Federal Reserve Bulletin, 1942-01

FEDERAL RESERVE ULLETIN JANUARY 1942 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

= = = ^ ^ ^ == CONTENTS = ^ = = ^ = ^= PAGE Review of the Month—First Impact off War on the Economy.. 1-6 From a Legal Standpoint: Common Trust Funds Investment of Common Trust Funds in United States Savings Bonds.. Valuation of United States Saving Bonds in Common Trust Fund. . Consumer Credit Forms of Statement of Borrower and Statement of Necessity . 7-8 Interpretations of Regulation W. . .... 8-11 Declarations of War . . . II-II First War Powers Act .... . 11-15 Trading with the Enemy General License Issued by the President. Foreign Funds Control Executive Order on Transfers of Property of Foreign Countries and Their Nationals , 15-16 General Licenses and Public Circulars Issued by the Secretary of the Treasury.. 16-18 Department Store Inventories . 19-10 Current Events.. xi National Summary of Business Conditions . xx-z4 Financial, Industrial, Commercial Statistics, U. S. (See p. 2$ for list of tables)... . 15-73 Statistics of All Banks in the United States . 69-73 International Financial Statistics (See p. js for list of tables) 75~9I Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . . 92. Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . 93 Map of Federal "Reserve Districts 94 Federal Reserve Publications (see inside of back cover) 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

Mural by Glenn Shaw in the United States Post Office, Warren, Ohio, depicting processes in the manufacture of steel. The picture, in oil on canvas, was executed under direction of the Section of Fine Arts, Federal Works Agency. Warren, situated in northeastern Ohio, is in the Fourth Federal Reserve District, which is served by the Federal Reserve Bank of Cleveland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN January 1942 VOLUME NUMBER I FIRST IMPACT OF WAR ON THE ECONOMY Entry of the United States into the war modities extended to retail as well as early in December was followed by action, wholesale markets. In the security marboth public and private, to put the econ- kets the volume of trading increased and omy of this country on a war-time basis. prices of bonds and stocks declined. Com- The military program was expanded fur- mon stock prices, which at the beginning ther, additional appropriations were voted, of December were at about the level reached and legislation requiring registration of all after the sharp decline in the spring of 1940 men from 18 to 64 was enacted. Action when Germany invaded the Low Countries, was taken to allocate more strategic and declined somewhat further during Decritical materials to military output, to cember. utilize more fully the production facilities already devoted to military purposes, and CURRENT BUSINESS ACTIVITY to convert additional plant to military Industrial production has remained at a uses. Orders were issued to conserve ma- high level, and the Board's seasonally adterials, such as rubber, obtained largely justed index for December is estimated at from the Far East. The powers of the 168 per cent of the 1935-39 average, up 2. President to organize Government and points from the preceding month and 52. private activity were increased by legisla- points from May 1940, when the defense tive action. Rapid further mobilization of program got under way. Following the the physical resources of the country for war entry of this country into the war, action purposes became the central aim of national was taken immediately to curtail further policy, and programs in other fields were output of nonmilitary products using esadjusted with reference to their direct and sential materials. Production quotas were indirect effects on the war program. reduced sharply for passenger automobiles In the field of commodity prices impor- and light trucks, and for refrigerators, tant additional ceilings were established by heating apparatus, and other household the Office of Price Administration, particu- appliances. Production and sale of all larly for imports, and Congress expedited new tires and tubes for civilian use were consideration of legislation designed to stopped temporarily pending establishment maintain an orderly price situation during of a system for controlling the distribution the war period. of limited quantities to be available for the Prices of basic commodities not yet under most essential uses. For a few minor non- Government control rose considerably and essential products, cessation of production in some instances advance buying of com- altogether was ordered beginning in Febru- JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ary. On January i retail sales of new auto- serve System has powers to add to these resources to whatever extent may be remobiles were prohibited entirely until arquired in the future. rangements could be made for selective The System is prepared to use its powers distribution of limited supplies. to assure that an ample supply of funds is available at all times for financing the war Expansion of the armed forces and of effort and to exert its influence toward mainarmament production was being pressed taining conditions in the United States more vigorously, and it appeared that Government security market that are satisfactory from the standpoint of the Governmost of the workers released from employment's requirements. ment in production and distribution of Continuing the policy which was anvarious civilian goods, would before long nounced following the outbreak of war in be engaged elsewhere. Additions to ca- Europe, Federal Reserve Banks stand ready to advance funds on United States Governpacity and new working arrangements ment securities at par to all banks. may be expected to permit some expansion in output of basic materials, such as pig OPEN MARKET PURCHASES AND TREASURY iron and nonferrous metals, while supplies FINANCING of some imported materials will be re- Following America's entry into the war, stricted. a sharp decline occurred in U. S. Govern- The increase in demands for military and ment bond prices and in accordance with civilian products since the war began in its well-established policy the Federal Re- Europe has raised industrial output to new serve Open Market Committee made purhigh levels, has increased construction acchases of Government securities in the open tivity sharply, has brought the volume of market. During the three days following freight traffic close to 192.9 levels, and has our entry into the war, prices of the prinled to substantial increases in other types cipal issues of Treasury bonds declined by of activity, including services for confrom i34 to 2. points. There had been sumers. Reflecting these developments and some decline in November and early Dealso higher prices, national income paycember. The iY2 per cent bonds of 1967-72. ments have risen from a rate of around 71 declined to par, compared with a peak billion dollars a year in the summer of since their issuance in October of 103^. 1939 to a rate of around 96 billion in No- During December the Treasury raised 1.6 vember this year, according to the seasonbillion dollars of new money through the ally adjusted figures of the Department of sale of two bond issues: 500 million dollars Commerce. of 2. per cent 1951-55 Treasury bonds and 1,100 million of 2.}4 per cent 1967-72. Treas- STATEMENT BY BOARD OF GOVERNORS ury bonds. The Treasury subsequently an- On December 8 the Board of Governors nounced that no more of the 1967-72. bonds issued the following statement: would be issued. These bonds were first issued last October in the amount of 1.6 The financial and banking mechanism of the country is today in a stronger position billion dollars. Both of the December to meet any emergency than ever before. issues were heavily over-subscribed; sub- The existing supply of funds and of bank scriptions to the 2. per cent bonds of 1951-55 reserves is fully adequate to meet all present amounted to 4.7 billion dollars, of which and prospective needs of the Government and of private activity. The Federal Re- 11 per cent were allotted; and subscriptions FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH to the xJ/2 per cent bonds of 1967-7Z totaled 12 months ending last April, have shown 7 billion, of which 15 per cent were allotted. little further increase. It appears on the In addition sales of defense savings bonds basis of limited information available, that increased to a record total of more than commercial banks outside these leading 500 million dollars in December as com- cities added considerably to their holdings pared with 230 million in November. of Government securities in the latter half of 1941 and that the total increase for all BANK HOLDINGS OF GOVERNMENT commercial banks exceeded 1.5 billion SECURITIES dollars. In the week ending December 17, when During the last six months of the year the new Government securities were is- the Treasury raised a net amount of about sued, banks in 101 leading cities increased 3.8 billion dollars through the sale of marketable public issues. It would ap- GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES pear that commercial banks purchased over 40 per cent of these issues. In addition to the marketable public issues the J 8000 8000 Treasury raised 4.3 billion dollars from the 7500 7500 sale of non-marketable savings bonds and 7000 tax-anticipation notes to the public. /W f 6500 Banks purchased insignificant amounts of \vJ.00 °rnER cimsj nUnJ the tax notes; they are not permitted to J r*/ purchase savings bonds. A / FURTHER RISE IN BANK LOANS X / Since the summer of 1940 there has been / / a rapid rise in the volume of bank lending. Between June 29, 1940 and September 24, 1941, the latest date for which complete figures are available, total loans of all comlaw iaot> i»jr isjo HM» istu la^i mercial banks in the United States increased Figures include both direct and fully guaranteed obligafrom 17.4 billion dollars to 2.1.^ billion. tions of U. S. Government. Latest figures are for Dec. 31. Commercial loans of banks in leading cities their holdings of Government bonds by showed substantial increases in December, about 350 million dollars, reflecting chiefly following six weeks of relatively little purchases of the new issues. At these change. same banks holdings of Government ob- The increase in bank loans has been ligations increased in the latter half of 1941 mostly in leading cities and has arisen by 900 million dollars. As shown by the primarily from the demand for funds by chart, the increase was at banks outside commercial and industrial borrowers, al- New York City, which had previously though until recent months there had been shown only moderate increases in their considerable increases in consumer loans by holdings of Government securities. New banks. Country banks have also been ex- York City banks, which added nearly panding their volume of real estate loans. 2. billion dollars to their holdings in the The rapid increase in loans began shortly JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH after the launching of the defense program the increase in reserve requirements by in the summer of 1940 and appears to repre- the Board of Governors on November 1 sent in considerable part demands for bank caused a further addition of i.x billion to accommodations by producers and suppliers the amount of reserves required. As a net of war goods. A survey by the Board of result of these developments excess reserves Governors last April showed that about 40 of member banks declined during the year per cent of the increase in commercial and from 6.6 billion dollars to 3.1 billion. industrial loans at city banks from July 1940 New York City banks lost reserves as a to the end of April 1941 was for defense result of the increase in demand for curpurposes. Later reports received by the rency and because of movements of funds American Bankers Association indicate that from New York. This outward movement, this situation continued through the second which continued during the first 10 months and third quarters of the year. It would of the year, reflected a number of factors, appear, therefore, that somewhat less than principally the following: the Treasury half of the z.4 billion dollar increase in raised more funds through financing and commercial and industrial loans at city tax collection in the New York area than banks during the past year and a half has it spent there; New York City banks in been for purposes directly connected with the first half of the year purchased Governthe defense effort, and more than half has ment securities from outside banks and been for other purposes. throughout the year made loans to customers who spent some of the proceeds RESERVE POSITION OF BANKS elsewhere; in October and November out- In the closing week of the year, excess of-town banks drew upon their deposits reserves of member banks averaged about with New York correspondents. These 3.1 billion dollars. These excess reserves movements of funds are shown on the chart were well distributed throughout the coun- on the next page. try: about 950 million dollars was with Following the Board's increase in re- New York City banks, 1,400 million with serve requirements, which reduced the exother reserve city banks, and 800 million cess reserves of New York City banks to with country banks. The country banks below 850 million dollars early in Novemalso hold large amounts of funds on deposit ber, these banks began to gain funds. This with city correspondents. reflected in part the fact that recently Member banks continue to hold a large the Treasury has spent more in the New volume of excess reserves, notwithstand- York area than it obtained there by taxaing, a considerable decline during the past tion and by borrowing and in part other year. Most of the decrease occurred at movements of funds to New York. New York City banks. The total decline Though the Treasury was selling additional in bank reserves during 1941 was 1.6 amounts of bills each week, New York billion dollars and represented the net City banks were not increasing their holdresult of an expansion of about 2.. 5 billion ings of Government securities. in the amount of money in circulation, Around the middle of December reserves offset in part by gold imports. Bank of member banks were sharply reduced deposits expanded considerably during the when Treasury balances at the Reserve year, causing an increase of about 800 mil- Banks were replenished as the result of the lion dollars in legally required reserves, and sale of new Government securities and the FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH collection of income taxes. A more-than- reserves of New York City banks were seasonal increase in money in circulation over ioo million dollars larger than in the during December also reduced bank re- first half of November, while those of other serves. Most of the decline in December banks had declined by about 500 million was at banks outside New York City, dollars. and in the last week of the year excess CHANGES IN MONEY RATES FACTORS OF GAINS AND LOSSES OF RESERVE FUNDS Largely because of the substantial reduc- BY NEW YORKKCITY BANKS tion in excess reserves at New York City 75 RESERVES BILLIONS OF DOLLARS banks earlier in the year and the continued TO V growth in the demand for funds on the 6.5 r 6.0 part both of the Government and of private 5.5 borrowers, short-term money rates have ad- 5.0 4.5 vanced since early Autumn. The yield GOVERNMENT TRANSACTIONS 3.0 on Treasury notes of December 1945 ad- Z5 GAIN OFFUNOS j vanced from o.6z per cent on September 15 £0 / 1.5 0 HER / to 1.00 per cent on December 10, and recent 1.0 issues of 3-month Treasury bills have sold .5 on a yield basis of about 0.30 per cent, com- O -.5 pared with a figure of about 0.10 per cent -1.0 ^W TREASURY FINA prevailing most of the time since last Febru- -1.5 ary. While short-term rates rose, yields -£0 s -2.5 \ on long-term Government securities de- -3.0 LOSS OFFUNOS -3.0 clined sharply in October to a new low -3.5 -3.5 OTHER TRANSACTIONS level and continued close to that level until 2.5 2.5 2.0 OTre?JRANSACTIONS 2.0 the entry of this country into the war. 1.5 Movements in yields on Government securi- 1.0 .5 TERBANK ties are shown in the chart on page Z3. RESERVE BANK CREDIT ^ The rise in short-term money rates re- LOSS OF FUNDS CU flected the partial withdrawal of New York H.O -1.5 City banks from the market and served to attract other funds into the purchase of NOTE.—Except for reserves, figures are cumulative be- these securities. It was a factor helping to ginning December 2.7, 1939. Gold transactions are not prevent a further reduction in excess reserves shown in the chart as a separate item because during the of New York City banks during the closperiod they have been mostly between foreign governments and the United States Treasury and are handled on the ing weeks of the year. books of the Federal Reserve Bank of New York without any immediate effect on bank reserves. Treasury checks in payment for gold result in a transfer at the Reserve Bank CORPORATE SECURITY MARKETS from Treasury deposits to foreign deposits. Expenditure of Entrance of the United States in the war these deposits, largely for war materials, increases reserves of banks all over the country depending on where payments precipitated a moderate reaction in the are made. To the extent that such expenditures add to re- security markets. Prices of all classes of serves of New York City banks, they are reflected at the time securities declined. The decline, however, in the item "other transactions." JANUARY 1942. 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH was not sharp; it ran its course in about NEW SECURITY ISSUES three days and the volume of trading was In recent months corporations have been not great. Sharper declines and larger making increasing use of the capital volume of trading in high-grade bonds market to obtain new funds while refundhad occurred at the outbreak of the war ing activity has been declining. Offerings in 1939, and stocks and lower-grade bonds for new capital for the year exceeded a had reacted more seriously to the war debillion dollars, the largest volume since velopments in the spring of 1940. 1937. Nearly two-thirds of this amount Prior to December 8 prices of securities was sold by railroads, largely in the form during 1941 had fluctuated within a narof equipment trust obligations, and by row range. Prices of high-grade corporate other public utilities, especially telephone obligations had remained near record high companies, for financing expansion. Manlevels. Lower-grade corporate bonds had ufacturing companies offered a number of been firm with some irregularity for railroad small issues, many of them stocks. The obligations. Prices of common stocks had major part of the expansion of manufacshown no definite trend. Industrial stocks turing plant and facilities required for the had fluctuated between the level reached at defense program has been financed by the the beginning of the year and the 1940 lows. Government. Prices of railroad stocks had changed little The general magnitude of security offerwhile those of utilities had declined to ings by corporations and by State and new lows below those established in 1940. municipal governments in recent years is During the three days December 8-10, shown in the table. Refunding offerings security prices broke through the narrow of corporations and of State and local range of fluctuations of preceding months. governments during 1941 totaled about For corporate bonds, both high- and low- two billion dollars, a smaller amount than grade, the general decline amounted to in 1940. Offerings "for new capital" about 3 per cent. For high-grade issues (including funds to repay bank loans or this compared with a decline of 12. per to purchase securities as well as for fixed cent at the outbreak of the war in 1939. and working capital needs) aggregated The general level of stock prices declined about one and a half billion dollars includabout 8 per cent as compared with a de- ing one billion for corporations and half a cline of about ±5 per cent in the spring of billion for State and local governments. 1940. The volume of trading in stocks on the New York Stock Exchange reached two DOMESTIC SECURITY ISSUES1 and a half million shares on December 9, [In millions of dollars} the largest since May 1940. Corporate State and municipal Year or quarter Since December 10 security prices have Refunding New Refunding New capital capital shown little change. Near the end of the 1937 1,209 1,225 191 712 month prices of high-grade corporate bonds 1938 1,267 873 129 971 1939 1,733 383 195 931 were at about the same level as in the1940 . 2,026 736 478 757 19412 1,539 1,020 430 524 spring, while those of lower-grade obliga- 1941—Jan.-Mar 614 171 142 164 tions were at about the same level as at the Apr.-June 418 194 139 157 July-Sept 322 405 45 103 beginning of the year. Stock prices were Oct.-Dec.2 185 250 105 100 at new lows for the war. 1 Exclusive of issues of U. S. Treasury and Federal credit agencies. 2 December estimated. Source.—Commercial and Financial Chronicle. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Common Trust Funds of the assets in a Common Trust Fund, Series G Investment of Common Trust Funds in United United States Savings Bonds should be valued States Savings Bonds at par, which is their cost and ultimate maturity value, or at their redemption value at the time The Treasury Department has taken the of each valuation. These bonds are not transposition that where a national bank or other ferable and, therefore, their liquidation value financial institution, duly authorized to act as at any particular time is the amount at which a fiduciary, has established and maintains a they can be redeemed at that time. Common Trust Fund in conformity with Section The Board's Regulation F relating to Common 17 of Regulation F of the Board of Governors Trust Funds operated under the provisions of of the Federal Reserve System, if authorized section 17(0) of Regulation F requires that the under the laws of the state where the institution written plan for the operation of each such Fund is located, United States Savings Bonds may be shall include, among other things, detailed held by such Common Trust Fund. The provisions relating to the basis and method of Department stated that it will consider the valuing assets in the Fund, but the regulation Fund as a duly constituted and wholly indoes not undertake to prescribe any precise dependent trust estate within the meaning of method of valuation. However, one of the Section 315.1(0) (2.) of Treasury Department principal reasons for the requirement in the Circular No. 530, Fourth Revision, as amended, regulation that the assets of such a Common and such an estate may hold United States Trust Fund be valued periodically is to determine Savings Bonds, for which the fiduciary form of the amount which a participating trust may registration is authorized, in the full amount withdraw on the valuation date and to deterof the established limit, as prescribed in Section mine the basis upon which new participations 315.4 of the circular, without regard to any may be issued to trusts on such date. In the such bonds held by participating estates. The circumstances, the Board concluded that the Treasury Department also stated that Savings most appropriate basis for the valuing of such Bonds of Defense Series F or Defense Series G, bonds for the purposes of such a Common Trust the only series of savings bonds now on sale Fund would be the redemption value of such which may be registered in fiduciary form, bonds. purchased with funds held by a Common Trust Fund so established and maintained, may be Consumer Credit registered in substantially the following form: Forms of Statement of Borrower and State- 4' Trust Company of , ment of Necessity , trustee of Common Trust Fund under Declaration of Trust approved by resolution Section 5(d) of Regulation W provides in part of the board of directors adopted. ." that on and after January 1, 1942., no Registrant Valuation of United States Savings Bonds shall make any extension of instalment loan in Common Trust Fund credit unless he shall have obtained a signed The Board of Governors has been requested to Statement of the Borrower as to the purposes of consider whether, in the periodical valuation the loan, in form prescribed by the Board of JANUARY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Governors of the Federal Reserve System. Also, ment) and, in some cases, an old article which section 8(d) of Regulation W, in order to prevent the seller is willing to take as a trade-in, if the undue hardship, authorizes an exception to the prospective purchaser has and knows that he restrictions upon renewals, revisions and addi- has the unconditional legal right to require the tions to outstanding instalment credits if the dealer to take back the demonstrator and give Registrant accepts a Statement of Necessity back the deposit and the trade-in, if any, withby the obligor in the form and content pre- out being under any obligation to purchase the scribed by the Board. The Board of Governors demonstrator or similar article or under any has now prescribed a form of Statement of the further obligation whatsoever to the dealer. Borrower for use on and after January i, 1942., The Board has answered this question in the and a form of Statement of Necessity for use on affirmative. and after January 15, 1942.. These forms will The difference between these two cases is not be printed by the Board or the Federal Re- that in the first case there was a contract of serve Banks, but specimen forms may be ob- sale coupled with a side agreement which, in tained from the Federal Reserve Banks so that effect, would avoid the Regulation; while in the Registrants may secure a supply either by print- second case there was no contract of sale and ing or otherwise reproducing them or by ob- the prospective purchaser had the right to taining them from stationery or supply houses. return the demonstrator and receive back the deposit and old article, if any. On the other Interpretations of Regulation W hand if, in the second case, there had been a Since the publication of the December 1941 contract of sale, even though it was conditional Federal Reserve BULLETIN, the Board of Gov- and the purchaser had the right to rescind, it ernors of the Federal Reserve System has issued would have been necessary for the seller to the following interpretations of Regulation W obtain the required down payment and to calrelating to Consumer Credit: culate the maturity (in the event the contract became unconditional) from the date of the contract rather than the subsequent delivery of "DEMONSTRATOR" LOANED TO PROSPECTIVE the article. PURCHASER Interpretation No. 112 of Regulation W DOWN-PAYMENT LESS THAN $X The Board has been asked whether, in view Interpretation No. 113 of Regulation W of section 9(c) covering "lay-away" plans, Regulation W permits a dealer to accept a small Under section 4(e) of Regulation W, as deposit (less than the required down payment) amended effective December 1,1941, a seller may on an article which he agrees to hold until the disregard the down-payment requirement in purchaser has accumulated and paid the re- connection with the sale of any listed article on quired down payment, if as a part of the same which the requirement would be $x or less. transaction the dealer delivers another similar It is to be noted that section 4(e) applies only article (such as a demonstrator) to the purchaser in case the entire down-payment otherwise refor him to use in the meantime. quired on the particular sale would be $i or The Board has answered this question in the less; it does not permit a seller to reduce a downnegative. payment which would be more than $1. For The Board has also been asked whether Regu- example, if the required down-payment would lation W permits a dealer to deliver a demon- be $38, the provision does not authorize this to strator to a prospective purchaser, receiving a be reduced to $36. Small deposit (less than the required down pay- If several separate articles are sold to a cus- 8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT tomer, section 4(e) permits each to be treated obligations during the month when the conseparately for the purpose of determining solidation took place, or which would have the whether the down-payment requirement may be effect of extending the maturity of any of the disregarded. This would be true even though outstanding obligations beyond the terms perall the articles were covered by a single invoice mitted by the Regulation, namely, 18 months or bill. On the other hand, where the sale plus the 15-day adjustment permitted by secconsists of a group of closely related items sold tion 9(b). as a unit, such as a suite of furniture, the entire Under Option 1 the consolidated obligation group should be considered as a unit in deter- can provide for one payment each month, and mining whether the sale is exempted from the in order to accomplish this result the date of down-payment requirement, and this would be payment may be earlier in the month than the true regardless of how the sale was invoiced or dates on which the instalments on any of the billed. outstanding obligations were payable, or it may be later to the extent permitted by section 9(b) "FARMER PLAN"—LOAN MADE BEFORE with respect to the outstanding obligations. DECEMBER I, 1941 For example, in the case described in the ques- Interpretation No. 114 of Regulation W tion, if the outstanding obligation which was repayable on the 10th of each month had been Instalment sale or loan credit granted to a originally made on the 5th so that only 5 days farmer before December 1 may be revised after out of the 15 days permitted by section 9(b) December 1 on any terms which would have had been used, the consolidated obligation been permitted if section 9(f) had been in effect could call for instalments payable on the 2.0th. when the credit was originally granted. Furthermore, the $5 payable on account of the new $90 advance would not have to be CONSOLIDATION UNDER OPTION I OF SECTION 8(b) included in the first instalment but could be Interpretation No. us of Regulation W included in the instalment falling due in the The Board has been asked the following month after the consolidation took place. In question: other words, the consolidated loan could have a "Registrant is asked to consolidate three $30 instalment in the current month, and $35 outstanding obligations repayable $10 each on instalments in the next months. 10th, 15th and loth of current month respectively with an additional advance of $90 repay- DOWN PAYMENT ON AUTOMOBILE RADIO able $5 per month. In consolidating these Interpretation No. 116 of Regulation W obligations may Registrant, under section 8(b) 'Option one', schedule first payment of $35 one The Board has been asked whether the demonth from date of such consolidation even ferred balance on an automobile equipped with though this may result in extending credit on radio and heater is limited to 66f per cent of the outstanding obligations beyond the maximum total price or whether it can be 66f per cent 18 months maturity." of the price of the car plus 80 per cent of the Option 1 requires that the terms of the con- price of the radio and 100 per cent of the price solidated obligation shall be such as would of the heater. have been necessary to meet the requirements of The deferred balance may not exceed 66f per the Regulation if no consolidation had taken cent of the total price of the car and accessories, place, and therefore the consolidated obligation in view of Part 3(a) of the Supplement, and this can not have a schedule of payments which would also be true if the accessories were not would have the effect of omitting a payment installed in the car at the time of sale but were which would have been due on the outstanding sold at about the same time. JANUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT An automobile radio sold at a different time being refinanced was in fact credit arising from would be included in the classification "Radio the sale of an unlisted article. receiving sets, phonographs, or combinations*' In this connection, the "Statement of Borin Group C. rower" prescribed by the Board provides a means for the Registrant to ascertain certain GROUP E—BARNS, SILOS, ETC. facts, including facts as to whether the proceeds Interpretation No. IIJ of Regulation W are to be used to retire an instalment obligation, Inquiries have been received as to the appliand it protects the Registrant in relying in good cation of Regulation W to loans of $1,000 or faith on such facts when so ascertained. Howless for the purpose of constructing new farm ever, the "Statement of Borrower" does not buildings, such as barns, silos, poultry houses provide any means for ascertaining facts in and the like, on property where there are addition to those developed in answering the existing buildings, such as a farm house. The questions contained in the prescribed form. question is whether or not the materials and Certain other provisions of the Regulation services used in such construction are included provide means for establishing certain pertinent in Group E-i of the Supplement. The Board facts by accepting in good faith a statement of has ruled that the building of a completely new the obligor with respect to such facts; but structure is not a repair, alteration, or improve- neither the "Statement of Borrower" nor any ment in connection with existing structures and provision of the Regulation provides any means the materials and services would not be in for ascertaining whether instalment credit Group E-i. being retired, instead of being "instalment loan credit" or "instalment sale credit", is LOAN TO RETIRE CREDIT GRANTED BY SELLER OF some different type of instalment credit. Ac- UNLISTED ARTICLE cordingly, if the Registrant wishes to disregard Interpretation No. 118 of Regulation W the terms of the instalment obligation being The Board has been asked whether, in view of retired, he must ascertain the necessary facts the provisions of sections 8(a), (b) and (c) independently of the "Statement of Borrower", of Regulation W, a Registrant "taking over an and the treatment which he may accord to the extension of instalment credit that has been instalment obligation being retired will be made by a vendor and that has no connection controlled by the facts themselves. whatever with the sale of a listed article, must It may be noted that a similar problem arises be bound by the terms granted by that vendor". in the case of a loan to retire an extension of The Board has answered that, since the obliga- "instalment sale credit" or "instalment loan tion being retired in such case is neither "in- credit" which was originally granted with a stalment loan credit" nor "instalment sale shorter maturity than that required by the credit" as defined in the Regulation, and there- Regulation and on which, therefore, the Regulafore was not itself subject to Regulation W, tion would permit the rate of payment to be a Registrant making a loan to retire such an reduced to that permissible in the first instance. obligation is not bound by the terms granted The question whether a particular outstanding by the vendor. This, or course, does not obligation is one on which the rate of payment exempt the loan from the maximum maturity could be reduced in this manner is another and other provisions of the Regulation appli- question which is not answered in the "Statecable generally to instalment loan credit. ment of Borrower" and on which the Regis- Moreover, in such a case, if a Registrant making trant is not authorized to rely on any other the loan wished to grant terms more liberal statement of the obligor. Therefore, it the than those granted by the vendor, it would Registrant making the loan to retire the obligabe necessary for him to ascertain that the credit tion wishes to reduce the rate of payment, he IO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT must act independently of the "Statement of Japan which has thus been thrust upon the Borrower", and the treatment which he may United States is hereby formally declared; accord to the instalment obligation being and the President is hereby authorized and retired will depend upon the facts themselves. directed to employ the entire naval and military forces of the United States and the resources of INSURANCE PREMIUMS—SALE CREDIT; the Government to carry on war against the LOAN CREDIT Imperial Government of Japan; and, to bring Interpretation No. up of Regulation W the conflict to a successful termination, all of the resources of the country are hereby pledged Notes payable to insurance agents or brokers by the Congress of the United States. for premiums are not subject to Regulation W, Approved, December 8, 1941, 4:10 p. m., because insurance is not a "listed article" E. S. T. under the Regulation, and the agents and brokers are "sellers" within the meaning of section [PUBLIC LAW 331—77TH CONGRESS] [CHAPTER 564—IST SESSION] <*)• Financial institutions may purchase such [S.J. Res. 119] notes regardless of the requirements of the JOINT RESOLUTION Regulation. Declaring that a state of war exists between the Govern- However, instalment loan credit extended by ment of Germany and the Government and the people a financial institution for the purpose of paying of the United States and making provision to prosecute premiums is subject to the Regulation, except the same. as provided in section 6. Whereas the Government of Germany has formally declared war against the Govern- Declarations of War ment and the people of the United States of The Congress of the United States on Decem- America: Therefore be it ber 8, 1941, enacted a joint resolution formally Resolved by the Senate and House of Representatives declaring a state of war between the United of the United States of America in Congress as- States and Japan, and on December 11, 1941, sembled, That the state of war between the enacted resolutions formally declaring a state United States and the Government of Germany of war between the United States and Germany which has thus been thrust upon the United and Italy. The texts of these resolutions are States is hereby formally declared; and the as follows: President is hereby authorized and directed to employ the entire naval and military forces of [PUBLIC LAW 3x8—77TH CONGRESS] the United States and the resources of the [CHAPTER 561—IST SESSION] Government to carry on war against the Govern- [S.J. Res. 116] ment of Germany; and, to bring the conflict JOINT RESOLUTION to a successful termination, all of the resources Declaring that a state of war exists between the Imperial of the country are hereby pledged by the Government of Japan and the Government and the people Congress of the United States. of the United States and making provisions to prosecute Approved, December 11, 1941, 3:05 p. m., the same. E. S. T. Whereas the Imperial Government of Japan [PUBLIC LAW 332.—77TH CONGRESS] has committed unprovoked acts of war against [CHAPTER 565—IST SESSION] the Government and the people of the United [S. J. Res. 12.0] State of America: Therefore be it JOINT RESOLUTION Resolved by the Senate and House of Representatives Declaring that a state of war exists between the Governof the United States of America in Congress asment of Italy and the Government and the people of the sembled, That the state of war between the United States and making provision to prosecute the United States and the Imperial Government of same. JANUARY II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Whereas the Government of Italy has formally tion by the President of his powers as Comdeclared war against the Government and the mander in Chief of the Army and Navy, the people of the United States of America: President is hereby authorized to make such Therefore be it redistribution of functions among executive Resolved by the Senate and House of Representa- agencies as he may deem necessary, including tives of the United States of America in Congress as- any functions, duties, and powers hitherto by sembled, That the state of war between the law conferred upon any executive department, United States and the Government of Italy commission, bureau, agency, governmental corwhich has thus been thrust upon the United poration, office, or officer, in such manner as in States is hereby formally declared; and the his judgment shall seem best fitted to carry out President is hereby authorized and directed to the purposes of this title, and to this end is employ the entire naval and military forces of authorized to make such regulations and to the United States and the resources of the issue such orders as he may deem necessary, Government to carry on war against the Govern- which regulations and orders shall be in writing ment of Italy; and, to bring the conflict to a and shall be published in accordance with the successful termination, all of the resources of Federal Register Act of 1935: Provided, That the the country are hereby pledged by the Congress termination of this title shall not affect any act of the United States. done or any right or obligation accruing or Approved, December n, 1941, 3:06 p.m., accrued pursuant to this title and during the E. S. T. time that this title is in force: Provided further, That the authority by this title granted shall First War Powers Act be exercised only in matters relating to the con- The President of the United States on Decem- duct of the present war: Provided further, That ber 18, 1941, approved an Act of Congress no redistribution of functions shall provide for known as the "First War Powers Act, 1941" the transfer, consolidation, or abolition of the conferring upon the President certain broad whole or any part of the General Accounting authority needed to place the Government of Office or of all or any part of its functions. the United States upon an immediate war foot- SEC. 2.. That in carrying out the purposes of ing. The text of the Act is as follows: this title the President is authorized to utilize, coordinate, or consolidate any executive or [PUBLIC LAW 354—77TH CONGRESS] administrative commissions, bureaus, agencies, [CHAPTER 593—IST SESSION] governmental corporations, offices, or officers [H. R. 6133] now existing by law, to transfer any duties or AN ACT powers from one existing department, commis- To expedite the prosecution of the war effort. sion, bureau, agency, governmental corporation, Be it enacted by the Senate and House of Repre- office, or officer to another, to transfer the persentatives of the United States of America in Congress sonnel thereof or any part of it either by detail assembled, or assignment, together with the whole or any TITLE I—COORDINATION OF EXECUTIVE BUREAUS part of the records and public property belong- IN THE INTEREST OF THE MORE EFFICIENT ing thereto. CONCENTRATION OF THE GOVERNMENT SEC. 3. That for the purpose of carrying out SECTION I. That for the national security and the provisions of this title, any moneys heretodefense, for the successful prosecution of the fore and hereafter appropriated for the use of war, for the support and maintenance of the any executive department, commission, bureau, Army and Navy, for the better utilization of agency, governmental corporation, office, or resources and industries, and for the more ef- officer shall be expended only for the purposes fective exercise and more efficient administra- for which it was appropriated under the direc- 12. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT ti on of such other agency as may be directed section shall be made a matter of public record by the President hereunder to perform and under regulations prescribed by the President execute said functions, except to the extent and when deemed by him not to be incompatible hereafter authorized by the Congress in appro- with the public interest. priation Acts or otherwise. TITLE III—TRADING WITH THE ENEMY SEC. 4. That should the President, in re- SEC. 301. The first sentence of subdivision distributing the functions among the executive (b) of section 5 of the Trading With the Enemy agencies as provided in this title, conclude that Act of October 6, 1917 (40 Stat. 411), as any bureau should be abolished and it or their amended, is hereby amend d to read as follows: duties and functions conferred upon some other "(1) During the time of war or during any department or bureau or eliminated entirely, other period of national emergency declared by he shall report his conclusions to Congress with the President, the President may, through any such recommendations as he may deem proper. agency that he may designate, or otherwise, and SEC. 5. That all laws or parts of laws conunder such rules and regulations as he may flicting with the provisions of this title are to prescribe, by means of instructions, licenses, or the extent of such conflict suspended while this otherwise— title is in force. "(A) investigate, regulate, or prohibit, Upon the termination of this title all execuany transactions in foreign exchange, transtive or administrative agencies, governmental fers of credit or payments between, by, corporations, departments, commissions, buthrough, or to any banking institution, reaus, offices, or officers shall exercise the same and the importing, exporting, hoarding, functions, duties, and powers as heretofore or melting, or earmarking of gold or silver as hereafter by law may be provided, any coin or bullion, currency or securities, and authorization of the President under this title "(B) investigate, regulate, direct and to the contrary notwithstanding. compel, nullify, void, prevent or prohibit, TITLE II—CONTRACTS any acquisition holding, withholding, use, SEC. XOI. The President may authorize any transfer, withdrawal, transportation, imdepartment or agency of the Government exer- portation or exportation of, or dealing in, cising functions in connection with the prose- or exercising any right, power, or privilege cution of the war effort, in accordance with with respect to, or transactions involving, regulations prescribed by the President for the any property in which any foreign country protection of the interests of the Government, or a national thereof has any interest, to enter into contracts and into amendments or by any person, or with respect to any property, modifications of contracts heretofore or here- subject to the jurisdiction of the United States; after made and to make advance, progress and and any property or interest of any foreign other payments thereon, without regard to the country or national thereof shall vest, when, as, provisions of law relating to the making, per- and upon the terms, directed by the President, formance, amendment, or modification of con- in such agency or person as may be designated tracts whenever he deems such action would from time to time by the President, and upon facilitate the prosecution of the war: Provided, such terms and conditions as the President may That nothing herein shall be construed to prescribe such interest or property shall be held, authorize the use of the cost-plus-a-percentage- used, administered, liquidated, sold, or otherof-cost system of contracting: Provided further, wise dealt with in the interest of and for the That nothing herein shall be construed to au- benefit of the United States, and such desigthorize any contracts in violation of existing nated agency or person may perform any and law relating to limitation of profits: Provided all acts incident to the accomplishment or further, That all acts under the authority of this furtherance of these purposes; and the President JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT shall, in the manner hereinabove provided, arising upon the high seas: Provided, however, require any person to keep a full record of, and That the foregoing shall not be construed as a to furnish under oath, in the form of reports or limitation upon the power of the President, otherwise, complete information relative to which is hereby conferred, to prescribe from any act or transaction referred to in this sub- time to time, definitions, not inconsistent with division either before, during, or after the the purposes of this subdivision, for any or all completion thereof, or relative to any interest of the terms used in this subdivision." in foreign property, or relative to any property SEC. 302.. All acts, actions, regulations, rules, in which any forei n country or any national orders, and proclamations heretofore taken, thereof has or has b id any interest, or as may promulgated, made, or issued by, or pursuant be otherwise necessary to enforce the provisions to the direction of, the President or the Secreof this subdivision, and in any case in which a tary of the Treasury under the Trading With report could be required, the President may, in the Enemy Act of October 6, 1917 (40 Stat. the manner hereinabove provided, require the 411), as amended, which would have been auproduction, or if necessary to the national thorized if the provisions of this Act and the security or defense, the seizure, of any books of amendments made by it had been in effect, are account, records, contracts, letters, memoranda, hereby approved, ratified, and confirmed. or other papers, in the custody or control of SEC. 303. Whenever, during the present war, such person; and the President may, in the manthe President shall deem that the public safety ner hereinabove provided, take other and furdemands it, he may cause to be censored under ther measures not inconsistent herewith for the such rules and regulations as he may from time enforcement of this subdivision. to time establish, communications by mail, "(2-) Any payment, conveyance, transfer, ascable, radio, or other means of transmission signment, or delivery of property or interest passing between the United States and any therein, made to or for the account of the foreign country he may from time to time United States, or as otherwise directed, pursuant specify, or which may be carried by any vessel to this subdivision or any rule, regulation, inor other means of transportation touching at struction, or direction issued hereunder shall any port, place, or Territory of the United to the extent thereof be a full acquittance and States and bound to or from any foreign coundischarge for all purposes of the obligation of try. Any person who willfully evades or atthe person making the same; and no person tempts to evade the submission of any such comshall be held liable in any court for or in respect munication to such censorship or willfully uses to anything done or omitted in good faith in or attempts to use any code or other device for connection with the administration of, or in the purpose of concealing from such censorpursuance of and in reliance on, this subdivision, ship the intended meaning of such communicaor any rule, regulation, instruction, or direction tion shall, upon conviction, be fined not more issued hereunder. than $10,000, or, if a natural person, imprisoned "(3) As used in this subdivision the term for not more than ten years, or both; and the 'United States' means the United States and any officer, director, or agent of any corporation place subject to the jurisdiction thereof, includwho knowingly participates in such violation ing the Philippine Islands, and the several courts shall be punished by a like fine, imprisonment, of first instance of the Commonwealth of the or both, and any property, funds, securities, Philippine Islands shall have jurisdiction in all papers, or other articles or documents, or any cases, civil or criminal, arising under this subdivision in the Philippine Islands and concur- vessel, together with her tackle, apparel, furnirent jurisdiction with the district courts of the ture, and equipment, concerned in such violation United States of all cases, civil ©r criminal, shall be forfeited to the United States. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT TITLE IV—TIME LIMIT AND SHORT TITLE With the Enemy Act, as amended, and by virtue SEC. 401. Titles I and II of this Act shall re- of all other authority vested in me, I, FRANKLIN main in force during the continuance of the D. ROOSEVELT, PRESIDENT OF THE UNITED STATES present war and for six months after the termi- OF AMERICA, do prescribe the following: nation of the war, or until such earlier time as A general license is hereby granted licensing the Congress by concurrent resolution or the any transaction or act prohibited by section President may designate. 3(a) of the Trading with the Enemy Act, as SEC. 402.. This Act may be cited as the "First amended, provided, however, that such trans- War Powers Act, 1941." action or act is authorized by the Secretary of Approved, December 18, 1941. the Treasury by means of regulations, rulings, instructions, licenses or otherwise, pursuant Trading With The Enemy to Executive Order No. 8389, as amended. General License Issued by the President FRANKLIN D. ROOSEVELT The President of the United States on Decem- THE WHITE HOUSE ber 13, 1941, issued a General License under December 13, 1941 section 3(a) of the Act of October 6, 1917, per- H. Morgenthau, Jr. taining to trading with the enemy. There is published below the text of this General License Secretary of the Treasury together with a statement by the Treasury Francis Biddle Department explaining its purpose. Attorney General of the United States Treasury Department Foreign Funds Control Washington December 13, 1941 Executive Order on Transfers of Property of Foreign Countries and Their Nationals The President today issued a general license under sec~ tion 3(a) of the Trading With the Enemy Act permitting The Executive Order of April 10, 1940, as any transaction which the Secretary of the Treasury licenses amended, providing that transfers of credit, under the freezing control orders. foreign exchange transactions, the export or With the outbreak of the present war, section 3(a) of earmarking of coin, bullion or currency, or the Trading With the Enemy Act became effective. This section prohibits any person from trading with enemy un- other similar operations, by persons or instituless authorized by the President. As a consequence banking tions in the United States which involve propand business institutions throughout the country refused to erty of any countries of continental Europe and put through transactions because they might involve Gerof China and Japan, or any nationals thereof, man, Italian or Japanese interests. shall be subject to license by the Secretary of the The Treasury Department already controls transactions involving German, Italian or Japanese interests under the Treasury, was amended on December 9, 1941, so freezing orders. Today's action by the President integrates as to extend to Thailand. the licensing procedure under section 3(a) of the Trading The text of the Executive Order and amend- With the Enemy Act with that of the Treasury Department ments thereto have been printed in previous under freezing control. The new general license provides that transactions which the Secretary of the Treasury issues of the Federal Reserve BULLETIN, and the licenses under the freezing control orders may be effected text of the amendment of December 9 is as without regard for the provisions of section 3(a) of the follows: Trading With the Enemy Act. EXECUTIVE ORDER NO. 8963 GENERAL LICENSE UNDER SECTION 3 (a) OF THE AMENDMENT OF EXECUTIVE ORDER NO. 8389 OF APRIL 10, 1940, AS AMENDED TRADING WITH THE ENEMY ACT By virtue of and pursuant to the authority By virtue of the authority vested in me by vested in me by sections 3 and 5 of the Trading Section 5(b) of the Act of October 6, 1917 JANUARY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (40 Stat. 415), as amended, and by virtue of all Thailand, or any national thereof, has at any time on or other authority vested in me, I, FRANKLIN D. since December 9, 1941, had any interest. E.H. FOLEY, JR. ROOSEVELT, PRESIDENT OF THE UNITED STATES OF Acting Secretary of the Treasury AMERICA, do hereby amend Executive Order No. 8389 of April 10, 1940, as amended, by Treasury Department, Office of the Secretary changing the period at the end of subdivision December 11, 1941 (k) of Section 3 of such Order to a semi-colon GENERAL LICENSE NO. Z and adding the following new subdivision As Amended, Under Executive Order No. 8389, April 10, 1940, thereafter: As Amended, and Regulations Issued Pursuant Thereto, (1) June 14, 1941— Relating to Transactions in Foreign Exchange, Etc.* Thailand. General License No. 2. is hereby amended in the following respects: FRANKLIN D. ROOSEVELT (a) Paragraph (1) thereof is deleted; (b) The following sentence is substituted for the sentence THE WHITE HOUSE, deleted by paragraph (a) of this amendment: December 9, 1941. "(O Any banking institution within the United States which during any quarterly period enters any General Licenses and Public Circulars Issued single item in excess of $50 to any account under the by the Secretary of the Treasury authority of this general license shall file with the appropriate Federal Reserve Bank at the end of such Since the publication of certain General quarterly period a report showing the name of such Licenses and a Public Circular on pages 1x18- account and the nature and amount of each item in ITLI of the December 1941 Federal Reserve BUL- excess of $50 entered to such account under the author- LETIN, the following General Licenses and Public ity of this general license during such quarterly period." Circulars have been issued by the Office of the E. H. FOLEY, JR. Secretary of the Treasury under the authority of Acting Secretary of the Treasury the Executive Order of April 10, 1940, as amended, and the Regulations issued pursuant Treasury Department, Office of the Secretary thereto relating to transactions in foreign ex- December 11, 1941 change, etc.: GENERAL LICENSE NO. II-A Under Executive Order No. 8389, April 10, 1940, as Amended, Treasury Department, Office of the Secretary and Regulations Issued Pursuant Thereto, Relating to December 9, 1941 Transactions in Foreign Exchange, Etc.* (1) A general license is hereby granted authorizing pay- GENERAL LICENSE NO. 76 ments out of the blocked account of any national of Japan in Under Executive Order No. 8389, April 10, 1940, as Amended, the continental United States for the living and personal and Regulations Issued Pursuant Thereto, Relating expenses of such national and his household; provided that to Transactions in Foreign Exchange, Etc.* the total payments under this general license from all the blocked accounts of any one national shall not exceed $100 A general license is hereby granted licensing any transin any one calendar month. action which is prohibited by the Order solely by reason of (z) Banks, employers and other persons making any such the fact that it involves property in which Thailand, or any payments shall satisfy themselves, through affidavits or national thereof, has at any time prior to December 9, 1941, otherwise, that payments out of blocked accounts for living but not on or since December 9, 1941, had any interest. expenses for any one national and his household do not ex- This general license shall not be deemed to authorize any ceed $100 in any one calendar month. transaction, if (i) such transaction is by, or on behalf of, or pursuant to the direction of Thailand, or any national E. H. FOLEY, JR. thereof, or (11) such transaction involves property in which Acting Secretary of the Treasury * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; ocv.. *]\uj, iu utai.. tij aiiu ^<JU, uci.. A, TO uiai. x, jt oiai. x/y, oct. J\VJ, tu oiai. tu a.uu yuu, ocw. A, TO OLctL. x, ot outl. 1/y, Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, and Ex. Order 8963, December 14, 1941, Ex. Order 8832, July 26, 1941, and Ex. Order 8963, December 9, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and 9, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. July 26, 1941. 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Treasury Department, Office of the Secretary- license, such bank shall file with the appropriate Federal December II, 1941 Reserve Bank a report for such calendar month setting forth the details of the transactions in such account during the REVOCATION OF GENERAL LICENSE NO. 47 AND GENERAL calendar month. LICENSE NO. 47A Under Executive Order No. 8389, April 10, 1940, as Amended, E. H. FOLEY, JR. Acting Secretary of the Treasury And Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc* Treasury Department, Office of the Secretary General License No. 47 and General License No. 47A are December 15, 1941 hereby revoked. GENERAL LICENSE NO. 68A H. MORGENTHAU, JR. Under Executive Order No. 8389, April 10, 1940, as Amended, Secretary of the Treasury and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc. * Treasury Department, Office of the Secretary December 11, 1941. (1) A general license is hereby granted: (a) Licensing as a generally licensed national any in- GENERAL LICENSE NO. 77 dividual who is a national of Japan and who has Under Executive Order No. 8389, April ioy 1940, as Amended, been residing only in the continental United States and Regulations Issued Pursuant Thereto, Relating to at all times on and since June 17, 1940, and Transactions in Foreign Exchange, Etc.* (b) Licensing as a generally licensed national any part- (1) A general license is hereby granted licensing any nership, association, corporation or other organizaperson engaged, prior to December 7,1941, in the production, tion within the continental United States which is a marketing or distribution of food products within the national of Japan solely by reason of the interest continental United States and who is a national of Japan to therein of a person or persons licensed as generally engage in all transactions ordinarily incidental to the nor- licensed nationals pursuant to this general license. mal conduct of their business of producing, marketing or (2.) This general license shall not be deemed to license as a distributing food within the continental United States, generally licensed national: Provided, however, that this general license shall not authorize (a) Any individual, partnership, association, corporation (a) any transaction which could not be effected without or other organization on the premises of which the a license if such person were not a national of any Treasury Department maintains a representative or blocked country. guard or on the premises of which there is posted an (V) total payments, transfers or withdrawals from blocked official Treasury Department notice that the premises accounts of any such person during any one week in are under the control of the United States Government, excess of the average weekly payments from such or account during the six months' period immediately (b) Any bank, trust company, shipping concern, steampreceding the date of this license, or ship agency, or insurance company, or (c) any transaction by or on behalf of nationals of Japan (c) Any person who, on or since the effective date of the who were not generally licensed nationals under Order, has represented or acted as agent for any General License No. 68 prior to December 7, 1941. person located outside the continental United States (V) Any person engaging in business pursuant to this or for any person owned or controlled by persons general license shall not engage in any transaction pursuant located outside the continental United States, or to this general license which, directly or indirectly, sub- (d) Any person who on or since the effective date of the stantially diminishes or imperils the assets of such person Order has acted or purported to act directly or inwithin the continental United States or otherwise prejudi- directly for the benefit or on behalf of any blocked cially affects the financial position of such person within the country, including the government thereof, or any continental United States. person who is a national of Japan by reason of any (3) Any bank effecting any payment, transfer or with- fact other than that such person has been domiciled drawal pursuant to this general license shall satisfy itself in, or a subject or citizen of, Japan at any time on or that such payment, transfer or withdrawal is being made since the effective date of the Order. pursuant to the terms and conditions of this general license. (3) A report on the appropriate series of Form TFR-300 (4) Where any blocked account in a bank is debited in shall be filed with the appropriate Federal Reserve Bank excess of $500 per calendar month pursuant to this general within 30 days after the date hereof with respect to the • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; * 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 8785, June Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941; and Ex. Order 8963, December 14, 1941, Ex. Order 8832, July 26, 1941, and Ex. Order 8963, December 9, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and 9, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. July 26, 1941. JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT property interests of every person licensed herein as a gener- hereby reinstated to the extent that they were revoked by ally licensed national if the total value of the property Public Circular No. 8. interests to be reported is $1,000 or more. (4) Every business enterprise licensed herein as a generally General License No. 56 licensed national shall also file with the appropriate Federal General License No. 58 Reserve Bank within 30 days after the date hereof an affida- General License No. 59 vit setting forth the information required by Form TFBE-i, General License No. 60 if the total value of all property interests of such business General License No. 61 enterprise is in excess of $5,000. General License No. 63 (5) Banking institutions within the United States effect- General License No. 65 ing payments, transfers or withdrawals in excess of $1,000 General License No. 66 during any month for the account of any person licensed as a General License No. 68 generally licensed national hereunder, shall file promptly General License No. 69 with the appropriate Federal Reserve Bank a report showing General License No. 75 the details of such transactions. E. H. FOLEY, JR. (6) This general license shall not authorize any trans- Acting Secretary of the Treasury action which, directly or indirectly, substantially diminishes or imperils the assets within the continental United States Treasury Department, Office of the Secretary of any national of Japan or otherwise prejudicially affects December 2.^, 1941 the financial position of such national within the continental United States. PUBLIC CIRCULAR NO. 9 (7) As used in this general license, the term "business Under Executive Order No. 8389, April 10, 1940, as Amended, and enterprise" shall mean any individual proprietorship, part- Regulations Issued Pursuant Thereto, Relating to nership, association, corporation or other organization Transactions in Foreign Exchange, etc. * engaged in commercial or other business activities within the continental United States. All general licenses, specific licenses, and authorizations of whatsoever character are hereby revoked insofar as they E. H. FOLEY, JR. Acting Secretary of the Treasury authorize, directly or indirectly, any of the following with respect to any bond, debenture or similar obligation, including coupons (all of which are hereinafter referred to as securi- Treasury Department, Office of the Secretary ties) issued by the Government of Denmark, or any political December 7, 1941 subdivision, agency or instrumentality thereof: PUBLIC CIRCULAR NO. 8 (a) The removal of such securities from blocked ac- Under Executive Order No. 8389, April 10, 1940, as Amended, and counts of Denmark, or any person within Denmark, Regulations Issued Pursuant Thereto, Relating to or from any General Ruling No. 6 account; or Transactions in Foreign Exchange, etc* (V) The presentation, by or on behalf of or for the All general licenses, specific licenses, and authorizations benefit of Denmark, or any person within Denmark, of whatsoever character are hereby revoked in so far as they or any General Ruling No. 6 account, of such authorize, directly or indirectly, any transaction by, on securities for payment or redemption or behalf of, or for the benefit of, Japan, or any national thereof. (c) The sale or other disposition of such securities by H. MORGENTHAU, JR. Secretary of the Treasury or on behalf of or for the benefit of Denmark, or any person within Denmark, or any General Ruling No. 6 account, Treasury Department, Office of the Secretary Provided, That this public circular shall not be deemed to December 10, 1941 prevent the completion on or prior to December irj, 1941, PUBLIC CIRCULAR NO. 8A of purchases and sales of such securities (other than de- Under Executive Order No. 8389, April 10, 1940, as Amended, and tached coupons) which were made pursuant to the Order on Regulations Issued Pursuant Thereto, Relating to or before December 14, 1941. Transactions in Foreign Exchange, etc.* E. H. FOLEY, JR. All general licenses other than those listed below are Acting Secretary of the Treasury * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; * 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 8785, June Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941; and Ex. Order 8963, December 14, 1941, Ex. Order 8832, July 26, 1941, and Ex. Order 8963, December 9, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and 9, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. July 26,1941. 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE INVENTORIES S TOCKS of goods held by department stores Furniture prices, for example, have advanced by throughout the country increased by 35 2-5 per cent, and men's apparel prices by 10 per per cent in value in the year ending Octo- cent. ber 31, according to information compiled by According to a special survey made by the the Federal Reserve System. Outstanding Board of Governors and the Federal Reserve orders by department stores were also consid- Banks, substantial increases in stocks have erably larger than a year earlier, while sales by occurred in all departments of the stores during these stores showed a smaller increase, which for the past year. The largest percentage increases the three months September through November were reported in stocks of household appliances amounted to 15 per cent over the corresponding and of some types of women's apparel and accesperiod of last year. Most of the increase in sories. Women's coats, suits, dresses, and stocks occurred after the middle of this year, shoes, however, showed the smallest increases, probably owing to the importance of style changes in these lines. Department stores also DEPARTMENT STORE SALES AND STOCKS held at the end of October a relatively large amount of goods in the "small wares" and "miscellaneous" groups of departments, which include many items, such as toys, luggage, jewelry, and the like, that are important in the Christmas trade. For the country as a whole department store stocks at the end of October amounted to about 3^ months' supply at the rate of October sales— while a year earlier stocks represented about 1% months' supply. It should be noted, however, that the October comparison is not altogether 1935 1936 1937 1938 1939 representative of the change over the year, be- Federal Reserve indexes of value of sales and stocks, adjusted for seasonal variation, 1923-1925 average = 100. By months, January cause October sales showed a smaller increase 1935 to November 1941. from the previous year than sales in other recent months. In departments where sales in October as is shown in the chart; prior to that time were not greatly different from those in previous department store stocks were exceptionally months, the ratios of stocks to sales were gensmall in relation to the volume of sales. erally abdut one-sixth larger than a year ago. Outstanding orders also increased consider- Apparently both this year and last the relation ably during the summer but later declined of stocks to sales was fairly uniform in different somewhat. To a varying degree the increases regions of the country, although stocks in some in sales, stocks, and outstanding orders reflect of the Eastern sections were somewhat below price increases. On the average these have the average and those in some of the Western amounted to perhaps 15 per cent over the past districts somewhat above the average. year, although changes have differed consid- The attached table shows for the principal erably among different classes of products. departments of stores reporting in this special JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE INVENTORIES survey percentage changes in stocks and sales For purposes of comparison figures on sales by iir October this year over the same month last Z44 stores in the period January-September 1941 year and also ratios of stocks to sales. Reports are also shown. Although based on a different from 340 stores are included in the total, com- sample, these figures are roughly comparable pared with a sample of from 140 to 1.^0 stores with the others in the table; in October the two that report departmental sales figures monthly, different samples showed closely similar results. DEPARTMENT STORE STOCKS AND SALES, BY MAJOR DEPARTMENTS October Jan.-Sept. Percentage change Ratio of stocks to sales Percentage Number of 1940 to 1941 (month's supply) change stores in sales, 1940 to 1941 Stocks Sales 1941 244 stores Grand Total—entire store 340 +35 +10 2.7 3.4 +17 Main Store—total1 340 +34 +10 2.9 3.5 +18 Women's apparel and accessories... +32 +3 2.3 2.9 +16 Coats and suits 314 +20 -5 1.4 1.7 +27 Dresses 316 +15 +6 1.2 1.3 +11 Blouses, skirts, sportswear, etc.... 300 +33 +20 1.9 2.1 +19 Juniors' and girls' wear * +27 +11 1.9 2.2 +19 A U p n r d o e n rw s, e h a o r, u s s e l d ip r s e , s s n e e s g , li u g n e i e f s orms 264 + + 4 5 7 1 + + 1 1 2 7 3 2 . . 8 0 4 2. . 7 8 + + 1 1 4 5 Infants' wear * +41 +19 2.6 3.0 +16 Women's and children's shoes 284 +15 +11 4.2 4.4 +12 Furs 230 +17 -59 2.8 7.9 +45 241 Men's and boys' wear... +29 +17 4.2 +14 Men's clothing 219 +19 +16 3.9 4.1 +16 Men's furnishings, hats, caps 289 +38 +18 4.6 5.3 +11 Boys' clothing and furnishings 264 +30 +15 3.6 4.1 +14 Men's and boys' shoes and slippers. 141 +24 +15 6.1 6.6 House furnishings +36 +18 3.3 +24 Furniture, beds, mattresses, springs. 225 +34 +21 3.0 3.3 +25 Domestic floor coverings 247 +28 +19 3.3 3.6 +26 Draperies, curtains, upholstery 281 +27 +14 3.0 3.4 +15 Major household appliances 200 +85 +3 2.1 3.8 +40 Domestics, blankets, linens, etc +36 +22 3.8 4.2 +24 Piece goods +23 +15 3.6 3.8 +7 Cotton wash goods 125 +32 +22 4.0 Basement Store—total2 +45 +13 2.0 2.6 +14 Women's apparel and accessories..... +52 +10 1.5 2.1 +14 Men's and boys' clothing and furnishings.. 160 +45 +14 2.7 3.4 +10 House furnishings +48 +23 2.2 2.7 +20 Piece goods 69 +32 +21 2.8 3.1 +9 Shoes 114 +27 +10 3.1 3.6 +8 * Not available. Number of stores included in each group total is somewhat greater than the largest number shown for any subgroup. - Group totals for main store include sales in departments not shown separately. 2 Group totals for basement are not strictly comparable with those shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. 1.O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Meeting of the Federal Open Market Committee New York The Federal Open Market Committee held (p ghkeepsie, P.O.)—Vassar Bank Arlington 0U its fourth meeting of the year in Washington Attica—The Bank of Attica on December 12. Admissions of State Banks to Membership in the Federal Reserve System North Carolina The following State banks were admitted to _ Durham Thc Fiddity Bank membership in the Federal Reserve System during the period November 16, 1941, to December 15, 1941, inclusive. Ohio Illinois Alger—Alger Savings Bank Urbana—Busey's State Bank Logan—The Farmers & Merchants Bank of Logan McComb—The Peoples Banking Company Indiana Rising Sun—Rising Sun State Bank West Virginia Iowa Hull—Iowa State Bank Greenville—Bank of Greenville Kansas Hill City—The Farmers and Merchants Bank Resignation of Class C Director of Hill City The Board of Governors accepted, effective as of the close of December 31, 1941, the resig- Michigan nation tendered by C. Thorpe, General Manager, Flushing—The Peoples State Bank of Flushing California Walnut Growers Association, Los Michigan Angeles, California, as a Class C director of the Federal Reserve Bank of San Francisco. Mr. Thorpe had served the Federal Reserve Bank New Jersey as director since his appointment on March 31, Bordentown—Bordentown Banking Company I937- JANUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled December ig and released for publication December 20. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 1-6 of this BULLETIN. Industrial activity was maintained at a high ity. In the automobile industry activity inrate in November and the first half of Decem- creased, reflecting larger output of both military ber and distribution of commodities continued and civilian products, and at lumber mills in large volume. Our entry into the war was and furniture factories activity declined less reflected in a sharp advance in the prices of than seasonally. At cotton and rayon textile some commodities, some decline in security mills activity rose to new record levels, and at prices, and further curtailment of nonmilitary woolen mills the high production rate of other production. recent months was maintained. Less than seasonal declines in output were indicated for PRODUCTION shoes and manufactured food products. Volume of industrial output was sustained Crude petroleum production increased further in November at the high rate of the previous in November. Bituminous coal production detwo months, although a decline is usual at clined somewhat owing to temporary shutthis season. The Board's adjusted index ad- downs at some mines during November, and vanced from 163 to 167 per cent of the 1935-39 anthracite production was curtailed as a result average. In industries engaged in production of unusually warm weather in some areas and of armament and munitions activity continued the existence of considerable stocks of coal to increase and in most other lines volume of accumulated in earlier months. Iron ore shipoutput was maintained or declined less than ments continued in large volume until the shipseasonally. ping season closed early in December; during Output of materials, such as steel and non- 1941 about 80 million tons of ore were brought ferrous metals, was maintained at about capac- down the Lakes as compared with the previous INDUSTRIAL PRODUCTION WHOLESALE PRICES OF BASIC COMMODITIES 80 70 / 60 / 50 / 40 30 I V / 120 / V 110 / \ 100 90 s k// 80 70 1935 1941 1935 1939 1940 Federal Reserve index of physical volume of production, adjusted ^Bureau of Labor Statistics' indexes based on 12 foodstuffs and 16 for seasonal variation, 1935-1939 average = 100. By months, January industrial materials, August 1939 = 100. Thursday figures, January 3, 1935 to December 1941. 1935 to January 2, 1942. 12. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS record of 65 million tons in 19x9. Stocks of Department store sales, as measured by the ore at lower Lake ports on November 30 Board's seasonally adjusted index, advanced to amounted to about a seven months' supply at 115 per cent of the 19x3-2.5 average as comthe current consumption rate of around 6.5 pared with 105 in October and 116 in September. million tons a month. Larger sales in November were also reported by Following a declaration of war by this coun- variety stores. Sales of automobiles increased try in early December further steps were taken somewhat, according to trade reports, but, as to curtail output of nondefense goods using in other recent months, new car sales were critical materials. Output quotas for passenger smaller than output and dealers' stocks rose cars and household appliances were greatly further. reduced and cessation of output of some other In the second week of December sales at deproducts was ordered as of the end of January. partment stores rose less than seasonally, par- Also, the production and sale of new automobile ticularly in the coastal regions. tires and tubes for civilian use were halted Freight traffic on the railroads continued in temporarily, pending establishment of a system large volume in November and the first half of for controlling their distribution. December. Grain shipments increased con- Value of construction contracts awarded in siderably and loadings of miscellaneous mer- November declined sharply from the high level chandise, which includes most manufactured of other recent months, according to figures of products, were maintained at the high level the F. W. Dodge Corporation. Awards for reached several months earlier. Coal loadings privately-financed construction decreased more declined somewhat, owing in part to temporary than seasonally and contracts for publicly- shutdowns at some mines. Shipments of most financed projects also declined following a con- other classes of freight decreased less than is tinued large volume of awards since last spring. usual at this season. Total awards in November were about a fifth larger than a year ago, while for the first ten COMMODITY PRICES months of the year they were three-fifths larger. Following the entry of the United States into the war, prices of grains, livestock, and foods DISTRIBUTION rose sharply. Prices of most industrial ma- Volume of retail trade increased in November terials traded in the organized markets, being following some decline in the previous month. limited by Federal regulation, showed little MONEY RATES IN NEW YORK CITY MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS FACTORS SUPPLYING RESERVE FUNDS FACTORS US1N0 RESERVE FUNDS 16 STOCK/' MEMBER BANK /V^ RESERVE BALANCES/ ~7f V' MONEY IN CIRCULATION *r - -~-t"- TREASURY CURRENCY 1935 1936 1937 1938 1939 1940 1941 1939 1940 1941 1939 1940 1941 Weekly averages of daily yields of 3- to 5-year tax-exempt Treasury Wednesday figures, January 4, 1939 to December 31, 1941. notes, Treasury bonds callable after 12 years, and average discount on new issues of Treasury bills offered within week. For weeks ending January 5, 1935 to December 27, 1941. JANUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS change. Additional measures to prevent ad- Excess reserves increased through most of the vances in wholesale prices were soon announced period as a result of Treasury expenditures from for wool and shellac and for such imported Reserve Bank balances, but declined sharply on foods as cocoa, coffee, pepper, and fats and December 15 when these balances were replenoils. ished in connection with the issue of 1.6 billion Retail food prices, as measured by the Bu- dollars of new Government securities. Money reau of Labor Statistics' index, increased i}4 in circulation has continued to show a marked per cent further from the middle of October to increase. the middle of November to a level 18 per cent above a year ago. Indications are that retail YIELDS ON UNITED STATES GOVERNMENT prices of both foods and other commodities SECURITIES continued to rise in December. The yield on TJ/ per cent United States 2 Government bonds of 1967-71, which reached a BANK CREDIT record low level of 2..31 per cent on November 5, Total loans and investments at banks in lead- advanced somewhat in November and, after the ing cities continued to advance during Novem- entry of the United States into the war, rose ber and the first two weeks of December, owing to 1.50 per cent. Yields on short-term Governmostly to increased holdings of Government ment securities increased further. The yield securities at banks outside New York City. on Treasury notes of December 1945 advanced Commercial loans, after showing little net to 0.93 per cent on December 17, compared with change in November, again increased sharply 0.62. per cent on September 15, and the rate on in the first two weeks of December. three-month bills rose to .195 per cent. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items. , ir/ Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements. . 2.8 Federal Reserve Bank statistics. . ^^H Reserve position of member banks; deposits in larger and smaller centers 34 Money in circulation. 3 5 Gold stock and gold movements; bank suspensions; bank debits. , 36 All banks in the United States, number, deposits, loans and investments 37 Condition of all member banks... 38-39 Weekly reporting member banks.. 40-43 ; Commercial paper, bankers' acceptances, and brokers' balances. . 44 Money rates and bond yields. . 45 Security markets. . 46 Treasury finance. . 47~49 Governmental corporations and credit agencies; Postal Savings System 5°~52- Business indexes 5 3 -63 Department store statistics. . 64 Wholesale prices 65 Current statistics for Federal Reserve chart book 66-68 December crop report, by Federal Reserve districts... 68 Statistics of all Banks in the United States. . 69-73 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 or 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 BULLE- TINS 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 BULLETIN and press statements will be sent without charge to those wishing them. JANUARY 1941 2.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 22 20 20 18 18 16 16 14 14 12 12 10 MEMBER BANK 10 RESERVE BALANCES TREASURY CASH AND DEPOSITS 2 0 1935 1936 1937 1938 1939 1940 1941 10 10 REQUIRED RESERVES ^ ^.-, I • —S- EXCESS RESERVES 2 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for December 31. See page 2.7. 2.