149 155 162 167 173 179 183 189 184 188 186 189 P185 Nonferrous metal smelting3 132 133 135 137 137 142 142 147 148 144 142 145 145 P146 Copper smelting 129 130 135 135 133 140 136 145 144 136 131 135 135 136 Zinc smelting 148 147 147 152 153 158 163 164 170 170 173 175 175 176 Copper deliveries. 154 170 179 190 201 209 219 221 231 222 234 221 225 210 Lead shipments 126 132 145 158 161 165 172 186 205 210 200 196 206 P213 Zinc shipments 141 142 144 146 149 148 146 147 144 144 142 143 146 143 Tin consumption 113 109 112 115 119 130 143 147 147 141 155 161 166 Lumber and Products 121 123 127 132 137 135 128 132 132 135 141 140 137 P136 Lumber _ 121 124 128 133 139 139 125 128 122 125 131 134 129 P127 Furniture 121 122 125 128 132 129 132 139 '152 155 161 153 152 P151 Stone, Clay and Glass Products 124 126 ISO 140 154 158 150 142 141 150 151 154 156 P158 Cement 125 133 140 155 181 183 156 139 134 138 143 148 154 159 Common and face brick 131 126 135 147 Common brink 124 126 136 147 Face brick 146 127 132 148 Glass containers 116 115 114 119 123 131 139 135 148 155 154 158 163 168 Polished plate glass 118 111 113 117 137 138 135 142 142 152 146 133 120 102 Textiles and Products 115 123 135 140 138 143 146 150 157 156 155 154 152 P151 Textile fabrics._ 113 121 132 135 133 140 143 146 152 151 151 149 145 P143 Cotton consumption 119 126 139 142 144 152 156 160 164 160 162 160 156 161 Rayon deliveries 120 129 146 156 156 148 150 158 169 173 173 170 168 P171 Silk deliveries 65 71 77 74 69 67 71 74 71 73 77 56 34 10 Wool textiles. 123 132 140 145 136 149 152 152 165 103 157 166 170 P163 Carpet wool consumption. 109 125 128 131 119 143 146 139 148 149 126 148 142 P123 Apparel wool consumption 137 152 160 163 149 165 179 171 196 190 177 181 205 P205 Woolen yarn 120 124 131 132 125 134 135 140 153 151 153 162 163 P156 Worsted yarn 135 149 152 157 150 163 163 166 178 178 174 179 185 P182 Woolen and worsted cloth. 122 127 140 149 142 153 154 156 167 165 160 166 170 P167 Leather and Products 95 97 107 109 107 108 114 U4 123 ISO 129 121 119 P121 Leather tanning 90 93 100 102 102 103 113 109 118 121 124 123 124 Cattle hide leathers 95 100 110 113 115 112 119 118 129 131 136 140 135 Calf and kip leathers 82 85 92 86 88 92 112 97 99 98 93 103 101 Goat and kid leathers 83 81 82 86 79 87 97 96 105 113 116 97 115 Shoes. 99 100 112 113 110 112 115 117 126 136 132 '120 116 P119 Manufactured Food Products 110 118 117 121 117 120 121 12S 124 127 rl27 133 130 PISS Wheat flour.. 100 104 99 104 98 105 105 110 110 107 103 98 99 101 Cane sugar meltings 86 116 136 122 124 107 122 123 119 129 102 129 111 Manufactured dairy products 116 122 117 125 131 127 125 135 134 130 133 136 140 P142 Ice cream 114 128 122 131 138 132 129 144 Butter 107 108 106 110 119 118 118 119 117 111 113 109 109 108 Cheese 121 114 117 118 123 124 131 138 134 121 128 134 145 148 Canned and dried milk 133 135 126 138 136 129 124 135 139 132 141 165 183 197 Meat packing 121 127 133 134 114 126 134 126 132 124 125 134 126 133 Pork and lard 147 152 159 165 121 145 159 143 147 134 132 149 139 148 Beef 95 101 106 107 110 109 110 110 120 120 123 124 118 123 Veal 92 98 102 97 86 94 91 96 97 91 96 94 101 108 Lamb and mutton _ 95 106 110 109 112 112 111 108 109 101 110 105 Q9 103 Other manufactured foods 109 118 116 120 117 119 120 122 122 129 128 135 132 P134 Alcoholic Beverages 104 103 96 101 105 108 104 107 114 122 ISO 128 131 Malt liquor 94 100 94 104 105 106 100 102 106 107 115 110 118 Whiskey 71 80 77 85 78 81 80 82 90 94 108 93 94 Other distilled spirits 232 118 86 85 112 132 132 140 129 154 206 206 262 Rectified spirits 126 134 131 105 126 131 130 137 170 206 190 219 170 Tobacco Products 108 115 113 114 113 116 117 120 119 118 114 118 121 128 Cigars 102 105 103 108 111 110 109 117 109 106 106 109 104 112 Cigarettes 113 120 119 121 118 125 127 127 131 131 123 129 137 144 Manufactured tobacco and snuff.. 100 112 106 101 101 96 97 101 100 97 97 96 99 104 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." 1264 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 [Indexnumbers of the Board of Governors.1935-39 average= 100] 1940 1941 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Paper and Paper Products1 120 122 125 ISO 129 128 w 184 142 145 147 147 144 Paper and pulp 118 121 124 131 129 128 136 145 149 152 152 149 Pulp 150 148 150 159 153 153 133 161 162 175 167 172 170 Groundwood pulp 117 118 123 119 119 122 111609 121 120 121 122 128 129 Soda pulp 114 124 113 142 128 129 137 135 141 151 149 151 140 Sulphate pulp 185 184 186 200 190 193 199 199 203 216 203 215 210 Sulphite pulp 145 140 143 148 144 144 153 156 155 170 163 164 163 Paper 113 117 120 127 126 124 129 132 142 145 150 149 145 Paperboard 118 123 132 143 138 134 138 143 158 154 170 161 158 158 Fine paper 107 110 114 114 110 110 114 115 127 134 140 147 151 Newsprint production 111 112 109 109 113 115 115 114 114 114 112 113 107 110 Printing paper 111 114 114 117 119 123 126 131 138 149 149 150 145 Tissue and absorbent paper 125 124 120 131 132 125 133 132 137 144 142 143 135 Wrapping paper 107 110 114 120 120 119 124 129 139 140 138 139 136 Printing and Publishing 2_ _ 108 109 110 112 111 114 116 118 122 128 127 129 125 P127 Newsprint consumption 104 104 106 107 103 105 106 106 107 106 106 109 105 105 Petroleum and Coal Products 116 116 118 120 122 122 123 121 125 127 128 130 132 Petroleum refining 112 112 114 116 117 117 118 119 122 123 124 126 128 Gasoline 113 111 112 115 117 118 120 120 124 123 123 126 130 Fuel oil 113 115 116 120 120 122 121 120 119 122 124 127 124 Lubricating oil 102 109 115 107 112 104 105 118 118 134 133 132 130 Kerosene— 121 123 123 130 120 123 113 117 115 104 108 116 119 Coke- 143 145 147 149 150 152 154 133 148 154 154 154 152 Byproduct coke- 139 141 143 143 143 145 145 134 141 145 146 146 144 Beehive coke 267 266 281 378 367 398 434 69 386 435 429 453 425 #413 Chemicals 114 116 mi 121 n23 n25 rl83 rl86 rH4 145 146 P!48 Rubber products 124 126 132 144 141 153 155 158 162 192 153 130 131 134 Rubber consumption 125 128 133 147 143 156 158 161 164 196 156 132 134 137 Tires and tubes 109 109 116 117 123 128 134 131 144 152 126 117 108 103 Pneumatic tires 110 110 118 118 124 128 135 132 144 151 1 26 118 108 104 Inner tubes 107 103 107 115 121 127 132 130 145 155 125 110 103 94 Minerals—Total 116 113 118 118 119 118 125 95 126 132 131 T132 131 P132 Fuels .__ 115 109 113 US 114 113 121 86 121 129 127 129 128 P129 Bituminous coal 119 98 112 115 117 114 149 22 149 153 146 147 139 P127 Anthracite 108 94 97 108 98 102 102 71 80 126 137 162 127 P116 Crude petroleum 114 115 115 113 114 113 112 113 114 120 119 119 124 P131 Metals _ . 127 185 148 147 148 148 148 149 152 152 151 149 P150 Iron ore shipments 155 163 192 186 187 189 191 200 197 200 207 203 203 203 Copper 137 141 143 145 148 153 148 152 159 155 156 155 154 150 Lead 112 117 113 116 116 116 118 119 115 117 114 116 120 Zinc 120 118 120 123 125 126 125 133 127 136 125 131 135 P132 Gold .__ 108 120 131 129 131 125 126 120 131 125 120 114 Silver 103 120 127 129 128 126 127 129 122 128 124 129 r Revised. pPreliminary. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures sea BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 2E-882. DECEMBER 1941 1265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 1941 Industry Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total ».. 132 135 136 136 135 '140 144 144 155 160 159 162 167 P168 Manufactures—Total 1_. 133 138 139 140 139 144 149 153 160 165 164 167 172 P174 Durable1 150 159 161 164 166 171 178 183 193 198 196 199 306 P311 Nondurable __ 119 131 m 118 136 130 135 138 138 143 145 P143 Iron and Steel 166 171 172 174 179 179 184 181 184 184 185 185 192 191 Pig iron 164 169 173 173 177 176 178 170 175 179 181 182 185 184 Steel 171 176 178 181 186 187 193 193 196 196 197 198 207 206 Open hearth and Bessemer ... 161 165 166 166 172 171 177 172 174 173 174 172 179 178 Electric 242 257 265 283 291 300 305 340 355 359 365 382 405 410 Machinery. 14M 152 164 168 177 185 194 214 216 P236 Transportation Equipment2 154 179 185 188 194 207 214 244 221 245 P270 Aircraft 508 552 600 635 685 741 768 818 '876 ••932 1,003 1,123 1,210 l, 354 Automobile bodies, parts, ,nd assembly 119 142 143 138 138 148 150 136 152 161 135 118 133 P144 Automobile factory sales 89 142 161 152 151 161 160 139 164 164 134 47 74 110 Railroad cars 135 141 153 172 178 182 178 196 218 ••233 233 236 248 i>285 Locomotives 137 152 163 186 204 222 234 ••257 280 308 342 355 371 P378 Shipbuilding (private yards) 213 229 219 263 282 307 335 ••354 ••381 425 467 ••485 556 P632 Nonferrous Metals and Products. US 152 158 162 173 179 184 190 185 188 '185 188 P185 Nonferrous metal smelting3. 131 138 137 138 137 142 142 147 148 144 141 145 145 PUQ Copper smelting 129 138 139 135 133 140 136 145 144 136 131 135 135 136 Zinc smelting 143 147 147 152 153 158 163 164 170 170 173 175 175 176 Copper deliveries 156 173 181 188 200 209 219 221 231 222 234 221 225 210 Lead shipments 127 138 155 165 166 165 172 186 205 210 200 196 206 P213 Zinc shipments 138 143 147 147 149 148 146 147 144 144 142 143 146 143 Tin consumption 108 108 112 112 114 130 146 151 153 148 154 159 159 Lumber and Products.. 182 182 ne 121 116 119 128 130 184 140 144 152 149 P146 Lumber 134 132 123 114 113 115 118 128 130 135 142 148 144 P136 Furniture 127 133 130 133 123 129 133 135 143 150 149 158 160 P164 Stone, Clay and Glass Products _ 189 142 186 125 110 112 125 142 164 172 166 172 174 P176 Cement 150 154 145 124 100 102 117 139 163 174 177 181 184 185 Common and face brick 161 154 147 125 Common brick 162 160 149 120 Face brick 161 140 141 133 Glass containers 118 119 115 111 110 120 130 135 159 163 160 172 166 173 Polished plate glass 118 127 129 141 144 131 141 142 142 149 96 109 120 117 Textiles and Products 118 187 140 188 148 147 160 157 155 165 154 151 P!51 Textile fabrics 115 124 134 136 133 140 143 146 152 150 150 148 145 P143 Cotton consumption _. 119 129 139 142 144 152 156 160 164 160 162 160 156 161 Rayon deliveries 138 144 151 154 154 148 150 158 169 173 173 170 168 P171 Silk deliveries 65 77 87 79 72 68 74 73 66 66 69 50 32 10 Wool textiles 120 129 139 145 136 149 152 152 165 163 157 166 170 P163 Carpet wool consumption. 111 124 126 131 119 143 146 139 148 149 126 148 142 P123 Apparel wool consumption 137 145 162 163 149 165 179 171 196 190 177 181 205 P205 Woolen yarn 119 121 129 132 125 134 135 140 153 151 153 162 163 P156 Worsted yarn 130 149 152 157 150 163 163 166 178 178 174 179 185 P182 Woolen and worsted cloth. 116 122 139 149 142 153 154 156 167 165 160 166 170 P167 Leather and Products 102 104 117 122 118 120 119 125 '129 127 vlii Leather tanning 89 93 101 104 103 112 112 110 115 118 120 120 123 Cattle hide leathers.... 94 101 114 115 116 125 121 118 126 125 127 133 133 Calf and kip leathers... 81 82 87 88 87 97 105 94 100 102 108 99 Goat and kid leathers.. 84 80 79 87 79 91 96 103 113 115 r95 116 Shoes 111 102 96 95 106 121 128 123 124 119 128 135 130 P121 Manufactured Food Products 183 ne ue 115 104 104 107 112 120 129 rl89 4 159 4 W M M C O a t a e h h n n a e e I B V P C C B L e t u c a r o e a h u a e f e t s p e m a r m a n e u t a k f c f t c e l n g c e l a r b t s o e a e k u r n a e d r a u i r n a u n e m r n m d f a g d a d n e c l a d l d t m t u r a i d r n d u i e r g r t d y i t s e o d p f n o r m o o d d i s l u k cts.. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 0 1 2 2 0 1 0 1 0 4 0 5 5 6 8 4 3 2 7 1 2 7 0 7 1 1 1 1 1 1 1 1 1 1 9 9 9 1 0 0 1 2 4 0 1 1 3 2 6 5 3 8 7 3 7 3 8 3 0 2 1 1 1 1 1 1 1 1 8 8 7 0 5 9 1 1 0 0 1 0 4 3 3 1 1 1 2 4 7 7 1 2 1 1 1 1 6 9 7 8 8 9 9 0 5 1 0 0 1 8 8 9 7 2 5 2 0 9 2 7 4 5 1 1 1 1 1 1 1 9 8 6 9 8 0 0 3 8 1 5 0 1 9 4 9 5 9 3 3 3 3 0 7 3 8 1 1 1 1 1 1 1 1 9 9 7 0 9 8 0 1 0 2 4 1 0 6 2 8 1 8 3 4 0 5 2 5 2 3 1 1 1 1 1 1 1 1 1 1 1 9 2 0 8 0 0 0 3 2 4 0 0 0 9 1 5 6 7 2 5 5 2 3 7 0 5 1 1 1 1 1 1 1 1 1 1 1 1 3 3 1 0 9 1 3 5 3 3 0 0 0 8 3 8 3 5 9 4 2 5 5 2 5 7 2 1 1 1 1 1 1 1 1 1 1 1 5 0 0 7 1 8 3 0 4 1 2 1 1 0 0 7 7 2 2 1 7 1 0 1 1 1 1 1 1 1 1 1 1 1 2 0 5 9 8 9 2 9 9 3 3 1 3 1 5 2 6 9 1 5 6 2 0 8 1 1 1 1 1 1 1 1 1 1 1 3 6 9 9 1 0 1 1 7 2 0 3 7 5 3 5 9 2 7 9 2 5 4 7 1 1 1 1 1 1 1 1 1 1 9 5 8 6 2 9 3 1 1 2 5 0 9 1 3 9 0 5 6 2 6 6 9 4 1 1 1 1 1 1 1 1 1 1 1 1 0 1 5 1 6 3 4 1 1 1 3 7 8 9 0 1 8 2 3 4 1 1 2 0 P P 1 1 1 1 1 1 1 1 1 1 9 1 3 5 1 3 3 5 3 1 0 2 0 5 9 8 0 4 9 4 9 9 Alcoholic Beverages 109 108 104 98 87 94 100 108 120 129 181 137 Malt liquor 95 82 77 81 84 90 96 111 124 137 142 128 120 Whiskey 57 76 96 98 104 106 91 90 75 59 51 75 Other distilled spirits. 318 314 181 105 73 79 84 77 91 97 99 359 Rectified spirits 134 174 207 140 92 113 124 122 149 165 160 171 180 Tobacco Products 118 120 115 108 108 110 118 121 128 128 132 133 Cigars 117 127 123 83 90 96 100 111 108 113 111 113 120 135 Cigarettes 121 118 114 108 119 118 119 118 133 144 138 136 146 141 Manufactured tobacco and snuff. 108 115 105 95 100 100 107 106 r Revised. P Preliminary. 1 Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. * Includes shipbuilding in Government yards not available for publication separately. 1 Includes also lead production shown under "Minerals." 1266 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] Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. gept Paper and Paper Products1 124 127 124 12S 126 181 186 137 141 148 HI 146 U9 Paper and pulp 120 124 124 124 128 133 137 140 145 147 145 150 151 Pulp 147. 150 151 154 154 159 164 165 165 173 ••159 170 168 Groundwood pulp 102 110 126 124 124 127 128 136 133 124 109 109 112 Soda pulp 115 124 113 138 128 133 141 139 141 150 141 151 142 Sulphate pulp 185 188 186 190 192 199 203 199 203 214 199 215 210 Sulphite pulp 145 143 144 144 144 148 156 159 155 167 155 164 163 Paper 116 120 120 120 124 129 133 136 142 143 142 147 148 Paperboard 125 130 132 127 132 138 144 146 155 154 161 163 167 167 Fine paper 102 110 110 112 111 118 122 126 130 131 128 139 144 "116 Newsprint production 111 112 112 110 113 113 115 114 115 115 109 110 107 Printing paper 110 115 113 116 119 126 132 136 140 146 140 145 143 Tissue and absorbent paper 131 129 119 126 128 130 134 135 136 143 135 143 140 Wrapping paper 108 113 114 116 120 124 126 130 136 137 133 138 138 Printing and Publishing 2 108 113 112 112 109 115 121 12k 126 127 116 '121 124 P181 Newsprint consumption 105 111 111 109 104 110 113 111 107 92 106 112 Petroleum and Coal Products. 118 118 119 119 120 119 120 126 128 129 131 134 Petroleum refining 114 114 115 115 115 115 114 119 122 124 125 128 131 Gasoline 116 114 113 112 113 114 114 118 124 126 127 130 134 Fuel oil 114 116 117 122 123 123 118 117 119 121 122 124 125 Lubricating oil 102 109 115 106 108 103 104 122 122 134 131 131 130 Kerosene 119 123 126 131 126 124 115 119 115 102 103 111 117 Coke 142 145 148 149 150 152 154 133 148 154 154 154 152 Byproduct coke 139 141 143 143 143 145 145 134 141 145 146 146 144 Beehive coke. ___ 222 274 309 378 367 434 386 435 429 453 425 P413 Chemicals.. 116 r121 120 122 '122 '129 '186 '185 '188 189 142 148 vl53 Rubber Products 126 185 187 145 151 155 157 162 192 168 180 131 vl34 Rubber consumption _ 128 128 138 140 148 153 158 160 164 196 156 132 134 P137 Tires and tubes 109 109 116 117 123 128 134 131 144 152 126 117 108 103 Pneumatic tires.__ 110 110 118 118 124 128 135 132 144 151 ••126 118 108 104 Inner tubes 107 103 107 115 121 127 132 130 145 155 125 110 103 94 Minerals—Total . 124 119 113 113 114 116 96 127 131 130 134 137 P139 Fuels 116 112 115 116 117 118 121 87 118 128 121 129 P132 Bituminous coal.. 124 110 128 127 130 134 143 18 126 132 128 135 144 P142 Anthracite 103 99 98 115 114 112 105 76 88 116 107 120 122 P123 Crude petroleum.. 114 114 111 111 111 112 114 116 118 120 119 122 124 P130 Metals 172 178 lifi 92 148 181 181 184 '187 184 P179 Iron ore shipments.. 301 294 162 210 323 326 344 335 311 281 Copper 136 146 147 146 145 155 151 156 159 152 147 152 rl52 155 112 117 114 118 116 116 116 121 117 116 110 116 120 Zinc... 116 118 120 123 125 126 125 133 127 136 125 131 135 Gold.. 126 141 148 133 125 112 111 106 113 116 115 125 Silver. 104 119 128 129 129 129 131 130 121 123 122 126 ' Revised. P Preliminary. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 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. DECEMBER 1941 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1940 1941 Industry and group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total* 108.9 111.4 114.2 116.6 118.3 118.6 119.4 122.0 '124.9 128.7 r133. 4 '133.3 1 132 4 132 5 Durable goods* 107.4 111.2 114.6 117.6 121.1 122.1 123 0 126.3 129.5 134.0 140.8 141. 4 141.3 142.0 Nondurable goods* 110.3 111.5 113.8 115.7 115.6 115.2 115.9 118.0 120.5 123.7 126. 3 125.5 123.8 123.5 Iron, Steel, Products 112.9 116.1 118.9 122.4 124.8 125.5 126.2 128.8 132.0 136.0 '189. 1 140.3 139.7 188.6 Blast furnaces, steel works 123 125 127 130 133 133 133 136 140 145 149 150 149 148 Bolts, nuts, washers, rivets 119 121 128 135 139 145 151 153 160 166 169 173 172 169 Cast-iron pipe 81 84 89 89 88 92 92 93 94 95 95 94 97 99 Cutlery, edge tools 107 109 110 110 110 108 110 114 117 122 130 130 128 129 Forcings 77 81 83 88 90 94 96 100 102 105 112 112 113 115 Hardware 102 105 109 113 113 114 116 115 116 118 105 116 116 116 Plumbers' supplies 89 90 94 98 99 98 100 101 102 102 102 103 100 98 Stamped, enameled ware- 179 188 190 196 194 201 202 204 214 220 228 232 232 225 Steam, hot-water heating 92 97 100 103 106 106 107 109 111 114 123 126 125 124 Stoves _ . _ 95 98 100 108 113 106 106 107 110 114 121 115 109 107 Structural, ornamental 81 84 86 91 96 100 100 101 103 104 105 107 106 106 Tin cans, tinware 96 99 103 104 109 112 113 113 122 129 131 132 132 132 Tools 101 106 111 116 121 126 128 133 135 139 142 146 147 145 Wirework 170 189 201 207 206 208 208 203 207 214 218 198 217 205 Machinery 122. 6 126.6 ISO. 9 1S6.0 141.2 144.2 148.1 165 8 161 6 167.3 173 0 '177 7 177.7 179.5 Agricultural implements 141 143 140 143 147 140 126 158 166 170 175 182 181 181 Cash registers, etc 132 132 134 137 137 140 146 151 150 163 168 170 174 175 Electrical machinery 111 116 120 126 131 137 142 147 153 159 164 168 168 169 Engines, turbines, etc 182 197 211 218 237 239 243 245 259 275 293 314 321 349 Foundry, machine-shop products- 103 107 110 114 118 120 124 129 134 139 143 146 147 148 Machine tools... _ _ _ 247 257 265 275 286 296 304 315 326 337 349 366 355 360 Radios, phonographs 138 134 142 150 155 165 178 189 197 184 191 187 183 177 Textile machinery __ 79 81 83 86 89 92 95 98 101 104 107 108 110 110 Typewriters 123 126 128 130 131 110 134 138 143 150 155 157 158 158 Transportation Equipment 180.2 140.2 14S. 9 145.6 150.4 152.9 I64.I 158 9 164.8 174.6 196 6 192 2 195 0 201.2 Aircraft 3,881 4,243 4,447 4,731 5,089 5,398 5,509 5,813 6,121 6,538 7,208 7,960 0 836 9,440 Automobiles 116 125 127 124 123 123 123 125 128 132 149 137 '127 126 Cars, electric-, steam-railroad 55 58 64 67 75 71 70 70 74 81 89 87 99 100 Locomotives 36 39 42 46 52 55 56 59 64 67 75 79 82 83 Shipbuilding 187 195 204 220 244 262 268 '•285 '301 '341 387 r398 437 479 Nonferrous Metals, Products 118.6 122.8 126. S 129.4 188.8 185.1 186.2 188.9 140.7 144-1 '148.5 '148.5 U6.4 143.0 Aluminum* _ 202 207 214 218 229 224 220 229 234 230 r240 r246 247 239 Brass, bronze, copper 147 153 162 168 173 176 179 181 182 190 193 195 195 191 Clocks, watches.. __ 100 101 101 102 107 109 111 115 118 121 125 121 111 108 Jewelry 94 96 98 101 102 105 107 111 113 115 120 119 109 105 Lighting equipment 100 103 105 106 110 112 110 112 112 116 123 123 127 124 Silverware, plated ware 72 74 75 76 77 79 79 81 82 84 94 87 85 84 Smelting, refining 92 94 94 96 98 100 101 101 102 102 103 105 103 100 Lumber, Products 70.6 71.8 78.6 76.2 76.8 75 6 74 0 74 2 74 6 75 9 78 9 78 4 77 A 76.4 Furniture 91 91 93 96 97 98 98 101 104 106 108 107 104 102 Lumber, millwork 65 68 71 72 74 72 71 70 69 71 75 76 75 76 Lumber, sawmills 64 64 66 67 68 67 65 65 64 65 68 68 68 67 Stone, Clay, Glass Products 88.0 84.7 88.4 90.4 94.6 92 9 92 3 92 8 92 1 93 7 98 6 98 4 98 7 99.5 Brick, tile, terra cotta 61 61 65 68 75 74 71 70 69 69 73 74 74 74 Cement _ _ 70 72 74 76 75 76 75 74 73 74 r77 r78 79 79 Glass 109 112 117 117 120 116 118 121 122 124 131 130 130 132 Marble, granite, slate- 46 46 45 46 46 47 46 45 45 44 43 r42 43 45 Pottery 94 96 100 105 108 108 108 109 109 116 126 123 122 122 Textiles, Products 101.9 102.6 105.8 107.2 107.8 107.1 107.6 109.8 112.9 116.1 r120.0 117.1 114.7 112.6 Fabrics 93.5 95.2 97.7 98.7 98.8 99 1 100 4 103 3 105 9 109 0 111 1 109 6 107 2 105.2 Carpets, rugs 75 79 82 82 85 84 83 86* 89 90 89 91 91 90 Cotton goods 94 95 97 99 99 100 101 103 106 111 113 115 112 111 Cotton small wares 81 82 87 90 92 93 94 97 103 107 110 110 110 106 Dyeing, finishing textiles 129 129 129 132 132 134 136 138 141 144 149 143 140 134 Hats, fur-felt . _ 84 80 84 85 83 83 83 80 83 86 86 79 77 79 Hosiery 138 140 141 144 144 142 142 141 144 146 149 144 136 134 Knitted outerwear 69 70 71 74 69 69 68 71 76 81 85 83 78 .- 76 Knitted underwear 74 75 76 77 81 78 78 79 81 79 90 88 88 87 Knitted cloth 151 153 151 149 144 141 143 141 155 163 162 160 157 145 Silk, rayon goods 61 63 65 64 63 64 66 69 74 75 72 67 61 60 Woolen, worsted goods 90 93 99 98 98 98 102 109 109 110 112 108 112 109 Wearing apparel _ 116.5 114.8 118.0 121.9 122.0 120.5 119.3 119.8 124.0 127.0 135.0 128.8 126.6 124.5 Clothing, men's 104 102 109 115 114 111 110 114 122 124 124 120 119 121 Clothing, women's 165 164 168 170 166 166 164 159 161 170 193 176 171 165 Corsets, allied garments 112 112 114 114 114 113 114 114 116 119 119 122 123 108 Men's furnishings 126 122 118 116 116 118 118 119 121 124 137 137 135 128 Millinery. _ . 78 74 68 69 76 82 78 78 73 68 75 79 77 74 Shirts, collars 119 117 117 122 131 126 125 128 131 133 135 135 134 131 r Revised. * Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569. NOTE.—Figures for October 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. 1268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment (Adjusted)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1940 1941 Industry and group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Leather, Manufactures _ 89.9 91.1 93.8 94.3 93.3 93.2 94.3 95.5 96.8 101.0 100.2 97.9 98.0 99.7 Boots, shoes 88 90 92 93 91 91 92 93 94 98 97 94 94 96 Leather 81 82 84 85 85 86 88 90 90 95 97 96 98 97 Food, Products _ 126.9 129.9 132.4 135.6 1SS.S 131.0 131.3 132.5 135.0 137.3 '138.4 '140.9 138.6 139.8 Baking 144 144 144 144 143 145 146 148 149 151 149 152 151 152 Beverages _ 265 271 281 285 281 279 278 277 287 286 289 298 294 304 Butter 96 96 102 101 98 99 102 105 107 105 r102 104 102 103 Canning, preserving _____ 130 152 152 157 149 144 139 140 147 156 169 155 159 Confectionery 86 86 90 91 89 88 91 92 89 90 97 100 91 90 Flour _ 79 78 78 78 78 77 78 79 78 80 79 77 79 78 Ice cream 75 79 81 81 80 81 79 82 79 78 78 80 79 84 Slaughtering, meat packing 109 110 114 121 112 111 113 114 119 121 ••123 ••124 125 126 Sugar, beet 110 100 102 145 240 144 111 97 99 93 89 76 98 88 Sugar refining, cane 91 95 95 97 92 89 97 103 102 101 94 93 103 103 Tobacco Manufactures 63.7 63.3 63.4 64.7 66.3 64.9 64.0 65.0 65.8 65.8 65.7 64.4 61.9 64.1 Tobacco, snuff _____ 57 57 55 57 57 54 54 54 54 53 53 53 54 54 Cigars, cigarettes 65 64 65 66 68 66 65 66 67 68 67 66 63 65 Paper, Printing 115.7 116.1 116.8 117.3 117.1 117.2 118.6 119.8 121.2 122.9 124.8 125.1 124.3 124.9 Boxes, paper 117 117 120 122 123 122 125 129 132 139 142 143 141 139 Paper, pulp 117 115 116 116 116 117 119 120 123 125 126 128 128 128 Book, job printing 100 102 101 102 103 101 103 104 104 104 108 106 105 107 Newspaper, periodical printing 116 116 118 117 116 116 117 117 117 117 117 118 117 117 Chemicals, Petroleum, and Coal Products ___ __ 121.7 122.8 123.9 125.3 126.8 128.1 129.0 133.6 136.9 140.7 '143.0 '145.1 144-6 145.9 Petroleum refining 121 121 120 120 120 120 121 121 123 125 127 127 127 128 Other than petroleum __ _ 121.8 123.3 124.9 126.6 128.5 130.0 131.1 136.6 140.4 144.7 ••146. 9 149. 5 148.8 150.2 Chemicals 141 143 147 151 154 157 161 163 168 172 173 179 179 180 Cottonseed oil, cake, meal 62 92 101 102 102 100 94 110 106 107 109 101 89 93 Druggists' preparations 116 114 113 113 116 118 119 122 129 132 •136 138 142 142 Explosives 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) Fertilizers 107 107 107 103 104 103 95 112 118 124 129 124 124 114 Paints, varnishes 127 125 127 128 130 130 134 135 136 140 145 148 145 144 Rayon, allied products 309 310 311 314 310 306 308 324 330 337 326 328 324 325 Soap _ 86 86 82 87 88 90 89 91 93 94 98 99 96 97 Rubber Products _ 89.7 91.6 93.6 96.8 99.0 100.4 102.0 103.9 106.1 111.7 113.0 113.3 111.6 110.1 Rubber boots, shoes 54 57 60 64 67 69 69 74 78 82 82 79 75 78 Rubber tires, inner tubes 73 74 75 77 78 79 80 82 83 86 87 87 87 86 Rubber goods, other _ _ 155 157 160 167 171 174 177 176 179 192 194 200 196 189 r Revised. 1 Data not available. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Employees in nonagricultural establishments Total Milinon- Trans- Finan- tary Year and month ag tu ri r c a u l l- Total 2 3 M fac a t n u u r- - Mining s C tr o u n c - - ti p o o n r t a a n - d Trade *3 c i i c a e l , , a se n r d v- G er o n v - - n a a n v d al m em e p nt l o 1 y 2 - 3 ing* 3 tion u p t u il b it l i i e c s l m an i e sc o e u l s - 3 ment 8 forces SEASONALLY ADJUSTED 1940—October 36, 831 30, 688 10, 723 835 1,490 3,053 6,630 4,101 3,856 737 November 37, 364 31, 221 10, 957 833 1,669 3,053 6,698 4,125 3,886 822 December 37, 972 31, 829 11,160 837 1,974 3,064 6,770 4,144 3,880 884 1941—January 38, 097 31, 954 11,297 849 2,014 3,077 6,630 4,151 3,936 958 February 38, 314 32,171 11, 335 846 2,132 3,087 6,662 4,158 3,951 1,139 March __ __ 38, 263 32, 120 11,413 855 1, 933 3,105 6,677 4,162 3,975 1,343 April 38, 329 32,186 11,636 572 1,859 3,133 6,803 4,166 4,017 1,554 May 38, 824 32, 681 11,886 877 1,698 3,192 6,781 4,188 4, 059 1,679 June .. _ 39, 296 33,153 12, 221 889 1,644 3,220 6,865 4,204 4,110 1,758 July 39, 908 33, 765 12,610 914 1,668 3,264 6,944 4,242 4,123 1,821 August 40, 097 33, 954 12,611 923 1, 666 3, 302 7,027 4,246 4,179 1,934 September 40, 019 33, 876 12, 551 908 n, 683 r3, 303 6,968 4,241 '4, 222 1,992 October 40,160 34, 017 12, 564 885 1,795 3,291 6, 987 4,247 4,248 2,024 UNADJUSTED 1940—October 37, 375 31, 233 10,914 856 1,654 3,121 6,706 4,105 3,876 733 November __ 37, 528 31, 385 10. 994 853 1,709 3,065 6, 795 4,088 3,881 822 December 38,161 32, 018 11,127 855 1,720 3,039 7,247 4,099 3,931 884 1941—January _ __ 37,142 30, 999 11,075 852 1,623 3,012 6,487 4,063 3,887 958 February 37, 448 31, 305 11, 273 854 1,678 3,028 6,491 4,075 3,906 1,145 March 37, 761 31,618 11,457 864 1,631 3,056 6,578 4,097 3,935 1,343 April.... __ ___ 38, 228 32, 085 11,684 564 1,775 3,113 6,792 4,174 3,983 1,546 May 38, 902 32, 759 11, 886 869 1,782 3,185 6,753 4,235 4,049 1,662 June _ 39, 475 33, 332 12,154 876 1,816 3,239 6,861 4,260 4,126 1,740 July -_. 39, 912 33, 769 12, 395 888 1, 895 3,290 6, 837 4,300 4,164 1,857 August -_ 40, 289 34,146 12, 592 900 1,921 3,326 6,897 4,300 4,210 1,944 September 40, 715 34, 572 12, 782 906 rl, 936 '3, 367 7,008 4, 325 4,248 1,992 October. _ __ __ 40, 749 34, 606 12, 768 908 1,980 3,364 7,068 4,252 4,266 2,014 * Adjusted to Census of Manufactures through 1939. r Revised. 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. 3 Revised 1929 to date owing to revisions in data compiled by Bureau of Labor Statistics. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. F~i"g ures fo- r O- ct•o b- er 1941 are pre-li-m i-n ary, Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. DECEMBER 1941 1269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100} Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct. Total* 111.4 113.8 127.9 '130. 7 '133. 0 135.3 135.1 111.6 116.2 152.2 n52. 7 '158. 3 163.0 166.7 Durable goods* 108.2 113.8 135.1 137.7 138. 7 142.2 143.7 115.1 123.4 173.9 172. 4 177.9 184.0 191.6 Nondurable goods*... 114.4 114.8 121.1 123.9 127. 7 128.7 126.9 107.7 108.1 127.9 130.8 136.3 139.5 138.9 Iron, Steel, Products 113.6 117.1 136.1 137.7 139.9 H0.5 139.8 118.0 123.5 168.6 nee. 6 '172.3 171.3 174.7 Blast furnaces, steel works 123 125 144 147 149 149 148 128 131 180 182 183 179 183 Bolts, nuts, washers, rivets 118 121 166 167 171 171 169 139 150 248 '239 '257 246 254 Cast-iron pipe 82 84 97 98 96 98 99 79 85 115 112 112 116 121 Cutlery, edge tools . 107 111 120 124 127 128 132 101 106 139 135 148 150 156 Forgings 77 80 105 108 111 113 114 92 102 165 158 169 173 179 Hardware 101 105 118 104 113 116 116 114 119 150 124 154 157 162 Plumbers' supplies 89 91 102 102 103 99 99 83 87 106 102 107 107 114 Stamped, enameled ware 177 190 220 222 225 228 227 201 217 279 272 '287 293 294 Steam, hot-water heating _ . 94 99 114 119 125 127 128 91 103 138 138 148 155 157 Stoves... 101 106 116 117 117 116 116 97 107 125 122 127 128 130 Structural, ornamental._. 83 86 106 107 110 109 108 75 80 120 113 125 123 125 Tin cans, tinware 105 101 132 139 145 145 13& 117 113 163 171 185 188 172 Tools 100 106 139 140 143 144 146 104 114 181 174 190 197 203 Wirework _ _ 165 191 216 213 190 211 207 189 226 285 272 '248 278 282 Machinery ___ 123.1 127 3 167 7 172.3 '176.5 178 5 180 3 138 0 I45.4 229.9 '238.0 '243. 4 248.1 256.7 Agricultural implements 134 135 172 171 172 171 171 156 159 233 228 228 231 232 Cash registers, etc. _ 132 132 163 168 170 174 175 140 142 216 214 223 230 226 Electrical machinery 111 116 159 164 167 169 170 131 138 224 232 240 241 245 Engines, turbines, etc.__ 183 192 286 298 314 323 340 251 265 485 '507 '545 570 612 Foundry, machine-shop products. 103 107 139 143 146 147 148 105 112 178 177 186 188 197 Machine tools __. 248 258 339 346 352 356 361 332 352 529 535 553 578 597 Radios, phonographs 160 164 181 189 202 213 216 162 164 200 219 234 254 261 Textile machinery _ _ 78 80 104 106 108 109 109 76 79 131 133 136 141 142 Typewriters 123 127 148 153 156 158 159 137 163 208 217 222 233 231 Transportation Equipment 127.0 139. 5 178.1 179.5 r171.5 190 8 200.0 141.4 163.2 240.4 229.3 224.1 253.8 279.7 Aircraft 3,764 4,116 6,734 7,280 7,960 8,571 9,157 4,212 4,639 8,212 9,078 0,462 1,302 2,615 Automobiles 112 125 135 127 109 123 126 125 149 188 158 137 159 172 Cars, electric-, steam-railroad 54 56 85 89 89 96 97 50 50 93 91 94 103 117 Locomotives 36 39 68 76 79 81 83 37 40 91 103 105 111 112 Shipbuilding 188 197 "•338 375 388 440 484 227 244 '504 '582 '615 700 794 Nonferrous Metals, Products 119.8 126. 141.9 rl4S. 7 r146.1 H7.9 147.2 128.0 136.3 174.6 '174.3 '188.1 187.5 185. & Aluminum * 201 210 '229 '236 '241 246 243 248 260 '322 '323 '346 359 363 Brass, bronze, copper 147 155 '189 190 193 195 193 178 190 262 264 274 273 262 Clocks, watches 101 105 117 118 118 112 112 109 119 148 138 157 150 151 Jewelry 103 110 107 112 118 120 121 91 97 101 105 113 122 123 Lighting equipment 100 107 114 117 116 127 128 90 97 117 118 123 147 150 Silverware, plated ware 73 77 84 83 85 86 88 70 80 94 87 94 104 107 Rmfilt.ing, rAfining 92 95 102 103 104 103 101 92 93 117 117 118 118 119 Lumber, Products 73.4 71 76.9 79.5 81.0 80.5 79.8 71.2 73.7 84.0 85.5 '93.7 92.5 92.1 Furniture 95 97 104 106 108 108 108 87 91 110 110 116 119 122 Lumber, millwork 67 69 73 76 78 76 77 55 58 67 68 75 73 75 Lumber, sawmills 66 67 67 70 71 70 69 64 65 71 74 '80 78 77 Stone, Clay, Glass Products 85.8 87 97.1 99.6 101. S 101.8 102.7 79.7 83.0 100.2 98.9 '104.2 105.5 110. S Brick, tile, terra cotta 65 65 75 78 79 79 78 54 55 72 73 77 76 76 Cement 75 76 '80 '83 '84 84 83 77 76 90 91 94 94 93 Glass 109 113 126 128 130 130 133 121 130 154 147 155 161 176 Marble, granite, slate 49 48 46 45 '45 46 47 38 37 35 35 36 37 38 Pottery 94 98 114 117 119 121 125 87 93 118 115 124 125 131 Textiles, Products 102.6 104. 112 6 us. 2 ' 115.4 115.5 114.6 92.6 93 2 111.4 113.6 119.5 123.4 122.3 Fabrics 92.8 96. 106.2 107.0 106.9 106.3 106.1 84.8 89. 111.6 113.3 114.5 118.0 120.2 Carpets, rugs 76 80 90 89 91 91 91 65 73 90 90 '93 97 94 Cotton goods 92 95 109 109 110 110 111 85 90 120 123 126 130 135 Cotton small wares 79 83 104 105 106 107 107 77 83 116 121 123 127 125 Dyeing, finishing textiles 125 129 139 139 136 136 134 107 111 133 134 133 136 134 Hats, fur-felt 86 80 83 84 82 79 79 77 67 86 '92 90 80 76 Hosiery 139 143 143 143 142 136 136 147 158 158 160 155 152 162 Knitted outerwear . 73 75 79 81 81 83 83 64 66 75 75 77 81 80 Knitted underwear 74 76 79 86 86 88 88 68 72 83 91 91 96 100 Knitted cloth 154 157 160 159 161 160 149 138 . 136 154 154 157 157 148 Silk, rayon goods 64 65 69 69 68 63 62 51 52 64 64 64 62 62 Woolen, worsted goods 89 94 108 109 109 111 110 82 88 117 117 119 129 128 Wearing apparel 120. 118. 121. 122. 129. 131. 128. 102. 94. 104. 107. 121.7 126.3 119.0 Clothing, men's 108 104 120 122 123 124 124 83 77 107 109 114 115 113 Clothing, women's 171 172 159 160 176 178 172 142 131 119 127 154 162 145 Corsets, allied garments. 112 113 118 115 119 123 109 123 124 139 132 139 150 139 Men's furnishings 123 127 122 125 128 132 134 120 133 131 138 144 157 169 Millinery 87 76 63 58 80 85 77 94 55 43 40 75 84 60 Shirts, collars . __.. 122 122 132 129 134 136 137 108 115 136 131 141 147 155 r Revised. Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 1270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1940 1941 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct. Leather, Manufactures 90. 90.0 101.0 101.1 98.9 74. 73.. 97.2 103.2 104.7 101.6 100. i Boots, shoes ___ 90 88 95 98 95 95 72 69 92 99 101 95 94 Leather . 80 82 94 95 97 97 82 107 109 109 114 115 Food, Products U7.4 141.3 135., '145.8 '159.3 162.7 151.3 134.2 1414 '152. 8'165. . 170.2 161A Baking 147 146 152 150 153 154 154 141 139 154 153 155 157 158 Beverages 283 271 310 324 328 315 304 332 314 391 421 430 402 383 Butter 100 96 114 112 111 106 103 88 82 105 104 105 100 97 C Co an nf n e i c n t g i , o n p e r r e y serving 2 9 6 6 9 2 1 0 0 2 2 1 8 3 0 6 '21 8 1 3 3 9 0 1 4 3 1 2 0 2 2 2 1 1 0 1 6 2 9 3 8 2 1 10 7 3 0 134 r2 8 1 5 6 •• 1 3 0 2 1 5 3 1 5 1 9 5 2 1 3 2 3 1 Flour 81 81 78 80 78 81 80 81 78 82 81 93 88 Ice cream 81 74 93 96 96 85 79 70 64 83 85 84 77 71 Slaughtering, meat packing 108 110 120 123 122 124 126 113 116 138 139 143 146 151 Sugar, beet 102 267 48 52 64 91 236 116 217 57 57 68 95 215 Sugar refining, cane 92 95 103 104 104 78 83 102 91 100 103 Tobacco Manufactures 65.8 66.5 65.5 65.. 65.8 67.3 65.9 66.5 70.1 69.8 70.0 70.4 74. s Tobacco, snuff 56 57 52 52 52 54 54 67 68 67 68 69 71 Cigars, cigarettes 67 67 67 68 65 69 66 66 70 70 70 75 Paper, Printing- 116. 117.6 121.6 123.0 126.5 113.. 115.. 130.9 135.6 Boxes, paper 120 124 135 139 142 145 147 134 142 170 174 182 195 Paper, pulp 117 115 125 126 128 128 128 124 124 158 157 163 163 164 Book, job printing 100 103 102 105 106 105 108 88 91 95 99 99 102 Newspaper, periodical printing.__ 116 118 117 115 115 117 118 111 112 114 110 110 114 115 Chemiccls, Petroleum, and Coal Products 123.0 125.4 r139. 0 'HI. 9 146.5 148.5 138.1 139.3 172.4 '176.8 r179. 