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member Treas- bank reserve Date c B o d e i u i l s d n l - s t- To U t . a l S. s e G t c w u M u o r i r v i t a i n h e t - i g - r e n s m t e a u M n f r t t i e a n r - g ot A h l e l r1 Total s G to o c ld k s T r t o c e i r u a n e u u n r n g a y r t c d - - s y - - M in c ti o u o c n l n i a e r - y - T h c i u r o n a e r l g s y a d h s s - - u p s w F r e e o R y e r r i s e a t v d d i - h l t e - e s - p m N o b d e o e s e m - n r it - - s c O s F o e R e a t u e r r c h e d n v a - - e - l e t r s Tot b a a l lanc c e e s ss2 in 5 5 Banks years years Monthy averages of daily figures: 1940—Sept 5 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 5 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 Nov 4 2,261 1,045 1,215 79 2,344 21,662 3,065 8,415 2,194 348 1,710 275 14,131 6,830 1941—Sept 12 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 8 2,184 934 1,250 130 2,322 22,779 3,208 10,270 2,220 525 1,905 292 13,097 5,001 Nov 6 2,184 908 1,277 121 2,311 22,786 3,225 10,496 2,194 669 1,774 290 12,900 3,611 End of month figures: 1940—Sept. 30 5 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 4 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 Nov. 30 4 2,199 1,023 1,177 101 2,304 21,801 3,072 8,522 2,187 250 1,726 277 14,215 6,849 1941—Sept. 30 11 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 6 2,184 908 1,277 119 2,309 22,800 3,219 10,364 2,207 987 1,899 290 12,580 4,557 Nov. 29 6 2,184 908 1,277 122 2,312 22,785 3,231 10,640 2,188 429 1,644 288 13,140 3,828 Wednesday figures: 1941—Feb. 5 2 2,184 1,048 1,136 31 2,217 22,122 3,099 8,627 2,212 692 1,784 283 13,842 6,306 Feb.12 3 2,184 1,048 1,136 74 2,260 22,130 3,100 8,665 2,212 622 1,837 283 13,871 6,331 Feb.19 2 2,184 1,048 1,136 49 2,235 22,140 3,102 8,668 2,222 479 1,785 282 14,021 6,440 Feb.26 3 2,184 1,048 1,136 36 2,223 22,179 3,101 8,725 2,204 368 1,752 281 14,175 6,542 Mar. 5 2 2,184 1,048 1,136 51 2,237 22,237 3,103 8,805 2,192 391 1,772 280 14,136 6,435 Mar. 12 1 2,184 1,048 1,136 59 2,244 22,318 3,106 8,811 2,196 421 1,748 280 14,211 6,483 Mar. 19 1 2,184 984 1,201 73 2,259 22,335 3,104 8,826 2,208 913 1,721 289 13,741 6,106 Mar. 26 1 2,184 984 1,201 35 2,221 22,359 3,108 8,842 2,230 906 1,788 288 13,633 6,011 Apr. 2 1 2,184 955 1,230 59 2,244 22,384 3,110 8,944 2,251 1,045 1,704 288 13,506 5,941 Apr. 9 5 2,184 955 1,230 46 2,235 22,413 3,113 8,993 2,272 813 1,740 288 13,656 6,027 Apr. 16 1 2,184 1,008 1,177 100 2,286 22,421 3,116 8,989 2,269 534 1,763 289 13,979 6,264 Apr. 23 2 2,184 1,008 1,177 53 2,239 22,482 3,118 8,992 2,299 947 1,808 289 13,506 5,760 Apr. 30 2 2,184 1,008 1,177 48 2,234 22,506 3,122 9,071 2,283 865 1,830 288 13,524 5,771 May 7 1 2,184 1,008 1,177 43 2,229 22,525 3,125 9,151 2,292 804 1,905 288 13,440 5,711 May 14 2 2,184 1,008 1,177 53 2,239 22,538 3,129 9,155 2,283 762 1,961 287 13,458 5,689 May 21 2 2,184 1,008 1,177 50 2,237 22,565 3,131 9,186 2,280 477 1,972 286 13,732 5,855 May 28 4 2,184 1,008 1,177 43 2,231 22,573 3,133 9,294 2,221 462 1,926 286 13,749 5,824 June 4 2 2,184 951 1,234 54 2,240 22,579 3,136 9,394 2,229 993 1,852 285 13,201 5,407 June 11 2 2,184 951 1,234 63 2,249 22,593 3,138 9,393 2,240 941 1,809 285 13,312 5,488 June 18 2 2,184 951 1,234 55 2,241 22,612 3,142 9,433 2,258 1,024 1,855 295 13,131 5,314 June 25 2 2,184 951 1,234 63 2,249 22,620 3,148 9,490 2,275 1,081 1,891 295 12,985 5,145 July 2 3 2,184 951 1,234 86 2,273 22,627 3,150 9,704 2,276 837 1,820 289 13,125 5,265 July 9 3 2,184 951 1,234 61 2,249 22,640 3,152 9,695 2,291 1,039 1,756 289 12,971 5,124 July 16 2 2,184 951 1,234 108 2,294 22,655 3,157 9,645 2,309 849 1,792 288 13,223 5,336 July 23 3 2,184 951 1,234 61 2,248 22,664 3,161 9,634 2,320 954 1,759 288 13,117 5,181 July 30 5 2,184 951 1,234 56 2,245 22,673 3,163 9,697 2,330 921 1,748 288 13,097 5,155 Aug. 6 5 2,184 951 1,234 41 2,231 22,682 3,169 9,795 2,345 839 1,865 287 12,951 5,018 Aug. 13 10 2,184 951 1,234 53 2,247 22,703 3,172 9,792 2,361 919 1,816 287 12,948 5,027 Aug. 20 8 2,184 951 1,234 80 2,272 22,710 3,178 9,840 2,377 785 1,835 285 13,037 5,058 Aug. 27 10 2,184 951 1,234 87 2,281 22,716 3,178 9,899 2,378 772 1,843 285 12,998 4,994 Sept. 3 12 2,184 951 1,234 45 2,241 22,722 3,180 10,034 2,400 708 1,834 284 12,884 4,857 Sept. 10 14 2,184 951 1,234 58 2,255 22,733 3,185 10,036 2,397 456 1,843 283 13,158 5,111 Sept. 17.... 11 2,184 951 1,234 121 2,316 22,741 3,188 10,046 2,408 334 1,836 293 13,328 5,249 Sept. 24 12 2,184 951 1,234 83 2,279 22,749 3,194 10,070 2,350 379 1,856 293 13,273 5,202 Oct. 1 11 2,184 951 1,234 49 2,244 22,761 3,196 10,183 2,259 309 1,918 292 13,240 5,193 Oct. 8 11 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 8 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 4 2,184 908 1,277 103 2,291 22,786 3,214 10,278 2,195 977 1,800 292 12,749 4,655 Oct. 29 5 2,184 908 1,277 61 2,250 22,796 3,219 10,307 2,209 915 1,910 292 12,632 4,602 Nov. 5 6 2,184 908 1,277 57 2,247 22,788 3,221 10,421 2,195 933 1,821 291 12,594 3,409 Nov. 12 6 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 5 2,184 908 1,277 118 2,307 22,778 3,228 10,535 2,184 598 1,764 290 12,942 3,692 Nov. 26 6 2,184 908 1,277 94 2,284 22,781 3,230 10,567 2,195 440 1,678 288 13,126 3,799 Dec. 3 6 2,184 908 1,277 100 2,289 22,770 3,233 10,717 2,180 321 1,609 288 13,178 3,860 Dec. 10 4 2,196 918 1,278 85 2,286 22,774 3,236 10,834 2,185 157 1,614 287 13,219 3,842 Dec. 17 5 2,240 917 1,322 188 2,433 22,747 3,238 11,023 2,193 925 1,483 297 12,497 3,085 Dec. 24 7 2,243 917 1,326 249 2,499 22,750 3,244 11,224 2,195 908 1,422 297 12,447 3,056 Dec. 31 3 2,249 917 1,337 104 2,361 22,736 3,248 11,161 2,215 867 1,360 291 12,450 3,085 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. JANUARY 1942. 2-7 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 13 and Advances secured by direct obligations 13a of the Federal Reserve Act except last of the United States (last paragraph of paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10(b) of the Secured by direct and Federal Reserve Act Federal Reserve Bank eligible guaranteed ob- Allother To banks To others ligations of the U. S. J R a a n t . e l begi e n f I f n n e i c n t g— J R a a n t . e l beg e in ff n I e n i c n t g— J R a a n t . e l beg e i f n f I n e n c in t g— J R a a n te .l begi e n f I f n n e i c n t g— J R a a n t . e l beg e i f n f I n e n i c n t g— Boston Sept. 1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York Aug. 27, 1937 Aug. 27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia... Sept. 4, 1937 Sept. 4, 1937 Sept. 4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Aug. 27, 1937 Aug. 27, 1937 Sept. 10, 1937 Sept. 1, 1939 Feb. 19, 1934 Atlanta Sept. 16, 1939 Aug. 21, 1937 Aug. 21, 1937 Sept. 16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Aug. 21, 1937 Aug. 21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept. 21,1939 Sept. 2, 1937 Sept. 2, 1937 Sept. 16, 1939 Feb. 23, 1935 Minneapolis Aug. 24, 1937 Aug. 24, 1937 Aug. 24, 1937 Sept. I, 1939 Oct. 8, 1938 Kansas City... Sept. 16, 1939 Sept. 3, 1937 Sept. 3, 1937 Sept. 16,1939 Apr. 16, 1938 Dallas Sept. 16, 1939 Aug. 31, 1937 Aug. 31, 1937 Sept. 16, 1939 Apr. 16, 1938 San Francisco.. Sept. 3, 1937 Sept. 3, 1937 Sept. 17, 1937 Sept. 1, 1939 Oct. 19, 1933 1 Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL ACCEPTANCES ADVANCES [Per cent per annum] Rates in effect Jan. 1 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R f J f a e a t c e n t . i o l n n In g i e n f n fe i c n t g — be- Pre r v at i e ous [Per cent per annum except as indicated by footnote6] 1-15 days1 Oct. 20, 1933 Advances to or in par- 16-30 days do ticipation with financ- 31-45 days do Advances ing institutions 4 9 6 1 1 6 1 2 1 - - - 1 1 9 6 - T 2 0 0 1 0 8 h d d 0 i d s a a d y y a r s s a y a s y te s also applies to acceptance 1 s bought und d d d e d r o o o o repurchase agree- Feder B al a n R k eserve g m i a d n o e n i d r r r i u c e z c i s a c o a t t t l m r i o i t o a - o n r l s - O i t t n i w i n o o s h n n t p i i c t o f i u h s o r - - r m p O o a n r i n t r i i o e n - n g 1 a C t d o m o v m m e a n n m a t c k s i e t e - s ments, which agreements are always for a period of 15 days or less. obligated1 NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be Boston 3 3H H-i c p h u a rc rg h e a d s es f , o r i f o a t n h y e , r m c a l d a e s s b e y s o o t f h e b r i F ll e s. d er T a h l e R e s s a e m rv e e m B i a n n im ks u . m rates apply to N Ph e i w la d Y e o l r p k hia 3^ 4 - - 6 6 2 2H -3 1-2 Back figures.—See Annual Report for 1937 (table 41). Cleveland 3^-5 (3) 83 MEMBER BANK RESERVE REQUIREMENTS Richmond 4-6 (4)3 $ A [P u e g r . c 1 e 6, nt o M f a d r e . p l, osits M ] ayl, Apr. 16, Effec- M A C St h t i . l n i a c L n n a o e g t u a a o p is olis 3^-5 3 4 3 3 - - - 6 ^ 6 6 1K 3 3 - - - 2 6 6 4 ( 4 3 5 C ) - - 4 2 6 6 ) % 1 1 - - 2 2 ? Classes of deposits 1936- 1937- 1937- 1938- tive Kansas City 4-6 4 3-6 and banks Fe 1 b 9 . 3 7 28, Ap 19 r. 3 7 30, Ap 19 r. 3 8 1 2 5, Oc 1 t 9 . 4 3 1 1, N 1 o 9 v 4 . 1 2 1, D Sa a n ll a F s rancisco 4 4 - - 6 6 3-4 4 4 4 - - 6 5 4 ( 1 6) - 1 2 On net demand 1 The Federal Reserve Banks of New York, Philadelphia, ClevHe-la2nd, deposits:1 Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Central reserve city... 22% 26 22M 26 Dallas may charge same rate as charged borrower by financing institution, Reserve city 15 17}| 20 17>! 20 if lower than rate shown. Country 12M 14 12 14 2 Same as rate charged borrower by financing institution. On time deposits: * One per cent less than rate charged borrower by financing institution. All member banks 5K 6 5 6 ** OOnnee ppeerr cceenntt lleessss tthhaann rraattee cchhaarrggeedd bboorrrroowweerr bbvy financing institution with minimum of three per cent (see note x). 1 See footnote to table on p. 34 for explanation of method of computing 5 One-half of one per cent less than rate charged borrower by financing net demand deposits. institution with minimum of four per cent (see note x). 2 Percentages in this column are double the statutory requirements, which 6 Minimum charge one-fourth of one per cent. were in effect June 21, 1917-Aug. 15,1936. MARGIN REQUIREMENTS* MAXIMUM RATES ON TIME DEPOSITS Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by accordance with Securities Exchange Act of 1934 the Board of Governors under provisions of Regulation Q [Per cent of market value] [Per cent per annum] Apr. 1, Nov. 1, 1936- 1937 Nov. 1,1933 Feb. 1,1935 In effect Oct. 31, and to to beginning 1937 after Jan. 31,1935 Dec. 31,1935 Jan.1,1936 For extensions of credit by brokers and dealers on Savings deposits listed securities, under Regulation T 55 40 Postal savings deposits... For short sales, under Regulation T ,(2) 5 Other time deposits pay- For loans by banks on stocks, under Regulation U.... 3 55 40 able in: 6 months or more 1 Regulations T and U limit the amount of credit that may be extended 90 days to 6 months.. on a security by prescribing a maximum loan value, which is a specified Less than 90 days percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. as established by the Federal Deposit Insurance Corporation, effective 2 Requirement under Regulation T was the margin "customarily re- February 1,1936, are the same as those in effect for member banks. Under quired" by the broker. Regulation Q the rate payable by a member bank may not in any event 3 Regulation U became effective May 1,1936. exceed the maximum rate payable by State banks or trust companies on NOTE.—Regulations T and U also provide special margin requirements on like deposits under the laws of the State in which the member bank is "omnibus" accounts and loans to brokers and dealers. located. z8 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 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Nov. 26 Nov. 19 Nov. 12 Nov. Oct. :Nov. Assets Gold certificates on hand and due from U. S. Treasury .... 20,490,01520,515,01820,516,01620,551,01520,553,01620,554,02120,556,53320,557,03220,553,01920,557,03119,574,781 Redemption fund—F. R. notes.. 13,668 14,688 14,586 15,352 15,496 15,344 13,553 13,737 15,496 14,555 11,515 Other cash 260,678 213,759 223,766 231,589 236,263 258,491 259,193 243,661 253,331 269,666 295,132 Total reserves 20,764,36120,743,46520,754,36820,797,95620,804,77520,827,85620,829,27920,814,43020,821,84620,841,252 19,881,428 Bills discounted: For member banks 2,955 7,069 5,304 4,060 5,567 5,909 4,974 6,422 5,868 6,019 3,117 For nonmember banks, etc .. 872 Total bills discounted 2,955 7,069 5,304 4,060 5,567 5,909 4,974 6,422 5,868 6,019 3,989 Industrial advances 9,504 9,710 9,711 9,772 9,799 9,995 10,039 10,065 9,825 9,954 7,598 U. S. Government securities: Direct Bonds 1,462,205 1,450,867 1,447,470 1 402 2001,402,200 1,402,200 1,402,200 1,402,200 1,402,200 1 402 200 292 300 Notes 777,300 777,300 777,300 777,300 777,300 777,300 777,300 777,300 777,300 777,300 902,500 Bills 10,370 10,370 10,370 12 370 Guaranteed 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 Total U. S. Government securities, direct and guaranteed 2,254,475 2,243,137 2,239,740 2,196,470 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,199,400 Other Reserve Bank credit outstanding 93,842 239,372 178,440 75,437 89,576 84,119 107,535 62,362 112,539 108,853 93,001 Total Reserve Bank credit outstanding.... 2,360,776 2,499,288 2,433,195 2,285,739 2,289,042 2,284,123 2,306,648 2,262,949 2,312,332 2,308,926 2,303,988 Liabilities F. R. notes in actual circulation 8,192,169 8,202,083 8,014,326 7,838,397 7,730,137 7,612,074 7,579,039 7,520,360 7,669,255 7,431,727 5,742,847 Deposits: Member bank—reserve account 12,450,33312.446,86712,497,269 13,219,38813,178,05613,125,84012,941,83113,706,697 13,139,70112,579,942 14,215.068 U. S. Treasurer—general account 867,493 907,665 925,258 157,141 320,557 440,327 598,465 806,749 429,454 987,307 249,964 Foreign 776,400 808,967 852,905 935,053 1,007,931 1,029,399 1,046,242 1,129,262 1,014,985 1,177,458 1,158,631 Other deposits 583,832 613,028 629,780 678,698 601,253 648,302 718,133 660,297 629,316 721,321 567,328 Total deposits. . .- 14,678,05814,776,52714,905,212 14,990,280 15,107,797 15,243,86815,304,67115,303,005 15,213,456 15,466,028 16,190,991 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.8 90.3 90.6 91.1 91.1 91.1 91.0 91.2 91.0 91.0 90.6 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a t y o s 60 61 d a to y s 90 9 m 1 o to d n a 6 t y h s s 6 1 m t y o o e n a th r s 2 1 y y t e o e a a r r s 5 2 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Dec 3 5,567 3,247 194 258 251 1,570 47 Dec. 10 4,060 1 501 166 342 311 1,604 136 Dec 17 5,304 2,789 281 107 337 1,646 144 Dec. 24 . 7 069 5 064 276 112 283 1,214 120 Dec 31 2,955 1,878 55 108 136 653 125 Industrial advances: Dec. 3 9 799 3 111 731 137 593 1,099 1,221 1,523 1,384 Dec 10 9 772 3 124 676 556 247 1,075 1,196 1,521 1,377 Dec. 17 9,711 3,239 528 562 203 1,008 1,232 1,569 1,370 Dec. 24 9,710 1,991 1,592 464 211 656 1,518 1,286 1,421 571 Dec 31 9,504 3,116 378 471 162 1,224 1,289 1,541 1,323 U. S. Government securities, direct and guaranteed: Dec. 3 2,184,100 84,800 66,200 208,200 548,300 1,276,600 Dec. 10 2,196,470 97,170 66,200 208,200 546,800 1,278,100 Dec. 17 2,239,740 1,000 95,170 97,000 247,200 477,000 1,322,370 Dec. 24 2,243,137 1,000 95,170 97,000 247,200 477,000 1,325,767 Dec. 31 2,254,475 1,000 95,170 97,000 247,200 477,000 1,337,105 JANUARY 1942. 2-9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT Of CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l l i - a a - C l l a e n v d e- m R o ic 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 i n t s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: D D e e c c . . 3 10 2 2 0 0 , , 5 5 5 51 3 , , 0 0 1 1 5 61 1 , , 1 1 6 6 6 5 , , 5 5 8 4 5 9 8, , 1 1 9 5 3 5 , ,5 5 "4 0 0 7 1 1 , , 2 2 7 6 2 5 , ,7 1 6 9 4 41 1, , 6 6 5 3 5 8 , , 9 6 3 0 3 0 8 80 0 0 1 , , 5 4 3 6 2 5 5 5 3 3 0 5 ), , , 2 0 8 6 9 9 3 3 , , 5 :4 2 8 0 7 , , 2 7 0 7 3 4 6 60 0 1 8 , , 9 1 7 1 7 5 3 3 6 7 6 0 , , 9 0 4 0 5 2 5 5 3 3 5 4 , , 3 8 0 0 3 2 4 39 1 5 1 , , 4 4 4 6 6 4 , ,5 5 5 3 2 8 , , 5 4 3 3 4 9 Dec. 17 20,516,0161,171,8978,152,5571,268,4001,662,792 803,439 549,586 ,422,697 615,095 371,086 544,203 414,170 ,540,094 Dec. 24 20,515,0181,182,619 8,107,884 1,253,033 1,665,036 805,682 559,2313,438,280 617,987 388,797 562,166 403,198 ,531,105 Dec. 31 20,490,0151,162,307 8,164,2071,224,286 1,627,213 790,447 551,394 3,423,782 632,041 394,665 557,610 414,284 ,547,779 Redemption Fund—Federal Reserve notes: Dec. 3 15,496 4,404 961 1,266 1,258 1,280 648 1,505 753 847 627 1,467 Dec. 10 15,352 4,270 1,564 1,091 1,078 1,716 524 1,286 686 417 786 588 1,346 Dec. 17 14,586 4,233 1,416 1,032 1,029 1,361 503 1,239 674 412 777 582 1,328 Dec. 24 14,688 4,193 1,241 964 975 1,936 477 1,179 662 408 765 574 1,314 Dec. 31 13,668 4,143 1,047 892 919 1,437 451 1,122 643 401 754 566 1,293 Other cash: Dec. 3 236,263 23,327 48,771 14,882 17,280 12,215 14,358 37,239 16,656 4,796 11,285 11,236 24,218 Dec. 10 231,589 20,901 46,694 14,711 13,730 15,264 16,811 37,473 16,167 4,812 10,551 11,418 23,057 Dec. 17 223,766 23,269 44,857 13,357 15,231 11,484 14,473 35,631 15,435 4,674 10,301 11,098 23,956 Dec. 24 213,759 23,422 41,530 14,393 17,220 12,132 12,242 30,880 15,404 4,272 9,142 10,882 22,240 Dec. 31 260,678 25,589 46,842 19,345 23,521 14,393 17,035 38,858 17,602 5,418 11,759 13,784 26,532 Total reserves: Dec. 3 20,804,7751,194,316 8,,243,2391,288,3421,657,138 814,960 545,075 3,,526,518 625,524 375,278 546,934 423,327 ,564,124 Dec. 10 20,797,9561,190,720 8,;203,798 1,281,5661,670,741 817,512 552:,,624 3,558,962 618,830 372,174 546,640 407,452 ,576,937 D D e e c c . . 2 1 4 7 2 20 0 , , 7 7 4 5 3 4 , , 4 3 6 6 5 81 1, , 2 1 1 9 0 9 , ,3 2 9 3 9 4 8 8, ;, 1 1 5 9 0 8 , , 6 8 5 3 5 0 1 1 , , 2 26 8 8 2 , , 3 7 9 8 0 9 1 1 , , 6 6 7 8 9 3, , 2 0 3 5 1 2 8 8 1 1 9 6, , 2 7 8 5 4 0 5 57 6 1 4 . : , ,, ,9 5 5 6 0 2 3 3, , 4 4 5 7 9 0 , , 5 3 6 3 7 9 6 63 3 4 1 , , 0 2 5 0 3 4 3 3 9 7 3 6 , ,1 4 7 7 2 7 5 5 5 7 5 2 , , 2 0 8 7 1 3 4 4 2 1 5 4 , ,6 8 5 5 4 0 , ,5 5 5 6 4 5 , , 6 3 5 7 9 8 Dec. 31 20,764,3611,192,039 8,212,096 1,244,523 1,651,653 806,277 568,8803,463,762 650,286 400,484 570,123 428,634 ,575,604 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Dec. 3 3,147 900 1,155 513 152 125 125 85 18 Dec. 10 1,452 100 375 523 132 100 80 18 Dec. 17 2,831 25 1,135 922 332 150 85 18 Dec. 24 5,104 1,485 2,275 942 100 100 85 18 Dec. 31 1,768 260 615 624 100 50 105 Other bills discounted: Dec. 3 2,420 35 40 93 29 49 2,023 99 42 Dec. 10 2,608 25 40 99 29 1, 2,206 163 24 Dec. 17 2,473 25 106 109 21 2,045 150 11 Dec. 24 1,965 65 106 88 21 1,543 13: Dec. 31 1,187 75 50 8', 18 848 109 Total bills discounted: Dec. 3 5,567 900 1,190 553 245 74 29 125 174 2,108 109 60 Dec. 10 4,060 100 400 563 231 71 29 115' 2,286 223 42 Dec. 17 5,304 25 1,160 1,028 441 70 21 150 2,130 195 29 Dec. 24 7,069 1,485 2,340 1,048 188 69 21 100 1,628 137 18 Dec. 31 2,955 260 690 674 18 14 18 50 953 109 Industrial advances: Dec. 3 9,799 1,944 1,095 3,440 235 771 468 343 5C0 507 93 272 131 Dec. 10 9,772 1,943 1,095 3,37i 241 770 474 349 500 528 94 272 131 Dec. 17 9,711 1,887 1,105 3,390 239 769 472 341 500 519 272 130 Dec. 24 9,710 1,884 1,105 3,554 242 766 476 301 400 498 272 125 Dec. 31 9,504 1,883 1,098 3,468 233 765 471 306 300 514 92 244 124 U. S. Government securities, direct and guaranteed: Bonds: Dec. 3 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 Dec. 10 1,406,800 108,992 365,632 110,844 139,093 86,771 59,997 191,860 71,409 41,803 60,418 49,271 120,710 Dec. 17 1,452,070 112,194 380,421 114,580 143,694 88,925 61,692 197,188 73,143 42,914 62,063 50,726 124,530 Dec. 24 1,455,467 112,434 381,544 114,861 144,039 89,084 61,819 197,584 73,270 42,997 62,185 50,835 124,815 Dec. 31 1,466,805 113,230 385,294 115,799 145,193 89,615 62,241 198,906 73,695 43,272 62,593 51,197 125,770 Notes: Dec. 3 777,300 60,270 201,548 61,219 76,833 48,045 33,186 106,141 39,544 23,134 33,430 27,244 66,706 Dec. 10 777,300 60,222 202,022 61,246 76,855 47,943 33,149 106,007 39,455 23,098 33,382 27,22< 66,697 Dec. 17 777,300 60,059 203,641 61,335 76,920 47,602 33,025 105,555 39,152 22,973 33,223 27,154 66,661 Dec. 24 777,300 60,045 203,765 61,342 76,926 47,576 33,015 105,521 39,130 22,963 33,210 27,148 66,659 Dec. 31 777,300 60,005 204,178 61,364 76,943 47,488 32,983 105,406 39,053 22,931 33,168 27,131 66,650 Bills: Dec. 10 12,370 958 3,215 975 1,223 763 528 1,68' 628 368 531 433 1,061 Dec. 17 10,370 801 2,717 818 1,026 635 441 1,408 523 307 443 362 Dec. 24 10,370 801 2,719 818 1,026 635 441 1,408 522 306 443 362 Dec. 31 10,370 800 2,724 819 1,026 634 440 1,406 521 306 443 362 889 Total U. S. Government securities, direct and guaranteed: Dec. 3 2,184,100 169,348 566,321 172,017 215,893 134,996 93,249 298,240 111,114 65,004 93,93: 76,551 187,435 Dec. 10 2,196,470 170,172 570,869 173,065 217,171 135,477 93,674 299,554 111,492 65,269 94,331 76,928 188,468 Dec. 17 2,239,740 173,054 586,779 176,733 221,640 137,162 95,158 304,151 112,818 66,194 95,729 78,242 192,080 Dec. 24 2,243,137 173,280 588,028 177,021 221,991 137,295 95,275 304,513 112,922 66,266 95,838 78,345 192,363 Dec. 31 2,254,475 174,035 592,196 177,982 223,162 137,737 95,664 305,718 113,269 66,509 96,204 78,690 193,309 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk P p d h h e il i l a a - - C l l a e n v d e- m R o ic 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 i n t s y - Dallas F c S i r s a a c n n o - Assets—Continued Total bills and securities: Dec. 3 2,199,466 172,192 568,6C6 176,010 216,373 135,767 93,791 298,612 111,739 65,685 96,133 76,932 187,626 Dec. 10 2,210,30: 172,215 572,364 177,003 217,643 136,247 94,219 299,932 111,992 65,912 96,711 77,423 188,641 Dec. 17 2,254,75; 174,966 589,044 181,151 222,320 137,931 95,700 304,513 113,373 66,863 97,946 78,709 192,239 Dec. 24 2,259,916 176,649 591,473 181,623 222,421 138,061 95,820 304,835 113,357 66,864 97,553 78,754 192,506 Dec. 31... 2,266,934 176,178 593,984 182,124 223,582 138,502 96,155 306,042 113,569 67,073 97,249 79,043 193,433 Due from foreign banks: Dec. 3 3 18 5 4 2 2 6 1 4 Dec. 10 3 18 5 4 2 2 6 1 4 Dec. 17 3 18 5 4 2 2 6 1 4 Dec. 24 3 18 5 4 2 2 6 1 4 Dec. 31 3 18 5 4 2 2 6 1 4 Federal Reserve notes of other banks: Dec. 3 31,472 749 2,311 1,283 1,953 10,087 2,638 2,724 1,994 1,234 2,355 622 3,522 Dec. 10 32,071 741 3,124 1,191 1,636 9,603 2,600 2,822 2,651 810 2,250 922 3,721 Dec. 17 29,475 578 2,014 1,210 2,095 7,824 3,341 3,252 2,047 1,259 2,434 631 2,790 Dec. 24 32,906 756 2,911 1,508 2,080 7,596 3,152 4,706 3,181 1,665 2,044 853 2,454 Dec. 31 36,28" 774 4,493 2,700 2,087 8,760 4,110 3,449 2,430 651 2,071 1,367 3,395 Uncollected items: Dec. 3 1,010,166 94,842 230,087 73,615 125,823 82,249 39,065 148,776 45,604 25,758 46,085 35,953 62,309 Dec. 10 935,521 88,209 205,451 65,830 114,120 78,813 42,087 133,093 45,350 25,873 41,576 35,434 59,685 Dec. 17 1,449,654 137,045 330,823 94,288 194,533 111,655 60,556 214,242 65,491 31,585 58,964 49,868 100,604 Dec. 24 1,218,429 99,163 274,549 83,631 163,083 96,218 53,092 182,208 58,284 27,799 52,941 46,093 81,368 Dec. 31 1,200,724 116,237 316,326 84,370 149,177 83,669 42,290 180,907 49,586 26,571 47,535 37,094 66,962 Bank premises: Dec. 3 41,009 2,782 10,640 4,855 4,451 2,935 1,952 2,980 2,278 1,341 2,880 1,143 2,772 Dec. 10 41,051 2,782 10,661 4.876 4,451 2,935 1,952 2,980 2 278 1 341 2,880 1,143 2,772 Dec. 17 41,154 2,782 10,734 4,876 4,451 2,964 1,952 2,980 2,278 1,341 2,880 1,144 2,772 Dec. 24 41,143 2,782 10,734 4.865 4,439 2,978 1,949 2,987 2,278 1,341 2,880 1,144 2,766 Dec. 31 40,767 2,778 10,507 4,866 4,439 2,982 1,948 2,971 2,155 1,338 2,880 1,137 2,766 Other assets: Dec. 3 ,.„.., 49,568 3,586 12,732 3,931 5,284 3,226 2,092 6,354 2,380 1,510 2,087 1,759 4,627 Dec. 10 52,484 3,698 13,139 5,781 5,392 3,283 2,119 6,497 2,422 1,540 2,116 1,786 4,711 Dec. 17 ,.. 41,150 2,975 10,635 3,255 4,468 2,693 1,720 5,170 1,920 1,273 1,689 1,459 3,893 Dec. 24 42,096 3,050 11,004 3,326 4,514 2,726 1,737 5,329 1,969 1,269 1,715 1,455 4,002 Dec. 31 43,679 3,132 11,148 4,061 4,613 2,751 1,797 5,466 2,027 1,309 1,783 1,509 4.083 Total assets: Dec. 3 24,136,503 ,468,470 ,067,6331,548,041 ,011,0261,049,226 684,6153,985,970 789,520 470,806 696,475 539.737 1,824,984 Dec. 10 24,069,432 ,458,368 ,008,5551,536,252 ,013,987 ,048,395 695,603 4,004,292 783,524 467,650 692,174 524,1611,836,471 Dec. 17 24,570,603 ,517,748 ,142,0981,567,574 ,106,9231,079,353 727,833 3,989,730 816,314 478,493 719,195 557,6621.867,680 Dec. 24 24,338,002 ,492,637 ,041,3441,543,348 ,079,7721,067,331 727,702 3,970,410 813,123 492,415 729,207 542,9541,837,759 Dec. 31 24,352,799 ,491,141 ,148,572 ,522,649 ,035,5551,042,943 715,182 3,962,603 820,054 497,426 721,642 548,7851,846,247 Liabilities Federal Reserve notes in actual circulation: Dec. 3 7,730,137 639,872 ,984,344 543,635 732,714 410,555 262,7511,622,070 304,140 196,882 252,217 133,182 647,775 Dec. 10 7,838,397 649,2002,015,609 552,587 744,405 411,633 265,9261,641,293 307,939 199,209 253,717 132,955 663,924 Dec. 17 8,014,32< 657,7642,076,095 562,708 758,287 422,039 272,172 1,676,862 314,425 202,281 257,105 132,987 681,601 Dec. 24 8,202,08. 675,1932,110,124 578,24! 783,589 435,445 279,5261,716,610 322,210 207,265 262,823 135,861 695,195 Dec. 31 8,192,16S 671,6562,110,650 575,036 778,072 431,489 278,564 1,719,536 322,068 206,510 263,578 135,271 699,739 Deposits: Member bank—reserve account: Dec. 3 13,178,05* 645,i,866 5,828,826 754,845 982,657 475,318 321,0602,004,688 360,467 185,261 339,275 307,233 972,560 Dec. 10 13.219.38J 633,8915,765,780 764,196 998,248 486,795 322,980 2!,047,983 369,525 190,930 344,321 308,480 986,259 Dec. 17 12,497,26? 583,3525.566,842 693,750 953,281 460,885 316,6021,810,676 343,851 175,301 333,292 301,667 957,770 Dec. 24 12,446,86: 568,3005,565,260 680,200 936,574 461,937 313,8631,798,020 355,53: 174,993 348,318 300,851 943,019 Dec. 31 12,450,33. 568,846 5,639,629 661,703 919,517 451,776 322,4521,762,132 363,642 178,535 344,996 306,697 930,408 U. S. Treasurer—general account: Dec. 3 320,55 18,042 55,402 34,022 22,213 17,955 7,444 47,342 28,556 26,825 18,058 21,892 22,806 Dec. 10 157,14 15,10' 18,126 12.774 10,723 9,299 13,649 17,266 10,406 15,107 13,547 8,608 12,529 Dec. 17 925,25! 84,734 245,251 84,91 85,546 37,98: 32,543 157,071 49,386 38,415 37,484 42,490 29,439 Dec. 24 907,66! 93,113 220.388 86,343 95,169 33,032 42,271 150,090 36,148 50,216 39,200 31,594 30,101 Dec. 31 867,49; 80,782 220.654 73,578 72,247 23,729 28,685 156,906 39,646 52,460 35,850 36,989 45,967 Foreign: Dec. 3 1,007,93 40,381 395,378 96,849 91,857 42,933 34,946 119,813 29,953 21,966 28,955 28,955 75,945 Dec. 10 935,05. 37,047 366,142 90,030 85,389 39,910 32,485 111,377 27,844 20,419 26,916 26,916 70,578 Dec. 17 852,90i 31,961 340.457 81,332 77,140 36,055 29,34: 100,617 25,154 18,447 24,316 24.316 63,763 Dec. 24 808,96: 31,876 321,940 77,041 73,070 34,152 27,798 95,309 23,827 17,473 23,033 23,033 60,415 Dec. 31 774,06: 29,543 306,991 74,057 70,240 32,829 26,722 91,61 22,904 16,796 22,141 22,141 58,081 Other deposits: Dec. 3 601,25. 8,235 475,611 13,190 31,049 8,552 7,142 5,227 9,600 8,299 4,858 2,154 27,336 Dec. 10 678,69? 15,32: 534,052 15,506 33,089 8,973 7,431 11,201 10,990 10,501 1,360 1,322 28,952 Dec. 17 629,78( 9,455 503,685 16,833 25,694 7,679 8,379 6,048 10,21- 9,348 3,420 1,093 27,932 Dec. 24 613,02* 13,659 486,77' 15,263 24,684 7,833 7,382 5,079 10,329 9,707 2,203 1,477 28,633 Dec. 31 586,17I 9,527 475,283 12,391 16,902 6,106 5,123 3,496 12,594 10,815 1,929 1,31: 30,692 * Less than $500. JANUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk - P p h d h e il i l a a - - C l l a e n v d e- m R o ic n h d - la A n t t - a Chicago Louis n M o e l a i i n p s - - K C s a a i n t s y - Dallas F c S i r s a a c n n o - Liabilities—Continued Total deposits: Dec. 3 .5,107,797 712,524 ,755,217 898,906 ,127,776 544,758 370,592 ,177,070 428,576 242,351 391,146 360,234 ,098,647 Dec. 10 .4,990,280 701,366 ,684,100 882,506 ,127,449 544,977 376,545 ,187,827 418,765 236,957 386,144 345,326 ,098,318 Dec. 17 4,905,212 709,502 ,656,235 876,829 ,141,661 542,604 386,871 ,074,412 428,605 241,511 398,512 369,566 ,078,904 Dec. 24 4,776,527 706,948 ,594,367 858,847 ,129,497 536,954 391,314 ,048,498 425,836 252,389 412,754 356,955 ,062,168 Dec. 31 4,678,058 688,698 ,642,557 821,729 ,078,906 514,440 382,982 ,014,151 438,786 258,606 404,916 367,139 ,065,148 Deferred availability items: Dec. 3 920,637 90,002 197,863 70,721 115,483 77,401 37,429 138,435 44,771 21,758 41,574 34,642 50,558 Dec. 10 860,131 81,450 178,437 64,560 107,003 75,247 39,252 126,687 44,756 21,651 40,747 34,181 46,160 Dec. 17 1,271,261 124,149 279,250 93,059 171,804 98,083 54,905 189,455 61,190 24,872 52,010 43,403 79,081 Dec. 24 979,104 84,175 206,112 71,247 131,479 78,297 42,997 156,175 52,949 22,911 42,044 38,410 52,308 Dec. 31 1,106,929 104,811 266,815 90,557 143,848 80,625 39,912 180,340 47,312 22,554 41,734 34,806 53,615 Other liabilities, including accrued dividends: Dec. 3 5,036 471 1,471 403 535 418 169 557 151 146 203 183 329 Dec. 10 7,537 717 1,593 2,215 602 436 191 631 174 162 220 204 392 Dec. 17 5,564 666 1,585 424 595 429 166 612 153 145 215 196 378 Dec. 24 5,838 607 1,721 447 617 434 162 724 175 162 218 216 355 Dec. 31 2,150 302 143 840 173 246 44 165 32 84 44 72 Total liabilities: Dec. 3 23,763,607 ,442 869 ,938,895 ,513,665 ,976,508 ,033,132 670,9413,938,132 777,638 461,137 685,140 528,2411,797,309 Dec. 10 23,696,34. ,432,733 ,879,739 ,501,868 ,979,459 ,032,293 681,9143,956,438 771,634 457,979 680,828 512,6661,808,794 Dec. 17 •4,196,363 492,081 ,013,165 ,533,020 ,072,347 ,063,155 714,114 3,941,341 804,373 468,809 707,842 546,1521,839,964 Dec. 24 23,963,552 466,923 ,912,324 ,508,783 ,045,182 ,051,130 713,999 3,922,007 801,170 482,727 717,839 531,4421,810,026 Dec. 31 23,979,306 465,467 ,020,165 ,488,162 ,000,999 ,026,800 701,5023,914,192 808,198 487,754 710,272 537,2881,818,507 Capital Accounts Capital paid in: Dec. 3 141,281 9,368 51,800 11,781 14,607 5,649 4,860 15,106 4,377 2,998 4,589 4,357 11,789 Dec. 10 141,305 9,366 51,802 11,780 14,614 5,650 4,870 15,110 4,37 2,999 4,589 4,35 11,791 Dec. 17 142,037 9,379 51,800 11,905 14,616 5,704 4,880 15,575 4,406 2,999 4,595 4,357 11,821 Dec. 24 142,114 9,399 51,803 11,90i 14,636 5,708 4, 15,588 4,40; 3,003 4,599 4,359 11,827 Dec. 31.., 142,180 9,40: 51,806 11,923 14,640 5,709 4,880 15,613 4,41! 3,003 4,600 4,359 11,827 Surplus (section 7): Dec. 3 157,065 10,906 56,44: 15,144 14,323 5,247 5,725 22,824 4,925 3,152 3,613 3,97- 10,785 Dec. 10 157,065 10,906 56,44' 15,144 14,323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10,785 Dec. 17 157,065 10,906 56,447 15,144 14,323 5,247 5,725 22,824 4,925 3,152 3,613 3,97' 10,785 Dec. 24 157,065 10,906 56,447 15,144 14,323 5,247 5,725 22,824 4,925 3,152 3,613 3,97' 10,785 Dec. 31., 157,501 10,949 56,651 15,171 14,345 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Surplus (section 13b): Dec. 3 26,785 2,87' 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Dec. 10 26,785 2,87- 7,070 4,393 1,00" 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Dec. 17 26,785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Dec. 24 26,785 2,87' 7,070 4,393 i,oo: 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Othe D r e c c a . p 3 i 1 tal accounts: 26,780 2,874 7,070 4,393 1,00' 3,244 713 1,429 529 1,000 1,137 1,263 2,121 Dec. 3 47,76= 2,453 13,42: 3,058 4,58 1,954 2,376 8,479 2,047 2,519 1,995 1,902 2,980 Dec. 10 47,93: 2,489 13,49 3,06' 4,584 1,961 2,381 8,491 2,055 2,520 2,006 1,901 2,980 Dec. 17 48,35. 2,508 13,61. 3,11: 4,631 2,003 2,401 8,561 2,077 2,533 2,007 1,916 2,989 Dec. 24 48,48i 2,535 13.70C 3,122 4,624 2,002 2,385 8,562 2,088 2,533 2,018 1,916 3,000 Dec. 31 47,03. 2,44* 12,881 3,00C 4,564 1,954 2,362 8,444 1,944 2,51 2,020 1,899 3,000 Total liabilities and capital accounts: Dec. 3 24,136,50;1.468.47C9,067,633 548,04:2,011,0261,049,226 684,6153,985,970 789,520 470,806 696,475 539,7371,824,984 Dec. 10 24,069,43 1,458,36?9,008,555 536,25:2,013,987 1,048,395 695,6034,004,292 783,52' 467,650 692,174 524,1611,836,471 Dec. 17 24,570,60:1,517,7489,142,098 567,5742,106,923 1,079,353 727,8333,989,730 816,314 478,493 719,195 557,6621,867,680 Dec. 24 24,338,0021,492,63'9,041,344 543,3482,079,77: 1,067,331 727,7023,970,410 813,123 492,415 729,207 542,9541,837,759 Dec. 31 24,352,7991,491,14:9,148,57: 522,64!2,035,55, 1,042,943 715,1823,962,603 820,054 497,426 721,642 548,7851,846,247 Commitments to make industrial advances: Dec. 3 14,87: 2,51 = 1,204 941 1,771 1,600 1,236 1,501 3,133 Dec. 10 14,93' 2,55C 1,196 918 1,77" 1,600 1,203 1,501 3,224 Dec. 17 15,13' 2,55( 1,14 913 1,777 1,850 1,202 1,500 3,230 Dec. 24 14,96< 2,65« 1,048 874 1,771 1,850 1,201 1,500 3,100 Dec. 31 14,59; 2,61' 1,043 857 1,767 1,87' 1,226 1,500 3,063 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] Applications Applications under Applications Repaid, Date (last Wednesday of received consideration approved Ad o v u an t- ces m C e o n m ts m o i u t- t- A b p u p t ro n v o e t d o e r x p w ir i e t d h , - P p a a r ti t o ic n i s each month) standing1 standing completed2 drawn by out- Number Amount Number Amount Number Amount (amount) (amount) (amount) app e l t i c c . ant, ( s a ta m n o d u i n n t g ) 3 (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. 314 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 9,188 387,49G 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—Mar. 27 9,476 410,192 7 199 2,814 192,665 12,723 8,224 2,471 158,110 11,137 June 26 9,512 413,646 2 33 2,838 195,739 10,988 8,762 2,195 162,612 11,182 Sept. 25.. : 9,556 417,260 1 10 2,865 198,966 10,778 8,078 2,315 167,046 10,749 Dec. 31* 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 r5 3,161 274,739 10,612 13,238 12,317 219,598 18,974 Nov. 26 9,974 506,320 3 r375 3,179 276,499 10,836 14,735 9,774 221,421 19,733 Dec. 31 10,007 510,443 4 150 3,202 279,860 10,337 14,597 8,294 227,032 19,600 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $748,000, Dec. 31, 1941. 4 Tuesday. r Revised. FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Louis M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent: Dec. 3 8,089,430 664,929 ,070,082 565,372 764,578 433,392 281,5761,665,705 320,512 201,747 262,962 144,578 713,997 Dec. 10 8,222,403 672,292 ,115,935 576,176 774,918 436,000 289,8311,682,232 327,301 206,146 265,622 145,568 730,382 Dec. 17 8,407,565 679,252 ,168,235 587,522 787,875 449,898 294,948 11,717,885 331,570 207,529 268,279 145,984 768,588 Dec. 24 8,592,656 694,556 ,204,989 604,416 813,677 461,468 302,4611,756,602 340,132 212,475 273,306 150,828 777,746 Dec. 31 8,611,926 700,1162,210,118 602,134 811,693 461,916 303!,,618 1,763,428 341,354 213,129 274,221 149,933 780,266 Held by Federal Reserve Bank: Dec. 3 359,293 25,057 85,738 21,737 31,864 22,837 18,825 43,635 16,372 4,865 10,745 11,396 66,222 Dec. 10 383,745 23,092 100,326 23,589 30,513 24,367 23,905 40,939 19,101 6,937 11,905 12,613 66,458 Dec. 17 393,239 21,488 92,140 24,814 29,588 27,859 22,776 41,023 17,145 5,248 11,174 12,997 86,987 Dec. 24 390,573 19,363 94,865 26,1H 30,088 26,023 22,935 39,992 17,922 5,210 10,483 14,967 82,551 Dec. 31 419,75' 28,460 99,468 27,098 33,621 30,427 25,054 43,892 19,286 6,619 10,643 14,662 80,527 In actual circulation:1 Dec. 3 7,730,13' 639,8721,984,344 543,635 732,714 410,555 262,7511,622,070 304,140 196,882 252,217 133,182 647,775 Dec. 10 38,658 649,2002,015,609 552,587 744,405 411,633 265,9261,641,293 308,200 199,209 253,717 132,955 663,924 Dec. 17 8,014,326 657,764 "2,076,095 562,708 758,287 422,039 272,1721,676,862 314,425 202,281 257,105 132,987 681,601 Dec. 24 8,202,083 675,1932,110,124 578,242 783,589 435,445 279,526 1,716,610 322,210 207,265 262,823 135,861 695,195 Dec. 31 8,192,169 671,,656 2, ; 110,650 575,036 778,072 431,489 278,5641,719,536 322,068 206,510 263,578 135,271 699,739 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Dec. 3 8,211,000 675,000 2,085,000 590,000 770,000 450,000 290,000 1,680,000 329,000 203,000 265,000 150,000 724,000 Dec. 10 8,332,000 675,0002,125,000 590,000 780,000 450,000 300,0001,700,000 340,000 211,000 265,000 152,000 744,000 Dec. 17 8,562,000 700,"" ,185,000 615,000 790,000 475,000 300,0001,740,000 340,000 211,000 270,000 152,000 784,000 Dec. 24 8,703,000 700,000 2,220,000 615,000 815,000 475,000 310,000 1,780,000 350,000 214,000 275,000 155,000 794,000 Dec. 31 8,724,000 720, ,220,000 615,000 815,000 475,000 310),,000 1,780,000 350,000 214,000 275,000 156,000 794,000 Eligible paper: Dec. 3 4,987 900 1,190 513 125 167 2,092 Dec. 10 3,401 100 400 523 109 2,^269 Dec. 17 4,415 25 1,160 922 54 150 2,104 Dec. 24 6,527 1,485 2,340 942 35 100 1,625 Dec. 31 2,567 260 690 624 50 943 Total collateral: Dec. 3 8,215, 675,9002,086,190 590,513 770,000 450,000 290,0001,680,000 329,125 203,167 267,092 150,000 724,000 Dec. 10 8,335,401 675, ,125,400 590,523 780,000 450,000 300,0001,700,000 340,000 211,109 267,269 152,000 744,000 Dec. 17 8,566,415 700,0252,186,160 615,922 790,000 475,000 300,0001,740,000 340,054 211,150 272,104 152,000 784,000 Dec. 24 8,709,527 701,4852,222,340 615,942 815,000 475,000 310,0001,780,000 350,035 214,100 276,625 155,000 794,000 Dec. 31 8,726,56' 720,2602,220,690 615,624 815,000 475,000 310,0001,780,000 350,000 214,050 275,943 156,000 794,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing banks. JANUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, NOVEMBER, 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] Reserves with Central reserve Cl a a n ss d e s d i o s f t r b ic a t n s ks m G d d r a e e o - - nd ss m N d d a e e e - t - nd p T d o im e s - it e s Feder B al an R ks eserve b m a b A e n e m l k r l s - 1 N c e i w ty ban C k h s i- b s c a R e i n r e t v y - k e s b C a o n u k n s - 1 posits posits1 qu R i e r - ed Held c E e x ss - York cago Total reserves held: All member banks 47,715 39,148 12,633 9,288 12,900 3,611 1940—November 14,131 6,975 1,218 4,080 1,858 Central reserve city banks: December 14,049 6,997 1,142 4,096 1,815 New York 16,463 15,603 851 4,108 5,053 945 1941—January 14,339 7,135 1,051 4,240 1,913 Chicago 3,544 3,129 492 843 1,210 367 February 13,996 6,807 1,033 4,258 1,898 March 13,979 6 924 931 4,197 1,928 Reserve city banks: April 13,600 6,518 966 4,204 1,912 Boston district 1,440 1,291 80 263 387 124 May 13,650 6,243 1,144 4,298 1,965 New York district 282 226 150 54 61 7 Tune 13,201 5,958 1,144 4,184 1,914 Philadelphia district 1,723 1,457 223 305 545 240 July 13,120 5,875 1,120 4,198 1,927 August 13,004 5,600 1,140 4,287 1,978 Cleveland district 2,389 1,913 733 427 741 315 September 13,184 5,554 1,218 4,335 2,076 Richmond district 1,133 886 242 192 326 134 October 13,097 5,314 1,243 4,391 2,149 Atlanta district 1,053 750 181 161 201 40 November 12,900 5,053 1,210 4,424 2,213 Week ending (Friday): Chicago district 1,884 1,385 712 320 492 173 1941—Nov. 7 12,675 4,945 1,163 4,381 2,185 St. Louis district 1,193 921 176 195 267 72 Nov. 14 12,742 4,917 1,179 4,413 2,233 Minneapolis district 513 396 83 84 101 17 Nov. 21 12,964 5,062 1,228 4,449 2,226 Nov. 28 13,148 5,232 1,256 4,441 2,219 Kansas City district 1,274 898 162 189 245 56 Dec.5 13,163 5,245 1,240 4,438 2,240 Dallas district 998 653 133 139 182 43 Dec. 12 13,218 5,218 1,244 4,498 2,259 San Francisco district... 3,171 2,587 2,057 641 876 235 Dec. 19 12,773 5,147 1,117 4,307 2,202 Excess reserves: Total... 17,052 13,363 4,932 2,969 4,424 1,456 1940—November 6,830 3,493 546 1,895 897 December 6,646 3,443 476 1,887 840 1941—January 6,832 3,505 381 2,016 930 Country banks: February 6,422 3,166 347 2,004 906 Boston district 1,226 908 569 161 273 112 March 6,304 3,203 252 1,923 927 New York district 1,883 1,395 1,508 286 479 193 April 5,883 2,812 295 1,885 891 Philadelphia district .... 885 609 883 138 223 85 May 5,831 2,514 434 1,949 933 June 5,351 2,238 424 1,820 870 Cleveland district 897 585 751 127 226 99 July 5,193 2,150 388 1,789 866 Richmond district 900 510 401 95 154 59 August 5,017 1,898 403 1,824 892 Atlanta district 758 469 259 81 115 34 September 5,116 1,834 478 1,836 968 October 5,001 1,626 512 1,845 1,017 Chicago district 1,264 801 866 164 276 112 November 3,611 945 367 1,456 844 St. Louis district 563 350 262 65 99 34 Week ending (Friday): Minneapolis district 443 286 283 57 85 28 1941—Nov. 72 3,449 855 328 1,443 823 Nov. 14 3,506 836 346 1,453 871 Kansas City district 589 368 162 61 87 26 Nov. 21 3,664 956 384 1,472 852 Dallas district 744 457 106 70 110 40 Nov. 28 3,782 1,088 400 1,450 844 San Francisco district... 504 313 310 63 85 23 Dec.5 3,772 1,097 381 1,442 852 Dec. 12 3,785 1,060 379 1,479 866 Total 10,656 7,052 6,358 1,369 2,213 844 Dec. 19 2>3,327 967 272 1,279 *>809 1 Gross demand deposits minus demand balances with domestic banks p Preliminary. (except private banks and American branches of foreign banks) and cash 1 Weekly figures of excess reserves of all member banks and of country items in process of collection. banks are estimates. NOTE.—See table on p. 28 for percentages of deposits required to be held 2 Increase of approximately 15 per cent in reserve requirements became as reserves. 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 Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Boston 2,666 2,695 649 650 2,503 2,531 526 527 163 164 123 123 New York 18,628 19,007 2,510 2,501 i1,776 i 1,783 i 1,131 11,126 388 379 528 526 Philadelphia 2,607 2,597 1,106 1,116 2,277 2,271 640 649 330 326 466 468 Cleveland 3,286 3,291 1,484 1,482 2,944 2,953 1,132 1,132 341 338 351 349 Richmond 2,033 2,007 642 642 1,760 1,742 435 434 273 265 208 207 Atlanta 1,810 1,777 440 437 1,631 1,605 354 352 180 171 86 85 Chicago 6,692 6,652 2,070 2,055 12,680 12,666 11,234 11,222 468 460 344 342 St Louis 1,757 1,729 438 436 1,416 1,399 310 308 340 330 129 128 955 939 365 364 743 736 197 197 212 203 168 167 Kansas City 1,864 1,863 324 318 1,463 1,466 213 207 401 397 111 110 Dallas 1,742 1,662 238 238 1,330 1,283 191 191 412 380 47 47 San Francisco 3,675 3,591 2,367 2,356 3,511 3,433 2,262 2,252 164 158 105 103 Total „ 47,715 47,811 12,633 12,593 124,035 123,866 18,624 18,597 3,674 3,573 2,666 2,656 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c e G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a i r l t t v i e f e s i r - o T n f r u o e 1 r t a 8 y e 9 s s - 0 S s u i a l b v r s e y i d r i- M co in in or U S n n o ta i t t t e e e s d s R F n e e o s d e t e e r r v s a e l R F n B e e s o d a e t e n e r r k v s a e l n t b i N o o a t a n n e - k a s l 1940—October.... •8,300 65 1,620 400 180 264 5,541 22 160 November. 8,522 65 49 1,658 407 183 275 5,705 21 159 December.. 8,732 65 50 1,667 412 185 290 5,883 21 157 1941—January 8,593 64 50 1,595 403 183 278 5,842 21 156 February 8,781 64 50 1,635 406 184 278 5,985 21 155 March 8,924 64 51 1,651 413 186 277 6,106 21 154 April 9,071 63 51 1,654 418 189 274 6,247 21 153 May 9,357 63 52 1,697 426 191 286 6,468 20 152 June 9,612 63 53 1,714 434 194 300 6,684 20 150 July 9,732 63 54 1,691 438 196 307 6,813 20 149 August 9,995 62 55 1,723 445 199 313 7,027 20 148 September.. 10,163 62 56 1,724 455 202 314 7,181 20 147 October 10,364 62 57 1,715 463 205 317 7,378 20 146 November.. 10,640 61 59 1,737 474 208 321 7,615 20 145 Back figures— See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of month in c u c l i a r - - s U or n te a d s- 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1940—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 ,800 2,489 538 1,112 227 523 30 60 4 1941—January 8,593 6,094 635 577 37 1,091 1,973 ,781 2,502 540 1,126 230 530 24 52 4 February 8,781 6,243 641 582 38 1,116 2,041 L,826 2,541 551 1,144 232 535 24 55 4 March.. 8,924 6,342 650 590 38 1,132 2,074 ,858 2,583 560 1,163 238 543 24 56 1 April 9,071 6,430 658 595 39 1,135 2,112 ,892 2,642 573 1,197 241 550 25 56 2 May 9,357 6,683 669 615 40 1,176 2,211 :,972 2,675 587 1,218 242 546 24 57 2 June 9,612 6,890 681 625 41 1,207 2,289 >,047 2,725 607 1,244 244 5^8 24 57 2 July 9,732 6,992 688 626 40 1,215 2,334 J,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 2,830 658 1,316 245 539 25 47 3 November .... 10,640 7,769 738 675 43 1,318 2,610 2,383 2,874 674 1,343 248 538 24 47 4 1 Total of amounts ofcoin 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 [Held by Treasury and Federal Reserve Banks and in circulation, In CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars! End of month Total d S s o b i a i l l l u n v l v l a d e e - r r r s s S s a i i u l r d v y b i e - - r M co in in or U S n n t o a i t t t e e e s d s B F s e R e e a r r e d a n v - - l k e t n b N i o o a a t n n e - k a s l Year'or month m E e S u n h r t o i s p p - t e o R E e f u r c o r e o m ip p t e s m s N h e i e n p t t - s rec N e e ip t ts lion1 coin notes 1937 21.5 47.6 26.1 1938 ... 33.1 34.4 1.3 1940—October.... 3,059 1,931 415 183 347 22 162 1939 110.2 9.8 100.3 November.. 3,072 1,937 419 187 347 22 160 1940 17.7 .7 17.0 December.. 3,087 1,945 425 189 347 22 159 1940—December .1 .1 1941— F J e a b nu ru ar a y ry... 3 3, ,0 10 9 2 7 1 1 , , 9 9 5 5 3 9 4 4 2 2 7 8 1 1 9 9 1 2 3 3 4 4 7 7 2 2 2 1 1 1 5 5 8 6 1941—January .2 .1 C1) March 3,109 1,965 429 193 347 21 155 February ... .1 ^1 April 3,122 1,971 434 194 347 21 154 March I(J) May 3,134 1,977 440 196 347 21 153 April .1 .1 June 3,149 1,983 447 199 347 21 152 May 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 C1) October.... 3,219 2,013 482 210 347 20 148 September November 3,231 2,017 489 212 347 20 146 October . . (J) 8 November 1 Includes silver held against silver certificates amounting to $1,947,- C1) 000,000 onJSTov. 29, 1941 and $1,865,000,000 on Nov. 30, 1940. 1 Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. JANUARY 1941 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES1 UNITED STATES [In thousands of dollars] [In millions of dollars] 1941 Ear- Period a s G t t o o e c l n d k d I i n n c r g e o a l s d e N im et p g o o r l t d g m o c l r a d e r : a k s d e e d e- p D ti r c o o m d g u e o c s ld - - From or to— Im- Oct.2 Ex- Im- Sept. Ex- I J m an - .-Oc E t. xof period SLOCK or in- tion1 ports ports3 ports ports3 ports ports3 crease (—) France 1 19342 8,238 4,202.5 1,133.9 82.6 92.9 Portugal 34 30 354 1935. 10,125 1,887.2 1,739.0 .2 110.7 1,747 1 19 9 3 3 7 6 . 