9 190.7 Petroleum refining 123 121 125 127 128 129 129 139 136 157 157 159 166 163 Other than petroleum 123.1 126. 5 139.1 141.7 145. 3 150.8 153.4 137.8 140.2 177.2 182.1 186. 3 193.1 199.2 Chemicals 143 146 172 176 180 182 183 171 176 233 240 247 250 258 Cottonseed, oil, cake, meal 81 137 66 63 71 115 133 78 136 62 60 65 115 142 Druggists' preparations 118 118 127 130 135 144 147 133 133 150 163 165 178 184 Explosives 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) (*) R S F P o e a a r a i y t n p i o t l n s iz , , e v a r a s ll r i n ed is h p e r s oducts 3 1 1 9 2 2 6 6 3 1 9 1 2 7 1 5 3 1 9 9 2 4 3 3 7 5 3 1 9 2 9 4 1 6 4 6 3 1 2 9 9 4 9 0 7 5 3 1 1 2 4 1 7 4 0 3 1 1 1 2 4 0 0 6 4 0 3 3 1 1 8 2 3 0 5 8 6 7 3 1 1 8 2 3 0 2 3 6 7 3 1 1 9 2 6 7 4 9 2 8 1 3 1 3 9 6 7 9 0 9 3 1 1 3 3 7 9 6 5 2 1 8 3 1 1 1 7 7 1 4 4 0 2 0 3 1 1 1 7 0 7 4 6 2 4 4 Rubber Products 110.7 111.4 111. 8 111. 5 111.6 95.7 99.5 141.2 135.6 134.2 135.8 Rubber boots, shoes 56 59 78 79 79 77 81 60 63 98 94 102 104 106 Rubber tires, inner tubes 73 74 86 87 87 87 86 85 87 122 118 116 107 108 Rubber goods, other 152 161 190 189 193 193 193 153 162 225 214 228 232 235 ' Revised. 1 Data not available. NOTE.— Figures for October 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 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. 'Sept. Total. _ 38.4 38.8 40.8 41.3 40.3 41.0 40.9 66.8 67.1 72.6 73.8 74.4 74.5 75.8 Durable goods 39.7 40.2 42.5 43.1 41.5 42.6 42.3 73.1 73.7 80.6 82.2 82.6 83.0 84.3 Iron, Steel, Products 38.8 39.2 41.5 42.0 39.9 41.4 40.7 77.7 77.9 85.8 86.3 86.2 87.1 87.8 Machinery _ 41.2 41.8 45.4 45.6 44.6 45.1 45.4 74.5 74.6 81.8 83.2 83.6 84.4 85.0 Transportation Equipment 39.9 40.0 42.4 43.8 41.2 41.9 41.8 89.7 90.0 94.5 97.6 98.8 99.0 100.8 Nonferrous Metals, Products 40.1 41.5 42.8 43.1 42.0 43.0 43.1 70.3 71.0 77.0 79.4 80.3 80.8 82.1 Lumber, Products __ 39.4 39.9 40.1 40.9 39.9 41.8 41.1 52.6 52.5 55.6 57.0 57.7 58.8 59.0 Stone, Clay, Glass Products 37.0 37.4 38.5 38.6 37.4 38.5 38.2 66.8 67.2 71.0 71.7 72.0 72.1 73.6 Nondurable goods 87.2 87.5 88.9 89.4 39.0 39.4 39.5 61.3 61.1 64.1 65.0 65.7 65.8 66.8 Textiles, Products 34.9 35.7 37.9 38.1 37.4 38.1 38.3 51.2 51.4 53.0 53.4 55.0 55.4 56.9 Fabrics _ 35.7 36.4 38.8 39.1 38.5 38.9 39.1 48.6 48.7 52.0 52.2 53.4 53.3 55.1 Wearing apparel 33.5 34.4 36.2 36.0 35.4 36.4 36.7 55.8 56.3 55.0 55.9 58.2 59.6 60.2 Leather, Manufactures 35.8 34.8 37.5 38.7 38.7 39.2 38.0 55.4 55.8 59.0 59.9 60.9 61.5 63.0 Food, Products _ _ _ _ 40.4 40.3 40.3 41.0 41.1 41.3 41.6 61.5 60.3 67.0 67.2 66.1 65.8 65.7 Tobacco Manufactures 36.1 37.8 36.9 37.6 37.3 37.2 38.3 49.2 48.7 50.9 51.7 52.3 52.0 52.5 Paper, Printing 38.2 38.4 40.0 40.1 39.6 40.1 40.1 78.9 79.2 81.1 82.6 82.5 82.4 83.0 Chemicals, Petroleum, and Coal Products 38.7 38.9 39.8 40.5 40.0 40.0 39.9 77.8 77.3 80.6 82.4 83.8 83.7 84.5 Petroleum refining _ 35.8 36.1 37.0 38.2 37.4 38.0 37.2 97.7 98.3 100.8 102.0 103.0 102.5 108.3 Other than petroleum refining. 39.8 39.8 40.7 41.2 40.8 40.6 40.7 70.7 70.0 74.4 76.1 77.7 78.0 77.6 Rubber Products 36.3 37.5 40.3 41.4 39.2 39.4 38.5 77.9 78.0 81.6 83.6 84.5 86.1 85.9 DECEMBER 1941 1271 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 Kocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Public works Total Residential and p Month building Factories Commercial Educational i Other i utili;ies 1 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 _ _ _ 347.7 623.3 152.4 175.7 38.0 113.5 27.1 51.9 9.8 8.2 26.4 44.7 94.0 229.3 October 383.1 606.3 148 5 171 8 47 1 118.6 29.4 48.6 18.6 13.9 41.2 88.5 98.2 165.0 November 380 3 152.8 79.0 24 9 8 5 35.9 79.1 December 456 2 159 3 77 3 27.1 8.9 69.3 114.3 Year 4,004.0 1, 596. 9 442.4 - - 318.3 147.2 386.7 1,112.4 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Public ownership i Private ownership i Month 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 1936 1937 1938 January 215 243 192 252 196 305 149 112 118 148 93 111 66 130 75 February 140 188 119 220 201 270 79 69 51 111 82 96 62 119 68 March _ 199 231 227 301 272 480 96 66 95 128 95 226 103 165 132 April 235 270 222 330 301 407 105 74 99 160 103 169 130 195 123 May 216 244 283 308 329 549 94 93 144 135 112 255 122 151 139 June 233 318 251 988 325 539 116 137 108 128 147 302 116 180 143 July 295 322 240 399 577 153 131 98 137 205 346 141 191 August 275 281 313 415 760 153 104 171 158 195 509 122 178 September 234 207 301 348 623 116 80 160 144 144 400 119 127 October 226 202 358 262 383 101 78 203 92 175 125 124 November 208 198 302 300 380 89 93 179 144 195 119 106 December 200 209 389 354 456 82 115 279 225 258 117 94 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 ot ot 1- 1939 1940 1941 104 104 194 109 119 174 173 177 254 170 197 238 174 217 294 161 177 237 163 194 231 154 220 251 179 204 223 154 170 209 123 156 186 110 129 198 1,492 1,842 2,202 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the[Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1941 1940 Number Liabilities Federal Reserve district Oct. Sept. Oct. Federal Reserve 1941 1940 1941 1940 district Boston 26,156 31,284 26, 543 Oct. Sept. Oct. Oct. Sept. Oct. New York 83,153 57,862 56,407 Philadelphia 19,011 37,932 16,449 Boston . __ 54 65 89 497 722 774 Cleveland 45,776 46, 865 38,198 New York 288 245 400 2,379 3,406 4,788 Richmond 83, 065 77, 738 51, 758 Philadelphia _ 55 54 72 483 383 720 Atlanta 145,707 115,995 52, 510 Cleveland.._ _ 50 41 51 579 490 552 Richmond 28 25 40 180 367 498 Chicago 78,661 61,107 67,018 Atlanta _ 36 30 53 456 632 858 St. Louis 24, 640 99,462 27, 373 Chicago 114 90 153 1,177 931 1,580 Minneapolis 10,030 11,099 St. Louis _ 29 27 39 252 284 481 Minneapolis 17 19 19 124 1,076 181 Kansas City___ 20, 722 38, 756 12,916 Kansas City 40 35 45 319 277 289 Dallas :::: 70, 790 46,261 22, 798 Dallas 12 11 33 72 121 720 San Francisco 86 93 117 815 704 1,274 Total (11 districts) 606, 349 623, 292 383,069 Total 809 735 1,111 7,333 9,393 12,715 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. 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 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 96 February 233 262 219 347 303 278 163 158 200 234 -45 99 61 147 69 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 290 257 249 324 385 285 148 202 211 297 5 109 47 112 88 June._ _ 265 233 236 350 330 286 146 179 211 280 -21 87 57 138 50 July 268 228 230 317 359 265 141 169 232 278 3 87 61 84 81 August 277 231 250 351 455 246 166 176 221 283 31 65 74 130 173 September 297 246 289 295 233 168 182 195 P263 63 79 107 101 P154 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.-Sept. 2,378 2,295 2,185 3,027 PS, 318 2,427 1,435 1,621 1,942 P2, 417 -49 861 564 1,086 ,900 p Preliminary. i Including both domestic and foreign merchandise. 1 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] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p e ro st d- Ore la c n el e - - c d h i a se n- ra T i o lw ta a l y Total rai N lw et ay Net ucts ous l.c.l. operating railway operating income revenues expenses income SEASONALLY ADJUSTED SEASONALLY 1940—Sept 112 114 147 107 98 122 145 112 95 ADJUSTED* Oct 110 91 149 100 99 128 181 116 96 Nov 116 109 150 98 - 98 131 181 120 97 1940—Aug. „_ 365 ••307 '58 16 Dec 119 107 153 96 96 133 164 125 99 Sept.... 377 309 '68 25 1941—Jan 122 109 145 102 88 138 180 130 99 N O o ct v 3 37 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 18 Aug 139 158 199 103 84 152 155 141 99 May_._ 439 346 93 50 Sept 130 133 176 111 84 138 149 135 97 June.. . 474 363 110 68 Oct 127 121 165 97 95 140 *>178 133 97 July.... 471 370 100 58 Aug 485 '-377 '108 65 UNADJUSTED Sept 464 379 85 1940— Sept 125 120 144 117 129 132 254 124 100 UNADJUSTED ^ Oct..... 125 104 149 107 152 135 238 132 100 f Nov 122 121 159 96 124 129 145 125 98 1940—Aug.... 382 315 67 22 r Dec 112 121 167 87 92 119 46 116 95 Sept.... 383 308 •75 31 1941—Jan 113 124 174 90 84 124 45 115 94 N Oc o t v 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 70 149 283 139 99 Apr. ... 375 322 53 7 Aug 140 139 167 125 80 160 271 141 99 May... 442 354 89 43 Sept 145 140 172 122 111 149 261 150 102 June... 455 362 93 53 Oct 144 138 165 104 146 147 232 151 101 July.... 485 379 106 64 Aug 494 382 111 66 ^Preliminary. Sept.... 489 385 104 P59 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. DECEMBER 1941 1273 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 period of preceding year Seasonally adjusted Unadjusted Ten Department October months 1938 1939 1940 1941 1938 1939 1940 1941 1941 1941 SALES NET SALES—entire store + +16* Jan. 90 88 92 101 70 69 71 79 Main Store + 9 +17 M F a e r b . 8 8 8 6 8 8 8 8 9 8 0 9 1 1 0 0 3 3 7 7 0 7 8 6 2 9 8 7 6 1 •• 9 8 3 2 Wom B e a n se 's m , g e i n r t l s' S , t a o n r d e infants' apparel and ac- +14 +14 Apr 83 88 89 104 86 88 86 106 cessories +14 May 80 87 89 105 80 87 89 105 Main store i +U June 82 86 91 104 79 83 87 100 Women's and misses' coats and suits... - 7 +21 July 83 87 92 115 58 60 64 79 Women's and misses' dresses + 6 +10 Aug.. 83 88 98 134 65 69 77 106 Blouses, skirts, sportswear, sweaters, Sept. 85 90 97 116 91 97 105 125 knit apparel +19 +19 Oct. 86 92 94 105 92 99 101 112 Juniors' and girls' wear +M +18 Nov 87 93 100 99 106 114 Aprons, housedresses, uniforms +11 +14 Dec. 88 95 101 156 168 179 Women's underwear, slips, negligees.. +15 +15 Infants' wear +18 +16 Year 85 90 94 Women's and children's shoes +10 +12 Furs __. -58 +27 STOCKS Basement* __ +11 +U J J J A M F M a u p u a e a n l r n r y b . . y e . . 6 6 7 6 6 7 7 9 8 1 9 7 0 0 6 6 6 6 6 6 6 7 8 7 6 7 7 8 6 6 6 6 6 7 7 8 9 8 7 8 1 0 7 8 7 7 7 7 7 1 2 3 4 4 4 7 6 6 6 6 7 7 7 3 7 5 1 1 1 1 6 6 6 6 6 6 6 0 9 5 9 8 4 0 6 6 6 6 7 7 7 1 1 8 4 1 1 0 6 7 7 7 7 7 7 4 0 5 6 6 3 3 Men M B ' a s a s i a e n M M B m n d o e e e s n y t n n b o t s ' ' o r ' s s e 2 y c _ f c s i l u . l ' o _ o r w t n t h h i e i s i a n n h r g g i n a g n s d , f h u a r t n s, i s c h a i p n s g s __. + + + 1 1 1 7 5 3 + + + 1 1 1 5 5 + + + 1 1 1 2 4 6 + + + 1 1 u 3 1 Aug. 67 67 69 87 65 65 66 84 Homefurnishings +18 +23 Sept. 67 68 70 92 70 71 73 95 Main store l +17 +H Oct 67 69 71 97 74 77 79 108 Furniture, beds, mattresses, springs... +20 +25 Nov. 67 71 72 78 82 83 Domestic floor coverings + 19 +25 Dec 66 68 71 62 64 66 Draperies, curtains, upholstery +14 +15 Major appliances (refrigerators, wash- Year 68 68 69 ers, stoves, etc.) +36 Domestics, blankets, comforters, linr Revised ens, towels +22 +24 Back figures.—Department store sales, see BULLETIN for August 1936, Basement (including domestics, blankets, p. 631, for October 1938, p. 918, and for January 1941, p. 65; department linens, towels)2 +20 store stocks, see BULLETIN for March 1938, p. 232. Piece goods (dress and coat yard goods, all WEEKLY INDEX OF SALES materials) +15 + 8 Weeks ending on dates shown. 1935-39 average=100 M Ba a s i e n m e s n to t re +n + + 10 8 1940 1941 Shoes (basement only) +20 + 8 Oct. 7 123 Oct. 5 125 Oct. 4 169 * Based on reports from 247 stores. Reports of total +sa1l2es from a larger 15 103 14 112 12..._115 11 130 number of stores, including many stores not reporting sales by depart- 22....105 21 116 19 123 18 131 ments, showed an increase of 11 per cent for October and 18 per cent 29....108 28....114 26....121 25 130 for the first ten months of 1941, as indicated in the table below. Nov. 5 109 Nov. 4 123 Nov. 2-.-.117 Nov. 1 138 1 Group totals for main store include sales in departments not shown 11 116 9 122 8 139 separately. 19lIZIll3 18 115 16 130 15 148 2 Group totals for basement are not strictly comparable with those 26,...102 25....107 23 116 22 128 s d h e o p w ar n t m fo e r n t m s a a i n n d s s t o o m re e o w w h i a n t g d i c f h fe ie r f e l n y t t t o y p i e n s c l o u f s i m on e rc in h a b n a d s i e s m e. ent of fewer SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES Percentage change from corresponding period of preceding year O 19 c 4 t 1 . S 1 e 9 p 4 t 1 . m T 19 o e 4 s n . 1 Oct. S 1 e 9 p 4 t 1 . m T 19 o e 4 s n . 1 O 19 c 4 t 1 . S 1 e 9 p 4 t 1 . m T 19 o e 4 s n . 1 O 19 c 4 t 1 . S 1 e 9 p 4 t 1 m T 19 o e 4 s n 1 . United States +11 +24 +18 Cleveland (cont'd) Chicago... +12 +25 +17 Dallas +13 +22 +19 Boston +7 +26 +17 Cleveland +13 +33 +24 Chicago +8 +22 +11 Shreveport +28 +28 +20 New Haven +8 +21 +16 Columbus +15 +26 +18 Peoria +8 +22 +15 Dallas + 10 +27 +17 Portland +20 +32 +19 Toledo +18 +16 +18 Fort Wayne.... +23 +32 +28 Fort Worth.... +20 +30 +20 Boston +1 +27 +13 Youngstown... +14 +35 +26 Indianapolis _._ +20 +22 +20 Houston +12 +9 +15 Springfield +12 +25 +20 Erie.___ +22 +34 +26 Des Moines +12 +22 +12 San Antonio +15 +29 +25 Providence +13 +30 +19 Pittsburgh +9 +23 +17 Sioux City -8 +3. +11 Wheeling +20 +29 +24 Detroit +11 +29 +24 San Francisco +18 +19 Flint A +10 +22 Phoenix. _. +36 +45 +31 Ne N A S B B E N P B N R w y o l u r e l i i o e m i a b r n f u w w c d a Y f g a g g a h i g c a o a n r l h h Y e u e a r r o r y k s k a a p s k o t e m e o r e F e k r r t t p . a o C s l n l i i s e . t . . y . . . . + + + + + + + + + + + 3 3 1 2 1 2 1 5 6 4 4 4 6 5 7 5 1 3 0 • ' + + + + + + + + + + + + 3 1 1 2 3 1 4 2 2 2 2 3 0 7 1 0 1 8 2 0 4 1 2 0 + + + + + + + + + + + + 3 2 1 2 2 1 2 1 1 1 1 n 4 5 4 7 4 6 2 5 6 2 4 A R t i W C W L H l B N B c R C a h y h a o i h n i u m i a c r l n t r n a a n s a t m h f o r c r s i h t o n m l m l t i h i i e l e o d n k n n b s o o s n g g t g u n r t - o t e t o h r d S o n o g n a n a n ^ m le . m . C .. . + + + + + + + + + + + + 2 1 1 3 1 1 1 2 1 1 1 4 7 0 2 3 7 4 2 2 2 3 3 + + + + + + + + + + + + 3 2 2 1 2 1 2 1 2 3 2 1 4 0 8 9 0 7 0 0 7 1 1 9 + + + + + + + + + + + 2 3 1 3 1 2 1 2 2 2 4 6 5 9 5 0 5 1 1 1 M St i . L Q L M L M E S S F G n p t o L o n i a v u r . e i t r e n u o r a a l i t i m t L a w n l u i s n n n e s p i i o c d s g S p a v s n o y v u f h m u g i R l i R i i l i e i k s l s l s i o e l l a e t d e h c e p k id .. s . . . . + + + + + + + + + + + + + 2 2 2 1 1 3 2 1 1 2 1 7 0 7 6 7 5 0 0 3 3 0 0 1 + + + + + + + + + + + + 2 3 2 1 3 2 2 2 2 2 1 2 4 2 4 6 3 9 7 8 8 5 3 5 + + + + + + + + + + + + + 1 2 3 3 1 1 2 2 1 1 2 1 2 4 1 6 6 7 7 7 6 6 5 1 2 1 V B L L S S S S B S S F O a a a a t a a r o o o a a B o e n n n l c n s i k n k l c s s r e t e g e l e A n J k a a D F r r a j o o m k t s o B r n n i a o R s f a e e a g d n e i e e n g n l o e n e d n a e o l c s d a l y c t d e a i o n N h s s d c a o p . a . + + + + + + + + + + + + 1 1 1 1 1 1 1 4 4 1 2 8 4 4 0 6 8 8 8 8 1 1 5 + + + + + + + + + + + + 3 2 2 3 3 2 2 1 2 3 2 1 0 4 5 9 4 2 8 8 2 3 1 3 + + + + + + + + + + + + 4 1 1 1 1 1 1 3 3 7 7 9 3 4 8 2 1 3 5 5 1 Ph T L P R il h r a a e e n i d a l n e c d a t l a i d p o n s h e n g t i l e a p r hia — + + + + + 2 2 6 5 0 7 • • • + + + + + 2 2 1 3 2 1 2 9 8 0 + + + + + 1 1 1 1 1 9 6 8 7 7 J A M T M a a t c a o l m k c a n s o n t p o n g t a a n o . v m .. il e le ry... + + + + + 1 1 1 1 7 5 0 4 7 + + + + + 2 3 1 2 6 4 6 8 2 + + + + + -j- 2 2 1 2 2 4 8 1 3 8 I K a T W H D n o s u e i a p c n t s c e h v h k i e t C i a r a n i s ty on + + + + - 1 2 1 3 3 3 7 3 + + + + + 3 1 3 2 V 0 6 3 6 + + + + + 1 1 1 2 1 7 2 7 3 6 P E S B o a v e N l r l e t l t a r i l L e n m a t g n a t p k d h a e a m City. + + + + + 2 2 2 2 6 7 0 4 1 + + + + + 3 2 2 2 4 1 9 7 8 2 + + + + + 1 2 1 2 1 2 7 4 1 9 Wilkes-Barre... +13 +24 +16 Baton Rouge.._ +8 +22 +16 Joplin +29 Seattle +26 +48 +31 York +9 •+23 +16 New Orleans... +5 +29 +17 Kansas City +13 +28 +17 Spokane +5 +33 +17 Jackson +27 +26 +22 St. Joseph 0 +14 +10 Tacoma +14 +40 +36 Cleveland +13 +27 +21 Chattanooga... +27 +20 +22 Omaha +17 +30 +14 Walla Walla... -2 +16 +4 Akron +13 +41 +30 Knoxville +13 +21 +20 Oklahoma City +6 +23 +16 Yakima 0 +25 +7 Cincinnati +10 +20 +17 Nashville +14 +16 +21 Tulsa +23 +21 +16 r Revised. * Figures not available. 1274 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 com- Farm Year, month, or week m ti o e d s i- p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c r n ts d p T ro e d x u ti c le ts F m li u g a e t h l e t a r i i n n a g d ls a p n M r d o e d m t u a e c l t s t a s l m Bu at i e ld ri i a n l g s p c C r a a o l h l s d l e i a u m e n d c i d t - s in f H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 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 84.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65 3 70 5 78.4 86.6 72.9 73 3 86.9 86 2 75.3 81.5 69.7 1935.... 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78 7 81.7 70.5 1937 . 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77 0 86.8 73.3 1939 . . 77.1 65.3 70 4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67 7 71 3 83.0 100.8 73.8 71 7 95.8 94 8 77.0 88.5 77.3 1940—August 77.4 65.6 70.1 82.0 96.9 72.3 71.1 94.9 93.3 76 7 88.5 76.7 September 78.0 66.2 71.5 82.3 98.3 72.5 71 0 95.4 95 6 76.8 88.5 76.5 October 78.7 66.4 71.1 83.5 100.4 73.6 71.6 97.3 97.8 76.9 88.6 76.9 November 79.6 68.2 72.5 84.1 102.3 74.5 71.9 97.6 98.9 77.5 88.6 77.5 December _ 80.0 69.7 73.5 84.1 102. 3 74.8 71.7 97.6 99.3 77.7 88.9 77.3 1941—January 80.8 71.6 73.7 84.3 102.4 75.2 72.1 97.7 99.6 78 6 89.0 77.1 February 80.6 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78,5 89.1 76.9 March _ __ _ 81.5 71.6 75.2 84.9 102.6 78.4 72.0 97.7 99.5 79 8 89.5 77.6 April 83.2 74.4 77 9 85.9 103.9 81.0 72 9 97.9 100 1 81.8 90.4 78.6 May _. 84.9 76.4 79.5 87.4 106.4 83.0 75 6 98.1 100.4 83.6 91.4 79.6 June 87.1 82.1 83.1 88.6 107.8 84.5 77.9 98.3 101.0 83 8 93.1 80.6 July _ 88.8 85.8 84.7 89.7 109.4 86.2 78 5 98.5 103.1 85.2 94.4 82.0 August 90.3 87.4 87.2 90.8 110.2 88.3 79.0 98.6 105.5 86.0 95.4 83.7 September __ 91.8 91.0 89.5 91.6 111.3 89.7 79.2 98.6 106.4 87 4 97.2 85.1 October 92.4 90.0 88.9 93.4 112.6 90.9 79.6 103.1 107.3 89.7 99.5 86.4 Week •ending---- 1941—August 2 89.2 87.2 85.5 90.2 109.7 86.6 79.4 98.6 103.3 85. 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 85 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 Aueust 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 86 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 98.7 106.6 88.1 98.3 85.1 October 4 91.6 90.3 89.7 92.1 112.4 89.9 80.1 98.7 106.6 89 7 98.5 85.0 October 11 91.6 90.5 89.2 92.3 112.6 90.1 79.9 98.6 107.1 89.8 99.7 85.9 October 18 91.7 89.8 88.4 93.1 113.2 90.2 80.0 102.2 106.9 89 7 99.9 85.6 October 25 91.2 88.1 87 5 93.0 113.2 90.3 79 9 102 2 107 0 89.6 99.9 85.5 November 1 91.6 89.5 88.2 93.1 114.1 90.3 79.9 102.2 107.3 89 8 100.0 85.5 November 8 91.7 89.6 88.8 93.1 114.1 90.4 79.7 102.2 107.1 89.8 100.1 85.9 November 15 92.3 90.7 89.6 93.6 114.1 90.5 79.6 103.4 107.1 89 5 101.6 87.2 November 22 .. 92.2 90.3 89.5 93.6 114.9 90.4 79.4 103.4 107.4 89.5 101.7 87.1 November 29 92.3 91.1 89.2 93.7 115.4 90.6 79.4 103.3 107.4 89.7 101.9 87.1 1940 1941 1940 1941 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. Farm Products: Metals and Metal Products: Grains 65.4 76.3 79.6 85.3 81.4 Agricultural implements 92.5 92.5 92.9 93.4 93.8 Livestock and poultry 70.6 98.9 99.0 101.1 94.5 Farm machinery 93.8 93. 5 93.9 94.4 94.8 Other farm products 63.8 79.9 82.0 86.0 88.9 Iron and steel 94.9 96.8 96.9 96.9 97.0 Foods: Motor vehicles 100.1 100,4 100.4 100.4 112.3 Dairy products 77.3 87.7 90.3 93.3 95.2 Nonferrous metals 83.6 84.7 84.4 84.4 84.6 Cereal products 77.0 80.3 81.5 85.8 86.4 Plumbing and heating 80.5 83.2 86.8 87.1 87.8 Fruits and vegetables 58.9 69.4 70.3 70.7 75.8 Building Materials: Meats 75.6 93.8 97.5 99.4 93.6 Brick and tile 90.2 94.2 95.1 95.7 96.6 Other foods 63 4 81 6 84 4 86.5 85.8 Cemfvnt 90.7 92.1 92.1 92.2 92.7 Hides and Leather Products: Lurnber 114.4 122.3 127.5 129.1 129.5 Shoes 107.0 114.7 116.1 117.1 118.8 Pahat and paint materials.. 84.8 91.6 93.3 94.7 96.0 Hides and skins 93.8 112.5 112.2 112.1 113.1 Plumbing and heating. _. 80.5 83,2 86.8 87.1 87.8 Leather 90.9 98.1 98.5 100.0 100.9 Structural steel 107.3 107 3 107.3 107.3 107.3 Other leather products 99.7 102.7 103.7 106.3 106.8 Other building materials 93.8 98,4 99.9 100.2 101.5 Textile Products: Chemicals and Allied Products: Clothing 85.7 93.9 95.1 96.1 97.8 Chemicals 85.0 87.3 87.5 88. 2 88.4 Cotton goods 71.5 96.1 101.5 104.2 105.2 Drugs and Pharmaceuticals 95.8 100.0 100.1 104.4 124.1 Hosiery and underwear 61.4 62.9 63.8 64.4 66.6 Fertilizer materials 68.1 74 0 75.3 76.6 77.3 Silk 44 7 51.4 52.0 Mixed fertilizers 74.2 77.0 77.1 77.1 77.5 Rayon 29.5 29.5 29.5 29.8 30.3 Oils and fats 39.8 83 7 87.3 91.3 93.4 Woolen and worsted goods 86.3 96.5 98.2 101.4 102.3 Housefurnishing Goods: Other textile products 72.1 98 0 96.8 95.0 95.6 Furnishings 95.0 99 7 100.7 102.1 104.4 Fuel and Lighting Materials: Furniture 81.8 88.9 89.9 92.2 94.4 Anthracite _.. 80.7 82.2 83.3 84.5 85.3 Miscellaneous: Bituminous coal 100.4 104.9 106.3 107.2 108.1 Auto tires and tubes 58.8 58 8 60.8 60.8 65.5 Coke 109 7 122 2 122.2 122.2 122.2 Cattle feed- 80.1 104.2 108.8 126.2 112.9 Electricity 71.7 66.8 Paper and pulp 93.2 98 8 100.7 101.7 101.9 Gas 82.4 80.8 78.3 81.7 Rubber, crude 41.6 46 0 47.8 47.1 46.6 Petroleum products 49.0 60.9 61.4 61.7 61.7 Other miscellaneous 82.7 88.9 89.8 91.0 92.1 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). DECEMBER 1941 1275 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 book book page Oct. Nov. Nov. Nov. Nov. page Aug. Sept. Oct, 29 5 12 19 26 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars BESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total. 3 2.25 2.25 2.26 2.31 2.28 U. S. Gov't securities, Reserve Bank credit, total ... 2, 7 2.28 2.30 2.32 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 1 yr 5 .15 .15 .15 .15 .15 Bills discounted.. 7 .01 .01 .01 Within 5 yrs 5 .91 .91 .91 .91 .91 Gold stock 2 22.70 22.74 22.78 After 5 yrs 5 1.28 1.28 1.28 1.28 1.28 Money in circulation 2 9.84 10.06 10.27 Gold stock 3 22.80 22.79 22.79 22.78 22.78 Treasury cash.. _ 2 2.36 2.38 2.22 Treasury currency 3 3.22 3.22 3.22 3.23 3.23 Treasury deposits 2 .83 .48 .53 Money in circulation 3, 11 10.31 10.42 10.47 10.54 10.57 Reserve balances 2, 8 13.00 13.18 13.10 Treasury cash holdings 3 2.21 2.20 2.21 2.18 2.20 Required reserves 8 7.99 8.07 8.10 Treasury deposits 3 .92 .93 .81 .60 .44 Excess reserves 8 5.02 5.12 5.00 Nonmember deposits. 3 1.91 1.82 1.79 1.76 1.68 Money in circulation, total _._ 10 10.00 10.16 10.36 Member bank reserves 3 12.63 12.59 12.71 12.94 13.13 Coins and bills under $50._ 10 7.24 7.38 7.54 Excess reserves—total • 9 4.64 P3.47 P3.53 *>3.70 Bills of $50 and over 10 2.76 2.79 2.83 New York City 9 1.42 .85 .84 .96 Chicago 9 .46 .33 .35 .38 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 96 0 P 1 . .4 8 4 5 P 1 . . 4 8 5 9 P 1 . .4 8 7 9 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 50.37 50.79 53.04 MEMBER BANKS Bonds 19 35.56 35.79 37.65 Tota L B l, o a d a l 1 o a n 0 m n s 1 c e a e c s n s i t d t i i d c e i u s n b e : a v t n e o k st s m ents 1 1 6 6 2 9 9 . . 3 5 6 8 2 9 9 . . 2 5 6 2 2 9 9 . . 2 6 8 1 2 9 9 . . 3 6 7 6 2 9 9 . . 2 69 5 Gua N B S ra p i o n l e l t t c s e e i s a e . l d is o s b u l e ig s ations._. 1 1 1 1 9 9 9 9 6 6 1 6 . . . . 6 7 4 9 0 4 7 3 6 7 6 1. . . . 3 6 0 9 0 6 4 3 7 6 6 1. . . . 4 3 6 9 0 3 6 3 Demand deposits adjusted 16 24.26 23.88 24.15 24.19 24.45 MONEY RATES, ETC. Per cent per annum Time deposits 16 5.44 5.45 5.45 5.45 5.43 New York City: F. R. Bank discount Commercial loans 17 2.53 2.54 2.57 2.56 2.55 rate, N. Y 23 1.00 1.00 1.00 Brokers' loans 17 .39 .40 .40 .38 .38 Treasury bills (new issues) _ _ 23 0.108 0.055 0.049 100 c U it . i e S s . o G ut o si v d 't e o N b e l w ig a Y ti o o r n k s : 17 7.01 6.97 6.98 6.95 6.92 T U. r e S as . u G r o y v n 't o t b e o s n 2 d s 3 2 2 9 3 0 1. . 9 3 4 3 0 1. . 9 3 4 4 0 1 . .8 4 8 1 U C . o m S. m G e o rc v i ' a t l o l b o l a i n g s a tions 1 1 7 7 4 7 . . 0 6 3 4 4 7 . . 0 6 4 4 4 7 . . 0 6 7 5 4 7 . . 0 7 7 4 4 7 .0 .8 6 2 C C C o o o m r r p p m o o r r e a a r t t c e e i a A B l a a p a a a p b b e o o r n n d d s s .. _ _ 25, 2 2 2 9 5 9 4 2 . . . 2 5 7 7 0 4 4 2 . . . 3 5 7 0 0 5 4 2 . . . 2 5 7 8 0 3 MONEY RATES, ETC. Per cent per annum In unit indicated Stock prices T C C T U. r o o r e r e r S a p p a s . o s o u u r r G r a a r y t y t o e e v n b A B ' o i t l t a a l e s b a a s o b ( b K n n o o d e - n n s w d d 3 s s . i ssues) 21, 2 2 2 2 2 9 1 9 1 9 0 0 4 2 1 . . . . . 2 1 8 4 7 8 5 3 5 3 1 0 0 4 2 1 . . . . . 2 2 8 4 7 6 0 3 8 2 0 0 0 2 4 1 . . . . . 2 8 2 5 7 8 4 5 7 2 8 0 0 4 2 1 . . . . . 2 2 8 6 7 9 6 6 3 2 7 0 0 4 2 1 . . . . . 2 2 8 6 7 9 4 5 0 2 2 V (1 o 9 l T I R P 3 u n 5 u o a m d - b t i 1 u l a e l r 9 l s i o 3 c t a r 9 u o d i = a t f 1 l i 0 li 0 t t ) y r : a ding (mill _ . 3 3 3 3 1 1 1 1 8 8 8 7 3 1 4 4 . . . . 2 0 3 4 8 8 8 7 3 4 1 2 . . . . 6 8 6 3 8 8 7 7 0 1 8 0 . . . . 4 6 5 3 shares) 31 .47 .60 .56 Brokers' balances (mill, dol- In unit indicated lars) : Stock prices Credit extended customers 33 628 633 (1935-1939=100): Money borrowed 33 460 396 414 Total 31 79.0 79.3 76.5 77.0 76.6 Customers' free credit Industrial 31 80.1 80.4 77.8 78.3 77.9 balances 33 262 260 255 Railroad 31 69.3 71.7 66.7 67.9 67.4 Public utility.. 31 76.7 76.4 73.6 74.1 73.7 BUSINESS CONDITIONS Volume of trading (mill, Wholesale prices: s B h U ar S e I s N ) E SS CONDITIONS 31 .56 .72 .83 .76 .86 All com T Fa o m r t m o a d l s i p ti r e o s d u (1 c 9 ts 2 6=100): 35, 3 6 5 5 9 8 0 7 . . 3 4 9 9 1 1 . . 8 0 9 90 2 . . 0 4 Wholesale prices: Other4 35 90.8 91.6 93.4 All commodities (1926= 100): Industrial commodities Total _. 35 91.6 91.7 92.3 92.2 92.3 (Aug. 1939=100): Farm products 35 89.5 89.6 90.7 90.3 91.1 Total 37 114.4 115.6 117.9 Other * 35 93.1 93.1 93.6 93.6 93.7 Finished 37 110.2 110.9 114.3 Basic commodities Raw and semifinished 37 122.9 125.0 125.2 (Aug. 1939=100), total 36 153.2 154.0 153.7 154.9 155.0 Cost of living (1935-39=100): 12 foodstuffs 36 164.7 166.9 165.7 166.9 166.1 All items.... 39 106.2 108.1 109.4 16 industrial Rent 39 106.3 106.8 107.5 materials. 36 144.9 144.8 145.2 146.3 147.1 Clothing 39 106.9 110.8 112.8 Steel production Food 39 108.0 110. 7 111.6 (per cent of capacity) ... 44 99.9 98.2 96.6 97.0 95.9 Au (t to h m ou o s b . i c le a r p s r ) o .. d uctio _ n 44 92.9 93.6 93.0 76.8 93.5 • Estimated, P Preliminary. T Revised. Freight-car loadings (thous. cars): 1 Figures for other than Wednesday dates are shown under the Total 45 894.7 873.6 883.8 799.4 Wednesday included in the weekly period. Miscellaneous 45 401.2 382.9 389.2 367.3 2 Tax-exempt issues only. Electric power production 3 Partially tax-exempt issues only. (mill. kw. hrs.) 46 3,339 3,326 3,304 3,205 3,293 * Other than farm products and foods, Department store sales s Less than $5,000,000. (1935-1939=100) 46 138 139 148 128 • Estimate for November is shown on page 1263. F.H.A. home mortgages, * Current figures are for the revised edition of the Chart Book annew constr. (thous.) 47 4.33 3.92 3.35 4.06 3.97 nounced on p. 864 of the September BULLETIN. Copies of this Chart Book can be obtained at a price of 50 cents each. 1276 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 Aug. Sept. Oct page Aug. Sept. Oct, MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926=100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:! a Wholesale prices: Total (1935-39=100) 41, 42 161 161 i>164 Canada 65 91.8 93.2 Durable manufactures 41 '75.4 77.0 2*79.2 Germany 65 Iron and steel 42 20.3 21.1 21.0 Japan 65 139.4 139.4 142.4 Machinery, etc. 42 39.1 39.8 P42.2 Sweden 65 138.2 Other durable 42 16.0 16.0 P15.9 Switzerland.... 65 131.5 2*132. 6 Nondurable manufactures 41 65.0 64.2 2*64.8 United Kingdom _ 65 123.6 124.5 124.8 Textiles and leather 42 20.0 19.7 2*19.7 Paper and printing 42 12.9 12.5 P12.7 In cents per unit of Foods, liquors, and tobacco._ 42 18.4 18.1 PIS. 5 foreign currency Other nondurable 42 13.7 13.8 PU.0 Foreign exchange rates: Minerals 41, 42 '20.0 19.9 P20.0 Argentina (peso) 67 9.77 29.77 29.77 New orders, shipments, and Canada (dollar) _ 67 89.13 88.78 inventories (Jan. 1939=100): Japan (yen) » 66 New orders, total 43 196 202 P192 Switzerland (franc)« 66 Durable 43 257 260 2*239 United Kingdom (pound). 67 403.18 403. 27 403. 29 Nondurable 43 157 165 J>162 Shipments, total 43 188 208 2*203 1941 Durable.... 43 216 239 P239 Nondurable 43 164 180 P17S Inventories, total 43 134 138 2*143 June July Aug. Durable 43 146 151 2*155 Nondurable 43 122 124 2*129 Freight-car loadings:12 In billions of dollars Total (1935-39 = 100)3 57 139 130 127 Coal . 57 33.5 28.4 25.7 Increase in U. S. gold stock:' Miscellaneous 57 77.2 74.2 73.0 Total 63 15.60 15.65 15.70 All other.. 57 28.7 27.9 28.1 Net capital inflow: Total 62, 63 5.99 5.92 5.89 Inflow of foreign capital 62 3.89 3.83 3.80 1923-25=100 Return of domestic capital._ 62 2.00 1.99 1.99 Merchandise export surplus 63 4.86 4.94 5.11 Other factors 63 4.76 4.80 4.70 Factory employment 51, 53 133.0 135.3 *135.1 Short-term foreign liabilities and Factory payrolls 51, 53 1583 163.0 P166. 7 assets of banks: Average hourly earnings Due to foreigners 64 3.82 3.77 3.74 (cents per hour) 51 745 75.8 Due from foreigners 64 .34 .36 .35 Average hours worked Net due to foreigners 64 3.48 3.41 3.39 (hours per week) 51 410 40.9 Department store sales 3 59 134 116 105 Department store stocks * 59 87 92 97 1941 In millions of dollars Jan.- Apr.- July- Mar. June Sept. Residential contracts awarded:* Total.. ___ 47 224 175 161 Public 47 82 60 36 In billions of dollars Private, total 47 142 116 124 QUARTERLY FIGURES 1- and 2-family dwellings 47 126 103 112 Construc O ti t o h n e r contracts awarded:4 47 17 13 13 Cash C i a n s c h o i m n e c o a m nd e outgo of U.S.Treas.: 18 2.84 2.62 2.55 Total 49 622 659 2*574 Cash outgo 18 3,89 4.46 5.31 Non R O ag e t r h s i i e c d r u e l n tu ti r a a l l emp . l oyment * s 4 4 9 9 2 41 0 6 6 4 1 6 9 6 3 P M 1 1 62 2 Dom E T e x o s c t t a e ic l s s c o o r f p c o a r s a h ti o o n u t s g e o c urity issues : 3 1 2 8 1. . 0 7 5 8 1. . 8 6 4 1 2. . 7 7 6 3 (mill, persons): New 32 .17 .19 .41 Total 50 40.10 40.02 M0.16 Refunding 32 .61 .42 .32 Manufacturing and mining 50 13.53 13.46 P13. 45 Trade 50 7.03 6.97 2*6.99 Government _ . 50 4.18 4.22 M.25 Per cent per annum Transportation and utilities 50 3.30 3.30 ^3.29 Inco T m C o o e t n a p s l t a r y u m ct e io n n t s:l 5 5 4 0 7, 1 5 .6 6 7 4 7, 1 6 . 8 6 1 8 2*1.80 Ban T k N o e r w t a a t l e , Y s 1 o o 9 r n k c i c C t u ie i s t s t y o mers' loans: 2 2 7 5 2 2. . 0 5 6 8 2 1 . . 5 9 5 5 2 1 . . 6 9 0 8 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 , ,1 3 6 9 9 5 2 5 , , 4 19 8 7 4 7 1 1 o c S t i h t o i e e u r s t h N e o rn rt a h n e d r n W a e n s d t e E rn a s c t i e ti r e n s __ 2 2 7 7 2 3 . . 5 2 3 5 2 3 . . 5 2 8 3 3 2. . 6 2 2 9 Total 55 121 1,326 l, 496 Crops 55 571 698 P789 p Preliminary. r Revised. Livestock and products 55 530 600 2*664 1 Adjusted for seasonal variation. Gov't payments 55 20 28 2 In points in total index. Exports and imports: 3 E t it f Nb Exports 61 455 P417 ving average, adjusted for seasona variation. Imports 61 283 2*263 5 Revised series. See page 1269 of this issue. Excess of exports. _ 61 173 2>154 6 October figures not available; series being revised. 7 No rate certified since July 25, 1941. 8 No rate certified since June 14, 1941. » Cumulated from Jan. 31, 1934. * 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. DECEMBER 1941 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*—Continued [In billions of dollars] Chart 1938 1939 1940 1941 book Dec. Mar. June Oct. Dec. Mar. June Dec. Apr. June Sept. page 31 29 30 2 30 26 29 31 4 30 24 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 12 59.12 59.11 60.95 62.87 64.10 64.88 66.96 70.75 72.43 74.15 P76. 32 Demand deposits adjusted 12 26.01 26.04 27.35 29.09 29.79 30.54 31.96 34.94 36.10 37.32 poo oo Time deposits .. _. 12 26.38 26.56 26.80 26.81 27.06 27.28 27.47 27.74 27.90 27.88 P27. 98 Currency outside banks 12 5.83 5.63 6.01 6.19 6.40 6.23 6.70 7.32 7.78 8.20 PS. 56 Loans and investments, total __ 13 48.87 48.93 49.62 49.95 50.88 51.14 51.34 54.19 56.15 57.94 Loans 13 21.30 21.15 21.32 21.63 22.17 22.19 22.34 23.74 24 32 25.31 Investments 13 27. 57 27.78 28.30 28.32 28.71 28.95 29.00 30.45 31.83 32. 63 MEMBER BANKS Investments, totalJ 18.86 19.05 19.46 19.61 19.98 20.22 20.48 21.81 23 10 23.93 24.40 U. S. Government obligations: Direct 14 10.88 10.69 10.95 10.89 11.18 11.31 11.60 12.34 13. 50 14.24 14.09 Guaranteed 14 2.34 2.66 2.83 2.92 3.14 3.11 3.12 3.49 3.49 3.84 4.24 State and local government obligations 14 2 45 2.56 2.55 2.76 2.69 2.91 2.89 3.01 3 21 2.98 3 16 Other domestic securities 14 3.01 2.96 2.94 2.77 2.70 2.80 (2) 2.72 Foreign securities 14 .18 .18 .19 .19 .17 .17 .15 (2) Loans, total1... - _ __ 13.21 13.05 13.14 13.47 13.96 13.94 13.97 15.32 15.88 16.73 17.55 Commercial loans (incl. open-market paper) 15 3 5.89 5.96 5.99 6.57 6.72 7.52 8.55 Street loans (Brokers' loans) 15 3 .79 .67 .56 .61 .32 .47 .42 Other security loans4 15 3 .96 .90 .91 .88 .80 .83 ffl .79 (2) R A e ll a o l t e h s e t r a t l e o a lo ns a n * s 5 15 2 2. . 8 7 5 2 2 2. . 7 7 7 5 2 2. . 8 8 5 3 ( (» 3) ) 2 2. . 9 9 4 6 0) 3 3 . . 0 0 6 7 3 3. . 2 2 7 3 (*) 3 3. . 6 3 1 7 (2) SEMI-ANNUAL FIGURES OWNEKSHIP 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 20.10 Mutual savings banks 20 2.88 3.04 3.10 3.11 3.22 3.43 I O n t s h u e r r a n in c v e e c s o to m rs panies 2 20 0 6 6 1 2 5 . .6 40 0 1 5 2 . . 8 3 0 0 H 6 2 6 . . 0 6 0 0 1 6 2 . . 1 6 0 0 6 6 1 3 6. . 1 5 0 0 6 6 1 4 6 . 0 6 0 0 v Preliminary, i Series not shown in Chart Book. 2 Figures available for June and December dates only. 3 Figures are reported on somewhat different basis beginning December 31,1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 4 Includes since December 31, 1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other 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. NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of November 1, 1941 *] fin thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Nov. 1, tion Nov. 1, tion Nov. 1, tion Nov. 1, 1940 1941 1940 1941 1940 1941 1940 1941 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,366 7,710 88 68 New York 25, 393 30,371 8,786 7,327 92 90 Philadelphia - 47, 863 50,491 16,901 16, 580 158 150 Cleveland 160, 404 202, 811 47, 351 55, 298 77 59 Richmond 1,730 981 135,014 133, 420 26,663 27, 251 Atlanta 2,304 1,946 178,019 183, 418 6,508 6,955 Chicago 965, 662 1,046,927 63, 298 61,072 1,921 1,776 St. Louis _ 2 3, 277 3 3, 563 326,128 350, 854 62, 531 52, 978 77 38 Minneapolis . 265, 502 294, 817 24, 756 36, 576 187,516 241,101 Kansas City 666 • 602 225, 245 283,195 232, 606 281, 793 6,522 7,403 Dallas _ 3,869 3,277 105,113 83, 307 29, 957 36,105 105 148 San Francisco... .- .. . 