3 3 1 1 2 1. , 2 7 5 6 8 0 1 1 , , 1 5 3 0 2 2 . . 5 5 1 1 , ,5 1 8 1 5 6 . . 5 6 -2 — 0 8 0 5 . . 4 9 1 14 3 3 1 . . 9 6 U Sw ni i t t e z d e rl K an in d gdom 55 250 3,4 8 9 9 5 9 1938 14,512 1,751.5 1,973.6 —333.5 148.6 U. S. S. R. 5 550 5,652 25,844 1939 17,644 3,132.0 3,574.2 -534.4 161.7 Canada 16,074 42,563 366,793 1940. 21,995 4,351.2 4,744.5 -644.7 170.2 Mexico 1,020 495 9,190 Central America 960 911 9,048 1940—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 66 103 737 September... 21,244 331.6 334.1 36.6 13.5 Argentina 10 20 160 October 21,506 261.1 326.0 -117.9 19.2 Bolivia 10 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 Eucador 253 477 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 75 67 895 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 77 405 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 25 855 October 22,800 38.8 40.4 -32.2 15.7 China and Hong Kong. 3,697 November 22,785 -14.4 4 5-60.9 19.8 Japan 9,444 Philippine Islands 3,143 3,107 35,346 1 Figures are those for United States published in table on p. 77, ad- South Africa 200 3,694 292,663 justed, through October 1941, to exclude Philippine Islands production re- All other countries 140 16 3,783 ceived in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a Total 40,444 3 65,707 5 879,163 55 fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars 1 Figures represent customs valuations which, with some exceptions, on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. are at rate of $35 a fine ounce. 4 The Department of Commerce has suspended publication of gold import 2 The Department of Commerce has suspended publication of gold import and export statistics for months subsequent to October 1941. and export statistics for months subsequent to October 1941. 5 Gold held under earmark at Federal Reserve Banks for foreign account 3 Beginning May 1941, the Department of Commerce suspended publiamounted to 2,115.6 million dollars on November 30, 1941. cation of export statistics by country of destination. NOTE.—For back figures see Annual Report for 1937 (table 29), Back figures.—See table, p. 77, and Annual Report for 1937 (tables 31 and 32). BANK SUSPENSIONS1 BANK DEBITS Debits to deposit accounts except interbank accounts Member Nonmember [In millions of dollars] Total, banks banks all Total, 140 banks ti N o a n - al State su I r n e - d 2 in N su o r t ed Year and month r c e e i p a n n o l t g l e rt r - s N Y C e o it w r y k c le e o a n t d h t i e e n r r g s1 ce o n 1 th 3 te 3 e r r s2 Number of banks suspended: 1934 48 1929.. 982,531 603,089 331,938 47,504 1935 8 1936.. 461,889 208,936 219,670 33,283 1936 3 1937.. 469,463 197,836 235,206 36,421 1937 6 1938.. 405,929 168,778 204,745 32,406 1938 6 1939.. 423,932 171,382 218,298 34,252 1939 10 1940.. 445,863 171,582 236,952 37,329 1940 3 1941—Jan.-Nov 1 1940—October 39,695 14,952 21,365 3,378 November.. 39,088 14,952 20,819 3,317 De ( p in o s t i h ts o u o s f a s n u d s s p o e f n d d e o d l la b r a s n ) k :3 s 1941— D Ja e n c u e a m ry ber.. 4 4 6 1 , , 6 1 7 3 3 3 1 1 8 5 , ,1 6 4 2 7 6 2 2 2 4 , , 4 32 9 7 8 3 3 , , 7 4 2 8 1 8 1934 36,937 40 1,912 34,985 February... 35,783 13,268 19,457 3,057 1935 10,015 5,313 3,763 939 March 44,558 17,402 23,586 3,570 1936 11,306 507 10,207 592 April 42,237 15,657 23,074 3,505 1937 19,723 7,379 1,708 10,156 480 May 43,665 16,124 23,795 3,746 1938 13,012 36 211 11,721 1,044 June 45,942 17,282 24,853 3,807 1939 34,998 1,341 24,629 6,589 2,439 July 44,808 16,288 24,660 3,861 1940 5,943 256 5,341 346 August 42,856 15,079 24,033 3,745 1941—Jan.-Nov 3,726 3,144 503 79 September.. 43,870 15,654 24,310 3,907 October 50,875 19,148 27,315 4,411 1 Represents banks which, during the periods shown, closed temporarily November.. 45,081 16,077 25,075 3,930 or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing 1 National series, for which bank debit figures are available beginning (in some instances with the aid of Federal Deposit Insurance Corporation with 1919. loans). 2 Except that 1929 figure is for 128 centers only. 2 Federal deposit insurance became operative January 1, 1934. Back figures.— Annual report for 1937, page 157. Annual totals, begin- 3 Deposits of member banks and insured nonmember banks suspended are ning with 1919, by Federal Reserve districts and for individual centers, are as of dates of suspension, and deposits of noninsured nonmember banks available for distribution and will be furnished upon request. are based on the latest data available at the time the suspensions were reported. Back figures.—See Annual Report for 1937 (table 76). 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 provision 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. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OFBANKS [In millions of dollars] Member banks4 Non b m an e k m s ber Member banks4 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a v u n i t n u k g s a s l O m n b t o e h e n m e r - r - Call date b A an ll ks Total ti N on a- al State M s b a a u v n t in u k g a s l s m O n b e t o h e m n r e - - r banks banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30 38,505 23,771 15,386 8,385 9,708 5,026 1936—June 30. 15,752 6,400 5,368 1,032 566 8,786 1936—June 30 51,335 34,098 21,986 12,112 10,*060 7,178 Dec. 31 15,628 6,376 5,325 1,051 565 8,687 Dec. 31 53,701 35,893 23,107 12,786 10,143 7,666 1937—June 30 15,527 6,357 5,293 1,064 564 8,606 1937—June 30 53,287 35,440 22,926 12,514 10,213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31 52,440 34,810 22,655 12,155 10,257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34,745 22,553 12,193 10,296 7,153 Dec. 31. 15,206 6,338 5,224 1,114 556 8,312 Dec. 31 54,054 36,211 23,497 12,714 10,365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30 58,344 39,930 25,661 14,269 10,613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—June 29 60,582 42,039 26,931 15,108 310,631 37,912 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. 24 14,852 6,596 5,125 1,471 546 7,710 Sept. 24 68,449 49,160 31,500 17,660 10,643 8,646 I For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks4 Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,8*72 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1936—June 30 48,458 20,679 27,778 32,259 12,542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49,524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 49,696 22,514 27,182 32,739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48,566 22,198 26,368 31,752 13,958 17,794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 312 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940—June 29 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 Dec. 31 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 1941—Apr. 4 56,147 24,322 31,825 38,983 15,878 23,104 10,276 4,954 5,322 6,889 3,490 3,399 June 30 57,945 25,312 32,633 40,659 16,729 23,930 10,314 4,955 5,360 6,972 3,628 3,344 Sept. 24 59,305 26,196 33,109 41,943 17,546 24,397 10,357 4,958 5,399 7,005 3,692 3,313 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on tha date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few StSattea tbea bnlank aabbssttrraaccttss.. 2 Prior to December 1938 the figures include loans and investments indirectly representing bank premises Ooxr womth^e r *r^eo,a*l wesitaa^t,e , U nwo«w ^r^e^povr-tue d ^s H eaprately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana. Back .figures—See Annual Report for 1937 (tables 48-49) JANUARY 1942. 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] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- T lo o a t n a s l Com- or carrying Direct gat o i f ons Call date i m n a v e n e n d s t t s - Total1 i t n m r a c d i n i e a u a d r l l s - 2 - A t c a u g u l2 l r r - - i- p O m a k p p a e e r e t n - r b e r T o r o s k- o T t o h- e l R s o t a e a n a te s l b L a o t n a o k n s s l O oa th n e s r 4 Total Total Bills5Notes Bonds G t a e u n e a - d r- p S s a o t u c a n b l a i t d - l t e i s - O r s i e t t c i h e u e s - r and ers3 divideal- sions ers Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1938—June 30 30,721 12,938 492 701 2,614 2,613 120 6,397 17,783 12,343 316 3,653 6,246 2Ji28 2,143 3,296 Dec. 31 32,070 13,208 4^737' "'712' 442 973 775 2,716 125 2,728 18,863 13,222 286 3,389 7,208 2,340 2,448 3,192 1939—June 30 32,603 13,141 4,783 788 420 731 736 2,828 58 2,796 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30 33,941 13,962 5,386 730 455 790 700 2,957 56 2,888 19,979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940—June 29 34,451 13,969 5,538 736 450 447 668 3,069 42 3,020 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 865 456 642 652 3,228 43 3,230 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—Apr. 46 38,983 15 878 23,104 16,988 3,487 3,206 2,911 June 30 40,659 16,'729 7,270 738 537 575 635 3,365 44 3^565 23,930 18,078 1427' 2,631 10i481' 3,839 2,984 2,867 Sept. 246.... 41,943 17,546 24,397 18,338 4,243 3,161 2,899 New York City7 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 889 222 758 1933—June 30 7,133 3,424 364 759 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1938—Tune 30 8,013 3,172 141 556 717 132 85 1,541 4,840 3,740 222 1,358 1,451 "709 394 707 Dec. 31 8,335 3,262 1^456' ""5 138 787 220 121 99 436 5,072 3,857 158 1,142 1,663 894 517 698 1939—June 30 8,688 2,988 1,474 5 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30 9,339 3,296 1,768 7 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29 9,829 3,014 1,801 6 103 320 188 137 32 426 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 6 100 465 190 130 25 443 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Apr. 46 11,696 3,502 8,194 6,625 1,620 771 798 June 30 12,493 3,778 2,405 3 97 422 186 129 33 503 8,715 7,268 "577' 1J526 3^415' 1,751 651 796 Sept. 246.... 12,930 3,939 8,991 7,331 1,920 819 841 City of Chicago' 1929—Dec. 31 1,757 1,448 19 251 533 21 88 535 309 116 3 19 94 96 96 1933—June 30 1,287 677 69 61 251 30 30 237 610 384 206 82 97 87 138 1938—June 30 1,806 525 15 29 109 10 361 1,281 981 12 313 535 122 140 159 Dec. 31 1,969 539 319 "i7' 16 43 70 12 " 1 62 1,430 1,114 59 291 655 109 141 176 1939—June 30 2,052 544 329 19 15 39 71 12 59 1,507 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 365 6 17 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 5 17 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Apr. 46 2,649 780 1,869 1,466 125 226 177 June 30 2,707 846 609' •'•5' "'ii' "'36' '55' "20 101 1,861 1,483 417' "125' 803 138 190 188 Sept. 246.... 2,573 918 1,655 1,304 159 175 176 Reserve City Banks 1929—Dec. 31 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 30 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30 11,150 4,853 163 95 998 1,201 26 2,369 6,298 4,658 69 1,268 2,603 718 732 908 Dec. 31 11,654 4,963 1^914 "207' 149 119 242 1,230 20 1,081 6,691 5,018 57 1,224 2,997 740 808 866 1939—June 30 11,756 5,004 1,884 234 138 115 221 1,284 12 1,116 6,751 4,991 78 1,014 3,010 889 895 866 Dec. 30 12,272 5,329 2,100 221 155 119 222 1,335 9 1,168 6,943 5,194 63 819 3,339 972 890 860 1940—June 29 12,160 5,365 2,134 176 156 87 210 1,372 6 1,224 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,436 263 153 115 207 1,436 15 1,307 7,081 5,204 103 771 3,281 1,049 984 893 1941—Apr. 46 13,494 6,165 7,328 5,440 1,047 1,034 855 June 30 14,013 6,498 2^879 175 202 100 198 1,477 9 1,457 7,515 5,700 73 606 3,858 1,162 979 836 Sept. 246.... 14,588 6,861 7,727 5,914 1,246 975 838 Country Banks 1929—Dec. 31 13,375 8,936 201 291 2,231 1,462 45 4,705 4,439 1,267 97 171 999 627 2,546 1933—June 30 7,873 4,275 35 25 1,117 1,055 38 2,005 3,598 1,469 64 299 1,106 581 1,549 1938—June 30 9,752 4,388 173 21 790 1,269 9 2,126 5,364 2,964 13 715 1,657 579 878 L,522 Dec. 31 10,113 4,444 "iiO48" "483" 138 25 243 1,353 5 1,149 5,669 3,233 11 732 1,893 597 982 1,453 1939—June 30 10,109 4,605 1,095 531 140 22 229 1,402 5 1,180 5,504 3,127 11 563 1,870 683 1,025 1,351 Dec. 30 10,224 4,768 1,151 495 163 20 224 1,477 4 1,234 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—June 29 10,257 4,987 1,187 546 174 17 208 1,544 3 1,308 5,270 3,030 36 451 1,849 695 1,097 L,144 Dec. 31 10,826 5,309 1,267 590 187 21 201 1,644 3 1,397 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Apr. 46 11,144 5,431 5,713 3,456 694 1,176 1,081 June 30 11,446 5,607 1,377 "555' 216 '17' 195' 1,139 '3' 1^504 5,839 3,627 "60 "374' 2^404 788 1,165 1,047 Sept. 246.... 11,852 5,828 6,024 3,789 919 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. 5 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re- Bal- De- F B s w s e e R e a d r i r n v e e t v h - k e r e a s s l v C a i a u n s l h t m b a w a n d e n i c o s t k e t - h i s s c 1 j m p u a o s d a d t s e n e - i - d t d s 2 p a v n a s p i I t d d h r i n o o t u i r d n p n c a a i e s o s - - l , r s r - , - p v s S o i u a l t s i a b i n t o t d i d e c n i s - a s l c C c e h f a o e i e t e f n e c r f r c d d i t s . - k 3 i ' - s m U G e e r . o n n v S - t - 4 . p a v n a s p i I t d d h r i n o t o u i r d n p c n a a i e s o s - - l , r s r - , - v S s p i u a i t s o c a n b i l a o t d d i e l n t i s - s - P i s o n a s g v t s a - 4 l m D a D e n - o b d n a u n j k s s T ti i c me b F e a i o n g r n k - s B r i o n o w g r s - - C co a a u p c n i - t t a s l Call date 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 5,522 Dec. 30 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 1940—June 29 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 Dec. 31 13,531 837 66,340 31,576 29,752 2,957 662 523 11,837 392 54 69,873 6137 6635 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 66,562 33,822 32,149 3,090 730 781 11,980 382 50 610,176 6140 6628 13 5,852 Sept. 24 New York City5 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 1938—June 30 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 1939—June 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 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 11,062 11,357 370 471 48 768 51 4,032 646 1,615 Dec. 31 6,715 85 6154 11,645 11,629 302 302 29 806 38 64,021 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 6114 11,506 11,595 300 342 135 810 29 64,040 6563 10 1,635 Sept. 24 City of Chicago5 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 ,386 221 23 86 443 16 688 6 249 1938—June 30 884 35 235 1,688 ,597 181 29 83 452 9 658 9 257 Dec. 31 897 26 235 1,666 ,565 197 22 60 471 17 746 12 270 1939—June 30 993 42 283 1,739 ,676 167 24 80 483 10 ""3" 879 9 250 Dec. 30 1,187 39 242 1,898 ,782 199 17 79 489 15 5 949 7 260 1940—June 29 1,051 42 319 1,941 ,905 174 27 90 496 8 5 997 8 270 Dec. 31 815 20 6283 1,755 ,685 181 26 108 486 10 4 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 6271 2,228 2,112 228 29 95 469 22 6l,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 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 Dec. 31 4,107 361 62,859 10,137 9,552 1,206 171 273 4,540 202 19 64,023 6108 649 1,917 1941—Apr. 4 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 June 30 4,359 425 62,885 11,060 10,637 1,221 190 383 4,591 186 19 64,324 6108 655 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 1,008 126 68 5,499 144 52 380 22 2 11 1,778 1938—June 30 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 1939—June 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 1.733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 1940—June 29 l|857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 Dec. 31 1,894 372 63,044 8,039 6,886 1,269 163 114 6,006 142 31 6677 629 62 3 1,943 1941—Apr. 4 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 June 30 2,075 501 63,293 9,028 7,805 1,341 169 168 6,110 145 30 6732 632 62 3 1,990 Sept. 24 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, in eludes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31, 1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures.-—See Annual Report for 1937 (tables 52-58). JANUARY 39 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 qf Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations Date or month i m n T lo a v e o n a e n t n d s a t s t s l - Total i C m n t c a r a c d o g i i u e n a a m u r l r d - l i l s - , - , - - p m O a k p p a e e e r t - n r b a e o T p r n s o r r u o s e d k r c c c - a u h r r a r i o s t y i t i i e T h n n s g e o g rs e R lo s e t a a a n t l s e L ba o t n o an k 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 r s i e t t c h ie u e s - r tural dealers Total—101 Cities 1940—November 24,862 9,083 4,885 301 456 456 1,226 37 1,722 15,779 12,192 768 1,850 6,872 2,702 3,587 1941—July 28,560 10,501 5,975 381 496 445 1,249 40 ,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 ,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 ,258 42 ,948 18,234 14,467 903 2,287 7,958 3,319 3,767 October 29,368 11,152 6,525 412 521 432 ,260 39 ,963 18,216 14,457 811 "2,251 '8,065 3,330 3,759 November 29,621 11,277 6,610 425 542 431 ,259 39 ,971 18,344 14,667 874 '2,552 "8,316 2,925 3,677 1941—Oct. 8 29,132 11,076 6,501 403 493 427 ,256 40 ,956 18,056 14,307 815 2,250 r7,920 3,322 3,749 Oct. 15 29,385 11,244 6,568 419 551 439 ,258 43 ,966 18,141 14,378 842 '2,257 "7,944 3,335 3,763 Oct. 22 29,618 11,212 6,556 423 535 433 ,262 37 ,966 18,406 14,653 817 2,222 r8,271 3,343 3,753 Oct. 29 29,582 11,203 6,554 419 531 431 ,265 37 1,966 18..379 14,648 797 2,244 "8,277 3,330 3,731 Nov. 5 29,523 11,238 6,572 418 550 436 ,256 42 1,964 18,285 14,606 815 '2,563 "8,305 2,923 3,679 Nov. 12 29,611 11,317 6,633 428 554 430 ,261 41 1,970 18,294 14,632 832 2,564 "8,307 2,929 3,662 Nov. 19 29,656 11,285 6,632 426 527 428 ,260 36 1,976 18,371 14,696 2,554 8,317 2,927 3,675 Nov. 26 29,693 11,266 6,602 427 536 428 ,259 39 1,975 18,427 14,735 '2,526 %338 2,921 3,692 Dec. 3 29,691 11,259 6,593 428 548 427 ,256 38 1,969 18,432 14,782 990 "2,528 r8,342 2,922 3,650 Dec. 10 29,891 11,357 6,675 425 550 430 ,262 43 1,972 18,534 14,883 971 "2,566 "8,395 2,951 3,651 Dec. 17 30,306 11,429 6,769 433 544 425 ,258 45 1,955 18,877 15,219 976 '2,540 "8,750 2,953 3,658 Dec. 24 30,293 11,442 6,784 434 532 422 1,261 43 1,966 18,851 15,173 959 2,531 8,723 2,960 3,678 Dec. 31 30,085 11,370 6,728 423 537 422 1,258 35 1,967 18,715 15,049 883 2,535 8,667 2,964 3,666 New York City 1940—November 9,813 2,960 1,860 80 327 159 117 27 390 6,853 5,548 345 959 2,720 1,524 1,305 1941—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 N O o ct v o e b m er ber 1 12 2 , , 1 2 8 6 9 6 3 3 , , 7 7 2 8 6 0 2 2, , 5 5 5 2 2 3 8 7 4 9 3 3 7 9 6 2 1 1 5 5 2 3 1 1 0 0 6 7 3 3 0 2 4 4 6 5 1 9 8 8 , , 5 4 4 0 0 9 6 7 , ,0 9 0 5 1 5 4 4 1 4 4 2 1 1 , , 6 4 0 1 2 8 3 3, , 3 2 3 6 6 5 1 1 , , 6 8 0 7 3 6 1 1 , , 4 5 5 3 4 9 1941—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 2,544 378 153 106 29 461 8,571 7,045 423 1,408 3,324 1,890 1,526 Oct. 29 12,268 3,750 2,527 390 152 107 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 2,545 384 153 104 31 465 8,383 6,918 410 1,572 3,339 1,597 1,465 Dec. 3 12,132 3,772 2,542 87 391 153 104 32 463 8,360 6,920 404 1,571 3,340 1,605 1,440 Dec. 10 12,220 3,799 2,566 87 388 152 103 37 466 8,421 6,981 408 1,570 3,378 1,625 1,440 Dec. 17 12,314 3,816 2,601 379 150 104 39 455 8,498 7,055 371 1,568 3,496 1,620 1,443 Dec. 24 12,275 3,819 2,605 373 148 104 39 463 8,456 7,001 335 1,557 3,478 1,631 1,455 Dec. 31 12,159 3,772 2,573 364 150 104 31 465 8,387 6,924 309 1,554 3,433 1,628 1,463 Outside New York City 1940—November 15,049 6,123 3,025 221 129 297 1,109 10 1,332 8,926 6,644 423 891 4,152 ,178 2,282 1941—July 16,634 7,005 3,684 291 139 281 1,137 9 1,464 9,629 7,410 474 807 4,714 ,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 ,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 ,461 2,221 October 17,102 7,426 4,002 333 145 280 1,153 9 1,504 0,676 7,456 369 r833 r4,800 ,454 2,220 November 17,432 7,497 4,058 341 150 278 1,153 7 1,510 9,935 7,712 460 r950 r4,980 ,322 2,223 1941—Oct. 8 16,944 7,390 3,986 331 137 277 1,149 10 1,500 9,554 7,339 341 r848 r4,697 ,453 2,215 Oct. 15 17,076 7,461 4,021 336 151 285 1,152 9 1,507 9,615 7,393 393 r845 r4,701 ,454 2,222 Oct. 22 17,292 7,457 4,012 339 157 280 1,156 1,505 9,835 7,608 394 r814 "4,947 ,453 2,227 Oct. 29 17,314 7,453 4,027 337 141 279 1,158 1,503 9,861 7,643 413 r813 '4,967 ,450 2,218 Nov. 5 17,328 7,468 4,036 336 149 284 1,149 1,506 9,860 7,639 414 r944 '4,958 ,323 2,221 Nov. 12 17,386 7,516 4,068 344 151 279 1,154 1,512 9,870 7,652 413 r943 '4,974 ,322 2,218 Nov. 19 17,472 7,505 4,070 342 146 275 1,153 1,514 9,967 7,743 473 r956 4,993 ,321 2,224 Nov. 26 17,542 7,498 4,057 341 152 275 1,155 1,510 10,044 7,817 540 r954 4,999 ,324 2,227 Dec. 3 17,559 7,487 4,051 341 157 274 1,152 1,506 10,072 7,862 586 r957 '5,002 317 2,210 Dec. 10 17,671 7,558 4,109 338 162 278 1,159 1,506 10,113 7,902 563 r996 5,017 326 2,211 Dec. 17 17,992 7,613 4,168 345 165 275 1,154 1,500 10,379 8,164 605 r972 5,254 333 2,215 Dec. 24 18,018 7,623 4,171 347 159 274 1,157 1,511 10,395 8,172 624 974 5,245 ,329 2,223 Dec. 31 17,926 7,598 4,155 338 173 272 1,154 1,502 10,328 8,125 574 981 5,234 ,336 2,203 r Revised. 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 fgiguurres see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corressppoonnddini;g tables in previous Annual Reports. 40 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s F w e R e a e r i r n e d v t a h k - - e l s v C i a n a u s l h t m a b w n a d e c i n o s t e h k t - s i s c j m p m u o d s a a s t e n e d i - t d d - s 1 s u p v n c h a a a o i e n i d l p r r r d s - t - - s , - , S p d s a i t o i u c a n v l a b t d i i e l t - - - s c C h c a f o e e e i n f e r c f r d i s d t k - i ' s - m U G e e . r o n n S v t - * - . s u p v c h n a a a o n i i e d p l r r r d s t - - - s , - , S p d i s a t c o u i a n v a l b t d i l i e - t - - s P m• o sa s g v t s2 a J l m D a e n b - d anks T , ime b e F a i o g n r n k - s i B r n o o g w r s - - co C i a u t a c a n p - l t - s Date or month pora- sions etc. pora- sions tions tions Total 101 Cities 11,955 531 3,347 21,890 21,569 1,576 501 507 5,187 192 24 8,809 112 665 1 3,821 1940—November 10,823 564 3,498 24,211 23,884 1,615 526 467 5,254 163 26 9,078 113 659 1 3,873 1941—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 10,273 564 3,328 24,168 23,890 1,822 581 705 5,290 153 21 9,178 110 647 4 3,915 November 10,804 558 3,523 24,400 23,788 1,857 503 442 5,285 157 21 9,496 113 633 1 3,892 1941—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 10,575 554 3,344 24,324 23,814 1,780 560 826 5,232 155 23 9,294 111 655 3 3,927 Dec. 3 10,603 595 3,288 24,682 24,241 1,726 569 774 5,209 192 23 9,173 111 658 2 3,924 Dec. 10 9,972 600 3,389 24,060 24,059 1,690 595 1,345 5,177 194 23 9,120 109 659 2 3,926 Dec. 17 9,880 564 3,288 23,994 23,878 1,658 545 1,403 5,149 195 23 8,928 108 671 2 3,916 Dec. 24 9,825 555 3,255 23,650 23,993 1,721 727 1,475 5,172 173 23 8,934 106 656 1 3,913 Dec. 31 New York City 6,694 91 83 10,022 10,096 338 314 35 674 43 3,843 609 1,506 1940—November 5,586 107 88 11,022 11,183 247 297 18 722 21 3,846 596 1,510 1941—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 4,776 85 91 10,310 10,491 313 325 342 742 24 3,650 586 1,530 November 5,157 82 87 10,701 10,784 317 284 120 747 24 3,882 570 1,522 1941—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 5 021 79 89 10,370 10,419 308 286 404 724 22 3,706 591 1,537 Dec. 3 4,981 91 88 10,524 10,628 295 301 378 714 23 3,648 598 1,533 Dec. 10 4,816 99 92 10,127 10,338 275 313 739 712 23 3,621 597 1,535 Dec. 17 4,788 89 93 10,164 10,354 265 288 m 708 22 3,474 606 1,529 Dec. 24 4,843 81 92 10,040 10,549 299 393 831 708 22 3,486 593 1,535 Dec. 31 Outside New York City 5,261 440 3,264 11,868 11,473 1,238 187 472 4,513 149 24 4,966 112 56 1 2,315 1940—November 5,237 457 3,410 13,189 12,701 1,368 229 449 4,532 142 26 5,232 113 63 1 2,363 1941—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 5,497 479 3,237 13,858 13,399 1,509 256 363 4,548 129 21 5,528 110 61 4 2,385 November 5,647 476 3,436 13,699 13,004 1,540 219 322 4,538 133 21 5,614 113 63 1 2,370 1941—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 5,496 500 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 5,554 475 3,255 13,954 13,395 1,472 274 422 4,508 133 23 5,588 111 64 3 2,390 Dec. 3 5,622 504 3,200 14,158 13,613 1,431 268 396 4,495 169 23 5,525 111 60 2 2,391 Dec. 10 5,156 501 3,297 13,933 13,721 1,415 282 606 4,465 171 23 5,499 109 62 2 2,391 Dec. 17 5,092 475 3,195 13,830 13,524 1,393 257 626 4,441 173 23 5,454 108 65 2 2,387 Dec. 24 4,982 474 3,163 13,610 13,444 1,422 334 644 4,464 151 23 5,448 106 63 1 2,378 Dec. 31 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. JANUAFY 194Z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations F di e s d t e ri r c ( a 1 t l 9 a 4 R n 1 e d ) s e d r a v t e e m T l v o a i o e e a n n s n t n - d a t t s - s l Total C t m d c r a i o u i i n n e a a m s - r d - l l - , , - p O m k a p e p a e t e r n - r b o r p T s o u r o e k r c c c - u a h r r a i r t s y i i i e n n s g g e l R s o e t a a a n t l s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- O s ri e t t c h i u e e s - r agri- ers To teed cul- and others tural dealers Boston (6 cities) Dec. 3 1,483 788 429 99 18 15 78 2 147 695 586 49 47 428 62 109 Dec. 10 1,496 793 432 99 21 15 78 2 146 703 594 54 47 431 62 109 Dec. 17 1,517 806 437 103 25 15 78 2 146 711 602 56 48 434 64 109 Dec. 24 1,522 809 439 103 26 15 78 1 147 713 603 58 48 434 63 110 Dec. 31 1,505 799 433 102 25 15 76 1 147 706 598 55 46 435 62 108 New York (8 cities)*. Dec. 3 13,160 4,191 2,698 107 396 198 192 32 568 8,969 7,376 416 1,631 3,612 1,717 1,593 Dec. 10 13,253 4,219 2,724 106 393 197 191 37 571 9,034 7,445 420 1,632 3,659 1,734 1,589 Dec. 17 13,361 4,235 2,759 107 383 195 192 39 560 9,129 7,537 383 1,630 3,794 1,730 1,592 Dec. 24 13,330 4,240 2,767 104 377 193 192 39 568 9,090 7,488 353 1,621 3,775 1,739 1,602 Dec. 31 13,206 4,189 2,735 100 368 194 192 31 569 9,017 7,408 324 1,624 3,725 1,735 1,609 Philadelphia (4 cities) Dec. 3 1,376 553 288 43 30 31 50 111 823 555 10 30 416 99 268 Dec. 10 1,382 555 292 41 30 31 50 111 827 559 12 31 413 103 268 Dec. 17 1,412 559 296 41 30 32 50 110 853 585 14 31 436 104 268 Dec. 24 1,415 561 295 41 29 32 51 113 854 585 17 29 433 106 269 Dec. 31 1,407 554 292 40 29 31 51 111 853 588 19 29 433 107 265 Cleveland (10 cities) Dec. 3 2,313 872 412 18 19 187 207 1,441 1,173 31 201 767 174 268 Dec. 10 2,318 879 420 27 17 19 188 207 1,439 1,172 29 231 738 174 267 Dec. 17 2,369 886 430 30 17 18 186 204 1,483 1,214 30 205 805 174 269 Dec. 24 2,369 890 432 33 16 18 186 205 1,479 1,211 32 205 796 178 268 Dec. 31 2,357 884 428 32 18 17 185 204 1,473 1,205 25 206 794 180 268 Richmond (12 cities) Dec. 3 901 333 160 17 4 13 51 568 501 16 83 286 116 67 Dec. 10 902 336 162 17 4 14 51 566 499 15 282 114 67 Dec. 17 912 338 163 18 4 13 51 89 574 508 15 292 113 66 Dec. 24 918 340 165 19 4 13 52 87 578 511 15 91 295 110 67 Dec. 31 907 342 163 18 4 13 53 91 565 499 92 292 107 66 Atlanta (8 cities) Dec. 3 799 423 221 6 12 37 137 376 266 22 51 130 63 110 Dec. 10 816 433 225 7 7 13 39 140 383 271 25 52 131 63 112 Dec. 17 822 427 223 7 7 13 37 138 395 285 29 52 140 64 110 Dec. 24 824 428 224 7 7 13 37 138 396 284 30 52 140 62 112 Dec. 31 821 427 224 7 12 36 138 394 284 31 52 140 61 110 Chicago (12 cities)* Dec. 3 4,079 1,385 915 47 48 59 144 172 2,694 2,135 291 262 1,289 293 559 Dec. 10 4,088 1,405 931 47 51 61 144 171 2,683 2,124 245 262 1,315 302 559 Dec. 17 4,205 1,426 954 47 51 59 144 171 2,779 2,220 273 262 1,381 304 559 Dec. 24 4,219 1,424 957 46 46 58 145 171 2,795 2,221 278 262 1,376 305 574 Dec. 31 4,216 1,432 958 44 53 59 145 172 2,784 2,215 266 263 1,375 311 569 St. Louis (5 cities)... Dec. 3 933 468 289 23 5 11 60 79 465 353 16 44 225 68 112 Dec. 10 934 469 289 23 5 11 60 80 465 352 16 44 224 68 113 Dec. 17 942 471 293 22 5 11 60 79 471 357 16 43 231 67 114 Dec. 24 938 465 287 22 5 11 60 80 473 359 17 43 230 69 114 Dec. 31 939 462 284 23 5 10 60 80 477 363 17 43 231 72 114 Minneapolis (8 cities) Dec. 3 507 270 145 2 2 6 16 99 237 197 10 18 137 32 40 Dec. 10 509 272 147 2 2 6 16 99 237 196 10 17 137 32 41 Dec. 17 520 276 150 2 2 6 16 100 244 201 10 16 142 33 43 Dec. 24 517 275 150 2 1 6 16 100 242 201 10 16 142 33 41 Dec. 31 517 274 149 2 2 6 16 99 243 202 11 16 142 33 41 Kansas City (12 cities) Dec. 3 866 460 289 28 3 11 33 96 406 278 46 113 91 128 Dec. 10 873 465 295 28 4 11 33 94 408 282 30 48 113 91 126 Dec. 17 883 469 300 28 4 11 33 93 414 288 30 48 121 89 126 Dec. 24 877 469 300 29 4 11 33 92 408 283 31 47 121 84 125 Dec. 31 865 467 300 27 4 11 33 92 398 272 20 49 121 82 126 Dallas (9 cities) Dec. 3 678 362 250 2 5 14 23 68 316 253 44 43 126 40 63 Dec. 10 691 367 253 2 5 14 23 70 324 261 51 43 127 40 63 Dec. 17 696 369 256 2 6 14 23 68 327 265 51 43 131 40 62 Dec. 24 697 371 257 2 7 14 22 69 326 265 46 41 138 40 61 Dec. 31 687 374 256 2 11 16 22 67 313 252 35 39 138 40 61 San Francisco (7 cities) Dec. 3 2,596 1,154 497 26 11 38 385 197 1,442 1,109 57 72 813 167 333 Dec. 10 2,629 1,164 505 26 11 38 389 195 1,465 1,128 64 71 825 168 337 Dec. 17 2,664 1,167 508 26 10 38 388 197 1,497 1,157 69 74 843 171 340 Dec. 24 2,667 1,170 511 26 10 38 389 196 1,497 1,162 72 76 843 171 335 Dec. 31 2,658 1,166 506 25 11 38 389 197 1,492 1,163 72 76 841 174 329 City of Chicago* Dec. 3 2,671 906 679 26 42 52 22 85 1,765 1,400 285 150 853 112 365 Dec. 10 2,670 923 691 25 46 54 23 84 1,747 1,382 239 151 877 115 365 Dec. 17 2,759 944 714 25 46 51 23 85 1,815 1,450 265 151 917 117 365 Dec. 24 2,772 943 718 24 41 51 23 85 1,829 1,449 270 151 913 115 380 Dec. 31 2,767 950 717 22 48 52 23 87 1,817 1,440 256 153 911 120 377 * 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. 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 B s F w e e a R e r r n i e a d v t k - h l - e s C va a in s u h lt m b a w d n a e i o c n s t - h e t k i s c s j p m u o a d s a s e d t n e i - - t d d s 1 s p u p v h n a c a o a i n i o e d l r r p d r s r a t - s - - , - - , S d p s s i a i t c u i o o a n v a b l n t d i i l - e - t s - s c C c h f o e a i e e e t f n e c f r r c d i d . t s - k i ' - s m G U e e r o . n n S v - . t - 2 s p p u n v c a h o a a e i o n i r r d l p r r d s a t - - - s - , - , S p s d i s t a o i c a u i o n l v a t b i n d e l i - t - s s - P i o n s s a g t v s a 2 - l m D a e n - b d ank T s ime b F e a i n o g k r n - s B r i o n o w g r s - - c C o i a t a u c a p - n l - ts F d e is d t e ri r ( c a 1 t l 9 a 4 R n 1 e d ) s d er a v te e tions tions Boston (6 cities) 498 152 197 1,495 1,449 111 26 9 225 1 374 20 253 Dec. 3 487 155 204 1,513 1,467 107 27 9 224 1 370 19 253 Dec. 10 447 147 188 1,486 1,466 103 31 15 221 1 346 20 252 Dec. 17 431 144 183 1,471 1,444 96 28 16 220 1 341 21 252 Dec. 24 422 144 195 1,445 1,457 96 31 16 220 1 353 21 251 Dec. 31 New York (8 cities)* 3,235 107 234 11,231 11,115 496 311 420 1,088 29 3,789 13 593 1,663 Dec. 3 5,175 121 233 11,393 11,332 484 323 391 1,078 30 3,726 12 599 1,659 Dec. 10 4,996 130 234 10,992 11,046 476 345 762 1,073 30 3,698 12 599 1,661 Dec. 17 4,964 116 221 11,011 11,052 456 307 805 1,069 29 3,547 12 607 1,655 Dec. 24 5,033 107 254 10,913 11,270 504 420 866 1,070 30 3,563 12 594 1,660 Dec. 31 Philadelphia (4 cities) 544 28 211 1,255 1,232 116 30 21 246 2 456 13 7 220 Dec. 3 557 31 203 1,285 1,249 116 12 20 245 2 442 13 5 220 Dec. 10 494 31 211 1,245 1,255 107 13 35 240 2 445 13 6 219 Dec. 17 477 26 200 1,263 1,258 91 17 32 221 2 419 13 6 218 Dec. 24 450 26 204 1,213 1,261 87 20 31 223 2 438 13 6 216 Dec. 31 Cleveland (10 cities) 775 58 380 1,860 1,847 115 31 32 727 16 526 35 1 396 Dec. 3 786 60 366 1,881 1,870 115 33 29 722 16 515 35 1 395 Dec. 10 750 64 357 1,867 1,900 111 34 58 719 16 511 34 2 395 Dec. 17 732 56 336 1,814 1,824 108 34 60 715 16 521 34 1 395 Dec. 24 703 57 332 1,781 1,835 105 40 60 717 16 511 33 1 395 Dec. 31 Richmond (12 cities) 310 27 258 708 692 73 16 28 202 2 441 5 104 Dec. 3 320 30 248 724 705 74 16 25 202 2 436 6 104 Dec. 10 302 30 246 716 701 74 20 44 201 2 412 5 106 Dec. 17 303 28 234 711 701 73 12 45 201 2 412 5 103 Dec. 24 284 29 238 699 688 74 20 45 199 2 403 5 103 Dec. 31 Atlanta (8 cities) 201 17 241 558 547 81 7 42 190 3 393 3 101 Dec. 3 199 19 240 571 559 81 10 39 189 3 398 3 100 Dec. 10 196 18 244 559 564 82 7 57 187 4 401 3 99 Dec. 17 194 17 247 555 551 86 7 58 187 4 405 3 99 Dec. 24 192 18 228 529 534 89 11 58 190 3 405 3 99 Dec. 31 Chicago (12 cities)* 1,636 86 627 3,444 3,250 377 53 134 25 1,440 9 431 Dec. 3 1,673 91 598 3,510 3,328 359 61 117 25 1,416 9 431 Dec. 10 1,446 92 691 3,439 3,341 346 59 167 973 25 1,418 9 433 Dec. 17 1,430 90 677 3,429 3,301 362 63 165 973 25 1,412 9 433 Dec. 24 1,383 628 3,368 3,272 380 63 168 979 3 1,389 9 432 Dec. 31 St. Louis (5 cities) 256 14 198 628 635 69 11 19 187 3 477 1 100 Dec. 3 265 16 200 639 651 60 11 16 186 3 481 1 100 Dec. 10 242 15 201 618 654 60 9 26 185 3 480 1 100 Dec. 17 253 15 205 626 658 58 10 26 185 4 482 1 100 Dec. 24 257 15 206 633 656 61 9 27 186 3 481 1 99 Dec. 31 Minneapolis (8 cities) 118 7 104 370 339 67 1 110 194 3 64 Dec. 3 120 8 108 376 344 65 1 109 198 3 64 Dec. 10 111 93 365 339 65 7 1 109 194 3 64 Dec. 17 106 93 362 341 63 7 1 109 189 3 64 Dec. 24 108 96 368 345 62 9 2 110 187 2 64 Dec. 31 Kansas City (12 cities) 243 15 279 651 639 85 12 24 139 484 6 111 Dec. 3 246 17 272 661 648 85 12 24 138 480 6 111 Dec. 10 239 16 281 656 667 88 12 29 136 491 6 112 Dec. 17 251 16 282 659 659 90 13 30 135 496 6 112 Dec. 24 246 15 268 620 618 86 23 35 138 497 6 111 Dec. 31 Dallas (9 cities) 194 14 295 620 595 73 12 32 125 327 93 Dec. 3 189 15 296 633 606 73 14 32 124 324 93 Dec. 10 189 15 317 632 625 68 16 43 124 340 93 Dec. 17 182 15 294 617 602 68 12 45 124 326 93 Dec. 24 190 15 288 602 564 71 38 44 124 334 92 Dec. 31 San Francisco (7 cities) 565 29 320 1,504 1,474 117 43 64 1,009 64 393 23 20 391 Dec. 3 586 32 320 1,496 1,482 107 42 71 1,012 100 387 23 20 394 Dec. 10 560 34 326 1,485 1,501 110 42 108 1,009 101 384 23 19 392 Dec. 17 557 33 316 1,476 1,487 107 35 120 1,010 102 378 22 20 392 Dec. 24 557 33 318 1,479 1,493 106 43 123 1,016 103 373 22 20 391 Dec. 31 City of Chicago* 239 41 299 2,303 2,199 216 28 109 476 22 1,074 282 Dec. 3 267 43 283 2,348 2,257 210 30 94 475 22 1,059 282 Dec. 10 073 44 363 2,285 2,237 201 31 131 474 22 1,054 283 Dec. 17 ,063 45 351 2,286 2,211 217 39 127 475 22 1,049 284 Dec. 24 ,024 44 307 2,237 2,175 233 34 127 481 1,027 283 Dec. 31 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in p>rroocess of collection. 2 U. S. Treasurers' time deposits, open account, are combined with postal savings (time) deposits. JANUARY 1941 43 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 Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Accept O in w g n banks Bills Others2 I U m i n n p i t o t o e r d ts E U x f n r p o i o t m e r d ts ex D c o h l a l n ar ge G s o h o ip d p p s o e s d in t o t b s r e e i t d n w i e n e n or Total bills bought States States United Foreign States countries 1940—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 November... 387 194 144 93 51 50 116 14 5 48 12 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 I Customers' End of month Debit Debit credit balances1 Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 (net)1 and trading and trading banks Free accounts accounts 1935—December . . 1,258 75 135 179 930 286 1936—June . .. 1,267 67 164 219 985 276 December 1,395 64 164 249 1,048 342 1937—June 1,489 55 161 214 1,217 266 December 985 34 108 232 688 1938—June 774 27 88 215 495 December 991 32 106 190 754 1939—June 834 25 73 178 570 December 906 16 78 207 637 1940—June 653 12 58 223 376 November 666 12 64 214 383 December 677 12 99 204 427 1941—January 661 11 73 207 399 February 634 11 78 199 375 March 633 9 81 199 387 April 606 10 86 199 368 May 622 10 102 185 403 June 616 11 89 186 395 July 628 10 87 189 388 August 628 10 160 189 460 September 633 10 83 196 396 October 628 9 102 186 414 November 625 9 100 195 409 ot ot oo o5 Other credit balances In partners' In firm Other investment investment In capital (net) and trading and trading accounts accounts accounts (net) 79 24 10 410 86 24 14 420 103 30 12 424 92 25 13 397 85 26 10 355 89 22 11 298 247 60 22 5 305 230 70 21 6 280 266 69 23 7 277 267 62 22 5 269 280 59 20 4 253 281 54 22 5 247 275 54 22 6 238 267 53 22 6 237 268 56 21 6 231 265 60 20 8 227 262 61 17 7 223 255 65 17 7 222 266 70 17 8 221 262 72 16 7 221 260 78 16 8 219 255 74 16 7 217 264 72 15 8 217 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. 22 IInncclluuddeess money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For exp;lanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 44 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 mo Y w n e t e h a e , k r , or m m p P 4 c a e o r o t p i r n o m m c e t i h r - e 6 a , s l a a P b c d n a e r c 9 a c i r n e m 0 s y e k p ' s s e - t , - c S h l n c a e o t r a e o a l x e a n s w l c - - n 2 l g k - e T m U b u r o i e . r l S n l y a s . t s 3 h - e T e m a x T x p - r U t n e o a . t s e S u s T . r a y b a l x e - 1 1 1 9 9 9 3 3 3 4 5 6 a a a v v v e e e r r r a a a g g g e e e 1 1 1 ,..„ ,. 1 T 9 3 2 2 o . c . . 4 9 6 t i a 5 t 3 8 i l es Y N 2 C 1 1 . o . . e i 4 7 7 w t r 5 y 6 2 k e E 7 N r c a 3 3 3 n o i o s t . . . r 3 7 0 t i t a h e t e 9 1 4 n h s e r - n d r 1 W e 1 r c 4 3 3 e n S i . . s t . o 3 7 4 i t a e e 2 6 u 0 n s r t d n h- 1937 average1 2.59 1.73 2.88 3.25 1939 average .59 .44 1.00 .023 .59 1938 average1 2.53 1.69 2.75 3.26 1940 average .56 .44 1.00 .014 .50 1939 average 2.78 2.07 2.87 3.51 1941 average .54 .44 1.00 .103 .46 .76 1 1 9 9 4 4 0 1 a a v v e e r r a a g g e e 2 2 . . 6 5 3 4 2 1 . . 0 9 4 7 2 2 . . 5 5 6 5 3 3 . . 3 1 8 9 1940— D N e o c v . . 5 5 6 6 . . 4 4 4 4 1 1 . . 0 0 0 0 •<$ . .3 3 5 4 .65 1938—J M un o e nthly figures1 2.56 1.70 2.78 3.31 1941— J M A M F J u a e p a a n n b r y r e . i l . . . . . . . 5 5 5 5 5 5 6 6 6 6 6 6 . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . 0 0 0 0 0 ( 3 8 9 8 8 4 4 9 2 2 9 ) . . . . . . 5 5 5 4 3 4 5 2 0 3 8 4 . . . . . . 8 7 8 8 6 7 1 6 4 1 8 2 J A O N S D u e u c o e l p t y g c v o t e u e e b m s m m e t b r b b e e e r r r 2 2 2 2 2 2 . . . . . . 5 5 5 5 4 6 7 2 7 3 9 0 1 1 1 1 1 1 . . . . . . 6 7 7 7 7 7 7 0 0 0 0 0 2 2 2 2 2 2 . . . . . . 7 7 7 9 6 9 8 1 4 0 8 5 3 3 3 3 3 3 . . . . . . 3 2 2 2 2 2 5 8 6 1 0 3 July .50 .44 1.00 .097 .37 .67 Aug .50 .44 1.00 .108 .33 .62 1939—January 2.64 1.73 2.97 3.32 Sept .50 .44 1.00 .055 .34 .62 February... 2.52 1.70 2.69 3.26 Oct .50 .44 1.00 .049 .41 .72 Nov .50 .44 1.00 .242 .57 .90 Quarterly figures Dec .56 .44 1.00 .298 .64 1.02 1939—March 2.95 2.13 3.05 3.77 June 2.91 2.15 3.05 3.62 Week ending: September 2.68 2.04 2.78 3.31 Dec. 6 1.00 .293 .61 .98 December r 2.59 1.96 2.59 3.32 Dec. 13 1.00 .295 .68 1.05 D D e e c c . . 2 2 0 7 VT-% 1 1 . . 0 0 0 0 . . 3 2 1 9 0 5 . . 6 6 4 4 1 1 . . 0 0 2 4 1940— J M un a e rch 2 2 . . 6 5 5 9 2 2. . 0 0 0 3 2 2. . 4 6 9 7 3 3 . . 3 3 5 8 Jan 3 1.00 September. 2.68 2.14 2.56 3.43 December.. 2.59 2.00 2.53 3.36 c ta e x * 1 2 n a t T M N b d h e l o e u w e n r b t i a i h n s i v l g l s e l y u s r t e a f h s t i g h e g o e e u f e r r f r n e e e a s r a t e t i f e r d a t e e r w o r e p . n i a e t v r h 9 i B e i 0 o n r i - d a l d p l . g s a e e y r s i i n o s o d t w f o . e w c e k e T k e a e k o x x l f - y c e h D x p a e e r n e m c g v e e p a m t i t l b b i i m e n i r l g e l s 2 r p l 0 a o r t i a a e o n n s r s . d t o w D M a e s c a e r 1 m c . h 2 b 5 1 e 9 r p 4 2 e 1 7 r ; 1941— J D S M u e e n p a c e r t e c e m h m b b e e r r 2 2 2 2 . . . . 4 5 5 6 2 8 5 0 2 1 1 1 . . . . 0 8 9 9 6 8 5 8 2 2 2 2. . . . 4 5 5 6 6 3 8 2 3 3 3 2 . . . . 2 2 2 9 5 9 3 9 mature in 82 days and 76 days, respectively. 4 Rate negative. 1 Prior to March 1939 figures were reported monthly on a basis not strictly Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures comparable with the current quarterly series. for Treasury bills and Treasury notes available on request. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS 1 [Per cent per annum] Corporate Moody's)5 High- Year, month, or week G m U ov e . n e S r t2 n . - M i u p n al i 3 c- c g r o r a r a t p d e o e 4 - Total By ratings By groups Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c 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—November 1.97 2.18 2.65 3.40 2.75 2.96 3.40 4.48 2.98 4.07 3.14 December 1.89 2.07 2.59 3.36 2.71 2 92 3.36 4.45 2.93 4.03 3.13 1941—January 1.99 2.16 2.57 3.36 2.75 2.95 3.36 4.38 2.96 3.96 3.17 February 2.10 2.27 2.71 3.40 2.78 3.00 3.38 4.42 3.00 4.00 3.19 March 2.01 2.28 2.73 3.39 2.80 3.01 3.37 4.38 3.02 3.98 3.17 April 1.96 2.20 2.76 3.39 2.82 3.04 3.38 4.33 3.06 3.96 3.16 May 1.92 2.14 2.75 3.37 2.81 2 99 3.34 4.32 3.02 3.95 3.13 June 1.91 2.08 2.70 3.34 2.77 2.95 3.31 4.31 2.96 3.95 3.10 July 1.90 2.03 2.66 3.30 2.74 2.90 3.26 4.28 2.90 3.92 3.07 August 1.94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 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 November 1.85 1.90 2.57 3.26 2.72 2.86 3.19 4.28 2.85 3.91 3.04 Week ending: Dec. 6...;;. 1.87 1.91 2.59 3.27 2.72 2.88 3.19 4.28 2.85 3.92 3.04 Dec. 13 1.98 2.38 2.65 3.35 2.79 2.96 3.26 4.39 2.95 3.99 3.11 Dec. 20 1.97 2.29 2.71 3.37 2.81 2.96 3.28 4.40 2.95 4.01 3.14 Dec. 27 2.02 2.32 2.74 3.38 2.84 2.97 3.31 4.41 2.97 4.02 3.16 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. Standard and Poor's Corporation. 4 U. S. Treasury Department. 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. JANUARY 1942. 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39= 100) of trad- Year, month, or week U.S. . ing7 m G er e o n n v - t - M ip un al i 3 c- H gr i a g d h e - Tota M l edi I u n m d u a s n - d lo R w a e il r - -grad P e ublic fa D ul e t - ed fe P r r r e e - d5 Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c (i a s n h n a d t r h s e o o s u ) f s trial road utility Number of issues 2-6 15 10 25 5 10 15 15 15 402 354 20 28 1938 average 102.5 113.7 111.1 83.4 86.7 72.2 91.6 15.1 161.4 88 90 70 86 1,104 1939 average . . 105.2 116.3 113.8 89.5 91.2 78.1 99.3 13.8 167.5 94 95 75 99 977 1940 average 107.2 121.2 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 1940—November 110.7 127.3 118.0 98.5 103.0 86.8 105.9 15.3 171.6 87 87 74 92 1,044 December 111.8 129.3 117.7 98.1 102.8 86.2 105.3 16.4 176 2 85 85 70 91 814 1941—January 110.4 127.8 117.7 99.2 103.0 89.0 105.6 17.9 177.9 85 85 73 91 564 February 108.8 125.6 116.7 97.5 101.7 87.1 103.8 17.5 172.9 80 79 70 87 444 March 110.1 125.4 116.9 98.4 102.2 88.4 104.6 19.3 171.5 80 80 71 87 440 April 110.8 126.8 116.8 99.5 103.1 89.5 106.0 20.7 170.8 78 77 71 83 495 May 111.4 128.2 117.0 99.3 102.4 89.4 106.2 21.0 168.9 77 77 71 79 420 June 111.5 129.5 117.7 99.2 103.3 87.9 106.3 21.6 168.9 80 80 71 82 463 July 111.7 130.4 118.7 99.9 104.8 87.8 107.1 23.9 173.1 83 84 74 82 757 August 111.1 131.0 118.5 99.6 104.9 86.8 107.3 24.9 174.3 83 84 74 81 473 September 111.1 131.2 118.1 98.0 105.1 84.5 107.2 24.4 173.4 84 85 73 81 599 October 112.0 133.0 118.8 99.2 105.3 85.0 107.2 25.1 172.1 80 82 70 79 557 November 112.4 133.4 119.2 99.4 105.9 84.9 107.4 24.8 170.5 77 79 68 75 792 Week ending: Dec. 6 112.1 133.0 119.1 99.5 106.4 84.7 107.4 24.5 170.7 77 79 67 73 1,062 Dec. 13 110.5 123.3 117.5 96.5 104.4 81.2 103.9 21.3 169.1 71 73 59 66 1,819 Dec. 20 110.7 125.1 117.0 96.8 104.6 81.8 104.1 21.3 168.7 71 73 59 65 1,254 Dec. 27 109.9 124.5 168.3 69 71 59 62 1,552 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] ]ror new capital For refunding Total Domestic Domestic (new Total Total Year or month f i a u r n n n e g d - d ) - m e ( f a e d i o n g s o r d t n - - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n o n t d e r d s a s te Stocks e F.x o g r-r2f m e ( f a i d e o g n o s r d n - t - ^ i ) c Total S n m a p t i n a c a u d l i t - - e a F c e g i e r e e a d n s l - 1 - 1931 4,038 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1940 4,804 1,956 1,954 757 461 736 601 135 2 2,848 2,848 478 344 1940—Nov 442 264 264 53 42 169 166 3 0 178 178 25 59 Dec. 613 191 191 129 0 62 46 16 0 422 422 73 14 1941—Jan 421 95 95 40 2 53 51 2 0 325 325 23 31 Feb 347 77 77 37 8 32 25 6 0 270 270 26 17 Mar 406 182 182 86 9 87 56 31 0 223 219 93 11 Apr 920 745 745 60 645 39 29 10 (3) 175 175 40 28 May 406 107 107 37 5 64 61 3 0 299 299 74 28 June 881 519 519 59 370 90 77 14 8 362 362 26 223 July 612 296 296 40 212 44 30 13 316 316 14 216 Aug 471 360 360 33 0 327 324 4 0 110 110 11 Sept 273 65 65 31 0 34 22 12 0 209 209 20 Oct 299 132 132 29 0 103 50 54 0 167 167 35 Nov 238 110 110 21 0 89 83 6 0 127 127 53 ot ot Corporate For- eign2 Bonds Total and Stocks notes 821 789 32 51 319 315 4 56 219 187 32 60 312 312 0 9 1,864 1,782 81 26 3,387 3,187 200 119 1,209 856 352 119 1,267 1,236 31 28 1,733 1,596 137 88 2,026 1,834 193 0 94 68 26 0 335 292 43 0 271 269 3 0 227 210 17 0 115 84 32 4 107 107 0 0 197 162 35 0 113 108 5 0 86 76 11 0 74 73 2 0 161 156 6 0 35 97 96 1 0 32 42 29 13 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—Set Annual Report for 1937 (table 78). 46 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] VTarketable public issues1 Nonmarketable public issues Special issues Noninterest bearing debt End of month T g d r o e o t b s a t s l i b n T e d t a o e e r r t b i a e n t l s g t • Total T b r u i e r l a y ls s- T n u r o e r t y a e s s - T bo r u e n r a y d s s - 2 s p P b a r a o o v e n n s i w n d t d a a g s l r s Total3 b U i s o n . a n g v S d s - . s T n u r t o e a r t y a x e s s - j b u s A o e i s c n d r t e e v d - d - s Total s S e i o t c c y u i 4 a r- l Other5 t M ur a e - d Other 1932—June 19,487 19,161 618,852 616 1,261 13,460 790 309 309 60 266 1 1 9 9 3 3 4 3 — — J J u u n n e e 2 2 7 2 , ,5 0 3 5 9 3 2 2 2 6 , , 1 4 5 8 8 0 6 6 2 2 1 6 , , 8 0 3 8 4 4 1,4 9 0 5 4 4 4 6 X ,6 5 5 4 3 8 1 1 3 5 , , 4 6 1 7 7 9 8 8 0 3 6 1 3 3 9 2 6 3 3 3 9 2 6 3 5 6 4 6 3 5 1 1 5 8 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—Nov 44,273 43,707 35,124 1,308 5,660 27,960 196 3,374 3,123 251 5,209 3,885 ,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 ,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 ,359 220 372 Apr 47,231 46,673 37,075 ,603 5,721 29,554 196 3,891 3,647 244 5,707 4,354 ,353 186 372 May 47,721 47,160 37,075 ,603 5,721 29,554 196 4,251 4,008 243 5,834 4,485 ,349 190 370 June 48,961 48,387 37,713 ,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 ,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 ,604 5,698 30,169 196 6,234 4,908 1,037' 237 6,470 4,941 ,528 184 367 Sept 51,346 50,791 37,368 :,305 5,698 30,169 196 6,765 5,132 1,343 236 6,658 5,126 ,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 ,468 179 364 Nov 55,040 54,536 39,677 l,703 6,012 31,765 196 8,052 5,620 2,136 234 6,806 5,344 ,463 141 363 1 Including amounts held by Government agencies and trust funds which aggregated $2,215,000,000 on Oct. 31, and $2,220,000,000 (preliminary) on Nov. 30, 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 $62,000,000 on Nov. 30. 4 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 8 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. 6 Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000. SECURITIES FULLY GUARANTEED BY UNITED STATES GOVERNMENT, BY ISSUING AGENCIES1 [In millions of dollars] [ Interest-bearing Noninterest End of month out a s T m ta o o n t u d a n i l n t g2 Total M C F o F o e r r d a p t r e g o m r a r a a g l - e C O H o L w r o o p n m a o e n e r r s a ' - s C F t R r o i u e n r c c p a o t o n i n o r c - a e n - C m C o C o r r p o e d o m d it r i - y t a- A H u U o th u . o s S i r . n it g y A H F t d r o e a m u d t s e i i o n i r n a n i g s l - m b d e a e a tu b ri r t n 2 e g d tion tion tion tion 1934—June 681 312 134 235 December 3 063 980 1 834 249 193 S Tune 4 123 1 226 2 647 250 December 4,494 1,387 2,855 252 1936—June 4,718 1,422 3,044 252 December 4,662 1,422 2,988 252 (3)'" 1937__june 4,665 1,422 2,987 255 December 4,645 1,410 2,937 297 1938—June 4,853 1,410 2,937 299 206 1 December 4,992 1,388 2,888 509 206 1 1939—June 5,450 1,379 2,928 820 206 114 3 December 5^704' 5,621 1,269 2,731 1,096 407 114 4 83 1940—June 5,529 5,498 1,269 2,603 1,096 407 114 8 31 1940—November 5,919 5,901 1,269 2,600 1,097 696 226 13 18 December 5,917 5,901 1,269 2,600 1,097 696 226 13 15 1941—January 5,915 5,901 1,269 2,600 1,097 696 226 12 14 February 5,914 5,901 1,269 2,600 1,097 696 226 13 13 March. 5,916 5,905 1,269 2,600 1,097 696 226 16 11 April 6,560 6,550 1 269 2,600 1,741 696 226 17 10 May 6,371 6,359 1,269 2,409 1,741 696 226 17 12 June 6,370 6,360 1,269 2,409 1,741 696 226 17 11 July 6,939 6,930 1 269 2,409 2,101 907 226 17 10 August 6,937 6,928 1,269 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 November 6,324 6,316 1,269 2,409 1,802 701 114 21 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. JANUARY 1942. 47 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, NOVEMBER 30, 1941 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total Treas- fully Maturing or callable Total T b re il a ls s- T n u r o e r t y a e s s - Tr u e r a y s B - on S P d P a r s a v e o n - i s n w d t g a a l s r ca d b l u u o l e a r n y b d o l s r e1 Total2 F C M a F e g o t a d a r i o r e g o p r m r e n o t a - r l - O C H a w L o t o r o i n p o m a e n o n r e r s - ' F C R s a i o t e t n t i r r i c o a u p o o n n c n o n c - r - e - C m C a C o o t r o r i e d o p m d i n o t i - y r t - H A U o u i u t t . h y s S i o n . r g - c d a s a g e n u l t u c l i e t a e a e u b s r o e r - i d l r - e1 W 1 i to th i 5 n y 1 e a y r e s ar 8 2 , , 7 4 0 87 5 1,703 5,2 7 2 8 8 4 3,460 ( 1 3) 7 '"'8,'S09" 2,5 9 8 0 6 6 ""'875' 9 8 0 9 6 6 701 "iu" 4 2 , , 1 1 7 2 4 1 5 to 10 years 7,613 7,585 28 10,667 1,930 "l,17S 755 10 to 20 years 16,871 16,719 152 10,993 779 779 Over 20 years 4,001 4,001 1,596 95 95 Total 39,677 1,703 6,012 31,765 196 31,765 6,295 1,269 2,409 1,802 701 114 6,295 1941—During December 518 502 15 1942 -Jan. 1-Mar. 31 1,628 1,201 426 (3) 310 310 650 Apr. 1-June 30 July 1-Sept. 30 342 342 (3) 276 276 1,151 Oct. 1-Dec. 31 232 232 320 320 320 1943 1,396 1,396 (I) 1,855 614 324 289 614 1944 1,849 1,849 2,555 1,561 875 571 "114 " 2,394 1945 3,191 1,249 1^941 (!) 1,755 412 "412 " 1,167 1 1 9 9 4 4 7 6 2 2 0 3 3 8 8 4 503 2 1 , , 3 51 70 9 (3) 2 1 , , 3 46 44 0 1,095 340 755 1948 1,489 1,487 16 3,361 1949 821 819 14 2,278 835 835 1950 1,689 1,687 2 1,186 1951 1,230 1,223 2 3,500 1952 2,454 2,436 2 1,024 779 779 1953 2,932 2,904 7 725 1954 . . 3 709 3,687 18 681 1955 1,515 1,480 27 2,611 1956 1,170 1,170 22 2,431 1958 1,449 1,449 35 919 1959 982 982 1960 . . 2 611 2,611 1,485 1961 50 ••"50" 1963 919 919 1964 95 95 1965 1,485 1,485 1967 1,596 1972 1,596 1,596 1 Securities not callable prior to maturity are shown as of date of maturity. 2 Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on November 30. 3 Less than $500,000. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 agencies and trust funds Held Other investors2 Total by End of month s i b e n e c t a u e r r r i e i n t s i g t e - s S is p s e u c e i s al P is u s b u l e i s c R F B e e a d s n e e r k r v a s e l Total M b e a m nk b s er m O b c e a o t r h n m c e k i - r s al M s b a a u v n i t n k u g s a s l p I a c a n n o n s i m u c e e r s - - "M i a s a b s r u l k e e e s t '5 - a S d U a j a v u . n . i s d S n te . g d s 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 1935—june „ „. „ .. 37,707 626 1,703 2,430 32,948 13,671 1.600 2,050 3,900 10,500 1,200 December ..«..« .J. 38,362 632 1,820 2,430 33,480 13,545 1,710 2,330 4,500 10,500 900 1937_june xmmn 40,465 1,558 2,036 2,526 34,345 12,689 L,87O 2,390 5,000 11,300 1,100 December -.. „............ 41,353 2,227 2,049 2,564 34,513 12,371 L,790 2,450 5,200 11,500 1,200 1938—June 41,428 2,676 2,123 2,564 34,065 12,343 1,700 2,690 5,200 10,700 1,400 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 L.920 3,040 5,800 10,400 1,900 December ...-. .*..-.. . 47,067 4,231 2,323 2,484 38,029 14,328 L,97O 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 32,250 2,184 40,556 15,823 L.940 3,220 6,500 9,900 3,200 1941—June 54,747 6,120 32,360 2,184 44,083 18,078 2,020 3,430 6,600 9,700 4,300 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. 8 FEDERAL RESERVE BULLETIN 4 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 Increase or de- Trust crease during ac- period Receipts Expenditures (excl. debt retirements) counts etc.,2 Excess excess Period c ta I o x n m - e e s i c n r M n e e e n t l v o i e a l s a e u l r - - - - s s S t e a i o c t x c y u e ia r s - l o A th l e l r c T e r o e ip t - a t l s c N e r i e e p - t ts1 I d n e e o t s e n b t r t - t f i N e d o n e a n s - - a e l A m t j P c A u u g u r e r s d o r l a n t - i - - - l - t . p m r U e e l m o e l n i n y e - - t - f T f c t e e o r r a r t a u u s c c n n - s . t 1 s t t o s - o A th l e l r Total1 d e ( c o i x + e f t p i u ) p e r r o t e n e s - r s - p ( c o t + e u e f e n i ) r x p r d e o - e t i s s r - - a f G b e n u r a c e n a e l n d - l " - 5 d G e r b o t s 3 s nue gram Fiscal year end- 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 +306 —338 +740 June 1939. 2,189 2,232 740 507 5,568 5,165 941 1,206 787 2,595 182 2,996> 8,707 —3,542 +890 +622 +3,275 June 1940 2,125 2,345 838 617 5,925 5,387 1,041 1,657 1 002 1,919 226 3,153 8,998 —3,611 +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 5 months ending: Nov. 1940 612 1,285 383 214 2,495 2,184 272 1,297 r391 715 r194 1,101 3,969 -1,785 +406 -74 +1,305 Nov. 1941 1,057 1,548 487 272 3,364 2,954 293 6,368 233 551 244 1,253 8,941 —5,988 -404 -314 +6,078 1940—Nov. ... 49 252 138 46 485 362 11 379 r 102 138 r26 162 817 —455 +216 — 103 +136 Dec 429 231 34 46 741 740 219 470 r105 155 r5 218 1,172 -432 -209 +111 +752 1941—Jan 63 210 47 52 372 340 25 569 r95 146 r26 251 1,111 -771 +15 +97 +852 Feb 104 204 193 172 674 541 21 584 r87 138 r29 217 1,075 —534 —3 —324 +213 Mar. .. . 1,208 273 34 52 1,567 1,566 150 748 r90 159 r23 229 1,399 +167 —236 +1,014 +1,083 Apr 75 244 43 240 602 565 73 763 r61 148 r28 242 1,315 -750 +403 -290 +58 May 63 254 165 58 541 394 12 837 r27 145 r 12 108 1,141 -747 -264 -521 +490 June 916 265 32 64 1,277 1,276 339 812 r22 135 r10 211 1,528 -252 -259 +729 +1,241 July. 84 268 48 56 456 413 25 960 44 132 169 268 1,598 -1,185 +599 -34 +551 r. J 59 269 173 54 554 397 9 1,124 27 106 14 250 1,529 — 1,133 —2 +274 +1 408 ASeupgt. 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 57 189 445 75 1,527 58 109 45 269 2,083 — 1,637 -225 +376 +2,238 Nov 66 436 181 47 730 564 15 1,437 72 95 10 229 1,858 -1,294 -484 -322 +1,456 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age insurance Net expenditures in checking trust fund and railroad Unemployment accounts of Government All other retirement account LIUbL 1U11U agencies Period In- Work- Recon- Com- United Total cre- Seign- ing c N e r i e e p - t ts m v I e e n s n - t t - s m B p e f e a i n n y t e - t - s ce R ip e t - s m v I e e n s n - t t - s p O t e u e t n h x r d e - e s i r - F C s i t t o n i r r o a u p n n c o c - r e - C m C o a o r r t d e p io d o it n i r y t - i t n S H h g t o o a r A u t i e s t u s y - - o A th l e l r ce R ip e- ts p t E e u n r x e d - s i- m g o o e n l n d t iorage a b n a c l e ation Fiscal year ending: June 1938 550 461 85 763 560 191 *9 184 1 *12 414 327 2,216 142 446 1,628 June 1939 639 516 120 838 395 442 *658 136 *60 *186 440 324 2,838 142 536 2,160 June 1940 703 573 129 959 443 514 *234 10 17 174 458 358 1,891 143 585 1,163 June 1941 844 637 186 1,114 563 555 80 58 121 *41 674 622 2,633 143 605 1,885 5 months ending: Nov. 1940 387 134 70 520 224 306 62 *89 *18 r*126 r275 r214 1,817 143 596 1,078 Nov. 1941 489 183 92 548 433 119 594 31 126 *92 377 332 2,319 143 614 1,562 1940—Nov 143 *5 15 145 113 31 59 24 *103 r*48 r34 r19 1,817 143 596 1,078 Dec. 1 151 15 51 11 33 15 17 8 r2 r36 r43 1,928 143 597 1,188 1941—Jan 42 *10 15 78 29 41 16 12 32 r*42 r45 r58 2,025 143 599 1,283 M Fe a b r. 15 1 2 1 16 * 0 5 1 1 6 7 1 2 4 8 9 1 *1 1 0 3 4 3 3 7 1 6 6 4 0 37 7 2 * 5 8 r* *5 29 6 r r 5 4 8 2 r r 5 6 0 2 2 1 , , 7 7 1 0 5 1 1 1 4 4 3 3 6 6 0 0 1 2 1,9 9 7 57 0 Apr 46 .*10 17 40 35 *406 33 24 *12 r66 r57 2,425 143 603 1,679 May 148 *6 17 167 137 30 82 57 31 241 r55 r44 1,904 143 604 1,157 June 58 224 17 51 19 31 87 *16 27 *18 r96 r92 2,633 143 605 1,885 J-5u. l•y* 89 24 18 82 60 29 *280 *221 *22 162 138 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 l]885 Nov 166 •21 19 192 168 21 334 221 109 *5 45 41 2,319 143 614 1,562 r Revised for change in classification of commodity stamp transactions of Surplus Marketing Administration. 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. 3 For details, see page 47. * 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. JANUARY 1941 49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPpRATIONS AND CREDIT AGENCIES [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] 1940 1941 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Assets Loans and preferred stock: Loans to financial institutions .. .» .. «..- . 441 469 485 445 425 409 400 397 417 408 407 409 409 7S7 739 736 729 711 706 70^ 608 603 660 666 665 Loans to railroads 512 515 516 523 518 523 523 505 505 497 497 497 484 Home and housing mortgage loans 2,387 2,387 2,390 2,424 2,395 2,406 2427 2,436 2445 2,413 2,413 2,427 2,413 Farm mortgage loans 2,517 2 508 2,500 2,481 2,485 2475 2467 2458 2448 2,437 2,426 2,411 2,396 Other agricultural loans 785 772 757 728 727 776 867 830 779 754 726 717 709 All other loans 1,214 1,291 1,298 1,309 1,352 1386 1409 1472 1511 1,553 1,690 1,738 1,957 Total loans and preferred stock 8 613 8 680 8,682 8,639 8 614 8 681 8 796 8 800 8 804 8,756 8,826 8,864 9,033 Cash 521 549 533 580 595 620 771 464 376 771 594 523 489 U. S. Govt. direct securities 704 699 701 723 736 756 771 780 802 824 844 846 895 Securities of Government corporations and credit agencies: Fully guaranteed by U. S. ... 130 128 128 127 127 124 126 125 123 123 123 122 120 Other1 30 22 22 17 18 17 1S 17 20 Accounts and other receivables 521 513 491 552 524 551 555 549 598 707 671 759 810 Business property 597 601 593 599 600 602 608 623 636 653 664 671 689 Property held for sale 1094 1 113 1,141 1,190 1206 1245 1,297 1392 1497 1,567 1,625 1,710 1,805 Other assets 188 210 211 214 251 310 338 359 423 435 517 563 592 Total assets other than interagency2 12398 12518 12,500 12,645 12676 12,909 13,282 13 108 13277 13,853 13,882 14,076 14,452 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S. 5808 5919 5,917 5,915 5914 5,916 6,560 6371 6,370 6,939 6,937 6,937 6,938 Other1 1354 1422 1,395 1,389 1386 1,390 1,385 1434 1443 1,442 1,445 1,434 1,416 Other liabilities 1243 1,237 1,214 1,294 1,292 1,391 1,432 1492 1,604 1,761 1,741 1,859 1,952 Total liabilities other than interagency2.... 8406 8,579 8,526 8,599 8592 8,696 9,377 9 297 9417 10,142 10,123 10,231 10,306 Excess of assets over liabilities, excluding interagency transactions 3,992 3,939 3,974 4,046 4084 4 213 3,906 3811 3860 3,711 3,759 3,845 4,146 U. S. Govt. interests 3 S80 3526 3,559 3 629 666 379? 484 388 436 3,?86 3,333 3,418 3,718 Privately owned interests 412 413 415 417 418 421 422 423 424 425 426 427 428 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, OCTOBER 31, 1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars Assets Liabilities Bonds, notes, and pr T l e o a f o a n e t n d r a r s l ed Cash d s G U e ir c o . e u S v c r t . t - . G s u e te a c e r u d a r n - - A r c o e c a c th o n e e d u iv r n - ts B pr u o s p in e e rt s y s P h r e o l s d p a e le f r o ty r an G te u e a d d r e - b b e y ntures stock ities ities ables United Other States Reconstruction Finance Corporation 1,798 51 27 C1) 46 2,101 National defense corporations 50 i1) 108 C1) 536 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,984 203 5 3 298 2,417 C1) 184 38 52 10 1 76 RFC Mortgage Company 73 C1) C1) 2 1 Federal National Mortgage Association 203 5 1 United States Housing Authority 328 14 7 4 127 226 Farm credit agencies: F F e e d d e e r r a a l l F la a n r d m b M an o k r s tgage Corporation 1,7 6 8 1 6 0 6 2 0 0 " "138 1 5 7 3 5 6 5 1 9 0 1,269 o ^ 70 18 Federal intermediate credit banks 236 31 36 3 (J) 241 B Pr a o n d k u s c f t o io r n c o c o re p d e i r t a t c i o v r e p s orations 1 6 0 2 1 1 1 3 2 6 3 1 8*" xl C1) ' ' C1) Regional agricultural credit corporations 7 15 C1) C1) Commodity Credit Corporation 174 3 219 2 814 905 Farm Credit Administration 253 23 C1) Farm Security Administration 466 31 i Insurance agencies: Federal Crop Insurance Corporation 4 12 Federal Deposit Insurance Corporation 50 14 458 36 C1) 26 Federal Savings and Loan Insurance Corporation. 4 25 ioi 3 Expo F r e t d - e Im ra p l o H rt o u B s a in n g k o A f d W mi a n s i h s i t n r g at t i o o n n 143 1 1 4 38 4 3 4 0 ft1 12 18 4 Tennessee Valley Authority 15 7 425 8 30 21 51 Rural Electrification Administration 315 6 Public Works Administration 85 Other 93 14" 6 ' 16" 66 1 14 Total 9,033 489 895 120 810 689 1,805 6,938 1,416 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 5° 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Loans to financial institutions 167 172 166 162 158 154 149 145 139 134 131 127 124 Loans on preferred stock of banks and insurance companies 56 53 50 49 49 49 48 48 48 48 48 48 48 Preferred stock, capital notes, and debentures 455 452 447 442 437 434 432 429 425 410 407 405 404 Loans to railroads (including receivers) 473 474 482 482 487 487 470 470 462 461 461 448 448 Loans for self-liquidating projects 36 36 37 35 35 36 37 37 81 81 81 81 51 Loans to industrial and commercial businesses: For national defense 6 7 9 11 17 21 61 65 70 71 82 93 101 Other 126 121 119 117 115 114 113 111 109 108 106 100 103 Loan to Great Britain , 100 125 299 299 Loans to drainage, levee, and irrigation districts.. 84 83 83 83 83 76 74 79 79 77 77 74 74 Other loans .. ... 5 5 5 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration 115 116 114 113 113 113 111 122 120 117 117 117 116 Total loans and investments, other than interagency 1,522 1,519 1,512 1,499 1,499 1,488 1,503 1,511 1,538 1,613 1,640 1,798 1,772 Preferred stock of, and loans to Export-Import Bank 99 99 174 174 174 174 174 174 174 174 174 174 174 Loans to Rural Electrification Administration 146 146 152 157 164 168 175 182 190 195 202 207 211 Capital stock of, and loans to RFC Mortgage Company 64 67 68 68 69 71 71 73 75 76 77 80 19 Capital stock of, and loans to Federal National Mortgage Association . . . . 87 90 93 96 99 99 101 102 103 105 107 109 111 Loans to Tennessee Valley Authority 8 8 8 8 8 8 8 8 8 8 8 8 8 Capital stock of, and loans to national defense companies * 33 45 63 83 121 168 219 282 327 380 527 643 727 Loans to Farm Security Administration 23 28 18 33 60 81 97 116 89 96 101 110 117 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 Total loans and investments 1,983 2,003 2,089 2,244 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 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] Agricul- End of year or month tural Marketing Act revolving fund 1934 1935 1936 1937 1938 1939 1940—October... November. December. 1941—January... 2,489 February.. 2,485 March 2,475 April 2,467 May 2,458 June 2,448 July 2,437 August 2,426 September 2,411 October... 2,395 November 2,380 : $220,000,000 in November 1941. These loans and discounts are included in the columns for the institutions concerned. in 19 3 3 I 5 n , c a l n ud d i n a g n e lo g a li n g s i b c lef Famedoeurnalt sinintceerm 19e3d5ia.te credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME MORTGAGE AND HOUSING POSTAL SAVINGS SYSTEMS AGENCIES [In millions of dollars] LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS Assets [In millions of dollars] Depos- U. S. Government End, of month O C H r L w a o o o t n r i m a p o e n o e n rs - ' B H L F a e o o e n r m a d a k n l - e s1 s a a a F s t l a e v o i s e n r o o i a d a n d n c n l - g i s - 2 s M C p R g a a o o F n g m r C y e t - - A M t F g i N e s o s o e a r a n o a d g r - a l c t - e - l i- t U S H h A i t n o o n a i r u u g t t i - e e s t s d - y 1934 E — nd Ju o n f e . m . onth 1 i b t ,1 a o 9 l r - 8 s T 1, o 2 t 2 a 5 l i b p C n t a 6 o o a n 9 d s r s 5 y k i e h - s - To 4 t 5 a 3 l secu r D e r 4 i i c t 1 - t i 8 es G t a u e n a 3 e - r 5 d -f C s e u e t r a n r e c s 7 d v . - h s 6 2 e , ation 1,207 1,237 540 597 467 130 100 1935—June.. 1,205 1,236 385 777 630 147 74 1933—June 47 Dec.. 1,201 1,237 287 853 706 147 98 Dec 132 85 1936—June. . 1,232 1,265 203 967 800 167 95 1934—June 1,217 85 Dec.. 1,260 1,296 145 1,058 891 167 93 Dec 2,379 87 81 1937—June. . 1,268 1,307 136 1,100 933 167 71 1935—June 2,658 79 186 Dec.. 1,270 1,308 130 1,097 930 167 80 1 1 9 9 3 3 7 6 — — D D D J J u u e e e n n c c c e e 2 2 2 2 2 , , , , , 3 5 7 9 8 9 5 6 4 9 8 6 5 5 7 2 1 1 1 1 0 6 1 4 0 0 7 9 5 3 4 5 8 3 7 8 5 7 4 4 7 4 4 8 2 4 6 3 1 6 9 8 6 8 10 1 1 1 9 9 9 4 3 3 0 9 8 — — — D D J J J u e e u u c n c n n . e e . e . . . . . . . . . , 1 1 1 1 1 , , , , , 2 2 2 2 2 6 9 5 5 7 2 3 2 2 9 1 1 1 1 1 , , , , , 3 3 3 2 2 3 0 1 9 9 7 4 9 1 0 1 4 8 6 5 1 3 6 8 3 5 1 1 1 1 1 , , , , , 2 1 1 1 1 2 5 9 3 0 4 7 2 2 3 1 1 1 , , , 0 0 0 9 9 7 1 4 3 6 8 1 6 6 5 1 1 1 1 1 4 4 4 6 6 6 6 6 7 7 6 7 7 7 7 9 3 8 3 4 1938—June 2,265 196 948 41 38 13 Dec 2,169 199 1,034 54 80 32 1940—Nov....,..,..,.. 1,298 1,341 37 1,224 1,078 146 80 1939—June 2,081 169 1,136 57 125 68 Dec....,..,..,.. 1,304 1,348 36 1,224 1,078 146 Dec 2,038 181 1,271 57 147 123 1940—June 2,013 157 1,405 60 163 87 1941—Jan... 1,314 1,356 34 1,239 1,093 146 84 Feb... 1,318 1,361 33 1,245 1,098 146 83 1940— D N e o c v . .. 1 1 , , 9 9 5 6 6 9 2 1 0 8 1 6 1 1 , , 5 5 4 3 6 3 6 6 7 5 1 1 8 7 1 8 1 1 8 7 6 6 M M Ap a a r r y . . . . . . . 1 1 1 , , , 3 3 3 1 1 2 0 7 0 1 1 1 , , , 3 3 3 6 5 6 2 9 4 3 3 3 0 0 1 1 1 1 , , , 2 2 2 5 5 5 9 4 9 1 1 1 , , , 1 1 1 1 0 1 3 8 3 1 1 1 4 4 4 6 6 6 7 7 7 3 5 4 1941—Jan.. 1,942 171 1,564 68 185 228 June.. 1,304 1,356 30 1,251 1,104 146 75 M Fe a :lb r 1 1 , , 9 9 1 2 4 9 1 1 4 5 6 7 1 1 , , 6 5 0 7 0 9 6 6 9 8 1 1 9 8 0 7 2 2 1 3 1 3 J A u u l g y . .. .. 1 1, , 3 3 0 0 9 7 1 1 , , 3 3 6 5 5 9 2 2 9 8 1 1 , , 2 2 5 5 0 1 1 1 , , 1 1 0 0 4 4 1 1 4 4 6 6 8 8 0 6 Apr 1,900 142 1,628 70 190 266 Sept.. 1,311 1,366 28 1,250 1,104 146 89 J M u a n y e 1 1 , , 8 8 8 7 5 0 1 1 4 7 5 0 1 1, , 6 6 8 5 8 8 6 7 5 0 1 19 9 4 2 3 2 1 8 6 8 N O o ct v . . . . . pl 1 ,3 ,3 2 1 3 7 1,377 27 1,250 1,104 146 100 July 1,855 168 1,718 67 196 296 Aug 1,841 173 1,751 69 198 306 v Preliminary. Sept 1,825 178 1,775 70 200 332 Outstanding principal, represented by certificates of deposit. Does not Oct 1,809 184 1,803 73 203 328 include accrued interest nor outstanding savings stamps. Nov 1,794 187 () 72 205 329 2 Includes working cash with postmasters, 5-per cent reserve fund and miscellaneous working funds with the Treasurer of the United States, Loans and discounts to member institutions of the Federal Home Loan accured interest on bond investments, and accounts due from late Bank System. postmasters. 2 Federal Home Loan Bank Board estimates for all Federal savings and Back figures.—See BULLETIN for August 1935, pp. 501-502. loan associations which are private institutions chartered and supervised by the Federal Home Loan Bank Board. 3 Not available. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATIONi INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] [In millions of dollars] New Mort- Year or month Total p ( P m e T r i r o r m e o i t v t n y p - l e t e - - s h s c t t m o o i r o m u n a n c - l e l - m H ( g T a I o o I i g m r t ) e t l - e s e g b a r g o e g a u r n e o n s s t d i u a n o p l g n h ( f D e T i o n n u i e g s t - s l e - e End of month Total b C m a c o i n e a m r k l - s - h M s t u a u v a l - r l - as S l i a s o n a n o a g v d c n s - i- I p a c n a o n s n m u c i e e r - - s a F c e g i e r e e a d n s l - z - Other3 (Title eg* VI) ations 1936—Dec 365 228 8 56 41 5 27 1 1 9 9 3 3 4 5 32 3 0 0 2 3 2 0 4 ""94" '"2" 1 1 9 9 3 3 7 8 — — D M e a c r 8 7 5 7 6 1 4 4 3 7 1 2 2 2 7 6 1 1 1 1 0 9 1 1 1 4 8 6 3 4 2 2 5 5 3 1 1936 .. . 557 246 309 2 June 933 509 28 127 165 44 60 1937 495 60 424 11 Sept 1,049 565 32 137 187 56 72 1938 694 160 13 473 48 Dec 1,199 634 38 149 212 77 89 1939 .. ...„ 954 208 25 669 51 1939—Mar 1,349 699 44 159 241 114 92 1940 .„ 1,026 251 26 736 13 June 1,478 759 50 167 271 137 94 Sept 1,622 824 57 178 302 148 113 1940—Nov „ 99 28 2 69 Dec 1,793 903 71 192 341 153 133 Dec „... 104 24 2 78 1940—Mar 1,949 971 90 201 393 171 123 June 2,075 1,026 100 208 432 182 127 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 2,598 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 S u e u l p g y t ,. 1 1 0 9 0 5 1 7 2 3 1 0 1 8 3 2 2 8 7 7 2 0 3 * * * * 1 1 A ga d 1 g m e G s i r n o a i s s n s t d r a a c t m i a o s o n e u s . n t i n o f t ra m n o s r it t ga to g e o s r h b e e l i d n , g d a o u es d i n te o d t i a n t cl t u h d e e F t e e d rm er i a n l ate H d o u m si o n r g t- Oct. 125 34 2 85 2 2 2 The RFC Mortgage Company, the Federal National Mortgage Associa- Nov 107 24 1 77 1 4 tion, and the United States Housing Corporation. 3 Including mortgage companies, finance companies, industrial banks, 1 Figures represent gross insurance written during the period and do not endowed institutions, private and State benefit funds, etc. take account of principal repayments on previously insured loans. * Less than $500,000. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r n a th nd ( I 1 v m n = p 9 a c 3 a e l o 1 5 u y n 0 m - - e t 3 s 0 ) e 9 i Tota In l (p d h u y 1 s 9 t s r i 3 i c 5 a a D - l a l 3 b u 9 v p f l r o e M a r - = o c l u a t d 1 u n m u 0 r u N c e e d 0 a - t s ) o b u i 2 o n l r * e n - - M era in ls - To a t w a 1 l 9 a 2 r c d 3 o e - R d n 2 d t e e 5 t i r a s n ( a l i - = v - c a t 1 s l 0 u o 0 e A t ) h 3 l e l r 1 t = 9 N a u c 3 g r o u 5 1 r a l n - 0 i - l E 3 - - 5 0 9 mp 1 l 9 o 2 y F 3 m - a 2 c e 5 t n o t = r 4 y 100 1 = r 9 F t o 2 o a l 3 1 r l c - 0 y s - 2 4 0 5 F 1 r = l 9 i e o n 3 c i a g 5 a 1 g d s r - 0 h 3 * - 0 t 9 - D 1 m u = 9 e s s ( 2 a t v e p e o 3 l ) 1 a a e n r * - 0 l r 2 s e t - 6 t 0 5 - W m p = c r 1 o s h i o 9 a c d o m 1 2 l e i l e 0 6 t - s e y 0 4 - 1 C li 9 = o v 3 s i 5 1 t n - 0 g 3 o 0 4 9 f Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.1 117.2 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.0 75.6 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.7 81.2 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.8 102.9 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98.1 122.2 1925 . 90 107 76 92 122 124 120 99.8 101.1 146 103 103.5 125.4 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 95.3 122.5 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 50.1 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 95.7 1935 87.2 87 83 90 86 37 21 50 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 1941 e156 e194 e135 e125 1938 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 56 96 98.4 91.0 9316 82.3 92 85 78.3 "ioo'.i' 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 57 128 100.7 96.7 96.2 88.1 96 88 77.0 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 58 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!i' 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 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 53 93 105.6 107.6 105.0 99.8 111 92 79.4 February.... 110.1 116 113 124 110 114 63 56 68 104.9 105.8 105.0 99.3 105 . 90 78.7 March 108.8 113 112 118 107 117 62 57 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 r117 93 82 101 106.9 108.9 111.4 111.6 112 97 78.0 100.4 October 115.8 130 r136 155 r117- 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.... 123.1 144 140 176 126 118 99 76 118 112.5 118.6 117.8 126.8 124 103 80.6 100.8 March 124.0 147 144 180 128 125 94 74 109 112.3 119.4 119.9 131.2 126 103 81.5 101.2 April 125.1 144 144 180 131 95 103 80 121 112.5 122.0 122.6 134.7 112 104 83.2 102.2 May 128.6 154 155 190 135 126 101 88 111 114.0 124.9 124.9 144.1 135 105 84.9 102.9 June 131.5 159 160 195 139 132 117 101 129 115.4 128.7 127.9 152.2 139 104 87.1 104.6 July 133.1 160 159 199 138 131 139 115 158 r117.1 r133.3 130.7 152.7 138 115 88.8 105.3 August 136.7 r160 162 199 139 132 152 112 184 117.7 133.3 133.0 r158.1 139 134 90.3 106.2 September. .. 139.1 161 167 203 137 131 161 105 206 117.5 r132.3 r135.2 r162.6 130 116 91.8 108.1 October 140.7 163 167 207 138 130 145 87 192 118.0 132.7 135.3 166.6 127 105 92.4 109.4 N D o e v ce em m b b e e r r6... 142.9 ? e1 16 6 6 8 ^ e1 1 6 6 5 6 * e2 2 1 1 5 1 * e1 1 4 4 2 1 * e1 1 3 3 2 0 p130 pn p178 P119.0 P134.1 2*134.5 P165.5 e1 1 3 3 7 5 e1 1 1 1 0 6 e9 9 3 2 . . 8 5 110.2 p Preliminary. * Average per working day. r Revised. e Estimated. x Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 54-57, 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. 62. 4 The unadjusted indexes of employment and pa\rrolls, 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. 58-61 for employment and payrolls and p. 65 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 64 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, and January 1941, p. 65; for freight-car loadings, June 1941, pp. 529-533. JANUARY 1942. 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 1941 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total1 130 134 139 140 144 147 144 154 159 160 r160 161 163 p166 Manufactures—Total1 134 137 142 144 148 151 153 160 164 165 166 166 169 p172 Durable1 155 157 164 171 176 180 180 190 195 199 199 203 207 Nondurable 117 120 124 123 126 128 131 135 139 138 139 137 138 2*141 Iron and Steel 172 171 174 179 179 184 181 184 184 185 185 192 191 191 Pig iron 169 173 173 177 176 178 170 175 179 181 182 185 184 184 Steel 178 177 181 186 187 193 193 196 196 197 198 207 206 207 Open hearth and Bessemer 167 164 166 172 171 177 172 174 173 174 172 179 178 176 Electric 259 263 283 291 300 305 340 355 359 365 382 405 410 425 Machinery -...-.-. 149 152 164 168 177 185 194 206 214 216 224 227 231 p231 Transportation Equipment* 165 171 177 190 203 207 r196 r228 243 255 r241 r244 268 p284 Aircraft 552 600 635 685 741 768 818 876 r930 1,113 1,201 1,290 Automobile bodies, parts, and assembly 125 125 125 134 143 142 124 152 161 168 141 134 146 2*154 Automobile factory sales 130 134 129 144 152 143 122 151 148 154 93 74 110 123 Railroad cars 148 166 172 178 182 178 196 218 233 233 236 r247 279 2*272 Locomotives* 155 162 175 189 r204 r216 r237 r256 r280 r3O7 r316 r329 335 Shipbuilding (private yards) 227 226 263 282 307 335 r353 381 r428 467 485 556 627 2*646 Nonferrous Metals and Products 149 155 162 167 173 179 183 189 184 188 186 r190 186 p190 Nonferrous metal smelting3 133 135 137 137 142 142 147 148 144 142 145 145 147 150 Copper smelting 130 135 135 133 140 136 145 144 136 131 135 135 137 138 Zinc smelting 147 147 152 153 158 163 164 170 170 173 175 175 176 179 Copper deliveries 170 179 190 201 209 219 221 231 222 234 221 225 210 219 Lead shipments 132 145 158 161 165 172 186 205 210 200 199 r209 2*216 Zinc shipments 142 144 146 149 148 146 147 144 144 142 143 146 143 147 Tin consumption. 109 112 115 119 130 143 147 147 141 155 161 166 Lumber and Products.... 123 127 132 137 135 128 132 132 135 141 140 r136 135 p138 Lumber 124 128 133 139 139 125 128 122 125 131 134 129 129 Furniture 122 125 128 132 129 132 139 152 155 161 153 151 146 2'150 Stone, Clay and Glass Products 126 130 140 154 158 150 142 141 150 151 154 156 158 P161 Cement 133 140 155 181 183 156 139 134- 138 143 148 154 159 164 Common and face brick 126 135 147 Common brick 126 136 147 Face brick 127 132 148 Glass containers 115 114 119 123 131 139 135 U8 155 154 158 163 168 168 Polished plate glass 111 113 117 137 138 135 142 142 152 146 133 120 102 105 Textiles and Products 123 135 140 138 143 1*6 150 157 156 155 154 151 150 p155 Textile fabrics 121 132 135 133 140 143 146 152 151 151 149 145 143 2*147 Cotton consumption 126 139 142 144 152 156 160 164 160 162 160 156 161 167 Rayon deliveries 129 146 156 156 148 150 158 169 173 173 170 168 172 2)179 Silk deliveries 71 77 74 69 67 71 74 71 73 77 56 34 10 15 Wool textiles 132 140 145 136 149 152 152 165 163 157 166 169 164 2*164 Carpet wool consumption.... 125 128 131 119 143 146 139 148 149 126 148 142 133 2*126 Apparel wool consumption 152 160 163 149 165 179 171 196 190 177 181 205 199 2*201 Woolen yarn 124 131 132 125 134 135 140 153 151 153 162 163 157 Worsted yarn 149 152 157 150 163 163 166 178 178 174 179 185 185 Woolen and worsted cloth.... 127 140 149 142 153 154 156 167 165 160 166 169 164 2*168 Leather and Products 97 107 109 107 108 114 114 123 130 129 121 r120 124 Leather tanning 93 100 102 102 103 113 109 118 121 124 123 124 129 Cattle hide leathers 100 no 113 115 112 119 118 129 131 136 140 135 138 Calf and kip leathers 85 92 86 88 92 112 97 99 98 93 103 101 107 Goat and kid leathers. 81 82 86 79 87 97 96 105 113 116 97 115 121 Shoes 100 112 113 no 112 115 117 126 136 132 120 117 122 2*133 Manufactured Food Products 118 117 121 117 120 121 123 r123 127 r126 r132 r129 131 2*135 Wheat flour 104 99 104 98 105 105 110 110 107 103 98 99 101 103 Cane sugar meltings 116 136 122 124 107 122 123 119 129 102 129 111 112 Manufactured dairy products 122 117 125 131 127 125 135 129 124 126 127 130 133 •2*137 Ice cream 128 122 131 138 132 129 144 134 130 129 124 Butter 108 106 no 119 118 118 119 117 111 113 109 109 108 105 Cheese 114 117 118 123 124 131 138 134 121 128 134 145 148 163 Canned and dried milk 135 126 138 136 129 124 135 139 132 141 165 183 197 224 Meat packing 127 133 134 114 126 134 126 132 124 125 134 126 133 135 Pork and lard z 152 159 165 121 145 159 143 147 134 132 149 139 148 148 Beef 101 106 107 110 109 110 110 120 120 123 124 118 123 124 Veal 98 102 97 86 94 91 96 97 91 96 94 101 108 114 Lamb and mutton 106 110 109 112 112 111 108 109 101 110 105 99 103 111 Other manufactured foods .. 118 116 120 117 119 120 122 122 129 128 135 132 133 Alcoholic Beverages ,. .*.... .„ „. „.«... r104 96 101 105 108 104 107 114 122 130 128 131 129 109 Malt liquor „. .„ «. „ 101 94 104 105 106 100 102 106 107 115 no 118 127 110 Whiskey ,.„.„.„ r81 77 85 78 81 80 82 90 94 108 93 94 107 81 Other distilled spirits 123 86 85 112 132 132 140 129 154 206 206 262 178 139 Rectified spirits ,. .„ „. 134 131 105 126 131 130 137 170 206 190 219 170 138 120 Tobacco Products ...-.... „. ».« 115 113 114 113 116 117 120 119 118 114 118 121 128 132 Cigars 105 103 108 111 110 109 117 109 106 106 109 104 112 115 Cigarettes 120 119 121 118 125 127 127 131 131 123 129 137 144 149 Manufactured tobacco and snuff „ 112 106 101 101 96 97 101 100 97 97 96 99 104 106 54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 1941 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Paper and Paper Products^ 122 125 130 129 128 132 134 142 145 147 147 144 145 Paper and pulp 121 124 131 129 128 133 136 145 149 152 152 149 150 Pulp 148 150 159 153 153 160 161 162 175 167 172 170 171 Groundwood pulp 118 123 119 119 122 119 121 120 121 122 128 129 130 Soda pulp 124 113 142 128 129 137 135 141 151 149 151 140 145 Sulphate pulp 184 186 200 190 193 199 199 203 216 203 215 210 210 Sulphite pulp 140 143 148 144 144 153 156 155 170 163 164 163 166 Paper 117 120 127 126 124 129 132 142 145 150 149 145 146 Paperboard 123 132 143 138 134 138 143 158 154 170 161 158 158 167 Fine paper 110 114 114 110 110 114 115 127 134 140 147 152 147 Newsprint production 112 109 109 113 115 115 114 114 114 112 113 107 110 110 Printing paper 114 114 117 119 123 126 131 138 149 149 150 r146 149 Tissue and absorbent paper... 124 120 131 132 125 133 132 137 144 142 143 r 130 134 Wrapping paper 110 114 120 120 119 124 129 139 140 138 139 136 138 Printing and Publishing2 109 110 112 111 114 116 118 122 128 127 129 125 127 p130 Newsprint consumption 104 106 107 103 105 106 106 107 106 106 109 105 105 111 Petroleum and Coal Products 116 118 120 122 122 123 121 125 127 128 130 132 133 Petroleum refining.. 112 114 116 117 117 118 119 122 123 124 126 128 129 Gasoline 111 112 115 117 118 120 120 124 123 123 126 130 131 Fuel oil 115 116 120 120 122 121 120 119 122 124 127 124 129 Lubricating oil 109 115 107 112 104 105 118 118 134 133 132 130 129 Kerosene 123 123 130 120 123 113 117 115 104 108 116 119 121 Coke 145 147 149 150 152 154 133 148 154 154 154 152 153 Byproduct coke . 141 143 143 143 145 145 134 141 145 146 146 144 145 Beehive coke 266 281 378 367 398 434 69 386 435 429 453 425 437 p 410 Chemicals... 116 117 121 123 124 125 133 136 144 146 145 146 147 p 153 Rubber products 126 132 144 141 153 155 158 162 192 153 139 131 134 p 134 Rubber consumption 128 133 147 143 156 158 161 164 196 156 132 134 137 Tires and tubes 109 116 117 123 128 134 131 144 152 126 117 108 103 103 Pneumatic tires 110 118 118 124 128 135 132 144 151 126 118 108 104 104 Inner tubes 103 107 115 121 127 132 130 145 155 125 110 103 94 102 Minerals—Total 113 118 118 119 118 125 95 126 132 131 132 131 130 p130 Fuels r 110 113 r 114 114 113 121 86 121 129 127 129 128 127 p127 Bituminous coal. . 98 112 115 117 114 149 22 149 153 146 147 139 127 ^123 Anthracite 94 97 108 98 102 102 71 80 126 137 162 127 116 P 97 Crude petroleum .. 115 115 r114 114 113 112 113 114 120 119 119 124 128 p 132 Metals 135 148 147 148 148 148 149 152 152 151 148 r 147 148 p 144 Iron ore shipments ., ., .163 192 186 187 189 191 200 197 200 207 203 203 203 193 CoDDer 141 143 145 148 153 148 152 159 155 156 155 154 151 152 LeTr .".".": 117 113 116 116 116 118 119 115 117 114 116 120 119 127 Zinc 118 120 123 125 126 125 133 127 136 125 131 135 134 Gold 120 131 129 131 125 126 120 131 125 120 114 113 Silver 120 127 129 128 126 127 129 122 128 124 129 116 r Revised. p Preliminary. 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 see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. JANUARY 55 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] Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total1 136 136 136 135 140 144 144 155 160 159 162 167 167 p 166 Manufactures—Total1 138 139 140 139 144 149 153 160 165 164 167 172 172 p 172 Durable1 159 161 164 166 171 178 182 192 198 196 199 206 210 ^211 Nondurable 121 121 121 118 122 126 130 135 138 138 142 145 142 pUl Iron and Steel 171 172 174 179 179 184 181 184 184 185 185 192 191 191 Pig iron 169 173 173 177 176 178 170 175 179 181 182 185 184 184 Steel 176 178 181 186 187 193 193 196 196 197 198 207 206 207 Open hearth and Bessemer 165 166 166 172 171 177 172 174 173 174 172 179 178 176 Electric 257 265 283 291 300 305 340 355 359 365 382 405 410 425 Machinery , 149 152 164 168 177 185 194 206 214 216 224 227 231 P231 Transportation Equipment1 179 185 188 r 193 207 214 206 r229 244 229 221 r 244 268 P284 Aircraft 552 600 635 685 741 768 818 876 r930 r997 '1,113 rl,201 1,290 pl,383 Automobile bodies, parts, and as sembly 142 143 138 138 148 150 136 152 161 135 r 120 r 134 146 *154 Automobile factory sales 142 161 152 151 161 160 139 164 164 134 47 74 110 123 Railroad cars 141 153 172 178 182 178 196 218 233 233 236 247 279 *>272 Locomotives* r148 r 157 r 175 r 189 r204 r216 r 237 r256 r280 r3O7 r316 r329 335 p 305 Shipbuilding (private yards) 229 219 263 282 307 335 r353 381 r428 467 485 556 627 ^646 Nonferrous Metals and Products 152 158 162 166 173 179 184 190 185 188 r 186 r 189 185 p 190 Nonferrous metal smelting3 138 137 138 137 142 142 147 148 144 141 145 145 147 150 Copper smelting 138 139 135 133 140 136 145 144 136 131 135 135 137 138 Zinc smelting 147 147 152 153 158 163 164 170 170 173 175 175 176 179 Copper deliveries 173 181 188 200 209 219 221 231 222 234 221 225 210 219 Lead shipments 138 155 165 166 165 172 186 205 210 200 r 199 r 209 ^216 Zinc shipments 143 147 147 149 148 146 147 144 144 142 143 146 143 "l47 Tin consumption 108 112 112 114 130 146 151 153 148 154 159 159 Lumber and Products 132 126 121 116 119 123 130 134 140 144 152 149 145 p 136 Lumber 132 123 114 113 115 118 128 130 135 142 148 144 138 P 126 Furniture 133 130 133 123 129 133 135 143 150 149 158 r 159 159 p 156 Stone, Clay and Glass Products 142 136 125 110 112 125 142 164 172 166 172 174 176 p 167 Cement 154 145 124 100 102 117 139 163 174 177 181 184 185 171 Common and face brick 154 147 125 Common brick 160 149 120 Face brick 140 141 133 Glass containers 119 115 111 110 120 130 135 159 163 160 "l72' 166 i73 170 Polished plate glass 127 129 141 144 131 141 142 142 149 96 109 120 117 120 Textiles and Products 126 r 136 140 138 143 147 150 157 155 155 154 151 150 p 155 Textile fabrics ; 124 **133 136 133 140 143 146 152 150 150 148 145 143 p 147 Cotton consumption 129 139 142 144 152 156 160 164 160 162 160 156 161 167 Rayon deliveries 144 151 154 154 148 150 158 169 173 173 170 168 172 P 179 Silk deliveries 77 87 79 72 68 74 73 66 66 69 50 32 10 15 Wool textiles 129 139 145 136 149 152 152 165 163 157 166 r 169 164 *164 Carpet wool consumption... 124 126 131 119 143 146 139 148 149 126 148 142 133 p 126 Apparel wool consumption.. 145 162 163 149 165 179 171 196 190 177 181 205 199 p201 Woolen yarn 121 129 132 125 134 135 140 153 151 153 162 163 157 p 154 Worsted yarn 149 152 157 150 163 163 166 178 178 174 179 185 185 p 184 Woolen and worsted cloth... 122 139 149 142 153 154 156 167 165 160 166 r 169 164 p 168 Leather and Products 98 98 99 104 117 122 118 120 119 125 129 r 128 126 p 121 Leather tanning 93 101 104 103 112 112 110 115 118 120 120 123 129 Cattle hide leathers 101 114 115 116 125 121 118 126 125 127 133 r134 139 Calf and kip leathers 82 87 88 87 97 105 96 94 100 102 108 99 103 Goat and kid leathers 80 79 87 79 91 96 99 103 113 115 95 116 120 Shoes 102 96 95 106 121 128 123 124 119 128 135 r 131 124 "*>iis Manufactured Food Products 126 116 115 104 104 107 112 r 119 r 128 r 137 r 152 r 158 140 p 134 Wheat flour 113 103 100 99 104 102 103 100 101 102 99 114 110 107 Cane sugar meltings 113 112 98 103 105 135 135 117 132 117 136 132 109 Manufactured dairy products 96 80 79 84 92 105 134 r 175 ri88 r 181 r 167 r 132 106 P94 Ice cream 92 73 68 69 78 99 138 182 208 216 200 Butter 95 84 87 95 101 105 118 151 155 137 120 108 "95 83 Cheese 107 89 82 89 96 107 133 177 186 165 151 150 139 124 Canned and dried milk 108 88 95 103 110 121 152 200 195 172 169 168 158 156 Meat packing 127 151 159 133 122 122 119 132 121 119 116 119 134 152 Pork and lard 143 191 212 157 145 143 135 147 130 119 112 111 139 178 Beef 110 111 107 110 98 100 102 120 118 125 126 132 134 130 Veal 108 104 92 83 83 86 95 101 92 95 95 111 119 116 Lamb and mutton 113 107 104 118 112 107 105 111 96 104 104 111 109 108 Other manufactured foods 132 117 115 103 103 105 107 111 123 137 159 170 149 p 139 Alcoholic Beverages r 110 104 93 87 94 100 108 120 129 131 122 137 137 118 Malt liquor r83 77 81 84 90 96 111 124 137 142 128 120 104 90 Whiskey... r77 96 98 104 106 98 91 90 75 59 51 75 102 101 Other distilled spirits r327 181 105 73 79 86 84 77 91 97 99 359 472 292 Rectified spirits 174 207 140 92 113 124 122 149 165 160 171 180 180 190 Tobacco Products 120 115 98 108 108 110 113 121 128 123 122 132 133 134 Cigars 127 123 83 90 96 100 111 108 113 111 113 120 135 137 Cigarettes 118 114 108 119 118 119 118 133 144 138 136 146 141 143 Manufactured tobacco and snuff 115 105 89 98 95 99 100 100 99 99 96 107 106 105 r Revised. p Preliminary. J Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. 1 Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals." * 1940 revised: Locomotives Aug., 122; Sept., 133. Year, 122. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 1941 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Paper and Paper Products* 127 124 123 126 131 136 137 141 143 141 146 149 151 Paper and pulp 124 124 124 128 133 137 140 145 147 145 150 151 154 Pulp 150 151 154 154 159 164 165 165 173 159 170 168 173 Groundwood pulp 110 126 124 124 127 128 136 133 124 109 109 112 121 Soda pulp . 124 113 138 128 133 141 139 141 150 141 151 142 145 Sulphate pulp 188 186 190 192 199 203 199 203 214 199 215 210 214 Sulphite pulp 143 144 144 144 148 156 159 155 167 155 164 163 169 Paper 120 120 120 124 129 133 136 142 143 142 147 148 151 Paperboard 130 132 127 132 138 144 146 155 154 161 163 167 167 167 Fine paper 110 no 112 111 118 122 126 130 131 128 139 144 147 Newsprint production 112 112 no 113 113 115 114 115 115 109 110 107 110 113 Printing paper 115 113 119 126 132 136 140 146 140 145 145 150 Tissue and absorbent paper .. 