720 651 7,491 8,052 69, 794 103, 031 30, 991 25, 395 Total 12, 566 11,020 2, 449, 200 2, 675, 373 589,151 684,966 227, 547 276, 228 Oats Tarn3 hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Nov. 1, tion Nov. 1, tion Nov. 1, tion Nov. 1, 1940 1941 1940 1941 1940 1941 1940 1941 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston.. 7,047 6,863 3,485 3,152 32,923 34,620 54, 600 55,187 New York . . ._ 31, 264 26,979 5,858 4,432 1,983 2,349 32,153 33, 227 Philadelphia 19, 499 19, 647 2,359 2,080 49,590 52, 953 24,843 23,839 Cleveland . _ 57, 472 61, 774 5,978 5,207 123,150 108, 358 20,132 20,947 Richmond . . _ ._ ... . 21,064 23,152 4,099 3,865 743,939 647, 792 28,489 22, 366 Atlanta 15, 205 19, 584 3,259 3,391 178,516 140,673 15, 337 15, 090 Chicago 525, 658 465,436 21, 291 19,743 36, 785 32, 864 41,618 42, 508 St. Louis 60, 057 60, 600 8,210 8,234 277, 570 240, 834 13,817 13,039 Minneapolis..- _ 302, 514 251, 869 10, 550 12, 062 3,034 2,751 52, 330 42, 899 Kansas City 127, 627 132, 999 7,302 8,856 4,476 4,210 35, 334 30, 838 Dallas 40, 507 39,314 1,781 1,771 3,949 6,863 San Francisco 27, 714 30, 628 12,140 12, 940 75,120 69, 898 Total 1, 235, 628 1,138, 843 86, 312 85, 733 1,451,966 1, 267, 404 397, 722 376, 701 1 Figures for spring wheat, oats, and tame hay from estimates for Oct. 1, for winter wheat for Aug. 1. No estimates made for Nov. 1. 2 Includes 18,000 bales grown in miscellaneous territory. 3 Includes 24,000 bales grown in miscellaneous territory. 1278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS CONDITION ON SELECTED CALL DATES, JUNE 30, 1936, TO SEPTEMBER 24, 1941 [Amounts in thousands of dollars] 1936 1937 1938 1939 1940 1941 1941 June 30 June 30 Sept. 28 Oct. 2 June 29 June 30 Sept. 24 ASSETS Loans (including overdrafts) i 12. 541, 845 14, 284, 875 12, 937, 437 13, 470, 421 13,968,770 16, 729, 381 17, 546,100 United States Government direct obligations 11,721,475 10, 870, 404 10, 712, 818 10, 890, 726 11,600,177 14, 238, 453 14, 094, 632 Obligations guaranteed by United States Government.... 1, 950, 457 1, 818, 530 2, 298, 477 2, 919, 672 3,121, 428 3, 839, 296 4, 243, 345 Obligations of States and political subdivisions 2, 279, 877 2,150, 039 2, 317, 492 2, 764, 373 2, 887, 825 2, 984, 431 3,160, 573 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not guaranteed by United States * 2 3, 219, 839 3, 081, 416 2, 822, 289 2, 582, 455 2, 445, 747 2, 459, 034 2, 497, 203 Corporate stocks (including Federal Reserve Bank stock). 545, 317 533. 297 538, 376 447, 483 427, 060 408, 353 401, 496 Total loans and investments ! 32, 258, 810 32, 738, 561 31, 626, 889 33, 075,130 34, 451, 007 40 658, 948 41, 943, 349 Reserve with Federal Reserve Banks 5, 607,119 6, 896, 663 8,192, 978 11,616,524 13, 750, 656 12, 959, 092 13, 245, 857 Cash in vault 713, 421 629, 305 774, 887 773, 514 788, 691 999, 433 1, 061, 442 Demand balances with banks in United States (except private banks and American branches of foreign banks). 3, 792, 738 3,100,171 3, 817, 382 5,147, 234 5, 644, 262 6,188,171 6, 454, 995 Other balances with banks in United States and foreign countries 2 202, 472 158, 780 193, 018 197, 020 122, 717 114,127 114, 425 Due from own foreign branches 2,502 4,592 1,261 12,135 278 121 1,535 B Ca a s n h k i p te re m m s is in e s p o ro w c n e e ss d o a f n d co f l u le r c n t i i t o u n re and fixtures 2,1 9 4 9 7 4, , 9 4 2 9 1 3 2, 9 2 8 0 0 0 , , 3 8 7 2 5 9 1, 9 4 6 6 8 0 , , 3 3 8 6 0 7 1, 9 9 3 2 1 1 , , 9 3 2 0 9 2 1, 9 5 1 2 6 3 , , 8 0 9 7 9 0 2, 9 4 1 2 3 8 . , 0 8 3 0 0 0 2,1 9 4 1 6 4, , 6 5 8 4 2 7 Other real estate owned 379, 457 353, 714 335, 567 298,196 246, 381 208, 477 195, 463 Investments and other assets indirectly representing bank premises or other real estate * 144, 948 124, 970 110, 642 109, 334 Customers' liability on acceptances 187,143 112, 965 80, 663 79,191 78, 719 65, 265 Income accrued but not yet collected 108, 999 102, 441 105, 402 110, 877 Other assets 202,168 207, 8321 93, 615 95, 783 92,107 133,188 Total assets.. 46, 523, 647 47, 452, 301 47, 691, 526 54, 401, 209 57, 846, 346 64, 857, 069 66, 496, 959 LIABILITIES Demand deposits—Total 29,918, 691 30.142, 898 30, 308, 304 36, 702, 798 39, 659. 398 46, 016,122 47, 546, 451 Individuals, partnerships, and corporations 19, 321, 998 20, 272, 432 20, 438, 710 23, 983, 218 26, 396, 600 31, 428, 718 32,149, 203 United States Governments 1, 036, 575 628, 125 707, 267 674, 652 710, 845 618, 637 780, 729 States and political subdivisions 2, 320, 453 2, 577, 445 2, 079, 830 2, 390, 422 2. 528, 793 2, 940, 374 3, 089, 640 Banks in United States and foreign countries 2 6, 450, 528 5, 913, 282 6, 544, 610 8, 988, 854 9, 548,119 10, 290, 667 10, 797,157 Certified and officers' checks, cash letters of credit and travelers' checks, etc._. - 789,137 751, 614 537, 887 665, 652 475, 041 737, 726 729, 722 Time deposits—Total 10, 786, 873 11, 347,148 11, 462, 315 11, 726, 788 12, 069, 722 12, 495, 387 12,558, 275 Individuals, partnerships, and corporations 2 10, 099,195 10, 817, 882 10, 788, 660 11,103, 802 11,458,981 11, 898, 008 11, 979, 617 Postal savings 3 152, 234 99, 736 69, 605 51, 423 58,611 54, 765 49,683 States and political subdivisions 377,998 292, 280 464, 427 417, 849 410, 049 397, 422 381, 703 Banks in United States and foreign countries 2 157, 446 137, 250 139, 623 153, 714 142, 081 145,192 147, 272 Total deposits 40, 705, 564 41, 490, 046 41, 770, 619 48, 429, 586 51, 729,120 58, 511, 500 60,104, 726 Due to own foreign branches 101,159 143, 498 117, 432 127, 731 177,419 175,129 163, 273 Bills payable, rediscounts, and other liabilities for borrowed money 19, 547 17, 391 14, 001 4, 722 3,423 13,155 Acceptances outstanding 178, 221 211,799 121,414 99, 248 94,195 93, 660 77, 725 Dividends declared but not yet payable 4 43, 999 44, 099 35,817 6,365 36, 278 37,152 30, 512 Income collected but not yet earned 55, 046 61,103 79, 695 86, 287 Expenses accrued and unpaid 239, 790 206, 673 222, 359 88, 743 82,137 92, 428 108, 278 Other liabilities 59, 342 54, 919 64, 937 61, 343 Total liabilities 41, 288, 280 42,113, 506 42, 281, 642 48, 870, 783 52, 238, 594 59, 057, 397 60, 645, 299 CAPITAL ACCOUNTS Capital 2, 567,197 2, 444, 249 2, 425, 628 2, 385, 745 2, 357, 293 2, 358, 948 Surplus 1,806,516 1,971,464 2, 046, 844 2,120, 960 2, 207, 308 2, 318, 745 Undivided profits 4 520, 283 587, 495 645, 543 700, 545 711, 285 768, 296 Reserves for contingencies and other capital accounts 2 341, 371 335, 587 291, 869 323,176 331, 866 353, 683 Total capital accounts 5, 235, 367 5, 338, 795 5, 409; 884 5, 530, 426 5, 607, 752 5, 799, 672 Total liabilities and capital accounts 46, 523, 647 47, 452, 301 47, 691, 526 54, 401, 209 57, 846, 346 64, 857, 069 Net demand deposits subject to reserve 23, 985, 757 24, 844,886 25, 038, 348 29, 652, 240 32. 513, 823 37, 411, 078 Demand deposits—adjusted 5 20, 28 6 4 , , 4 0 0 9 0 5 21, 40 6 0 , , 6 3 6 5 2 7 21, 59 6 6 , , 3 4 0 1 60 25,117 6 , , 3 9 3 9 9 0 27, 87 6 7 , , 3 3 9 6 8 4 32, 67 6 8 , , 5 0 5 1 6 8 Number of banks 1 Figures of loans and investments beginning December 31, 1938 are not entirely comparable with prior call dates because investments and other assets (principally loans) indirectly representing bank premises and other real estate are now reported separately. Such investments and other assets amounted to $94,569,000, and $49,939,000 respectively, on December 31, 1938. 2 This is a combination of two or more items shown separately on June and December call dates. 3 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 4 Reserves for dividends payable in common stock, $5,544,000 on December 31,1938, were formerly published as part of undivided profits. Reserves for undeclared cash dividends on capital stock and for accrued interest on capital notes and debentures, $10,691,000 on December 31, 1938, were formerly reported in combination with dividends declared but not yet payable. Beginning December 31, 1938 these two reserves are included in "Other capital accounts." 5 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. DECEMBER 1941 1279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS CONDITION ON SEPTEMBER 24, 1941, BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er m n b a e a t A m i n o l k b n l s e a r l A m b l e l a m n S k b ta s e t r e C m en e t m ra b l e re r s b e a rv n e k s c 1 ity m R ba e e c n s m it e k y r b s - v e 1 e r C m b o e a u m n n b k tr e s y r - New York Chicago ASSETS Loans (including overdrafts) 17, 546,100 11, 444, 535 6,101, 565 3, 938,809 918, 090 6, 860, 774 5, 828, 427 United States Government direct obligations 14, 094, 632 8, 567,196 5, 527,436 5, 411, 212 1,145, 205 4, 668, 396 2, 869, 819 Obligations guaranteed by United States Government... 4, 243, 345 2, 531, 902 1, 711, 443 1, 919, 902 158, 929 1, 245, 739 918, 775 Obligations of States and political subdivisions 3,160, 573 2, 063, 996 1, 096, 577 819,151 175, 319 975,482 1,190, 621 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not guaranteed by United States2 2, 497, 203 1, 602, 261 894, 942 697, 646 150, 610 693, 656 955, 291 Corporate stocks (including Federal Reserve Bank stock). 401, 496 203,925 197, 571 143, 453 25, 028 143, 853 89,162 Total loans and investments 41, 943, 349 26, 413, 815 15, 529, 534 12, 930,173 2, 573,181 14, 587, 900 11, 852, 095 Reserve with Federal Reserve Banks 13, 245, 857 7, 931, 842 5, 314, 015 5, 534, 303 1, 277, 533 4, 359, 423 2, 074, 598 Cash in vault 1, 061, 442 759, 604 301, 838 95, 839 39,148 425, 023 501,432 Demand balances with bank? in United States (except private banks and American branches of foreign banks). 6, 454, 995 4, 935, 503 1, 519,492 111, 780 267,109 2, 847, 731 3, 228, 375 Other balances with banks in United States and foreign countries2 114, 425 87, 295 27,130 6,821 3,429 38, 439 65, 736 Due from own foreign branches 1,535 1,465 70 70 1,465 Cash items in process of collection - 2,146, 547 1, 403, 080 743, 467 731, 075 141,965 987, 283 286, 224 Bank premises owned and furniture and fixtures 914, 682 589, 854 324, 828 201,467 19, 238 320, 761 373, 216 Other real estate owned 195, 463 91, 614 103, 849 22, 670 2,424 71, 087 99, 282 Investments and other assets indirectly representing bank premises or other real estate 109, 334 60, 629 48, 705 10, 087 730 76, 399 22,118 Customers' liability on acceptances 65, 265 39, 450 25, 815 39, 714 1,792 20, 734 3,025 Income accrued but not yet collected 110, 877 65, 480 45, 397 42, 714 7,734 41, 877 18,552 Other assets I 133,188 50, 438 82, 750 21, 344 6,430 38, 705 66, 709 Total assets 66, 496, 959 42, 430, 069 24, 066, 890 19, 748, 057 4, 340, 713 23, 816, 827 18, 591, 362 LIABILITIES Demand deposits—Total 47, 546, 451 29, 991, 339 17, 555,112 16,970, 693 3, 553, 799 16, 806, 809 10, 215,150 Individuals, partnerships, and corporations 32,149, 203 19, 914,180 12, 235, 023 11, 595,005 2,112, 348 10, 637, 296 7, 804, 554 United States Governments 780, 729 556, 217 224, 512 135, 304 95, 267 382, 539 167,619 States and political subdivisions 3, 089, 640 2, 259, 721 829, 919 300, 006 228, 368 1, 220, 642 1, 340, 624 Banks in United States and foreign countries 2 10, 797,157 6, 851, 644 3, 945, 513 4, 598,121 1, 4, 376, 673 733, 544 Certified and officers' checks, cash letters of credit and travelers' checks, etc 729, 722 409, 577 320,145 342, 257 28, 997 189, 659 168,809 Time deposits—Total 12, 558,275 8, 464, 814 4, 093, 461 845,226 490, 551 4, 905, 584 6, 316,914 Individuals, partnerships, and corporations 2 11, 979, 617 8, 013, 961 3, 965,656 810,188 468, 751 4, 590, 829 6,109, 849 Postal savings 3 .__. 49, 683 36, 052 13, 631 19, 305 30, 378 States and political subdivisions 381, 703 310, 868 70,835 29, 431 21, 800 185, 778 144, 694 Banks in United States and foreign countries 2 147, 272 103, 933 43, 339 5,607 109, 672 31, 993 Total deposits 60,104, 726 38, 456,153 21, 648, 573 17, 815, 919 47044,350 21, 712, 393 16, 532, 064 Due to own foreign branches.__ 163, 273 127, 774 35, 499 163, 273 Bills payable, rediscounts, and other liabilities for borrowed money 13,155 9,275 3,880 9,711 3,444 Acceptances outstanding 77, 725 45, 889 31, 836 48, 497 1,947 24, 231 3,050 Dividends declared but not yet payable 30, 512 17, 074 13, 438 12, 230 985 14, 797 2,500 Income collected but not yet earned 86, 287 59, 976 26, 311 12, 023 2,959 44, 776 26, 529 Expenses accrued and unpaid 108, 278 68, 066 40, 212 23, 091 9,784 51, 494 23, 909 Other liabilities 61, 343 26, 072 35, 271 28,165 1,322 21, 562 10, 294 Total liabilities 60, 645, 299 38, 810,279 21, 835, 020 18,112, 909 4, 061, 347 21, 869, 253 16, 601, 790 CAPITAL ACCOUNTS Capital 2, 353, 086 1, 510, 906 842,180 547, 791 101, 600 781, 055 922, 640 Surplus 2, 339, 857 1, 348, 090 991, 767 828, 330 109,140 746, 682 655, 705 Undivided profits 801, 918 520, 909 281, 009 206, 877 31,446 265, 750 297,845 Reserves for contingencies and other capital accounts 2 356, 799 239, 885 116, 914 52,150 37,180 154, 087 113, 382 Total capital accounts 5, 851, 660 3, 619, 790 2,231, 870 1, 635,148 279, 366 1, 947, 574 1, 989, 572 Total liabilities and capital accounts 66, 496, 959 42, 430, 069 24, 066, 890 19, 748, 057 4, 340, 713 23, 816, 827 18, 591,362 Net demand deposits subject to reserve 38, 956, 547 23, 660, 040 15, 296, 507 16,127, 838 3,145, 920 12, 974, 258 6, 708, 531 Demand deposits—adjusted 4 33, 822, 018 21,180, 398 12, 641, 620 11, 506,193 2, 227, 748 11, 060, 314 9, 027, 763 6,596 5,125 1,471 36 13 350 6,197 Number of banks 1 Excluding member banks in outlying sections of some cities authorized to carry lower reserves. 2 This is a combination of two or more items shown separately on June and December call dates. 3 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 4 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 1280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1941 are preliminary] Member banks Nonmember banks Other than mutual Total savings and private banks National State Mutual Private 1 savings Insured in N su o r t ed Number of Banks (Head Offices) December 31, 1933 15,029 6,154 857 2 8,541 579 98 December 31,1934 .. 16,063 6,462 980 7,693 1,108 679 241 December 31,1935— . _ ._ 15,869 6,386 1,001 7,728 1,046 670 138 December 31,1936 _ 15,667 5,325 1,051 7,588 1,004 665 134 December 31, 1937— . 15,387 5,260 1,081 7,449 960 563 74 December 31, 1938 15,194 6,224 1,114 7,316 917 655 68 December 31, 1939 _ _ _ _ __ ._ . 15,034 5,187 1,175 7,171 887 651 63 December 31, 1940 14,895 5,144 1,342 6,951 851 551 56 September 30, 1941 14,851 5,125 *1,472 6,835 821 3 546 4 52 Number of Branches December 31, 1933 ... _ _ _ 2,911 1,121 960 271)0 125 6 December 31, 1934 3,133 1,243 981 5 778 126 5 December 31,1935 3,284 1,329 952 828 42 128 5 December 31, 1936 3,399 1,398 981 848 39 128 6 December 31,1937 3,540 1,485 994 891 37 128 5 December 31, 1938 3,580 1,499 992 908 41 135 December 31,1939 . . __ . 3,629 1,518 1,002 927 44 132 0 December 31, 1940 3,666 1,539 1,002 940 44 135 September 30, 1941, total 3,687 1,563 1,009 932 43 3 134 4 6 In head-office cities ... ._ . .. 1,723 684 778 142 6 112 1 Outside head-office cities 1,964 879 231 790 37 22 5 Analysis of Bank Changes, Jan. 1 - Sept. 30, 1941 Number of banks on December 31, 1940 _ _ _ _ __ 14,895 5,144 1,342 6,951 851 551 56 Increases in number of banks: Primary organizations (new banks)6 + 40 + 4 + 1 + 24 + H Decreases in number of banks: Suspensions _ - 5 9 — 3 Voluntary liquidations 7 - 30 3 2 — 11 — 12 _ 2 Consolidations, absorptions, etc. - 47 - 17. - 1 - 22 - 4 - 2 - 1 Unclassified — 2 0 Inter-class bank changes: Conversions- State into national + 6 - 4 — 2 National into state + 1 + 6 Private into nonmember -f l _ 1 Federal Reserve membership—* Admissions of State banks . *+138 — 133 — 2 — 3 Withdrawals of State banks __ . - 3 + 3 Federal deposit insurance—9 Admissions of State banks + 22 — 22 Withdrawals of State banks - 1 + 1 Net increase or decrease in number of banks - 44 - 19 +130 -116 - 30 - 5 - 4 Number of banks on September 30, 1941.. 14, 851 5,125 1,472 6,835 821 546 52 Analysis of Branch Changes, Jan. 1 - Sept. 30, 1941 Number of branches on December 31, 1940 3,666 1,539 1,002 940 44 135 - Increases in number of branches: De novo branches + 34 4- 13 + 3 + 17 Banks converted into branches _ . + 14 + 1 + 5 + 8 Decreases in number of branches: Branches discontinued - 27 - 10 5 - 9 - 2 1 Inter-class branch changes: From State to national . + 20 — 20 From nonmember to State member + 24 - 24 Net increase or decrease in number of branches + 21 + 24 + 7 Q - 1 - 1 Number of branches on September 30,1941. _. 3,687 1,563 1,009 932 43 134 6 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 50 insured and 496 uninsured; number of branches comprises 31 insured and 103 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." * Number of banks comprises 1 insured and 51 uninsured; all branches were uninsured, s Separate figures not available for branches of insured and not insured banks. * Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion and absorption of banks. «Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. » Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit] Insurance Corporation membership. * Includes three mutual savings banks admitted during April (two in Wisconsin and one in Indiana), the first of such banks to become members of the Federal Reserve System. Back figures.—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. DECEMBER 1941 1281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 1284 Gold production 1285 Gold movements 1285 International capital transactions of the United States. 1286-1290 Central banks 1291-1294 Money rates in foreign countries. 1295 Commercial banks 1296 Foreign exchanges rates. . 1297 Price movements: Wholesale prices 1298 Retail food prices and cost of living. 1299 Security prices. 1299 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. DECEMBER 1941 1283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d g t A i e n r n a - - g B iu e m l- Brazil I B n is r d h i i t a - g B a u ri l a - C ad an a - Chile lo C m o b - ia C v s z a l e k o c i - h a o- m D a e r n k - Egypt France m G a e n r y - Greece 1936—Dec... 11, 258 501 632 275 2,995 27 26 1937—Dec.-. 12, 760 469 597 274 184 2,564 28 24 1938—Dec... 14, 512 431 581 274 192 2,430 29 27 1939—Dec__ 17,644 466 609 274 214 2,709 129 28 1940—Oct.... 21, 506 2 369 274 35 2,000 28 Nov.,. 21,801 353 274 8 2,000 28 Dec... 21,995 353 4 734 274 7 2,000 28 1941—Jan. 22,116 353 734 274 7 2,000 28 Feb.— 22,232 353 734 274 8 2,000 28 Mar... 22, 367 353 734 274 2,000 28 Apr... 22, 506 353 274 2,000 May.. 22, 575 353 274 2,000 June _. 22,624 353 274 2,000 July... 22, 675 353 274 2,000 Aug... 22, 719 352 2,000 Sept— 22, 761 352 Oct. _. 22,800 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico e N rl e a t n h d - sZe N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1936—Dec... 208 463 491 68 114 203 5 718 1 1 9 9 3 3 8 7 — — D D e e c c . . . . . . 2 1 1 9 0 3 2 1 6 6 1 4 8 7 0 9 933 8 9 2 4 1 13 2 3 0 2 1 2 8 0 9 6 525 1939—Dec— 144 164 90 94 152 249 1940—Oct.... i 137 164 109 629 184 157 328 Nov._. 164 129 621 157 351 Dec... 164 140 617 158 367 1941—Jan.... 164 152 616 158 376 Feb... 164 171 614 158 388 Mar... 178 614 158 401 Apr... 174 572 171 413 May.. 174 572 172 418 June.. 173 573 175 427 July— 173 573 178 431 Aug... 193 573 178 436 Sept... 201 450 Oct... Government gold reserves i not included End of month S d w e e n - e S r w la i n tz d - Tur- U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. t O c r o i t e u h s n e - r i E m n o d n t o h f U i S n n t a p i t t r e e e s d vio U u K d s n i o i f n m t i g e g d - ure F s rance g B iu e m l- 1936—Dec... 240 657 26 2,584 59 183 1937—June... 169 2 934 115 1937—Dec... 244 650 2,689 52 185 Dec 3 1,395 81 1938—Dec— 321 701 2,690 52 142 1938—Mar.._ 1,489 1939—Dec... 308 549 »1 68 52 149 June... 44 62 Sept.. 759 1940— Oct.... 150 500 51 145 Oct. 4103 Nov... 157 501 51 145 Dec 80 331 44 Dec— 160 502 90 » 29 145 1939—Mar... 154 1,732 559 1941—Jan.... 165 520 95 35 145 May 477 Feb... 171 524 97 37 145 June... 85 17 Mar... 172 527 100 40 145 Sept... 164 Apr... 174 528 105 40 145 Dec... 156 17 May.. 180 530 108 40 145 1940—Mar... 145 June _. 192 528 108 40 144 June 86 17 July... 189 533 108 40 144 Sept. . 105 Aug... 191 525 108 41 144 Dec 48 17 Sept. . 191 543 41 146 1941—Mar. _ 88 Oct.._ 41 146 June _ 89 i Figures relate to last official report dates for the respective countries, as follows: Germany 1 Reported at infrequent intervals or on de- —June 15, 1939; Italy—late in Mar. 1940; Norway—Mar. 30, 1940; Poland—July 31, 1939. layed basis: U. S.—Exchange Stabilization Fund » Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1); U. K.—Exchange Equaliza- * On May 1,1940, gold belonging to Bank of Cai ada transferredto Foreign Exchange Con- tion Account; France—Exchange Stabilization trol Board. Gold reported since that time is gold heiu by Minister of Finance. Fund and Rentes Fund; Belgium—Treasury. 4 Change from previous December due largely to inclusion of gold formerly not reported. » Figure for end of Mar. 1937, first date re- * Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1,1936, and Apr. ported. 30, 1938, respectively. 3 Figure for end of Sept. 1937. e Beginning Mar. 29,1941, gold reserves no longer reported separately. 4 First date reported. For complete monthly 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian series from Oct. 1938-May 1939, see BULLETIN Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland, for February 1941, p. 170. Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain NOTE.—For details regarding special gold of these countries have been carried forward from last previous official report. transfers in 1939-40 between the British E. E. A. s Gold holdings of Bank of England reduced to nominal amount by gold transfers to Brit- and the Bank of England, and between the ish Exchange Equalization Account during 1939. French E. S. F. and the Bank of France, set » Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only. BULLETIN for September 1940, p. 926. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. 1284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Other U o . u S t . s S id .R e .i Total A So fr u ic th a d R e h s o i - a A W fri e c s a t 2 B C e o l n g g ia o n 3 United f Mexico Colom- Chile Au li s a tra-iB In ri d ti i s a h • $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$85 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 32,163 210,109 185, 890 30,878 22,117 11,999 55, 878 10,157 1940—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 November.. 108,080 92, 522 41,620 2,404 2,687 19, 952 15, 775 1,905 1,713 929 4,592 945 December.. 107, 800 91,852 41,188 2,433 2,668 19, 694 15, 780 2,221 1,675 879 4,333 1941—January 106,015 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 88,486 41, 357 2,355 2 2, 580 16, 413 15, 384 2,491 2,071 896 4,133 805 May 105,140 88,114 42, 716 2,355 2,615 16,022 15, 721 1,448 1,872 528 4,136 700 June— _ 105, 875 P88, 950 41,186 P2, 367 n, 615 16, 468 15, 890 2,845 1,777 1,023 3,939 840 July P110, 215 P92, 819 43, 093 v2, 345 n, 6i5 18, 537 15, 983 2,485 2,072 628 4,185 875 August P91,673 42, 458 P2, 356 /2, 615 17, 487 16, 353 n, 485 1,739 8^.0 P4, 445 /875 September.. ?94, 215 42,135 >/2, 356 /2,615 20,881 15, 578 n, 485 1,984 /860 /4, 445 '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 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. v Preliminary. r Revised. / Figure carried forward from last previous figure without footnote /. * 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. * Includes Philippine Islands production received in United States. Monthly figures for U. S. for 1940 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure $242,602 so that aggregate for 1940 is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 8 Figures for Canada beginning January 1941 are subject to official revision. 6 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S, R.), see Annual Report of Director of Mint for 1940, p. 101, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Y m e o a n r t o h r im T n o p e o t t a r l ts U K d n i o n it m g e - d France g B iu el m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o t o r t A h i u e l e n l s r - Net imports from or net exports (—) to: 1934'i 1,131,994 499,870 260, 223 8,902 94,348 12,402 86, 82930, 270 16,944 12,038 1,029 12 4 76, 820 32, 304 1935 1, 739,019 315, 727 934, 243 3 227,185 968 95,17113, 667 10, 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, 569 1, 208, 728 81,135 15, 488 163, 049 60,146 1,363 76, 31536, 472 10, 557 27, 880 39,162 401 168,740 16,159 2 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 50,9563102, 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, 9894 388,468 1940 Oct 325, 964 1,738 222, 726 538 7 2,673 14, 770 6,704 11,815 784 64, 208 Nov 330,107 936 7 262, 718 545 3, 283 14, 441 6,240 12,186 2,170 27, 580 Dec 137,176 99 80, 389 347 2,814 3,268 14, 994 1,751 13, 262 7,446 12,805 1941 Jan 234. 242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149, 735 6,085 4,501 6,062 Feb 108, 609 1,218 337 81,529 814 11 2,772 6,738 96 5H5, 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 Gross imports from:6 May 34,830 2 16, 309 969 2,794 3,384 4,194 3,594 3,589 June 30, 712 474 1 17, 521 800 2,114 4,593 69 131 5,009 July 37,041 542 19, 228 1,088 2,128 4,972 5,199 88 3,811 Aug. 36, 973 79 10, 845 843 2,230 5,098 6,742 137 1,995 9,011 Sept.- 65, 702 250 42, 563 495 2,488 3,107 2,064 3,694 511, 045 Oct 40,440 55 16, 074 1,020 2,107 3,143 6,151 200 2,327 5 9, 366 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 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. 5 Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, Sept.—$5,652,000, Oct.—$5,550,000. 6 Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination. NOTE.—For gross import and export figures and for additional countries see table on p. 1246. DECEMBER 1941 1285 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 l.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total Central banking Return Inflow of brokerage 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 nd . s S. f f o u r n ei d g s n 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 1,201. 4 74.0 Sept. 27 5,035. 3 2,479. 5 552.1 1,927. 3 618.4 676.9 1,177. 3 83.1 Dec. (Jan. 3, 1940). 5,021. 2 2, 430. 8 542.5 1,888. 3 650.4 725.7 1,133. 7 80.6 1940—Mar. (Apr. 3) 5,115. 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 1,042.1 1940—Sept. 11.. 5, 668. 4 3,014.1 1,012.8 2,001. 3 768.4 790.8 995.2 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 1,975.0 781.8 793.5 101.3 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 1,962. 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. 1 5, 727. 6 3,159. 0 1, 200. 8 1, 958. 3 775.1 803.8 100.9 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 July9___ 5, 584. 6 3.194. 6 1, 366. 2 1, 828. 4 826.2 835.5 630.0 98.3 July 16__ 5,561.8 3,171.5 1,362,8 1,808.7 826.2 837.8 628.2 98.2 July 23- 5. 534. 0 3.153. 6 1, 342. 7 1,810.9 819.4 838.3 624.8 97.9 July 30. . 5, 506. 9 3,141.4 1, 320. 3 1,821.1 803.5 838.9 623.6 99.5 Aug. 6— 5, 556.1 3,185. 5 1, 378. 9 1,806. 6 807.3 839.7 624.8 Aug. 13_. 5, 535. 8 3,166. 9 1, 369. 7 1, 797. 3 805.7 841.0 623.1 Aug. 20.. 5, 521. 2 3,156. 2 1, 374. 2 1, 782. 0 803.7 842.0 619.7 Aug. 27_. 5, 467. 2 3,105. 5 1, 318.1 1, 787. 4 801.8 841.4 617.3 101.0 Sept. 3.. 5, 478. 3 3.113. 2 1,313.3 1, 799. 9 805.6 841.7 616.5 101.2 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. 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. 1286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J r a o n u . g 2 h , - 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asiai ot A he ll r i 1935—Dec. (Jan. 1, 1936)_. 1, 412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 () 70.9 128.3 12.7 1936— Dec. 30 2, 608. 4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051. 3 150.5 201.2 184.0 21.4 1937—Dec. 29 3, 410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 224.6 15.9 1938—Dec. (Jan. 4, 1939) _ 3,844. 5 1,183. 8 339.6 328.6 557.5 140.5 32.2 472.0 3,054. 2 155.3 384.6 214.2 36.2 1939— Dec. (Jan. 3, 1940). 5,021. 2 1,101. 3 468.7 470.3 773.0 165.9 58.0 752.9 3, 790.1 229.4 483.4 431.0 87.4 1940—Nov. 27 5, 780. 7 927.9 675.9 450. 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 (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 July 30 5, 506. 9 650.1 669.5 457. 0 874.7 178.5 46.6 882.3 3, 758. 6 406.9 640.9 579.4 121.0 Aug. 6... 5, 556.1 731.8 668.0 455. 2 871.8 178.9 46.7 881.2 3, 833. 5 400.0 630.3 571.0 121.2 Aug. 13.. 5, 535. 8 714.9 665.7 455. 9 869.9 178.4 50.1 886.4 3,821.2 392.1 635.1 566.3 121.2 Aug. 20_. 5, 521. 2 693.6 665.5 453.6 872.0 178.5 50.2 894.2 3, 807. 7 397. 5 627.8 557.3 130.9 Aug. 27_. 5, 467. 2 665. 6 663.2 453.2 874.1 179.0 49.9 884.6 3, 769. 6 394.1 630.7 543.4 129.3 Sept. 3.. 5, 478. 3 636.9 662.8 452.7 875.3 179.0 49.9 881.7 3, 738. 4 415.4 630.3 563.6 130.6 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia* ot A he ll r i 1935—Dec. (Jan. 1, 1936). 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937— Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. (Jan. 4, 1939). 1,425. 4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010. 7 101.6 127.6 163.3 22.2 1939— Dec. (Jan. 3, 1940). 2, 430. 8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1, 655. 4 174.5 215.1 325.4 60.5 1940—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 -2a 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 (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 July 30 3,141. 4 297.7 447.6 157.5 488.5 -23.4 -4.3 557.3 1, 920. 8 324.5 353.7 442.3 100.0 Aug. 6 3,185. 5 376.7 445. 9 155. 4 485. 3 -23.3 -4.3 556.4 1,992. 2 316.9 343.1 433.1 100.3 Aug. 13 3,166. 9 362.2 443.3 155.9 482.4 -23.4 -1.4 561.1 1,980. 3 310.7 349.5 426.5 99.9 Aug. 20 3,156. 2 342.4 442.9 153. 9 484.0 -23.3 -1.4 568.6 1,967.1 317.9 341.3 420.2 109.7 Aug. 27 3,105. 5 315.8 440.5 153. 3 484.6 -22.8 -1.7 559.2 1, 928. 9 314.8 345.0 408.3 108.5 Sept. 3 3,113. 2 287.0 440.1 152. 8 485.3 -22.8 -1.6 556.1 1,896. 8 336.1 345.7 425.3 109.4 TABLE 4.—UNJTED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th r J o a u n g . h 2 — , 19! Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia * ot A he l r l i 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 —1.6 1936— Dec. 30 _ 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29— 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—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 (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 July 30 803.5 265. 3 76.8 17.9 5.2 196.0 25.1 51.7 638.0 71.3 49.2 46.7 -1.7 Aug. 6... 807.3 269.3 76.8 17.9 5.4 196.3 25.1 51.5 642.2 71.0 47.9 48.5 -2.3 Aug. 13 805.7 268.3 76.8 17.9 5.4 195.8 25.6 51.6 641.4 68.5 46.0 51.6 -1.7 Aug. 20 803.7 268.3 76.8 17.9 5.4 196.0 25.7 51.8 641.9 64.9 47.9 50.7 -1.8 Aug. 27 801.8 268.2 76.8 17.8 5.3 195.9 25.7 51.8 641.6 67.6 45.5 49.5 -2.3 Sept. 3 805.6 268.8 76.8 17.8 5.3 195.9 25.7 51.8 642.2 68.7 44.1 52.6 -1.9 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". «Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. DECEMBER 1941 1287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g 2, h 1 - 935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r it d - z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia* ot A he l r l * 1935—Dec. (Jan. 1, 1936).. 125.2 67.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936— Dec. 30__ 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29._ _ 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (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—Nov. 27 798.2 129.7 42.9 31.0 46.0 36.5 28.1 196.1 510.4 23.5 61.2 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 63.0 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 (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 July 30 838.9 127.7 50.8 31.2 44.5 36.5 28.1 199.8 518.5 36.8 212.3 60.8 10.5 Aug. 6 839.7 127.7 50.8 31.2 44.6 36.5 28.1 199.9 518.7 37.1 212.9 60.4 10.5 Aug. 13 841.0 127.7 51.1 31.2 44.6 36.5 28.1 200.0 519.0 37.4 213.3 60.5 10.8 Aug. 20 842.0 127.8 51.2 31.2 44.5 36.5 28.1 200.0 519.2 37.9 213.5 60.6 10.8 Aug. 27 841.4 127.7 51.2 31.2 44.5 36.5 28.1 200.0 519.2 37.1 213.7 60.6 10.8 Sept. 3 841.7 127.7 51.2 31.2 44.5 36.5 28.1 200.0 519.2 37.0 214.0 60.6 10.9 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J r a o n u . g 2 h ,1 - 935, Total U K d n o in i m t g e - d France N la e e n r t d - h s - S la w e n r i - d tz- m G a e n r y - Italy E O ur th o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia1 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—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 (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 July 30 623.6 -56.6 74.8 235.8 322.2 -30.4 -2.4 64.5 607.9 -37.8 19.2 22.9 11.4 Aug. 6_ 624.8 -58.3 74.9 235.9 322.7 -30.4 -2.4 64.6 607.1 -36.1 20.0 22.3 11.5 Aug. 13 623.1 -59.6 74.8 235.9 323.7 -30.4 -2.4 64.9 606.9 -36.6 20.2 21.0 11.4 Aug. 20 619.7 -61.2 75.0 235.9 323.9 -30.4 -2.4 65.1 606.0 -37.0 20.3 19.1 11.4 Aug. 27 617.3 -62.4 75.1 235.9 325.6 -30.4 -2.4 65.1 606.6 -39.1 20.5 17.9 11.4 Sept. 3. 616.5 -63.0 75.1 236.0 326.0 -30.4 -2.4 65.3 606.6 -40.0 20.8 17.8 11.4 TABLE 7.—BROKERAGE BALANCES,' 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 m i a c t a e in r- Asia* ot A he ll r i 1935—Dec. (Jan. 1, 1936) 6.0 () 2.4 1.3 2.5 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 3O..__ 12.9 4.0 10.4 -.9 9.1 .4 22.6 -7.6 -4.2 2.1 (4) 1937—Dec. 29_ 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 -.5 .5 () 1 1 9 9 3 3 9 8 — — D D e e c c . . ( ( J J a a n n . . 3 4 , ,1 1 9 9 3 4 9 0 ) ) 4 8 7 0 . . 6 6 1 1 3 9 . . 4 4 2 1 0 2. . 9 1 9 6 . . 3 8 1 9 7 . . 6 8 5 5 . . 0 2 4 7 7 1. . 6 9 8 1 . . 7 8 - 1 .9 .6 - -3 1 . . 4 5 2.1 1940—Nov. 27 100.0 17.2 18.9 12.5 16.9 7.6 73.1 10.7 8.8 6.7 .7 Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 7.9 74.3 10.7 9.2 6.0 .7 1941—Jan. 29 98.8 17.1 19.2 13.3 15.9 8.9 74.4 10.4 6.8 6.3 .9 Feb. 26__ 97.2 17.0 19.3 13.5 14.4 9.1 73.3 10.9 6.1 6.1 .9 Mar. (Apr. 2) 95.9 16.7 18.7 13.9 14.5 7.9 71.7 10.6 6.1 6.4 1.1 Apr. 30 98.2 16.7 19.0 14.0 14.3 7.8 71.8 11.4 7.0 7.2 May 28 97.5 16.6 19.4 14.3 13.6 8.4 72.3 12.0 5.8 6.7 June (July 2) 98.2 16.4 19.2 14.5 14.5 8.4 73.1 11.6 5.7 7.1 .7 July 30 99.5 16.0 19.6 14.7 14.2 9.0 73.4 12.1 6.5 6.7 .7 Aug. 6 16.4 19.5 14.8 13.9 8.7 73.3 11.2 6.3 1.2 Aug. 13_— -_. 99.1 16.3 19.6 15.0 13.9 8.8 73.6 12.2 6.0 Aug. 20 99.6 16.3 19.6 14.8 14.1 8.7 73.5 13.8 4.9 6.6 Aug. 27 101.0 16.3 19.6 14.9 14.0 8.5 73.3 13.7 6.0 7.3 Sept. 3 - 101.2 16.4 19.6 15.0 14.2 8.5 73.7 5.8 7.4 .7 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". « For explanation see BULLETIN for May 1937, pp. 395-396. »Inflow less than $50,000. *Outflow less than $50,000. 1288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asiai ot A h l e l r1 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 « 466.7 59.1 32.7 12.7 9.7 25.8 a 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. 6 261.6 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938— Dec. (Jan. 4, 1939) 1,996.6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1, 237.8 201.8 248.5 274.3 34.1 1939—Mar. 29_ 2,318.8 473.9 219.5 143. 9 247.1 18.7 14.8 314.7 1,432.7 236.6 300.7 305.5 43.3 June 28 _ 2, 683.0 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1,672. 7 291.7 363.0 306.0 49.7 Sept. 27 3,050. 7 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1,909. 7 325.3 383.0 366.5 66.2 Dec. (Jan. 3, 1940) 3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882. 6 274.6 336.0 491.4 72.5 1940—Mar. (Apr. 3) 3,165. 2 361.3 290.7 199.7 432.2 8.4 69.3 618.7 1,980.3 250.1 365.5 515.2 64.1 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 1940—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. 4 395.9 432.3 627.6 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. 3O.__ _ 3,738.7 378.8 500.8 179.1 490.0 9.1 19.4 662.5 2,239. 6 408.1 446.0 676.3 68.7 Nov. 27 3,820.3 397.2 497.6 172.8 493.5 8.0 18.9 656.3 2,244.3 435.2 453.6 622.0 65.1 Dec. (Jan. 1,1941) 3,785. 2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2, 213. 5 434.3 447.3 616.9 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 (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 July 30 3,767.6 369.8 479.7 171.5 502.2 6.2 14.4 604.2 2,148.0 424.7 474.6 608.3 112.0 Aug. 6 3,811. 7 448.9 478.0 169.4 499.0 6.3 14.5 603.3 2, 219. 4 417.0 464.1 599.0 112.2 Aug. 13 3, 793.1 434.4 475.4 169.9 496.1 6.3 17.4 608.0 2, 207. 5 410.8 470.5 592.5 111.8 Aug. 20 3, 782. 4 414.6 475.1 167.8 497.7 6.3 17.4 615.5 2,194. 3 418.1 462.2 586.2 121. 7 Aug. 27 3, 731. 7 387.9 472.6 167.3 498.3 6.8 17.1 606.1 2.156.1 415.0 465.9 574.2 120.5 Sept. 3 3, 739. 4 359.1 472.2 166.7 499.0 6.8 17.1 603.0 2,124. 0 436.2 466.6 591.2 121.4 Additional Detail Available from January 3,19404 6 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu el m - D m e a n rk - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r il a- Chile Cuba M ic e o x- C P a a m a n n Z d a - . Total China H K o o n n g g Japan I P s p h la i i n l n i e d p s - 1940—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 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 1940—July 31 457.7 154.9 18.4 29.1 57.8 197.5 321.3 93.1 38.0 29.2 48.1 60.3 52.7 446.6 181.6 84.3 142.6 38.2 Aug. (Sept. 4) 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 408.3 184.7 87.6 97.4 38.7 Sept. (Oct. 2) 470.3 147.9 16.8 29.1 51.2 225.3 338.8 110.1 33.4 26.1 48.7 63. 2 57.3 431.6 192.7 87.0 106.8 45.2 Oct 30 469.0 145.7 16.2 24.3 51.3 231.5 348.2 112.7 39.7 25.0 48.4 64.4 57.9 432.5 195.1 89.4 102.8 45.2 Nov. 27 466.2 145.7 16.1 22.0 50.1 232.4 353.3 115 144 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 48.3 227.7 342.5118.2 45*. 4 26.1 48.6 49.3 54.8 464.3 210.5 93.4 114.1 46.3 Feb. 26 437.9 140.7 17.0 12.3 46.2 221.6 319.6103 335.1 25.3 47.3 52.6 55.9 464.4 217.5 97.5 103.4 46.0 Mar. (Apr. 2) 429.6 135.4 16.4 10.6 45.0 222.2 348.6 104.5 44.0 30.5 51.5 53.5 64.5 447.9 216.7 94.5 90.8 45.9 April 30 433.1 134.1 16.1 12.5 44.8 225.6 349.1 103 450 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 44.2 231.5 355.8 107.1 52.4 29.4 60.6 48.8 57.5 418.8 176.5 95.9 94.9 51.5 June (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 July 30 425.5 123.4 17.8 5.5 43.2 235. 5 353.6 118. 6 46.6 28.0 66.4 42.3 51.7 381.1 159.9 102.3 76.3 42.6 Aug. 6 426.0 123.2 18.2 5.7 42.9 236.0 343. 2 109.2 45.5 27.7 66.1 42.5 52.2 379.9 158.7 103. 3 76.2 41.7 Aug. 13 426.8 123.2 18.3 5 6 43.0 236.8 348.1 110 147 6 27.3 69.1 42.4 51.6 378.7 162.1 96.9 78.1 41.6 Aug. 20 427.7 122.6 18.1 5 9 42.9 238.2 341.7 105,6 48.8 27.8 68.3 41.3 49.9 375.8 165.3 90.7 77.9 41.9 Aug. 27 424.5 121.3 18.0 5.9 42.4 236.8 348.0 106.1 50.1 27.1 70.5 41.9 52.2 368.1 162.3 88.0 77.4 40.4 Sept. 3 _ 424.2 121.2 18.0 6.1 42.2 236.6 348.0 104.9 47.3 27.7 73.3 42.0 52.9 365.0 161.7 86.6 76.8 39.8 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941 (see BULLETIN for May 1937, p. 425; April 1939, p 295; April 1940, p. 362; and September 1941, p. 947). DECEMBER 1941 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a er n - y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia! ot A he l r l * Reported by Banks in New York City 1931—Dec. 30 1,103.3 166.2 29.5 20.9 12.6 467.2 18 7 149.2 864 3 58.1 136.5 41.8 2.6 1932—Dec. (Jan. 4, 1933). 949.4 89.4 67.6 14.2 6.4 433.7 11 5 96.1 719 0 43.9 158.2 24.8 3.5 1933—Dec. (Jan. 3, 1934). 907.1 197.9 65.0 18.1 12.5 258.1 16.8 83.9 652 3 34.7 159.2 54.6 6.3 1934—Nov. 282 — 827.1 201. 3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 53 1,137. 8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec. (Jan. 2, 1935). 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1,1936)_ 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939).. 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Mar. 29 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 June 28 496.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 64.0 110.3 100.5 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 50.1 16.9 48.6 173.2 42.2 110.7 192.6 8.9 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 1940—July 31 444.9 28.2 4.5 1.9 2.5 46.6 9.6 36.6 130.0 31.3 116.3 159.8 7.5 Aug. (Sept. 4) 386.0 22.6 4.2 1.2 1.9 46.0 4.1 34.9 115.0 31.2 112.3 118.6 8,9 Sept. (Oct. 2) 385.5 20.2 3.5 1.1 1.5 45.6 2.8 34.8 109.4 30.8 113.1 125. 7 6.4 Oct. 30 393.4 19.6 3.7 1.0 1.9 44.0 3.3 33.3 106.8 32.4 123.1 124.9 6.3 Nov. 27 395.1 21.4 4.3 1.1 1.9 43.0 2.2 32.0 106.0 29.7 125.9 126.2 73 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 28 364.2 24.7 2 4 9 2.9 35.3 1.7 28.4 96.3 27.9 116. 2 115.0 8.8 June (July 2) 340. 5 23.5 2.1 a 2.9 35.5 1.6 28.6 95.0 27. 8 113.9 94.9 8 9 July 30 355.6 26.9 2.0 _ 7 2.9 35.2 2.1 28.1 97.8 24.9 116.8 105.9 10.2 Aug. 6 351. 8 22.9 2.0 -7 2,7 34.9 2.1 28.3 93.5 25.3 118.1 104.1 10.8 Aug. 13 353.4 23.9 1.9 . 7 2.7 35.3 1.6 23.2 94.4 27.8 120.0 101.0 10.1 Aug. 20 355. 4 23.8 1.9 -7 2.6 35.2 1.5 28.0 93.9 31.4 118.0 101.9 10.3 Aug. 27 357. 3 24.0 1.9 '.8 2.7 35.3 1.5 28.0 94.2 28.7 120.5 103. 2 10.8 Sept. 3 353. 5 23.4 1.9 .8 2.8 35.3 1.5 28.0 93.6 27.6 121.9 100.0 10.4 Additional Detail Available from January 3,1940* 5 European countries 6 Latin American countries 4 Asiatic countries Date rotal Bel- mark l F a i n n d - way S d w en e- Total g t A i e n r n a - - B z r il a- Chile Cuba M ic e o x- C P a a n .Z n d . - Total China K H o o n n g g Japan I P s p h l i a i n l n i e d p s 1940—Mar. (Apr. 3) 19.4 7.9 2.2 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 June (July 3) _ 10. 3.4 .7 1.5 1.6 3.4 77.5 16.7 9.7 11.4 4.8 155.2 30.2 90.6 32.7 1940—July 31 9.1 2.9 .4 1.6 1.3 2.8 75.6 16.4 32.8 10.3 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 4.5 1.7 102.3 24.0 3.8 45.0 29.5 Sept. (Oct. 2) 7.5 1.7 .3 1.7 1.2 2.7 72.5 14.8 30.8 10.0 10.6 4.5 1.9 109.8 24.2 4.3 53.2 28.2 Oct. 30 7.6 2.2 .3 1.9 1.1 2.1 81.4 13.2 40.2 10.8 10.9 4.6 1.7 110.7 24.2 3.0 58.0 25.4 Nov. 27. 6.1 2.1 .3 1.9 1.0 .8 82.9 13.5 39.0 11.7 11.5 5.3 1.9 113.9 24.0 1.5 62.8 25.6 Dec. (Jan. 1, 1941). 5.5 1.5 .3 1.8 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 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 1.2 68.3 10.0 24.4 14.3 11.3 5.9 2.4 114.2 23.5 68.3 21.5 Mar. (Apr. 2) 4.8 1.3 .1 1.9 71.1 10.4 30.0 12.2 10.7 5.4 2.5 115.2 26.5 67.3 20.4 Apr. 30 4.4 1.3 .1 1.9 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 1. 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 (July 2) 4.4 1.1 2.0 .6 69.5 12.6 25.4 13.2 9.8 5. 2.7 78.2 31.1 2.7 17 3 27.1 July 30 4.4 1.1 2. G 72.4 13. 27.3 13.5 10.0 5.6 2.3 90.6 34.1 3.0 27.1 26.4 Aug. 6 4.5 1.1 2.1 73.1 14.0 27.1 13.1 10.6 6.0 2.3 88.8 32.7 3.1 26.2 26.6 Aug. 13 4.4 1.1 2.0 74.1 14.5 29.0 12.7 9.0 6.6 2.2 84.1 31.5 3.2 22.8 26.7 Aug. 20 4.3 1.1 2.0 71.9 13.8 28.3 12.0 8.9 6.7 2.2 82.9 30.3 3.2 22.6 26.8 Aug. 27 4.3 1.1 2.0 73. 14.3 28.1 12.6 9.2 7.1 2.1 84.1 30.6 3.4 22. 27.5 Sept. 3 4.3 1.1 2.0 73.3 14.3 27.8 12.7 9.5 6.8 2.2 84.6 30.7 3.4 22.5 28.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, and Asia. * 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). 1290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS is A su ss e e t d s e o p f t. Assets of banking department Liabilities of banking department Bank ef England Note (Fi p g o ur u e n s d s i n s t m e i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 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 s c n a - e t d s s - S t e i c e u s ri- cir ti c o 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 e h i s e li r - 1929—Dec. 25... 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 _. 147.6 260.0 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931 -Dec. 30.. 120.7 275.0 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932-Dec. 28.. 119,8 275.0 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27_. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dee. 26.. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 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,. 323.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28.. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940-Oct. 30_. .2 5 630.0 .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 31.0 175.4 599.2 107.9 32.4 53.0 18.0 Feb. 26.- .2 630.0 27.0 3.7 175.4 603.2 121.7 14.6 53.0 18.1 Mar. 26. .2 630.0 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Apr. 30- .2 * 680. 0 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 May 28- .2 680.0 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 June 25 .2 680.0 41.3 6.9 156. 2 639. 0 112.5 25.3 50.4 17.8 July 30 2 680.0 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 Ami. 27. 680.0 15.5 6.4 183. 9 664.7 125.7 14.9 49.1 18.0 Sept. 24. 5 730. 0 58.8 4.6 149.8 671.4 133. 9 10.6 52.2 18.1 Oct. 29. 730.0 36.9 4.5 163. 3 693. 3 117.0 13.7 57.7 17.7 Liabilities (F B ig a u n o r k f e s o fr i f a n n F m c r s a i ) l n li c o e ns Golds ch e F e a i o g x n r n - - ge m O ar p k e e n D t7 omes c S t i p i a c e l - 7 bills Other F ti o o r n G A o c c o d o c v v s u a e t p s n r a n 8 c - m es e O n t t o t her7 O as t s h e e t r s c N i t r o i c o t u e n la- G m ov e e n r t n- D C e . p A o . s R it . s 9 Other l O i t a i t b e h s i e l r i- 1929—Dec. 27-. 41, 668 25,942 5,612 8,624 8,124 68, 571 11,737 7,850 1,812 1930—Dec. 26.. 53, 578 26,179 5,304 ,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30_. 68, 863 21,111 7,157 7, 11, 275 85, 725 5,898 22,183 1,989 1932—Dec. 30-. 83, 017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28-. 82,124 963 5,837 3,971 11, 500 83, 412 3,718 15, 359 1,907 1935—Dec. 27- 66, 296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30- 60, 359 1,460 5,640 1,379 8,465 17, 698 12, 642 89, 342 2,089 13, 655 2,557 1937—Dec. 30- 58,933 911 5,580 652 10,066 31,909 11,733 93, 837 3,461 19, 326 3,160 1938—Dec. 29- 87, 265 821 7,422 1,797 7,880 20, 627 18,498 110,935 5,061 25, 595 2,718 1939—Dec. 28- 1097, 267 112 11, 273 2,345 5,149 34,673 20,094 151, 322 1,914 14, 751 2,925 1940—Jan. 25.— 97, 268 111 11,861 2,235 5, 011 35, 673 19,636 151,738 1,834 14,965 3, 259 Feb. 29.-_ 97,275 109 12, 505 1,810 4,630 40,523 20,785 156,150 1,203 17,128 3,156 Mar. 28— i<>84,614 111 42, 645 1,870 5,005 20,550 19,666 156,032 1,154 14,262 3,014 Apr. 25-__ 84,615 112 42, 694 1,781 5,769 20,900 19, 305 156, 285 1,171 14, 681 3,038 May 30— 84, 616 102 44, 083 1,889 14, 473 32, 600 22, 729 170,853 1,046 25, 782 2,811 June 10-_- 84, 616 108 44,173 1, 518 11, 885 36, 250 25, 221 174,469 1,049 25, 405 2,848 Aug. 29H-. 84, 616 (12) (12) (12) (12) 27, 200 64,195 (12) 198,578 995 27, 200 28, 226 (12) Sept. 26H _ 84, 616 (12) (12) (12) (12) 39, 200 69,340 (12) 205,439 990 34, 930 25,700 (12) Oct. 31"- 84, 616 (12) (12) (12) (12) 56, 806 65, 250 (12) 213,131 1,097 38,932 25, 075 (12) Nov. 28H _ 84, 616 (12) (12) (12) (12) 64,397 61, 200 (12) 214,176 748 39,107 24, 941 (12) Dec. 2611- 84, 616 42 43,194 661 3,646 72, 317 63,900 23,179 218,383 41,400 27,202 3,586 1941-- July 31-. 37 40. 776 6,418 117,715 69,500 22, 605 242, 000 P3, 795 P60, 600 P31,513 3,741 Aug. 28-. 84, 598 37 40, 720 6,139 117, 555 67, 700 21, 826 244, 099 1,341 60,193 29,179 3,763 p Preliminary. 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce. * 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 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12, 1940, and Apr. 30 and Aug. 30, 1941. * Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated Aug. 25, Oct. 29, Dec. 12, and Dec. 30, 1940, and Feb. 20, Apr. 30, May 10, June 11, and Sept. 23, 1941, advances of 130,000 million francs have been authorized to meet the costs of the German army of occupation. 9 Central Administration of the Reichskreditkassen. 10 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 11 Figures taken from annual report of Bank for 1940. 12 Figure not available. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83. DECEMBER 1941 1291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h in s m m a i r ll k i s o ) ns of re f T s o e o re r t v a ig l e n s exc G ha o n ld g * e i T c n h r c b e e l i c u a l k l s d s u s in ) r , y g Se lo c a u n ri s ty E a c l s i o g n v i o e b r t l e e Other a O s t s h e e ts r c N i t r i o c o u t n e la- Deposits l O i t a i t b e h s i e li r - 1929—Dec 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1Q30—Dec 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 _ 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 j 091 1939—Dec 30 78 11, 392 30 804 393 2,498 11,798 2,018 1,378 1040—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 ,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 ,305 Mar 31 78 15,367 23 32 352 1,672 14,188 2,127 ,210 Apr 30 78 15,644 32 22 488 1,548 14,689 2,006 May 31 .- 78 15, 918 23 18 438 1,922 15, 210 2,012 174 June 30 78 16,258 20 45 416 2,336 15,565 2,373 j 915 July 31 78 16, 754 27 12 359 2,302 16,031 2,243 959 Aug 30 77 17, 306 25 16 384 2,343 16, 502 2,326 Sept. 30 77 18, 016 25 24 383 2,260 16, 918 2,511 1,357 Oct 31P 77 18, 456 26 20 17, 432 2,470 v Preliminary. i Not shown separately on Reichsbank statement after June 15,1939. * 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) Oct. Sept. Aug Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine National Bank of Bohemia and Mo- Republic (millions of pesos): ravia—Cont. (June)1 Gold reported separately 1,068 1,069 1,120 Other assets (3) () Other gold and foreign exchange- 445 446 216 Note circulation 7,101 6,265 N R O e e th d g e o i r s t c i a a o s b u s l n e e t t s e G d o p v a e p r e n r ment bonds.. 3 1 6 9 1 2 5 3 2 6 1 2 5 0 2 2 2 0 1 1 9 7 Cent D O ra e th l m e B r a n a l d i n a k b d i e o li p f t o i B e s s i o t l s ivia (thousands 2 ( ,0 3) 91 1 ( ,1 3) 26 Note circulation 1,251 1,248 1,164 of bolivianos): (Apr.)1 Deposits—Member bank 528 545 394 Gold at home and abroad 104, 959 99, 507 Government 176 211 148 Foreign exchange 42, 607 98, 834 Other 17 13 3 Loans and discounts 224,182 229, 900 Foreign exchange sold forward... 5 7 8 Securities—Government 440, 344430, 661 Other liabilities 94 65 Other 8,513 14,137 Commonwealth Bank of Australia Other assets 202, 454 24, 044 (thousands of pounds): Note circulation 508, 348455, 026 Issue department: Deposits 422, 463360, 254 Gold and English sterling.... 18,955 18, 955 16, 082 Other liabilities 92, 248 81, 803 Securities 55,604 53,859 54, 298 National Bank of Bulgaria (mil- Banking department: lions of leva): (May)1 Coin, bullion, and cash 4,498 3,636 3,668 Gold 2,006 2,006 London balances 34, 699 33, 645 50, 983 Net foreign exchange in reserve._ 40 4 Loans and discounts 20,132 22, 307 30, 767 Foreign exchange 5,807 1,472 Securities 66, 067 56, 676 41, 386 Loans and discounts 905 2,749 Deposits 115, 865 106, 202119, 279 Government debt _ 2,593 3,373 Note circulation 72,114 70, 364 61, 619 Other assets 3,684 2,756 National Bank of Belgium (millions Note circulation 8,610 6,262 of belgas): (Mar.)i Deposits 3,522 3,119 Gold 4,331 Other liabilities 2,902 2,980 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 4 Due from Bank of Issue, Brussels 373 Sterling and United States ex- Other assets __ _. 491 change 42, 511 109, 295 40,617 45,133 Note circulation _. 7,596 Canadian Gov't. securities: Demand deposits 296 2 years or less 462, 240516, 422519, 716438,553 Other liabilities 157. Over 2 years 234,733 146. 282141, 365 142, 288 National Bank of Bohemia and Mo- Other assets 29, 558 19; 942 21, 284 12,195 ravia (millions of koruny): (June)1 Note circulation 448, 866435, 288422, 230 332,355 Gold ___. 1,503 1,430 Deposits—Chartered banks 231, 816207, 460212, 902221, 679 Foreign exchange— 788 751 Dominion Gov't 60, 346 124, 610 60, 657 Discounts 660 294 Other. ____ 2,361 6,362 9,965 5,962 Loans 263 Other liabilities _ 25,654 18, 219 17, 227 15, 491 1 Latest month for which report is available for this institution. 2 Less than 500,000 koruny. s Figure not available. 4 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). 1292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of Chile (millions of Bank of Finland—Cont. (May)1 pesos): Note circulation 5,659 Gold 147 147 147 146 Deposits 796 Discounts for member banks 235 255 209 119 Other liabilities 3,520 Loans to Government 738 738 738 746 Bank of Greece (millions of drach- Other loans and discounts 537 529 530 393 mas) : (Mar.)1 Other assets _ 90 94 97 44 Gold and foreign exchange (net).. 18, 465 5,413 Note circulation 1,242 1,242 1,222 1,033 Loans and discounts 16, 585 16, 394 Deposits- Government obligations 3,947 4,049 Bank 167 203 192 198 Other assets 3,589 3,583 Other 95 79 70 49 Note circulation 19, 371 12, 599 Other liabilities 243 239 237 Deposits 20, 908 14, 305 Bank of the Republic of Colombia Other liabilities 2,306 2,534 (thousands of pesos): National Bank of Hungary (mil- Gold 29, 757 29, 713 30, 584 29, 525 lions of pengd): Foreign exchange . 8,098 9,823 7,209 13, 830 Gold 124 124 Loans and discounts 41, 705 38,158 33, 501 25, 311 Foreign exchange reserve 20 40 Government loans and securities. 56, 203 56, 405 55, 025 47, 099 Discounts 1,027 689 Other assets 33,101 30, 728 29, 515 36, 071 Loans—To Treasury 803 573 Note circulation 66, 503 64, 682 65, 085 55, 269 To foreign countries 72 Deposits _ 54, 810 53, 547 49,805 61, 494 Other 35 ""46" Other liabilities _._ 47, 552 46, 597 40, 944 35,073 Other assets 430 347 National Bank of Denmark (mil- Note circulation 1,912 1,379 lions of kroner): Demand deposits 326 113 Gold 98 100 117 Consolidated foreign credits of 1931 32 Foreign exchange 36 29 8 Other liabilities 241 321 Clearing accounts (net) 704 676 364 Reserve Bank of India (millions of Discounts 9 9 13 rupees): Loans—To Government agencies 16 16 43 Issue department: (July)1 Other 28 27 70 Gold at home and abroad 444 444 Securities 144 136 158 Sterling securities 1,216 1,315 Other assets 822 787 415 Indian Gov't. securities 885 496 Note circulation 746 740 715 Rupee coin 376 316 Deposits 910 843 283 Note circulation 2,730 2,287 Other liabilities 200 198 190 Banking department: Central Bank of Ecuador (thou- Notes of issue department... 192 285 sands of sucres): (May)i Balances abroad 432 382 Gold 66, 345 58, 754 Treasury bills discounted 3 2 Foreign exchange (net) 14, 075 20, 314 Loans to Government 1 50 Loans and discounts 60,181 61, 443 Other assets 93 92 Other assets 24,614 27,101 Deposits 606 691 Note circulation 80,122 75, 594 Other liabilities 115 119 Demand deposits 52, 376 50, 263 Bank of Japan (millions of yen): Other liabilities 32, 718 41, 756 Cash, bullion, andforeign accounts 572 573 (5) National Bank of Egypt 2 (thou- Special foreign exchange funds... 300 300 300 sands of pounds): (May)i Advances—To Government 2 2 3 Gold 6,241 6,241 Others 517 561 755 Foreign exchange 1,272 473 Government bonds 4,118 4,249 2,923 Loans and discounts 3,086 9,373 Other assets 561 487 (5) British, Egyptian, and other Note circulation 4,484 4,566 3,636 Government securities 75, 817 51, 810 D eposits— Go vernment 877 801 718 Other assets 6,537 (3) Other. _ _. 321 323 127 N De o p te o s c i i t r s c — ul G at o io v n ernment 41 6 , , 4 5 5 7 3 3 (3) Bank O t o h f e J r a l v i a ab ( i m lit i i l e li s ons of guilders): 389 483 453 Other 35, 012 2,309 Gold 378 364 206 Other liabilities 9,913 22, 960 Foreign bills 23 19 20 Central Reserve Bank of El Salva- 10, 206 Loans and discounts 89 97 126 dor (thousands of colones): Other assets 119 124 129 Gold 13, 249 13, 233 13, 226 Note circulation 255 249 203 Foreign exchange 1,160 1,110 1,778 Deposits 318 320 239 Loans and discounts 1,072 1,298 2,624 Other liabilities 36 35 38 Government debt and securities _ 6,299 6,308 5,969 Netherlands Bank (millions of guil- Other assets 1,737 1,697 1,474 ders): Note circulation 15, 601 15, 587 13, 337 Gold 1,023 1,123 Deposits 3,815 3,947 4,550 Silver (including subsidiary coin) 8 15 Other liabilities 4,101 4,111 7,184 Foreign bills 452 Bank of Finland (millions of Discounts 97 119~ markkaa): (May)1 Loans 187 219 Gold 556 Other assets 257 131 Foreign assets 1,182 Note circulation 1,779 1,378 Loans and discounts 5,610 Deposits—Government Domestic securities 414 Other 188 175 Other assets 2,212 Other liabilities 57 54 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. DECEMBER 1941 1293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued I Central bank 1941 1940 Central bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Reserve Bank of New Zealand Swiss National Bank (millions of (thousands of pounds): francs): Gold 2,802 2,802 2,802 Gold 2,350 2,273 2,164 Sterling exchange reserve 14, 748 15,091 8,929 Foreign exchange. _ 1,162 1,268 876 Advances to State or State un- Loans and discounts._. _. 186 132 210 dertakings - 19, 039 24, 307 28, 006 Other assets._. 229 216 272 Investments - 3,823 3,773 3,772 Note circulation 2,150 2,106 2,150 Other assets 1,636 1,661 837 Other sight liabilities 1,502 1,510 1,097 Note circulation - 22, 231 22,119 20, 201 Other liabilities 275 274 274 Demand deposits 17,312 23,005 21, 784 Central Bank of the Republic of Other liabilities _____ 2,504 2,511 2,361 Turkey (thousands of pounds): Bank of Norway (millions of Gold 115, 679 108, 348 kroner): (Mar.)1 Foreign clearing accounts 48, 359 25, 546 Gold - 186 Loans and discounts 444,880 346, 506 Foreign assets _ 102 Securities 190,822 194, 693 Total domestic credits and Other assets 28,096 31", 644 securities 435 Note circulation 498,066 392, 357 Discounts (2) Deposits—Gold 79 358 78, 250 Loans _ ___ (2) Other 113,375 98,865 Securities - (2) Other liabilities 137,038 137,266 N O o th te e r c a ir s c s u e l t a s tion _ _ _- (2 5 ) 99 Ba ( n th k o u o s f a n t d h s e o R f e p p e u so b s l ) ic : of Uruguay Demand deposits— O G t o h v e e r r nmen _ t. . 11 9 2 Issue G o d l e d p a ar n t d m s e i n lv t: er 86,235 86, 235 Cent O ra th l er R li e a s b e i r l v it e i es Bank of Peru (2) Bank N i o n t g e d c e ir p c a u r l t a m tio e n nt: 108,424 93,108 (thousands of soles): Gold _ 82, 841 49, 866 Gold and foreign exchange 55,464 54. 583 Notes and coin 25,025 47,678 Discounts 18, 507 20.965 Advances to State and to Government loans _ _ 173 668 129,839 government bodies 39, 471 41, 574 Other assets 7 372 13 842 Other loans and discounts 87,570 92, 672 Note circulation . 176, 478 136,723 Other assets _. 109, 287 73,103 Deposits __ _ _ 57, 030 55, 656 Deposits 124, 735 00,025 Other liabilities 21, 502 26,850 Other liabilities 219,459 204, 867 Bank of Portugal (millions of Central Bank of Venezuela (thouescudos): sands of bolivares): Golds _ 1,300 1,222 Gold 24, 304 124, 304 124,304 Other reserves (net) 1, 263 533 Foreign exchange (net) 31, 706 31,163 35, 789 Non-reserve exchange 1,747 578 Credits to national banks 38,997 38, 997 38,997 Loans and discounts 363 468 Other assets 14, 676 9,546 8,160 Government debt 1, 031 1, 033 Note circulation- Other assets 802 1,081 Central Bank 89,235 84,892 83, 289 Note circulation, _ _. 3 358 2,790 National banks 70,089 77,107 81,464 Other sight liabilities 2, 526 1,131 Deposits 40,855 33,194 34, 509 Other liabilities 620 993 Other liabilities 9,504 8,816 7,988 National Bank of Rumania (mil- National Bank of the Kingdom of lions of lei): Yugoslavia (millions of dinars): (Feb.)i Gold * 33,673 32. 038 Gold 2,790 2,485 Special exchange accounts 14,769 5,157 Foreign exchange 909 472 S L p o e a c n i s a l a l n o d a n d s i s 5 counts _ 30,8 5 4 7 6 1 26, 7 5 7 8 5 4 L G o o a v n e s r n a m nd e n d t is d c e o b u t nts 3 1, , 6 0 8 6 6 1 3 1, , 6 0 9 7 2 3 Government debt 9,609 9.974 National defense bills 7,128 5,907 Other assets 36, 713 14,887 Other assets 3,465 2,928 Note circulation ... 87,163 63.125 Note circulation 13,973 12,924 Demand deposits _ _ 26. 395 14, 680 Other sight liabilities 3 510 2,816 Other liabilities 12 624 11,611 Other liabilities 1,555 816 South African Reserve Bank (thou- Bank for International Settlesands of pounds): ments (thousands of Swiss gold Gold 54,616 52, 926 39,838 francs6): Foreign bills 1,208 925 664 Gold in bars 28, 730 28, 281 41, 854 Other bills and loans 3 2 4 Cash on hand and on current Other assets _ 45, 093 43, 231 36, 969 account with banks 39, 293 39,072 39,979 Note circulation _. 25,837 27,179 20, 962 Sight funds at interest 15, 507 16,411 15,167 Deposits . 71, 075 65, 699 52, 352 Rediscountable bills and accept- Other liabilities 4,007 4,206 4,162 ances (at cost) 41, 956 40, 891 43, 587 Bank of Sweden (millions of Time funds at interest ___ 21,008 21,008 21, 393 kronor): Sundry bills and investments.__ 21,911 220, 543 21, 334 Gold 421 422 331 Other assets 49 54 2,345 Foreign assets (net) 867 861 774 Demand deposits (gold) 22, 793 22,951 33, 242 Domestic loans and investments. 779 765 700 Short-term deposits (various Other assets 913 878 900 currencies): Note circulation „ 1 553 1,495 1,437 Central banks for own ac- Demand deposits ._ _ 691 731 404 count _ _ _ 19,812 17,855 28,857 Other liabilities 737 699 865 Other 4,047 4,114 3,050 Long-term deposits: Special accounts _ 29, 001 29, 001 29, 001 Other liabilities 92, 801 92, 336 91,511 1 Latest month for which report is available for this institution. 2 Figure not available. 3 Valued at average cost. 4 Gold revalued Apr. 1,1941, at 0.0047 gram fine gold per leu. 6 Agricultural and urban loans in process of liquidation. 6 See BULLETIN for December 1936, p. 1025. 1294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Date effective U K d n i o i n t m g ed - France m G C a e n e r y - ntra g l B i b u e a m l- nk N l o a f e e — n r t d - h s - S d w en e- S l w a er n i - t d z- . b a C n e k n t o r f a — l N R 3 o a 0 t v e . eff D ec a t t i e ve b C an e k n tr of a — l N R 3 o a 0 t v e . eff D ec a t t i e ve Albania Mar. 21,1940 Japan 3.29 Apr. 7,1936 In effect Oct. 2, Argentina Mar. 1,1936 Java 3 Jan. 14,1937 Belgium Jan. 25,1940 Latvia 5 Feb. 17,1940 Oct. 9 Bohemia and Lithuania __. 6 July 15,1939 Oct. 16 Moravia Oct. 1, 1940 Mexico 4 Jan. 2,1941 Oct. 20 Nov. 26 Dec. 3 Jan. 28, 1937 Bolivia 6 Nov. 8,1940 Netherlands June 27, 1941 June 15-_.^ British India. 3 Nov. 28,1935 New Zea- July 7 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Aug. 4 Canada Mar. 11,1935 Norway May 13, 1940 Sept. 3 Chile. S-4jJ Dec. 16, 1936 Peru Aug. 1, 1940 Nov. 13 Colombia 4 July 18,1933 Portugal Mar. 31, 1941 May 10, 1938 May 13 May 30 Sept. 28 Denmark Oct. 16,1940 Rumania Sept. 12, 1940 Oct. 27 Ecuador May 26,1938 South Africa June 2,1941 Nov. 25 El Salvador.. Mar. 30,1939 Spain Mar. 29,1939 Jan. 4, 1939 Estonia Oct. 1,1935 Sweden May 29,1941 Apr. 17 4 Finland Dec. 3,1934 Switzerland. Nov. 26, 1936 May 11 3 J A u u ly g . 6 24 2y2 Aug. 29 France Mar. 17, 1941 Turkey July 1,1938 Sept. 28 German;y-- Apr. 9,1940 United King- Oct. 26 Greece July 14,1941 dom Oct. 26,1939 Dec. 15 Hungary.. Oct. 22,1940 U. S. S. R.__ July 1,1936 Jan. 25, 1940 Italy May 18,1936 Yugoslavia . Feb. 1,1935 Apr. 9 V/2 May 17 3H Mar. 17, 1941.... ..... 1 Not officially confirmed. May 29 NOTE.—Changes since Oct. 31: none. J In u n e e ff e 2 c 7 t Nov. 30, 2}/2 1941 IV2 OPEN MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c a m e n p o k ta n e n t r h s c ' 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 ll a o n w k a e n r c s e ' 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 i c a v o te a 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 t a u e t n e t 1929—Sept. 5.59 5.63 4.39 33^-41/2 7.18 7.86 5.36 5.32 3.38 1930—Sept. 2.07 2.05 1.68 3.30 3.78 1.96 1.84 1.50 1931—Sept. 4.74 4.57 4.04 7.99 9.15 1.30 1.21 1.80 1932—Sept. .67 .55 .67 Yi 4.25 5.55 .37 1.00 1.50 1933—Sept. .44 .31 .63 3.87 5.00 .77 1.00 1.50 1934—Sept. .73 .61 .78 Y2 3.81 4.71 .61 1.00 1.50 1935—Sept. .58 .55 .75 3.02 3.21 5.48 5.65 2.40 1936—Sept. .55 .53 .75 Yi 3.00 3.01 1.23 1.29 1.98 1937—Sept. .55 .50 .75 Vi 2.88 3.07 .14 .50 1.00 1938—Sept, .91 .86 .75 Yi 2. 88 2.59 .32 .70 1.00 1939—Sept. 3.51 3.23 2.72 1-2 2.75 2.51 2.94 3.66 1.25 1940—Sept. 1.03 1.03 1.00 2.25 2.03 2.25 2.68 1.50 1940— Oct.. 1.03 1.02 .00 2.25 1.87 2.25 2.75 1.31 Nov. 1.03 .02 .00 2.25 1.93 2.25 2.75 1.25 Dec. 1.03 .01 .00 2.25 1.95 2.25 2.75 1.25 1941—Jan.. .01 .00 2.25 1.73 2.25 2.75 1.25 Feb.. .02 .00 2.25 1.68 .2.25 2.75 1.25 Mar. .01 .00 2.25 1.83 2.07 2.75 1.25 Apr.. .01 .00 2.25 1.67 2.06 2.75 1.25 May. .00 .00 2.25 1.78 1.93 2.36 1.25 June. .00 .00 2.13 1.93 1.88 2.25 1.25 July. .00 .00 2.13 1.63 1.88 2.25 1.25 Aug.. .00 .00 2.13 1.25 Sept. 1.01 1.00 1.25 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. DECEMBER 1941 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities (Figures in millions of Cash M ca o l n l e a y n d at Bills dis- Treasury Securi- Loans to Other Deposits Other pounds sterling) reserves n s o h t o ic rt e counted receipts 2 ties ers assets Total ||Demand3 Time 3 liabilities 10 London clearing banks 193^—December 207 127 408 472 778 ?m 1,983 991 963 216 1933 December 213 119 311 565 740 237 1,941 1,015 900 244 1934—December 216 151 255 594 759 247 1,971 1,044 910 251 1935 December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December 236 187 316 630 864 238 2,238 232 11 London clearing banks 5 1Q3fl December 244 195 322 660 890 249 2,315 1,288 1,012 245 1937— December 244 163 300 635 984 ?,56 2,330 1,284 1,026 252 1Q38 December 243 160 250 635 971 263 2,254 1,256 997 269 1939—.DeceTn ber 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—October 270 137 373 180 723 948 284 2,661 1,635 1,026 254 November _ 285 140 339 236 743 941 274 2,702 1,671 1,031 256 December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—January 279 131 269 341 789 926 269 2,757 1,729 1,027 247 February 284 128 210 330 814 915 272 2,709 1.696 1,013 243 March 288 132 194 374 821 922 276 2,764 ,728 1,036 242 April . 298 137 188 461 820 897 274 2,829 ,769 1,060 247 May 293 128 173 469 848 889 273 2,824 ,789 1,035 249 June - 311 143 193 482 880 874 311 2,946 ,870 1,075 248 July 306 139 275 476 902 866 267 2,991 ,898 1,093 24o August 316 140 266 469 935 850 264 2,997 909 1,088 242 September 330 134 315 531 939 839 269 3,115 L, 991 1,123 243 Assets Liabilities Security Deposits payable in Can- Canada Entirely in Canada a l b o r a o n a s d ada exclu d d e in p g o s i i n ts terbank (10 chartered banks. End of month and net Securi- Other figures in millions of Canadian dollars) Cash Security O lo t a h n e s r f d ro u m e ties assets ci t r i c o u n la- lia ti b e i s lireserves loans and dis- foreign Total Demand Time counts 1932—December 211 103 1,104 155 778 500 15 1,916 538 1,378 821 1933—December 197 106 1,036 134 861 482 21 1,920 563 1,357 775 1934—December 228 103 977 155 967 491 24 2,035 628 1,407 761 1935—D ecember 228 83 945 141 ,155 529 11 2,180 694 ,486 789 1936—December _ 240 114 791 161 1,384 654 03 2,303 755 1,548 837 1937—December 255 76 862 102 ,411 575 96 2,335 752 ,583 850 1938—December 263 65 940 166 1,463 535 88 2,500 840 ,660 843 1939—December 292 53 1,088 132 ,646 612 85 2,774 1,033 .741 963 1940—October 310 41 1,138 177 1,520 526 88 2,778 1.178 1,600 845 November 313 41 1,128 174 1,613 514 88 2,758 1,132 1,626 837 December 323 40 1,108 159 ,531 570 80 2,805 i, 163 1,641 846 1941—January . 312 36 1.092 164 1,677 522 79 2,873 1,205 1,668 851 February 293 34 1,104 170 1,788 531 80 2,989 1,302 1,687 850 March 296 35 ,115 178 1,766 621 80 2,972 1,270 1,703 858 April 325 31 ,109 189 1,820 544 79 3,064 L,356 1,708 877 May 321 29 ,132 183 1,812 537 80 3,045 L,350 1,695 889 June 288 33 ,292 191 1,688 575 80 3,075 1.608 1,467 913 July 314 34 ,279 188 1,681 559 80 3,068 1,579 1,489 907 August __ _ . 299 35 L, 255 190 1,698 553 81 3,031 1,509 1,522 919 September 308 36 L, 237 197 1,696 579 79 3,037 1,482 1,555 938- Assets Liabilities France Deposits (4 large b in a n m ks il . lio E n n s d o f o f f r m an o c n s t ) h figures re C se a r s v h es D b u a e n f k ro s m B co il u ls n d te i d s- Loans a O s t s h e e ts r Total Demand trime a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1932—December 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—j) ecember 5,870 1,416 19,848 8,309 1,827 32.635 31,773 862 273 4,362 1934—December 5,836 1,421 18,304 8,159 1,717 30.943 30,039 904 193 4,301 1935—D ecember 3,739 2,484 16,141 8,025 1,900 27, 553 26, 859 694 337 4,399 1936—December 3,100 2,975 17, 582 7,631 1,957 28.484 27, 955 529 473 4, 289 1937—D ecember 3,403 4,116 18, 249 7,624 2,134 30.348 29, 748 600 661 4,517 193g—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, 60» 1840—January 4,066 4,080 29, 808 7,756 1,745 42,850 42,302 548 938 3,667 February 4,293 3,993 30,810 7,579 1,849 43, 737 43,195 542 1,034 3,753 March 6 4,110 3,920 34,123 7,499 1,961 46, 608 46,064 544 1,105 3,901 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represents six-month loans to the Treasury at 1H per cent, callable by the banks in emergency under discount at the bank rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. 5 District Bank included beginning in 1936. e No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 1296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Ar ( g p e e n so ti ) na A (p u o s u tr n a d li ) a Bel- Brazil (milreis) British Bul- Canada (dollar) Chile (peso) C (y h u i a n n a Year or month Official S E p x e p c o ia rt l Official Free ( g be iu lg m a) Official Free ( I r n u d p i e a e) g (l a e r v ia ) Official Free Official Export Sh h a a n i) g- 1934 _ _ 33. 579 400. 95 23.287 8. 4268 37.879 1. 2852 101.006 10.1452 34.094 1935 32. 659 388. 86 18. 424 8.2947 36.964 1. 2951 99.493 5.0833 36.571 1936 _ 33.137 395. 94 16. 917 8. 5681 5.8788 37. 523 1 2958 99. 913 5.1240 29 751 1937_ 32. 959 393. 94 16. 876 8.6437 6.1983 37. 326 1. 2846 100. 004 5.1697 4.0000 29. 606 1938 32. 597 389. 55 16. 894 5.8438 36 592 1 2424 99. 419 5.1716 4.0000 21.360 1939_... 30. 850 353. 38 16. 852 6. 0027 5.1248 33. 279 1.2111 96. 018 5.1727 4.0000 11.879 1940 29. 773 322. 80 305,16 16.880 6.0562 5. 0214 30.155 90. 909 85,141 5.1668 4.0000 6.000 1940—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 Sept. 29. 773 23 704 322 80 321. 33 6. 0575 5. 0616 30 137 90. 909 89.134 Oct 29. 773 23. 704 322. 80 321. 37 6. 0575 5.0803 30.151 90.909 88. 781 Year or month C (p o b e l i s o a o m ) - ( s C k l z o o e v r c u a h n k o a i - a ) ( m D kr e a o n r n k - e) (m l F k a i a a n n r d ) - k- F (f r r a a n n c c e ) ( m m r G e a i a e c r n r k h - y ) s- G (d m r r e a a e ) c c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x so ic ) o ( N g l e u a t i n h l d d e s e 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—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 Sept. 56 982 25 099 20. 542 322.60 Oct 56. 980 25.088 20. 567 322. 63 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P (z o l l o a t n y d ) P c o u g (e r d a s t l o - u ) - R ( n u le i m a u) a- (p S A o o f u r u i n c th a d) (p S e p s a e i t n a) ( S S m d e t o r e t a l t n l l i a t e t s s r - ) ( S k d r w e o n e n - a) e S (f r w r l a a i n t n z c 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- ll c e o d n- ( Y s d l i a 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—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 *03 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 Sept 398 00 47.160 403. 50 403.27 65.830 43.836 Oct. 398.00 47.160 403.50 403. 29 65.830 45. 796 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. DECEMBER 1941 1297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 100 100 U24 695 134 237 106 i 126 144 1930..- 86 87 100 554 125 85 181 90 i 103 126 1931 . _ . 73 72 88 500 111 75 153 76 194 110 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 190 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 __. 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 3 97 278 74 115 111 1940 79 83 137 110 311 «88 146 143 1940—October 79 83 143 111 310 154 156 November. __ 80 84 147 111 310 158 161 December. _ 80 84 149 111 312 159 164 1941—January 81 85 150 111 313 162 167 February .__ 81 85 150 112 317 165 168 March 82 86 151 112 322 169 170 April 83 87 151 112 324 170 175 May 85 89 151 112 326 171 181 June 87 90 152 P112 331 173 184 July .. . 89 91 153 P112 329 173 188 August 90 92 153 330 174 *189 September.. 92 93 154 330 191 October 92 155 337 p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 7 months; no data available since July 1939, when figure was 96. 4 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u u al c s- ts p an r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l c s- ts p A r t g o u r d r i u c al u ct l s - P s r i o on v s i- a p t f r n i I r i n d n o a i l d d s s h u u r e e a s c 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 i c n - ts - 1926 100 100 100 581 793 129 132 130 150 1930 . . 88 91 85 100 100 626 579 113 113 120 150 1931 65 76 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 61 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 L936 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 662 598 105 96 96 125 1938 . 69 74 82 97 104 641 663 106 91 94 126 1939 65 70 81 97 106 i 653 i 707 108 i 93 95 126 1940 _ 68 71 83 133 138 (0 111 0) 99 129 1940—October 66 71 84 143 142 110 99 131 November 68 73 84 143 149 111 99 131 December 70 74 84 145 150 111 100 131 1941—January 72 74 84 145 152 111 100 132 February 70 74 84 144 153 111 100 133 March 72 75 85 144 154 111 100 133 April 74 78 86 144 154 112 100 133 May.... _ 76 80 87 144 155 113 100 132 June 82 83 89 145 156 114 100 132 July . 86 85 90 146 157 P114 P100 P132 August .. 87 87 91 146 157 P114 P100 P132 September 91 90 92 147 158 P113 P101 P132 October 90 89 93 P148 V Preliminary. 1 Average based on figures for 8 months. 2 No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. 1298 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 t 3 a i 0 5 t t 0 e e -3 ) s d 9 (J U = K u d n 1 l i o y i n 0 m t l 0 g e 9 ) d - 14 (J F = u r 1 l a y 0 n l 0 9 c ) 1 e 4 ( = 1 m G 9 1 a 1 e 0 3 n r 0 - y - 1 ) 4 N ( = 1 l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r- 3 (J S e = u r w 1 n l 0 e a i l t 0 n 9 z ) d - 14 Y m e o a n r t o h r ( U S = 19 n 1 ta 3 i 0 5 t t 0 e e -3 ) s d 9 (J U K u = d n l i o y 1 i n m t 0 1 g e 0 9 - 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 la 0 e it n l 0 z 9 ) d - 14 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933. . . 84 120 491 113 120 117 1933 92 140 87 118 139 131 1934 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 78 123 im 128 1936 101 130 470 122 120 120 1936 99 147 86 125 130 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 2 742 123 130 132 1939 99 158 3 122 126 140 138 1940 97 164 128 4 140 146 1940 100 184 130 151 1940-October. 96 169 127 152 1940-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 107 167 179 July 105 199 177 August... 108 167 c180 Ausrnst 106 199 178 September 111 166 September 108 199 October _ 112 165 October... 109 199 c Corrected. 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. • 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 stocks Year or month ( p U d S r e n t i a r c i i t e t v e e ) e s d i d ( 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 r 3 a = n 1 c 0 e 0) 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 d e s r 3 - ( U 1 S = 9 n t 1 3 a i 0 5 t t 0 e e -3 s d ) 9 K U in n g it d e o d m (1 F 9 r 2 a 6 n = ce 100) Germany (1 N 9 l 3 e a 0 t n h = d e 1 s r 0 - 0) Number of issues.. 10 87 36 U39 8 402 278 300 4 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117. 5 97.0 77.2 91. 6 66 1937 . i 110. 2 124.6 75.1 98.7 3 101. 8 117. 5 96.3 97.4 102.6 104.2 1938 .. 111.1 121.3 77.3 99.9 105.9 88. 2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 84.7 100.7 7 77. 9 88.1 70.8 114.6 8 95.0 1940—October 117.2 119.2 101.7 80.7 86.0 68.1 125.1 104.1 November... 118.0 119.9 101.9 80.0 86.7 70.2 127.7 112.7 December... 117.7 121.0 101.4 79.8 84.9 70.2 128.0 116.1 1941—January 117.7 122.2 102.2 80.1 85.0 71.8 131.5 120.0 February 116.7 121.9 102.8 74.3 80.1 70.5 133.0 113.4 March 116.9 122.5 102.8 73.2 80.3 69.9 228.3 131.1 115.1 April 116.8 121.7 100. 5 103. 0 78.5 77.9 69.7 269.5 131.0 126.5 May 117.0 122.7 98.4 103.2 82.1 77.1 70.4 274.6 133.2 121.6 June 117.7 122.9 79.5 70.7 July 118.7 124.7 83.2 72.5 August.. __ 118.5 124.5 83.2 73.8 September. _ 118.1 125.9 83.6 75.1 October 118.8 80.4 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 10 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source: 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 414 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. 6 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 8 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, s 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. 12» DECEMBER 1941 1299 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 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District CHAS. E. SPENCER, JR. ALLAN SPROUL, Vice Chairman New York District GEORGE L. HARRISON CHESTER C. DAVIS Vice President ERNEST G. DRAPER Philadelphia District WILLIAM F. KURTZ M. J. FLEMING Cleveland District HUGH LEACH B. G. HUNTINGTON Richmond District JOHN K. MCKEE 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 R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist San Francisco District PAUL S. DICK JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 1300 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 Willettl New York Beardsley Ruml.... Edmund E. Day Allan Sproul L. R. Rounds R. M. Gidney XJ. W. J\noK;e 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 TP H TTill 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 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. Stewart1 Minneapolis.. W. C. Coffey Roger B. Shepard. . J.N.Peyton 0. S. Powell E. W. Swanson Harry I. Ziemer2 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 W. 0. Ford 1 San Francisco R. C. Force St. George Holden.. Wm. A. Day Ira Clerk C. E. Earhart1 W. lvi. xiaie 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 DECEMBER 1941 1301 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 single copy; in Functions. Obtainable in cloth cover at 50 cents quantities 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. (This Chart Book now in procof Board rulings, opinions of the Attorney General ess of revision, will be available about February 1, and court decisions construing the Federal Reserve 1942.) 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 September 1941. 73 pages. Space for plot- copy; in quantities of 10 or more, 75 cents per copy. 1302 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,) Constitutionality of Legislation Providing a Unified The Gold Stock. 2 pages. September 1940. Commercial Banking System for the United States. Measurement of Production, by Woodlief Thomas Opinion of the Board's General Counsel. 21 pages. and Maxwell R. Conklin. 16 pages. September March 1933. 1940. Supply and Use of Member Bank Reserve Funds. Explanation of analysis of sources of member bank Gold Reserves of Central Banks and Governments. reserve funds and uses to which such funds are put. 18 pages. September 1940. 31 pages. July 1935. Development of Federal Reserve Banking, by Member Bank Statistics. A discussion of the sta- M. S. Szymczak. 8 pages. December 1940. tistics compiled and published by the Board covering the operations and conditions of member banks. 28 Economic Preparedness for Defense and Post Depages. November 1935. fense Problems, by Marriner S. Eccles. 8 pages. January 1941. Summary of Provisions of State Laws Relating to Bank Reserves. 33 pages. March 1937. Special Report to the Congress, submitted December 31, 1940. 2 pages. January 1941. Analyses of the Banking Structure—As of December 31, 1935. Number, deposits, and loans and in- Economic and Monetary Aspects of the Defense vestments of banks classified by size of bank and Program, by John H. Williams. 4 pages. February town and by other factors. 33 pages. August 1937. 1941. Problems of Banking and Bank Supervision. Ex- Federal Reserve Bank Lending Power not Dependcerpts from the 1938 Annual Report. 33 pages. ent on Member Bank Reserve Balances. 2 pages. The History of Reserve Requirements for Banks in February 1941. the United States. 20 pages. November 1938. Inflation, by E. A. Goldenweiser. 3 pages. April Monetary Measures and Objectives. Three state- 1941. ments by the Board on objectives of monetary policy, on proposals to maintain prices at fixed levels through Financial Problems of Defense, by Marriner S. monetary action, and on legislative proposals relat- Eccles. 11 pages. Mimeographed release, May 1, ing to monetary measures and objectives. 8 pages. 1941. July 1937, April 1939, and May 1939. Gold, Capital Flow and Foreign Trade. A review Revised Indexes of Factory Employment. Bureau of international trade and financial developments of Labor Statistics indexes adjusted for seasonal from the outbreak of war in Europe to May 1941, variation by Board of Governors. 32 pages, October statements of the gold and dollar resources and ex- 1938; 10 pages, October 1939. penditures of the United Kingdom, and the text of The Gold Problem Today, by E. A. Goldenweiser. the Lend-Lease Act and Appropriation Act pur- 4 pages. January 1940. suant thereto. 28 pages. January, February, and May 1941. The Par Collection System of the Federal Reserve Banks, by George B. Vest. 8 pages. February 1940. Seasonally Adjusted Estimates of Nonagricultural The Banks and Idle Money, by Woodlief Thomas. Employment. 2 pages. June 1941. 9 pages. March 1940. Adjustment for Seasonal Variation, by H. C. Barton, Historical Review of Objectives of Federal Reserve Jr. Description of method used at the Board in Policy, by A. B. Hersey. 11 pages. April 1940. adjusting economic data for seasonal variation. 12 Cheap Money and The Federal Reserve System, by pages. June 1941. E. A. Goldenweiser. 5 pages. May 1940. Economic Aspects of Federal, State and Local Ownership and Utilization of the Monetary Gold Taxation, by Marriner S. Eccles. 17 pages. Mimeo- Stock. 3 pages. May and June 1940. graphed release, October 14, 1941. General Indexes of Business Activity, by Frank Gold and Dollar Resources of the United Kingdom* Garfield. 8 pages. June 1940. 3 pages. December, 1941. New Federal Reserve Index of Industrial Produc- Financing Full Production, by Marriner S. Ection. August 1940. (This reprint now in process of cles. 14 pages. Mimeographed release, November revision, will be available about January 15, 19%2.) 25, 1941. DECEMBER 1941 1303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 27 Page Page Acceptances, Bankers: Assignment of Claims Act of 1940: Buying rates 32, 130, 220, 320, 418, Limitation on acquisition by member banks 294 542, 644, 752, 892, 1006, 1145, 1238 Procedure under 20 Discount rates, open market 49, 147, 237, Australia: 337, 435, 559, 661, 769, 909, 1023, 1162, 1255 Bank of: Member bank holdings: Condition 78, 178, 270, 370, 482, Dec. 31, 1940. 259 592, 710, 812, 950, 1064, 1199, 1292 June 30, 1941 940 Foreign exchange rates 83, 183, 275, 375, Outstanding 48, 146, 236, 336, 434, 558, 487, 597, 715, 817, 955, 1069, 1204, 1297 660, 768, 908, 1022, 1161, 1254 Gold movements to and from U. S.. 40, 138, 228, (See also Open market paper.) 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 Affiliate relationships. (Ruling.) 399 Gold production 71, 171, 263, 363, 475, Agricultural loans. (See Commercial, industrial 585, 703, 805, 943, 1056, 1192, 1285 and agricultural loans.) Automobiles: Agriculture: Discussion of production and distribution Discussion of current developments. . . 970-973 193, 501, 725 National summary .887, 1002 National summary 26, 124, 215, 314, 413, Aircraft: 536, 639, 746, 886, 1001, 1140, 1232 Production indexes: Production index: Adjusted: Adjusted: Factory sales, new index 933 Monthly table.... 56, 154, 244, 344, 442, Monthly table. . . .56, 154, 244, 344, 442, 566, 670, 778, 918, 1032, 1171, 1264 566, 670, 778, 918, 1032, 1171, 1264 Revised index. 933 Revised indexes 933 Unadjusted: Unadjusted: Monthly table. . .58, 156, 246, 346, 444, Factory sales, new index 1034 568, 672, 780, 920, 1034, 1173, 1266 Monthly table. . . 58, 156, 246, 346, 444, Revised index. . 933 568, 672, 780, 920, 1034, 1173, 1266 Alaska, Banks in .1226 Revised index 933 Albania: Balance of international payments of U. S.: National Bank of: 1938, 1939, and 1940 312-313 Condition. . . .78, 178, 270, 370, 482, 592 Bank credit. (See, Credit, Bank.) Discount rate 81, 181, 273, 373, 485, Bank debits. (See Debits to individual accounts.) 595, 713, 815, 953, 1067, 1202, 1295 Bank directorates, Interlocking: Alcoholic beverages: Member bank director serving investment Production index: trust. (Ruling.) . .. . . 399 Adjusted: Bank failures. (See Banks: Suspensions.) Monthly table . .56, 154, 244, 344, 442, Bank for International Settlements: 566, 670, 778, 918, 1032, 1171, 1264 Annual report, 1940-1941 1107-1139 Revised indexes 155 Condition. ... 80, 180, 272, 372, 484, 594, Unadjusted: 712, 812, 950, 1064, 1199, 1292 Monthly table.... 58, 156, 246, 346, 444, Gold reserves. ... 70, 170, 262, 362, 474, 584, 568, 672, 780, 920, 1034, 1173, 1266 702, 804, 942, 1055, 1191, 1284 Revised index. . . . 157"Bank Lending for Defense" 866-874 American Bankers Associations: Bank mergers. (See Banks: Consolidations, Survey of defense loans. . 24, 285 absorptions, etc.) Anderson, Gunhild: Bank premises of member banks: "United States Government Corporations Dec. 31, 1940. 259 and Credit Agencies in 1940". . . .297-307 June 30, 1941 940 "United States Savings Bonds and Tax Bankers' acceptances. (See Acceptances, Bankers.) Anticipation Notes". . 875-877 Bankers' balances: Argentina: Member bank holdings: Central Bank of: All banks, call dates: Condition . .78, 178, 270, 370, 482, Dec. 31, 1940. 258 592, 710, 812, 950, 1064, 1199, 1292 Apr. 4, 1941. 581 June 30, 1941. 939 Discount rate 81, 181, 273, 373, 485, Sept. 24, 1941 1280 595, 713, 815, 953, 1067, 1202, 1295 Monthly table. . 42, 141, 231, 331, 429, Gold reserves 70, 170, 262, 362, 474, 553, 655, 763, 903, 1017, 1156, 1249 584, 702, 804, 942, 1055, 1191, 1284 Selected dates, 1936-1941 .582, 1279 Foreign exchange rates 83, 183, 275, 375, Reporting banks: 487, 597, 715, 817, 955, 1069, 1204, 1297 All banks, N. Y. C. and outside Gold movements to and from U. S.. .40, 138, 228, N. Y. C. 45, 143, 233, 333, 431, 555, 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 657, 765, 905, 1019, 1158, 1251 Gold reserves, Discussion of 384 By districts and for Chicago. 47, 145, Assets and liabilities. (See Condition state- 235, 335, 433, 557, 659, 767, 907, ments.) 1021, 1160, 1253 DECEMBER 1941 1305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Banking and financial legislation: Belgium: Contracts, Waiver of performance and pay- Foreign exchange rates 83, 183, 275, 375, ment bonds . 511 487, 597, 715, 817, 955, 1069, 1204, 1297 Federal Reserve notes, Direct obligations of Gold movements to and from U. S.. .40, 138, 228 U. S. as collateral for 850 National Bank of: Foreign (See under name of country.) Condition 78, 178, 270, 370, 482, Foreign accounts in Federal Reserve Banks 592, 710, 812, 950, 1064, 1199, 1292 and insured banks 396 Discount rate 81, 181, 273, 373, 485, Gold Reserve Act of 1934, amended. 851 595, 713, 815, 953, 1067, 1202, 1295 Lend-Lease Act ... 397 Gold reserves 70, 170, 262, 362, 474, State law restrictions on payment of divi- 584, 702, 804, 942, 1055, 1191, 1284 dends by banks and trust companies ... 733 Treasury gold reserves. . .70, 170, 262, 362, Tax legislation, Discussion of 608, 1079 474, 584, 702, 804, 942, 1055, 1191, 1284 Banking developments, Discussion of.... 10, 89, 284, Bermuda: 829-836, 964, 1082 Gold movements to and from U. S.. .40, 138, 228, Banking funds: 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 Movement to U. S. from abroad. . . .72, 172, 264, Bills: 364, 476, 586, 704, 806, 944, 1057, 1193, 1286 Discounted by Federal Reserve Banks: "Banking Studies", Publication announced. 864 All banks combined 31, 129, 219, 319, Banks: 417, 541, 643, 751, 891, 1005, 1144, 1237 Branches. (See Branch banks.) Each bank 34, 132, 222, 322, 420, Consolidations, absorptions, etc.: 544, 646, 754, 894, 1008, 1147, 1240 1933-1941. .167, 457, 938, 1281 Federal Reserve Bank holdings: 1940 changes .... 167 Maturity distribution. . . 33, 131, 221, 321, Jan.-Sept. 1941 changes 457, 938, 1281 419, 543, 645, 753, 893, 1007, 1146, 1239 Dividend payment restrictions in State laws 733 Payable by member banks. (See Borrowings.) Loans to, by member banks: Blocked nations, Proclamation authorizing list of 739 All banks, call dates: Board of Governors of Federal Reserve System: Dec. 31, 1940. ... 259 Correspondence. (See Correspondence of June 30, 1941 940 Board of Governors.) Monthly table. . .42, 140, 230, 330, 428, Defense Savings Bonds, Staff purchases of 552, 654, 762, 902, 1016, 1155, 1248 405-408 Reporting banks: Members and officers 87, 187, 278, 378, 490, All banks, N. Y. C. and outside 600, 718, 820, 958, 1072, 1207, 1300 N. Y. C 44, 142, 232, 332, 430, Press statements: 554, 656, 764, 904, 1018, 1157, 1250 Consumer credit regulation 825, 839 By districts and for Chicago. . 46, 144, Reserve requirement increase 963 234, 334, 432, 556, 658, 766, 906, Publications: 1020, 1159, 1252 Banking Studies 864 Loans to, by Reconstruction Finance Cor- Chart book, revised edition 864 poration 53, 151, 241, 341, 439, 563, List of 86, 186, 280, 380, 492, 602, 667, 775, 915, 1029, 1168, 1261 720, 822, 960, 1074, 1209, 1302 Number of: Special Report to Congress 1-2 1933-1941 167, 457, 938, 1281 Bohemia and Moravia: Dec. 31, 1940, by States 460 National Bank of: 1940 changes 167 Condition 78, 178, 270, 370, 482, Jan.-Sept. 1941 changes 457, 938, 1281 592, 710, 812, 950, 1064, 1199, 1292 Group banks, Dec. 31, 1940 459 Discount rate 81, 181, 273, 373, 485, Monthly table . .41, 139, 229, 329, 427, 551, 595, 713, 815, 953, 1067, 1202, 1295 653, 761, 901, 1015, 1154, 1247 Bolivia: Operating branches: Central Bank of: Dec. 31, 1940, by States 460 Condition 78, 178, 270, 370, 482, 592, Group banks, Dec. 31, 1940 459 710, 812, 950, 1064, 1199, 1292 Suspensions 40, 138, 228, 328, 426, 550, Discount rate 81, 181, 273, 373, 485, 652, 760, 900, 1014, 1153, 1246 595, 713, 815, 953, 1067, 1202, 1295 Territories and possessions of U. S.. . 1226-1228 Gold movements to and from U. S.. . . .40, (See also Federal Reserve Banks; National 138, 228, 328, 426, 550, 652, 760, 900, member banks; Nonmember banks; State 1014, 1153, 1246 member banks.) Bonds: Banks for cooperatives: New issues. (See Capital issues.) Assets and liabilities. ... 666, 114, 914, Prices: 1028, 1167, 1260 Principal countries 85, 185, 277, 377, Loans outstanding 54, 152, 242, 342, 440, 489, 599, 717, 819, 957, 1071, 1206, 1299 564, 667, 775, 915, 1029, 1168, 1261 United States 50, 148, 238, 338, 436, Barton, H. C, Jr.: 560, 662, 770, 910, 1024, 1163, 1256 "Adjustment for Seasonal Variation". .518-528 United States Government. (See United States Belgian Congo: Government securities.) Bank of Belgian Congo, Condition of 78, 178, 270 Yields: Gold production 71, 171, 263, 363, 475, Chart 91 585, 703, 805, 943, 1056, 1192, 1285 Discussion of .91, 724 1306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Bonds—Continued. Brokers' balances—Continued. Yields—Continued. Movement to U. S. from abroad 72, 172, Monthly and weekly figures. ...49, 147, 237, 264, 364, 476, 586, 704, 806, 944, 337, 435, 559, 661, 769, 909, 1023, 1057, 1193, 1286 1162, 1255 Bryan, Malcolm H 517 Borrowings: Building contracts. (See Construction: Con- Member banks: tracts awarded, Value of.) All banks, call dates: Building materials: Dec. 31, 1940. . . .258 Discussion of prices.... 202 Apr. 4, 1941. . . ..581 Discussion of production. . 193 June 30, 1941 939 Wholesale price indexes 66, 164, 254, Sept. 24, 1941 128C 354, 453, 577, 681, 789, 929, 1043, 1182, 1275 Monthly table. . . .43, 141, 231, 331, 429, Bulgaria: 553, 655, 763, 903, 1017, 1156, 1249 Foreign exchange rates 83,183, 275, 375, Selected dates, 1936-1941. .582, 1279 487, 597, 715, 817, 955, 1069, 1204, 1297 Reporting banks: National Bank of: Condition 78, 178, 270, 370, 482, All banks, N. Y. C. and outside 592, 710, 812, 950, 1064, 1199, 1292 N. Y. C 45, 143, 233, 333, 431, Discount rate 81, 181, 273, 373, 485, 555, 657, 765, 905, 1019, 1158, 1251 595,- 713, 815, 953, 1067, 1202, 1295 By districts and for Chicago. .47, 145, Gold reserves 70, 170, 262, 362, 474, 235, 335, 433, 557, 659, 767, 906, 584, 702, 804, 942, 1055, 1191, 1284 1021, 1160, 1253 "Business Activity, Significance of Bank Debits Branch banks: as an Index of Changes in". 211 1933-1941 167, 457, 938, 1281 Business and credit conditions: Dec. 31, 1940, by States 461 Discussion of . . .3, 89, 189, 283, 383, 1940 changes 167 495, 723, 829, 963, 1077 Jan.-Sept. 1941 changes 457, 938, 1281 National summary 26, 124, 215, 314, Group bank branches, Dec. 31, 1940. 459 413, 536, 639, 746, 886, 1001, 1140, 1232 Member banks: Business consultants, Regional 744 Assets and liabilities. .882-885 Business failures. (See Commercial failures.) Brazil: Business indexes: Bank of: Chart 190 Gold reserves 70, 170, 262, 362, 474, Monthly table 55, 153, 243, 343, 441, 584, 702, 804, 942, 1055, 1191, 1284 565, 669, 777, 917, 1031, 1170, 1263 Foreign exchange rates 83, 183, 275, 375, Canada: 487, 597, 715, 817, 955, 1069, 1204, 1297 Bank of: Gold movements to and from U. S 40, 138, Condition 79, 179, 271, 371, 483, 228, 328, 426, 550, 652, 760, 900, 593, 710, 812, 950, 1064, 1199, 1292 1014, 1153, 1246 Discount rate . 81, 181, 273, 373, 485, British Guiana: 595, 713, 815, 953, 1067, 1202, 1295 Gold movements to and from U. S 328, 426, Gold reserves 70, 170, 262, 362, 550, 652, 760, 900, 1014, 1153, 1246 474, 584, 702, 804, 942, 1055, 1191, 1284 British India. (See India, British.) Commercial banks.... 82, 182, 274, 374, 486, 596, British Oceania. (See Oceania, British.) 714, 816, 954, 1068, 1203, 1296 Brokers and dealers in securities: Foreign exchange rates 83, 183, 275, 375, Broker borrowing from nonmember bank. 487, 597, 715, 817, 955, 1069, 1204, 1297 (Ruling.) 849 Gold and dollar resources 388 Loans to, by member banks: Gold movements to and from U. S 40, 138, All banks, call dates: 228, 328, 426, 550, 652, 760, Dec. 31, 1940 ... 259 900, 1014, 1153, 1246 June 30, 1941 940 Gold production 71, 171, 263, 363, 475, 585, 703, 805, 943, 1056, 1192, 1285 Monthly table 42, 140, 230, 330, Wholesale price indexes 84, 184, 276, 376, 428, 552, 654, 762, 902, 1016, 1155, 1248 488, 598, 716, 818, 956, 1070, 1205, 1298 Reporting banks: Canal Zone, Banks in .1226, 1227 All banks, N. Y. C, and outside Capital: N. Y. C. 44, 142, 232, 332, 430, Federal Reserve Banks 34, 132, 222, 322, 554, 656, 764, 904, 1018, 1157, 1250 420, 544, 646, 754, 894, 1008, 1147, 1240 By districts and for Chicago. .46, 144, Member banks: 234, 334, 432, 556, 658, 766, Dec. 31, 1940. 259 906, 1020, 1159, 1252 June 30, 1941. 940 Margin accounts, Debit balances in. (See Capital accounts: Brokers' balances.) Member banks: SEC rules on hypothecation on customers' All banks, call dates: securities .... 105, 208 Dec. 31, 1940 258 Brokers' balances: Apr. 4, 1941 581 Monthly table 48, 146, 236, 336, 434, June 30, 1941. . 939 558, 660, 768, 908, 1022, 1161, 1254 Sept. 24, 1941. .1280 DECEMBER 1941 1307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Capital accounts—Continued. Central reserve city member banks—Continued. Member banks—Continued. Condition, call dates—Continued. All banks, call dates—Continued. Monthly table 42-43, 140-141, 230-231, Monthly table. . . .43, 141, 231, 331, 429, 330-331, 428-429, 552-553, 654-655, 553, 655, 763, 903, 1017, 1156, 1249 762-763, 902-903, 1016-1017, 1155- Selected dates, 1936-1941. . 582, 1279 1156, 1248-1249 Reporting banks: Deposits .38, 136, 226, 326, 424, 548, 650, All banks, N. Y. C. and outside 758, 898, 1012, 1151, 1244 N. Y. C 45, 143, 233, 333, 431, Earnings and expenses, 1940. .467, 471 555, 657, 765, 905, 1019, 1158, 1251 Operating ratios, 1940 471 By districts and for Chicago. . . 47, 145, Reserves. 38, 136, 226, 326, 424, 548, 650, 758, 235, 335, 433, 557, 659, 767, 907, 898, 1012, 1151, 1244 1021, 1160, 1253 Chamber of Commerce of United States: Capital issues. . 50, 148, 238, 338, 436, 560, 662, 770, Marriner S. Eccles' address before. .506-510 910, 1024, 1163, 1256 Charts: Capital movement to United States: Bond yields. 91 Discussion of .3, 385-387 Chart book: Statistics: Monthly table... 72, 172, 264, 364, 476, Revised edition 864 586, 704, 806, 944, 1057, 1193, 1286 Statistics 67, 165, 255, 355, 454, 578, Revised figures 1062 682, 790, 930, 1044, 1183, 1276 Car loadings, Freight. (See Freight-car loadings.) Commercial loans of banks in leading cities Cash: 284, 831 Member bank holdings: Commodity prices . . 723, 1212 All banks, call dates: Construction contracts awarded. 26 Dec. 31, 1940. . 258 Consumer instalment debt. . 829 Apr. 4, 1941. 581 Cost of living. 1215 June 30, 1941. . 939 Debits and turnover of deposits in 101 cities 834 Sept. 24, 1941 1280 Department store sales and stocks 27, 125, Monthly table. ...43, 141, 231, 331, 429, 311, 414, 640, 1141, 1232 553, 655, 763, 903, 1017, 1156, 1249 Estimated book value of manufacturing in- Selected dates, 1936-1941. .582, 1279 ventory at current prices and at 1915 Reporting banks: prices 616 All banks, N. Y. C. and outside Excess reserves of member banks. .11, 747, 1233 N. Y. C 45, 143, 233, 333, 431, Exports of United States merchandise. .6, 390 555, 657, 765, 905, 1019, 1158, 1251 Factors in gains and losses of reserve funds 835 By districts and for Chicago... 47,145, Factory employment and payrolls 724 235, 335, 433, 557, 659, 767, 907, Foreign trade of United States. . 4, 6, 389, 390 1021, 1160, 1253 Freight-car loadings 215, 1001 Cement: Government security holdings of banks in Factory employment index: Adjusted. .60, 158, 248, 348, 446, 570, 674, leading cities . 285 782, 922, 1036, 1175, 1268 Income payments. . . .. . 124, 828, 964 Unadjusted .62, 160, 250, 350, 448, 572, Income, production, and prices 964 676, 784, 924, 1038, 1177, 1270 Industrial production 26, 124, 192, 215, 314, Factory payrolls index .62, 160, 250, 350, 448, 413, 536, 639, 725, 746, 964, 572, 676, 784, 924, 1038, 1177, 1270 1001, 1140, 1232 Production index: Loans and investments 830 Adjusted. .56, 154, 244, 344, 442, 566, 670, Manufacturers' orders, shipments, and in- 778, 918, 1032, 1171, 1264 ventories 190, 967, 1213 Unadjusted . 58, 156, 246, 346, 444, 568, Member bank holdings of U. S. Government 672, 780, 920, 1034, 1173, 1266 obligations 92, 285 Wholesale price index .66, 164, 254, 354, 453, Member bank reserves and related items 577, 681, 789, 929, 1043, 1182, 1275 30, 128, 218, 287, 318, 416, 540, 642, Central America: 747, 750, 1004, 1142, 1233, 1236 Gold movements to and from U. S. 40, 138 Member banks in 101 leading cities.... 27, 283, 228, 328, 426, 550, 652, 760, 900, 1014, 1153, 315, 414, 537 1246 Metal prices 201 Central banks. (See under name of country, e. g., Money in circulation 288 France: Bank of.) Money rates in New York City 125, 216, Central reserve city member banks: 315, 640, 1002, 1233 Classification of loans, investments, real estate National defense expenditures 606, 1078 and capital: Dec. 31, 1940. 259 Output of metals and metal products. 726 June 30, 1941 . 940 Prices received and paid by farmers. 971 Condition, call dates: Profits of industrial corporations 191 Dec. 31, 1940. 258 Seasonal variation adjustment. facing 522, Apr. 4, 1941. 581 523, 527 June 30, 1941. 939 Selected business series. 190 Sept. 24, 1941. .1280 Total deposits and currency. 833 1308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Charts—Continued. Coke: U. S. Government marketable issues out- Freight-car loadings indexes: standing 610 1919-1941, revised indexes 529-533 United States industrial exports by areas. . 6 Monthly table. ...65, 163, 253, 353, 451, 575, Wholesale prices. . . .197, 199, 200, 216, 314, 413, 679, 787, 927, 1041, 1180, 1273 497, 498, 536, 639, 723, 727, 746, 964, 970, Colombia: 1002, 1140, 1212 Bank of: Yield on 1960-65 Treasury bond 91 Condition 79, 179, 271, 371, 483, 593, Yields on Government securities. .612, 1082 711, 812, 950, 1064, 1199, 1292 Check payments, Discussion of. 833 Discount rate 81, 181, 273, 373, 485, 595, Chemicals: 713, 815, 953, 1067, 1202, 1295 Discussion of prices 202 Gold reserves 70, 170, 262, 362, 474, Factory employment index: 584, 702, 804, 942, 1055, 1191, 1284 Adjusted 60, 158, 248, 348, 446, 570, Foreign exchange rates 83, 183, 275, 375, 487, 674, 782, 922, 1036, 1175, 1268 597, 715, 817, 955, 1069, 1204, 1297 Unadjusted. . .62, 160, 250, 350, 448, 572, Gold movements to and from U. S. . . .40, 138, 676, 784, 924, 1038, 1177, 1270 228, 328, 426, 550, 652, 760, 900, Factory payrolls index 62, 160, 250, 350, 1014, 1153, 1246 448, 572, 676, 784, 924, 1038, 1177, 1270 Gold production 71, 171, 263, 363, 475, 585, Hours and earnings 63, 161, 251, 351, 449, 703, 805, 943, 1056, 1192, 1285 573, 677, 785, 925, 1039, 1178, 1271Commercial banks: Production index: Branches. (See Branch banks.) Adjusted: Defense savings bonds not to be purchased Monthly table... 56, 154, 244, 344, 442, by . . 515 566, 670, 778, 918, 1032, 1171, 1264 Deposits. (See Deposits.) Revised index 934 Insured. (See Insured commercial banks.) Unadjusted 58, 156, 246, 346, 444, 568, Insured home mortgages held 916, 672, 780, 920, 1034, 1173, 1266 1030, 1169, 1262 Wholesale price indexes .66, 164, 254, 354, 453 Loans and investments. (See Loans and 577, 681, 789, 929, 1043, 1182, 1275 investments.) Chile: Number of. (See Banks: Number of.) Central Bank of: Operating branches. (See Banks: Operat- Condition 79, 179, 271, 371, 483, 593, ing branches.) 711, 812, 950, 1064, 1199, 1292 Commercial failures 64, 162, 252, 352, 450, 574, Discount rate 81, 181, 273, 373, 485, 595, 678, 786, 926, 1040, 1179, 1272 713, 815, 953, 1067, 1202, 1295 Commercial, industrial and agricultural loans: Gold reserves 70, 170, 262, 362, 474, 584, Charts of. . .. .. .284, 831 702, 804, 942, 1055, 1191, 1284 Discussion of increase in. 284 Foreign exchange rates... 83, 183, 275, 375, 487, Member banks: 597, 715, 817, 955, 1069, 1204, 1297 All banks, call dates: Gold movements to and from U.S... 40, 138, 228, Dec. 31, 1940 259 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 June 30, 1941 940 Gold production. . .71, 171, 263, 363, 475, 585, Monthly table. . .42, 140, 230, 330, 428, 703, 805, 943, 1056, 1192, 1285 552, 654, 762, 902, 1016, 1155, 1248 China: Reporting banks: Foreign exchange rates. .83, 183, 275, 375, 487, All banks, N. Y. C. and outside 597, 715, 817, 955, 1069, 1204, 1297 N. Y. C 44, 142, 232, 332, 430, Gold movements to and from U. S. . 40, 138, 228, 554, 656, 764, 904, 1018, 1157, 1250 By districts and for Chicago. .46, 144, 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 234, 334, 432, 556, 658, 766, 906, Stabilization fund agreement. . . . 387 1020, 1159, 1252 Claims against Government, Assignment of: Commercial paper: Limitation on acquisition by member banks. 294 Discount rates, open market 49, 147, 237, Procedure under . . .. 20 337, 435, 559, 661, 769, 909, 1023, 1162, 1255 Closed banks. (See Banks: Suspensions.) Member bank holdings: Coal: Dec. 31, 1940 259 Freight-car loadings indexes: June 30, 1941 940 1919-1941, revised indexes 529-533 Outstanding. .48, 146, 236, 336, 434, 558, Monthly table 65, 163, 253, 353, 451, 575, 660, 768, 908, 1022, 1161, 1254 679, 787, 927, 1041, 1180, 1273 (See also Open market paper.) Production indexes: Commodity Credit Corporation: Adjusted. ... 56, 154, 244, 344, 442, 566, Assets and liabilities. .53, 151, 241, 341, 439, 670, 778, 918, 1032, 1171, 1264 563, 666, 774, 914, 1028, 1167, 1260 Unadjusted 58, 156, 246, 346, 444, 568, Guaranteed obligations: 672, 780, 920, 1034, 1173, 1266 Maturities. .664, 772, 912, 1026, 1165, 1258 Wholesale price indexes 66, 164, 254, 354, 453, Outstanding. . . .51, 149, 239, 339, 437, 561, 577, 681, 789, 929, 1043, 1182, 1275 663, 771, 911, 1025, 1164, 1257 Coins, Circulation of. . . .39, 137, 227, 327, 425, 549, Summary of operations, 1940. . 298-300, 305, 306 651, 759, 899, 1013, 1152, 1245 "Commodity Prices". .197-207 DECEMBER 1941 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Condition statements: Consumer credit—Continued. All banks in U. S.: Instalment paper, Personal and retail: Dec. 31, 1940 462-466 Insured commercial bank holdings: Apr. 4, 1941 794-798 Dec. 31, 1940 360 June 30, 1941 1049-1053 June 31, 1941. ... . 1048 Bank for International Settlements.... 80, 180, Discussion of . . 289, 999 272, 372, 484, 594, 712, 812, 950, President's executive order on regulation of 837 1064, 1199, 1292 Regulation W: Branches of member banks. .882-885 Amendments: Discussion of 1084 Federal Reserve Banks: Text of .974, 1087 All banks combined .33, 131, 221, 321, 419, Correspondence of Board on. .... 862 543, 645, 753, 893, 1007, 1146, 1239 Discussion of 825-828 Each bank 34, 132, 222, 322, 420, 544, Interpretations of. .846, 974, 1090, 1217 646, 754, 894, 1008, 1147, 1240 Purpose of ... 825 Foreign central banks. .. .77, 177, 269, 369, 481, Scope and nature of. .... 826 591, 709, 811, 949, 1063, 1198, 1291 Text of . 839-845 Foreign commercial banks. . .82, 182, 274, 374, Contracts, Public: 486, 596, 714, 816, 954, 1068, 1203, 1296 Assignment of Claims Act: Governmental corporations and credit Limitation on acquisition by member agencies: banks ... 294 Monthly table 53, 151, 241, 341, 439, 563, Procedure under 20 666, 774, 914, 1028, 1167, 1260 Waiver of performance and payment bonds 511 Summary of operations, 1940. .297-307 Copper: Insured commercial banks: Production indexes: Dec. 31, 1940 .458 Adjusted: June 30, 1941. .1047 Monthly table 56, 154, 244, 344, Member banks: 442, 566, 670, 778, 918,1032,1171,1264 All banks, call dates: Revised indexes 934 Dec. 31, 1940. 258 Unadjusted 58, 156, 246, 346, 444, Apr. 4, 1941 . . .581 568, 672, 780, 920, 1034, 1173, 1266 June 30, 1941. . . 939 Corn crop reports. .68, 792, 932, 1046, 1185, 1278 Sept. 24, 1941. 1280 Corporations and credit agencies, Governmental. Monthly table 42-43, 140-141, (See Governmental corporations and credit 230-231, 330-331, 428-429, 552-553, agencies.) 654-655, 762-763, 902-903, 1016-1017, Correspondence of Board of Governors: 1155-1156, 1248-1249 Bank credit and its relation to reserves. . 629 Selected dates, 1936-1941. .582, 1279 Bank deposits not altered by purchase of Branches, June 30, 1940. . . . .882-885 defense savings bonds 745 Reporting banks: Banks' purchases of Government obliga- All banks, N. Y. C. and outside tions entirely voluntary 990 N. Y. C 44-45, 142-143, 232-233, Commercial banks not permitted to buy de- 332-333, 430-431, 554-555, 656-657, • fense savings bonds. 515 764-765, 904-905, 1018-1019, Consumer credit . . . 862 1157-1158, 1250-1251 Definition of lawful money 630 By districts and for Chicago. . . 46-47, Definitions of "Net Demand Deposits" and 144-145, 234-235, 334-335, 432-433, "Demand Deposits Adjusted" 991 556-557, 658-659, 766-767, 906-907, Development and use of member bank earning and expense statements 1230 1020-1021, 1159-1160, 1252-1253 Effect of increase in deposits on interest Congress, Federal Reserve Special Report to. 1-2 rates 308 Construction: Extent to which Reserve Banks can finance Contracts awarded, Value of: defense expenditures 1104 By types, by ownership and by dis- Factors responsible for increase in bank tricts . . .64, 162, 252, 352, 450, 574, deposits .... 210 678, 786, 926, 1040, 1179, 1272 Federal Reserve Bank organization. . . .402-404 Chart 26 Federal Reserve lending power not depend- Indexes. . . .55, 153, 243, 343, 441, 565, ent on member bank reserve balances. . . 112 669, 777, 917, 1031, 1170, 1263 Gold standard 23 National summary 26, 125, 216, 315, Limitations upon individual purchases of 413, 537, 640, 747, 886, 1002, 1141, 1233 defense savings bonds . . 745 Discussion of .195-196, 502 Money in circulation .114 Employees: Proposal to tax bank deposits 1104 1929-1941, adjusted estimates 534-535 Significance of bank debits as an index of Monthly table 61, 159, 249, 349, changes in business activity. . . . 211 447, 571, 675, 783, 923, 1037, 1176, 1269 System's participation in the defense pro- Consumer credit: gram . .. 629 Board of Governors statement on. . . .825, 839 Cost of living: Chart of consumer instalment debt 829 Charts . . 1212, 1215 Discussion of expansion of *. . 829 Discussion of 1211-1216 1310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Cost of living—Continued. Debt, U. S. Government. (See Treasury finance: Indexes: Public debt.) Principal countries 85, 185, 277, 377, Defense Contract Service. .212, 283, 629 489, 599, 717, 819, 957, 1071, 1206, 1299 Defense Homes Corporation. 302 United States 55, 153, 243, 343, 441, Defense Plant Corporation. 301 565, 669, 777, 917, 1031, 1170, 1263 Defense program: Cotton: Assignment of Claims Act: Consumption. (See Textiles.) Limitation on acquisition by member Crop reports . . 68, 792, 932, 1046, 1185, 1278 banks 294 Manufactures. (See Textiles.) Procedure under 20 Couch, Harvey C, Death of. 744 "Bank Lending for Defense" 866-874 Country member banks: "Banks and the Defense Program" 283-289 Classification of loans, investments, real Contracts, Waiver of performance and payestate, and capital: ment bonds 511 Dec. 31, 1940. 259 Corporations, National Defense. .297, 301-302 June 30, 1941. 940 Defense Contract Service 212, 283, 629 Condition, call dates: "Economic and Monetary Aspects of the Dec. 31, 1940. 258 Defense Program" 95-98 Apr. 4, 1941. . , .581 Economic Defense Board established. . . 851 June 30, 1941 . 939 "Economic Preparedness for Defense and Sept. 24, 1941 1280 Post Defense Problems" . 12-19 Monthly table . . .42-43, 140-141, 230-231, Expenditures: 330-331, 428-429, 552-553, 654-655, Charts of. . . 606, 1078 762-763, 902-903, 1016-1017, Discussion of. 189, 191, 496, 1155-1156,1248-1249 606, 724, 965, 1077 Deposits 38, 136, 226, 336, 424, 548, 650, Monthly table 52, 150, 240, 340, 438, 758, 898, 1012, 1151, 1244 562, 665, 773, 913, 1027, 1166, 1259 Earnings and expenses, 1940. .467, 470-472 Reserve Banks ability to finance 1104 Operating ratios, 1940 471, 472 Federal Reserve participation in... 24, 283, 629 Reserves .38, 136, 226, 326, 424, 548, 650, "Financial Problems of Defense". . . 506-510 758, 898, 1012, 1151, 1244 "Free Enterprise and the Challenge of De- Cravens, Kenton R.. . . 865 fense" ...993-998 Credit, Bank: "Industrial Activity and the Defense Pro- Discussion of. .829-836, 964, 1082 gram" 189-196, 495 Federal Reserve: Lend-Lease program. (See Lend-Lease pro- Charts 30, 128, 218, 287, 318, 416, gram.) 540, 642, 747, 750, 1004, 1142, 1236 Loans: End of month and Wednesday figures 31, "Bank Lending For Defense". .866-874 129, 219, 319, 417, 541, 643, Commercial banks. . . 284 751, 891, 1005, 1144, 1237 Discussion of 831 Federal Reserve Special Report to Congress 1-2 "National Defense Loans", A. B. A. National summary 27, 125, 216, 315, 414, bulletin . . 24 537, 640, 747, 887, 1002, 1141, 1233 Reporting member banks: "Reserves, Bank Credit and Its Relation to" 629 Discussion of . 505 Credit agencies, Governmental. (See Govern- Table, April 30, 1941 538 mental corporations and credit agencies.) "National Defense Loans", A. B. A. bulletin 24 Credit control: Progress of. . .496, 1077 Special Report to Congress recommenda- Savings bonds: tions on ... 1-2 Bank deposits not altered by purchase Crop reports, by districts. 68, 792, of 745 932, 1046, 1185, 1278 Banks participating in sale of 732 Currency circulation. (See Money in circula- Commercial banks not permitted to buy 515 tion.) Limitations upon individual purchases Customers' debit balances of Stock Exchange of 745 firms. (See Brokers' balances.) Sale of . 609, 1080 Czechoslovakia: Staff purchases of 405-408 Foreign exchange rates 83, 183, 275, 375, "United States Savings Bonds and Tax 487, 597, 715, 817, 955, 1069, 1204, 1297 Anticipation Notes" .875-877 National Bank of: Special Report to Congress recommenda- Gold reserves 70, 170, 262, 362, 474, tions on financing of 2 584, 702, 804, 942, 1055, 1191, 1284 Defense savings bonds. (See Defense program: Davis, Chester .C 212 Savings bonds; Treasury finance: Savings Debits to individual accounts: bonds.) Chart of . . 834 Defense Supplies Corporation . . . . 302 Discussion of 833 Deficit, U. S. Treasury. (See Treasury finance: Monthly table 40, 138, 228, 328, 426, 550, Deficit.) 652, 760, 900, 1014, 1153, 1246 Denmark: "Significance of Bank Debits as an Index of Foreign exchange rates 83, 183, 275, 375, Changes in Business Activity". 211 487, 597, 715, 817, 955, 1069, 1204, 1297 DECEMBER 1941 1311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Denmark—Continued. Deposits—Continued. National Bank of: Member banks—Continued. Condition 79, 179, 271, 371, 483, 593, Classes of banks 38, 126, 226, 326, 424, 711, 812, 950, 1064, 1199, 1292 548, 650, 758, 898, 1012, 1151, 1244 Discount rate 81, 181, 273, 373, 485, Larger and smaller centers: 595, 713, 815, 953, 1067, 1202, 1295 1940 359 Gold reserves 70, 170, 262, 362, 474, 584, Monthly table. . .38, 126, 226, 326, 424, 702, 804, 942, 1055, 1191, 1284 548, 650, 758, 898, 1012, 1151, 1244 Department stores: Ratio of time to total deposits 686-699 Charts of sales and stocks 27, 125, 311, Reporting banks: 414, 640, 1141, 1232 All banks, N. Y. C. and outside Sales: N. Y. C 45, 143, 233, 333, 431, Discussion of... . 504, 726, 968 555, 657, 765, 905, 1019, 1158, 1251 Index of value of: By districts and for Chicago... 47, 145, Monthly figures. . 65, 163, 253, 353, 452, 235, 335, 433, 557, 659, 767, 907, 575, 679, 788, 928, 1042, 1181, 1274 1021, 1160, 1253 Weekly figures: Mutual savings banks: Jan. 1937-March 1941 311 Dec. 31, 1940. . . 466 Apr. 4, 1941.... .798 April 1, 1941 to date 452, 575, 679, 788, 928, 1042, 1181, 1274 June 30, 1941 . 1053 Yearly and monthly figures. . .55, 153, National member banks: 243, 343, 441, 565, 669, 777, Dec. 31, 1940 464 917, 1031, 1170, 1263 Apr. 4, 1941. . 796 National summary 27, 125, 216, 315, June 30, 1941 1051 414, 537, 640, 747, 887, 1002, 1141 Nonmember deposits in Federal Reserve Percentage change by departments, by Banks 31, 129, 219, 319, 417, 541, districts, and by cities 213, 358, 452, 643, 751, 891, 1005, 1144, 1237 Postal Savings System. (See Postal sav- 575, 679, 788, 928, 1042, 1181, 1274 ings deposits.) Stocks: Private banks: Discussion of 726, 968 Dec. 31, 1940. . 466 Index of value of. . .65, 163, 253, 353, 452, Apr. 4, 1941. .798 575, 679, 788, 928, 1042, 1181, 1274 June 30, 1941 1053 Deposits: Reserves required against. (See Reserve All banks in U. S.: requirements.) Dec. 31, 1940. .462-466 State banks: Apr. 4, 1941. . . .794-798 Dec. 31, 1940. 465 June 30, 1941... ..1049-1053 Apr. 4, 1941. . 797 Chart of 833 June 30, 1941 1052 Discussion of 832 Suspended banks 40, 138, 228, 328, 426, 550, Monthly table 41, 139, 229, 329, 427, 652, 760, 900, 1014, 1153, 1246 551, 653, 761, 901, 1015, 1154, 1247 Tax bank deposits, Proposal to 1104 Demand: Time: Definitions of "Net Demand Deposits" Ratio to total deposits in member banks and "Demand Deposits Adjusted". 991 686-699 Federal Reserve Banks: Turnover of: All banks combined 33, 131, 221, 321, Chart . .. 834 419, 543, 645, 753, 893, 1007, 1146, 1239 Discussion of . 834 Each bank 34, 132, 222, 322, 420, 544, Devaluation of the dollar: 646, 754, 894, 1008, 1147, 1240 Act extending power relating to 851 Group banks, Dec. 31, 1940 459 Special Report to Congress, recommendation Growth in, Discussion of. . . .288, 832, 964, 1082 on 2 "Increase in Bank Deposits, Factors Re- Directorates, Interlocking. (See Bank directosponsible for" 210 rates, Interlocking.) "Increase in Deposits, Effect on Interest Discount rates: Rates" 308 Federal Reserve Banks .32, 130, 220, 320, 418, Insured commercial banks: 542, 644, 752, 892, 1006, 1145, 1238 Dec. 31, 1940. . . ..458 Foreign central banks 81, 181, 273, 373, 485, June 30, 1941 1047 595, 713, 815, 953, 1067, 1202, 1295 Interest on. (See Interest rates.) Distribution: Member banks: Discussion of . . 968 All banks, call dates: National summary 27, 125, 216, 315, 414, Dec. 31, 1940. . 258 537, 640, 747, 887, 1002, 1141, 1233 Apr. 4, 1941. . 581 Dividends: June 30, 1941. 939 Federal Reserve Banks: Sept. 24, 1941 1280 Jan.-June, 1941. 793 Monthly table . .43, 141, 231, 331, 429, Member banks: 553, 655, 763, 903, 1017, 1156, 1249 1927-1940, calendar years. 412 Selected dates, 1936-1941 582, 1279 1940: Branches, June 30, 1940.. ..882-885 By classes of banks. 467 1312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Dividends—Continued. Earnings and expenses—Continued. Member banks—Continued. Member banks—Continued. 1940—Continued. 1940—Continued. By Federal Reserve districts. . 468-470 Revised form of publication 412 By size of bank. ... 799-801 Jan.-June, 1941. . 1106, 1186 Jan.-June, 1941. . ... .1106, 1186 Development and use of statements State law restrictions on payment by banks of .. 1230 and trust companies. 733 Eccles, Marriner S: Dollar, Weight of: "Economic Aspects of Federal, State, and Act extending powers relating to alteration Local Taxation" 1098-1103 of 851 "Economic Preparedness for Defense and Dollar and gold resources: Post Defense Problems". ... ...12-19 British Empire: Financial Problems of Defense" 506-510 Discussion of. 8-10, 99-101, Reelected Chairman of Federal Open Mar- 384-388, 1222-1225 ket Committee ... 310 Mobilization of U. S. dollar securities Statement on consumer credit regulation. . 825 25, 101, 385, 410 "Economic Aspects of Federal, State, and Local Foreign, August, 1939 9 Taxation" 1098-1103 Durable goods: Economic Defense Board, Establishment of . . 851 Chart of 828 "Economic Preparedness for Defense and Post Discussion of growing demands for con- Defense Problems" .12-19 sumers' 828 Ecuador: Expenditures in 1940... 103 Central Bank of: Factory employment index: Condition 79, 179, 271, 371, 483, 593, Adjusted: 711, 812, 950, 1064, 1199, 1292 Monthly table 60, 158, 248, 348, 446, Discount rate 81, 181, 273, 373, 485, 595, 570, 674, 782, 922, 1036, 1175, 1268 713, 815, 953, 1067, 1202, 1295 Revised index 166 Gold movements to and from U. S.. . . .40, 138, Unadjusted: 228, 328, 426, 550, 652, 760, 900, Monthly table. . .62, 160, 250, 350, 448, 1014, 1153, 1246 572, 676, 784, 924, 1038, 1177, 1270 Edmiston, Henry: Revised index 166 "United States Government Corporations Factory payrolls index: and Credit Agencies in 1940". .297-307 Monthly table 62, 160, 250, 350, 448, Egypt: 572, 676, 784, 924, 1038, 1177, 1270 Foreign exchange rates. .83, 183, 275, 375 Revised index 166 National Bank of: Hours and earnings . . 63, 161, 251, 351, 449, Condition 79, 179, 271, 371, 483, 593, 573, 677, 785, 925, 1039, 1178, 1271 711, 812, 950, 1064, 1199, 1292 Production index: Gold reserves . .70, 170, 262, 362, 474, Adjusted: 584, 702, 804, 942, 1055, 1191, 1284 Monthly table 56, 154, 244, 344, 442, El Salvador: 566, 670, 778, 918, 1032, 1171, 1264 Central Reserve Bank of: Points in total index. .1086, 1187-1189 Condition 79, 179, 271, 371, 483, 593, Revised index . . 935 711, 812, 950, 1064, 1199, 1292 Seasonal adjustment factors for Discount rate 81, 181, 273, 373, 485, 1941 .... 937 595, 713, 815, 953, 1067, 1202, 1295 Yearly and monthly figures. . 55, 153, Employment: 243, 343, 441, 565, 669, 777, Discussion of. .503, 724 917, 1031, 1170, 1263 Factory employment indexes: Unadjusted: Adjusted: Monthly table 58, 156, 246, 346, By industries, monthly figures 60, 158, 444, 568, 672, 780, 920, 1034, 1173, 1266 248, 348, 446, 570, 674, 782, 922, Revised index ... 935 1036, 1175, 1268 Earmarked gold. (See Gold: Earmarked.) Earnings and expenses: Revised indexes 166 Federal Reserve Banks: Total, monthly figures ... 55, 153, 243, Jan.-June, 1941 793 343, 441, 565, 669, 777, 917, Member banks: 1031, 1170, 1263 1927-1940, calendar years 412 Chart of . 724 1940: Unadjusted: By classes of banks. 467 By industries, monthly figures . 62, 160, By districts . . . 468-470 250, 350, 448, 572, 676, 784, 924, By size of bank .799-801 1038, 1177, 1270 Discussion of .412, 632 Revised indexes 166 Operating ratios: Total, yearly and monthly figures . 55, By classes and districts .471, 472 153, 243, 343, 441, 565, 669, 777, 917, By districts, by size of bank, 1031, 1170, 1263 by ratio of time to total Nonagricultural: deposits . . . 685-699 Index. . . 55, 153, 243, 343, 441, 565, Discussion of 632 669, 777, 917, 1031, 1170, 1263 DECEMBER 1941 1318 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Employment—Continued. Federal agencies: Nonagricultural—Continued. Insured home mortgages held. 916, Number of employees: 1030, 1169, 1262 1929-1941, adjusted estimates. . 534-535 Federal Crop Insurance Corporation: Monthly table. .61, 159, 249, 349, 447, Assets and liabilities. .666, 774, 914, 1028, 571, 675, 783, 923, 1037, 1176, 1269 1167, 1260 England. (See United Kingdom.) Federal Deposit Insurance Corporation: Estonia: Assets and liabilities. . 666, 774, 914, 1028, Bank of: 1167, 1260 Condition. ...79, 179, 271, 371, Federal Farm Mortgage Corporation: 483, 593, 711, 813, 951 Assets and liabilities. .666, 774, 914, 1028, Discount rate 81, 181, 273, 373, 485, 1167, 1260 595, 713, 815, 953, 1067, 1202, 1295 Guaranteed obligations: Exchange stabilization funds: Maturities. . .664, 772, 912, 1026, 1165, 1258 Gold reserves 70, 170, 262, 362, 474, 584, Outstanding 51, 149, 239, 339, 437, 561, 702, 804, 942, 1055, 1191, 1284 663, 771, 911, 1025, 1164, 1257 Executive officers of national banks: Summary of operations, 1940. . 298-300, 304-306 Regulation O. (Ruling.) .1087 Federal Home Loan Bank Board: Expenditures, U. S. Treasury. (See Treasury Loans outstanding, by institutions. .54, 152, 242, finance: Expenditures.) 342, 440, 564, 668, 776, 916, 1030, 1169, 1262 Expenses. (See Earnings and expenses.) Summary of operations of institutions under, Export Control, Administrator of. 391 1940 .302-304 Export-Import Bank of Washington: Federal Home Loan Banks: Assets and liabilities 666, 774, Assets and liabilities. . 666, 774, 914, 1028, 914, 1028, 1167, 1260 1167, 1260 Discussion of operations. .384, 386, 387 Loans and discounts to members. . . 54, 152, 242, Loans outstanding: 342, 440, 564, 668, 776, 916, 1030, 1169, 1262 Dec. 31, 1935-Mar. 31, 1941 386 1940 298, 300, 306, 307 Federal Housing Administration: Assets and liabilities. . 666, 774, 914, 1028, Exports. (See Foreign trade.) Factory employment. (See Employment, Factory.) 1167, 1260 Failures, Bank. (See Banks: Suspensions.) Guaranteed obligations outstanding. . . .663, 771, Failures, Commercial. (See Commercial failures.) 911, 1025, 1164, 1257 Farm Credit Administration: Loans insured 916, 1030, 1169, 1262 Assets and liabilities 666, 774, Summary of operations, 1940. 304 914, 1028, 1167, 1260 Federal intermediate credit banks: Banks and corporations: Assets and liabilities. .666, 774, 914, 1028, Assets and liabilities. .53, 151, 241, 341, 1167, 1260 439, 563 Loans and discounts outstanding. . . 54, 152, 242, Loans and discounts outstanding, by institu- 342, 440, 564, 667, 775, 915, 1029, 1168, 1261 tions 54, 152, 242, 342, 440, Federal land banks and Land Bank 564, 667, 775, 915, 1029, 1168, 1261 Commissioner: Summary of operations of institutions under, Assets and liabilities 666, 774, 914, 1028, 1940 • • • - 298-300, 304-306 1167, 1260 ; Farm credit agencies: Loans outstanding 54, 152, 242, 342, 440, Assets and liabilities 53, 151, 241, 341, 439, 564, 667, 775, 915, 1029, 1168, 1261 563, 666, 774, 914, 1028, 1167, 1260 Summary of operations, 1940. . 298-300, 304-306 Summary of operations, 1940. .298-300, 304-306 Federal National Mortgage Association: Farm land values, Discussion of. 972 Assets and liabilities 666, 774, 914, 1028, Farm mortgages agencies: 1167, 1260 Assets and liabilities. 53, 151, 241, 341, 439, 563 Loans outstanding 916, 1030, 1169, 1262 Summary of operations, 1940. .298-300, 304-306 Summary of operations, 1940. 300-303 Farm products: Federal Open Market Committee: Discussion of prices. .203, 205-207 Discussion of open market operations 92, 612 Wholesale price indexes: Election of members. 310 Principal countries. 84, 184, 276, 376, 488, Meetings 24, 310, 631 598, 716, 818, 956, 1070, 1205, 1298 Members and officers . 87, 187, 278, 378, 490, United States .66, 164, 254, 354, 453, 577, 600, 718, 820, 958, 1072, 1207, 1300 681, 789, 929, 1043, 1182, 1275 Special Report to Congress. 1-2 Farm Security Administration: Federal Reserve Bank notes: Assets and liabilities. .666, 774, 914, 1028, Circulation. .39, 137, 227, 327, 425, 549, 651, 1167, 1260 759, 899, 1013, 1152, 1245 Summary of operations, 1940. .298-300, 304-306 Federal Reserve Banks: Farrell, John R . footnote 882 Branches: Federal Advisory Council: Harrison, George L., appointed member.... 24 Directors: Meetings 212, 517, 992, 1229 Appointments 409, 517 Members. .87, 187, 278, 378, 490, 600, 718, 820. Death of Samuel W. Hayes 409 958, 1072, 1207, 1300 Death of T. S. Hanna. 115 Special Report to Congress. 1-2 List of 116 1314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Federal Reserve Banks—Continued. Federal Reserve notes: Branches—Continued. Agents' accounts 37, 135, 225, 325, 423, 547, Managing directors: 649, 757, 897, 1011, 1150, 1243 List of. .88, 188, 279, 379, 491, 601, 719, Circulation: 821, 959, 1073, 1208, 1301 Actual: Buildings, Photographs of: All banks combined 33, 131, 221, Atlanta . .facing 723 321, 419, 543, 645, 753, 893, 1007, Boston . . facing 1 1146, 1239 Chicago . . . . facing 825 Each bank 37, 135, 225, 325, Cleveland . facing 495 423, 547, 649, 757, 897, 1011, Dallas . . facing 89 1150, 1243 Kansas City facing 1077 Outside Treasury and Federal Reserve Minneapolis . .frontispiece April Banks. .39, 137, 227, 327, 425, 549, 651, New York . facing 189 759, 899, 1013, 1152, 1245 Philadelphia .facing 383 Collateral security: Richmond .facing 605 Direct obligations of U. S. as 850 St. Louis facing 963 Wednesday figures 37, 135, 225, 325, San Francisco . facing 1211 423, 547, 649, 757, 897, 1011, 1150, 1243 Chairmen: Redemption fund: All banks combined 33, 131, 221, 321, List of. .88, 188, 279, 379, 491, 601, 719, 419, 543, 645, 753, 893, 1007, 1146, 1239 821, 959, 1073, 1208, 1301 Each bank 34, 132, 222, 322, 420, Meetings 24, 409 # 544, 646, 754, 894, 1008, 1147, 1240 Defense expenditures, Extent to which Re- Federal Reserve System: serve Banks can finance 1104 Defense program, Participation in. 24, 283, 629 Defense program, Participation in. .24, 283, 629 Membership, Admissions to 24, 115, 212, Deputy Chairman, appointment. 631 310, 409, 517, 631, 744, 865, 992, 1105, 1229 Directors: Special Report to Congress. . . . .1-2 Class A: Federal Savings and Loan Associations: Appointment 631 Loans outstanding . .54, 152, 242, 342, 440, 564, Death of Ford Seale. 409 668, 776, 916, 1030, 1169, 1262 Class B: Federal Savings and Loan Insurance Corpora- Death of Harvey C. Couch. 744 tion: Death of J. M. West. 865 Assets and liabilities. 666, 774, 914, Elections of 865, 1229 1028, 1167, 1260 Resignation of Edward S. French. 631 Fiduciary powers of national banks. (See Trust Class C: powers of national banks.) Appointments . 517, 631 Financial and service establishments: Death of Clifford V. Gregory. .1229 Employees: List of . . 116 1929-1941, adjusted estimates . 534-535 Earnings and expenses: Monthly table . . . 61, 159, 249, 349, Jan.-June, 1941 793 447, 571, 675, 783, 923, 1037, 1176, 1269 Foreign accounts, Act relating to 396 Financial legislation. (See Banking and finan- "Lending Power not Dependent on Member cial legislation.) Bank Reserve Balances". 112 Finland: Officers: Bank of: List of 88, 188, 279, 379, 491, 601, 719, Condition. .483, 593, 711, 812, 950, 821, 959, 1073, 1208, 1301 1064, 1199, 1292 Photographs of: Discount rate 81, 181, 273, 373, Dallas . . . frontispiece February 485, 595, 713, 815, 953, 1067, 1202, 1295 Minneapolis . facing; 283 Foreign exchange rates 83, 183, 275, 375, Organization of .402-404 487, 597, 715, 817, 955, 1069, 1204, 1297 Presidents: Flanders, Ralph E.. 865 Appointments .409, 517, 865 Food and food products: Conferences . . . . .24, 21 Discussion of prices .... . 205-207, 972 Harrison, George L., resignation. 24 Factory employment index: Parker, Robert S., Death of. 310 Adjusted. . . 60, 158, 248, 348, 446, 570, Special Report to Congress 1-2 674, 782, 922, 1036. 1175, 1268 Sproul, Allan, appointed, New York. 24 Unadjusted . .. 62, 160. 250, 350, 448, Vice Presidents: 572, 676, 784, 924, 1038, 1177, 1270 Appointments. 409,517,865 Factory payrolls index . . 62, 160, 250, 350, Rounds, Leslie, appointed, New York. 24 448, 572, 676, 784, 924, 1038, 1177, 1270 Federal Reserve chart book: Hours and earnings 63, 161. 251, 351, Revised edition published . £ 449, 573, 677, 785, 925, 1039, 1178, 1271 Statistics .67, 165, 255, 355, 454, 578, 682, Production indexes: 790, 930, 1044, 1183, 1276 Adjusted: Federal Reserve directory 87, 187, 278, 378, 490, Monthly table 56, 154, 244, 344, 442, 600, 718, 820, 958, 1072, 1207, 1300 566, 670, 778, 918, 1032, 1171, 1264 Federal Reserve districts: Revision of manufactured dairy Map of end of each Bulletin products index 155, 779 DECEMBER 1941 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Food and food products—Continued. France—Continued. Production indexes—Continued. Bank of—Continued. Unadjusted: Discount rate: Monthly table. . . .58, 156, 246, 346, 444, Change in. . 373 568, 672, 780, 920, 1034, 1173, 1266 Monthly table 81, 181, 273, 373, 485, Revision of manufactured dairy 595, 713, 815, 953, 1067, 1202, 1295 products index 157, 781 Gold reserves 70, 170, 262, 362, Retail price index 85, 185, 277, 377, 489, 474, 584, 702, 804, 942, 1055, 1191, 1284 599, 717, 819, 957, 1071, 1206, 1299 Statutes revised 214 Wholesale price indexes: Banking and financial legislation: Principal countries... 84, 184, 276, 376, 488, Nov. 24, 1940. Revision of statutes of 598, 716, 818, 956, 1070, 1205, 1298 Bank of France 214 United States 66, 164, 254, 354, 453, Commercial banks 82, 182, 274, 374, 577, 681, 789, 929, 1043, 1182, 1275 486, 596, 714, 816, 954, 1068, 1203, 1296 Foreign accounts in Federal Reserve Banks and Cost of living index 85, 185, 277, 377, 489, insured banks, Act relating to. 396 599, 717, 819, 957, 1071, 1206, 1299 Foreign banks: Exchange Stabilization Fund: Central banks. (See under name of coun- Gold reserves 70, 170, 262, 362, 474, try, e.g., France, Bank of.) 584, 702, 804, 942, 1055, 1191, 1284 Commercial banks, condition 82, 182, 274, Foreign exchange rates 83, 183, 275, 374, 486, 596, 714, 816, 954, 1068, 1203, 1296 375, 487, 597, 715, 817, 955, 1069, 1204, 1297 Deposits of, held by Federal Reserve Banks: Gold movements to and from U.S 40, 138, All banks combined 33, 131, 221, 321, 228, 328, 426, 550, 652, 760, 900, 419, 543, 645, 753, 893, 1007, 1146, 1239 1014, 1153, 1246 Each bank 34, 132, 222, 322, 420, 544, Retail food price index . . 85, 185, 277, 377, 489, 646, 754, 894, 1008, 1147, 1240 599, 717, 819, 957, 1071, 1206, 1299 Deposits of, held by member banks: Security prices 85, 185, 277, 377, All banks, call dates: 489, 599, 717, 819, 957, 1071, 1206, 1299 Dec. 31, 1940. . 258 Wholesale price indexes 84, 184, 276, Apr. 4, 1941. 581 376, 488, 598, 716, 818, 956, 1070, 1205, 1298 June 30, 1941. . .939 "Free Enterprise and the Challenge of Defense" Sept. 24, 1941 1280 993-998 Monthly table . .43, 141, 231, 331, 429, Freight-car loadings: 553, 655, 763, 903, 1017, 1156, 1249 Charts .215, 1001 Selected dates, 1936-1941.... 582, 1279 Indexes: Reporting banks: "Adjustment for Seasonal Variation" All banks, N. Y. C. and outside 518-528 N. Y. C. 45, 143, 233, 333, 431, 555, By classes: 657, 765, 905, 1019, 1158, 1251 By districts and for Chicago. 47, 145, 1919-1941, revised indexes ...529-533 235, 335, 433, 557, 659, 767, 907, Monthly tables 65, 163, 253, 353, 1021, 1160, 1253 451, 575, 679, 787, 927, 1041, 1180, 1273 Foreign exchange: Total. .55, 153, 243, 343, 441, 565, 669, Rates 83, 183, 275, 375, 487, 597, 715, 817, 777, 917, 1031, 1170, 1263 955, 1069, 1204, 1297 National summary . . 27, 125, 216, 315, 414, Regulations. (See Foreign funds control.) 537, 640, 747, 887, 1002, 1141, 1233 Foreign funds control: French, Edward S.. 631 President's executive order on 618 Fuels: Regulations.. .20, 208, 294, 400, 513, 623, Discussion of prices. 203 740, 853, 987, 1094, 1218 Production index: Foreign property transfers in U.S.: Adjusted: President's executive order on 618 Monthly table. . . 56, 154, 244, 344, 442, Regulations 400, 618, 740, 852 566, 670, 778, 918, 1032, 1171, 1264 Foreign trade of United States: Revised indexes. 779 Charts 4, 6, 389, 390 Unadjusted: Discussion of 4-8, 389-393, 972 Monthly table . .58, 156, 246, 346, 444, Farm products, Discussion of exports of .205-206 568, 672, 780, 920, 1034, 1173, 1266 Lend-Lease Act effects on 389-393 Revised indexes. 781 Proclamation authorizing control of certain Wholesale price indexes . . 66, 164, 254, 354, exports . 739 453, 577, 681, 789, 929, 1043, 1182, 1275 Forest products: Garfield, Frank: Freisrht-car loadings indexes: "Commodity Prices" 197-207 1919-1941, revised indexes 529-533 Gehman, Clayton: Monthly table . . 65, 163, 253, 353, 451, 575, "Commodity Prices" 197-207 679, 787, 927, 1041, 1180, 1273 General fund balance, U. S. Treasury. (See Foster, Ray R. footnote 103 France: Treasury finance: General fund balance.) Bank of: Germany: Condition 77, 177, 269, 369, 481, Cost of living index ... 85, 185, 277, 377, 489, 591, 709, 811, 949, 1063, 1198, 1291 599, 717, 819, 957, 1071, 1206, 1299 1316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Germany—Continued. Gold—Continued. Foreign exchange rates 83, 183, 275, 375, Stock, Monetary in U.S.: 487, 597, 715, 817, 955, 1069, 1204, 1297 Analysis of changes in.... 40, 138, 228, 328, Open market rates 81, 181, 273, 373, 426, 550, 652, 760, 900, 1014, 1153, 1246 485, 595, 713, 815, 953, 1067, 1202, 1295 Charts. .30, 128, 218, 287, 318, 416, 540, 642, 747, 750, 1004, 1142, 1236 Reichsbank: End of month and Wednesday figures Condition. 78, 178, 270, 370, 482, 592, 710, 31, 129, 219, 319, 417, 541, 643, 751, 812, 950, 1064, 1199, 1292 891, 1005, 1144, 1237 Discount rate. . 81, 181, 273, 373, 485, 595, Gold certificates: 713, 815, 953, 1067, 1202, 1295 Circulation. . . 39, 137, 227, 327, 425, 549, Gold reserves 70, 170, 262, 362, 651, 759, 899, 1013, 1152, 1245 474, 584, 702, 804, 942, 1055, 1191, 1284 Federal Reserve Bank holdings: Retail food price index. . .85, 185, 277, 377, 489, All banks combined 33, 131, 221, 599, 717, 819, 957, 1071, 1206, 1299 321, 419, 543, 645, 753, 893, 1007, Security prices. .85, 185, 277, 377, 489, 599, 717, 1146, 1239 819, 957, 1071, 1206, 1299 Each bank 34, 132, 222, 322, 420, Wholesale price indexes 84, 184, 276, 376, 544, 646, 754, 894, 1008, 1147, 1240 488, 598, 716, 818, 956, 1070, 1205, 1298 Gold Reserve Act of 1934: Glass: Act extending powers. 851 Factory employment index: "Gold Standard".. 23 Adjusted 60, 158, 248, 348, 446, 570, Goldenweiser, E. A.: 674, 782, 922, 1036, 1175, 1268 "Inflation" 291-293 Unadjusted 62, 160, 250, 350, 448, 572, Government bonds. (See United States Govern- 676, 784, 924, 1038, 1177, 1270 ment securities.) Factory payrolls index 62, 160, 250, 350, Government debt. (See Treasury finance: Pub- 448, 572, 676, 784, 924, 1038, 1177, 1270 lic debt.) Hours and earnings 63, 161, 251, 351, Government employees, Number of: 449, 573, 677, 785, 925, 1039, 1178, 1271 1929-1941, adjusted estimates 534-535 Production index: Monthly table. . . 61, 159, 249, 349, 447, 571, Adjusted 56, 154, 244, 344, 442, 675, 783, 923, 1037, 1176, 1269 566, 670, 778, 918, 1032, 1171, 1264 Governmental corporations and credit agencies: Unadjusted 58, 156, 246, 346, 444, Assets and liabilities 53, 151, 241, 341, 439, 568, 672, 780, 920, 1034, 1173, 1266 563, 666 f 774, 914, 1028, 1167, 1260 Glazier, William H. footnote 866 Summary of operations, 1940. .297-307 Gold: Grain: Earmarked 40, 138, 228, 328, 426, Freight-car loadings indexes: 550, 652, 760, 900, 1014, 1153, 1246 1919-1941, revised indexes 529-533 Foreign gold acquired by U.S.. 383 Monthly table . . .65, 163, 253, 353, 451, 575, Gold and dollar resources: 679, 787, 927, 1041, 1180, 1273 British Empire 8-10, 99-101, 384-388, 1222 Wholesale price index . 66, 164, 254, 354, 453, Foreign, August, 1939. 9 577, 681, 789, 929, 1043, 1182, 1275 Imports and exports: Great Britain. (See United Kingdom.) United States: Greece: Gross. . 40, 138, 228, 328, 426, 550, Bank of: Condition. . 79, 179, 271, 371, 483, 593, 652, 760, 900, 1014, 1153, 1246 711, 812, 950, 1064, 1199, 1292 Net, by countries . 71, 171, 263, 363, Discount rate 81, 181, 273, 373, 485, 475, 585, 703, 805, 943, 1056, 1192, 1285 595, 713, 815, 953, 1067, 1202, 1295 Gold reserves 70, 170, 262, 362, 474, Movement to U.S., Discussion of. 3, 383-385 584, 702, 804, 942, 1055, 1191, 1284 Production: Foreign exchange rates .... 83, 183, 275, 375, Indexes: 487, 597, 715, 817, 955, 1069, 1204, 1297 Adjusted 56, 154, 244, 344, 442, Greenbacks, Special Report to Congress recom- 566, 670, 778, 918, 1032, 1171, 1264 mendation on . 2 Unadjusted 58, 156, 246, 346, 444, Gregory, Clifford V., Death of 1229 568, 672, 780, 920, 1034, 1173, 1266 Group banks: United States . .. 71, 171, 263, 363, 475, Number, deposits, branches, by States and 585, 703, 805, 943, 1056, 1192, 1285 geographic divisions, Dec. 31, 1940 ... 459 World. 71, 171, 263, 363, 475, 585, 703, Guam, Bank of 1226, 1228 805, 943, 1056, 1192, 1285 Guaranteed obligations of the U. S. (See Treas- Reserves: ury finance: Guaranteed obligations.) Central banks and governments 70, 170, Guiana, British. (See British Guiana.) 262, 362, 474, 584, 702, 804, 942, Hanna, T. S., Death of 115 1055, 1191, 1284 United States ... 70, 170, 262, 362, 474, Harrison, George L. 24 584, 702, 804, 942, 1055, 1191, 1284 Hawaii, Banks in 1226, 1227 Special Report to Congress recommendation Hay crop reports . 68, 792, 932, 1046, 1185, 1278 on gold purchases 2 Hayes, Samuel W., Death of 409 DECEMBER 1941 1317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Home mortgage and housing agencies: Index numbers—Continued. Assets and liabilities 53, 151, 241, 341, 439 Department stores—Continued. 563, 666, 774, 914, 1028, 1167, 1260 Index of sales (value)—Continued. Summary of operations, 1940. .302-304 Weekly figures—Continued. Home Owners* Loan Corporation: April, 1941 to date 452, 575, Assets and liabilities 53, 151, 241, 341, 439 679, 788, 928, 1042, 563, 666, 774, 914, 1028, 1167, 1260 1181, 1274 Guaranteed obligations: Yearly and monthly figures... 55, 153, Maturities. .664, 772, 912, 1026, 1165, 1258 243, 343, 441, 565, 669, 777, 917, Outstanding 51, 149, 239, 339, 437, 561, 1031, 1170, 1263 663, 771, 911, 1025, 1164, 1257 Index of stocks (value) . . .65, 163, 253, 353, Loans outstanding 54, 152, 242, 342, 440, 564, 452, 575, 679, 788, 928, 1042, 1181, 1274 668, 776, 916, 1030, 1169, 1262 Factory employment: Summary of operations, 1940 297-304 Adjusted: Hong Kong: Monthly, by industries . . 60, 158, 248, Foreign exchange rates 83, 183, 275, 375, 348, 446, 570, 674, 782, 922, 1036, 487, 597, 715, 817, 955, 1069, 1204, 1297 1175, 1268 Gold movements to and from U.S. 40, 138, Revised indexes 166 228, 328, 426, 550, 652, 760, 900, Yearly and monthly figures. . . .55, 153, 1014, 1153, 1246 243, 343, 441, 565, 669, 777, 917, Horbett, J. E footnote 882 1031, 1170, 1263 Unadjusted: Hours and earnings in manufacturing industries. . . .63, 161, 251, 351, 449, 573, 677, 785, 925, Monthly, by industries... 62, 160, 250, 1039, 1178, 1271 350, 448, 572, 676, 784, 924, Housefurnishing goods: 1038, 1177, 1270 Wholesale price indexes 66, 164, 254, 354, Revised index . .. 166 453, 577, 681, 789, 929, 1043, 1182, 1275 Yearly and monthly figures . . 55, 153, 243, 343, 441, 565, 669, 777, 917, Hungary: 1031, 1170, 1263 Foreign exchange rates 83, 183, 275, 375, Factory payrolls: 487, 597, 715, 817, 955, 1069, 1204, 1297 Monthly table 62, 160, 250, 350, 448, Gold movements to and from U.S.. .40, 138, 572, 676, 784, 924, 1038, 1177, 1270 228, 328 Revised index . ... 166 National Bank of: Freight-car loadings: Condition 79, 179, 271, 371, 483, 593, 711, 812, 950, 1064, 1199, 1292 1919-1941, revised indexes 529-533 Discount rate 81, 181, 273, 373, 485, "Adjustment for Seasonal Variation" 595, 713, 815, 953, 1067, 1202, 1295 518-528 Gold reserves ... 70, 170, 262, 362, 474, 584, Monthly table 65, 163, 253, 353, 451, 702, 804, 942, 1055, 1191, 1284 575, 679, 787, 927, 1041, 1180, 1273 Imports. (See Foreign trade of United States.) Yearly and monthly figures . 55, 153, 243, Income: 343, 441, 565, 669, 777, 917, British national income. . . .636-638 1031, 1170, 1263 Farm income, Discussion of. .724, 970 Income payments. . .55, 153, 243, 343, 441, 565, Payments to individuals: 669, 777, 917, 1031, 1170, 1263 Charts . . .. . 124, 828, 964 Industrial production: Discussion of 724, 964, 1215 Adjusted: Index. 55, 153, 243, 343, 441, 565, 669, Major divisions as points in total 777, 917, 1031, 1170, 1263 index 1086, 1187-1189 Tax receipts. (See Treasury finance: Re- Monthly table ... 56, 154, 244, 344, 442, ceipts.) 566, 670, 778, 918, 1032, 1171, 1264 Index numbers: Revised indexes. .155, 779, 933-937 Bond prices. .50, 148, 238, 338, 436, 560, 662, Seasonal adjustment factors for 770, 910, 1024, 1163, 1256 1941 937 Business indexes 55, 153, 243, 343, 441, Revision of index: 565, 669, 777, 917, 1031, 1170, 1263 Discussion of changes. . .878-881 Construction contracts awarded . 55, 153, 243, Unadjusted: 343, 441, 565, 669, 777, 917, 1031, 1170, 1263 Monthly table. . 58, 156, 246, 346, 444, Cost of living: 568, 672, 780, 920, 1034, Principal countries 85, 185, 277, 377, 1173, 1266 489, 599, 717, 819, 957, 1071, 1206, 1299 Revised indexes . .157,781,933-937 United States . .55, 153, 243, 343, 441, 565, Yearly and monthly figures 55, 153, 243, 669, 777, 917, 1031, 1170, 1263 343, 441, 565, 669, 777, 917, Department stores: 1031, 1170, 1263 Index of sales (value) : Nonagricultural employment . . 55, 153, 243, Monthly figures 65, 163, 253, 353, 343, 441, 565, 669, 777, 917, 1031, 452, 575, 679, 788, 928, 1042, 1170, 1263 1181, 1274 Retail food prices .85, 185, 277, 377, 489, 599, Weekly figures: 717, 819, 957, 1071, 1206, 1299 Jan. 1937-March 1941. 311 "Seasonal Variation, Adjustment for" .518-528 1318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Index numbers—Continued. Insured commercial banks: Security prices 85, 185, 277, 377, 489, 599, Assets and liabilities: 717, 819, 957, 1071, 1206, 1299 Dec. 31, 1940. . 458 Stock prices. .50, 148, 238, 338, 436, 560, 662, June 30, 1941 1047 770, 910, 1024, 1163, 1256 Foreign accounts, Act relating to. 396 Wholesale prices: Instalment paper held by: Principal countries 84, 184, 276, 376, Dec. 31, 1940. 360 488, 598, 716, 818, 956, 1070, 1205, 1298 June 30, 1941 1048 United States: Discussion of. 289, 999 Groups of commodities. . . 66 f 164, 254, Number of: 354, 453, 577, 681, 789, 929, 1043, Dec. 31, 1940. 458 1182, 1275 June 30, 1941. 1047 Yearly and monthly figures. . . 55, 153, 243, Interest rates: 343, 441, 565, 669, 777, 917, 1031, "Effect of Increase in Deposits on Interest 1170, 1263 Rates" . 308 India, British: Time deposits. .32, 130, 220, 320, 418, 542, 644, Foreign exchange rates... 83, 183, 275, 375, 487, 752, 892, 1006, 1145, 1238 597, 715, 817, 955, 1069, 1204, 1297 (See also Discount rates.) Gold movements to and from UtS 40, 138, Interlocking bank directorates. (See Bank di- 228, 328, 426, 550, 652, 760, 900, rectorates, Interlocking.) 1014, 1153, 1246 International capital position of U.S.: Gold production. . .71, 171, 263, 363, 475, 585, End of 1939 . . 312-313 703, 805, 943, 1056, 1192, 1285 International capital transactions of United Reserve Bank of: States: Condition 79, 179, 271, 371, 483, 593, Statistics: 711, 812, 950, 1064, 1199, 1292 Monthly table . . 72, 172, 264, 364, 476, 586, Discount rate . . 81, 181, 273, 373, 485, 595, 704, 806, 944, 1057, 1193, 1286 713, 815, 953, 1067, 1202, 1295 Revised figures 1062 Gold reserves . . 70, 170, 262, 362, 474, 584, Inventories: 702, 804, 942, 1055, 1191, 1284 Charts 190, 967, 1213 Industrial activity, Discussion of. .189-196, 495- Chart of estimated book value of manufac- 505, 964 turing inventory prices and 1915 prices 616 Industrial advances of Federal Reserve Banks: Discussion of. . . .189, 190, 726, 966, 1213 All banks combined: "Manufacturing Inventories During and End of month and Wednesday figures . .33, After the World War" 613-617 131, 221, 321, 419, 543, 645, 753, Investment trust, Member bank director serv- 893, 1007, 1146, 1239 ing. (Ruling.) 399 Number and amounts 37, 135, 225, 325, Investments: 423, 547, 649, 757, 897, 1011, 1150, 1243 Commitments. .34, 132, 222, 322, 420, 544, 646, All banks in U. S., call dates: 754, 894, 1008, 1147, 1240 Dec. 31, 1940. .462-466 Each bank. .34, 132, 222, 322, 420, 544, 646, Apr. 4, 1941 794-798 754, 894, 1008, 1147, 1240 June 30, 1941 1049-1053 Maturity distribution . 33, 131, 221, 321, 419, Monthly table . . .41, 139, 229, 329, 427, 551, 543, 645, 753, 893, 1007, 1146, 1239 653, 761, 901, 1015, 1154, 1247 Rates. .32, 130, 220, 320, 418, 542, 644, 752, American investments abroad. .312-313 892, 1006, 1145, 1238 Foreign investments in U.S. .312-313 Industrial materials, Discussion of prices of 200-203 Member banks: Industrial production. (See Production, Indus- All banks, call dates: trial.) Dec. 31, 1940. 259 Inflation: June 30, 1941 940 Addresses of M. S. Eccles . . 12-19, 506-510 Monthly table . .42, 140, 230, 330, 428, Article by E. A. Goldenweiser. .291-293 552, 654, 762, 902, 1016, 1155, 1248 Special Report to Congress . . . . .1-2 Discussion of . 832 Instalment credit. (See Consumer credit.) Reporting banks: Instalment paper, Personal and retail: All banks, N. Y. C, and outside Insured commercial bank holdings: N. Y. C. 44, 142, 232, 332, 430, 554, Dec. 31, 1940 . 360 656, 764, 904, 1018, 1157, 1250 June 30, 1941 1048 By districts and for Chicago 46, 144, Discussion of : 289, 999 234, 334, 432, 556, 658, 766, 906, Insurance agencies of United States Govern- 1020, 1159, 1252 ment: (See also Loans and investments.) Assets and liabilities. . .53, 151, 241, 341, 439, Interest rates: 563, 666, 774, 914, 1028, 1167, 1260 Commercial loan rates 49, 147, 237, 337, 435, Summary of operations, 1940. 300 559, 661, 769, 909, 1023, 1162, 1255 Insurance companies: Open market, in N.Y.C. 49, 147, 237, 337, Government securities owned by 664, 772, 435, 559, 661, 769, 909, 1023, 1162, 1255 912, 1026, 1165, 1258 Iran, National Bank of: Insured home mortgages held. .916, 1030, Gold reserves. ... 70, 170, 262, 362, 474, 584, 1169, 1262 702, 804, 942, 1055, 1191, 1284 DECEMBER 1941 1319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Iron and steel: Laws and legislation. (See Banking and finan- Discussion of output .192, 500, 725 cial legislation.) Factory employment index: Lead production index: Adjusted. . . .60, 158, 248, 348, 446, 570, Adjusted: 674, 782, 922, 1036, 1175, 1268 Monthly table. . . .56, 154, 244, 344, 442, 566, Unadjusted 62, 160, 250, 350, 448, 572, 670, 778, 918, 1032, 1171, 1264 676, 784, 924, 1038, 1177, 1270 Revised index. 933, 934 Factory payrolls index 62, 160, 250, 350, 448, Unadjusted: 572, 676, 784, 924, 1038, 1177, 1270 Monthly table 58, 156, 246, 346, 444, Hours and earnings 63, 161, 251, 351, 449, 568, 672, 780, 920, 1034, 1173, 1266 573, 677, 785, 925, 1039, 1178, 1271 Revised index 933, 934 Production indexes: Lease-Lend Act. (See Lend-Lease program.) Adjusted: Leather and leather products: Monthly table ... 56, 154, 244, 344, 442, Factory employment index: 566, 670, 778, 918, 1032, 1171, 1264 Adjusted. .60, 158, 248, 348, 446, 570, 674, Revised indexes 934, 936 782, 922, 1036, 1175, 1268 Unadjusted: Unadjusted.... 62, 160, 250, 350, 448, 572, Monthly table. ...58, 156, 246, 346, 444, 676, 784, 924, 1038, 1177, 1270 568, 672, 780, 920, 1034, 1173, 1266 Factory payrolls index 62, 160, 250, 350, Revised indexes 934, 936 448, 572, 676, 784, 924, 1038, Wholesale price index. . 66 164, 254, 354, 453, 577, 1177, 1270 681, 789 t , 929, 1043, 1182, 1275 Hours and earnings 63, 161, 251, 351, 449, Italy: 573, 677, 785, 925, 1039, 1178, 1271 Bank of: Production index: Discount rate 81, 181, 273, 373, 485, Adjusted. .56, 154, 244, 344, 442, 566, 670, 595, 713, 815, 953, 1067, 1202, 1295 778, 918, 1032, 1171, 1264 Gold reserves 70, 170, 262, 362, 474, 584, Unadjusted. .58, 156, 246, 346, 444, 568, 702, 804, 942, 1055, 1191, 1284 672, 780, 920, 1034, 1173, 1266 Foreign exchange rates . 83, 183, 275, 375, 487, Shoe production, Discussion of 194 597, 715, 817, 955, 1069, 1204, 1297 Wholesale price index. .66, 164, 254, 354, 453, Gold movements to and from U.S.. . 40, 138, 228 577, 681, 789, 929, 1043, 1182, 1275 Wholesale price indexes 84, 184, 276, 376, 488, Leedy, H. G. ... 865 598, 716, 818, 956, 1070, 1205, 1298 Legal standpoint: Jackson, Frank D. 517 Affiliate relationships. (Ruling.) . . 399 Japan: Analysis of restrictions in State laws on Bank of: payment of dividends by banks and trust Condition ...79, 179, 271, 371, 483, 593, companies 733 711, 812, 950, 1064, 1199, 1292 Assignment of Claims Act: Discount rate . .81, 181, 273, 373, 485, 595, Limitations on acquisition by member 713, 815, 953, 1067, 1202, 1295 banks . . . 294 Procedure under 20 Gold reserves . . .70, 170, 262, 362, 474, 584, Economic Defense Board established . 851 702, 804, 942, 1055, 1191, 1284 Foreign exchange rates 83, 183, 275, 375, Federal Reserve notes, Direct obligations of 487, 597, 715, 817, 955, 1069, 1204, 1297 U.S. as collateral for . . 850 Gold movements to and from U.S. 40, 138, Foreign accounts in Federal Reserve Banks 228, 328, 426, 550, 652, 760, 900, and insured banks, Act relating to 396 1014, 1153, 1246 Foreign funds control . 20, 208, 294, 400, 513, Wholesale price indexes 84, 184, 276, 376, 623, 740, 853, 987, 1094, 1218 488, 598, 716, 818, 956, 1070, Foreign property transfers in U.S.. .400, 618, 1205, 1298 740, 852 Java: Gold Reserve Act of 1934, amended 851 Bank of: Interlocking directorates. (Ruling.) 399 Condition. .79, 179, 271, 371, 483, 593, Lend-Lease Act 397 711, 812, 950, 1064, 1199, 1292 Neutrality Act of 1939, Financial transac- Discount rate . . .81, 181, 273, 373, 485, 595, tions under 400, 511 713, 815, 953, 1067, 1202, 1295 Proclamation authorizing list of certain Gold reserves 70, 170, 262, 362, 474, blocked nationals and controlling certain 584, 702, 804, 942, 1055, 1191, 1284 exports . . 739 Koppang, H. O 865 Regulation D. Reserve requirements: Land Bank Commissioner loans. (See Federal Supplement increasing 974 land banks and Land Bank Commissioner: Regulation F. Trust powers of national Loans outstanding.) banks: Latvia: Ruling 618 Bank of: Regulation O. Executive officers of national Condition. 79, 179, 271, 371, 483, 593, 711, banks: 813, 951 Ruling . . . . . . 1087 Discount rate 81, 181, 273, 373, 485. Regulation T. Margin requirements for 595, 713, 815, 953, 1067, 1202, 1295 brokers: Lawful money, Definition of 630 Ruling 849 1320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Legal standpoint—Continued. Loans—Continued. Regulation U. Margin requirements for Total: banks: Reporting member banks: Amendment ... . 104, 208 All banks, N. Y. C. and outside Regulation W. Consumer credit: N. Y. C 44,142, 232, 332, 430, 554, Amendments: 656, 764, 904, 1018, 1157, 1250 Discussion of. 1084 By districts and for Chicago. . .46, 144, Text of 974, 1087 234, 334, 432, 556, 658, 766, 906, 1020, Interpretations 846, 974, 1090, 1217 1159, 1252 President's executive order authorizing 837 Loans and investments: Text of 839-845, 974, 1087 All banks in U. S., call dates: SEC rules concerning hypothecation of cus- Dec. 31, 1940. .462-466 tomers' securities by brokers and deal- Apr. 4, 1941. . ... 794-798 ers . . 105, 208 June 30, 1941. .1049-1053 Waiver of performance and payment bonds Chart of 830 on supply contracts under National De- Monthly table. . . .41, 139, 229, 329, 427, 551, fense program 511 653, 761, 901, 1015, 1154, 1247 Lend-Lease program: Insured commercial banks: Act .... 397 Dec. 31, 1940 . 458 Appropriations .391, 398 June 30, 1941. .1047 Discussion of .387-395 Member banks: All banks, call dates: Lending power: Dec. 31, 1940. 258 "Federal Reserve Bank Lending Power not Apr. 4, 1941. 581 Dependent on Member Bank Reserve Bal- June 30, 1941. . 939 ances" 112 Sept. 24, 1941 1280 Liabilities. (See Condition statements.) Monthly table . . .42, 140, 230, 330, 428, Lithuania: 552, 654, 762, 902, 1016, 1155, 1248 Bank of: Selected dates, 1936-1941 582, 1279 Condition. .80, 180, 272, 372, 484, 594, Charts 27, 283, 315, 414, 537 712, 814, 952, 1065 Reporting banks: Discount rate 81, 181, 273, 373, 485, 595, All banks, N. Y. C. and outside 713, 815, 953, 1067, 1202, 1295 N. Y. C 44, 142, 232, 332, 430, Livestock: 554, 656, 764, 904, 1018, 1157, 1250 Discussion of prices. ... . 206 By districts and for Chicago 46, 144, Freight-car loadings indexes: 234, 334, 432, 556, 658, 766, 906, 1020, 1919-1941, revised indexes 529-533 1159, 1252 Monthly table . . .65, 163, 253, 353, 451, 575, Mutual savings banks: 679, 787, 927, 1041, 1180, 1273 Dec. 31, 1940. 466 Wholesale price index 66, 164, 254, 354, 453, Apr. 4, 1941. . 798 577, 681, 789, 929, 1043, 1182, 1275 June 30, 1941 .1053 Lloyd, Walter H., Jr.. . . 517 National member banks: Loans: Dec. 31, 1940. 464 Agricultural. (See Commercial, industrial Apr. 4, 1941 796 and agricultural loans.) June 30, 1941 .1051 Brokers'. (See Brokers and dealers in se- Private banks: curities: Loans to.) Dec. 31, 1940 466 Commercial. (See Commercial, industrial Apr. 4, 1941. . 798 and agricultural loans.) June 30, 1941 1053 Defense loans: State banks: "Bank Lending For Defense" .866-874 Dec. 31, 1940 465 Commercial banks . 284 Apr. 4, 1941 797 Discussion of 831 June 30, 1941. .1052 "National Defense Loans", A.B.A. bul- Longstreet, Victor: letin . . 24 "Bank Lending For Defense" 866-874 Reporting member banks: Lumber and lumber products: Discussion of 505 Factory employment index: Table, April 30, 1941 538 Adjusted. .60, 158, 248, 348, 446, 570, 674, 782, 922, 1036, 1175, 1268 Discussion of increase in 829-831, 1082 Unadjusted. . 62, 160, 250, 350, 448, 572, Industrial. (See Commercial, industrial and 676, 784, 924, 1038, 1177, 1270 agricultural loans; Industrial advances Factory payrolls index 62, 160, 250, 350, 448, of Federal Reserve Banks.) 572, 676, 784, 924, 1038, 1177, 1270 Instalment loans of insured banks: Hours and earnings . 63, 161, 251, 351, 449, Dec. 31, 1940 figures. 360 573, 677, 785, 925, 1039, 1178, 1271 Discussion of 289 Production index: Member banks: Adjusted. 56, 154. 244, 344, 442, 566, 670, Branches, June 30, 1940 882-885 778, 918, 1032, 1171, 1264 Real estate. (See Real estate: Loans.) Unadjusted 58, 156, 246, 346, 444, 568, Security. (See Securities: Loans on.) 672, 780, 920, 1034, 1173, 1266 DECEMBER 1941 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Lumber and lumber products—Continued. Maturities: Wholesale price index 66, 164, 254, 354, 453, Bills held by Federal Reserve Banks. (See 577, 681, 789, 929, 1043, 1182, 1275 Bills: Federal Reserve Bank holdings.) Machinery: Public debt. (See Treasury finance: Public Discussion of activity in machine industries 193 debt.) Factory employment index: United States Government securities held by Adjusted. . 60, 158, 248, 348, 446, 570, 674, Reserve Banks. (See United States Gov- 782, 922, 1036, 1175, 1268 ernment securities: Federal Reserve Bank Unadjusted 62, 160, 250, 350, 448, 572, holdings.) 676, 784, 924, 1038, 1177, 1270 Meatpacking industry. Discussion of activity of 195 Factory payrolls index 62, 160, 250, 350, 448, Member bank reserves, Reserve Bank credit, and 572, 676, 784, 924, 1038, 1177, 1270 related items: Hours and earnings 63, 161, 251, 351, 449, Monthly table 31, 129, 219, 319, 417, 541, 643, 573, 677, 785, 925, 1039, 1178, 1271 751, 891, 1005, 1144, 1237 Production index: Member banks: Adjusted. .56, 154, 244, 344, 442, 566, 670, Bills discounted for. (See Bills: Discounted 778, 918, 1032, 1171, 1264 by Federal Reserve Banks.) Unadjusted. .58, 156, 246, 444, 568, 672, Borrowings at Federal Reserve Banks. (See 780, 920, 1034, 1173, 1266 Borrowings.) McLarin, W. S., Jr.. 517 Branches: Manufactures: 1933-1941 167, 457, 938, 1281 Chart of manufacturers' orders, shipments, Dec. 31, 1940, by States. 461 and inventories. .190, 967, 1213 1940 changes ... 167 Discussion of prices. . . . .203-205 Jan.-Sept. 1941 changes 457, 938, 1281 Employment: Condition of. (See Condition statements.) Index of factory employment: Deposits. (See Deposits.) Adjusted 60, 158, 248, 348, 446, 570, Earnings and expenses: 674, 782, 922, 1036, 1175, 1268 1927-1940, calendar years. 412 Unadjusted 62, 160, 250, 350, 448, 1940: 572, 676, 784, 924, 1038, 1177, 1270 By classes of banks 467 Nonagricultural: By Federal Reserve districts. . 468-470 1929-1941, adjusted estimates. . 534-535 By size of bank. . . . .799-801 Monthly table. . . .61, 159, 249, 349, 447, Discussion of . 412, 632 571, 675, 783, 923, 1037, 1176, 1269 Operating ratios. . . .471, 472, 685-699 Hours and earnings 63, 161, 251, 351, 449, Revised form of publication 412 573, 677, 785, 925, 1039, 1178, 1271 Jan.-June, 1941 1106,1186 Inventories during and after the World Development and use of statements of .1230 War .... 613-617 Loans and investments. (See Loans and Payrolls index 62, 160, 250, 350, 448, 572, investments.) 676, 784, 924, 1038, 1177, 1270 National banks. (See National member Production index: banks.) Adjusted: Number of: By industries, monthly figures. .56, 154, 1933-1941 167, 457, 938, 1281 244, 344, 442, 566, 670, 778, 918, 1032, Dec. 31, 1940, by States. 460 1171, 1264 1940 changes ... 167 Durable and nondurable: Jan.-Sept. 1941 changes 457, 938, 1281 Yearly and monthly figures ... 55, Monthly table . . .41, 139, 229, 329, 427, 551, 153, 243, 343, 441, 565, 669, 777, 653, 761, 901, 1015, 1154, 1247 917, 1031, 1170, 1263 Operating branches: Revised index 935 Dec. 31, 1940. . . 460 Unadjusted: Reserves. (See Reserves.) By industries, monthly figures. .58, 156, State banks. (See State member banks.) 246, 346, 444, 568, 672, 780, 920, 1034, Suspensions. (See Banks: Suspensions.) 1173, 1266 Merchandise: Revised index 935 Exports and imports . . 65, 163, 253, 353, 451, Total, yearly and monthly figures. . 55, 575, 679, 787, 927, 1041, 1180, 1273 153, 243, 343, 441, 565, 669, 777, 917, Freight-car loadings indexes: 1031, 1170, 1263 1919-1941, revised indexes 529-533 Margin account statistics 48, 146, 236, 336, 434, Monthly table . 65, 163, 253, 353, 451, 575, 558, 660, 768, 908, 1022, 1161, 1254 679, 787, 927, 1041, 1180, 1273 Margin requirements: Metals and metal products: Banks. Regulation U: Chart of metal prices. 201 Amendments . . 104, 208 Chart of output 726 Brokers and dealers in securities. Regula- Discussion of output and prices. 192, 201, 725 tion T: Production index: Broker borrowing from nonmember Adjusted: bank. (Ruling.) 849 Iron ore shipments index, revised . 933 Table. .32, 130, 220, 320, 418, 542, 644, 752, Monthly table. .56, 154, 244, 344, 442, 892, 1006, 1145, 1238 566, 670, 778, 918, 1032, 1171, 1264 Materials, Discussion of shortages. 967 Revised index 933 1322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Metals and metal products—Continued. Mortgages, Insured FHA: Production index—Continued. By classes of institutions holding. . .916, 1030, Unadjusted 58, 156, 246, 346, 444, 568, 1169, 1262 672, 780, 920, 1034, 1173, 1266 Musgrave, Richard A.. . footnote 866 Wholesale price indexes 66, 164, 254, 354, Mutual savings banks: 453, 577, 681, 789, 929, 1043, 1182, 1275 Assets and liabilities: Metals Reserve Company. . . 301 Dec. 31, 1940 .466 Mexico: Apr. 4, 1941 . . 798 Bank of: June 30, 1941.. . .1053 Discount rate 81, 181, 273, 373, 485, 595, Branches: 713, 815, 953, 1067, 1202, 1295 1933-1941 167, 457, 938, 1281 Gold reserves 70, 170, 262, 362, 474, 584, Dec. 31, 1940, by States 461 702, 804, 942, 1055, 1191, 1284 1940 changes 167 Foreign exchange rates 83, 183, 275, 375, 487, Jan.-Sept. 1941 changes 457, 938, 1281 597, 715, 817, 955, 1069, 1204, 1297 Deposits. .41, 139, 229, 329, 427, 551, 653, 761, Gold movements to and from U. S.. .40, 138, 228, 901, 1015, 1154, 1247 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 Government securities owned by. .664, 772, 912, Gold production 71, 171, 263, 363, 475, 585, 1026, 1165, 1258 703, 805, 943, 1056, 1192, 1285 Insured home mortgages held 916, 1030, Military and naval forces: 1169, 1262 Number in: Loans and investments. . . .41, 139, 229, 329, 427, 1929-1941, adjusted estimates 534-535 551, 653, 761, 901, 1015, 1154, 1247 Monthly table. . . .61, 159, 249, 349, 447, 571, Number of: 675, 783, 923, 1037, 1176, 1269 1933-1941 167, 457, 938, 1281 "Miller Act" 511 Dec. 31, 1940, by States 460 Minerals: 1940 changes 167 Employees: Jan.-Sept. 1941 changes 457, 938, 1281 1929-1941, adjusted estimates 534-535 Dec. 31, 1940 466 Monthly table. . . .61, 159, 249, 349, 447, 571, Apr. 4, 1941. . 798 675, 783, 923, 1037, 1176, 1269 June 30, 1941 1053 Production index: Monthly table. . . .41, 139, 229, 329, 427, 551, Adjusted: 653, 761, 901, 1015, 1154, 1247 By kinds, monthly figures. .56, 154, 244, Operating branches: 344, 442, 566, 670, 778, 918, 1032, Dec. 31, 1940. . 460 1171, 1264 National bank notes: Points in total index. .1086, 1187-1189 Circulation. .39, 137, 227, 327, 425, 549, 651, Revised index . . 933 759, 899, 1013, 1152, 1245 Seasonal adjustment factors for National Defense Corporations: * 1941 937 Assets and liabilities. . 341, 439, 563, 666 t 774, Total, monthly figures 55, 153, 243, 914, 1028, 1167, 1260 343, 441, 565, 669, 777, 917, 1031 National income. (See Income.) 1170, 1263 National Industrial Conference Board: Address of Marriner S. Eccles before. . . .12-19 Unadjusted: National member banks: By kinds, monthly figures. . 58, 156, 246, Branches: 346, 444, 568, 672, 780, 920, 1034, 1933-1941 167, 457, 938, 1281 1173, 1266 Dec. 31, 1940, by States. 461 Monetary gold stock. (See Gold: Stock, Mone- 1940 changes 167 tary in U. S.) Jan.-Sept., 1941 changes 457, 938, 1281 Monetary legislation. (See Banking and finan- Classification of loans, investments, real cial legislation.) estate and capital: Money, Definition of lawful. 630 Dec. 31, 1940. 259 Money in circulation: June 30, 1941. . 940 Charts .30, 128, 218, 288, 318, 416, 540, 642, Condition, call dates: 747, 750, 1004, 1142, 1236 Dec. 31, 1940. 258 Discussion of 288, 833, 835 Apr. 4, 1941. 581 Kinds of. .39, 137, 227, 327, 425, 549, 651, 759, June 30, 1941. . 939 899, 1013, 1152, 1245 Sept. 24, 1941 1280 "Money in Circulation" 114 Deposits. .41, 139, 229, 329, 427, 551, 653, 761, Total. .31, 129, 219, 319, 417, 541, 643, 751, 901, 1015, 1154, 1247 891, 1005, 1144, 1237 Earnings and expenses: Money rates: 1940 .467, 471, 800 Charts 125, 216, 315, 640, 1002, 1233 Jan.-June, 1941 .1106, 1186 Commercial loan rates. .49, 147, 237, 337, 435, Group banks, Dec. 31, 1940. 459 559, 661, 769, 909, 1023, 1162, 1255 Number of: Foreign countries. . .81, 181, 273, 373, 485, 595, 1933-1941 167, 457, 938, 1281 713, 815, 953, 1067, 1202, 1295 Dec. 31, 1940, by States. ... . . 460 Open market, in N. Y. C 49, 147, 237, 337, 1940 changes 167 435, 559, 661, 769, 909, 1023, 1162, 1255 Jan.-Sept., 1941 changes. .457, 938, 1281 DECEMBER 1941 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page National member banks—Continued. Nondurable goods: Number of—Continued. Discussion of output. . . . 194 Call dates: Factory employment index: Dec. 31, 1940. 464 Adjusted: Apr. 4, 1941. . .796 Monthly table. . .60, 158, 248, 348, 446, June 30, 1941 1051 570, 674, 782, 922, 1036, 1175, 1268 Monthly table 41, 139, 229, 329, 427, Revised index 166 551, 653, 761, 901, 1015, 1154, 1247 Unadjusted: Operating branches: Monthly table. . . .62, 160, 250, 350, 448, Dec. 31,1940, by States. 460 572, 676, 784, 924, 1038, 1177, 1270 Operating ratios: Revised index 166 1940 471 Factory payrolls index: Jan.-June, 1941 1186 Monthly table 62, 160, 250, 350, 448, 572, Suspensions. .40, 138, 228, 328, 426, 550, 652, 676, 784, 924, 1038, 1177, 1270 760, 900, 1014, 1153, 1246 Revised index 166 Trust powers. (See Trust powers of na- Hours and earnings 63, 161, 251, 351, 449, tional banks.) 573, 677, 785, 925, 1039, 1178, 1271 National Retail Furniture Association: Production index: Alfred H. Williams' address before. 993-998 Adjusted: National summary of business conditions... 26, 124, Monthly table 56, 154, 244, 344, 442, 215, 314, 413, 536, 639, 746, 886, 1001, 1140, 1232 566, 670, 778, 918, 1032, 1171, 1264 National Tax Association: Points in total index. .1086, 1187-1189 Address of Marriner S. Eccles before. 1098-1103 Revised indexes 779, 934 Naval and military forces: Seasonal adjustment factors for Number in: 1941 937 1929-1941, adjusted estimates 534-535 Yearly and monthly figures.... 55, 153, Monthly table. . . .61, 159, 249, 349, 447, 571, 243, 343, 441, 565, 669, 777, 917, 1031, 675, 783, 923, 1037, 1176, 1269 1170, 1263 Netherlands: Unadjusted: Bank of: Monthly table. . . .58, 156, 246, 346, 444, Condition 80, 180, 272, 372, 484, 594, 712, 568, 672, 780, 920, 1034, 1173, 1266 812, 950, 1064, 1199, 1292 Revised indexes 781 Discount rate: Nonf errous metals: Change in 815 Factory employment index: Monthly table. . .81, 181, 273, 373, 485, Adjusted: 595, 713, 815, 953, 1067, 1202, 1295 Aluminum factories index, revised 569 Gold reserves ... 70, 170, 262, 362, 474, 584, Monthly table 60, 158, 248, 348, 446, 702, 804, 942, 1055, 1191, 1284 570, 674, 782, 922, 1036, 1175, 1268 Cost of living index 85, 185, 277, 377, 489, Unadjusted: 599, 717, 819, 957, 1071, 1206, 1299 Aluminum factories index, revised 569 Foreign exchange rates 83, 183, 275, 375, 487, Monthly table 62, 160, 250, 350, 448, 597, 715, 817, 955, 1069, 1204, 1297 572, 676, 784, 924, 1038, 1177, 1270 Gold movements to and from U. S.. .40, 138, 228 Factory payrolls index: Open maket rates . . .81, 181, 273, 373, 485, 595, Aluminum factories index, revised. . 569 713, 815, 953, 1067, 1202, 1295 Monthly table 62, 160, 250, 350, 448, 572, Retail food price index. .85, 185, 277, 377, 489, 676, 784, 924, 1038, 1177, 1270 599, 717, 819, 957, 1071, 1206, 1299 Hours and earnings 63, 161, 251, 351, 449, Security prices. . . 85, 185, 277, 377, 489, 599, 573, 677, 785, 925, 1039, 1178, 1271 717, 819, 957, 1071, 1206, 1299 Production indexes: Wholesale price indexes 84, 184, 276, 376, Adjusted: 488, 598, 716, 818, 956, 1070, 1205, 1298 Monthly table 56, 154, 244, 344, 442, Netherlands Indies: 566, 670, 778, 918, 1032, 1171, 1264 Gold movements to and from U. S. . . 40, 138, Revised indexes 933 228, 328, 426, 550, 652, 760, 900, 1014, Tin consumption, new index. 933 1153, 1246 Unadjusted: Neutrality Act of 1939: Monthly table 58, 156, 246, 346, 444, Financial transactions under. .400, 511 568, 672, 780, 920, 1034, 1173, 1266 New Zealand: Revised indexes . . . 933 Foreign exchange rates 83, 183, 275, 375, 487, Tin consumption, new index 933 597, 715, 817, 955, 1069, 1204, 1297 Wholesale price index. .66, 164, 254, 354, 453, Gold movements to and from U. S 328, 426, 577, 681, 789, 929, 1043, 1182, 1275 550, 652, 760, 900, 1014, 1153, 1246 Reserve Bank of: Nonmember banks : Condition. .80, 180, 272, 372, 484, 594, 712, Branches: 812, 950, 1064, 1199, 1292 1933-1941. 167, 457, 938, 1281 Discount rate . 81, 181, 273, 373, 484, 595, 1940 changes ... 167 713, 815, 953, 1067, 1202, 1295 Jan.-Sept., 1941 changes 457, 938, 1281 Gold reserves. . .70, 170, 262, 362, 474, 584, Deposits .41, 139, 229, 329, 427, 551, 653, 761, 702, 804, 942, 1055, 1191, 1284 901, 1015, 1154, 1247 1324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Nonmember banks—Continued. Open market paper—Continued. Deposits of, held by Federal Reserve banks 31, Member bank holdings—Continued. 129, 219, 319, 417, 541, 643, 751, 891, 1005, All banks, call dates—Continued. 1144, 1237 June 30, 1941 940 Group banks, Dec. 31, 1940. 459 Monthly table 42, 140, 230, 330, 428, Insured: 552, 654, 762, 902, 1016, 1155, 1248 Assets and liabilities: Reporting banks: Dec. 31, 1940. . 458 All banks, N. Y. C. and outside June 30, 1941. .1047 N. Y. C 44, 142, 232, 332, 430, Branches: 554, 656, 764, 904, 1018, 1157, 1250 1933-1941 167, 457, 938, 1281 By districts and for Chicago.... 46, 144, Dec. 31, 1940, by States. 461 234, 334, 432, 556, 658, 766, 906, 1020, 1940 changes 167 Operating ratios of member banks: ' Jan.-Sept. 1941 changes. .457, 938, 1281 1940: Number of: By classes and districts 471, 472 1933-1941.... 167, 457, 938 By districts, by size of bank, by ratio Dec. 31, 1940. .458, 460 of time to total deposits. .685-699 June 30, 1941. .1047 Discussion of ... 632 1940 changes 167 Jan.-June, 1941 1186 Jan.-Sept. 1941 changes. .457, 938 Ore: Operating branches: Freight-car loadings indexes: Dec. 31, 1940 460 1919-1941, revised indexes 529-533 Suspensions 40, 138, 228, 328, 426, 550, Monthly table . . .65, 163, 253, 353, 451, 575, 652, 760, 900, 1014, 1153, 1246 679, 787, 927, 1041, 1180, 1273 Loans and investments 41, 139, 229, 329, 427, Paper and printing: 551, 653, 761, 901, 1015, 1154, 1247 Hours and earnings 63, 161, 251, 351, 449, Number of. .41, 139, 229, 329, 427, 551, 653, 573, 677, 785, 925, 1039, 1178, 1271 761, 901, 1015, 1154, 1247 Paper and products: Uninsured: Factory employment index: Branches: Adjusted. .60, 158, 248, 348, 446, 570, 674, 1933-1941 167, 457, 938, 1281 782, 922, 1036, 1175, 1268 Dec. 31,1940, by States 461 Unadjusted ... 62, 160, 250, 350, 448, 572, 1940 changes .... 167 676, 784, 924, 1038, 1177, 1270 Jan.-Sept. 1941 changes. .457, 938, 1281 Factory payrolls index ... 62, 160, 250, 350, 448, Number of: 572, 676, 784, 924, 1038, 1177, 1270 1933-1941 .... .167, 457, 938 Production index: Dec. 31, 1940. 460 Adjusted. .56, 154, 244, 344, 442, 566, 670, 1940 changes 167 778, 918, 1032, 1171, 1264 Jan.-Sept. 1941 changes. .457, 938 Unadjusted. . . .58, 156, 246, 346, 444, 568, Operating branches: 672, 780, 920, 1034, 1173, 1266 Dec. 31, 1940, by States 460 Wholesale price index. . . 66, 164, 254, 354, 453, Suspensions 40, 138, 228, 328, 426, 550, 577, 681, 789, 929, 1043, 1182, 1275 652, 760, 900, 1014, 1153, 1246 Paper currency: Norway: Circulation. .39, 137, 227, 327, 425, 549, 651, Bank of: 759, 899, 1013, 1152, 1245 Condition. . .80, 180, 272, 372, 484, 594, Shipments and receipts . . .39, 137, 227, 327, 425, 712, 812, 950, 1064, 1199, 1292 549, 651, 759, 899, 1013, 1152, 1245 Discount rate .81, 181, 273, 373, 485, 595, Parker, Robert S., Death of. 310 713, 815, 953, 1067, 1202, 1295 Paul, Randolph E.. 631 Gold reserves .70, 170, 262, 362, 474, 584, Payrolls, Factory: 702, 804, 942, 1055, 1191, 1284 Chart of 724 Foreign exchange rates. ... 83, 183, 275, 375, 487, Indexes: 597, 715, 817, 955, 1069, 1204, 1297 By industries, monthly figures 62, 160, Gold movements to and from U. S.. .40, 138, 228 250, 350, 448, 572, 676, 784, 924, 1038, Number of banks. (See Banks: Number of.) 1177, 1270 Oats crop report. .68, 792, 932, 1046, 1185, 1278 Revised indexes .... 166 Obligations fully guaranteed by the U. S. (See Total, yearly and monthly figures. . 55, 153, Treasury finance: Guaranteed obligations.) 243, 343, 441, 565, 669, 777, 917, 1031, Oceania, British: Gold movements to and from U. S.. . . . 328, 426, Persia. (See Iran.) 1170' 1263 550, 652, 760, 900, 1014, 1153, 1246 Peru: Officers and employees of member banks, 1940 Central Reserve Bank of: 467-470, 799-801 Condition. .80, 180, 272, 372, 484, 594, 712, Open Market Committee. ' (See Federal Open 812, 950, 1064, 1199, 1292 Market Committee.) Discount rate 81, 181, 273, 373, 485, Open market operations, Discussion of. .92, 612 595, 713, 815, 953, 1067, 1202, 1295 Open market paper: Gold reserves 70, 170, 262, 362, 474, Member bank holdings: 584, 702, 804, 942, 1055, 1191, 1284 All banks, call dates: Gold movements to and from U. S.. .40, 138, 228, Dec. 31, 1940. 259 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 DECEMBER 1941 1325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page : Page Petroleum and coal products: Potato crop reports 68, 792, 932, 1046, 1185, 1278 Factory employment index: President of United States: Adjusted 60, 158, 248, 348, 446, 570, Executive orders: 674, 782, 922, 1036, 1175, 1268 Consumer credit regulation 825, 837 Unadjusted 62, 160, 250, 340, 448, Economic Defense Board established. 851 572, 676, 784, 924, 1038, 1177, 1270 Foreign property transfers 618 Factory payrolls index 62, 160, 250, 350, Letter to chairman of Maritime Commis- 448, 572, 676, 784, 924, 1038, 1177, 1270 sion . . 395 Hours and earnings 63, 161, 251, 351, 449, Proclamation authorizing list of certain 573, 677, 785, 925, 1039, 1178, 1271 blocked nationals and controlling certain Production index: exports 739 Adjusted: Prices: Monthly table ... 56, 154, 244, 344, 442, Agricultural: 566, 670, 778, 918, 1032, 1171, 1264 Chart of ... 971 Revised indexes 779, 934 Discussion of . . .... 970 Unadjusted: "Commodity Prices" . . 197-207 Monthly table .... 58, 156, 246, 346, 444, Discussion of recent price movements 1211-1215 568, 672, 780, 920, 1034, 1173, 1266 Federal action on prices, Discussion of. . . . 498, Revised indexes 781 727, 969 Wholesale price index 66 164, 254, 354, 453, Retail food: 577, 681, 789, 92 f 9, 1043, 1182, 1275 Discussion of . . .498, 727, 965, 1212, Philippine Islands: 1214, 1233 Banks in 1226, 1227 Index, principal countries. . 85, 185, 277, 377, Gold movements to and from U. S 40, 138, 489, 599, 717, 819, 957, 1071, 1206, 1299 228, 328, 426, 550, 652, 760, 900, 1014, 1153, Wholesale commodity: 1246 Charts 197, 199, 200, 216, 314, 413, 497, Poland: 498, 536, 639, 723, 727, 746, 964, 970, Bank of: 1002, 1140, 1212 Gold reserves 70, 170, 262, 362, 474, "Commodity Prices" 197-207 584, 702, 804, 942, 1055, 1191, 1284 Discussion of . 189, 497, 727, 965, 969, 1212 Foreign exchange rates . . .83, 183, 275, 375, Indexes: 487, 597, 715, 817, 955, 1069, 1204, 1297 Principal countries... 84, 184, 276, 376, Portugal: 488, 598, 716, 818, 956, 1070, 1205, Bank of: 1298 Condition 80, 180, 272, 372, 484, 594, United States: 712, 812, 950, 1064, 1199, 1292 All commodities... 55,153, 243, 343, Discount rate: 441, 565, 669, 777, 917, 1031, Changes in 273, 373 1170, 1263 Monthly table . . .81, 181, 273, 373, 485, Groups of commodities. .66, 164, 595, 713, 815, 953, 1067, 1202, 1295 254, 354, 453, 577, 681, 789, 929, Gold reserves 70, 170, 262, 362, 474, 1043, 1182, 1275 584, 702, 804, 942, 1055, 1191, 1284 National summary: . .27, 125, 216, 315, 414, Foreign exchange rates . . .83, 182, 275, 375, 487, 537, 640, 747, 887, 1002, 1141, 1233 597, 715, 817, 955, 1069, 1204, 1297 Printing and publishing: Gold movements to and from U. S. . . .40, 138, Factory employment index: 228, 328, 426, 550, 652, 760, 900, 1014, 1153, Adjusted. .60, 158, 248, 348, 446, 570, 674, 1246 782, 922, 1036, 1175, 1268 Postal savings deposits: Unadjusted. .62, 160, 250, 350, 448, 572, 676, 784, 924, 1038, 1177, 1270 Interest rate on, paid by member banks 32, Factory payrolls index .62, 160, 250, 350, 448, 130, 220, 320, 418, 542, 644, 752, 892, 1006, 572, 676, 784, 924, 1038, 1177, 1270 1145, 1238 Production index Member bank holdings: Adjusted. .56, 154, 244, 344, 442, 566, 670, All banks, call dates: 778, 918, 1032, 1171, 1264 Dec. 31, 1940 . .258 Unadjusted. .58, 156, 246, 346, 444, 568, 672, Apr. 4, 1941. . 581 780, 920, 1034, 1173, 1266 June 30, 1941 . 939 Private banks: Sept. 24, 1941 1280 Assets and liabilities: Monthly table . .43, 141, 231, 331, 429, Dec. 31, 1940 . . . 466 553, 655, 763, 903, 1017, 1156, 1249 Apr. 4, 1941 . . . 798 Selected dates, 1936-1941. .582, 1279 June 30, 1941.. .1053 Reporting banks: Branches: All banks, N. Y. C. and outside 1933-1941 167, 457, 938, 1281 N. Y. C. .45, 143, 233, 333, 431, 555, Dec. 31, 1940, by States. 461 657, 765, 905, 1019, 1158, 1251 1940 changes ... 167 By districts and for Chicago 46, 144, Jan.-Sept. 1941 changes. .457, 938, 1281 234, 334, 432, 556, 658, 766, 906, 1020, Number of: 1159, 1252 1933-1941 .. .167, 457, 938, 1281 Postal Savings system. . 54, 152, 242, 342, 440, 564, Dec. 31, 1940 466 668, 776, 916, 1030, 1169, 1262 Dec. 31, 1940, by States. 460 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Private banks—Continued. Railroads: Number of—Continued. Revenues, expenses, and income of Class I Apr. 4, 1941 .798 railroads. .451, 575, 679, 787, 927, 1041, June 30, 1941. . . . .1053 1180, 1273 1940 changes .... 167 Real estate: Jan.-Sept. 1941 changes 457, 938, 1281 Loans on, by member banks: Operating branches, Dec. 31, 1940, by States 460 All banks, call dates: Production, Industrial: Dec. 31, 1940. . 259 Charts. .26, 124, 192, 215, 314, 413, 536, 639, June 30, 1941 940 725, 746, 964, 1001, 1140, 1232 Monthly table. . .42, 140, 230, 330, 428, Discussion of. .28, 190, 192-194, 499-501, 552, 654, 762, 902, 1016, 1155, 1248 725, 965, 1211 Reporting banks: Indexes: All banks, N. Y. C. and outside Adjusted: N. Y. C. .44, 1.42, 232, 332, 430, By industries, monthly figures. . 56, 154, 554, 656, 764, 904, 1018, 1157, 1250 244, 344, 442, 566, 670, 778, 918, 1032, By districts and for Chicago . . 46, 1171, 1264 144, 234, 334, 432, 556, 658, 766, 906, December and year 1940 28 1020, 1159, 1252 Major divisions as points in total Member bank holdings: index ... . . 1086, 1187-1189 Dec. 31, 1940 . 259 Revised indexes. . . 155, 779, 933-937 June 30, 1941. . 9 40 Seasonal adjustment factors for Receipts, U. S. Treasury. (See Treasury fi- 1941 937 nance: Receipts.) Total, monthly figures... 55, 153, 243, Reconstruction Finance Corporation: 343, 441, 565, 669, 777, 917, 1031, Assets and liabilities: 1170, 1263 Combined with PWA figures. . 53, 151, 241, National summary. . .26, 124, 215, 314, 413, 341, 439, 563 536, 639, 746, 886, 1001, 1140, 1232 Monthly table. 666 f 774, 914, 1028, Revision of index: 1167, 1260 Discussion of changes 878-881 Guaranteed obligations: Revised indexes 155, 779, 933-937 Maturities. .664, 772, 912, 1026, 1165, 1258 Unadjusted: Outstanding .. 51, 149, 239, 339, 437, 561, By industries, monthly figures... 58, 663, 771, 911, 1025, 1164, 1257 156, 246, 346, 444, 568, 672, 780, 920, Loans and investments . .53, 151, 241, 341, 439, 1034, 1173, 1266 563, 667, 775, 915, 1029, 1168, 1261 Revised indexes... .157, 781, 933-937 Loans to Britain, Discussion of. .386, 1223 Total, yearly and monthly figures 55, Mortgage Company: 153, 243, 343, 441, 565, 669, 777, 917, Assets and liabilities. .Q66 f 774, 914, 1028, 1031, 1170, 1263 1167, 1260 Production, Manufacturing. (See Manufactures, Loans outstanding . 916, 1030, 1169, 1262 Production.) Summary of operations, 1940 . . 302-303 National Defense Corporations. . 297, 301-302 Production credit corporations: Summary of operations, 1940 ... .297-307 Assets and liabilities. .666, 774, 914, 1028, Regional agricultural credit corporations: 1167, 1260 Assets and liabilities. 666 774, 914, 1028, Loans outstanding. . .54, 152, 242, 342, 440, 564, f 1167, 1260 667, 775, 915, 1029, 1168, 1261 Regional business consultants. 744 Profit and loss: Regulations of Board of Governors: Member banks: Regulation D. Reserve requirements: 1927-1940, calendar years 412 Supplement increasing: 1940 .467-470, 799-801 Discussion of . 963, 1083 Jan.-June, 1941 .1186 Text of 974 Profits, Corporation: Regulation F. Trust powers of national Chart of . . 191 banks: Discussion of . . 191, 724, 1216 Ruling 618 Public debt, U. S. Government. (See Treasury Regulation O. Executive officers of national finance: Public debt.) banks: Public utilities and transportation: Ruling 1087 Employees: Regulation T. Margin requirements for 1929-1941, adjusted estimates 534-535 brokers: Monthly table . .61, 159, 249, 349, 447, 571, Ruling 849 675, 783, 923, 1037, 1176, 1269 Regulation U. Margin requirements for Public Works Administration: banks: Assets and liabilities: Amendments . 104, 208 Combined with RFC figures .53, 151, 241, Regulation W. Consumer credit: 341, 439, 563 Amendments: Monthly table 6G6 f 114, 914, 1028, Discussion of 1084 1167, 1260 Text of . . 974, 1087 Summary of operations, 1940. ...297-301 Board's statement on . . . . 825, 839 Puerto Rico, Banks in. .1226, 1228 Correspondence of Board on. 862 DECEMBER 1941 1327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Regulations of Board of Governors—Continued. Reserves—Continued. Regulation W. Consumer credit—Continued. Member banks—Continued. Discussion of 825-828 Excess—Continued. Interpretations of. .846, 974, 1090, 1217 End of month and Wednesday fig- President's executive order authorizing 837 ures. . .31, 129, 219, 319, 417, 541, Purpose of . . . 825 643, 751, 891, 1005, 1144, 1237 Scope and nature of .... 826 Special Report to Congress recom- Text of 839-845 mendations on 1-2 Reserve Bank credit. (See Credit, Bank.) Factors influencing 10, 834 Reserve city member banks: "Federal Reserve Bank Lending Power Classification of loans, investments, real not Dependent on Member Bank Reestate and capital: serve Balances" 112 Dec. 31, 1940. 259 Total: June 30, 1941. 940 All banks: Condition, call dates: Call dates: Dec. 31, 1940. 258 Dec. 31, 1940. 258 Apr. 4, 1941. 581 Apr. 4, 1941. . .581 June 30, 1941. 939 June 30, 1941. ... 939 Sept. 24, 1941 1280 Sept. 24, 1941 1280 Monthly table. . . .42-43, 140-141, 230-231, Monthly table. . .43, 141, 231, 330-331, 428-429, 552-553, 654-655, 762- 331, 429, 553, 655, 763, 903, 763, 902-903, 1016-1017, 1155-1156, 1017, 1156, 1249 1248-1249 Selected dates, 1936-1941 582, Deposits. .38, 136, 226, 326, 424, 548, 650, 758, 1279 898, 1012, 1151, 1244 End of month and Wednesday Earnings and expenses, 1940. . 467, 469, 471, 472 figures. . .31, 129, 219, 319, 417, Operating ratios, 1940 471, 472 541, 643, 751, 891, 1005, 1144, Reserves... 38, 136, 226, 326, 424, 548, 650, 758, 1237 898, 1012, 1151, 1244 Classes of banks. . 38, 136, 226, 326, 424, Reserve position of member banks: 548, 650, 758, 898, 1012, 1151, 1244 Monthly table. .38, 136, 226, 326, 424, 548, 650, Ratio to liabilities . .33, 131, 221, 321, 758, 898, 1012, 1151, 1244 419, 543, 645, 753, 893, 1007, 1146, Reserve requirements: 1239 Member banks. . 32, 130, 220, 320, 418, 542, 644, Reporting banks: 752, 892, 1006, 1145, 1238 All banks, N. Y. C. and outside Regulation D: N. Y. C. .45,143,233,333,431, Supplement increasing reserve require- 555, 657, 765, 905, 1019, 1158, ments : 1251 Discussion of .963, 1083 By districts and for Chicago 47, Text of ... .974 145, 235, 335, 433, 557, 659, 767, Special Report to Congress recommenda- 907, 1021, 1160, 1253 tions on 1-2 Retail trade: Reserves: Discussion of . . . . 504 Address of M. S. Eccles . 15-17 (See also Department store sales and stocks.) "Bank Credit and Its Relation to Reserves" 629 Revenue Act of 1941, Discussion of .1079 Factors influencing, Chart of 835 Review of the month: Federal Reserve Banks: Banking and Treasury finance in 1940. . . 89-94 All banks combined . .33, 131, 221, 321, 419, Banks and the defense program . . .283-289 543, 645, 753, 893, 1007, 1146, 1239 Consumer credit regulation and banking con- Each bank...34, 132, 222, 322, 420, 544, ditions . . . .825-836 646, 754, 894, 1008, 1147, 1240 Current developments in industry and agri- Member banks: culture 963-973 Account in Federal Reserve Banks: Gold, capital flow, and foreign trade dur- All banks combined .33, 131, 221, 321, ing war . . 3_io 419, 543, 645, 753, 893, 1007, 1146, Gold, capital flow, and foreign trade in 1941 1239 383-395 Each Federal Reserve Bank... 34, 132, Incomes, supplies, and prices 723-728 222, 322, 420, 544, 646, 754, 894, 1008. Increasing industrial and trade activity 495-505 1147, 1240 Industrial activity and the defense pro- Charts...30, 128, 218, 287, 318, 416, 540 gram ... 189-196 642, 747, 750, 1004, 1142, 1233, 1236 ' Rising cost of living 1211-1216 Discussion of. .10, 286, 834-836, 964, 1083 Treasury finance and banking develop- Excess: ments ... .1077-1083 Charts 11, 747, 1233 Treasury financial operations. .605-612 Classes of banks .38, 136, 226, 326, RFC Mortgage Company: 424, 548, 650, 758, 898, 1012, 1151.! Assets and liabilities 666 774, 914, 1028, f 1244 1167, 1260 Discussion of .10-11, 286-287, 834- Loans outstanding 916, 1030, 1169, 1262 836, 964, 1083 \ Summary of operations, 1940 .302-303 1328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Rhodesia: Securities—Continued. Gold production .71, 171, 263, 363, 475, 585, Loans on, by member banks—Continued. 703, 805, 943, 1056, 1192, 1285 Reporting banks: Riefler, Winfield W.. 631 All banks, N. Y. C. and outside Rounds, Leslie . . . . .. 24 N. Y. C. . .44, 142, 232, 332, 430, 554, Rubber and rubber products: 656, 764, 904, 1018, 1157, 1250 Factory employment index: By districts and for Chicago. . .46, 144, Adjusted. . .60, 158, 248, 348, 446, 570, 674, 234, 334, 432, 556, 658, 766, 906, 1020, 782, 922, 1036, 1175, 1268 1159, 1252 Unadjusted. .62, 160, 250, 350, 448, 572, Prices: Principal countries... 85, 185, 277, 377, 489, 676, 784, 924, 1038, 1177, 1270 599, 717, 819, 957, 1071, 1206, 1299 Factory payrolls index .62, 160, 250, 350, 448, United States... 50, 148, 238, 338, 436, 560, 572, 676, 784, 924, 1038, 1177, 1270 662, 770, 910, 1024, 1163, 1256 Hours and earnings 63, 161, 251, 351, 449, Purchased by foreigners: 573, 677, 785, 925, 1039, 1178, 1271 Monthly table. . .72, 172, 264, 364, 476, 586, Production indexes: 704, 806, 944, 1057, 1193, 1286 Adjusted. . .56, 154, 244, 344, 442, 566, 670, Revised figures 1062 778, 918, 1032, 1171, 1264 United States Government. (See United Unadjusted. . .58, 156, 246, 346, 444, 568, States Government securities.) 672, 780, 920, 1034, 1173, 1266 Securities and Exchange Commission: Wholesale price indexes . 66 164, 254, 354, 453, f Rules concerning hypothecation of custom- 577, 681, 789, 929, 1043, 1182, 1275 ers' securities 105, 208 Rubber Reserve Corporation. ... 301 Service and financial establishments: Rulings of Board of Governors. (See under sub- Employees: ject matter, i.e., Margin requirements.) 1929-1941, adjusted estimates... .534-535 Rumania: Monthly table. . .61, 159, 249, 349, 447, 571, Foreign exchange rates. . .83, 183, 275, 375, 487, 675, 783, 923, 1037, 1176, 1269 597, 715, 817, 955, 1069, 1204, 1297 Shipbuilding: National Bank of: Discussion of . . .392-395, 725 Condition 80, 180, 272, 372, 484, 594, Production index: 712, 812, 950, 1064, 1199, 1292 Adjusted 56, 154, 244, 344, 442, 566, Discount rate 81, 181, 273, 373, 485, 670, 778, 918, 1032, 1171, 1264 595, 713, 815, 953, 1067, 1202, 1295 Unadjusted 58, 156, 246, 346, 444, Gold reserves 70, 170, 262, 362, 474, 568, 672, 780, 920, 1034, 1173, 1266 584, 702, 804, 942, 1055, 1191, 1284 Shipping, Discussion of 393-395 Rural Electrification Administration: Short-term foreign assets of banks in United Assets and liabilities. 666, 774, 914, 1028, States: 1167, 1260 Monthly table. . . .72, 172, 264, 364, 476, 586, Loans outstanding, 1940 .300, 306 704, 806, 944, 1057, 1193, 1286 Salaries: Short-term foreign liabilities of banks in United Federal Reserve Banks: States: Jan.-June, 1941 793 Monthly table 72, 172, 264, 364, 476, Member banks: 586, 704, 806, 944, 1057, 1193, 1286 1927-1940, calendar years 412 Siam. (See Thailand.) 1940 467-472, 799-801 Silver: Jan.-June, 1941 . .. . 1186 Circulation 39, 137, 227, 327, 425, 549 Salvador. (See El Salvador.) 651, 759, 899, 1013, 1152, 1245 Samoa, Bank of American. . 1226, 1228 Production index: Savings and loan associations: Adjusted. .56, 154, 244, 344, 442, 566, Insured home mortgages held 916, 1030, 670, 778, 918, 1032, 1171, 1264 1169, 1262 Unadjusted 58, 156, 246, 346, 444, Savings deposits: 568, 672, 780, 920, 1034, 1173, 1266 Interest rate on. . .32, 130, 220, 320, 418, 542, Special Report to Congress recommenda- 644, 752, 892, 1006, 1145, 1238 tion on . 2 Seale, Ford, Death of. 409 Silver certificates: Seasonal variation: Circulation. 39, 137, 227, 327, 425, 549, "Adjustment for Seasonal Variation" .518-528 651, 759, 899, 1013, 1152, 1245 Charts facing 522, 523, 527 Special Report to Congress recommenda- Securities: tion on . . 2 British mobilization of U. S. dollar secu- Sinclair, John S. 517 rities ... 25, 101, 385, 410 Small business: Loans on, by member banks: Office of Small Business Activities, func- All banks, call dates: tions transferred to Defense Contract Dec. 31, 1940. 259 Service 212 June 30, 1941 940 South Africa: Monthly table... 42, 140, 230, 330, 428, Foreign exchange rates 83, 183, 275, 375, 552, 654, 762, 902, 1016, 1155, 1248 487, 597, 715, 817, 955, 1069, 1204, 1297 DECEMBER 1941 1329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page South Africa—Continued. State member banks—Continued. Gold movements to and from U. S 40, 138, Number of—Continued. 228, 328, 426, 550, 652, 760, 900, 1014, 1153, Jan.-Sept. 1941 changes 457, 938, 1281 1246 Monthly table 41, 139, 229, 329, 427, Gold production 71, 171, 263, 363, 475, 585, 551, 653, 761, 901, 1015, 1154, 1247 703, 805, 943, 1056, 1192, 1285 Operating branches: Reserve Bank: Dec. 31, 1940, by States. 460 Condition 80, 180, 272, 372, 484, Operating ratios: 594, 712, 812, 950, 1064, 1199, 1292 1940 .471 Discount rate: Jan.-June, 1941 1186 Changes in 713, 815 Suspensions. . . .40, 138, 228, 328, 426, 550, 652, Monthly table 81, 181, 273, 373, 485, 760, 900, 1014, 1153, 1246 595, 713, 815, 953, 1067, 1202, 1295 States and political subdivisions: Gold reserves. . .70, 170, 262, 362, 474, 584, Obligations of, owned by member banks: 702, 804, 942, 1055, 1191, 1284 Dec. 31, 1940 259 Spain: June 30, 1941 940 Bank of: Public fund deposits: Discount rate 81, 181, 273, 373, 485, Member bank holdings: 595, 713, 815, 953, 1067, 1202, 1295 All banks, call dates: Gold reserves 70, 170, 262, 362, 474, Dec. 31, 1940. 258 584, 702, 804, 942, 1055, 1191, 1284 Apr. 4, 1941. 581 Foreign exchange rates 83, 183, 275, 375, June 30, 1941. . .939 487, 597, 715, 817, 955, 1069, 1204, 1297 Sept. 24, 1941 1280 Gold movements to and from U. S.. . .40, 138, 228 Monthly table. . .43, 141, 231, 331, Sproul, Allan . .. ... 24, 310 429, 553, 655, 763, 903, 1017, Stabilization fund: 1156, 1249 Act extending powers relating to. . .. 851 Selected dates, 1936-1941 582, 1279 Special Report to Congress recommenda- Reporting banks: tion on 2 All banks, N. Y. C. and out- State banks: side N. Y. C . .45, 143, 233, 333, Assets and liabilities: 431, 555, 657, 765, 905, 1019, Dec. 31, 1940 . . 465 1158, 1251 Apr. 4, 1941 . . . 797 By districts and for Chicago 46, June 30, 1941 1052 144, 234, 334, 432, 556, 658, 766, Federal Reserve membership, Admission to 24, 906, 1020, 1159, 1252 115, 212, 310, 409, 517, 631, 744, 865, 992, Steel. (See Iron and steel.) 1105, 1229 Stock exchange: Number of: Customers' debit balances, etc., of firms car- Dec. 31, 1940 . 465 rying margin accounts 48, 146, 236, 336, Apr. 4, 1941 . 797 434, 558, 660, 768, 908, 1022, 1161, 1254 June 30, 1941 , . 1052 Discount rates on loans 49, 147, 237, 337, State laws: 435, 559, 661, 769, 909, 1023, 1162, 1255 Analysis of restrictions on payment of divi- Volume of trading on N. Y. S. E.. . .50, 148, 238, dends by banks and trust companies 733 338, 436, 560, 662, 770, 910, 1024, 1163, 1256 State member banks: Stocks: Branches: Member bank holdings: 1933-1941 167, 457, 938, 1281 Dec. 31, 1940. 259 Dec. 31, 1940, by States. 461 June 30, 1941. 940 1940 changes 167 Prices: Jan.-Sept., 1941 changes 457, 938, 1281 Principal countries 85, 185, 277, 377, Classification of loans, investments, real 489, 599, 717, 819, 957, 1071, 1206, 1299 estate and capital: United States 50, 148, 238, 338, 436, Dec. 31, 1940. . . 259 560, 662, 770, 910, 1024, 1163, 1256 June 30, 1941. . . 940 Stone, clay and glass products: Condition, call dates: Factory employment indexes: Dec. 31, 1940... .258 Apr. 4, 1941. . .581 Adjusted 60, 158, 248, 348, 446, 570, June 30, 1941. . 939 674, 782, 922, 1036, 1175, 1268 Sept. 24, 1941 1280 Unadjusted 62, 160, 250, 350, 448, 572, Deposits. . .41, 139, 229, 329, 427, 551, 653, 676, 784, 924, 1038, 1177, 1270 761, 901, 1015, 1154, 1247 Factory payrolls indexes 62, 160, 250, 350, Earnings and expenses: 448, 572, 676, 784, 924, 1038, 1177, 1270 1940 .467, 471, 801 Hours and earnings 63, 161, 251, 351, 449, Jan.-June, 1941 .... 1186 573, 667, 785, 925, 1039, 1178, 1271 Group banks, Dec. 31, 1940. 459 Production index: Number of: Adjusted. .56, 154, 244, 344, 442, 566, 670, 1933-1941 167, 457, 938, 1281 778, 918, 1032, 1171, 1264 Dec. 31, 1940, by States. . ... 460 Unadjusted 58, 156, 246, 346, 444, 568, 1940 changes . . 167 672, 780, 920, 1034, 1173, 1266 1330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Straits Settlements: Terborgh, George: Foreign exchange rates 83, 183, 275, 375, "Durable Goods Expenditures in 1940". . 103 487, 597, 715, 817, 955, 1069, 1204, 1297 "Manufacturing Inventories During and Surplus: After the World War" 613-617 Federal Reserve Banks . . .34, 132, 222, 322, 420, Territories and possessions of U. S., Banks in 1226- 544, 646, 754, 894, 1008, 1147, 1240 1228 Member banks: Textiles: Dec. 31, 1940. . . 258 Factory employment index: Apr. 4, 1941.... .581 Adjusted. ...60, 158, 248, 348, 446, 570, June 30, 1941 939 674, 782, 922, 1036, 1175, 1268 Sept. 24, 1941 1280 Unadjusted 62, 160, 250, 350, 448, Selected call dates, 1936-1941. .582, 1279 572, 676, 784, 924, 1038, 1177, 1270 Suspensions, Bank. (See Banks: Suspensions.) Factory payrolls index 62, 160, 250, 350, Sweden: 448, 572, 676, 784, 924, 1038, 1177, 1270 Bank of: Hours and earnings 63, 161, 251, 351, 449, Condition 80, 180, 272, 372, 484, 573, 677, 785, 925, 1039, 1178, 1271 594, 712, 812, 950, 1064, 1199, 1292 Production index: Discount rates: Adjusted: Change in 595 Monthly table ... 56, 154, 244, 344, 442, Monthly rate 81, 181, 273, 373, 484, 566, 670, 778, 918, 1032, 1171, 1264 595, 713, 815, 953, 1067, 1202, 1295 Revised indexes. .. .155, 779, 934 Gold reserves 70, 170, 262, 362, 474, Unadjusted: 584, 702, 804, 942, 1055, 1191, 1284 Monthly table... 58, 156, 246, 346, 444, Foreign exchange rates 83, 183, 275, 375, 487, 597, 715, 817, 955, 1069, 1204, 1297 568, 672, 780, 920, 1034, 1173, 1266 Gold movements to and from U. S.. .40, 138, 228, Revised index 157, 781 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 Wholesale price index 66, 164, 254, 354, Open market rates 81, 181, 273, 373, 453, 577, 681, 789, 929, 1043, 1182, 1275 485, 595, 713, 815, 953, 1067, 1202, 1295 Tobacco: Wholesale price indexes 84, 184, 276, 376, Crop reports . 68, 792, 932, 1046, 1185, 1278 488, 598, 716, 818, 956, 1070, 1205, 1298 Manufactures: Switzerland: Factory employment index: Cost of living index 85, 185, 277, 377, 489, Adjusted 60, 158, 248, 348, 446, 599, 717, 819, 957, 1071, 1206, 1299 570, 674, 782, 922, 1036, 1175, 1268 Foreign exchange rates 83, 183, 275, 375, Unadjusted. .' 62, 160, 250, 350, 448, 487, 597, 715, 817, 955, 1069, 1204, 1297 572, 676, 784, 924, 1038, 1177, 1270 Gold movements to and from U. S.. .40, 138, 228, Factory payrolls index. . . 62, 160, 250, 350, 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 448, 572, 676, 784, 924, 1038, 1177, 1270 Open market rates 81, 181, 273, 373, 485, Hours and earnings . .63, 161, 251, 351, 449, 595, 713, 815, 953, 1067, 1202, 1295 573, 677, 785, 925, 1039, 1178, 1271 Retail food price index. .85, 185, 277, 377, 489, Production index: 599, 717, 819, 957, 1071, 1206, 1299 Adjusted. . .56, 154, 244, 344, 442, 566, Swiss National Bank: 670, 778, 918, 1032, 1171, 1264 Condition 80, 180, 272, 372, 484, 594, Unadjusted. .58, 156, 246, 346, 444, 568, 712, 812, 950, 1064, 1199, 1292 672, 780, 920, 1034, 1173, 1266 Discount rate . .. 81, 181, 273, 373, 485, Trade establishments: 595, 713, 815, 953, 1067, 1202, 1295 Employees: Gold reserves 70, 170, 262, 362, 474, 1929-1941, adjusted estimates .... 534-535 584, 702, 804, 942, 1055, 1191, 1284 Monthly table. .61, 159, 249, 349, 447, 571, Wholesale price indexes 84, 184, 276, 376, 675, 783, 923, 1037, 1176, 1269 488, 598, 716, 818, 956, 1070, 1205, 1298 Transportation and public utilities: Tax receipts, U. S. Treasury. (See Treasury Employees: finance: Receipts.) 1929-1941, adjusted estimates 534-535 Taxation: Monthly table 61, 159, 249, 349, 447, Addresses of M. S. Eccles. . . .17-18, 506-510 571, 675, 783, 923, 1037, 1176, 1269 Bank deposits, Proposal to tax... 1104 Transportation equipment: Discussion of changes in Federal taxes 608, 1079 Factory employment index: "Economic Aspects of Federal, State, and Adjusted... .60, 158, 248, 348, 446, 570, Local Taxation" 1098-1103 674, 782, 922, 1036, 1175, 1268 Revenue Act of 1941, Discussion of . . .1079 Unadjusted 62, 160, 250, 350, 448, Special Report to Congress recommenda- 572, 676, 784, 924, 1038, 1177, 1270 , tion on .... 2 "Tax Savings Plan" 729-731 Factory payrolls index 62, 160, 250, 350, "United States Savings Bonds and Tax 448, 572, 676, 784, 924, 1038, 1177, 1270 Anticipation Notes" . .875-877 Production indexes: Tennessee Valley Authority: Adjusted: Assets and liabilities 53, 151, 241, 341, 439, Monthly table. . .56, 154, 244, 344, 442, 563, 666, 774, 914, 1028, 1167, 1260 566, 670, 778, 918, 1032, 1171, 1264 Government's proprietary share in, 1940. 300 Revised indexes 933 DECEMBER 1941 1331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page Transportation equipment—Continued. Turkey: Factory employment index—Continued. Central Bank of: Unadjusted: Condition. . . .80, 180, 272, 372, 484, 594, Monthly table. . .58, 156, 246, 346, 444, 712, 812, 950, 1064, 1199, 1292 Discount rate 81, 181, 273, 373, 484, 568, 672, 780, 920, 1034, 1173, 1266 595, 713, 815, 953, 1067, 1202, 1295 Revised indexes ... . 933 Gold reserves 70, 170, 262, 362, 474, Treasury currency outstanding: 584, 702, 804, 942, 1055, 1191, 1284 End of month and Wednesday figures. . .31, 129, Foreign exchange rates 83, 183, 275, 375 219, 319, 417, 541, 643, 751, 891, 1005, 1144, Tyler, D. M 409 1237 Union of Soviet Socialist Republics: End of month figures. . .39, 137, 227, 327, 425, Bank of: 549, 651, 759, 899, 1013, 1152, 1245 Discount rate 81, 181, 273, 373, 485, Treasury finance: 595, 713, 815, 953, 1067, 1202, 1295 Deficit. .52, 150, 240, 340, 438, 562, 665, 773, Gold movements to and from U. S.. .40, 138, 228, 913, 1027, 1166, 1259 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 Discussion of. . .89-94, 286, 605-612, 1077-1082 Gold production 71, 171, 263, 363, 475, 585, Expenditures: 703, 804, 943, 1056, 1192, 1285 Discussion of . . . .90-91, 93, 606, 1078 United Kingdom: Monthly table 52, 150, 240, 340, 438, Bank of England: 562, 665, 773, 913, 1027, 1166, 1259 Condition 77, 177, 269, 369, 481, 591, General fund balance 52, 150, 240, 340, 709, 811, 949, 1063, 1198, 1291 Discount rate 81, 181, 273, 373, 485, 438, 562, 665, 773, 913, 1027, 1166, 1259 595, 713, 815, 953, 1067, 1202, 1295 Guaranteed obligations outstanding. . .51, 149, Gold reserves 70, 170, 262, 362, 474, 239, 339, 437, 561, 663, 771, 911, 1025, 1164, 584, 702, 804, 942, 1055, 1191, 1284 1257 Central Statistical Office 633, 636-638 Public debt: Commercial banks 82, 182, 274, 374, 486, Changes in 89-90, 609, 1080 596, 714, 816, 954, 1068, 1203, 1296 Gross debt. .. .51, 149, 239, 339, 437, 561, Cost of living index 85, 185, 277, 377, 489, 663, 771, 911, 1025, 1164, 1257 599, 717, 819, 957, 1071, 1206, 1299 Interest bearing 51, 149, 239, 339, Dollar securities (U. S.), Mobilization of 25, 437, 561, 663, 771, 911, 1025, 1164, 1257 101, 385, 410 Interest on 52, 150, 240, 340, 438, Exchange Equalization Account: 562, 665, 773, 913, 1027, 1166, 1259 Gold reserves 70, 170, 262, 362, 474, Maturities: 584, 702, 804, 942, 1055, 1191, 1284 Discussion of. 89, 610 Foreign exchange rates 83, 183, 275, 375, Monthly table 51, 149, 239, 339, 487, 597, 715, 817, 955, 1069, 1204, 1297 437, 561, 772, 912, 1026, 1165, 1258 Gold and dollar resources: Noninterest bearing 51, 149, 239, 339, Discussion of .8-10, 99-101, 384-388, 437, 561, 663, 771, 911, 1025, 1164, 1257 1222-1225 Tables of amounts 9, 99-101, 1222 Receipts: Gold movements to and from U. S.. 40, 138, 228, Discussion of 90-91, 94, 607, 1078 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 Monthly table. . .52, 150, 240, 340, 438, 562, Open market rates 81, 181, 273, 373, 485, 665, 773, 913, 1027, 1166, 1259 595, 713, 815, 953, 1067, 1202, 1295 Revenue Act of 1941, Discussion of .1079 Retail food price index . . 85, 185, 277, 377, 489, Savings bonds: 599, 717, 819, 957, 1071, 1206, 1299 Sales of . 609, 1080 RFC loans to Britain 386, 1223 Staff purchases of 405-408 Security prices 85, 185, 277, 377, 489, 599, "United States Savings Bonds and Tax 717, 819, 957, 1071, 1206, 1299 Anticipation Notes" 875-877 War finance, White paper on 633-638 Special Report to Congress recommenda- Wholesale price indexes .... 84, 184, 276, 376, tion on 2 488, 598, 716, 818, 956, 1070, 1205, 1298 Tax notes: United States Government credit agencies. (See Sales of 1081 Governmental corporations and credit agen- "Tax Savings Plan" 729-831 cies.) "United States Savings Bonds and Tax United States Government debt. (See Treasury finance: Public debt.) Anticipation Notes" 875-877 United States Government deposits: Trust accounts 52, 150, 240, 340, 438, 562, Federal Reserve Banks: 665, 773, 913, 1027, 1166, 1259 All banks combined 31, 129, 219, 319, Treasury notes of 1890: 417, 541, 643, 751, 891, 1005, 1144, 1237 Circulation. .39, 137, 227, 327, 425, 549, 651, Each bank 34, 132, 222, 322, 420, 544, 759, 899, 1013, 1152, 1245 646, 754, 894, 1008, 1147, 1240 Trust companies: Member bank holdings: Dividend payment restrictions in State laws 733 All banks, call dates: Trust powers of national banks: Dec. 31, 1940. 258 Common trust funds. (Ruling.) 618 Apr. 4, 1941... 581 Tucker, Henry H. .1229 June 30, 1941. 939 1332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page United States Government deposits—Continued. United States Government securities—Continued. Member bank holdings—Continued. Guaranteed obligations—Continued. All banks, call dates—Continued. Member bank holdings—Continued. Sept. 24, 1941 1280 All banks, call dates—Continued. Monthly table. . . .43, 141, 231, 331, 429, Monthly table. . .42, 140, 230, 330, 553, 655, 763, 903, 1017, 1156, 1249 428, 552, 654, 762, 902, 1016, Selected dates, 1936-1941 582, 1279 1155, 1248 Reporting banks: Reporting banks: All banks, N. Y. C. and outside All banks, N. Y. C. and out- N. Y. C . .45, 143, 233, 333, 431, 555, side N. Y. C. .44, 142, 232, 332, 657, 765, 905, 1019, 1158, 1251 430, 554, 656, 764, 904, 1018, By districts and for Chicago. . .47, 145, 1157, 1250 235, 335, 433, 557, 659, 767, 907, 1021, By districts and for Chicago 46, 1160, 1253 144, 234, 334, 432, 556, 658, 766, United States Government insurance agencies. 906, 1020, 1159, 1252 (See Insurance agencies of United States Outstanding, by agencies. . 51, 149, 239, 339, Government.) 437, 561, 663, 771, 911, 1025, 1164, 1257 United States Government securities: Market, Discussion of. . . .91, 612, 1081, 1233 "Banks' Purchases of Government Obliga- Member bank holdings: tions Entirely Voluntary". 990 All banks: Bonds: Dec. 31, 1940. 259 Member bank holdings: June 30, 1941 940 All banks, call dates: June and December figures. . . 664, 772, 912, 1026, 1165, 1258 Dec. 31, 1940. . . 259 Maturity distribution: June 30, 1941 940 Dec. 31, 1940. . ... 259 Monthly table. . .42, 140, 230, 330, June 30, 1941 940 428, 552, 654, 762, 902, 1016, Monthly table . .42, 140, 230, 330, 428, 1155, 1248 552, 654, 762, 902, 1016, 1155, 1248 Reporting banks: Charts of. . . 92, 285 All banks, N. Y. C. and out- Discussion of.. .92, 285, 611, 832, 1082 side N. Y. C. 44, 142, 232, 332, Reporting banks: 430, 554, 656, 764, 904, 1018, All banks, N. Y. C. and outside 1157, 1250 N. Y. C 44, 142, 232, 332, 430, By districts and for Chicago 46, 554, 656, 764, 904, 1018, 1157, 1250 144, 234, 334, 432, 556, 658, 766, By districts and for Chicago 46, 144, 906, 1020, 1159, 1252 234, 334, 432, 556, 658, 766, 906, 1020, Prices. .50, 148, 238, 338, 436, 560, 662, 1159, 1252 770, 910, 1024, 1163, 1256 Outstanding, Chart of. 610 Yields: Ownership of: Chart of ... 91 Discussion of. 611, 832 Discussion of 91, 612, 1082 Monthly table. .664, 772, 912, 1026, Monthly table. . .49, 147, 237, 337, 435, 1165, 1258 559, 661, 769, 909, 1023, 1162, 1255 Prices: Collateral security for Federal Reserve National summary. . .27, 125, 216, 315, 414, notes 850 537, 640, 747, 887, 1002, 1141 Direct obligations: Special Report to Congress recommenda- Maturities 51, 149, 239, 339, 437, 561, tion on . 2 663, 772, 912, 1026, 1165, 1258 Treasury bills: Volume and kind 51, 149, 239, 339, 437, Discount rates on 49, 147, 237, 337, 435, 561, 663, 771, 911, 1025, 1164, 1257 559, 661, 769, 909, 1023, 1162, 1255 Federal Reserve Bank holdings: Member bank holdings: All banks combined: All banks, call dates: End of month and Wednesday fig- Dec. 31, 1940. 259 ures 31, 129, 219, 319/417, 541, June 30, 1941 940 643, 751, 891, 1005, 1144, 1237 Monthly table. . .42, 140, 230, 330, June and December figures. . . 664, 772, 428, 552, 654, 762, 902, 1016, 912, 1026, 1165, 1258 1155, 1248 Discussion of 92, 611, 612 Reporting banks: Each bank, Wednesday figures. . 34, 132, All banks, N. Y. C. and out- 222, 322, 420, 544, 646, 754, 894, 1008, side N. Y. C 44, 142, 232, 332, 1147, 1240 430, 554, 656, 764, 904, 1018, Maturity distribution... .33, 131, 221, 321, 1157, 1250 419, 543, 645, 753, 893, 1007, 1146, 1239 By Districts and for Chicago 46, Guaranteed obligations: 144, 234, 334, 432, 556, 658, 766, Maturities. . .664, 772, 912, 1026, 1165, 1258 906, 1020, 1159, 1252 Member bank holdings: Treasury notes: All banks, call dates: Member bank holdings: Dec. 31, 1940. . 259 All banks, call dates: June 30, 1941. . 940 Dec. 31, 1940. 259 DECEMBER 1941 1333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 27 Page Page United States Government deposits—Continued. Venezuela—Continued. Treasury notes—Continued. Gold movements to and from U. S.. .40, 138, 228, Member bank holdings—Continued. 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 All banks, call dates—Continued. Virgin Islands, Banks in. .1226, 1228 June 30, 1941 940 War: Monthly table. . .42, 140, 230, 330, British mobilization of U. S. dollar secu- 428, 552, 654, 762, 902, 1016, rities 25, 101, 385, 410 1155, 1248 Finance, British white paper on war. . .633-638 Reporting banks: Gold, capital flow, and foreign trade 3-10, All banks, N. Y. C. and out- 383, 395 side N. Y. C 44, 142, 232, 332, 430, 554, 656, 764, 904, 1018, Wartime exports of U. S. merchandise. . . . 391 1157, 1250 Waybur, Bruce .footnote 197 By districts and for Chicago 46, West, J. M., Death of. 865 144, 234, 334, 432, 556, 658, 766, West Africa: 906, 1020, 1159, 1252 Gold production. . . . 71, 171, 263, 363, 475, 585, Yields: 703, 805, 943, 1056, 1192, 1285 Chart of 612, 1082 West Indies & Bermuda: Monthly table.49, 147, 237, 337, 435, Gold movements to and from U. S.. .40, 138, 228, 559, 661, 769, 909, 1023, 1162, 1255 328, 426, 550, 652, 760, 900, 1014, 1153, 1246 United States Housing Authority: Wheat crop reports. . . .68, 792, 932, 1046, 1185, 1278 Assets and liabilities... 53, 151, 241, 341, 439, Whittier, Warren F 631 563, 666, 774, 914, 1028, 1167, 1260 Wholesale commodity prices. (See Prices: Guaranteed obligations: Wholesale commodity.) Maturities. . .664, 772, 912, 1026, 1165, 1258 Williams, Alfred H.: Outstanding. . .51, 149, 239, 339, 437, 561, Appointed President, Philadelphia 517 663, 771, 911, 1025, 1164, 1257 "Free Enterprise and the Challenge of De- Loans outstanding 916, 1030, 1169, 1262 fense" 993-998 Summary of operations, 1940. . 298, 300, 302-304 "Economic and Monetary Aspects of the United States Maritime Commission: Defense Program". .. .95-98 Assets and liabilities. . . . 666, 774, 914, 1028, Woods, J. E 631 1167, 1260 Yugoslavia: Discussion of activities of.. .392-395 Foreign exchange rates... 83, 183, 275, 375, 487, Loans outstanding, 1940. . . 307 597, 715, 817, 955, 1069, 1204, 1297 United States notes: Gold movements to and from U. S.. .40, 138, 228 Circulation 39, 137, 227, 327, 425, 549, 651, National Bank of: 759, 899, 1013, 1152, 1245 Condition. .80, 180, 272, 372, 484, 594, 712, "United States Savings Bonds and Tax Antic- 812, 950, 1064, 1199, 1292 ipation Notes" 875-877 Discount rate. . .81, 181, 273, 373, 485, 595, Uruguay: 713, 815, 953, 1067, 1202, 1295 Bank of: Gold reserves 70, 170, 262, 362, 474, Condition.80, 180, 272, 372, 484, 594, 712, 584, 702, 804, 942, 1055, 1191, 1284 812, 950, 1064, 1199, 1292 Zinc production index: Gold reserves... 70, 170, 262, 362, 474, 584, 702, 804, 942, 1055, 1191, 1284 Adjusted: Foreign exchange rates... 83, 183, 275, 375, 487, Monthly table 56, 154, 244, 344, 442, 597, 715, 817, 955, 1069, 1204, 1297 566, 670, 778, 918, 1032, 1171, 1264 Venezuela: Revised index . . . . 934 Central Bank of: Unadjusted: Condition 1066, 1201, 1292 Monthly table. . . .58, 156, 246, 346, 444, 568, Gold reserves. . .70, 170, 262, 362, 474, 584, 672, 780, 920, 1034, 1173, 1266 702, 804, 942, 1055, 1191, 1284 Revised index 934 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS C^- \ \ / / Oklah.oommaa CCiittyy VU> AARRKK-- «^, */•**g. #'Hl*M UttleWk./ ^^H_II f I # I*1.-J—\. jrj JjO^^^ Jacksonville ••»• BOUNDARIES OF FEDERAL RESERVE DISTRICTS \ -HM 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