129 119 116 128 130 134 135 136 143 135 143 r 136 140 Wrapping paper 113 114 126 120 124 126 130 136 137 133 138 138 143 116 Printing and Publishing 113 112 112 109 115 121 124 126 127 116 121 r 125 131 P132 Newsprint consumption 111 111 109 98 104 110 113 111 107 92 96 106 112 117 Petroleum and Coal Products 118 119 119 120 120 119 120 126 128 129 131 134 135 Petroleum refining 114 115 115 115 115 114 119 122 124 125 128 131 132 Gasoline 114 113 112 113 114 114 118 124 126 127 130 134 134 Fuel oil 116 117 122 123 123 118 117 119 121 122 124 125 130 Lubricating oil. . 109 115 106 108 103 104 122 122 134 131 131 130 129 Kerosene 123 126 131 126 124 115 119 115 102 103 111 117 121 Coke 145 148 149 150 152 154 133 148 154 154 154 152 153 Byproduct coke 141 143 143 143 145 145 134 141 145 146 146 144 145 Beehive coke .. 274 309 378 367 398 434 69 386 435 429 453 425 437 ^410 Chemicals 121 120 122 122 124 129 136 135 138 139 142 148 151 P155 Rubber Products 126 135 137 145 151 155 157 162 192 153 130 131 134 p134 Rubber consumption . ....... 128 138 140 148 153 158 160 164 196 156 132 134 137 Tires and tubes 109 116 117 123 128 134 131 144 152 126 117 108 103 103 Pneumatic tires . . . 110 118 118 124 128 135 132 144 151 126 118 108 104 104 103 107 115 121 127 132 130 145 155 125 110 103 94 102 Minerals—Total 122 119 113 113 114 116 96 127 131 130 134 137 137 P133 Fuels 112 115 116 117 118 121 87 118 123 121 125 129 131 P129 Bituminous coal no 128 127 130 134 143 18 126 132 128 135 144 142 2*140 Anthracite 99 98 115 114 112 105 76 88 116 107 120 122 123 P99 Crude petroleum* 114 111 111 111 112 114 116 118 120 119 122 124 127 Metals 178 146 98 95 93 92 148 181 181 184 187 r 182 177 P160 Iron ore shipments 294 162 210 323 326 344 335 311 281 231 Copper 146 147 146 145 155 151 156 159 152 147 152 152 r156 156 Lead 117 114 118 116 116 116 121 117 116 110 116 120 119 128 Zinc 118 120 123 125 126 125 133 127 136 125 131 135 134 Gold 141 148 133 125 112 111 106 113 116 115 125 131 Silver 119 128 129 129 129 131 130 121 123 122 126 117 r 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. * 1940 revised: crude petroleum year, 116. JANUARY 1942. 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>f Manufactures through 1937. 1923-25 average = 100] 1940 1941 Industry and group Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total* 111.4 114.2 116.6 118.3 118.6 119.4 122.0 124.9 128.7 r133.3 133.3r132.3 132.7 134.1 Durable goods* 111.2 114.6 117.6 121.1 122.1 123.0 126.3 129.5 134.0 r140.7 r141.5 r141.2 142.3 143.2 Nondurable goods* 111.5 113.8 115.7 115.6 115.2 115.9 118.0 120.5 123.7 126.3 125.5 123.8 123.6 125.4 Iron, Steel. Products 116.1 118.9 122.4 124.8 125.5 126.2 128.3 132.0 136.0 139.1 r 140.2 139.7 138.2 138.7 Blast furnaces, steel works, etc 125 127 130 133 133 133 136 140 145 149 150 149 148 148 Bolts, nuts, washers, rivets 121 128 135 139 145 151 153 160 166 169 173 172 170 168 Cast-iron pipe 84 89 89 88 92 92 93 94 95 95 94 97 98 101 Cutlery, edge tools 109 110 110 110 108 110 114 117 122 130 130 128 129 131 Forgings 81 83 88 90 94 96 100 102 105 112 112 113 115 114 Hardware 105 109 113 113 114 116 115 116 118 105 116 r 117 115 113 Plumbers' supplies 90 94 98 99 98 100 101 102 102 102 103 100 99 99 Stamped, enameled ware 188 190 196 194 201 202 204 214 220 228 r231 r 231 225 227 Steam, hot-water heating 97 100 103 106 106 107 109 111 114 123 126 125 125 123 Stoves 98 100 108 113 106 106 107 110 114 121 115 109 107 105 Structural, ornamental metal work.... 84 86 91 96 100 100 101 103 104 105 107 106 107 107 Tin cans, tinware 99 103 104 109 112 113 113 122 129 131 132 132 127. 142 Tools 106 111 116 121 126 128 133 135 139 142 146 147 145 146 Wirework 189 201 207 206 208 208 203 207 214 218 198 217 203 200 Machinery 126.6 130.9 136.0 141.2 144.2 148.1 155.8 161.6 167.3 173.0 177.7 177.7 179.3 180.6 Agricultural implements 143 140 143 147 140 126 158 166 170 175 182 181 180 171 Cash registers, etc 132 134 137 137 140 , 146 151 150 163 168 170 r 173 175 177 Electrical machinery 116 120 126 131 137 142 147 153 159 164 168 168 168 168 Engines, turbines, etc 197 211 218 237 239 243 245 259 275 293 314 r323 347 359 Foundry, machine-shop products 107 110 114 118 120 124 129 134 139 143 146 147 148 149 Machine tools 257 265 275 286 296 304 315 326 337 349 366 355 360 365 Radios, phonographs 134 142 150 155 165 178 189 197 184 191 187 183 179 195 Textile machinery 81 83 86 89 92 95 98 101 104 107 108 110 110 110 Typewriters 126 128 130 131 110 134 138 143 150 155 157 158 160 158 Transportation Equipment 140.2 143.9 145.6 150.4 152.9 154.1r 158.7r164.6 r174.2 r 196.1r 193.1r 194.8 204.2 205.8 Aircraft 4,243 4,447 4,731 089 5,398 5,509 5,813 6,121 r6,522 r7,160 r7,897 r8,779 9,459 9,741 Automobiles 125 127 124 123 123 123 125 128 132 149 r139 <r128 129 124 Cars, electric-, steam-railroad 58 64 67 75 71 70 70 74 81 89 87 r98 100 100 Locomotives..: r38 r40 r44 r49 r51 r52 r54 r58 r61 r67 r70 r73 74 77 Shipbuilding 195 204 220 244 262 268 285 301 341 387 398 437 487 524 Nonferrous Metals, Products 122.3 126.3 129.4 133.3 135.1 136.2 138.9 140.7 144.1r 147.8r 147.9r 145.1 143.1 141.3 Aluminum* 207 214 218 229 224 220 229 234 230 240 246 r244 239 239 Brass, bronze, copper 153 162 168 173 176 179 181 182 190 193 195 r 194 191 188 Clocks, watches 101 101 102 107 109 111 115 118 121 125 121 r 110 114 109 Jewelry 96 98 101 102 105 107 111 113 115 120 119 r110 105 107 Lighting equipment • 103 105 106 110 112 110 112 112 r 115 r 118 r 118 r 121 122 118 Silverware, plated ware 74 75 76 77 79 79 81 82 84 94 87 85 84 82 Smelting, refining 94 94 96 98 100 101 101 102 102 103 105 103 100 99 Lumber, Products 71. 73.6 75., 76.3 75.5 74.0 74.2 74.6 75.9 78.9 78.4 T77.3 76.3 77.2 Furniture 91 93 96 97 98 98 101 104 106 108 107 r103 101 103 Lumber, millwork 68 71 72 74 72 71 70 69 71 75 76 75 76 75 Lumber, sawmills 64 66 67 68 67 65 65 64 65 68 68 68 67 67 Stone, Clay, Glass Products 84.7 90.4 94.6 92.9 92.3 92.3 92.1 93.7 98.6 98.4 98.7 98.8 101.2 Brick, tile, terra cotta 61 65 68 75 74 71 70 69 69 73 74 74 73 76 Cement 72 74 76 75 76 75 74 73 74 77 78 79 79 83 Glass 112 117 117 120 116 118 121 122 124 131 130 130 131 134 Marble, granite, slate 46 45 46 46 47 46 45 45 44 43 42 43 45 45 Pottery 96 100 105 108 108 108 109 109 116 126 123 122 122 121 Textiles, Products 102.6 105.3 107. 107.3 107.1 107.6 109.8 112.9 116.1 120.0 117.1 114.7 112.7 113.2 Fabrics 95.2 97 98. 98.8 99.1 100.4 103.3 105.9 109.0 111.1 109.6 107.2 105.2 104.9 Carpets, rugs 79 82 82 85 84 83 86 89 90 89 91 91 90 90 Cotton goods 95 97 99 99 100 101 103 106 111 113 115 112 111 110 Cotton small wares.. .^ 82 87 90 92 93 94 97 103 107 110 110 110 108 109 Dyeing, finishing textiles 129 129 132 132 134 136 138 141 144 149 143 140 135 130 Hats, fur-felt 80 84 85 83 83 83 80 83 86 86 79 77 78 79 Hosiery 140 141 144 144 142 142 141 144 146 149 144 r 135 133 131 Knitted outerwear 70 71 74 69 69 68 71 76 81 85 83 78 77 78 Knitted underwear 75 76 77 81 78 78 79 81 79 90 88 88 87 87 Knitted cloth 153 151 149 144 141 143 141 155 163 162 r 161 r158 147 146 Silk, rayon goods 63 65 64 63 64 66 69 74 75 72 67 61 60 61 Woolen, worsted goods 93 99 98 98 98 102 109 109 110 112 108 112 109 110 Wearing apparel 114.8 118.0 121.9 122.0 120.5 119.3 119.8 124.0 127.0 135.0 128.8 126.6 124.7 126.9 Clothing, men's 102 109 115 114 111 110 114 122 124 124 120 119 121 125 Clothing, women's 164 168 170 166 166 164 159 161 170 193 176 171 165 167 Corsets, allied garments 112 114 114 114 113 114 114 116 119 119 122 123 111 123 Men's furnishings 122 118 116 116 118 118 119 121 124 137 137 135 128 120 Millinery 74 68 69 76 82 78 78 73 68 75 79 77 75 67 Shirts, collars 117 117 122 131 126 125 128 131 133 135 135 134 131 132 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 November 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. 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. | Oct Nov. Leather, Manufactures 91.1 93.8 94.3 93.3 93.2 94.3 95.5 96.8 101.0 100.2 97.9 98.0 99.6 104.5 Boots, shoes ...,..,.......... 90 92 93 91 91 92 93 94 98 97 94 94 96 102 Leather *..„.,.„........ 82 84 85 85 86 90 90 95 97 96 97 98 Food, Kindred Products......., ,. .„ „.. 129.9 132.4 135.6 133.3 131.0 131.3 132.5 135.0 137.3 138.4 140.9 138.6 140.7 146.3 Baking „., 144 144 144 143 145 146 148 149 151 149 152 151 152 153 Beverages .„........... 271 281 285 281 279 278 277 287 286 289 298 294 303 312 Butter 96 102 101 98 99 102 105 107 105 102 104 102 102 106 Canning, preserving 152 152 157 149 144 139 140 147 156 161 169 155 164 196 Confectionery 86 90 91 89 88 91 92 89 90 97 100 91 90 96 Flour 78 78 78 78 77 78 79 78 80 79 77 79 78 78 Ice cream 79 81 81 80 81 79 82 79 78 78 r79 r78 83 83 Slaughtering, meat packing 110 114 121 112 111 113 114 119 121 123 124 125 126 127 Sugar, beet 100 102 145 240 144 111 97 99 93 89 76 98 91 94 Sugar refining, cane 95 95 97 92 89 97 103 102 101 94 93 103 103 99 Tobacco Manufactures 63.3 63.4 64.7 66.3 64.9 64.0 65.0 65.8 65.8 65.7 64.4 r62.0 64.1 64.8 Tobacco, snuff 57 55 57 57 54 54 54 54 53 53 53 54 54 54 Cigars, cigarettes 64 65 66 68 66 65 66 67 68 67 66 63 65 66 Paper, Printing 116.1 116.8 117.3 117.1 117.2 118.5 119.8 121.2 122.9 124.8 125.1 r124.4 124.9 124.9 Boxes, paper 117 120 122 123 122 125 129 132 139 142 143 141 138 140 Paper, pulp.. 115 116 116 116 117 119 120 123 125 126 128 128 128 129 Book, job printing 102 101 102 103 101 103 104 104 104 108 106 105 108 107 Newspaper, periodical printing 116 118 117 116 116 117 117 117 117 117 118 117 117 116 Chemicals, Petroleum, and Coal Products. 122.8 123.9 125.3 126.8 128.1 129.0 133.6 136.9 140.7 143.0 r145.2 r144.5 145.4 145.9 Petroleum refining 121 120 120 120 120 121 121 123 125 127 127 127 129 128 Other than petroleum refining 123.3 124.9 126.6 128.5 130.0 131.1 136.6 140.4 144.7 146.9 149.5 r148.7 149.4 150.3 Chemicals 143 147 151 154 157 161 163 168 172 173 179 179 180 182 Cottonseed oil, cake, meal 92 101 102 102 100 94 110 106 107 109 101 89 96 89 D Ex ru pl g o g s i i s v t e s s ' preparations 11 C 4 1) 11 ( 3 *) 11 C 3 1) 11 ( 6 J) 11 C 8 1) 11 ( 9 *) 12 ( 2 *) 12 C 9 1) 13 ( 2 X) 13 C 6 1) 1 C 3 1 8 ) r1 ( 41 X) 14 ( 1 X) 14 C 4 1) F P R S e a o a r i a y n t p o i t l n s iz , , e v a r l a s l r . i n ed is h p e r s oducts 3 1 1 8 1 0 2 6 0 7 5 3 1 1 8 1 0 2 2 1 7 7 3 1 1 8 1 0 2 7 4 3 8 3 1 1 1 0 3 0 4 0 3 1 1 9 0 0 3 0 6 3 0 3 1 9 8 0 3 5 9 8 4 3 1 1 2 9 3 1 4 1 5 2 3 1 1 3 9 3 1 0 3 6 8 3 1 1 3 9 2 4 7 4 4 0 3 1 1 2 4 2 6 5 9 3 1 1 9 2 2 4 9 8 4 8 3 1 1 9 2 2 4 6 4 4 5 3 1 1 9 2 1 4 4 3 5 4 3 1 1 9 1 1 4 4 9 9 4 Rubber Products 91.6 93.6 96.8 99.0 100.4 102.0 103.9 106.1 111.7 113.0 113.3 111.6 110.2 110.6 Rubber boots, shoes 57 60 64 67 69 69 74 78 82 82 79 75 78 80 Rubber tires, inner tubes 74 75 77 78 79 80 82 83 86 87 87 87 86 87 Rubber goods, other 157 160 167 171 174 177 176 179 192 194 200 196 189 188 r Revised. 1 Data not available. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Employees in nonagricultural establishments Total, non-agri- Military Year and month cultural Transpor- Financial, and naval m em en p t l 1 o 2 y - 3 Total2 3 M tu a r n in u g fa * c 3 - Mining Con ti s o t n ruc- tat p io u n b l a ic nd Trade* 3 a s n e d rv m ic i e s , - G m o e v n e t r 2 n- forces utilities cellaneous3 SEASONALLY ADJUSTED 1940—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 1,132 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 r39,903 r33,760 r12,605 914 1,668 3,264 6,944 4,242 4,123 1,821 August r 40,100 r 33,957 r12,614 923 1,666 3,302 7,027 4,246 4,179 1,934 September r 40,013 r 33,870 r12,545 908 1,683 3,303 6,968 4,241 4,222 1,992 October , 40,185 34,042 12,592 892 1,776 3,292 6,989 4,251 4,250 2,024 November 40,540 34,397 12,699 890 1,934 3,295 7,028 4,268 4,283 2,071 UNADJUSTED 1940—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 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 r 39,908 r 33,765 r12,391 888 1,895 3,290 6,837 4,300 4,164 1,857 August r40,292 r34,149 r12,595 900 1,921 3,326 6,897 4,300 4,210 1,944 September , r 40,708 r34,565 r12,775 906 1,936 3,367 7,008 4,325 4,248 1,992 October 40,776 34,633 12,798 915 1,960 3,365 7,070 4,256 4,269 2,014 November 40,693 34,550 12,728 911 1,970 3,307 7,131 4,231 4,272 2,071 * 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. ** 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. Figures for November 1941 are preliminary. Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. JANUARY 1942. 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Public works Total Residential and public Month building Factories Commercial Educational1 Other1 utilities1 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 1 Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Public ownership1 Private ownership1 Month 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941r 1936 1937 1938 1939 1940 1941r January 215 243 192 252 196 305 149 112 118 148 93 124 66 130 75 104 104 181 February 140 188 119 220 201 270 79 69 51 111 82 105 62 119 68 109 119 166 March 199 231 227 301 272 480 96 66 95 128 95 269 103 165 132 173 177 211 April 235 270 222 330 301 407 105 74 99 160 103 184 130 195 123 170 197 223 May 216 244 283 308 329 549 94 93 144 135 112 267 122 151 139 174 217 281 j une 233 318 251 288 325 539 116 137 108 128 147 314 116 180 143 161 177 225 July 295 322 240 300 399 577 153 131 98 137 205 348 141 191 142 163 194 229 August 275 281 313 312 415 760 153 104 171 158 195 520 122 178 142 154 220 240 September 234 207 301 323 348 623 116 80 160 144 144 403 119 127 141 179 204 220 October 226 202 358 262 383 606 101 78 203 92 175 371 125 124 154 170 209 235 November 208 198 302 300 380 459 89 93 179 144 195 298 119 106 123 156 186 161 December 200 209 389 354 456 82 115 279 225 258 117 94 110 129 198 Year 2,675 2,913 3,197 3,551 4,004 1,334 1,152 1,705 1,708 1,802 1,341 1,761 1,492 1,842 2,202 T Revised. 1 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 F. [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars] W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1941 1940 Federal Reserve district Federal Reserve Nov. Oct. Nov. district 1941 1940 1941 1940 Boston 29,966 r26,191 31,803 Nov. Oct. Nov. Nov. Oct. Nov. New York 64,810 r83,118 44,114 Philadelphia 27,802 19,011 21,037 Boston 73 54 67 689 497 847 New York 307 288 353 3,234 2,379 3,928 Cleveland , 39,947 45,776 48,823 Philadelphia 59 55 74 1,030 483 700 Richmond 57,519 83,065 45,703 Cleveland 45 50 57 316 579 950 Atlanta 52,908 145,707 35,367 Richmond 17 28 31 136 180 769 Atlanta 29 36 38 310 456 744 Chicago 65,801 78,661 70,767 Chicago 117 114 155 1,397 1,177 2,845 St. Louis.. ... 23,743 24,640 31,697 St. Louis 34 29 44 426 252 534 Minneapolis 25,917 8,668 7,624 Minneapolis 15 17 22 81 124 118 Kansas City 56 40 40 407 319 269 Kansas City 41,146 r21,411 20,912 Dallas 15 12 26 256 72 3,145 29,061 r70,101 22,500 San Francisco 75 86 117 915 815 1,723 Dallas 458,620 606,349 380,347 Total 842 809 1,024 9,197 7,333 16,572 Total (11 districts) New series. Includes cases of discontinuances where loss to creditors r Revised. was involved even though actual legal formalities were not invoked. Back figures, available for 1939 only, may be obtained from Dun and Bradstreet, Inc. 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 exports1 Merchandise imports2 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 297 246 289 295 425 233 168 182 195 263 63 79 107 101 162 October 333 278 332 344 *>666 224 178 215 207 *>304 108 100 117 137 p36l 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.-Oct 2,711 2,573 2,517 3,371 p 3,991 2,652 1,613 1,836 2,149 p 2,721 59 960 681 1,223 p 1,269 p Preliminary. 1 Including both domestic and foreign merchandise. 2 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 I [Index numbers; 1935-39 average = 100] RAILROADS 1 [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L s i t v oc e- k pr e o s d t - Ore l c a e n l e - - c d h i a s n e - r T ai o lw ta a l y r T a o i t lw a a l y ra N ilw et ay Net ucts ous l.c.l. operating expenses operating income revenues income SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1940—Oct 110 91 149 100 99 128 181 116 96 1940—Sept 377 309 68 r26 Nov 116 109 150 98 98 131 181 120 97 Oct 363 311 52 8 Dec 119 107 153 96 96 133 164 125 99 Nov 379 312 67 25 Dec 401 316 85 43 1941—Jan 122 109 145 102 88 138 180 130 99 Feb. 124 113 149 102 93 133 181 131 101 1941—Jan 389 316 73 32 Mar 126 128 168 113 93 127 192 128 100 Feb 402 319 84 43 Apr 112 45 137 113 93 130 266 130 102 Mar 417 334 83 41 May 135 138 182 124 91 130 266 136 102 Apr 382 323 59 18 June 139 156 189 126 88 136 152 139 102 May 439 346 93 50 July 138 150 200 112 83 149 156 140 100 June 474 363 110 68 Aug 139 158 199 103 84 152 155 141 99 July... 471 370 100 58 Sept 130 133 176 111 84 138 149 135 97 Aug 485 377 108 65 Oct 127 121 165 97 95 140 204 133 97 Sept 464 379 85 42 Nov 135 121 159 118 93 146 204 144 99 Oct 453 403 49 UNADJUSTED UNADJUSTED 1940—Oct 125 104 149 107 152 135 238 132 100 1940—Sept 383 308 75 31 Nov 122 121 159 96 124 129 145 125 98 Oct 414 r326 r88 43 Dec 112 121 167 87 92 119 46 116 95 Nov 375 304 71 31 Dec 382 303 79 51 1941—Jan 113 124 174 90 84 124 45 115 Feb 115 129 183 85 75 128 45 118 1941-Jan 377 315 62 20 Mar 120 132 175 97 74 127 50 124 101 Feb 358 300 58 15 Apr 108 38 120 96 82 130 203 131 103 Mar 416 336 81 35 May 131 117 167 107 82 135 276 138 102 Apr 375 322 53 7 June 136 131 170 123 69 141 265 141 101 May 442 354 89 43 July 138 127 172 163 70 149 283 139 99 June 455 362 93 53 Aug 140 139 167 125 80 160 271 141 99 July 485 379 106 64 Sept 145 140 172 122 111 149 261 150 102 Aug 494 382 111 66 Oct 144 138 165 104 146 147 232 151 101 Sept 489 385 104 59 Nov 141 135 168 115 117 143 199 150 101 Oct 518 424 94 *>53 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for r Revised. p Preliminary. J ti u o n n e of 1 9 A 4 m 1. e ri B c a a s n e d R a o il n r o d a a d i s l . y a T v o e t r a a l g i e n d l e o x a d c i o n m gs p . i le B d a b s y ic c o d m at b a i n c in o g m p in il d e e d x e b s y f o A r s c s l o as c s ia e - s * 1 D Ex e c ri l v u e d d e s fr s o w m i tc I h n in te g r s a ta n t d e t C e o rm m i m na e l r ce c o C m o p m an m ie is s s . ion D o d e a s ta n . ot include with weights derived from revenue data of the Interstate Commerce Commission. retroactive increases in wage payments, made in December 1941. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS Index numbers based on value figures; 1923-25 average = 100 Seasonally adjusted Unadjusted 1938 1939 1940 1941 1938 1939 1940 1941 SALES Jan 90 88 92 101 70 69 71 79 Feb. 88 88 90 103 70 69 71 82 Mar. 86 88 89 103 77 82 86 93 Apr 83 88 89 104 86 86 106 May 80 87 89 105 80 89 105 June 82 86 91 104 79 83 87 100 July 83 87 92 115 58 60 64 79 Aug 83 88 98 134 65 69 77 106 Sept. 85 90 97 116 91 97 105 125 Oct 86 92 94 105 92 99 101 112 Nov 87 93 100 116 99 106 114 132 Dec. . . 88 95 101 156 168 179 Year ... 85 90 94 STOCKS Jan 71 67 68 71 63 60 61 64 Feb 70 68 71 73 67 65 68 70 Mar 70 68 70 74 71 69 71 75 Apr 69 67 69 74 71 69 71 76 May 69 66 68 74 71 68 70 76 j une 68 67 67 77 65 64 64 73 July 67 67 68 82 61 60 61 73 Aug. 67 67 69 87 65 65 66 84 Sept 67 68 70 92 70 71 73 95 Oct 67 69 71 97 74 77 79 108 Nov.. . 67 71 72 78 82 83 mo Dec 66 68 71 62 64 66 Year 68 68 69 p Preliminary. Back figures.—Department store sales, see BULLETIN for August 1936, p. 631, for October 1938, p. 918, and for January 1941, p. 65; department store stocks, see BULLETIN for March 1938, p. 232. WEEKLY INDEX OF SALES Weeks ending on dates shown. 1935-39 average = 100 1938 1939 1940 1941 Nov. 5 .109 Nov. 4... ..123 Nov 2... ..117 Nov. 1. .. 12 .108 11. ....116 9. ....122 19 .113 18. ....115 16. ....130 26 .102 25. ....107 23. ....116 Dec. 3 .147 Dec. 2... .139 30. ....147 10 .181 9. ....188 Dec. 7... ..197 17 .221 16. ....235 14. . .232 24 .214 23. ....242 21. ....258 00 SALES BY DEPARTMENTS Percentage change from corresponding period of preceding year November Eleven Department 1941 months 1941 NET SALES—entirestore. +9* +15 Main Store +9 +16 Basement Store. +7 +13 Women's, girls', and infants' apparel and +5 +13 ac M ce ai s n s o s r to ie re s 1 +5 +13 Women's and misses' coats and suits... + + 9 1 + +1 1 0 8 Women's and misses' dresses Blouses, skirts, sportswear, sweaters, +17 +18 knit apparel Juniors' and girls' wear + + 1 1 0 3 + + 1 1 4 7 Aprons, housedresses, uniforms Women's underwear, slips, negligees.... +13 +15 Infants' wear +17 +16 Women's and children's shoes +6 +12 Furs -39 +14 Basement2 +7 +13 Men's and boys' wear +9 +13 Main store1 +10 +13 Men's clothing +7 +15 Men's furnishings, hats, caps +12 +12 Boys' clothing and furnishings +11 +14 Basement2 +6 +10 Home furnishings +14 +22 Main store1 +14 +22 Furniture, beds, mattresses, springs.... +17 +24 Domestic floor coverings +16 +24 Draperies, curtains, upholstery +13 +15 Major appliances (refrigerators, wash- ers, stoves, etc.) -3 +33 Domestics, blankets, comforters, lin- ens, towels +15 +23 Basement (including domestics, blankets, linens, towels)2 +15 +20 Piece goods (dress and coat yard goods, all materials) +14 +8 Main store +14 +8 Basement ,. +9 +10 Shoes (basement only) i +7 .138 * Based on reports from 249 stores Reports of total sales from a larger number of stores, including many stores not reporting sales by depart- .139 ments, showed an increase of 11 per cent for November and 17 per cent 15. . .148 for the first eleven months of 1941, as indicated in the table below. 22. . .128 1 Group totals for main store include sales in departments not shown 29. . .169 separately. Dec. 6. . .215 2 Group totals for basement are not strictly comparable with those shown 13. . .236 for main store owing chiefly to inclusion in basement of fewer departments 20. . .277 and somewhat different types of merchandise. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES Percentage change from corresponding period of preceding year Elev- Elev- Elev- Elev- Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. 1941 mos. mos. 1941 1941 1941 1941 1941 United States.. +11 +11 +17 Cleveland (cont'd) Chicago (cont'd) Dallas +13 +13 +18 Boston +12 +7 +17 Toledo +12 +18 +17 Fort Wayne +19 +23 +26 Shreveport +31 +28 +21 New Haven +14 +8 +16 Youngstown +11 +14 +24 Indianapolis — +11 +20 +19 Dallas +6 +10 +16 Portland +20 +21 Erie +28 +22 +27 Des Moines +14 +12 +12 Fort Worth +15 +20 +20 B Sp o r s i t n o g n field +18 +1 + + 1 2 2 0 P W it h t e s e b l u in r g gh + + 1 2 3 8 + + 2 9 0 + + 1 2 7 5 D Si e o t u r x o it City + + 8 11 + - 1 8 1 + + 1 2 1 2 H Sa o n u s A to n n t . o . n .#io.... + + 1 1 6 9 + + 1 1 2 5 + + 1 2 6 5 Providence +12 +13 +18 Flint 3 -4 +19 Richmond +16 +13 +20 Grand Rapids.. +3 +11 +15 San Francisco +15 +18 +19 NewYork +6 +13 Washington til +12 +20 Lansing +5 +24 Phoenix +17 +36 +29 P Cl h N B A N B B P L E N R T P W e R A S Y i v o y h l a u l r r e o l e e i i k o e m a b i e i a n n f r u w a i w l c r r d l f a a d n a l g o g k d k c g h a i a g a c n n e t r a a n l i e h e h o Y d r u e d a n o y l r s s s k k a p p n s a e g t o t - m e e e e h o l B r p F e r r r i k t a a p t h a o r s i C l r n a i l e e . s . i . . . t . . . . . y . . . . . . . . . + + + + + + + + + + + + + + + + + + + + 2 2 2 3 2 1 2 1 1 1 1 2 2 1 1 1 1 4 8 2 5 3 2 5 0 4 0 0 0 2 0 0 3 9 8 2 4 + + + + + + H + + + + + 3 2 3 2 1 1 1 1 4 4 7 4 1 i 5 3 6 3 3 + + + + + + + + + + + + + + + + + + + + 3 1 2 2 1 1 2 1 2 1 2 1 1 1 1 1 1 1 2 1 4 7 5 5 5 0 7 4 2 3 9 3 6 5 8 8 6 6 1 6 Atl H N L R C B M B W J M N B N T A C J K C a a a y n h i i a a o u a a e h n t h o a c i c r c t l n l w a m r t s n n a o a c m k a n k a h t o f h r c r s t i t o x s o t n s p l m n m t i i l v h t g n e O o v o l a a n e n t o i k b a o s o n i n o n s g R l g r n l t u m l n v t l r l o o h t e - o e o e e r d i o S o n a e g a u l n n m l , g a r n g , e W y a l s e e S . m V . . a C .. . . + + + + + + + + + + + + + + + + 3 1 1 1 3 3 1 1 2 1 1 1 2 2 1 4 6 9 5 7 9 5 4 6 0 0 1 4 0 3 6 + + + + + + + + + + + + + + + + + + 1 1 1 2 1 2 1 3 1 1 1 2 1 2 L 4 8 5 7 4 0 2 0 7 7 3 4 5 4 3 + + + + + + + + + + + + + + + + + 3 1 1 2 2 2 1 1 3 2 2 2 1 2 2 2 1 9 5 4 0 2 7 3 6 4 6 8 0 1 2 0 0 8 S M K t a . i M F L Q M D H E T J K L W S S S n n o p o n t L t i v o o s u e u a i . e . p i t a e r r o l u a p n i n t c t m i t w l a s n L J c u l n i n e v h s i e p o s c n h i p s o a g k a e i S s v o y s t v i C s h u a r f u m a i l e n R i i i i k l i i e p s s l s s t C l i o e l l y e h o t d e e i h c n ty k.... . + + + + + + + + + + + + + + + + - + 1 2 1 1 1 1 1 2 1 4 1 4 8 8 7 2 8 9 6 5 5 4 6 6 1 3 8 5 + + + + + + + + + + + + + + + + - 2 1 1 3 2 2 1 2 1 1 2 1 1 2 3 7 3 7 7 0 0 7 6 3 3 3 3 6 0 0 3 0 * + + + + + + + + + + + + + + + + + + + 1 3 1 1 1 3 2 1 2 1 2 1 1 2 2 1 1 2 8 7 4 4 6 4 5 1 7 6 6 1 6 0 2 2 1 5 1 T B F L O P L V B B S E S S S S S S S S a r o a a o a a p t a a o e a o v e a a B N o e n n n l s c c n k a r o n l l i k e t s l c l s t o e r t e g t k a r l e i e l n A a t J k a D F r a r n m e m L a a j l o o s k m t o e a n B n g t r n n i o a f a R s t e p e d a n g e h d i e e e n k a l a e g n o d e a a n e e a l n o s c m l y c d t e n a d o i h s C s d N c i o t a y . p . . . ; + + + + + + + + + + + + + + + + + + + + 1 1 2 1 1 1 3 1 1 3 3 3 1 1 1 2 8 5 4 8 7 3 2 7 2 1 2 7 3 5 7 0 6 8 5 3 + + + + + + + + + + + + + + + + + + + + 2 1 2 2 1 2 1 1 2 1 1 1 1 4 1 2 4 6 8 5 7 4 4 6 4 1 8 0 0 6 8 4 8 8 1 5 1 + + + + + + + + + + + + + + + + + + + + 3 1 2 4 1 1 1 2 1 3 1 1 1 1 1 3 1 3 7 7 4 8 2 2 6 3 2 7 3 1 7 4 0 2 3 4 4 1 Cincinnati +11 +17 Chicago +9 +12 +16 Omaha +4 +17 +13 Walla Walla -1 -2 +3 Cleveland +15 HI +23 Chicago +6 +8 +10 Oklahoma City +5 +6 +15 Yakima +14 0 +8 Columbus +8 +17 Peoria +6 +8 +14 Tulsa +11 +23 +16 r Revised. * Figures not available. 64 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 Year, month, or week m c t A o o i m e l d l s i - - F p u a r c o r t m d s - Foods Total H p l i r e d o a e d t s u h a c e n t r < s p T ro e d x u ti c le ts m F lii u a gg a e t hh e l t tt r a ii ii nn l n a gg l d s a p n M r d o e d m t u a e c ls t t a s l BuH . i t l e did r i i ii a n l g s c C a a l l h ii s l- e i e a m d n j, i d - i f n 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 products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 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—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 November 92.5 90.6 89.3 93.5 114.1 91.1 78.8 103.3 107.5 89.8 100.6 87.3 Week ending 1941—August 30 90.6 88.6 88.2 91.1 110.9 87.6 79.8 98.7 105.7 85.8 96.9 84.1 September 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 December 6 92.2 90.8 88.7 93.7 115.4 90.7 79.2 103.3 107.4 89.7 101.9 87.2 December 13 93.1 92.8 90.4 93.8 115.4 91.0 79.0 103.4 107.8 91.5 102.3 87.5 December 20 94.0 96.0 91.6 93.9 115.5 91.4 79.0 103.4 107.5 91.7 102.3 87.5 December 27 93.8 95.5 91.2 93.9 115.6 91.5 79.0 103.4 108.1 91.7 102.3 87.4 1940 1941 1940 1941 Subgroups Subgroups Nov Aug. Sept. Oct. Nov Nov. Aug. Sept. Oct. Nov. Farm Products: Metals and Metal Products: Grains 67.7 79.6 85.3 81.4 84.3 Agricultural implements... 92.6 92.9 93.4 93.8 96.3 Livestock and poultry 69.9 99.0 101.1 94.5 90.6 Farm machinery 93.8 93.9 94.4 94.8 97.4 Other farm products 66.8 82.0 86.0 88.9 91.7 Iron and steel 95.3 96.9 96.9 97.0 97.1 Foods: Motor vehicles 100.3 100.4 100.4 112.3 112.3 Dairy products 82.3 90.3 93.3 95.2 96.3 Nonferrous metals 83.9 84.4 84.4 84.6 84.8 Cereal products 74.8 81.5 85.8 86.4 85.9 Plumbing and heating 80.5 86.8 87.1 87.8 87.9 Fruits and vegetables 60.4 70.3 70.7 75.8 77.9 Building Materials: Meats 76.2 97.5 99.4 93.6 90.8 Brick and tile 90.2 95.1 95.7 96.6 96.6 Other foods 65.4 84.4 86.5 85.8 89.0 Cement 90.8 92.1 92.2 92.7 93.1 Hides and Leather Products: Lumber 117.5 127.5 129.1 129.5 128.7 Shoes 107.1 116.1 117.1 118.8 120.5 Paint and paint materials.. 85.7 93.3 94.7 96.0 95.3 Hides and skins 101.2 112.2 112.1 113.1 114.0 Plumbing and heating 80.5 86.8 87.1 87.8 87.9 Leather 93.2 98.5 100.0 100.9 101.1 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 99.7 103.7 106.3 106.8 111.5 Other building materials... 94.2 99.9 100.2 101.5 103.2 Textile Products: Chemicals and Allied Products: Clothing 85.7 95.1 96.1 97.8 97.9 Chemicals 85.1 87.5 88.2 88.4 88.3 Cotton goods 73.6 101.5 104.2 105.2 105.4 Drugs and Pharmaceuticals 95.9 100.1 104.4 124.1 123.2 Hosiery and underwear 61.5 63.8 64.4 66.6 67.0 Fertilizer materials 69.9 75.3 76.6 77.3 77.3 Silk 42.8 Mixed fertilizers 74.2 77.1 77.1 77.5 79.6 Rayon 29.5 29 '.5 29^8 30^3 30^3 Oils and fats 42.3 87.3 91.3 93.4 92.9 Woolen and worsted goods 88.8 98.2 101.4 102.3 102.6 Housefurnishing Goods: Other textile products 73.7 96.8 95.0 95.6 96.0 Furnishings 95.0 100.7 102.1 104.4 105.2 Fuel and Lighting Materials: Furniture 81.8 89.9 92.2 94.4 95.8 Anthracite 80.7 83.3 84.5 85.3 85.3 Miscellaneous: Bituminous coal 100.4 106.3 107.2 108.1 108.2 Auto tires and tubes 58.6 60.8 60.8 65.5 67.4 Coke 112.6 122.2 122.2 122.2 122.2 Cattle feed 92.1 108.8 126.2 112.9 120.7 Electricity 73.3 66.4 66.7 Paper and pulp 93.1 100.7 101.7 101.9 102.2 Gas 80.5 78.3 81.7 '78^9' Rubber, crude 42.9 47.8 47.1 46.6 46.3 Petroleum products 49.3 61.4 61.7 61.7 60.4 Other miscellaneous 82.8 91.0 92.1 92.2 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). JANUARY, 1941 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 1941 Chart Chart book book page Dec. Dec. Dec. Dec. Dec. page Sept. Oct. Nov. 3 10 17 24 31 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 3 2.28 2.28 2.43 2.50 2.36 Reserve Bank credit, total 2,7 2.30 2.32 2.31 U. S. Gov't securities, by maturi- U. S. Gov't securities 7 2.18 2.18 2.18 ties, total 5 2.18 2.19 2.24 2.24 2.25 Bills discounted 7 .01 .01 .01 Within 1 yr 5 .15 .16 .19 .19 .19 Gold stock 2 22.74 22.78 22.79 Within 5 yrs 5 .91 .92 .92 .92 .92 Money in circulation 2 10.06 10.27 10.50 After 5 yrs 5 1.28 1.28 1.32 1.33 1.34 Treasury cash 2 2.38 2.22 2.19 Gold stock 3 22.77 22.77 22.75 22.75 22.74 Treasury deposits 2 .48 .53 .67 Treasury currency 3 3.23 3.24 3.24 3.24 3.25 Reserve balances 2, 8 13.18 13.10 12.90 Money in circulation 3, 11 10.72 10.83 11.02 11.22 11.16 Required reserves 8 8.07 8.10 9.29 Treasury cash holdings 3 2.18 2.19 2.19 2.20 2.22 Excess reserves 8 5.12 5.00 3.61 Treasury deposits. 3 .32 .16 .93 .91 .87 Money in circulation, total 10 10.16 10.36 10.64 Nonmember deposits 3 1.61 1.61 1.48 1.42 1.36 Coins and bills under $50 10 7.38 7.54 7.77 M Ex e c m es b s e r r e b s a e n rv k es re — se t r o v ta es le 3 9 1 3 3 . . 7 1 7 8 1 3 3 . . 7 2 8 2 P 12 3 . . 5 3 0 3 12.45 12.45 Bills of $50 and over 10 2.79 2.83 2.87 New York City 9 1.10 1.06 .97 TREASURY FINANCE Chicago 9 .38 .38 .27 U. S. Government debt: Reserve city banks 9 1.44 1. 1.28 Direct obligations, total 19 50.79 53.04 54.54 Country banks6 9 .85 .87 P.81 Bonds 19 35.79 37.65 37.88 Notes 19 7.04 7.33 8.15 MEMBER BANKS Bills. 19 1.30 1.40 1.70 Total, 101 cities: Special issues 19 6.66 6.66 6.81 Loans and investments 16 29.69 29.89 30.31 30.29 30.09 Guaranteed obligations 19 6.93 6.93 6.32 Balances due to domestic banks— 16 9.41 9.28 9.23 9.04 9.04 T D i e m m e a n d d e p d o e s p it o s sits adjusted 1 1 6 6 2 5 4 . . 3 3 9 2 2 5 4 . . 4 6 0 8 2 5 4 . . 3 0 7 6 2 5 3 . . 3 9 5 9 2 5 3 . . 3 6 5 5 MONEY RATES, ETC. Per cent per annum N 10 e 0 w c B U C C i Y . r o o t i o o m m e S k r s . m k m e G o r e e s u C r r o ' c c t v i s l i i t o a i a ' y t d l l a : e o n l l s b o o N l a a i e n n g w s s a t i Y on o s r k: 1 1 1 1 7 7 7 7 4 6 2 . . . . 9 0 5 3 2 5 4 9 6 2 . . . 9 5 3 8 7 9 2 4 7 . . . . 6 0 1 3 0 6 7 8 2 7 . . . 6 0 3 1 0 7 4 2 6 . . . . 5 9 1 3 7 2 6 6 T T F U . r r . r e e R a S a a t . s . s e u u , B G r r N a y y o n v . k n b ' Y t o i l d t b l e s i o s s n 2 c ( n d o e s u 3 w n t issues) 2 2 2 2 3 9 3 3 0 0 1 . 1 0 . . . 3 0 9 5 4 0 5 4 0 1 0 . 1 0 . . . 0 4 8 4 1 0 9 8 0 1 0 . 1 2 . . . 5 0 4 8 7 2 0 5 U. S. Gov't obligations 17 7.86 7.90 8.16 8.17 8.13 C C o o m rp m or e a r t c e i a A l p aa a p b e o r n ds 25, 2 2 9 5 2. . 7 5 5 0 2. . 7 5 3 0 2. . 7 5 2 0 Corporate Baa bonds 29 4.30 4.28 4.28 Per cent annum MONEY RATES, ETC. In unit indicated Treasury bills (new issues) 21 .293 .295 .295 .310 .304 Treasury notes2 21 0.61 0.68 0.64 0.64 0.58 Stock prices U. S. Gov't bonds3 21, 29 1.87 1.98 1.97 2.02 2.01 (1935-1939=100): Corporate Aaa bonds 29 2.72 2.79 2.81 2.84 Total 31 83.6 80.4 77.4 Corporate Baa bonds 29 4.28 4.39 4.40 4.41 Industrial 31 84.8 81.6 78.6 Railroad 31 72.6 70.3 68.4 In unit indicated Public utility 31 81.3 78.5 74.5 Volume of trading (mill, shares)... 31 .60 .56 .79 Stock prices Brokers' balances (mill, dollars): (1935-1939 = 100): Credit extended customers.... 33 633 628 625 Total... 31 76.9 70.9 71.0 69.2 Money borrowed 33 396 414 409 Industrial 31 78.5 72.7 73.1 71.4 Customers' free credit Railroad 31 67.4 58.6 58.9 58.6 balances 33 260 255 264 Public utility 31 72.6 66.3 64.8 62.2 Volume of trading (mill, shares) 31 1.06 1.82 1.25 1.55 BUSINESS CONDITIONS Wholesale prices: BUSINESS CONDITIONS All commodities (1926 = 100): Wholesale prices: Total5 35, 65 91.8 92.4 92.5 All commodities (1926=100): Farm products 35 91.0 90.0 90.6 Total 35 92.2 93.1 94.0 93.8 Other4 35 91.6 93.4 93.5 Farm products 35 90.8 92.8 96.0 95.5 Industrial commodities Other4....... 35 93.7 93.8 93.9 93.9 (Aug. 1939 = 100): Basic commodities Total 37 115.6 117.9 117.9 (Aug. 1939 = 100), total 36 156.7 159.8 158.5 158.77 160.9 Finished 37 110.9 114.3 114.4 12 foodstuffs 36 169.1 175.6 172.1 172.8 176.3 Raw and semifinished.. 37 125.0 125.2 125.1 16 industrial materials 36 147.9 148.8 148.9 148.8 150.0 Cost of living (1935-39 = 100): Steel production All items 39 108.1 109.4 110.2 (per cent of capacity) 44 97.6 97.5 97.9 93.4 96.1 Rent 39 106.8 107.5 107.9 Automobile production (thous. cars)... 44 92.2 96.0 65.9 24.6 Clothing 39 110.8 112.8 114.4 Freight-car loadings (thous. cars): Food 39 110.7 111.6 113.1 Total 45 833.4 807.2 798.7 606.5 Miscellaneous 45 378.8 371.6 365.7 280.3 e Estimated. p Preliminary. Electric power production (mill. kw. 1 Figures for other than Wednesday dates are shown under the hrs.) 46 3,369 3,431 3,449 3,187 Wednesday included in the weekly period. Department store sales (1935-1939 = 2 Tax-exempt issues only. 100) 46 215 236 277 173 3 Partially tax-exempt issues only. F.H.A. home mortgages, new constr. 4 Other than farm products and foods. (thous.) 47 4.20 3.41 2.78 2.24 5 Estimate for December is shown on page 53. * 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. 66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*—Continued Chart 1941 Chart 1941 book book page Sept. I Oct. Nov. page Sept. Oct. Nov. MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:1 2 Wholesale prices: Total (1935-39 = 100) 41, 42 161 163 Canada 65 93.2 93.8 Durable manufactures 41 r76.9 78.6 *79.9 Germany 65 83.7 Iron and steel 42 21.1 21.1 21.0 Japan 65 139.4 142.4 Machinery, etc 42 39.8 41.7 *»42.6 Sweden 65 139.0 Other durable 42 16.0 15.9 P16.2 Switzerland 65 132.6 Nondurable manufactures 41 r64.1 64.6 P66.1 United Kingdom 65 124.5 124.8 125.3 Mine O P F T r o a e t a h p o x ls e e d t i r r s l , e n a s l n o i d q a n n u d p d o u r r r i l s a n e , b a t a i l t e n n h g d e r tobacco ... 41, 4 4 4 4 4 2 2 2 2 2 r r 1 1 1 1 1 8 2 9 3 9 . . . . . 0 6 9 7 8 1 1 1 1 1 3 8 2 9 9 . . . . . 3 9 7 7 8 ^ p n H P 1 1 2 s 4 3 9 . 0 . 5 . 3 . . 7 0 4 Foreign exchange rates: In f or c e e i n g t n s pe c r u r u re n n it c y of New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories9 (Jan. 1939 = 100): Canada (dollar) 67 89.13 88.78 88.60 New orders, total 43 202 193 Japan (yen)6 66 Durable 43 260 239 *>267 Switzerland (franc)7 66 Nondurable 43 165 163 *>176 United Kingdom (pound) 67 403.27 403.29 403.42 Shipments, total 43 238 203 *>202 Durable 43 239 240 P245 Nondurable 43 180 172 1941 Inventories, total9 43 143 148 N D o u n ra d b u l r e a s b le9 4 4 3 3 1 12 6 8 1 1 1 3 6 3 6 * P > 1 1 38 70 July Aug. Sept. Freight-car loadings:!2 Total (1935-39 = 100)3 57 130 127 135 In billions of dollars Coal 57 28.4 25.7 25.8 Miscellaneous 57 74.2 73.0 78.8 Increase in U. S. gold stocks All other 57 27.9 28.7 30.2 Total 63 15.65 15.70 15.74 Net capital inflow: 1923-25=100 To I t n a f l l ow of foreign capital 62, 6 6 3 2 5 3 . . 9 8 2 3 5 3 . . 8 8 9 0 5 3 . . 9 8 2 3 Return of domestic capital 62 1.99 1.99 1.99 Factory employment 51, 53 135.2 135.3 *134.5 Merchandise export surplus 63 4.94 5.11 5.27 Factory payrolls 51, 53 162.6 166.6 Pi65.5 Other factors 63 4.80 4.70 4.55 Average hourly earnings Short-term foreign liabilities and (cents per hour) 51 75.8 77.0 assets of banks: Average hours worked Due to foreigners 64 3.77 3.74 3.77 (hours per week) 51 40.9 41.1 Due from foreigners 64 .36 .35 .35 Department store sales3 59 116 105 116 Net due to foreigners 64 3.41 3.39 3.41 Department store stocks1 59 92 97 P95 1941 In millions of dollars Jan.- Apr.- July- Resi T de o n ta t l i al contracts awarded:1 47 175 161 126 Mar. June Sept. Public 47 60 36 18 Priv 1 a - t e a , n t d o t 2 a - l f amily dwellings 4 4 7 7 1 1 1 0 6 3 1 1 1 2 2 4 1 1 0 0 5 8 QUARTERLY FIGURES In billions of dollars Other 47 13 13 3 Cash income and outgo of U. S. Treas.: Construction contracts awarded. Cash income 18 2.84 2.62 2.55 Total 49 659 594 P533 Cash outgo 18 3.89 4.46 5.31 Residential 49 193 159 Excess of cash outgo 18 1.05 1.84 2.76 Other 49 466 434 P402 Domestic corporation security issues: Nonagricultural employment15 Total 32 .78 .61 .73 (mill, persons): New 32 .17 .19 .41 Total ..m ..,..,. 50 40.01 40.19 P40.54 Refunding 32 .61 .42 .32 Manufacturing and mining 50 13.45 13.48 Trade „.. 50 6.97 6.99 P7!03 Government 50 4.22 4.25 Per cent per annum Transportation and utilities....... 50 3.30 3.29 p3i30 Construction ..,.„.._. 50 1.68 1.78 p1.93 Bank rates on customers' loans: Income payments:1 Total, 19 cities 25 2.58 2.55 2.60 Total .... 54 7,805 7,895 8,018 New York City 27 2.06 1 95 1.98 Salaries and wages 54 5,162 5,222 5,286 7 other Northern and Eastern Other.. ,.„.... 54 2,643 2,673 2,732 cities 27 2.53 2 58 2.62 Cash farm income: 11 Southern and Western cities.... 27 3.25 3 23 3.29 Total 55 1,326 1,485 PI,313 L C G i r o v o v e p ' s t s t o p c a k y m an e d n ts p roducts , 5 5 5 5 5 5 6 6 9 0 2 8 0 8 6 7 5 8 4 6 6 3 P P P 6 6 6 2 2 8 3 2 p 2 1 I A P n r d e p j l u o i s m i t n e i t d n s a i r f n y o . r t o r t s a e l R a s e i o n v n d is a e e l x d . . variation. Expo E Im r x ts p p o o a r r n t t d s s imports: , 6 6 1 1 4 2 2 6 5 3 ^ *> 6 3 6 0 6 4 3 4 5 T E R h s e t r v i e i m s e e - a d m t e o s n f e o t r h r i e D s m . e o c v S e i e m n e g b e p a r a v g i e e s r a s 5 g h 9 e o , w o a f n d j o t u h n s i s t p e . d i s 5 s 3 f u o . e r . seasonal variation. Excess of exports. 61 162 *>361 6 No rate certified since July 25, 1941. 7 No rate certified since June 14, 1941. 8 Cumulated from Jan. 31, 1934. 9 Series revised for the period from January 1939-November 1941 and base changed to 1939 average = 100. Back figures may be obtained from the Division of Research and Statistics. * Current figures are for the revised edition of the Chart Book announced on page 864 of the September BULLETIN. Copies of this Chart Book can be obtained at a price of 50 cents each. JANUARY, 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*-Continued [In billions of dollars] 1938 1939 1940 1941 Chart book page Dec. Mar. June Oct. Dec. Mar. June Dec. Apr. June Sept. 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 p76.09 T D i e m m e a n d d e p d o e s p it o s sits adjusted :l...,. 1 1 2 2 2 26 6 . . 3 0 8 1 2 26 6 . . 5 0 6 4 2 2 7 6 . . 3 8 5 0 2 2 6 9 . . 8 0 1 9 2 27 9 . . 0 7 6 9 3 27 0 . . 2 5 8 4 3 2 1 7. . 4 9 7 6 3 2 4 7 . . 9 7 4 4 3 2 6 7 . . 1 9 0 0 3 2 7 7 . . 3 8 2 8 ^ ^ 3 2 8 7 . . 6 9 5 3 Currency outside banks ... 12 5.83 5.63 6.01 6.19 6.40 6.23 6.70 7.32 7.78 8.20 P8.56 Loans and investments, total ........ 13 48.87 48.93 49.62 49.95 50.88 51.14 51.34 54.19 56.15 57.95 59.31 Loans .......„..*....... 13 21.30 21.15 21.32 21.63 22.17 22.19 22.34 23.74 24.32 25.31 26.20 Investments ,..,..,. 13 27.57 27.78 28.30 28.32 28.71 28.95 29.00 30.45 31.83 32.63 33.11 MEMBER BANKS Investments, total C1) 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.o76 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) 2.77 ! 2.70 2.80 (2) 2.72 Foreign securities 14 .18 .18 .19 .19 .17 .17 .15 Loans, total (*) 13.21 13.05 13.14 13.47 13.96 13.97 15.32 15.88 16.73 ! C St o r m ee m t e lo rc a i n a s l l ( o b a r n o s k e ( r i s n ' c l l o . a o n p s e ) n-market paper). 1 1 5 5 5. . 8 7 9 9 5. . 9 6 6 7 5. . 9 5 9 6 8(2) 6. . 5 6 7 1 8 6. . 7 3 2 2 7. . 5 4 2 7 8 8. . 5 4 5 2 §2 O Re th a e l r e s s t e a c t u e r i l t o y a n lo s ans3 1 1 5 5 2. . 7 9 2 6 2. . 7 9 5 0 2. . 8 9 3 1 2. . 9 8 6 8 8 3. . 0 8 7 0 3. . 2 8 3 3 8 3. . 3 7 7 9 ( ) All other loans 2.85 2.77 2.85 8 2.94 3.06 3.27 3.61 SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding 43.89 45.34 47.07 47.87 50.36 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 Insurance companies 20 45.60 5.80 46.00 6.10 46.50 46.60 Other investors 20 412.40 12.30 412.60 12.60 413.10 414.00 P Preliminary. * Series not shown in Chart Book. 2 Figures available for June and December dates only. 3 Includes only loans made for the purpose of purchasing or carrying securities. 4 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. DECEMBERJCROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1, 1941J [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reservcdistrict Production Estimate Production Estimate Production Estimate Production Estimate 1940 Dec. 1, 1941 1940 Dec. 1, 1941 1940 Dec. 1, 1941 1940 Dec. 1, 1941 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston ....... 7,188 7,659 42 36 New York 24,894 31,008 8,856 7,381 74 72 Philadelphia 44,961 47,602 15,849 15,268 158 150 Cleveland 158,306 201,445 47,108 54,212 61 63 Richmond 1,730 989 135,183 133,964 25,975 26,631 Atlanta . 2,304 1,946 176,964 182,345 6,389 7,106 Chicago 977,541 1,045,410 61,160 58,373 1,881 1 465 St Louis 13,277 23,539 328,495 348,402 62,224 51,228 36 22 Minneapolis .. . 266,756 289,981 23,129 32,433 181,656 238,357 666 622" 223,340 287,441 235,475 285,960 5,905 7,093 Dallas . x. 3,869 3,251 108,256 87,759 30,507 28,066 92 108 720 629 8,740 9,525 72,130 104,635 33,667 27,278 Total 12,566 10,976 2,460,624 2,672,541 588,802 671,293 223,572 274,644 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1940 "Dec. 1, 1941 1940 Dec. 1, 1941 1940 Dec. 1, 1941 1940 Dec. 1, 1941 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston ........ 6,405 6,106 3,193 2,782 31,738 33,298 51,042 53,238 New York 31,759 26,949 5,978 4,465 1,748 1,855 33,764 32,986 Philadelphia 18,456 18,974 2,465 2,096 50,586 52,518 22,145 21,710 Cleveland 56,432 63,867 5,663 4,994 123,784 112,090 16,517 17,418 22,105 23,470 4,292 4,008 744,639 654,954 27,468 21,435 Atlanta . * . 16,275 21,866 3,775 4,056 180,294 138,347 15,935 15,547 Chicago 515,654 471,752 20,393 18,116 37,647 30,484 36,960 40,711 65,347 71,149 8,457 8,232 277,830 249,835 12,444 11,838 Minneapolis ..... .. 305,759 264,344 10,034 11,388 3,090 2,603 50f,914 40,006 Kansas City. 132,034 136,518 6,697 7,894 4,446 3,888 32,995 29,697 Dallas 48 709 41 748 2,005 1,907 4,227 6,760 San Francisco 27,115 29,364 12,124 12,420 73,692 66,437 Total 1,246,050 1,176,107 85,076 82,358 1,455,802 1,279,872 378,103 357,783 n December 1941. 68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANKSi-PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loans and investments Deposits, exclusive of Number < interbank deposits banks Total Loans Investments Federal Reserve district Sept. June June Sept. June June Sept. June June Sept. June June Sept June June 24, 30, 29, 24, 30, 29, 24, 30, 29, 24, 30, 29, 24, 30, 29, 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 All banks:l Boston 6,094 5,970 5,602 2,873 2,825 2,678 3,221 3,145 2,924 6,698 6,611 6,253 864 864 869 New York 23,199 22,717 19,631 8,956 8,742 7,777 14,242 13,975 11,854 24,741 24,711 22,424 1,186 1,188 1 201 Philadelphia 3,723 3,637 3,406 1,475 1,446 1,302 2,248 2,190 2,103 4,435 4,251 3,973 905 907 912 Cleveland . . 4,109 4,016 3,620 1,767 1,746 1,527 2,341 2,270 2,094 5,049 4,934 4,347 1 221 1,223 1 230 Richmond 2,337 2,209 2,021 1,160 1,131 1,012 1,178 1,078 1,009 3,067 2,895 2,529 1,057 1,056 1,059 Atlanta 1,705 1,657 1,430 946 926 777 760 732 653 2,186 2,131 1,826 1,054 1,051 1,050 Chicago ... .... 6,800 6,865 5,861 2 868 2,741 2 264 3,932 4,125 3,597 8,669 8,597 7,504 2 442 2,442 2,460 St. Louis 1,894 1,804 1,575 1,010 946 815 884 858 760 2,201 2,089 1,857 1,496 1,497 1,512 Minneapolis 1,267 1,203 1,112 683 626 544 585 577 568 1,493 1,453 1,341 1,281 1,281 1,288 Kansas City 1,666 1,552 1,413 961 845 731 705 707 681 2,049 1,917 1,745 1,829 1,830 1,851 Dallas 1,256 1,195 1,051 710 659 577 546 536 474 1,737 1,682 1,464 951 949 952 San Francisco 5,255 5,120 4,615 2,788 2,679 2,337 2,467 2,441 2,278 6,126 5,900 5,319 566 567 571 Total 59,305 57,945 51,335 26,196 25,312 22,341 33,109 32,633 28,995 68,449 67,172 60,582 14,852 14,855 14,955 Member banks: Boston 2,267 2,181 1,924 1,200 1,153 999 1,067 1,029 925 2,818 2,745 2,459 348 347 350 New York 15,762 15,246 12,261 5,178 4,971 4,058 10,584 10,275 8,203 16,841 16,819 14,603 794 786 759 Philadelphia 2,601 2,536 2,342 1,132 1,111 985 1,469 1,425 1,357 3,188 3,024 2,791 656 656 651 Cleveland . ... 3,321 3,230 2,859 1,385 1,364 1,162 1,937 1,866 1,697 4,135 4,040 3,497 670 667 650 Richmond 1,589 1,465 1,328 780 752 657 809 713 671 2,094 1,966 1,676 441 437 419 Atlanta 1,361 1 319 1 122 723 706 578 639 613 544 1,703 1,650 1,416 316 317 316 Chicago 5,720 5,787 4,735 2 210 2,087 1,604 3,511 3,700 3,131 7,196 7,139 6,047 895 883 817 St Louis 1 422 1 336 1 123 718 661 545 704 675 578 1,572 1,477 1,299 434 426 401 Minneapolis 905 853 778 473 428 365 432 425 412 1,054 1,029 952 452 452 462 Kansas City 1,352 1,260 1,131 744 648 548 608 611 583 1,633 1,528 1,389 739 738 735 Dallas 1,112 1,052 908 618 569 490 494 483 419 1,533 1,479 1,275 574 570 557 San Francisco 4,529 4,394 3,941 2,386 2,279 1,978 2,142 2,115 1,963 5,391 5,179 4,635 277 277 281 Total 41,943 40,659 34,451 17,546 16,729 13,969 24,397 23,930 20,482 49,160 48,076 42,039 6,596 6,556 6,398 Nonmember banks: Boston 3,827 3,789 3,678 1,673 1,672 1,679 2,154 2,117 1,999 3,879 3,866 3,794 516 517 519 New York 7,437 7,471 7,370 3,778 3,771 3,720 3,658 3,701 3,650 7,900 7,892 7,821 392 402 442 Philadelphia 1,122 1,101 1,064 343 336 317 779 765 746 1,247 1,227 1,182 249 251 261 Cleveland 788 786 761 383 382 365 405 404 396 913 894 850 551 556 580 748 744 693 379 379 354 369 365 339 973 929 853 616 619 640 Atlanta 344 338 308 223 219 199 121 119 110 483 481 409 738 734 734 Chicago 1,080 1,078 1,126 658 653 660 422 425 466 1,473 1,458 1,457 1,547 1,559 1,643 St. Louis 472 468 452 292 285 270 180 183 182 628 612 559 1,062 1,071 1,111 Minneapolis 362 350 334 209 198 178 153 152 156 439 424 389 829 829 826 313 293 282 217 197 184 96 96 98 416 389 357 1,090 1,092 1,116 Dallas 143 143 143 92 90 87 51 53 55 204 203 189 377 379 395 San Francisco. 726 725 674 401 400 359 325 325 315 734 721 685 289 290 290 Total 17,362 17,286 16,884 8,650 8,583 8,372 8,712 8,704 8,512 19,289 19,096 18,543 8,256 8,299 8,557 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 72. JANUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans Investments Deposits, exclusive of Number of banks interbank deposits State Sept. June June Sept. June June Sept. June June Sept. June June 24, 30, 29, 24, 30, 29, 24, 30, 29, 24, 30, 29, 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 New England: Maine 117,441 116,029 112,311 203,213 186,931 181,829 358.047 352,256 335,239 99 99 100 New Hampshire 115,577 115,723 108,904 161,283 159,898 152,968 297,7'57 291,340 279,599 107 107 107 Vermont 99,615 99,737 93,765 63,788 62,866 63,618 179,232 175,964 169,986 81 81 82 Massachusetts 1,885,753 1,853,030 1,749,443 1,979,946 1,939,619 1,804,299 4,157,809 4,119,72 3,944,900 387 387 390 Rhode Island 199,558 198,874 182,473 283,294 276,613 254,420 546,451 532,032 489,246 35 3. 35 Connecticut 612,577 597,343 578,393 669,721 659,692 587,775 1,523,522 1,496,219 1,356,001 202 202 202 Middle Atlantic: New York 5,151,767 7,958,316 7,059,509 13,214,12112,949,012 10,933,186 22,417,207 22,444,48220,353,088 863 864 874 New Jersey 774,354 754,164 689,135 1,061,293 1,047,527 942,234 2,382,193 2,318,257 2,108,339 382 383 386 Pennsylvania [,801,210 1,786,192 1,580,553 3,063,733 2,997,933 2,922,750 5,642,544 5,444,138 5,049,462 1,084 1,085 1,091 East North Central: Ohio 1,109,562 1,078,504 937,748 1,142,102 1,098,123 950,892 2,910,248 2,825,920 2,448,585 694 695 699 Indiana 372,828 368,041 318,696 416,987 407,262 377,739 1,031,366 1,011,674 902,852 506 506 507 Illinois .,455,354 1,347,371 1,053,636 2,262,984 2,461,033 2,119,650 4,602,421 4,556,536 4,028,917 831 834 842 Michigan 577,320 563,278 457,071 865,909 851,203 717,851 1,937,597 1,935,256 1,587,655 442 442 449 Wisconsin 350,155 340,434 292,023 415,318 439,368 417,176 1,008,307 998,177 903,563 568 569 575 West North Central: Minnesota 461,643 424,546 374,324 404,833 397,243 392,112 953,053 946,421 875,304 677 677 677 Iowa.... 367,361 366,510 359,366 205,686 198,295 183,878 718,415 701,618 639,765 646 644 649 Missouri 644,147 581,147 489,506 640,645 623,715 561,516 1,323,104 1,270,332 1,144,774 618 619 627 North Dakota 40,685 36,955 28,504 24,248 24,468 24,919 86,692 80,242 70,145 160 160 160 South Dakota 61,223 53,663 47,128 30,230 29,944 30,546 111,579 102,875 93,643 162 162 165 Nebraska 165,348 151,481 125,399 104,811 106,866 107,991 308,338 290,303 265,778 418 418 421 Kansas 223,017 180,623 164,232 133,855 129,551 124,781 460,677 417,130 370,174 659 660 671 South Atlantic: Delaware 86,315 84,334 79,516 137,886 129,852 113,142 268,290 270,725 238,663 44 45 46 Maryland 253,759 240,379 222,907 536,991 467,878 458,443 965,985 941,347 862,511 186 187 189 District of Columbia 143,526 137,896 121,397 148,737 144,548 134,951 430,103 405,765 349,675 22 22 22 Virginia 355,798 351,304 315,619 192,138 187,987 169,850 702,353 663,604 562,608 315 314 314 West Virginia 147,298 148,505 137,010 92,666 90,252 79,551 348,381 329,877 296,826 180 181 182 North Carolina 222,176 217,557 187,257 186,923 170,322 149,620 501,318 447,158 376,582 228 228 228 South Carolina 68,814 67,169 57,619 44,021 41,707 37,405 190,721 178,552 144,545 152 151 151 Georgia 289,124 285,978 231,524 135,973 132,698 115,277 503,260 484,121 406,116 289 286 285 Florida 140,561 134,063 105,322 192,211 189,279 157,915 434,059 452,997 376,761 173 173 173 East South Central: Kentucky 250,895 244,860 219,933 159,542 157,039 145,200 472,076 458,280 413,854 405 405 409 Tennessee 289,100 281,323 243,513 172,003 161,075 136,182 553,010 533,636 460,617 297 297 297 Alabama 151,652 146,940 127,114 111,759 108,785 99,817 379,904 351,642 289,951 217 217 218 Mississippi 84,034 75,297 69,235 75,310 74,828 70,416 227,799 210,377 188,138 207 207 206 West South Central: Arkansas 77,915 71,277 67,534 67,244 66,785 55,025 217,493 196,715 165,458 217 216 219 Louisiana 184,680 185,691 154,678 192,298 179,870 184,169 487,233 471,154 434,041 146 146 145 Oklahoma 190,988 177,391 156,593 149,824 149,823 132,384 458,648 427,434 389,413 390 390 391 Texas 645,814 595,457 518,211 498,806 493,515 429,019 1,567,040 1,519,315 1,317,399 838 836 839 Mountain: Montana 52,990 44,955 36,344 55,072 56,193 53,575 160,439 145,913 135,156 111 111 112 Idaho 43,296 39,714 34,815 41,305 40,138 39,915 117,589 109,662 97,441 50 50 50 Wyoming 31,302 30,093 28,282 17,807 17,540 17,080 69,352 67,303 62,209 58 58 58 Colorado 118,215 106,088 91,320 98,014 97,980 98,956 338,832 316,201 294,484 144 144 146 New Mexico 29,367 27,458 24,584 20,254 19,720 19,514 69,278 66,350 60,148 42 41 41 Arizona 46,052 43,104 34,294 27,864 28,994 26,398 98,056 100,861 90,901 12 12 12 Utah ..... 76,942 72,894 64,357 52,801 51,206 48,189 161,164 155,336 140,845 60 60 59 Nevada 17,654 17,052 14,487 18,283 18,140 14,612 49,525 45,460 42,232 11 11 11 Pacific: Washington ,. 301,303 273,268 226,299 233,544 230,741 219,380 670,009 631,054 547,240 139 138 142 Oregon ,..,... 139,078 124,321 106,751 163,991 162,334 130,259 399,463 367,802 311,480 73 73 74 California * 1,170,735 2,115,707 1,862,112 1,937,931 1,916,678 1,806,303 4,651,386 4,512,362 4,110,088 225 227 227 Total 26,195,878 25,312,036 22,340,746 33,109,198 32,633,069 28,994,677 68,449,325 67,171,902 60,582,397 14,852 14,855 14,955 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 72. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued NATIONAL MEMBER BANKS-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Sept. June June Sept. June June Sept. June June Sept. June June 24, 30, 29, 24, 30, 29, 24, 30, 29, 24, 30, 29, 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 New England: Maine 42,502 41,247 41,187 62,102 58,537 55,814 124,607 123,022 116,650 36 36 37 New Hampshire 37,161 37,265 32,859 31,006 29,658 27,894 84,221 77,899 68,477 52 52 52 Vermont 31,992 32,114 28,788 20,321 19,399 19,906 62,544 59,276 57,515 40 40 41 Massachusetts 663,947 631,432 524,388 487,624 465,561 421,116 1,396 168 1 371,264 1,253,112 124 124 125 Rhode Island 57,195 55,524 46,062 40,610 37,756 32,660 127,729 122,612 98,475 12 12 12 Connecticut ... . 112,906 111,688 100,627 160,997 154,146 128,506 377 630 364 510 302 417 52 52 52 Middle A tlantic: New York 1,908,125 1,847,371 1,493,607 4,443,039 4,393,751 3,348,523 6,582 247 6 574 6485,617 816 425 425 429 New Jersey 302,770 292,812 259,960 430,783 430,013 379,841 998,805 959,828 846,456 224 225 225 Pennsylvania 938,390 931,715 832,308 1,507,878 1,477,478 1,438,977 2,891,879 2,757,372 2,545,580 686 687 690 East North Central: Ohio 442,210 429,874 365,412 .. 471,518 459,379 414,957 1 197 5391 168 6501 021 010 242 242 244 Indiana' 168,694 165,198 138,824 246,921 240,731 223,125 531,095 515,450 466,766 124 124 125 Illinois . . . 1,080,510 995,686 745,220 1,666,337 1,866,452 1,573,227 3,338 310 3,307 071 2,864,376 339 339 329 Michigan 259,499 255,678 186,093 534,632 525,756 420,678 1,052,760 1,065,655 827,482 78 78 82 Wisconsin 136,647 133,388 109,260 246,976 274,683 256,213 527,255 529,946 484,430 99 99 103 West North Central: Minnesota 312,806 280,210 241,935 289,468 281,071 271,610 642,427 642,344 591,635 186 186 188 Iowa. 109,856 107,101 108,317 96,671 91,606 78,971 233,786 227,669 208,061 103 103 106 Missouri 268,414 232,953 198,725 258,905 257,327 243,245 551,440 529,003 480,173 84 84 85 North Dakota 25,938 22,208 17,809 17,045 17,265 17,959 56,498 50,048 46,252 45 45 47 South Dakota . . 33,318 30,459 27,690 18,785 18,454 19,143 63,125 59,133 55,762 37 38 41 Nebraska 122,584 109,064 87,856 87,380 89,411 90,822 231,746 214,354 197,649 133 133 135 Kansas 112,311 88,390 77,703 84,886 81,905 77,085 255,412 233,915 206,376 181 181 182 South A tlantic: Delaware 9,226 9,175 8,807 8,159 8,189 7,296 20,052 19,859 18,994 14 15 15 Maryland 85,998 76,350 68,994 225,832 163,004 181,717 358,824 342,513 311,802 63 63 63 District of Columbia 68,290 64,457 56,584 87,552 85,268 82,049 246,132 229,032 192,712 9 9 9 Virginia 186,704 183,574 168,439 121,149 117,668 108,824 415,332 391,540 333,875 130 130 130 West Virginia . . . 74,604 75,215 69,022 55,607 53,270 46,569 189,488 177,077 160,612 77 77 78 North Carolina 56,219 55,355 47,005 31,358 28,412 26,760 135,946 122,400 100,223 44 44 43 South Carolina 47,352 45,790 38,845 25,226 23,229 19,179 123,369 115,873 92,187 22 22 21 Georgia 178,380 176,481 137,549 98,117 95,439 85,357 314,416 301,938 258,713 51 51 52 Florida 98,816 95,379 71,306 158,057 155,863 126,442 317,966 331,504 273,980 52 52 52 East South Central: Kentucky 123,752 117,565 100,958 97,774 97,242 87,808 240,851 226,209 202,579 95 95 95 Tennessee 205,804 197,720 167,770 137,163 126,930 105,957 391,843 373,402 324,907 71 71 71 Alabama 106,331 101,884 86,183 82,056 77,875 69,845 270,682 246,395 203,247 65 65 66 Mississippi 25,633 23,277 20,890 24,838 24,446 23 341 73,760 70,071 64,163 24 24 24 West South Central: Arkansas 41 130 37,834 35 013 41,889 40,422 32,649 117,534 108 410 91,953 50 50 50 Louisiana 123,248 124,371 99,056 138,047 129,169 132,053 315,065 303,360 280,296 29 29 29 Oklahoma 157,757 147,380 132 277 132,150 132,069 116,270 390,037 363,425 335,269 207 207 209 Texas 538,855 494,748 429,607 441,197 435,750 376,632 1,341,124 1,297,742 1,128,257 445 445 446 Mountain: Montana 24,172 20,678 16,899 31,546 32,888 31,233 88,246 81,064 76,502 41 42 43 Idaho 33,187 31,029 17,129 34,276 33,238 20,474 93,547 88,052 51,249 19 19 18 Wyoming 20,804 19,825 18 547 14,478 14,248 13,976 48,894 47,305 43,796 26 26 26 Colorado 91,813 81,165 69,393 82,534 82,287 82,412 274,318 254,305 235,513 78 78 78 New Mexico 22,700 20,916 18 687 16,995 16,470 16,221 53,252 51,583 47,335 22 22 22 Arizona 34,921 32,325 24,307 16,023 18,164 16,980 67,732 70,094 62,930 5 5- 5 Utah 30,726 29,018 24 858 25,088 23,936 23,248 72,606 68,340 60,190 13 13 13 Nevada 15,967 15,379 13,132 17,191 17,039 13,407 45,529 41,768 38,962 6 6 6 Pacific: W ashing ton 232,875 208,932 168 307 168,602 165,531 153,088 518,025 484,183 406,486 43 43 44 Oregon 123,612 109,375 93,514 150,797 149,317 117,487 360,452 331,829 279,792 26 26 27 California 1,517,884 1,470,411 1,288,550 1,301,695 1,303,801 1,224,245 3,288,331 3,190,943 2,898,145 96 96 99 Total 11,444,53510,896,985 9,156,25814,969,28014,921,50312,881,79131,500,57630,683,88526,931,139 5,125 5,130 5,164 JANUARY 1942. 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d lu e s p i o v s e i t o s f inter- Nu b m an b k e s r of State Sept. June June Sept. June June Sept. June June Sept. June June 24, 30, 29, 30, 29, 30, 29, 30, 29, 19412 1941 1940 19412 1941 1940 19412 1941 1940 19412 1941 1940 New England: Maine ,-... 74,939 74,782 71,124 141,111 128,394 126,015 233,440 229,234 218,589 63 63 63 New Hampshire 78,416 78,458 76,045 130,277 130,240 125,074 213,536 213,441 211,122 55 55 55 Vermont . .. 67,623 67,623 64,977 43,467 43,467 43,712 116,688 116,688 112,471 41 41 41 Massachusetts 1,221,806 1,221,598 1,225,055 1,492,322 1,474,058 1,383,183 2,761,641 2,748,463 2,691,788 263 263 265 Rhode Island 142,363 143,350 136,411 242,684 238,857 221,760 418,722 409,420 390,771 23 23 23 Connecticut 499,671 485,655 477,766 508,724 505,546 459,269 1,145,892 1,131,709 1,053,584 150 150 150 Middle Atlantic: New York 6,243,642 6,110,945 5,565,902 8,771,082 8,555,261 7,584,66315,834,96015,869,83414,735,272 438 439 445 New Jersey 471,584 461,352 429,175 630,510 617,514 562,393 1,383,388 1,358,429 1,261,883 158 158 161 Pennsylvania 862,820 854,477 748,245 1,555,855 1,520,455 1,483,773 2,750,665 2,686,766 2,503,882 398 398 401 East North Central: Ohio 667,352 648,630 572,336 670,584 638,744 A535,935 1,712,709 1,657,270 1,427,575 452 453 455 Indiana 204,134 202,843 179,872 170,066 166,531 *154,614 500,271 496,224 436,086 382 382 382 Illinois 374,844 351,685 308,416 596,647 594,581 546,423 1,264,111 1,249,465 1,164,541 492 495 513 Michigan 317,821 307,600 270,978 331,277 325,447 297,173 884,837 869,601 760,173 364 364 367 Wisconsin 213,508 207,046 182,763 168,342 164,685 160,963 481,052 468,231 419,133 469 470 472 West North Central: Minnesota 148,837 144,336 132,389 115,365 116,172 120,502 310,626 304,077 283,669 491 491 489 Iowa 257,505 259,409 251,049 109,015 106,689 104,907 484,629 473,949 431,704 543 541 543 Missouri 375,733 348,194 290,781 381,740 366,388 318,271 771,664 741,329 664,601 534 535 542 North Dakota 14,747 14,747 10,695 7,203 7,203 6,960 30,194 30,194 23,893 115 115 113 South Dakota 27,905 23,204 19,438 11,445 11,490 11,403 48,454 43,742 37,881 125 124 124 Nebraska 42,764 42,417 37,543 17,431 17,455 17,169 76,592 75,949 68,129 285 285 286 Kansas 110,706 92,233 86,529 48,969 47,646 47,696 205,265 183,215 163,798 478 479 489 South Atlantic: Delaware 77,089 75,159 70,709 129,727 121,663 105,846 248,238 250,866 219,669 30 30 31 Maryland 167,761 164,029 153,913 311,159 304,874 276,726 607,161 598,834 550,709 123 124 126 District of Columbia 75,236 73,439 64,813 61,185 59,280 52,902 183,971 176,733 156,963 13 13 13 Virginia 169,094 167,730 147,180 70,989 70,319 61,026 287,021 272,064 228,733 185 184 184 West Virginia 72,694 73,290 67,988 37,059 36,982 32,982 158,893 152,800 136,214 103 104 104 North Carolina 165,957 162,202 140,252 155,565 141,910 122,860 365,372 324,758 276,359 184 184 185 South Carolina 21,462 21,379 18,774 18,795 18,478 18,226 67,352 62,679 52,358 130 129 130 Georgia 110,744 109,497 93,975 37,856 37,259 29,920 188,844 182,183 147,403 238 235 233 Florida 41 745 38,684 34,016 34,154 33,416 31,473 116,093 121,493 102,781 121 121 121 East South Central: Kentucky 127 143 127 295 118,975 61,768 59,797 57,392 231,225 232,071 211,275 310 310 314 Tennessee 83,296 83,603 75,743 34,840 34,145 30,225 161,167 160,234 135,710 226 226 226 Alabama ... 45 321 45,056 40,931 29,703 30,910 29,972 109,222 105,247 86,704 152 152 152 58,401 52,020 48,345 50,472 50,382 47,075 154,039 140,306 123,975 183 183 182 West South Central: 36,785 33,443 32,521 25,355 26,363 22,376 99,959 88,305 73,505 167 166 169 Louisiana - 61 432 61,320 55,622 54,251 50,701 52,116 172,168 167,794 153,745 117 117 116 Oklahoma. 33,231 30,011 24,316 17,674 17,754 16,114 68,611 64,009 54,144 183 183 182 Texas 106,959 100,709 88,604 57,609 57,765 52,387 225,916 221,573 189,142 393 391 393 Mountain: Montana ..;-«.. 28 818 24,277 19,445 23,526 23,305 22,342 72,193 64,849 58,654 70 69 69 Idaho , 10,109 8,685 17,686 7,029 6,900 19,441 24,042 21,610 46,192 31 31 32 10,498 10,268 9,735 3,329 3,292 3,104 20,458 19,998 18,413 32 32 32 26,402 24,923 21,927 15,480 15,693 16,544 64,514 61,896 58,971 66 66 68 New Mexico 6,667 6,542 5,897 3,259 3,250 3,293 16,026 14,767 12,813 20 19 19 11,131 10,779 9,987 11,841 10,830 9,418 30,324 30,767 27,971 7 7 7 Utah 46,216 43,876 39,499 27,713 27,270 24,941 88,558 86,996 80,655 47 47 46 1,687 1,673 1,355 1,092 1,101 1,205 3,996 3,692 3,270 5 5 5 Pacific: Washington ........ c.... 68,428 64,336 57,992 64,942 65,210 66,292 151,984 146,871 140,754 96 95 98 15,466 14,946 13,237 13,194 13,017 12,772 39,011 35,973 31,688 47 47 47 California 652,851 645,296 573,562 636,236 612,877 582,058 1,363,055 1,321,419 1,211,943 129 131 128 Total ,„.„.„.„.... 14,751,34314,415,05113,184,48818,139,91817,711,56616,112,88636,948,74936,488,01733,651,258 9,727 9,725 9,791 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina) and such private and industrial banks as are included in abstracts issued by State banking departments. 2 The figures in the September 24 columns are as of that date except as follows: Maine and Louisiana, September 27, Massachusetts savings banks, September 30, Connecticut, September 30. The figures for New Hampshire, Vermont, Massachusetts (Trust Companies), New Jersey, Indiana, Missouri, North Dakota, Nebraska, Maryland, Georgia, Kentucky, Tennessee, Alabama and Wyoming were derived by adding to the September 24 figures of State bank members of the Federal Reserve System the June 30,1941 figures of nonmember banks in existence as such on both that date and September 24, 1941. For New York and Rhode Island the figures for mutual savings banks are as of June 30,1941. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on page 72 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d lu e s p i o v s e i t o s f inter- Nu b m a b n e k r s of State Sept. June June Sept. June June Sept. June June Sept. June June 30, 29, 24. 30, 29, 24, 30, 29, 24 30, 29, 19411 1941 1940 19411 1941 1940 1941x 1941 1940 1941x 1941 1940 Connecticut: District No 1 255 258 287 157 153 162 442 431 398 2 2 2 District No. 2 99 104 112 72 72 69 423 391 330 1 1 1 Indiana: District No. 7 1,881 1,881 1,791 1,064 1,064 999 4,675 4,675 4,170 14 14 14 District No. 8 102 102 85 54 54 54 243 243 154 1 1 1 Kansas 1 1 2 1 1 2 1 1 1 Sew Jersey: District No 2 15 12 6 1 New York 42,916 42,578 37,833 61,876 58,961 66,349 88,597 86,179 83,145 5 6 8 Ohio 2,080 2,188 2,158 651 611 584 3,336 3,246 3,042 12 13 13 Pennsylvania: District No 3 5,207 4,955 4,059 8,548 8,070 7,066 13,195 13,089 11,632 11 11 11 District No. 4 1,409 1,402 1,419 1,311 1,226 1,128 3,650 3,214 2,789 4 4 4 South Carolina 865 864 674 88 88 54 1,069 744 580 1 1 1 Total 54,815 54,333 48,433 73,821 70,299 76,479 115,631 112,213 106,248 52 54 57 1 Figures in the September 24 columns for Connecticut are as of September 30; Indiana, June 30. MUTUAL SAVINGS BANKS-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on page 72 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Sept June June Sept. June June Sept. June June Sept June June 24, 30, 29, 24, 30, 29, 24, 30, 29, 24, 30, 29, 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 Connecticut: District No 1 265,051 255,067 257,709 303,139 298,667 278,759 588,187 583,837 569,214 58 58 58 District No. 22 85,353 85,199 83,287 78,217 76,796 74,756 177,246 176,510 171,356 14 14 14 Delaware . 13,292 13,077 12,863 35,817 35,161 32,411 44,959 44,775 41,526 2 2 2 Indiana: District No. 71 5,873 5,873 6,172 4,673 4,673 3,642 11,932 11,932 11,790 3 3 3 District No 81 4,763 4,763 4,642 2,444 2,444 2,182 8,466 8,466 8,390 1 1 1 Maine2 27,585 27,595 28,735 105,713 95,617 94,201 131,928 131,010 129,453 32 32 32 Maryland* 36,211 36,211 38,011 170,634 170,634 166,140 229,037 229,037 228,013 11 12 12 Massachusetts^ 970,684 980,436 990,012 1,212,046 1,192,331 1,151,319 2,162,273 2,163,530 2,161,553 191 191 192 Minnesota 20,275 19,220 16,010 44,801 45,500 48,615 68,134 68,171 66,941 1 1 1 New Hampshire 68,974 68,974 66,925 122,585 122,585 117,427 195,800 195,800 194,186 43 43 43 New Jersey: District No. 2* 117,267 117,267 120,407 163,605 163,605 161,453 304,975 304,975 313,527 22 22 22 District No 3 4,253 4,253 4,483 8,266 8,266 7,823 13,822 13,822 13,743 2 2 2 New York1 3,066,660 3,066,660 3,042,676 2,413,896 2,413,896 2,404,197 5,648,555 5,648,555 5,670,370 134 134 134 Ohio 57,861 58,102 50,778 61,199 61,924 63,236 124,687 125,745 124,072 3 3 3 2,295 2,179 1,824 653 658 969 2,973 2,843 2,774 1 1 1 Pennsylvania: District No. 3 79,611 78,549 75,508 446,867 442,763 434,302 561,572 562,887 553,098 6 6 6 District No 4 11,718 11,714 11,189 42,340 42,130 41,670 57,832 58,004 56,923 1 1 1 Rhode Island1 59,165 59,165 54,298 115,934 115,934 108,425 180,415 180,415 178,988 9 9 9 Vermont1 31,262 31,262 31,113 22,110 22,110 22,544 57,559 57,559 57,411 8 8 8 Washington 30,672 30,203 27,602 45,177 45,094 45,155 75,664 75,430 73,075 3 3 3 Wisconsin: District No. 7 2,084 2,088 2,128 2,318 2,309 2,259 4,972 4,846 4,678 3 3 3 District No. 9 121 108 103 48 48 42 157 145 138 1 1 1 Total 4,961,030 4,957,965 4,926,475 5,402,482 5,363,145 5,261,52710,651,14510,648,29410,631,219 549 550 551 1 The figures in the September 24 columns are as of June 30, 1941. 2 The figures in the September 24 columns for Connecticut and Massachusetts are as of September 30; Maine, September 27. JANUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 76 Gold production.... 77 Gold movements... 77 International capital transactions of the United States... 78-82. Central banks . 83-86 Money rates in foreign countries... 87 Commercial banks... 88 Foreign exchange rates... 89 Price movements: Wholesale prices. . 90 Retail food prices and cost of living... 91 Security prices... 91 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 ix, 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. 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 it t e e d s g t A i e n n r a - - g B iu e m l- Brazil B I r n i d ti i s a h g B a u r l i - a Canada Chile lom Co b - ia C v z s a e l k c o h - ia o- D m e a n rk - Egypt France m G a e n r- y Greece 1936—Dec. 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec. 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Nov. 21,801 2 353 50 274 24 30 19 58 53 52 2,000 28 Dec. 21,995 353 51 274 24 7 30 17 58 52 52 2,000 28 1941—Jan.. 22,116 353 734 51 274 24 7 30 20 59 51 52 2,000 28 Feb.. 22,232 353 734 55 274 24 8 30 18 59 49 52 2,000 28 Mar.. 22,367 353 734 56 274 24 6 30 18 59 48 52 2,000 28 Apr.. 22,506 353 57 274 24 7 30 17 59 48 52 2,000 May. 22,575 353 58 274 24 8 30 16 59 48 52 2,000 June. 22,624 353 62 274 6 30 18 61 47 2,000 July. 22,675 353 63 274 7 30 18 45 2,000 Aug.. 22,719 352 65 11 30 17 45 2,000 Sept. 22,761 352 66 6 30 17 44 Oct.. 22,800 354 68 6 30 17 44 Nov. 22,785 17 End of month H ga u r n y - (P I e ra rs i ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze 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 S f o r u ic t a h Spain 1936—Dec. 25 25 208 463 60 46 491 23 20 75 68 114 203 5 718 1937—Dec. 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec. 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec. 24 26 144 164 90 32 692 23 94 20 69 152 249 1940—Nov. 24 1 137 164 129 32 621 23 184 21 59 157 351 Dec, 24 164 140 47 617 23 20 59 158 367 1941—Jan... 24 164 152 50 616 23 20 59 158 376 Feb... 24 164 171 52 614 23 20 59 158 388 Mar.. 24 178 54 614 23 20 158 401 Apr... 24 174 56 572 23 21 171 413 May.. 24 174 58 572 23 20 172 418 June.. 24 173 59 573 23 20 175 427 July.. 24 173 60 573 23 20 178 431 Aug... 24 193 59 573 23 20 178 436 Sept.. 24 201 57 573 23 21 179 450 Oct... 24 54 23 422 Nov. . 52 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n i o n i m t g e - d 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. c O tr o t i u h e n e s7 r - End of month U St n a i t t e e s d U K d n i o i n m t g ed - France g B iu e m l- 1936—Dec 240 657 26 2,584 77 59 48 11 183 1937—June ... 169 2 934 115 1937—Dec 244 650 29 2,689 74 52 51 5 185 Dec 3 1,395 81 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Mar.... 1,489 1939—Dec 308 549 29 81 68 52 59 7 149 June.. . 44 62 Sept.... 759 1940—Nov 157 501 1 77 11 145 Oct 4 103 Dec 160 502 1 90 82 12 145 Dec. ... ""80" 331 ""44" 1941—Jan 165 520 87 1 95 35 83 13 145 1939—Mar. ... 154 '"i,732' 559 Feb 171 524 87 1 97 37 83 13 145 May.. 477 Mar 172 527 89 1 100 40 13 145 June... 85 Apr 174 528 95 1 105 40 12 145 Sept.... 164 May 180 530 96 1 108 40 9 145 Dec 156 17 June 192 528 96 1 108 40 10 144 1940—Mar. ... 145 July 189 533 95 1 108 40 9 144 June... 86 17 Aug 191 525 93 1 108 41 9 144 Sept.... 105 Sept 191 543 1 106 41 9 146 Dec. ... 48 17 Oct 192 1 41 146 1941—Mar. ... 88 Nov 1 41 146 June.. . 89 1 Figures relate to last official report dates for the respective countries, as follows: Germany 1 Reported at infrequent intervals or on de- —June 15, 1939; Italy—late in Mar. 1940; Norway—Mar. 30,1940; Poland—July 31, 1939. layed basis: U. S.—Exchange Stabilization Fund 2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1); U. K.—Exchange Equali- 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- zation Account; France—Exchange Stabilization trol Board. Gold reported since that time is gold held by Minister of Finance. Fund and Rentes Fund; Belgium—Treasury. Change from previous December due largely to inclusion of gold formerly not reported. 2 Figure for end of Mar. 1937, first date reported. 5 Figures for Dec. 1936 and Dec 1937 are those officially reported on Aug. 1, 1936, and Apr. 30, 3 Figure for end of Sept. 1937. 1938, respectively. 4 First date reported. For complete monthly 6 Beginning Mar. 29, 1941, gold reserves no longer reported separately. series from Oct. 1938-May 1939, see BULLETIN 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian for February 1941, p. 170. Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, NOTE.—For details regarding special gold Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain transfers in 1939-40 between the British E. E. A. of these countries have been carried forward from last previous official report. and the Bank of England, and between the French 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British E. S. F. and the Bank of France, see BULLETIN Exchange Equalization Account during 1939. for September 1940, p. 926. 9 Beginning Dec 1940, figures refer to gold reserves of new Central Bank only. 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. fin thousands of dollars] Estimated Production reported monthly Year or month production Africa North and South America Other U o . u S t . s S i . d R e .1 Total A So fr u ic th a d R e h s o ia - 1 A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n aL it t e e d s4 Canada>'|Mexico Co b l i o a m Chile Ni g c u a a r f a i Au l s ia tra- I B n r d it i i a s 7 n $1 = I5ixgrains o fine;i.e., an ounce of fine gold == $35 1934 823,003 r708,453 366,795 24,264 12,153 6,549 108 191 104.023 23.135 17045 8,350 1,166 30 559 11,223 1935 882,533 r752,847 377,090 25,477 13,625 7,159 176 375 114 971 23,858 11515 9,251 868 31,740 11 468 1936 971,514 r833,895 396,768 28,053 16,295 7,386 152 509 131 181 26465 13632 9,018 807 40 118 11,663 1937 1,041,576 r893,384 410,710 28,296 20,784 8,018 168 159 143 367 79591 15478 9,544 848 46 987 11,607 1938 1,136,360 r958,77O 425,649 28,532 24,670 8,470 178 143 165 379 37 306 18 225 10,290 1,557 54 764 11,284 1939. 1,212,796 rl,020,297 448,753 28,009 28,564 8,759 196 391 178 303 29426 19951 11,376 3,506 56 182 11,078 1940. 1,275,505 rl,094,264 491,628 29,155 32,163 38,862 210 109 185 890 30 878 22 117 11,999 5,429 55 878 10,157 1940--Sept 106,505 r90,093 40,958 2,450 2,652 17324 15440 2596 2016 673 421 4 616 945 Oct 113,330 r98,231 42,362 2,477 2,709 22 004 16386 2 337 1789 1,121 427 5 638 980 N D n ec v 1 1 0 0 8 7 ,8 0 0 8 0 0 r r 9 92 3 , , 3 0 8 1 4 0 4 41 1 , , 1 6 8 2 8 0 2 2 , , 4 4 3 0 3 4 2 2 , , 6 6 6 8 8 7 1 1 9 9 ,6 9 9 5 4 ? 1 IS 5 7 77 8 S 0 2 19 2 0 2 S 1 1 1 6 7 7 1 5 3 8 9 7 2 9 9 5 4 3 8 2 9 4 4 3 S 3 9 3 7 9 9 8 4 0 5 1941—Jan 106,015 r90,964 42,335 2,326 2,618 16,646 15 199 2 945 2 137 784 591 4 544 840 Feb 100,450 r84,564 39,608 2,237 2,566 15,408 14446 2 670 1844 695 474 3,812 805 M Ap a r r 1 10 0 6 5 ,5 3 2 6 5 5 r r 8 9 9 0 , , 0 0 3 1 9 8 4 4 1 2 , , 3 0 5 7 7 5 2 2 , , 3 3 5 1 5 8 22 2 , , 5 6 8 9 0 6 1 1 6 6 , , 4 0 1 7 3 3 1 1 5 5 6 38 2 4 9 2 7 4 7 9 0 1 2 2 1 0 8 7 9 1 1 1,3 8 1 9 3 6 4 5 9 5 2 3 4 4, 0 1 4 3 0 3 8 80 4 5 0 May 105 140 r88,599 42,716 2,355 2,615 16,077 IS 448 187? 528 485 4 136 700 June 105,875 ^89,382 41,186 2,353 '2,615 16,468 15,890 2845 1777 1,023 445 3,939 840 July r109 970 P93,238 43,093 2,319 '2,615 18, 15,983 485 077 628 '445 4 18S 875 Aug P108,605 p92,188 42,458 2*2,356 '2,615 17,487 16,353 554 1739 860 '445 445 875 Sept ^94,299 42,135 P2,352 '2,615 20,881 15,578 Pf]554 1984 504 '445 "/f4t4:5 805 Oct ^93,876 43,061 p/2,352 '2,615 18,855 16,141 554 2098 '504 '445 445 '805 p Preliminary. r Revised. ' Figure carried forward from last previous figure. 1 Annual figures through 1939 are estimates of U. S. Mint. Annual figure for 1940 and monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 33 4 BB BB IInn ee e cc gg g ll i ii i uu i nn n dd nn n ee ii i ss nn n gg gMPP M AA hh ii pp a llii rr y1pp ii ll 9pp 1 4i 1 i 1 9 nn 0 99 4 ee 4 0 4 11 , II m ,, ss ff ll o ii aa gg tn nn h uu t dd l rr h s e s e l ss y p p aa rr f rr o i o ee gfdd ui ff uu r oo e cc rr s tt ii GG oo n nn oo ol ll l dd rr o ee n CC cc g ee oo e ii aa vv r ss ee r tt dd e oo p ii nn o nn t ll r yy t UU .. ed nn . ii tteedd A n SS n tt u aa a ttee l ss f .. i gu MM re oo f nn o tt r hh 1 llyy 9 4 ff 0 ii gg e uu s rr t ee im ss a ffoo te rr d UU a .. t SS th .. r ff e oo e rr ti 11 m 9944 e 00 s p rree ro pp d rree u ss c ee t nn io tt n ee ss fo ttii r mm f aa ir tt s ee t ss fo oo u ff r AA m mm o ee n rr t ii h cc s aa nn o f B t uu h r e re aa y u e o a o r ff . Metall SSttaattiissttiiccss rreevviisseedd bbyy aaddddiinngg ttoo eeaacchh mmoonntthhllyy ffiigguurree $$224422,,660022 ssoo tthhaatt aaggggrreeggaatte ffo r 11994400 iis equall tto annual l esttimita te compiillded b b yB B ureau off M Miitn ti in cooperraattiioonn wwiitthh BBuurreeaauu ooff MMiinneess.. 5 FFiigguurreess ffoorr CCaannaaddaa bbeeggiinnnniinngg JJaannuuaarryy 11994411 aarree ssuubbjjeecctt ttoo ooffffiicciiaall rreevviissiioonn.. 6 GGoldld exports, reporttde d bb y thth eB Baanncc o NNacili onda l dNei Nicaragua,h wihh ictht statthes that they represent approximately 90 per cent of total production. 7 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 fin thousands of dollars at approximately $35 a fine ounce] Y m e o a n r t o h r i . m To p n t o e a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h 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: 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 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 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 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 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102,404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 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 96 515,093 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 7 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 Oct7 40,440 55 16,074 1,020 2,107 3,143 6,151 200 "2," 327' 5 9,366 1 Differs frW 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. 7 The Department of Commerce has suspended publication of gold import and export statistics for months subsequent to October 1941. NOTE.—For gross import and export figures and for additional countries see table on p. 36. JANUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increas f e u n in d s f o in re i U gn . S b . anking D in e c U re . a S se . se F c o u r r e i i t g ie n s: s D e o c m ur e it s i t e ic s: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage Central funds of U. S. foreign balances Total bank funds Other abroad funds funds in N. Y.1 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 98.9 Sept (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Oct. 9... 5,767.0 3,108.5 1,133.6 1,975.0 781.8 793.5 981.9 101.3 Oct. 16. 5,736.6 3,086.3 1,129.9 1,956.4 780.9 793.9 974.5 100.9 Oct. 23.. 5,744.0 3,118.7 1,140.1 1,978.6 765.6 793.9 964.7 101.2 Oct. 30.. 5,731.0 3,112.5 1,158.9 1,953.6 765.7 794.4 957.6 100.7 Nov. 6 5,745.0 3,137.0 1,190.7 1,946.3 762.3 795.4 950.3 100.0 Nov. 13 5,734.7 3,141.9 ,195.5 1,946.4 751.5 795.9 946.0 99.4 Nov. 20 5,786.9 3,199.3 ,248.7 1,950.6 752.3 797.9 936.0 101.4 Nov. 27 5,780.7 3,194.0 ,231.6 1,962.5 764.0 798.2 924.5 100.0 Dec. 4 5,758.0 3,177.8 ,209.1 1,968.7 763.0 800.2 917.4 99.6 Dec. 11 5,718.2 3,146.5 ,186.3 1,960.2 757.6 801.3 913.5 99.3 Dec. 18 5,763.7 3,182.1 ,209.7 1,972.4 771.1 802.9 907.5 100.2 Dec. 25 5,733.0 3,160.9 ,182.4 ,978.5 771.6 802.8 896.3 101.3 1941—Jan. 1 5,727.6 3,159.0 ,200.8 ,958.3 775.1 803.8 888.7 100.9 Jan. 8 5,704.0 3,152.9 1,198.8 ,954.1 775.8 804.6 869.4 101.3 Jan. 15 5,781.3 3,257.6 1,301.3 ,956.4 772.2 806.4 843.3 101.7 Jan. 22 5,747.5 3,255.2 1,303.3 ,951.9 757.1 807.6 827.8 99.8 Jan. 29 5,694.5 3,215.9 1,288.2 ,927.7 759.9 808.1 811.9 Feb. 5 5,644.3 3,175.9 1,269.0 ,906.9 763.1 809.0 799.3 97.0 Feb. 12 5,609.9 3,156.9 1,255.0 ,901.8 754.6 810.5 792.1 95.9 Feb. 19 5,563.8 3,108.1 1,228.8 ,879.4 764.6 811.5 783.1 96.5 Feb. 26 5,564.5 3,102.6 1,243.4 ,859.2 776.1 812.7 775.8 97.2 Mar. 5 5,560.8 3,128.1 1,249.6 ,878.5 764.9 814.0 757.3 96.6 Mar. 12 5,592.9 3,188.0 1,300.1 ,887.9 752.1 814.1 741.9 96.9 Mar. 19 5,598.8 3,202.4 1,346.2 ,856.2 756.2 814.8 726.9 98.4 Mar. 26 5,567.0 3,185.2 1,325.6 ,859.6 755.4 815.8 714.7 95.8 Apr. 2 5,526.5 3,148.8 1,307.7 ,841.0 767 A 812.7 701.8 95.9 Apr. 9... 5,647.5 3,273.6 1,416.6 ,857.0 7 66 A 815.6 694.7 97.1 Apr. 16.. 5,678.3 3,299.2 1,434.7 .864.5 772.4 816.2 691.9 98.7 Apr. 23.. 5,666.3 3,279.2 1,424.0 ,855.2 785.0 816.7 686.8 98.5 Apr. 30.. 5,652.5 3,257.3 1,406.4 ,850.9 798.9 815.7 682.4 98.2 May 7... 5,639.1 3,243.5 1,400.4 ,843.1 791.6 832.9 673.8 97.2 May 14 5,602.2 3,224.2 1,414.8 ,809.4 792.4 833.5 655.2 96.8 May 21. 5,627.8 3,252.0 1,421.2 ,830.9 794.6 834.5 649.6 97.0 May 28. 5,635.8 3,266.4 1,417.5 ,848.9 794.9 835.4 641.6 97.5 5,608 9 3,235.2 1,418.6 ,816.6 803.6 836.3 637.1 96.8 5,602.7 3,226.9 1,401.3 ,825.6 811.6 832.6 634.4 97.2 5,627.8 3,249.3 1,407.9 ,841.4 815.7 831.6 634.4 96.7 5,620.7 3,240.9 1,410.3 ,830.7 817.8 833.1 632.4 96.5 5,575.4 3,193.3 1,375.1 ,818.2 818.6 834.1 631.2 98.2 [uly 9 5,584.6 3,194.6 1,366.2 ,828.4 826.2 835.5 630.0 98.3 "uly 16 5,561.8 3,171.5 1,362.8 ,808.7 826.2 837.8 628.2 98.2 [uly 23 5,534.0 3,153.6 1,342.7 ,810.9 819.4 838.3 624.8 97.9 [uly 30 5,506.9 3,141.4 1,320.3 ,821.1 803.5 838.9 623.6 99.5 Aug. 6... 5,556.1 3,185.5 1,378.9 ,806.6 807.3 839.7 624.8 98.8 Aug. 13.. 5,535.8 3,166.9 1,369.7 ,797.3 805.7 841.0 623.1 99.1 Aug. 20.. 5,521.2 3,156.2 1,374.2 ,782.0 803.7 842.0 619.7 99.6 Aug. 27.. 5,467.2 3,105.5 1,318.1 ,787.4 801.8 841.4 617.3 101.0 Sept. 3... 5,478.3 3,113.2 1,313.3 ,799.9 805.6 841.7 616.5 101.2 Sept. 10 5,448.3 3,073.2 1,292.0 ,781.1 814.9 842.0 617.0 101.2 Sept. 17 5,397.3 3,022.1 1,262.4 ,759.7 814.8 841.8 618.2 100.5 Sept. 24 5,422.7 3,050.9 1,255.2 ,795.6 810.1 839.8 622.1 99.9 Oct. 1 5,510.3 3,139.5 1,321.7 ,817.7 805.3 841.1 623.5 100.9 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2* 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, Total U K d n i o i n t m g ed - France N l e a t n h d e s r- land m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca Asia1 D A th l e l r1 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—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. (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 Sept. 10 5,448.3 626.1 660.1 452.1 875.0 179.0 50.0 878.1 3,720.4 411.3 624.4 561.8 130.5 Sept. 17 5,397.3 629.0 657.8 452.3 854.8 179.1 50.0 877.8 3,700.8 408.5 614.3 545.0 128.8 Sept. 24 5,422.7 629.1 656.5 450.9 834.9 179.2 50.0 898.4 3,699.1 419.7 610.3 561.4 132.2 Oct. 1 5,510.3 694.0 654.7 451.0 836.3 178.8 50.1 935.1 3,799.8 407.6 606.0 580.1 116.7 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 i o i n t m g ed - France N l e a t n h d e s r-Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—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—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 A 450.9 61.3 1941—Jan. 29 3,215.9 349.7 455.1 156.1 482.3 -24.2 -2.8 587.5 2,003.7 343.4 336.1 465.0 67.7 Feb. 26 3,102.6 279.2 455.0 155.4 475.8 -22.7 -3.3 584.6 1,924.1 334.6 314.2 458.4 71.3 Mar. (Apr. 2) 3,148.8 297.3 452.8 173.4 484.2 -24.0 -3.5 576.9 1,957.1 321.4 349.3 446.9 74.1 Apr. 30 3,257.3 382.8 455.6 165.8 475.4 -23.9 -3.8 576.7 2,028.7 333.9 358.0 446.9 89.9 May 28 3,266.4 389.9 456.1 159.8 493.5 -24.2 —4.1 560.6 2,031.7 312.0 367.2 462.5 93.0 June (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. (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 Sept. 10 3,073.2 275.2 437.5 152.2 484.2 -22.8 .-1.5 552.5 1,877.2 332.4 332.5 422.0 109.1 Sept. 17 3,022.1 279.1 435.3 152.3 463.7 -22.8 -1.7 551.8 1,857.7 330.4 321.5 404.9 107.6 Sept. 24 3,050.9 279.3 433.7 150.9 442.7 -22.6 -3.1 571.9 1,852.7 345.2 321.6 420.3 111.2 Oct. 1 3,139.5 345.0 432.0 150.0 443.9 -23.1 -3.6 608.5 1,952.7 338.3 318.2 437.9 92.4 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, Total U K d n i o i n t m g ed - France N l e a t n h d e s r-Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e nC anad j a L A a m t s i r n le& Asia1 ot A he ll r1 1935-Dec. (Jan. 1,1936).... 361.4 208.8 48.1 — A 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—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 A 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. (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 Sept. 10 814.9 270.2 76.8 17.8 5.3 195.9 25.7 51.8 643.6 69.1 50.1 54.0 -1.9 Sept. 17 814.8 269.9 76.8 17.8 5.4 195.9 25.7 51.6 643.2 68.7 50.1 54.9 -2.1 Sept. 24 810.1 269.8 76.9 17.8 5.4 195.9 25.7 51.5 643.1 68.0 45.2 56.0 -2.3 Oct. 1 805.3 269.8 76.9 17.9 5.4 195.9 25.7 51.4 642.9 64.6 43.0 56.9 -2.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 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. JANUARY 1942. 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.-FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J ro a u n g . h 2 — , 1935, Total U K d n o i i n m t g ed - France N l e a t n h d e s r-Sw la i n tz d er-Germany ^Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L i m a c t a e in r- Asia1 ot A h l e l r1 1935-Dec. (Jan. 1,1936) 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec (Jan 3 1940) 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941) 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Jan 29 808.1 128.7 43.5 31.0 46.1 36.5 28.1 197.2 511.2 25.8 203.5 54.2 13.5 Feb. 26 . . .. 812.7 129.0 43.6 31.0 45.8 36.5 28. 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. 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. 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. 199.5 511.4 42.7 208.1 59.0 14.2 Tune (Tulv 2) 834.1 127.2 49.1 31.0 U.I 36.5 28. 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. 199.8 518 5 36.8 212.3 60.8 10.5 Aug. (Sept 3) 841.7 127.7 51.2 31.2 44.5 36.5 28. 200.0 519.2 37.0 214.0 60.6 10.9 Sept. 10 842.0 127.7 51.2 31.2 44.4 36.5 28. 200.0 519.2 37.0 214.2 60.6 10.9 Sept 17 841.8 127.7 51.2 31.2 44.5 36.5 28. 200.1 519.2 36.6 214.4 60.6 10.9 Sept. 24 839.8 127.8 51.2 31.2 44.4 36.5 28.1 200.1 519.4 34.4 214.5 60.6 10.9 Oct. 1 841.1 127.3 51.2 31.2 44.4 36.5 28.1 200.3 519.0 32.8 214.6 60.7 14.1 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g h 2 — , 1935, Total U K d n i o i n t m e g d - France N l e a t n h d e s r-Sw la i n tz d er-Germany Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L i m a c t a e in r- Asia1 ot A h l e l r1 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 2C0.2 -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—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. (Sept. 3) 616.5 -63.0 75.1 236.0 326.0 -30.4 -2.4 65.3 6C6.6 -40.0 20.8 17.8 11.4 Sept. 10 617.0 -63.4 75.0 235.9 326.9 -30.4 -2.4 65.3 607.0 —40.8 21.4 18.0 11.4 Sept. 17 618.2 -63.8 75.1 235.9 327.6 -30.4 -2.4 66.0 608.0 -41.1 22.2 17.6 11.5 Sept. 24 622.1 -64.2 75.2 235.9 328.8 -30.4 66.5 611.0 -41.4 23.2 17.7 11.5 Oct. 1 623.5 -64.7 75.3 236.5 328.9 -30.4 66.6 611.9 -41.8 23.9 18.0 11.5 TABLE 7.—BROKERAGE BALANCES.2 BY COUNTRIES From t h J r a o n u . g h 2 — , 1935, Total U K d n o i i n m te g d - France N l e a t n h d e s r- land Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L i m a c t a e in r- Asia1 ot A h l e l r1 1 1 9 9 3 3 5 6 — — D D e e c c . . 3 (J 0 an. 1, 1936) 1 6 2 . . 0 9 4 ( . ) 0 1 2 0 . . 4 4 - 1 .9 .3 9 2 . . 1 5 . . 3 1 1. . 4 4 2 7 2 . . 6 6 - - 4 7 . . 5 6 -4 1 . . 2 0 2 2 . . 9 1 1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 () 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 .2 5.2 47.9 1.8 -.9 -1.5 .3 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 .1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Jan. 29 98.8 17.1 19.2 13.3 15.9 .2 8.9 74.4 10.4 6.8 6.3 .9 Feb. 26 97.2 17.0 19.3 13.5 14.4 .2 9.1 73.3 10.9 6.1 6.1 .9 Mar. (Apr. 2) 95.9 16.7 18.7 13.9 14.5 .2 7.9 71.7 10.6 6.1 6.4 1.1 Apr. 30 98.2 16.7 19.0 14.0 14.3 .2 7.8 71.8 11.4 7.0 7.2 May 28 97.5 16.6 19.4 14.3 13.6 .2 8.4 72.3 12.0 5.8 6.7 June (July 2) 98.2 16.4 19.2 14.5 14.5 .2 8.4 73.1 11.6 5.7 7.1 .7 July 30 99.5 16.0 19.6 14.7 14.2 .2 9.0 73.4 12.1 6.5 6.7 .7 Aug. (Sept. 3) 101.2 16.4 19.6 15.0 14.2 .2 8.5 73.7 13.6 5.8 7.4 .7 Sept. 10 101.2 16.4 19.6 15.0 14.2 .2 8.4 73.5 13.5 6.2 7.2 .9 Sept. 17 100.5 16.1 19.4 15.1 13.7 .2 8.3 72.6 13.8 6.1 7.1 .8 Sept. 24 99.9 16.4 19.5 15.2 13.5 .2 8.4 72.9 13.4 5.8 6.9 .9 Oct. 1 100.9 16.6 19.3 15.5 13.8 .2 8.3 73.4 13.7 6.3 6.7 22 3 1 FF I P n oo r f i rr l o o r ee w xx t o pp le ll J aa s a nn s n aa t . tt h ii 3 oo a , nn n 1 $ 9 ssee 4 5 ee 0 0 , ,0 BB t 0 U h U 0 e LL . L fi E g T u I r N e s f o u r n d M er a y A s 1 i 9 a 3 r 7 e , p p re p s . e 3 n 9 t 5 F -3 a 9 r 6 E . ast only, the remaining Asiatic countries being included under All other" 4 Outflow less than $50,000. 8o 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 n i m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - 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 Canada A L m a e t r i i n ca Asia1 ot A he ll 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. 282 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks inUnited States 1934—Dec. 53 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 Dec. (Jan. 2, 1935) 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 1935—Dec. (Jan. 1, 1936) 1,200.2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29 1,729.6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Dec. (Jan. 4, 1939) 1,996.6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 274.3 34.1 1939—Mar. 29 2,318.8 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432.7 236.6 300.7 305.5 43.3 June 28 2,683.0 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1,672.7 291.7 363.0 306.0 49.7 Sept. 27 3,050.7 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1,909.7 325.3 383.0 366.5 66.2 Dec. (Jan. 3, 1940) 3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 491.4 72.5 1940—Mar. (Apr. 3) 3,165.2 361.3 290.7 199.7 432.2 8.4 69.3 618.7 1,980.3 250.1 365.5 515.2 54.1 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 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 1940—Oct. 30 3,738.7 378.8 500.8 179.1 490.0 9.1 19.4 662.5 2,239.6 408.1 446.0 576.3 68.7 Nov. 27 3,820.3 397.2 497.6 172.8 493.5 8.0 18.9 656.3 2,244.3 435.2 453.6 622.0 65.1 Dec. (Jan. 1, 1941) 3,785.2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 616.9 73.3 1941—Jan. 29 3,842.1 421.9 487.2 170.4 496.0 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. (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 Sept. 10 3,699.4 347.3 469.6 166.1 497.9 6.8 17.2 599.4 2,104.4 432.5 453.4 588.0 121.1 Sept. 17 3,648.3 351.2 467.4 166.3 477.4 6.9 17.1 598.7 2,084.9 430.5 442.4 570.9 119.6 Sept. 24 3,677.1 351.4 465.8 164.8 456.4 7.0 15.6 618.8 2,079.9 445.3 442.5 586.3 123.1 Oct. 1 3,765.7 417.1 464.1 164.0 457.5 6.6 15.1 655.4 2,179.9 438.4 439.2 603.8 104.4 Additional Detail Available from January 3, 19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu e m l- m D a e r n k - l F a i n n d - Nor- S d w en e- Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a . m a n Z n d a - . Total China H K o o n n g g Japan P l p a h I i n s i n - l d i e 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 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 1940—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. 195.1 89.4 102.8 45.2 Nov. 27 466.2 145.7 16.1 22.0 50.1 232.4 353.8 115.1 44.1 26.9 46.4 62.6 58.6 475.2 218.6 92.2 119.3 45.1 Dec. (Jan. 1, 1941) 462.7 144.8 17.3 16.5 48.7 235.4 341.7 115.4 36.2 28.5 47.9 55.0 58.7 454.5 207.5 91.1 110.3 45.6 1941—Jan. 29 450.5 143.2 17.1 14.1 48.3 227.7 342.5 118.2 45.4 26.1 48.6 49.3 54.8 464.3 210.5 93.4 114.1 46.3 Feb. 26 437.9 140.7 17.0 12.3 46.2 221.6 319.6 103.3 35.1 25.3 47.3 52.6 55.9 464.4 217.5 97.5 103.4 46.0 Mar. (Apr. 2).. 429.6 135.4 16.4 10.6 45.0 222.2 348.6 104.5 44.0 30.5 51.5 53.5 64.5 447.9 216.7 94.5 90.8 45.9 April 30 433.1 134.1 16.1 12.5 44.8 225.6 349.1 103.4 50.6 28.8 55.6 48.6 62.1 420.5 187.0 92. 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. (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 Sept. 10 424.8 120.0 19.1 6.0 42.1 237.6 339.3 42.3 26.8 72.2 42.0 49.5 362 158.7 87.0 76.7 40.1 Sept. 17 426.5 120.9 19.0 6.0 42.1 238.5 326.5 99.7 39.2 26.3 72.3 41.5 47.5 356.9 157.9 83.7 76.5 38.9 Sept. 24 436.0 120.6 19.1 5.9 51.6 238.7 329.4 101.0 39.2 25.2 72.7 40.8 50.5 357.6 156.5 86.4 75.5 39.1 Oct. 1 451.9 120.9 18.8 5.9 66.1 240.2 326.8 26.0 74.0 41.4 49.1 355.1 151.6 90.0 75.4 38.1 1 Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 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), * JANUARY 1942. 81 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 t m g ed - France N la e n th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca Asia1 ot A he ll r1 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 II 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 II 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 53 1,137.8 266.4 108.2 19.2 8.3 239.6 * 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Mar. 29 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 June 28 496.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 14.8 Sept. 27 485.7 66.0 8.7 9.6 2.9 67.1 12.2 41.6 208.1 49.7 108.5 104.0 15.4 Dec. (Jan. 3, 1940)... 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—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 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 1940—Oct. 30 393.4 19.6 3.7 1.0 1.9 44.0 3.3 33.3 106.8 32.4 123.1 124.9 6.3 Nov. 27 395.1 21.4 4.3 1.1 1.9 43.0 2.2 32.0 106.0 29.7 125.9 126.2 7.3 Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Jan. 29 399.2 23.0 3.4 .8 2.1 38.8 1.7 31.1 100.9 33.6 125.8 132.4 6.5 Feb. 26 383.0 20.7 3.1 .8 3.8 38.2 1.7 31.0 99.4 30.8 115.1 131.0 6.6 Mar. (Apr. 2) 391.7 24.0 2.8 .8 3.1 36.1 1.7 30.1 98.6 30.9 121.6 133.4 7.2 Apr. 30 360.2 22.6 2.8 .9 2.7 35.5 1.7 29.1 95.3 25.0 118.3 113.9 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 .8 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. (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 Sept. 10 344.2 22.0 1.9 .8 2.8 35.3 1.5 27.9 92.2 27.1 115.9 98.6 10.4 Sept. 17 344.3 22.2 1.9 .8 2.7 35.3 1.5 28.2 92.5 27.6 115.8 97.7 10.6 Sept. 24 349.0 22.3 1.9 .8 2.6 35.3 1.5 28.2 92.7 28.2 120.8 96.6 10.7 Oct. 1 353.8 22.4 1.9 .7 2.7 35.3 1.5 28.4 92.9 31.7 123.0 95.7 10.5 Additional Detail Available from January 3, 19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu e m l- m De a n rk - l F a i n n d - N w o a r y - S d w en e- Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a m a . n n d Z a - . Total Chin* H K o o n n g g Japan P l p h a I i n i s n l - d i e 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).. 10.6 3.4 .7 .5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90.6 32.7 Sept. (Oct. 2). 7.5 1.7 .3 .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 1940—Oct. 30 7.6 2.2 .3 .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 .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 .8 .9 1.0 78.4 11.9 33.1 13.4 11.7 6.1 2.1 103.8 23.7 1.7 55.8 22.6 1941—Jan. 29. 5.6 1.4 .3 .9 .8 1.2 80.0 11.1 34.0 14.9 11.8 6.1 2.1 117.9 24.2 1.1 71.8 20.7 Feb. 26 5.6 1.5 .3 1.9 .8 1.2 68.3 10.0 24.4 14.3 11.3 5.9 2.4 114.2 23.5 .9 68.3 21.5 Mar. (Apr. 2).. 4.8 1.3 .1 1.9 .7 .9 71.1 10.4 30.0 12.2 10.7 5.4 2.5 115.2 26.5 .9 67.3 20.4 M Ap a r y . 3 2 0 8 4 4 . . 2 4 1 1 . . 0 3 6 (B) 1 1 . . 9 9 . . 6 7 . . 6 6 6 6 7 9 . . 4 0 1 1 2 0 . . 7 8 2 2 4 8 . . 1 1 1 1 2 2 . . 2 0 1 9 0 . . 7 3 6 5 . . 0 4 2 2. . 7 5 9 9 7 8 . . 0 0 2 2 9 6 . . 2 1 2 1. . 0 7 4 4 1 6 . . 1 9 2 2 3 5 . . 0 0 June (July 2).. 4.4 1.1 2.0 .6 .6 69.5 12.6 25.4 13.2 9.8 5.9 2.7 78.2 31.1 2.7 17.3 27.1 July 30 4.4 1.1 2.0 .6 .6 72.4 13.8 27.3 13.5 10.0 5.6 2.3 90.6 34.1 3.0 27.1 26.4 Aug. (Sept. 3). 4.3 1.1 2.0 .6 .6 73.3 14.3 27.8 12.7 9.5 6.8 2.2 84.6 30.7 3.4 22.5 28.0 Sept. 10. 4.3 1.1 2.0 .5 .7 68.2 14.2 23.2 12.6 9.3 6.8 2.1 83. 29.8 3.2 22.5 27.9 Sept. 17. 4.3 1.1 2.0 .5 .7 67.9 13.9 22.9 13.2 8.8 7.2 2.0 81.9 29.3 3.1 22.3 27.2 Sept. 24. 4.2 1.1 2.0 .5 .6 70.8 16.0 24.2 13.4 8.9 6.4 1.9 80.9 29.2 3.1 21.6 27.0 Oct. 1... 4.2 1.1 2.0 .5 .6 71.1 15.6 24.4 13.5 9.1 6.5 1.9 81.2 29.4 3.1 21.5 27.3 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. 5 Less than $50,000. N9TE.—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). 82. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS is A s s u s e e t d s e o p f t. Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s i n s m te i r l l l i i i o g n ) s of Gold1 a O s t s h e e ts r 2 C C oi a r s L h rese N rv o e t s es a c v n o D a d n u i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b o l s ic its Other l O i t a t i b h e i s e l r i- 1929—Dec. 25 ... 145.8 260 0 2 263 22 84.9 379 6 71.0 8 8 35.8 17.9> 1930—Dec. 31 147.6 260.0 .6 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. 133.0 364.2 126.4 7 7 40.3 18.0> 1932—Dec. 28 119.8 275 0 g 23 5 185 120.1 371 2 102 4 8 9 33 8 18.0> 1933—Dec. 27 190.7 260 0 1 0 58 7 168 101.4 392.0 101.2 22 2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260 0 355 8 a 94.7 424 5 72.1 12 1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220 0 8 41 1 9 135.5 505 3 120 6 11 4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 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—Nov. 27 .2 5 630.0 1.0 36.9 6.9 161.2 593.3 110.8 27.1 50.3 17.8 Dec. 25 .2 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941_jan- 29 .2 630.0 1.0 31.0 3.8 175.4 599.2 107.9 32.4 53.0 18.0 Feb. 26 .... .2 630.0 1.4 27.0 3.7 175.4 603.2 121.7 14.6 53.0 18.1 M Ap a r r . . 3 2 0 6 . . . 2 2 5 6 6 3 8 0 0 . 0 0 1 1 .5 1 5 18 6.9 8 4 2 5 8 . .3 1 1 4 33 5 . . 7 8 6 6 1 2 1 3 . . 5 4 1 1 1 3 8 1 . . 6 8 2 1 2 3 . . 0 6 5 5 2 7 . . 3 2 1 17 8 . . 7 1 May 28 .2 680.0 1.6 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 June 25 .2 680.0 1.7 41.3 6.9 156.2 639.0 112.5 25.3 50.4 17.8 July 30 .2 680.0 1.7 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 Aug. 27 .2 680.0 1.8 15.5 6.4 183.9 664.7 125.7 14.9 49.1 18.0 Sept. 24 .2 5 730.0 1.6 58.8 4.6 149.8 671.4 133.9 10.6 52.2 18.1 Oct. 29 .2 730.0 1.3 36.9 45 163.3 693.3 117.0 13.7 57.7 17.7 Nov. 26 .2 730.0 .t 20.2 40 192.3 710.0 136.4 9.8 53.1 17.8 Assets Liabilities Bank of France Advances to Domestic bills Government Deposits (Figu o r f e s f r i a n n m cs i ) llions Gold6 F c o h e r a e x n i - g g e n rn O a p r e k n et7 Special7 Other c F u c o p o r s a t o t s i c 8 o - n Other7 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- C.A.R.9 Other l O ia t t i b h e i e s l r i- 1929—Dec. 27 41,668 25,942 5,612 8,624 8, 74 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,=>10 76,436 12,624 11,698 2,241 1931—Dec. 30 . 68,863 21,111 7 157 7,389 11,>7S 85,725 5,891 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,n? 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11, 73 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,soo 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,70S 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17698 12, <S4?, 89,342 2,08() 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 909 11, 93,837 3,46 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 ?0 6?7 18,W8 110,935 5,061 25,595 2,718 1939—Dec. 28 10 97,267 112 11,273 2,345 5,149 34 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,SS6 151,738 1,834 14,965 3,259 Feb. 29 97,275 109 12,505 1,810 4,630 40,523 20,?8S 156,150 1,203 17,128 3,156 Mar. 28 10 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 ?S0 25,?,?,1 174,469 1,049 25,405 2,848 A Se u p g t . . 2 2 9 6 i U i 8 8 4 4 , , 6 6 1 1 6 6 (J2) (12) ( ( 1 1 2 2 ) ) 3 2 9 7 , , 2 2 0 0 0 0 6 6 4 93 1 4 9 0 5 (}2) 2 1 0 9 5 8 , , 4 5 3 7 9 8 9 9 9 9 5 0 3 2 4 7 , , 9 2 3 0 0 0 2 25 8 , , 7 2 0 2 0 6 t12) O N c o t v . . 3 2 lU 8n 8 84 4 , , 6 6 1 1 6 6 M (12) 5 6 6 4 , , 8 39 0 7 6 6 6 5 1 2 2 5 0 0 0 (12) 2 2 1 1 3 4 , , 1 1 3 7 1 6 1,0 7 9 4 7 8 3 3 8 9 , , 9 1 3 0 2 7 2 2 5 4 , , 0 9 7 4 5 1 (12) Dec. 2611 84,616 42 43,194 661 3,646 72,317 63900 (12) 218,383 984 41,400 27,202 3,586 23,179 1941—July 3i 84,598 37 40,776 C6,419 117,715 69500 22,605 242,000 1,318 60,612 33,978 3,741 Aug. 28 84,598 37 40,720 6,139 117,555 67700 21,826 244,099 1,341 60,193 29,179 3,763 c Corrected. 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at varying market prices until Sept. 6, 1939, when value was set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 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. 6 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of 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. 11,1941 (last date revised on basis of Bank's statement for Sept. 11), 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. JANUARY 1942. 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 (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold1 T in r c e b l a i u l s d l u s i r n y g Se lo cu an ri s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4 242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3 226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4 552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5 510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8 244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Nov. 30 78 13,532 26 51 427 2,223 13,198 1,706 1,433 Dec. 31 . . .. 78 15 419 38 32 357 2,066 14,033 2,561 1,396 1941—Jan. 31 ... 77 14 503 28 28 349 1,834 13,694 1,726 1,399 Feb. 28 77 15,284 34 24 351 1,445 13,976 1,935 1,305 Mar. 31 78 15 367 23 32 352 1,672 14,188 2,127 1,210 Apr. 30 78 15,644 32 22 488 1,548 14, 689 2,006 1,117 May 31 78 15 918 23 18 438 1,922 15,210 2,012 1,174 June 30 78 16 258 20 45 416 2,336 15,565 2,373 1,215 July 31 78 16 754 27 12 359 2,302 16,031 2,243 1,259 Aug. 30 77 17 306 25 16 384 2,343 16,502 2,326 1,323 Sept. 30 77 18,016 25 24 383 2,260 16,918 2,511 1,357 Oct. 31P 77 18 456 26 20 (2) (2) 17,432 2,470 (2) Nov. 22? 77 17,669 15 55 (2) (2) 16,645 2,399 (2) * Preliminary. * Not shown separately on Reichsbank statement after June 15,1939. 2 Figure not yet available. NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. Central Bank 1941 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept Nov. date of month) Nov. Oct. Sept. Nov. Central Bank of the Argentine Re- National Bank of Bohemia and Mopublic (millions of pesos): ravia—Cont. (June)2 Gold reported separately 1,075 1,068 1,071 Other assets Other gold and foreign exchange... 440 445 253 Note circulation 7,101 5,970 Negotiable Government bonds 364 362 282 Demand deposits 2,091 1,598 Rediscounted paper t1) 1 18 Other liabilities Other assets 194 195 219 Central Bank of Bolivia (thousands Note circulation 1,260 1,251 1,173 of bolivianos): (Apr.)2 Deposits—Member bank 545 528 460 Gold at home and abroad 104,959 100,767 Government 137 176 131 Foreign exchange 42,607 123,482 Other 18 17 5 Loans and discounts 224,182 223,346 Foreign exchange sold forward 3 5 7 Securities—Government 440,344 436,782 Other liabilities 109 94 66 Other 8,513 6,436 Commonwealth Bank of Australia Other assets 202,454 22,341 (thousands of pounds): Note circulation 508,348 456,775 Issue department: Deposits 422,463 373,065 Gold and English sterling 18,955 18,955 16,705 Other liabilities 92,248 83,315 Securities 57,245 55,604 54,051 National Bank of Bulgaria (millions Banking department: of leva): (May)2 Coin, bullion, and cash 4,033 4,498 3,878 Gold 2,006 2,006 London balances 31,975 34,699 55,124 Net foreign exchange in reserve 40 4 Loans and discounts 20,202 20,132 29,747 Foreign exchange 5,807 2,476 S D e e c p u o r s it i i t e s s 1 6 1 7 4 , ,4 7 0 9 2 0 1 6 1 6 5 , ,8 0 6 6 5 7 1 3 1 8 8 , , 2 7 7 4 8 6 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 2,5 9 9 05 3 3 2 , ,5 3 9 7 0 3 Note circulation 73,614 72,114 61,919 Other assets 3,684 2,633 Na o t f i o b n el a g l a B s) a : nk of Belgium (millions (Mar.)2 N D o ep te o s c i i t r s culation 8 3 , , 6 5 1 2 0 2 3 6 , , 5 56 0 6 3 Gold 4,331 Other liabilities 2,902 3,015 Foreign exchange 543 Bank of Canada (thousands of Cana- Credits to State and public bodies.. 2,186 dian dollars): Credits to private economy 125 Gold4 Due from Bank of Issue, Brussels.. 373 Sterling and United States ex- Other assets 491 change 113,828 42,511 109,295 82,967 Note circulation 7,596 Canadian Gov't. securities: Demand deposits 296 2 years or less 428,664 462,240 516,422 444,565 Other liabilities 157 Over 2 years 228,459 234,733 146,282 141,234 National Bank of Bohemia and Mo- Other assets 20,309 29,558 19,942 10,456 ravia (millions of koruny): (June)2 Note circulation 462,996 448,866 435,288 335,487 Gold 1,503 1,447 Deposits—Chartered banks 247,154 231,816 207,460 231,210 Foreign exchange 788 762 Dominion Gov't 53,180 60,346 124,610 83,791 Discounts 660 40 Other 7,220 2,361 6,362 13,766 Loans x Other liabilities 20,711 25,654 18,219 14,968 1 Less than 500,000. 2 Latest month for which report is available for this institution. 3 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. DD 677-678). 84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1941 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Central Bank of Chile (millions of Bank of Finland—Cont. (May)1 pesos): 5,659 Gold 147 147 146 Deposits .. 796 Discounts for member banks 235 255 132 Other liabilities 3,520 Loans to Government 738 738 746 Bank of Greece (millions of drachmas): (Mar )x Other loans and discounts 537 529 392 Gold and foreign exchange (net)... 18,465 7,977 Other assets 90 94 41 Loans and discounts 16 585 16,076 Note circulation 1,242 1,242 1,031 Government obligations 3* 947 4,049 Deposits Bank 167 203 195 3 589 3 461 Other 95 79 51 19 371 14,174 Other liabilities 243 239 180 Deposits 20,'908 14,771 Bank of the Republic of Colombia Other liabilities 2,306 2,618 (thousands of pesos): National Bank of Hungary (millions Gold 29,102 29,757 29,713 32,562 of pengo): Foreign exchange 10 449 8,098 9 823 8,908 Gold4 100 100 124 L G o o a v n e s r n a m nd e n d t i l s o c a o n u s n t a s n d secur . i;ties... 4 5 2 4 , , 6 58 2 6 1 4 5 1 6 , , 7 2 0 0 5 3 3 5 8 6 , , 1 4 5 0 8 5 4 2 7 6 , , 1 42 2 7 2 F D o is re c i o g u n n t e s xchange reserve 1,02 1 9 8 1,01 1 7 6 7 3 2 5 8 Other assets 34 612 33,101 30 728 31,541 Loans—To Treasury 801 802 572 Note circulation 68 009 66 503 64 682 56 591 140 108 Deposits 53 786 54 810 53 547 54,180 Other 35 35 44 Other liabilities 49,574 47,552 46,597 35,789 Other assets 398 399 346 National Bank of Denmark (millions Note circulation 1,941 1,909 1,366 of kroner): Demand deposits 337 337 180 Gold 98 98 117 Consolidated foreign credits of 1931. 26 26 Foreign exchange 32 36 10 Other liabilities 217 205 304 Clearing accounts (net) 758 704 383 Reserve Bank of India (millions of 9 9 11 rupees): Loans—To Government agencies... 16 16 37 Issue department: (July)1 Securitie O s ther 1 2 80 6 1 2 4 8 4 1 6 6 2 1 Gold at home and abroad 1 2 44 1 4 6 1,3 4 1 4 5 4 Other assets 857 822 473 Indian Gov't securities 885 496 Note circulation 792 746 718 Rupee coin 376 308 Deposits 980 910 343 Note circulation 2 730 2,291 Other liabilities 204 200 192 Banking department: Central Bank of Ecuador (thousands Notes of issue department 192 272 of sucres): (June)1 Balances abroad 432 499 Gold 67 426 60 400 3 Foreign exchange (net) 12,756 19,718 Loans to Government 1 Loans and discounts 62 041 63,463 Other assets 93 89 Other assets 23,652 27,256 Deposits .. 606 735 Note circulation 81 330 76,339 Other liabilities 115 125 Demand deposits 51,224 50,954 Bank of Japan (millions of yen): Other liabilities 33,322 43,544 Cash, bullion, and foreign accounts. 572 6522 National Bank of Egypt2 (thousands Special foreign exchange fund 300 300 of pounds): Advances—To Government 2 3 Gold 6 241 6,241 Other7 517 6686 Foreign exchange 2,722 1,504 Government bonds 4 118 3,228 Loans and discounts 4,778 8,695 Other assets 561 6482 British, Egyptian, and other Gov- Note circulation 4 484 3,874 ernment securities 84 664 53 760 877 843 Other assets 7 660 (3) Other 321 147 Note circulation 45,945 Other liabilities 389 357 Deposits—Government 10,166 3,994 Bank of Java (millions of guilders): Other 36 385 26,805 Gold 378 244 Other liabilities 13 568 10 576 Foreign bills 23 18 Central Reserve Bank of El Salva- Loans and discounts 89 149 dor (thousands of colones): Other assets 119 115 Gold 13 236 13 249 13 214 Note circulation 255 207 Foreign exchange 1,215 1 160 1,503 Deposits 318 284 Loans and discounts 1,025 1,072 2,875 Other liabilities 36 36 Government debt and securities..,. 6,362 6,299 6,057 Netherlands Bank (millions of guil- Other assets 1 711 1 737 1 535 ders) • Note circulation 16,089 15,601 13,153 Gold 1 023 1 109s Deposits 3,821 3,815 4,840 Silver (including subsidiary coin) 8 16 Other liabilities 3 638 4 101 7 192 Foreign bills 590 15 Bank of Finland (millions of mark- Discounts 68 177 kaa): (May)x Loans 176 215 Gold 556 Other assets 277 147 Foreign assets , 1 182 Note circulation 1 894 1 438 Loans and discounts ... 5,610 Deposits—Government Domestic securities 414 Other 190 184 Other assets 2,212 Other liabilities 58 55 1 Latest month for which report is available for this institution. 2 Items for issue and banking departments consolidated. 3 Figure not available. * Gold revalued in week ending Sept. 30, 1941, at 0.2175 gram fine gold'per pengo, an increase in gold value of the pengo of approximately 24 per cent 5 Included in "Other liabilities". J Foreign accounts included on this date either in "Advances—other" or "Other assets" rather than in "Gold, bullion, and foreign accounts". 7 Includes bills discounted, no longer shown separately beginning Mar. 29, 1941. JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1941 1940 Central bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs) : Gold 2,802 2,802 2 802 Gold 2,350 2,168 Sterling exchange reserve 11,528 14,748 8,823 Foreign exchange 1,162 943 Advances to State or State under- Loans and discounts 186 280 takings 22,733 19,039 26 618 Other assets 229 271 Investments 3 842 3,823 3 772 Note circulation ... 2,150 2 188 Other assets 1,690 1,636 1 241 Other sight liabilities 1,502 1,205 Note circulation 22 133 22 231 20 584 Other liabilities 275 270 Demand deposits . • .... 17,874 17,312 20 171 Central Bank of the Republic of Other liabilities 2,588 2,504 2 501 Turkey (thousands of pounds): (Aug.)1 Bank of Norway (millions of kroner): (Mar.)1 Gold 115,679 108,672 Gold 186 Foreign clearing accounts 48,359 29,152 Foreign assets 102 Loans and discounts 444,880 367,928 Total domestic credits and securi- Securities 190,822 194,338 ties .. 435 Other assets 28,096 22,989 Discounts (2) Note circulation 498,066 400,002 Loans 2 Deposits—Gold 79,358 78,572 Securities 2 Other 113,375 111,765 N O o th t e e r c a ir s c s u e l ts ation 5 (* 9 ) 9 Ban O k th o e f r t l h ia e b i R lit e i p es ublic of Uruguay 137,038 132,739 Demand deposits—Government.... 9 (thousands of pesos): Other 112 Issue department: Other liabilities (2) Gold and silver 86,235 86,235 Central Reserve Bank of Peru (thou- Note circulation 107,511 97,709 sands of soles): ^ Banking department: Gold and foreign exchange 53,894 52,402 Gold 80,560 52,745 Discounts 16,920 22 940 Notes and coin 28,006 43,607 Government loans 75,538 30,185 Advances to State and to Other assets 9,524 15 525 government bodies 42,241 40,738 Note circulation 78,666 38 245 Other loans and discounts 89,138 97,807 Deposits 53,375 54,120 Other assets 109,132 90,577 Other liabilities 23,834 28 687 Deposits 125,140 106,355 Bank of Portugal (millions of Other liabilities 223,937 219,122 escudos): Central Bank of Venezuela (thou- Gold3 1,309 1 232 sands of bolivares): Other reserves (net) 1,332 565 Gold 124,304 124,304 124,304 Non reserve exchange 1,919 641 Foreign exchange (net) 34,862 31,706 31,163 Loans and discounts 351 454 Credits to national banks 38,997 38,997 38,997 Government debt 1,031 1 033 Other assets 7 479 14 676 9,546 Other assets 875 1,093 Note circulation— Note circulation 3,501 2,768 Central Bank 94,067 89,235 84,892 Other sight liabilities 2,617 1 242 National banks 63 943 70 089 77 107 Other liabilities .. 698 1 009 Deposits 37 339 40 855 33 194 National Bank of Rumania (millions Other liabilities 10,292 9,504 8,816 of lei): National Bank of the Kingdom of Gold4 33,715 32,089 Yugoslavia (millions of dinars): (Feb.)1 Special exchange accounts 17,667 6,844 Gold 2,790 2,594 Loans and discounts 31,102 25,385 Foreign exchange 909 611 Special loans (in liquidation) 574 766 Loans and discounts 1 686 1,827 Government debt 9,628 9,982 Government debt 3,061 3,073 Other assets 37,532 15 227 National defense bills 7 128 6 298 Note circulation 89,691 61 445 Other assets 3 465 2,855 Demand deposits 28,281 15,721 Note circulation 13 973 13,363 Other liabilities 12,246 13,126 Other sight liabilities 3,510 3,064 South African Reserve Bank (thou- Other liabilities 1,555 832 sands of pounds): Bank for International Settlements Gold 51,260 54,616 42,615 (thousands of Swiss gold francs5): Foreign bills 11,686 1,208 817 Gold in bars 28 730 34,008 Other bills and loans 2 3 3 Cash on hand and on current Other assets 41,762 45,093 34,448 account with banks . .... 39 293 50,802 Note circulation 28,151 25,837 23 534 Sight funds at interest 15 507 15,559 Denosits 71,846 71,075 49,802 Rediscountable bills and accept- Other liabilites 4,714 4,007 4,547 ances (at cost) 141,956 141,218 Bank of Sweden (millions of kronor): Time funds at interest .... 21 008 21,550 Gold 424 421 345 Sundry bills and investments 221 911 226,591 Foreign assets (net) 874 867 801 Other assets 49 2,380 Domestic loans and investments... 773 779 674 Demand deposits (gold) 22,793 25,392 Other assets 877 913 849 Short-term deposits (various Note circulation 1,568 1,553 1,399 currencies): Demand deposits 716 691 455 Central banks for own account 19 812 42,223 664 737 815 Other . 4 047 2,923 Long-term deposits: Special accounts 229,001 229,001 Other liabilities 192,801 192,568 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 ieu. 5 See BULLETIN for December 1936, p. 1025. 86 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OFICENTRAL BANKS ['Per cent per annum] Central bank of— Central Rate Date Central Rate Date Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S de w n e- S l w a e n i r t - d z A A l r b g b a e a n n n i t k a i n o a f— D 3 e s 1 c y . 2 M M a a e r r f . . f e 2 c 1 1 t , i , v 1 e 1 9 9 4 3 0 6 J J a b a v p a a n an k of— D 3 3 3 . e 2 1 c 9 . J A a p e n r f . . f e 1 c 7 4 ti , , v 1 e 1 9 9 3 3 6 7 Belgium 2 2 Jan. 25, 1940 Latvia. . 5 Feb. 17, 1-940 In effect Oct. 2, Bohemia and Lithuania. .. 6 July 15, 1939 1936 2 h 4 2 3 2 Moravia Oct. 1, 1940 Mexico 4 Jan. 2, 1941 Oct. 9 Oct. 16 Oct. 20 2H Bolivia 6 Nov. 8, 1940 Netherlands 2H June 27, 1941 Nov. 26 British India.. 3 Nov. 28, 1935 New Zea- Dec. 3 2 Bulgaria 5 Dec. 1, 1940 land i* July 26, 1941 Jan. 28, 1937 4 Canada Mar. 11, 1935 Norway May 13, 1940 June 15 6 Chile 3-4^ Dec. 16, 1936 Peru 5 Aug. 1, 1940 July 7 5 Colombia July 18, 1933 Portugal.... 4 Mar. 31, 1941 Aug. 4 4 4 Sept. 3 Nov. 13 3 2 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept.12, 1940 May 10, 1938 4 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 May 13 v/% El Salvador... 3 Mar. 30, 1939 Spain 4 lMar. 29, 1939 May 30 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 Sept. 28 3 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Oct. 27 . . 2H Nov. 25 Jan. 4, 1939 . . . France Mar. 17, 1941 Turkey 4 July 1, 1938 Apr. 17 4 Germanv Apr. 9, 1940 United King- May 11 3 Greece 5 2 July 14, 1941 dom 2 Oct. 26, 1939 July 6 2H Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 Aug. 24 4 Italy May 18, 1936 Yugoslavia. 5 Feb. 1,1935 Aug. 29 3 Sept. 28 3 l Not officially confirmed. Oct. 26 2 NOTE.—Changes since Nov. 30: none. Dec. 15 3 Jan 25, 1940 2 Apr. 9 3H May 17 33^ Mar. 17, 1941 iji z May 29 3 June 27 In effect Dec. 31, 1941 2 sy 2 2 3 OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac B 3 c a e m n p o k ta n e n r th c s' e s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a d o n w e k p a o e n r s c s i e t ' s d P i r s 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 a c v o te a u t n e t 1 M m f o o o n r n ey th m u L p o o n a to n th s s 3 d P is r r i c a v o te a u t n e t 1929—Oct 6.13 6.19 5.45 7.28 8.06 5.15 4.52 3.38 1930—Oct 2.09 2.13 1.65 4.66 5.15 1.59 1.48 1.29 1931—Oct 5.68 5.46 4.36 8.00 9.21 2.76 3.07 1.90 1932—Oct .82 .71 .71 C3.88 4.94 .37 1.00 1.50 1933—Oct .79 .73 .75 C3.88 5.11 .50 1.00 1.50 1934—Oct .77 .68 .75 3.81 4.63 .59 1.00 1.50 1935—Oct .63 .62 .75 3.04 3.13 4.70 5.00 2.37 1936—Oct .56 .54 .75 2.94 2.82 1.87 2.51 1.69 1937—Oct .55 .53 .75 2.88 2.81 .13 .50 1.00 1938—Oct .70 .68 .75 2.88 2.70 .21 .50 1.00 1939—Oct 1.88 1.77 1.71 2.75 2.23 1.90 2.24 1.25 1940—Oct 1.03 1.02 1.00 2.25 1.87 2.25 2.75 1.31 1940—Nov.. . 1.03 1.02 1.00 2.25 1.93 2.25 2.75 1.25 Dec... 1.03 1.01 1.00 2.25 1.95 2.25 2.75 1.25 1941—Jan.. .. 1.03 1.01 1.00 2.25 1.73 2.25 2.75 1.25 Feb.... 1.03 1.02 1.00 2.25 1.68 2.25 2.75 1.25 Mar.. . 1.03 1.01 1.00 2.25 1.83 2.07 2.75 1.25 Apr.... 1.03 1.01 1.00 2.25 1.67 2.06 2.75 1.25 May... 1.03 1.00 1.00 2.25 1.78 1.93 2.36 1.25 June... 1.03 1.00 1.00 2.13 1.93 1.88 2.25 1.25 July... 1.03 1.00 1.00 2.13 1.63 1.88 2.25 1.25 Aug— 1.03 1.00 1.00 2.13 1.88 2.25 1.25 Sept... 1.03 1.01 1.00 2.13 1.88 2.25 1.25 Oct.... 1.03 1.00 1.00 c Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s l o h n l t o e a i y r c n t e a d t B co il u ls n d te i d s- T r d e r e c e p e a o i s p s u t i r t s y 2 Securities c L u o s a to n m s t e o rs a O s t s h e e ts r TotaI II D D e e p m o a s n it d s 3 Time3 lia O b t i h li e ti r es II 10 London clearing banks 1932—December 207 127 408 472 778 208 1,983 II 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 II 1 (\dA 910 251 1935—^December 221 159 322 605 784 231 2,091 l]l40 924 231 1936—December 236 187 316 630 864 238 2,23* 1 (4) 232 11 London clearing banks 5 1936—December 244 195 322 660 890 249 2,31= 1,288 1,012 245 1937—December 244 163 300 635 984 256 2 33C 1 284 1 026 252 1938—December 243 160 250 635 971 263 2,254[ 1,256 997 269 1939—December 274 174 334 609 1 015 290 2 441 1 398 1 043 256 1940—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 1,027 247 284 128 210 330 814 915 272 2,709 1,696 1,013 243 March .. 288 132 194 374 821 922 276 2,764 1,728 1,036 242 April 298 137 188 461 820 897 274 2,829 1,769 1,060 247 May 293 128 173 469 848 889 273 2,824 1,789 1,035 249 June 311 143 193 482 880 874 3ivl 2,946 1,870 1,075 248 Tulv 306 139 275 476 902 866 267 2,991 1,898 1,093 240 August 316 140 266 469 935 850 264 2,997 1,909 1,088 242 September 330 134 315 531 939 839 269 3,115 1,991 1,123 243 October 328 132 270 596 986 837 273 3,176 2,023 1,153 246 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 chartered banks. End of abroad Note excluding interbank deposits m o o f n t C h a f n ig a u d r i e a s n in do m lla il r l s io ) ns Cash Security O lo t a h n e s r d a u n e d f n ro e m t Securities O as t s h e e t r s cir ti c o u n la- li O ab t i h l e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1932—December 211 103 1,104 155 778 500 115 1,916 538 1,378 821 1933—December 197 106 1,036 134 861 482 121 1,920 563 1,357 775 228 103 977 155 967 491 124 2,035 628 1,407 761 1935—December 228 83 945 141 1,155 529 111 2,180 694 1,486 789 1936—December 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December 263 65 940 166 1,463 535 88 2,50C) 840 1,660 843 1939—December 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 313 41 1,128 174 1,513 514 88 2,758 1,132 1,626 837 323 40 1,108 159 1,531 570 80 2,80d 1,163 1,641 846 312 36 1,092 164 1,677 522 79 2,873 1,205 1,668 851 293 34 1,104 170 1,788 531 80 2,989 1,302 1,687 850 296 35 1,115 178 1,766 521 80 2,972 1,270 1,703 858 325 31 1,109 189 1,820 544 79 3,064 1,356 1,708 877 Mav 321 29 1,132 183 1,812 537 80 3,045 1,350 1,695 889 288 33 1,292 191 1,688 575 80 3 075 1 608 1,467 913 July 314 34 1,279 188 1,681 559 80 3,068 1,579 1,489 907 299 35 1.255 190 1,698 553 81 3,03 1,509 1,522 919 SeDtember 308 36 1,237 197 1,696 579 79 3,037 1,482 1,555 938 October 325 37 1,233 199 1,643 594 80 3,012 1,420 1,592 939 Assets Liabilities France (4 f i l g a u r r g e e s b in a n m k i s l . l io E ns n d o f o f f r m an o c n s) th re C se a r s v h es Du b e a n f k r s om B c i o ll u s n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Tune 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—December 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 I935—December 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 1936—December 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December 3,403 4,116 18,249 7,624 2,134 30,348 29.748 600 661 4,517 1938 D ecember 3,756 4,060 21,435 7,592 1,940 33,578 53.042 537 721 4,484 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 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 43,737 113,195 542 1,034 3,753 March6 4,110 3,920 34,123 7,499 )61 46,608 16,064 544 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 1% per cent, discountable in case of need at Bank of England at 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. 6 No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 88 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 1 Argentina Australia Year or month (peso) (pound) g B i e u l m - Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada (dollar) Chile (peso) C (y h u in an a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a a i n ) 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 5J248 33.279 1.2111 96.018 5.1727 4.0000 11.879 1940 29.773 305.16 16.880 6.0562 5.0214 30.155 90^909 85.141 5.1668 4.0000 6.000 1940—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. . . 29.773 322.80 321.30 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 Nov 29.773 23.704 322.80 321.43 6.0575 5.0896 30.151 90.909 88.604 Year or month C ( o p b l e i o s a m o) - s ( C l k o z o v e r a c u h n k o a ia ) - ( m D kr e a o n r n - k e) ( F l m k a i a a n n ) r d - k- F (f r r a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e a u r t i n ) h ld d - - s (p N Z l o a e e u n w a 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—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 Nov 56.993 25.088 20.544 322.71 United Kingdom Uruguay Year or month N ( o k r ro w n a e y ) P ( o z l l a ot n y d ) ( P e o s g c r a u t l d u o - ) R ( n u le i m a u) a- ( A S po o fr u u i n c t d h a ) ( S p p es a e i t n a) S S m (d e t o e r t l n a t l l a i t e t r s - ) s S ( w kr e o d na e ) n S e (f r w r l a a i n t n c z ) d - Offici ( a p l ound F ) ree t C ro o ll n e - ( d peso t ) r N c o o o l n l n e - - d Y ( s d l u a in v g a i o r a ) - 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 22.676 383.00 65.830 37.601 2.2463 1940—Dec 3.9915 398.00 9.132 47.100 23.824 23.201 403.50 403.50 65.830 39.480 2.2407 1941—jan 3.9986 398.00 9.130 47.089 23.826 23.220 403.50 403.42 65.830 39.491 2.2397 Feb 4.0069 398.00 9.130 47.094 23.829 23.217 403.50 402.97 65.830 39.649 Mar. 4.0039 398.00 9.130 47.106 23.824 23.210 403.50 403.19 65.830 39.566 Apr 4 0009 398.00 9.130 47.107 23.825 23.201 403.50 402.48 65.830 40.065 May 4.0017 398.00 9.130 47.107 23.839 23.203 403.50 403.10 65.830 41.161 June 4.0026 398.00 9.130 47.138 23.836 23.206 403.50 403.16 65.830 42.706 July 398.00 47.160 403.50 403.23 65.830 43.789 Aug. 398.00 47.160 403.50 403.18 65.830 43.745 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 Nov 398.00 47.160 403.50 403.42 65.830 48.125 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): Quotations ceased being nominal, October 1941— Mexico. 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. JANUARY 1941 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- Year or month States Canada Kingdom France Germany Italy ( J O a c p to a b n er (1 la 9 n 26 d -3 s 0 Sweden (Ju l l a y n 1 d 914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926.. . 100 100 1 124 695 134 237 106 M26 144 1930 86 87 100 554 125 85 181 90 1 103 126 1931 73 72 88 500 HI 75 153 76 l 94 110 1932 65 67 86 427 97 70 161 65 1 92 96 1933. 66 67 86 398 93 63 180 63 1 90 91 1934 75 72 88 376 98 62 178 63 1 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 1 1 9 9 3 4 9 0 .... 7 7 7 9 8 7 3 5 1 13 0 7 3 2 681 1 1 0 1 7 0 3 97 2 3 7 1 8 1 4A 7488 1 1 1 4 5 6 1 1 1 4 1 3 1940—November 80 84 147 HI 310 158 161 December 80 84 149 HI 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 90 152 112 331 173 184 July 89 91 153 112 329 173 188 August 90 92 153 113 330 174 189 September 92 93 154 113 330 175 191 October 92 94 155 337 November 93 J Approximate figure, derived from old index (1913=100). 1 Average based on figures for 8 months; no data available since August 1939, when figure was 674. • Average based on figures for 7 months; no data available since July 1939, when figure was 96. 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 Induspr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods pr I o n tr d d i u u a c s l t - s p a r n F o d a d r f u m o c o t d s pr I o t n r d d i u a u l c s t - s p A r t g o u r d i r u c a u c l t l s - P s r i o o v ns i- a t f n r i i n d a i l s s h e r e a m d w i- tr I i i n s a d h l e u f d i s n - products products 1926... 100 100 581 793 129 132 130 150 1930.... 91 85 100 100 526 579 113 113 120 150 1931.... 65 75 75 89 87 542 464 104 96 103 136 1932.... 48 61 70 88 85 482 380 91 86 89 118 1933.... 51 61 71 83 87 420 380 87 75 88 113 1934.... 65 71 78 85 90 393 361 96 76 91 116 1935.... 79 84 78 87 90 327 348 102 84 92 119 1936.... 81 82 80 92 96 426 397 105 86 94 121 1937.... 86 86 85 102 112 562 598 105 96 96 125 1 1 9 9 3 3 8 9 . . . . . . . 6 6 9 5 7 7 4 0 8 8 2 1 9 9 7 7 1 10 0 6 4 iX 6 6 5 4 3 1 *7 663 1 1 0 0 6 8 91 9 9 4 5 1 1 2 2 6 6 1940.... 68 71 83 133 138 (*) 111 99 129 1940—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 90 146 157 114 100 132 August 87 87 91 146 157 114 100 132 September... 91 90 92 147 158 113 101 132 October 90 89 93 148 158 November... 91 89 94 1 Average based on figures for 8 months. 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. 90 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] Year or month U ( S 1 = 9 t n 1 a 3 i 0 5 t t e 0 - e 3 ) d s 9 U K = d ( n 1 1 J i o 9 u i n 0 1 t m l 0 g e 4 y ) d - F = ( r 1 J 1 a 9 u 0 1 n l 0 y 4 c ) e (1 m = G 9 1 a 1 e 0 3 n r 0 - - y ) 14 N (1 l = a e 9 1 t n 1 0 h 1 d 0 e - ) 1 s r 3 , S e = ( r w 1 J 1 l 9 u a 0 i 1 t n n 0 4 z e d ) - Year or month ( U S = 19 t n 1 a 3 0 i 5 t t 0 e e - ) 3 d s 9 U K = d ( n 1 J 1 i o 9 i n u 0 m t 1 l g 0 e 4 y - d ) F = ( r 1 1 a 9 0 n 3 0 0 c ) e ( m 1 = G 9 1 a 1 e 0 3 n r 0 - y - 1 ) 4 N ( = 1 l e a 9 1 t n 1 0 h 1 d 0 e - ) 1 s r 3 - S e = ( r w 1 J 1 l 9 u a 0 i 1 t n n 0 4 z e ) d - 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933 84 120 491 113 120 117 1933 92 140 87 118 139 131 1934 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 78 123 136 128 1936 101 130 470 122 120 120 1936 99 147 86 125 :132 130 1937 105 139 601 122 127 130 1937 103 154 102 125 137 137 1 19 9 3 3 9 8 9 9 5 8 1 1 4 4 1 1 2 7 7 4 0 2 2 1 12 2 2 3 1 1 3 3 0 0 1 1 3 3 2 0 1 1 9 9 3 3 9 8 1 9 0 9 1 1 15 5 8 6 3,m 122 1 1 2 2 6 6 139 1 1 3 3 8 7 1940 97 164 128 4 140 146 1940 100 184 130 6K 14 U0 8 151 1940-November... 96 172 126 157 1940-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.. 102 171 130 172 May 103 200 133 171 June 106 170 131 178 June 105 200 134 175 July 107 167 134 179 July 105 199 136 111 August 108 167 133 180 August 106 199 136 178 September... 111 166 128 181 September... 108 199 133 178 October 112 165 October 109 199 November... 113 November... 110 200 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 749. 3 Average based on two quarterly quotations; no data available since May 1939, when figure was 123. 4 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 5 Average based on figures for 5 months; no data available since May 1940, 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 U St n a i t t e e s d K U in n g i d te o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c iv e) e 1 d ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic ra e g )2 e lands3 (1 = 9 1 3 0 5 0 -3 ) 9 K U in n g it d e o d m France Germany (19 la 30 n = d 1 s 00) Number of issues 10 87 36 2 139 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 1110.2 124.6 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—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—Tanuarv 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 70.4 274.6 133.2 121.6 117 7 122 9 103 3 79.5 70.7 138.1 Tulv 118.7 124.7 103.1 83.2 72.5 142.6 118 5 124 5 103.1 83.2 73.8 144.0 September 118.1 125.9 103.1 83.6 75.1 146.4 October 118.8 125.5 80.4 75.1 November 119.2 77.4 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 4H per cent. The series prior to that to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr.-Dec. only—see note 2. Average Jan .-Mar. on old basis was 95.9. 7 Average based on figures for 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. Sources— See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121, JANUARY 1941 91 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 SECRETARY'S OFFICE DIVISION OF EXAMINATIONS CHESTER MORRILL, Secretary LEO H. PAULGER, Chief LISTON P. BETHEA, Assistant Secretary R. F. LEONARD, Assistant Chief S. R. CARPENTER, Assistant Secretary C. E. CAGLE, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF BANK OPERATIONS COUNSEL'S OFFICE EDWARD L. SMEAD, Chief J. R. VAN FOSSEN, Assistant Chief WALTER WYATT, General Counsel J. E. HORBETT, Assistant Chief J. P. DREIBELBIS, Assistant General Counsel DIVISION OF SECURITY LOANS GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel CARL E. PARRY, Chief PHILIP E. BRADLEY, Assistant Chief DIVISION OF RESEARCH AND STATISTICS FISCAL AGENT E. A. GOLDENWEISER, Director O. E. FOULK, Fiscal Agent WOODLIEF THOMAS, Assistant Director 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, Vice President CHESTER C. DAVIS Philadelphia District WILLIAM F. KURTZ ERNEST G. DRAPER Cleveland District B. G. HuNTINGTON M. J. FLEMING HUGH LEACH Richmond District ROBERT M. HANES JOHN K. MCKEE Atlanta District RYBURN G. CLAY JOHN N. PEYTON Chicago District EDWARD E. BROWN, President RONALD RANSOM St. Louis District S. E. RAGLAND M. S. SZYMCZAK Minneapolis District LYMAN E. WAKEFIELD Kansas City District W. DALE CLARK CHESTER MORRILL, Secretary Dallas District R. E. HARDING S. R. CARPENTER, Assistant Secretary San Francisco District PAUL S. DICK WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 92. 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 ... Henry S. Dennison R. A. Young W W Paddock William Willett1 New York.... Beardsley Ruml Edmund E. Day.. .. Allan Sproul L. R. Rounds R. M. Gidney T W Vr\r\h-t* 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 T7 C T-U11 C. A. Mcllhenny2 C. A. Sienkiewicz Cleveland Geo. C. Brainard. R. E. Klages M. J. Fleming F. J. Zurlinden.. Wm. H. Fletcher R. B. Hays W. F. Taylor2 G. H. Wagner Richmond. Robt. Lassiter.. W. G. Wysor Hugh Leach J.S. Waldenjr J. G. Fry tjreo. ri. Keesee* R. W. Mercer Atlanta... Frank H. Neely. . . J. F. Porter W. S. McLarin, Jr... Malcolm H. Bryan. H. F. Conniff L. M. Clark Chicago F. J. Lewis Simeon E. Leland.... C. S. Young H. P. Preston Allan M. Black* J. H. DiUard A. J. Mulroney St. Louis. . Wm. T. Nardin Oscar Johnston Chester C. Davis.... F. Guy Hitt O. M. Attebery C. M. Stewart1 Minneapolis... W. C. Coffey Roger B. Shepard.. .. J. N. Peyton O.S.Powell E. W. Swanson Harry I. Ziemer2 Kansas City... R. B. Caldwell Robert L. Mehornay.. H. G. Leedy Henry O. Koppang. J. W. Helm2 D. W. Woolley Dallas Jay Taylor R. R. Gilbert E. B. Stroud.. R. B. Coleman W. J. Evans W. O. Ford1 San Francisco. Henry F. Grady . . St. George Holden... Wm. A. Day Ira Clerk C. E. Earhart1 R. B. West 1 Cashier. 2 Also cashier. MANAGI NG DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch Helena Branch R. E. Towle Cleveland: Cincinnati Branch B. J. LaJsar 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 JANUARY 1941 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

fe3^-^ FEDERAL RESERVE DISTRICTS rv if «*«. 1 [ ~ ~ —— -. ^^^^^ mm g*j • 1—^ J?^\ 1 1 f j™. 9 \ MINN. f " "C r ) ( /— * / ** j[ • «nA M U INNEA i POLIS *L J JT m w m is J . T X v y l /l /0>—v ** Z • ( / ^ / -- 7 '' / I w*o. L | S.DAK. t I — ^ - .N \ f j{ ) ( ?Mv \ ' • "i 1 j NPBR \ A CHICAGO™ Omaha*! C i ifn/ 10! ir-^TJ mo. 1 ^ . » ft4iVC/§Co*»j / U*H I Denver. [Cjncmna \ \ \/ /—1 KANSAS CITY<d ^{fc*1 r KANS. n M0 ST.unJis if \ \ 8V'' ^7 "l"r€ r-J 1 Hr^rG-:^/ I 1 Okla O h K o L m A a . City 1 I? ,- * ARK* M » e , m p / h • i — s -^ 1 1 Iw^ J***n4 LittleWk/ "ATLANTA 1 Birmingham 6A. ^ S j^ , DALLAS® ' riSss!^ AUA* 5)® j*avannaW !11 <-\A } i ^ TEXAS ^) V-rXS(_.._.., ,lfii^--a^ Jac"ksonville\ • •H BOUNDARIES OF FEDERAL RESERVE DISTRICTS V \ \ M MM BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES \SaTiAntonfo\ ^^ ) fUA.X (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES \ x • FEDERAL RESERVE BRANCH CITIES \ i O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis