Federal Reserve Bulletin, 1942-02

FEDERAL RESERVE BULLETIN FEBRUARY 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—Treasury Finance and the New Budget 95-101 From a Legal Standpoint: Executive Officers' Loans iox Consumer Credit 102.-101 Censorship 103-105 Government Contracts 105-108 War Production Board 108-109 Foreign Funds Control 109-113 Current Events 114 Directors of Federal Reserve Banks and Branches 115-114 National Summary of Business Conditions 12.5-12.6 Financial, Industrial, Commercial Statistics, U. S. (See p. 117 for list of tables).... 117-170 Changes in Number of Banks and Branches in the United States 171 Earnings and Expenses of Federal Reserve Banks during 1941 172.-173 International Financial Statistics (See p. 175 for list of tables) 175-191 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 191 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 193 Map of Federal Reserve Districts 194 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 Hon duras, 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

Whiter I.jnJscjpt, a mural painting by Jessie Hall Mayer in the United States Post Office, Canton, Missouri, executed under the direction of the Section of Fine Arts, Federal Works Agency. The mural shows a hillside farm and the town of Canton lying below beside the river. Canton is a farming center in a region whose natural beauty is typical ot the Middle West. It lies on the Mississippi in .Northeastern Missouri, k is In the Eighth Federal Reserve District, which is served bv the Federal Reserve Bank of St. Louis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME X8 February 1942 NUMBER 2- TREASURY FINANCE AND THE NEW BUDGET Government expenditures, which were to new high levels in the course of the year, doubled in 1941 as compared with 1940, but declined after the entry of this country will show further great expansion in the into the war, and were slightly lower at next two years. This was made clear in the close of 1941 than at the end of 1940. the Budget Message presented by the President to the Congress, when it convened in THE WAR BUDGET January i94x. Amounts provided for war The Budget submitted on January 7, expenditures are far in excess of any previ- 1942., contains revised estimates for the ously known. Treasury receipts increased current fiscal year and the first estimates for considerably last year, as the result of rising the fiscal year 1943. It was pointed out national income and the imposition of new in the Budget Message that these estimates and higher taxes, and further increases are are tentative, since the details of a war expected, but the growth—actual and ex- program are subject to constant change. pected—is not as large as that in expendi- Defense expenditures are estimated at X4 tures. Consequently, the public debt will billion dollars for the current fiscal year continue to increase rapidly. and at about 53 billion for the fiscal year Direct and guaranteed obligations of the 1943. These figures exclude defense ex- Government in the hands of the public in- penditures to be financed by the Reconcreased by about 11 billion dollars in the struction Finance Corporation and other calendar year 1941, compared with an Goverment corporations. Total budget increase of 2.5 billion in 1940. Special expenditures, including those for the civil efforts were made in 1941 to sell Govern- functions of the Government, are estimated ment securities to investors other than at about 31 billion in the current fiscal year banks. In 1940 and the early months of and 59 billion in the fiscal year 1943. Ex- 1941 about two-thirds of the increase in penditures and receipts of the Government privately-held direct and guaranteed Gov- for recent years with budget estimates for ernment debt was accounted for by the the coming year are shown in the table on growth of bank portfolios, whereas in the the following page. latter half of 1941 holdings of investors Under the present Federal tax laws, net other than banks absorbed about four- budget receipts are expected to total iz fifths of the increase in the privately-held billion dollars and about 16 billion in the debt. In 1941 the Treasury discontinued two fiscal years, 1942. and 1943. This would the issuance of tax-exempt securities. Prices leave deficits of 19 billion in the current of outstanding Government securities rose fiscal year and 42. billion in 1943, com- FEBRUARY 1941 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH TREASURY FINANCIAL OPERATIONS, 1940-43 trust funds are estimated under present law [In millions of dollars] at 2. billion dollars in the fiscal year i94x and at 2..8 billion in the fiscal year 1943. Budget expendi- In the Budget Message, the President recomtures Bud- mended additional social security contribu- Net re- get Na- ceipts1 deficit tions of 2. billion dollars in the fiscal year tional de- Total 1943 to cover outlays in future years under fense an expanded social security program. As a consequence of the investment of 1940 Jan.-June 916 4,518 2,911 1,607 trust funds and the retirement of guaranteed July-Dec... 1,767 5,141 2,925 2,216 obligations, the increase in the total Jan .-June... 4,313 7,570 4.683 2,887 July-Dec.... 8,214 11,483 4,166 7,317 amount of privately-held direct and guar- 1942 anteed Government securities may be as Jan .-June2.. 15,783 19,093 7,778 11,315 much as 9 billion dollars less than the in- Fiscal years ending June 30: 1941 6,080 12,711 7,607 5,103 crease in the gross debt estimated for the 19422 5 2 2 3 , ,9 7 9 8 7 6 3 5 0 8 , , 5 9 7 2 6 8 3 1 2 1 3 , , 9 4 4 8 4 7 3 1 5 8 , , 4 6 4 3 1 2 fiscal years i94x and 1943. Some of the in- 19432 1 Figures do not include net social security employment taxes, creased debt will be provided for by the sale which are appropriated directly to the Federal old-age and survivors insurance trust fund and are invested in special issues of Government of nonmarketable issues, such as savings securities. 8 2 A In s c e lu s d ti e m s a 7 t e b d il l i i n o n P d re o s l i l d ar e s n o t' f s r B ec u e d i g p e ts t M fro e m ss a p g r e o . posed tax legislation. bonds and tax anticipation notes, reducing further the amounts that will need to be pared with 5 billion in the year ending raised by sales of securities in the open June 30, 1941. The President recommends market. new tax legislation to yield 7 billion dollars The Budget gives no estimates of receipts in the fiscal year 1943, which would reduce from sales of savings bonds and tax notes. the deficit in that year to 35 billion. In the first six months of the current fiscal The gross direct debt of the Federal year, net sales of savings bonds amounted Government will increase by larger amounts to 1.8 billion dollars, and the rate of sales than these deficits in budget accounts, behas been increasing in recent months. cause net expenditures by Government Net sales of tax notes amounted to 2.-5 corporations will be met by direct debt billion dollars in the past half year. Most issues and because maturing and called of these notes will be redeemed through the guaranteed securities will be replaced by payment of taxes in the current calendar direct securities. These transactions will year, but sales of the new tax notes will result in further increases in the direct probably be larger, so that there will be debt of about 3 billion dollars and 4 billion, some increase in the outstanding amount. respectively, in the two fiscal years. The gross direct debt, therefore, is estimated to BUDGET EXPENDITURES increase by almost -TL billion dollars in the Estimated expenditures of 59 billion current fiscal year and by 40 billion in dollars for the fiscal year 1943 are nearly 1943 to a total of no billion on June 30, double the estimate of 31 billion dollars for the fiscal year 1942. and almost five Treasury investment of social security times as large as the actual outlays of and other trust funds, however, will ab- 13 billion in the fiscal year 1941, the first sorb a part of this increase in the public year under the emergency defense program. debt. Investments in special issues for In each of the fiscal years 1939 and 1940, 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH total budget expenditures amounted to with the total declining in the fiscal year about 9 billion dollars. As shown in the 1943. Outlays for interest on the public table below, all of the large increases in debt are scheduled to increase substantially expenditures estimated for the fiscal years from 1.1 billion dollars in 1941 to 1.8 1942. and 1943 are for the war program. billion in 1943. Certain other expenditures During the first six months of the current of a fixed nature will increase somewhat. fiscal year, July to December 1941, national These increases will be more than offset, defense expenditures amounted to 8.z however, by estimated reductions in 1943 billion dollars and were larger than in the for the Works Projects Administration, the full fiscal year 1941. As shown in the Civilian Conservation Corps and National chart, these expenditures have risen rapidly Youth Administration, and the agricultural adjustment program. NATIONAL DEFENSE EXPENDITURES - 20*00 BUDGET EXPENDITURES [In millions of dollars] / - Fiscal years ending June 30 - 1941 1942 1943 (Actual) (Est.) (Est.) - National defense 6,080 23,997 52,786 Interest on debt 1,111 1,250 1,750 Agricultural adjustment program 877 821 701 Works Projects Administration 1,285 875 465 - Civilian Conservation Corps and National J So Y ci o a u l t S h e A cu d r m ity in B is o tr a a r t d ion 4 3 2 9 3 4 4 2 4 3 0 5 5 1 1 0 5 0 - TOTAL / Veterans Administration 553 565 568 Repayment of surplus funds by Government corporation (credit) 329 All other 2,317 2,393 2,043 - I WAR DEP1 /^ - Total expenditures 12,711 30,576 58,928 - / A / BUDGET RECEIPTS Net budget receipts are estimated at NAVY DEPT / 11.9 billion dollars for the current fiscal ALL 01rHER_ year and, including proposed new taxes 1940 1941 Treasury daily statement basis of 7 billion dollars, budget receipts will from about 800 million dollars last June to increase to £3.5 billion in the fiscal year over 1,800 million in December. In the 1943. These amounts compare with actual next six months, according to Budget receipts of 7.6 billion dollars in the fiscal estimates, they will average z.6 billion year 1941 and 5.4 billion in the fiscal year dollars a month, or nearly double the aver- 1940. In the current fiscal year, income age of 1.4 billion in the period from July tax receipts are estimated to increase by to December. In the fiscal year 1943, the 3.7 billion dollars, about half of which will estimates indicate average monthly ex- be in taxes on individual current incomes penditures for war purposes of 4.4 billion and the remainder will be in corporation dollars. These amounts exclude defense taxes, including those on excess profits. expenditures by Government corporations. Income tax receipts in the latter half of this Expenditures for the civil functions of the fiscal year will be nearly three times as Government will show varying trends, large as those in the first half, because FEBRUARY 1941 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH collections from now on will be based crease of 3.8 billion dollars in marketable upon increased incomes of the calendar year issues and 4.4 billion in nonmarketable 1941 and will include for the first time the issues, with less than a billion in special additional taxes imposed by the Revenue issues, as shown in the table. Act of 1941. For the fiscal year 1943, income tax receipts are estimated to in- INTEREST-BEARING DIRECT AND GUARANTEED SECURITIES [In millions of dollars] crease further by 4.2. billion dollars under present tax legislation. Out- Change since standing, Miscellaneous internal revenue receipts De 1 c 9 . 4 1 31, Ju 1 n 9 e 4 1 30, De 1 c 9 . 4 0 31, are estimated to increase by 900 million Treasury bonds 33,367 +3,152 +5,407 dollars in the current fiscal year and by an T Tr r e e a a s s u u r r y y n b o il t l e s s 2 5 , ,9 0 9 0 7 2 + + 3 2 9 9 9 9 + -1 6 8 9 1 2 Postal savings and pre-war bonds 196 additional 300 million in the fiscal year Marketable public issues—total 41,562 +3,849 +5,917 1943 under present tax legislation. A U. S. savings bonds 6,140 +1,826 +2,945 Tax anticipation notes 2,471 +2,471 +2,471 large part of the increase in these receipts Depositary bonds 64 +64 +64 Adjusted service bonds 233 —8 -16 during the current fiscal year will be due Nonmarketable public issues—total 8,907 +4,352 +5,463 Special issues 6,982 +862 +1,612 to the new taxes and increased rates im- Total direct securities 57,451 +9,064 +12,993 posed by the Revenue Act of 1941. Al- Guaranteed securities 6,317 -43 +416 though total miscellaneous internal revenue Most of the increase in the open-market receipts are expected to increase in the debt from July to December was in Treasury fiscal year 1943, collections from certain bonds of 1967-72. and of 1951-55. The of the manufacturers' excise taxes are exoutstanding amount of bills was increased pected to decline because of military allocaby 400 million dollars. Notes increased by tions and curtailed supplies available for 300 million dollars through refunding civilian purchase. operations. Guaranteed securities showed BUDGET RECEIPTS little net change, as an increase in July [In millions of dollars] was about balanced by a refunding and Fiscal years ending redemption in November. The operations June 30 in November were in accordance with the 1941 1942 1943 (Actual) (Est.) (Est.) new policy of replacing outstanding guar- Total net receipts1 7,607 11,944 216,487 anteed issues by direct securities and of Details of receipts: Income taxes—total 3,470 7,147 11,316 supplying the needs of Government corpor- Corporation, current 1,649 2,509 3,462 ations and agencies directly by the Treasury Excess profits taxes 192 1,258 2,742 Individual, current 1,314 3,070 4,793 instead of by sales of guaranteed securities Miscellaneous internal revenue—total 2,967 3.863 4,206 ^Return of surplus funds of Government cor- to the public. porations 319 1 Figures do not include social security employment taxes, which Treasury open-market financing in Janare appropriated directly to the Federal old-age and survivors insurance uary of this year was limited to refunding trust fund and are invested in special issues of Government securities. 2 Excluding proposed new taxes of 7 billion dollars. operations. Two issues of Federal Farm RECENT CHANGES IN THE PUBLIC DEBT Mortgage Corporation bonds, an issue of During the calendar year 1941, the direct Reconstruction Finance Corporation notes, interest-bearing debt increased by 13 billion and an issue of Treasury notes were redollars. Of this increase, 9.1 billion oc- financed by an issue of 2. per cent Treasury curred during the second half of the year, bonds of 1949-51. Exchanges totaled July to December. This reflected an in- about 1 billion dollars. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH During the six months ended December per cent a year, and their use for tax purposes 31, net receipts from the sale of savings is limited to $i,zoo principal amount for bonds amounted to 1.8 billion dollars. any one tax payer in any one tax year. Sales of savings bonds increased from £30 The Series B notes yield about 0.48 per cent million dollars in November to 530 million a year and may be used in unlimited in December and increased further to more amounts to meet tax liabilities. Notes than 1,000 million in January 1942.. The issued during the period from August to increase in January reflects to some extent December were sold at par in August and purchases of the full amount which any at par and accrued interest in each subseone investor is permitted to buy during quent month. The notes sold during this the calendar year. period may be used in payment of income Defense savings bonds, which have been taxes after January 1, 1942.. In 194Z simon sale since May 1, 1941, include three ilar issues of notes are being offered. The series. Series E bonds, which replaced terms are the same as for the earlier issues, the former savings bonds, are issued on a except that the notes may be used for estate discount basis. They mature in 10 years and gift tax payments as well as for income and yield z.9 per cent if held to maturity. tax payments and that defense savings They may be purchased only by individuals stamps will be accepted at their face value in an amount not in excess of $5,000 ma- in lieu of cash as payment for notes. turity value in any one calendar year. DISTRIBUTION OF THE GOVERNMENT DEBT Series F and G bonds may be purchased by investors other than commercial banks In the second half of 1941 a considerably in an amount of not more than $50,000 larger part of the increase in the Governissue price in any one calendar year for the ment debt was financed outside the comtwo issues combined. Both of these issues mercial banking system. It is estimated mature in iz years. The Series F bonds are that in this period commercial banks inissued on a discount basis and yield about creased their holdings of Government secuz.53 per cent if held to maturity. Series rities by 1.7 billion dollars, somewhat less G bonds are issued at par, pay interest than the increase of 2..3 billion for the first semi-annually, and yield 2..50 per cent if half of the year. The total privately-held held to maturity. direct and guaranteed Government debt, on During the six months ended December the other hand, showed a much greater in- 31, net receipts from the sale of tax an- crease in the latter half of 1941 than in the ticipation notes amounted to z.5 billion first half—7.9 billion dollars compared with dollars. The largest sales of these issues 3.5 billion, as shown in the table on the were in August, the first month of issue. following page. In January sales of tax notes amounted to Insurance companies purchased about 1,000 Z38 million dollars, compared with sales of million dollars of Government securities in 34Z million in December. Tax antici- the latter half of 1941, compared with only pation notes were first put on sale on August 100 million in the first half of the year. A 1, 1941, and include two types: Series A, considerable part of their purchases was in designed for the relatively small tax payer, the Treasury bonds of 1967-7Z, which were and Series B, designed for the large tax issued in the latter part of the year. Mupayer. The Series A notes yield about 1.9Z tual savings banks also increased their FEBRUARY 194Z 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH holdings in the second half of the year, notes increased, while holdings of long and other investors added substantially bonds showed little change, despite the into their holdings, largely in non- crease in the outstanding amount of such marketable savings bonds and tax notes. issues, and holdings of bills declined. At Changes in holdings by commercial banks, banks outside of New York City, the prinsavings banks, and insurance companies, cipal increase in holdings was in bonds of shown in the following table, are estimated intermediate and long term. from figures compiled by the Treasury De- GOVERNMENT SECURITY MARKET partment in a survey of the ownership of Prices of United States Government Government securities for the end of Debonds, following a temporary sharp decline cember, which will be published in a at the beginning of 1941, rose generally forthcoming Treasury Bulletin. during most of last year to a new high level at the beginning of November. After the OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED YIELDS ON GOVERNMENT SECURITIES [Estimated; in millions of dollars] Change since Holdings Dec. 31, 1941 June 30, Dec. 31, 1941 1940 Federal agencies and Trust Funds: Special issues 6,982 +862 +1,612 Public issues 2,563 +203 +313 Federal Reserve Banks 2,254 +70 +70 Privately held—total 51,969 +7,886 +11,413 Commercial banks 21,800 +1,700 +4,000 Mutual savings banks 3,700 +300 +500 1.00 Insurance companies 7,900 +1,000 +1,100 Other investors: Marketable issues 9,900 +500 +300 Nonmarketable issues 8,600 +4,300 +5,400 Total interest-bearing securities outstanding 63,768 +9,021 +13,408 Note: Estimates of amounts privately held, by types of holders, are preliminary and are rounded to nearest 100 million dollars. Weekly averages of daily yields of 3- to 5-year tax-exempt Treasury notes, 3- to 5-year taxab"L)le Treasury ;notes, and partially tax-exempt The increase in commercial bank holdings n T nee r ww ea ii s ss u ss r uu y ee ss b o ooff n d 99 s 11 - d dd u aa e yy o TT r rr c ee a a a a l s l s ll uu aa r b r b yy ll e e bb aa iill ff ll tt ss ee rr (( tt 1 aa 112 x 2 x 2 - e yy ex ee xe aa em rr m ss, p , p a t a t nn tth dd h d r r o aa o v u v u e g e g rr hh aa gg FF ee ee b di br i r s uu dc aa o rry u y i t n 1 t 9 o 4 n 1,, and taxable thereafter) offered within week. For weeks ending Januof Government securities during the latter ary 7,1939 to January 24, 1942. half of 1941 was at banks outside New entry of the United States into the war York City, while in the previous six-month there was a decline in bond prices, but period the increase was largest at banks in in January prices advanced somewhat New York City. In the first half of the from the lows reached toward the end of year, |Ncw York City banks added 1.2. December. Prices of short-term Governbillion dollars to their holdings, and other ment securities declined in October and commercial banks added about 1.1 billion. November, as short-term interest rates In the second half of 1941, New York City hardened reflecting a decline in the excess banks made little change in their holdings, reserves of banks. while other commercial banks added an The yield on the 1960-65 bonds, the longestimated 1.7 billion dollars to their est maturity issue of outstanding partially holdings. At New York City banks, ac- tax-exempt bonds, reached a new record cording to the Treasury survey, holdings low of 1.95 per cent on November 1. The of short and intermediate bonds and of previous low yield was z. ox per cent in FEDERAL RESERVE BULLETIN 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH June 1941. At the end of 1941, the yield 3- to 5-year taxable notes increased from on this issue had increased to 2.| per cent, 5/8 of 1 per cent in September to 1 per cent about the same as at the end of 1940. The in December. yield on the new taxable 1^67-72. bonds, Total holdings in the Federal Reserve which were first issued in October, was 2-32. System Account were increased in December per cent in November and rose to xj per 1941 by 70 million dollars, representing cent at the end of December. Short-term net purchases of about 60 million dollars of rates began to firm in September. The Treasury bonds and 10 million of Treasury rate on new issues of taxable Treasury bills bills. These purchases were made shortly increased to 3/10 of 1 per cent. Yields on after this country's entrance into the war. FEBRUARY 1941 101 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. Executive Officers' Loans the following interpretations of Regulation W Report of Loan From Another Bank Which relating to consumer credit: Existed at Time of Admission to Federal Reserve System PLUMBING AND SANITARY FIXTURES—PIPING, ETC. The Board's attention has been directed to a Interpretation No. 120 of Regulation W statement in the report of examination of a The classification "Plumbing and sanitary member bank that the executive officers of the fixtures designed for household use" does not bank have not filed with the board of directors include piping or other plumbing supplies not a statements of their existing indebtedness to part of such fixtures, although these items may other banks for the reason that the "officers' fall within the classification of materials and loans from other banks existed at the time of services referred to in Group E-i of Part 1 of the admission to the System". Supplement. It is to be noted, however, that Section 2.2.(g) of the Federal Reserve Act for purposes of determining the maximum provides in part that "If any executive officer amount of credit, the bona fide cash purchase of any member bank borrow from or if he be or price of the fixtures includes the cost of accesbecome indebted to any bank other than a sories such as faucets, cabinets, or shower attachmember bank of which he is an executive officer, ments installed with the fixtures. Also included he shall make a written report to the board of in the bona fide cash purchase price of the directors of the member bank". In view of fixtures is the cost of installation of the fixtures this language, the Board is of the opinion that and accessories but not the cost of installation the indebtedness of the executive officers of the of separate piping and fittings. bank in question should be reported to its board of directors, notwithstanding that the loans WATER PUMPS—WINDMILLS existed at the time of the admission of the bank Interpretation No. 121 of Regulation W to the Federal Reserve System. In this connec- The classification "Water pumps designed for tion attention is called to the position the household use" includes windmills designed for Board has previously taken that the indebtedpumping water to a tank from which the water ness of an executive officer to another bank incurred prior to the time he became an execu- is piped for various uses. The windmill is the tive officer should be reported to the board of principal part of the pumping mechanism in directors. these cases and therefore is included even though purchased separately. Consumer Credit GROUP E—FENCES Interpretations of Regulation W Since the publication of the January 194Z Interpretation No. 122 of Regulation W Federal Reserve BULLETIN, the Board of Gover- Group E-i of the Supplement includes manors of the Federal Reserve System has issued terials and services used in erecting a new fence IO2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT or in replacing or repairing an existing fence on Censorship any property on which there is an existing Executive Order Establishing Office structure. of Censorship There is set forth below the text of an Execu- LOAN TO MAKE DOWN PAYMENT PROHIBITED tive Order issued by the President on December Interpretation No. 123 of Regulation W 19, 1941, providing for the establishment of the The words "down payment" in section 5(f) Office of Censorship and prescribing its functions of Regulation W refer to the down payment and duties. required by the Regulation. Accordingly, if a seller asks for a larger down payment than is EXECUTIVE ORDER NO. 8985 required by the Regulation, section 5(f) would ESTABLISHING THE OFFICE OF CENSORSHIP AND not prevent a bank or other lender from lending PRESCRIBING ITS FUNCTIONS AND DUTIES the purchaser the difference between the down By virtue of the authority vested in me by payment required by the Regulation and the the Constitution and the statutes of the United down payment required by the seller. States, and particularly by section 303, Title III of the act of December 18,1941, Public Law 354, SAME TRANSACTION CANNOT BE BOTH SALE 77th Congress, 1st Session, and deeming that the CREDIT AND LOAN CREDIT public safety demands it, I hereby order as Interpretation No. 124 of Regulation W follows : Interpretation W-16 dealt with a case in which 1. There is hereby established the Office of a dealer sells a listed article but does not take Censorship, at the head of which shall be a a note from the customer payable to the dealer, Director of Censorship. The Director of Censorand instead, according to arrangements with a ship shall cause to be censored, in his absolute bank, takes a note payable to the bank. W-16 discretion, communications by mail, cable, stated that the transaction constitutes an ex- radio, or other means of transmission passing tension of instalment sale credit within the between the United States and any foreign meaning of section z(d) of Regulation W. The country or which may be carried by any vessel Board has recently been asked whether the or other means of transportation touching at transaction also constitutes an extension of any port, place, or Territory of the United instalment loan credit, in which event a "State- States and bound to or from any foreign country, ment of Borrower" would have to be taken in in accordance with such rules and regulations as connection with the transaction. the President shall from time to time prescribe. It is the view of the Board that such a transac- The establishment of rules and regulations in tion does not constitute an extension of instal- addition to the provisions of this order shall ment loan credit since, under section 2.(e) of the not be a condition to the exercise of the powers Regulation, instalment loan credit includes only herein granted or the censorship by this order specified transactions "other than instalment directed. The scope of this order shall include sale credit". all foreign countries except such as may here- It is to be noted, of course, that the definition after be expressly excluded by regulation. of instalment sale credit in section x(d) is by z. There is hereby created a Censorship Policy its terms confined to transactions involving a Board, which shall consist of the Vice-President listed article, and that accordingly if the article of the United States, the Secretary of the Treasinvolved were unlisted, the transaction might, ury, the Secretary of War, the Attorney General, as indicated in the last paragraph of W-119, be the Postmaster General, the Secretary of the an extension of instalment loan credit. Navy, the Director of the Office of Government FEBRUARY 1941 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Reports, and the Director of the Office of Facts December 14, 1941, the Secretary of the Treasury and Figures. The Postmaster General shall act signed a designation vesting in the Office of as Chairman of the Board. The Censorship Censorship the authority to issue licenses and Policy Board shall advise the Director of Censor- exemptions in connection with communications ship with respect to policy and the coordination with an enemy or an ally of an enemy and this and integration of the censorship herein directed. designation was approved by the President on 3. The Director of Censorship shall establish December z6, 1941. The designation of authora Censorship Operating Board, which shall ity by the Secretary of the Treasury is as follows: consist of representatives of such departments and agencies of the Government as the Director Procedure for administering the duties imposed upon shall specify. Each representative shall be the Secretary of the Treasury by Articles XI and designated by the head of the department or XIII of Executive Order No. 2jzg-A 9 dated Octoagency which he represents. The Censorship ber 12, ig IJ, under the Trading with the Enemy Operating Board shall, under the supervision of Act, Act of October 6, 1917. the Director, perform such duties with respect Treasury Department to operations as the Director shall determine. December X4, 1941 4. The Director of Censorship is authorized to take all such measures as may be necessary To officers of the Treasury Department and others or expedient to administer the powers hereby concerned: conferred, and, in addition to the utilization of By virtue of the authority vested in the Secreexisting personnel of any department or agency tary of the Treasury by Executive Order No. available therefor, to employ, or authorize the 2.72.9-A, dated October 12., 1917, I hereby adopt employment of, such additional personnel as he the following administrative procedure deemed may deem requisite. necessary and proper for the executive adminis- 5. As used in this order the term "United tration of Article XI, vested by said Executive States" shall be construed to include the Terri- Order in the Secretary of the Treasury; such tories and possessions of the United States, in- administrative procedure to remain in effect uncluding the Philippine Islands. less and until modified or superseded by direction FRANKLIN D. ROOSEVELT of the Secretary of the Treasury. THE WHITE HOUSE, (1) I hereby designate the Office of Censorship Washington, D. C, to act as the agency of the Secretary of the December 19, 1941. Treasury to administer the authority vested in the Secretary of the Treasury relative to the Designation of Authority to Issue sending, taking, or transmitting, or attempting Licenses and Exemptions to send, take, or transmit, out of the United Section 3(c) of the Trading with the Enemy States, and to issue licenses and exemptions Act of October 6,1917, prohibits communication under such regulations or conditions as the said by any means with an enemy or an ally of an Office may from time to time prescribe, to send, enemy unless the communication is licensed or take, or transmit out of the United States, any exempted. By an Executive Order dated Octo- letter, or other writing, book, map, plan, or ber ii, 1917, published at page 860 of the 1917 other paper, picture, or any telegram, cablegram, Federal Reserve BULLETIN, the authority to issue or wireless message, or other form of communilicenses and exemptions was conferred by the cation intended for or to be delivered, directly President upon the Secretary of the Treasury or indirectly, to an enemy or ally of enemy. All and the latter was authorized to designate other applications for such licenses shall be made to agencies to carry out the authority with respect the Office of Censorship in the form prescribed to licensing and exemptions vested in him. On by it. 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (x) I hereby designate the Bureau of Customs The successful prosecution of the war requires in the Department of the Treasury to administer an all-out industrial mobilization of the United and to issue licenses (except licenses to send, States in order that the materials necessary to take, or transmit out of the United States any win the war may be produced in the shortest letter, writing, or tangible form of communica- possible time. To accomplish this objective it tion intended for or to be delivered,- directly is necessary that the Departments of War and or indirectly, to an enemy or ally of enemy) in the Navy and the United States Maritime respect of the authority vested in the Secretary Commission cooperate to the fullest possible of the Treasury under Article XI of said Execu- degree with the Office of Production Managetive Order relative to sending, or taking out of, ment in the endeavor to make available for the or bringing into, or attempting to send, take production of war material all the industrial out of, or bring into, the United States any resources of the Country. It is expected that letter or other writing or tangible form of in the exercise of the powers hereinafter granted, communication except in the regular course of these Agencies and the Office of Production the mail. Management will work together to bring about (Signed) H. MORGENTHAU, JR. the conversion of manufacturing industries to Secretary of the Treasury war production, including the surveying of the Approved, December 1.6, 1941 war potential of industries, plant by plant; the The White House. spreading of war orders; the conversion of (Signed) FRANKLIN D. ROOSEVELT facilities; the assurance of efficient and speedy production; the development and use of sub- Government Contracts contracting to the fullest extent and the con- Executive Order Dealing with War Contracts servation of strategic materials. There is set forth below the text of an Executive Order issued by the President on December TITLE 1 2-7, 1941, authorizing the War and Navy De- 1. By virtue of the authority in me vested by partments and the United States Maritime the Act of Congress, entitled "An Act to Commission to perform the functions and expedite the prosecution of the War effort," exercise the powers described in Title II of the approved December 18, 1941, (hereinafter called Act of December 18, 1941, known as the First "the Act") and as President of the United War Powers Act, pertaining to Government States and Commander-In-Chief of the Army contracts. and Navy of the United States, and deeming The President on January 14, 1942., issued an that such action will facilitate the prosecution Executive Order extending the provisions of the of the war, I do hereby order that the War Order of December 2.7, 1941, to contracts of Department, the Navy Department, and the certain other listed Departments and Agencies of United States Maritime Commission be and they the Government. This Order is also set forth hereby respectively are authorized within the below. limits of the amounts appropriated therefor to EXECUTIVE ORDER NO. 9001 enter into contracts and into amendments or Authorising the War Department, the Navy De- modifications of contracts heretofore or herepartment, and the United States Maritime Com- after made, and to make advance, progress, mission to Perform the Functions and Exercise the and other payments thereon, without regard Powers Described in Title II of an Act Approved to the provisions of law relating to the making, December 18, 1941, Entitled ' 'An Act to Expedite performance, amendment, or modification of contracts. The authority herein conferred may the Prosecution of the War Effort,'' and Prescribing be exercised by the Secretary of War, the Regulations for the Exercise of Such Functions Secretary of the Navy, or the United States and Powers FEBRUARY 1941 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Maritime Commission respectively or in their any original contract could have accomplished discretion and by their direction respectively hereunder, irrespective of the time or circummay also be exercised through any other officer stances of the making of or the form of the or officers or civilian officials of the War or the contract amended or modified, or of the amend- Navy Departments or the United States Mari- ing or modifying contract, and irrespective of time Commission. The Secretary of War, the rights which may have accrued under the Secretary of the Navy, or the United States contract, or the amendments or modifications Maritime Commission may confer upon any thereof. officer or officers of their respective depart- 4. Advertising, competitive bidding, and ments, or civilian officials thereof, the power bid, payment, performance or other bonds or to make further delegations of such powers other forms of security, need not be required. within the War and the Navy Departments, and the United States Maritime Commission. TITLE II x. The contracts hereby authorized to be Pursuant to Title II of the Act and for the made include agreements of all kinds (whether protection of the interests of the United States, in the form of letters of intent, purchase orders, I do hereby prescribe the following regulations or otherwise) for all types and kinds of things for the exercise of the authority herein conferred and services necessary, appropriate or convenient upon the War Department, the Navy Departfor the prosecution of war, or for the invention, ment, and the United States Maritime Comdevelopment, or production of, or research mission. concerning any such things, including but not 1. All contracts and all purchases made limited to, aircraft, buildings, vessels, arms, pursuant to the Act and this Executive Order armament, equipment, or supplies of any kind, shall be reported to the President of the United or any portion thereof, including plans, spare States. Such reports shall be made at least parts and equipment therefor, materials, sup- quarter-annually, provided, however, that purplies, facilities, utilities, machinery, machine chases or contracts of less than $100,000 may tools, and any other equipment, without any be consolidated in such reports with other such restriction of any kind, either as to type, char- purchases and need not be separately set forth. acter, location or form. In case the War Department, the Navy Depart- 3. The War Department, the Navy De- ment, or the United States Maritime Commispartment, and the United States Maritime sion shall deem any purchase or contract to be Commission may by agreement modify or amend restricted, confidential, or secret in its nature by or settle claims under contracts heretofore or reason of its subject matter, or for other reasons hereafter made, may make advance, progress, affecting the public interest, such purchases or and other payments upon such contracts of any contracts shall not be included with those percentum of the contract price, and may enter described in the report just mentioned, but into agreements with contractors and/or ob- shall be included in a separate report containing ligors, modifying or releasing accrued obliga- such restricted, confidential, or secret purchases tions of any sort, including accrued liquidated or contracts. The Secretary of War, the damages or liability under surety or other Secretary of the Navy, and the United States bonds, whenever, in the judgment of the War Maritime Commission shall make public so Department, the Navy Department, or the much of such reports (other than those reports United States Maritime Commission respectively covering restricted, confidential, or secret conthe prosecution of the war is thereby facilitated. tracts or purchases) as they shall respectively Amendments and modifications of contracts deem to be compatible with the public interest. may be with or without consideration and may 2.. Notwithstanding anything in the Act or be utilized to accomplish the same things as this Executive Order the War Department, the 106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Navy Department, and the United States may be specifically set forth in the act appro- Maritime Commission shall not discriminate in priating the funds obligated by a contract. In any act performed thereunder against any person the absence of such limitation, the fixed fee to on the ground of race, creed, color or national be paid the Contractor as a result of any costorigin, and all contracts shall be deemed to plus-a-fixed-fee contract entered into under the incorporate by reference a provision that the authority of this Order shall not exceed seven contractor and any subcontractors thereunder per centum of the estimated cost of the contract shall not so discriminate. (exclusive of the fee as determined by the 3. No claim against the United States arising Secretary of War, the Secretary of the Navy, or under any purchase or contract made under the the United States Maritime Commission, as the authority of the Act shall be assigned except in case may be). accordance with the Assignment of Claims Act, 8. No contract or modification or amendment 1940 (Public No. 811, 76th Congress, approved thereof shall be exempt from the provisions of October 9, 1940). the Walsh-Healey Act (49 Stat. 2.03 6) because of 4. Advance payments shall be made hereunder being entered into without advertising or only after careful scrutiny to determine that such competitive bidding, and the provisions of payments will promote the national interest and such act, the Davis-Bacon Act, as amended (49 under such regulations to that end as the Stat. ion), the Copeland Act, as amended Secretary of War, the Secretary of the Navy, or (48 Stat. 948), and the Eight Hour Law, as the United States Maritime Commission may amended by the Act of September 9, 1940 prescribe. (Public No. 781, 76th Congress) if otherwise 5. Every contract entered into pursuant to applicable shall apply to contracts made and this order shall contain a warranty by the performed under the authority of this Order. contractor in substantially the following terms: FRANKLIN D. ROOSEVELT THE WHITE HOUSE, The contractor warrants that he has not December 2.7, 1941. employed any person to solicit or secure this contract upon any agreement for a com- EXECUTIVE ORDER NO. 90213 mission, percentage, brokerage, or contingent Extension of the Provisions of Executive Order No. fee. Breach of this warranty shall give the goo 1 of December 27, 1941, to Contracts of the Government the right to annul the contract, Treasury Department, the Department of Agrior, in its discretion, to deduct from the conculture, the Federal Works Agency, The Panama tract price or consideration the amount of Canal, the Government Printing Office, and the such commission, percentage, brokerage, or National Advisory Committee for Aeronautics contingent fees. This warranty shall not By virtue of the authority vested in me by the apply to commissions payable by contractors act of Congress entitled "An Act to expedite the upon contracts or sales secured or made prosecution of the war effort" approved Dethrough bona fide established commercial or cember 18, 1941, and as President of the United selling agencies maintained by the contractor States, and deeming that such action will for the purpose of securing business. facilitate the prosecution of the war, I hereby 6. Nothing herein shall be construed to extend the provisions of Executive Order No. authorize the cost-plus-a-percentage-of-cost sys- 9001 of December 2.7, 1941 to the Treasury tem of contracting. Department, the Department of Agriculture, 7. Nothing herein shall be construed to The Panama Canal, the Federal Works Agency, authorize any contracts in violation of existing the Government Printing Office, the National law relating to limitation of profits, or the Advisory Committee for Aeronautics, and such payment of a fee in excess of such limitation as other agencies as I may from time to time FEBRUARY 1941 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT designate, with respect to all contracts made effective prosecution of war procurement and or to be made by such agencies; and subject to production, it is hereby ordered as follows: the limitations and regulations contained in 1. There is established within the Office for such Executive Order, I hereby authorize the Emergency Management of the Executive Office Secretary of the Treasury, the Secretary of of the President a War Production Board, Agriculture, the Governor of The) Panama hereinafter referred to as the Board. The Canal, the Administrator of the Federal Works Board shall consist of a Chairman, to be ap- Agency, the Public Printer, the Chairman of the pointed by the President, the Secretary of War, National Advisory Committee for^Aeronautics, the Secretary of the Navy, the Federal Loan and the heads of such other agencies as may be Administrator, the Director General and the designated, and such officers, employees, and Associate Director General of the Office of agencies as each of them may designate, to Production Management, the Administrator perform and exercise, as to their respective of the Office of Price Administration, the agencies, all of the functions and powers vested Chairman of the Board of Economic Warfare, in and granted to the Secretary of War, the and the Special Assistant to the President Secretary of the Navy, and the Chairman of the supervising the defense aid program. United States Maritime Commission by such x. The Chairman of the War Production Executive Order. Board, with the advice and assistance of the FRANKLIN D. ROOSEVELT members of the Board, shall: THE WHITE HOUSE, a. Exercise general direction over the war January 14, 1942.. procurement and production program. b. Determine the policies, plans, procedures, War Production Board and methods of the several Federal departments, Executive Order Establishing War establishments, and agencies in respect to war Production Board procurement and production, including purchasing, contracting, specifications, and There is set forth below the text of an Execuconstruction; and including conversion, tive Order issued by the President on January 16, requisitioning, plant expansion, and the financ- 1942., providing for the establishment of the ing thereof; and issue such directives in respect War Production Board. The President on the thereto as he may deem necessary or appropriate. same day appointed Donald Nelson as Chairman c. Perform the functions and exercise the of this Board. powers vested in the Supply Priorities and EXECUTIVE ORDER NO. 902.4 Allocations Board by Executive Order No. 8875 of August x8, 1941. Establishing the War Production Board in the d. Supervise the Office of Production Manage- Executive Office of the President and Defining ment in the performance of its responsibilities its Functions and Duties and duties, and direct such changes in its By virtue of the authority vested in me by the organization as he may deem necessary. Constitution and statutes of the United States, e. Report from time to time to the President as President of the United States and Commander on the progress of war procurement and producin Chief of the Army and Navy, and in order to tion; and perform such other duties as the define further the functions and duties of the President may direct. Office for Emergency Management with respect 3. Federal departments, establishments, and to the state of war declared to exist by Joint agencies shall comply with the policies, plans, Resolutions of the Congress, approved De- methods, and procedures in respect to war cember 8, 1941, and December 11, 1941, respec- procurement and production as determined by tively, and for the purpose of assuring the most the Chairman; and shall furnish to the Chair- 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT man such information relating to war procure- of any other territory in case it should be ment and production as he may deem necessary occupied or overrun by the military, naval or for the performance of his duties. other forces of the Axis. 4. The Army and Navy Munitions Board shall report to the President through the EXECUTIVE ODER NO. 8998 Chairman of the War Production Board. Amendment of Executive Order No. 8389 of 5. The Chairman may exercise the powers, April 10, 1940, as Amended authority, and discretion conferred upon him By virtue of the authority vested in me by by this Order through such officials or agencies Sections 3(a) and 5(b) of the Trading with the and in such manner as he may determine; and Enemy Act of October 6, 1917 (40 Stat. 415), as his decisions shall be final. amended by Title III of the First War Powers 6. The Chairman is further authorized within Act, 1941 (Public No. 354, 77th Congress), and the limits of such funds as may be allocated or by virtue of all other authority vested in me, I, appropriated to the Board to employ necessary FRANKLIN D. ROOSEVELT, PRESIDENT of the personnel and make provision for necessary UNITED STATES OF AMERICA, do hereby amend supplies, facilities, and services. Executive Order No. 8389 of April 10, 1940, as 7. The Supply Priorities and Allocations amended, in the following respects: Board, established by the Executive Order of August x8, 1941, is hereby abolished, and its (1) By changing the period at the end of personnel, records, and property transferred to subdivision (1) of section 3 of such Order to a the Board. The Executive Orders No. 862.9 of semi-colon and adding the following new January 7, 1941, No. 8875 of August z8, 1941, subdivision thereafter: No. 8891 of September 4, 1941, No. 8942- of (m) June 14, 1941— November 19, 1941, No. 9001 of December 2.7, Hong Kong. 1941, and No. 9013 of January 14, 1942., are (2.) By amending paragraph B of section 5 hereby amended accordingly, and any provisions of such Order to read as follows: of these or other pertinent Executive Orders B. The term "United States" means the conflicting with this Order are hereby superseded. United States and any place subject to the FRANKLIN D. ROOSEVELT jurisdiction thereof, and the term "con- THE WHITE HOUSE, tinental United States'* means the states January 16, 1942. of the United States, the District of Columbia, and the Territory of Alaska; Foreign Funds Control •provided, however, that for the purposes of Executive Order on Transfers of Property of this Order the term "United States" shall Foreign Countries and Their Nationals not be deemed to include any territory The Executive Order of April 10, 1940, as included within the term "foreign country" amended, providing that transfers of credit, as defined in paragraph D of this section. foreign exchange transactions, the export or (3) By substituting the following in lieu of earmarking of coin, bullion or currency, or other subdivision (iii) of paragraph D of section 5: similar operations, by persons or institutions in the United States which involve property of any (iii) Any territory which on or since the countries of continental Europe and of China, effective date of this Order is controlled or Japan and Thailand, or any nationals thereof, occupied by the military, naval or police shall be subject to license by the Secretary of the forces or other authority of such foreign Treasury, was amended on December 2.6, 1941, country; so as to extend to Hong Kong. The Order also (iv) Any person to the extent that such provides for the automatic freezing of the assets person is, or has been, or to the extent that FEBRUARY 1941 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT there is reasonable cause to believe that TFEL-a will be attached to such securities only in the such person is, or has been, since such discretion of the Secretary of the Treasury and only upon the filing of appropriate application with a Federal Reserve effective date, acting or purporting to act Bank tracing the ownership of such security since January 1, directly or indirectly for the benefit or on 1941 and satisfactorily explaining the reasons the security behalf of any of the foregoing. was not presented to a Federal Reserve Bank on or before February 1, 1942., for the attachment of Form TFEL-i. Hong Kong shall be deemed to be a foreign Such form will be attached to stamped securities of the type country within the meaning of this subreferred to in section 2.A(i) of the Order only pursuant to division. existing procedure relating to stamped securities. FRANKLIN D. ROOSEVELT (i) Except as authorized by license expressly referring to this general ruling: THE WHITE HOUSE, December z6, 1941. (a) All Philippine paper currency held within the United States is hereby required to be deposited on or before General Ruling, General Licenses and Public February 1, 1942., in a blocked currency account with Circulars Issued by the Secretary of the either a domestic bank or with the New York office of Treasury the Philippine National Bank. (h) The bank of deposit shall hold such currency for the Since the publication of certain General account, or pursuant to the instructions, of the Licenses and Public Circulars on pages 16-18 depositor. of the January 1942. Federal Reserve BULLETIN, (c) On or before February 15, i94x, every bank holding any the following General Ruling, General Licenses blocked currency accounts shall file a report on Form TFR-no in triplicate with the appropriate Federal and Public Circulars have been issued by the Reserve Bank. Office of the Secretary of the Treasury under the authority of the Executive Order of April 10, As used in this general ruling and in any other rulings, licenses, instructions, etc., the term "blocked currency 1940, as amended, and the Regulations issued account" shall mean an account from which no payments, pursuant thereto relating to transactions in transfers, or withdrawals may be made, and no other tranforeign exchange, etc.: saction or dealing may be effected with respect thereto, except pursuant to a license expressly referring to such Treasury Department, Office of the Secretary account. January 14, 1942. (3) Philippine paper currency which prior to January 1, 1942. was of recognized special value to collectors of rare and GENERAL RULING NO. 10 unusual currency, or which is held as part of any collection of Under Executive Order No. 8389, as Amended, and Regulations rare and unusual currency, is hereby excluded from the Issued Pursuant Thereto, Relating to Transactions in provisions of this general ruling. Foreign Exchange, Etc. By direction of the President. ^ (1) The acquisition, disposition or transfer of, or other E. H. FOLEY, JR. dealing in, or with respect to, any of the following is hereby Acting Secretary of the Treasury prohibited except as authorized by license expressly referring to this general ruling: Treasury Department, Office of the Secretary (a) Any Philippine paper currency; December 2.6, 1941 (b) Any security issued by, or the obligation of, either the GENERAL LICENSE NO. 78 Government of the Commonwealth of the Philippines, Under Executive Order No. 8389, April 10, 1940^ as Amended, and including political subdivisions thereof, or any Regulations Issued Pursuant Thereto, Relating to corporation or other organization organized under Transactions in Foreign Exchange, Etc.* the laws of the Philippine Islands, unless Form TFEL-i has been previously attached to such security A general license is hereby granted licensing any transacby, or under the direction of, the Treasury Department. tion which is prohibited by the Order solely by reason of the Form TFEL-i will be attached to any security referred to herein if presented to any Federal Reserve Bank on or before 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 14, February 1, 1941, accompanied by a description thereof on 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, Form TFR-10. Subsequent to February 1, 1941, Form as amended June 14, 1941, and July 26, 1941. no FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT fact that it involves property in which Hong Kong, or any Treasury Department, Office of the Secretary national thereof, has at any time prior to December 2.5, 1941, January 5, 1942 but not on or since December 15,1941, had any interest. GENERAL LICENSE NO. 81 This general license shall not be deemed to authorize any transaction, if (i) such transaction is by, or on behalf of, or Under Executive Order No. 8389, April 10, 1940, as Amended, and pursuant to the direction of Hong Kong, or any national Regulations Issued Pursuant Thereto, Relating to thereof, or (11) such transaction involves property in which Transactions in Foreign Exchange, Etc.* Hong Kong, or any national thereof, has at any time on or A general license is hereby granted licensing as generally since December 25, 1941, had any interest. licensed nationals: D. W. BELL (a) the New York office of the Philippine National Bank; Acting Secretary of the Treasury and (b) the offices within the United States and the generally Treasury Department, Office of the Secretary licensed trade area, as defined in General License No. January 5, 53, of the Hong Kong and Shanghai Banking Cor- GENERAL LICENSE NO. 79 poration. Under Executive Order No. 8389, April 10, 1940, as Amended, and E. H. FOLEY, JR. Regulations Issued Pursuant Thereto, Relating to Acting Secretary of the Treasury Transactions in Foreign Exchange, Etc* Treasury Department, Office of the Secretary A general license is hereby granted authorizing banking January 5, 1942. institutions within the United States to make payments from GENERAL LICENSE NO. 82. blocked accounts of the Philippine Islands, or any national thereof, of checks and drafts drawn or issued prior to January Under Executive Order No. 8389, April 10, 1940, as Amended, and 1, 1942 and to accept and pay and debit to such accounts Regulations Issued Pursuant Thereto, Relating to drafts drawn prior to January 1, 1942., under letters of credit; Transactions in Foreign Exchange, Etc* provided, that each banking institution making any payment The Government of the Commonwealth of the Philippine or debit authorized by this general license shall file promptly Islands, the United States High Commissioner to the Philipwith the appropriate Federal Reserve Bank weekly reports pine Islands, and all officers of the United States Government showing the details of such transactions. This license shall within the Philippine Islands, are hereby licensed as generally expire at the close of business on February 1, 1942.. licensed nationals; and all persons to the extent that they E. H. FOLEY, JR. are acting for and on behalf of the foregoing are hereby Acting Secretary of the Treasury licensed as generally licensed nationals. The term' 'generally licensed national" as applied to the Government of the Treasury Department, Office of the Secretary Commonwealth of the Philippine Islands shall mean that January 5, 1942. such government may be regarded as though the Philippine GENERAL LICENSE NO. 80 Islands were not a blocked country. E. H. FOLEY, JR. Under Executive Order No. 8389, April 10, 1940, as Amended, and Acting Secretary of the Treasury Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exhange, Etc.* Treasury Department, Office of the Secretary (1) A general license is hereby granted licensing as a January 14, 1942. generally licensed national any individual who is a citizen GENERAL LICENSE NO. 83 of the Commonwealth of the Philippine Islands and residing Under Executive Order No. 8389, April 10, 1940, as Amended, and only in the United States or in the generally licensed trade Regulations Issued Pursuant Thereto, Relating to area, as defined in General License No. 53. Transactions in Foreign Exchange, Etc.* (2.) Reports on Form TFR-300 are not required to be filed with respect to the property interests of any individuals A general license is hereby granted authorizing the detachlicensed herein as generally licensed nationals. ment of coupons from securities of the type referred to in E. H. FOLEY, JR. General Ruling No. 10, the presentation of such coupons for Acting Secretary of the Treasury collection, and the performance of such other acts and efFect- * 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; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. July 26, 1941. FEBRUARY 1941 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT ing of such other transactions as may be necessarily incident statement that such person is licensed as a generally lito such collection, notwithstanding the fact that Treasury censed national under this general license; and (c) a state- Department Form TFEL-i may not have been previously ment that such person has filed a report on Form TFR-300 attached to the securities from which such coupons are or that such person was not required to file such report detached. because the total value of all property interests of such This general license shall not be deemed to authorize any person to be reported was less than $1,000. Such report transaction prohibited by reason of any provision (or ruling shall be filed on or before February 15, 1942., or within or regulation thereunder) of the Order other than General thirty days after the date upon which such person avails Ruling No. 10. himself of the privileges of this general license, whichever This license shall expire at the close of business on Febru- is later. Any person not complying with this reporting ary i, 1942.. requirement is not authorized to engage in any transaction E.H. FOLEY, JR. under this general license." Acting Secretary of the Treasury E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary January 14, 1942. Treasury Department, Office of the Secretary AMENDMENT OF GENERAL LICENSE NO. 68A December 2.6, 1941 Under Executive Order No. 8389, April io> 1940, as Amended, and PUBLIC CIRCULAR NO. 10 Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions Paragraphs (3) and (4) of General License No. 68A are in Foreign Exchange, Etc.* hereby amended to read as follows: 1. General License No. 57 is hereby revoked. "(3) A report on Series J of Form TFR-300 shall be 2.. The offices within Hong Kong and occupied China of filed with the appropriate Federal Reserve Bank on or banks named in Schedule A of General License No. 58, shall, before February 15, 1941, with respect to the property as of the date hereof, cease to be appointed banks, and, as interests of every person licensed herein as a generally of the date hereof, such offices shall also cease to be generally licensed national if the total value of the property interlicensed nationals within the meaning of General Licenses ests to be reported is $1,000 or more. Nos. 59, 60, or 61, and such general licenses are to such extent "(4) Every business enterprise licensed herein as a hereby revoked. generally licensed national shall also file with the appro- 3. General License No. 13 is hereby amended in the folpriate Federal Reserve Bank on or before February 15, lowing respects: 1941, an affidavit setting forth the information required by Form TFBE-i, if the total value of all property interests Ca) The word "Hong Kong" is deleted from subdivision of such business enterprise is in excess of $5,000." Ca) of paragraph (1) thereof; and E. H. FOLEY, JR. Cb)The words "Hong Kong" and "Penang" are deleted Acting Secretary of the Treasury from subdivision (V) of paragraph CO thereof. Treasury Department, Office of the Secretary 4. Subparagraph CO of paragraph C3) of General License January zo, 1941 No. 53 is hereby amended in the following respects: AMENDMENT OF GENERAL LICENSE NO. 41A CO A semicolon is substituted for the period at the end of Under Executive Order No. 8389, April 10, 1940, as Amended, and item CO thereof; and Regulations Issued Pursuant Thereto, Relating to CO The following proviso to all of the provisions of sub- Transactions in Foreign Exchange, Etc. paragraph Ca) is added at the end thereof: ltProvided, however, that the term 'generally licensed Paragraph CO of General License No. 42.A is hereby trade area' shall not include any territory which is amended to read as follows: controlled or occupied by the military, naval or police "(0 Every person licensed herein as a generally licensed forces or other authority of Japan, Germany, or Italy, national shall file with the appropriate Federal Reserve or allies thereof." Bank a report under oath in triplicate setting forth CO D. W. BELL the name, address and nationality of such person; (b) a Acting Secretary of the Treasury * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and and Ex. Order 8998, December 26,1941; Regulations, April 10,1940, as July 26, 1941. amended June 14, 1941, and July 26, 1941. IIX 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- List of Certain Blocked Nationals" promulgated pursuant to January 5, 194Z the Proclamation of July 17, 1941, contains the names of PUBLIC CIRCULAR NO. II persons within Portugal, Spain, Sweden, Switzerland and Under Executive Order No. 8389, April 10, 1940, as Amended', and Turkey. Regulations Issued Pursuant Thereto, Relating to Transactions Attention is directed to the fact that these persons, as in Foreign Exchange, Etc.* well as all other persons whose names appear on "The Pro- (1) Attention is directed to the fact that pursuant to claimed List of Certain Blocked Nationals," shall be treated Executive Order No. 8998, the provisions of Executive Order for all purposes as though they were nationals of Germany No. 8389, as amended, have been automatically extended to or Italy. Accordingly, General Licenses Nos. 49, 50, 52., the Philippine Islands to the same extent as the provisions and 70, relating respectively to Sweden, Switzerland, Spain of the Order apply to any other blocked country. and Portugal, as well as all other licenses which do not (2.) For the purpose of administering the Order and com- authorize transactions by, on behalf of, or for the benefit of plying with the provisions thereof, the Philippine Islands nationals of Germany or Italy, do not authorize transactions shall be deemed to be a foreign country separately desig- by, on behalf of, or for the benefit of persons whose names nated in the Order and specifically named in Section 3 thereof. appear on such list. The mere fact that the name of a par- The effective date of the Order as applied to the Philippine ticular individual or concern is not contained on this list Islands shall be deemed to be January 1,1941. The definition of shall not be construed to mean that such individual or concern the term "national" as applied to the Philippine Islands shall is not a national of Germany or Italy or to authorize transacbe that specified in paragraph E of Section 5 of the Order. tions in which any national of Germany or Italy may have an interest. (3) Reports on Form TFR-300 shall be filed with respect to all property subject to the jurisdiction of the United States E. H. FOLEY, JR. in which the Philippine Islands or any national thereof has Acting Secretary of the Treasury any interest. Details concerning this requirement and information regarding the dates as of which reports are to be Treasury Department, Office of the Secretary filed will be the subject of a future Public Circular. January 16, 1942. (4) General License No. 13 is hereby amended by the PUBLIC CIRCULAR NO. 4A deletion of the word "Manila" from subdivision (a) of paragraph (1) thereof. Under Executive Order No. 8389, April 10, 1940, as Amended, and (5) General Licenses Nos. 63 and 65 are hereby revoked. Regulations Issued Pursuant Thereto, Relating to (6) Subdivision (b) of paragraph (6) of General License Transactions in Foreign Exchange, etc.* No. 75 is hereby amended to read as follows: This 10 page Circular, containing instructions for the prep- "(b) the term 'designated agent of the Central Bank of aration of reports on Form TFR-300, Series J, by certain China' shall mean the Bank of China." nationals of Japan of all foreign-owned property subject to (7) Attention is directed to the fact that as used in the the jurisdiction of the United States, is published on pages Order, and Regulations, licenses and other documents issued 383-388 of the Federal Register for January io, 1941. Copies thereunder, the term "United States" does not include the may be obtained from any Federal Reserve Bank, the Gov- Philippine Islands and does not include any other territory ernor of any territory or possession of the United States, or controlled or occupied by the military, naval, or police forces the Secretary of the Treasury, Washington, D. C. or other authority of any blocked country. (8) All general licenses, specific licenses, and authoriza- Treasury Department, Office of the Secretary tions of whatsoever character issued pursuant to the Order January 2.0, 1^2. on or before January 1, 1942. by the United States High Com- PUBLIC CIRCULAR NO. 13 missioner to the Philippine Islands are hereby revoked. E. H. FOLEY, JR. Under Executive Order No. 8389, April 10, 1940, as Amended, and Acting Secretary of the Treasury Regulations Issued Pursuant Thereto, Relating to Treasury Department, Office of the Secretary Transactions in Foreign Exchange, Etc.* January 14, 1942. General Licenses Nos. 13, 14, 15, 19, 2.1 and 2.7 are hereby PUBLIC CIRCULAR NO. II amended by deleting the final paragraph of each such general Under Executive Order No. 8389, April JO, 1940, as Amended, and license. Regulations Issued Pursuant Thereto, Relating to Transactions E. H. FOLEY, JR. in Foreign Exchange, Etc.* Acting Secretary of the Treasury Supplement No. 7, January 14, 1942., to "The Proclaimed * 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; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, ammended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. July 26, 1941. FEBRUARY 1941 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Confirmation of Board Member's Reappointment Admissions of State Banks to Membership in the Federal Reserve System On January 15, 1941, the reappointment by The following State banks were admitted to the President of Mr. Ronald Ransom as a memmembership in the Federal Reserve System ber of the Board of Governors was confirmed by during the period December 16,1941, to January the Senate. Mr. Ransom has served as a mem- 15, 1942., inclusive. ber of the Board since February 3, 1936, and his new appointment is for a term of fourteen Illinois years from February 1, 1942.. Dongola—The First State Bank of Dongola Iowa Ogden—City State Bank Meeting of the Chairmen of the Federal Reserve Banks Michigan The Chairmen of the Federal Reserve Banks Allegan—Allegan State Bank met with the Board of Governors in Washington on January x6, 1942.. Missouri Montrose—Montrose Savings Bank Vienna—The Maries County Bank Appointment of Assistant Director of Research Pennsylvania Mr. Walter R. Stark of Hingham, Massa- Reading—City Bank and Trust Company of chusetts, has been appointed assistant director Reading of the Board's Division of Research and Statistics on a temporary basis. Mr. Stark, who Virginia in the past has been on the staff of the Board Coeburn—The Farmers Exchange Bank of and of the United States Treasury, and in Coeburn recent years has been in private business in Boston, will assume his new duties on Wisconsin February 16. Lake Mills—Bank of Lake Mills 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES FOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors: three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as chairman of the board of directors and Federal Reserve Agent and another as deputy chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority, including the managing director, are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. District No. 1—Boston Term Expires Dec. 31 Class A: Leon A. Dodge President, First National Bank, Damariscotta, Me I942- Lewis S. Reed President, Citizens and Mfg. National Bank, Waterbury, Conn X943 Allan Forbes President, State Street Tr. Co., Boston, Mass 1944 Class B: Edward J. Frost Vice President, Treasurer, and Director, William Filene's Sons Co., Boston, Mass 1941 Ralph E. Flanders President, Jones & Lamson Machine Co., Springfield, Vt 1943 Philip R. Allen Director, Bird & Son, Inc., E. Walpole, Mass 1944 Class C: Henry S. Dennison2 President, Dennison Mfg., Co., Framingham, Mass i94x Henry I. Harriman Director, New England Power Association, Boston, Mass.. . . 1943 Albert M. Creighton1. . .Director, Boston Woven Hose and Rubber Co., Boston, Mass. 1944 District No. 2—New York Class A: Neil H. Dorrance President, First National Bank & Trust Co., Camden, N. Y. 1941 Leon Fraser President, First National Bank, New York, N. Y 1943 William J. Field President, Commercial Trust Co., Jersey City, N. J 1944 1 Chairman. 2 Deputy Chairman. FEBRUARY 1942. 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class B: Vacancy 1942. Donaldson Brown Vice President, General Motors Corp., New York, N. Y 1943 Frederick E. Williamson, President, New York Central Railroad, New York, N. Y 1944 Class C: Edmund E. Day2 President, Cornell University, Ithaca, N. Y 1941 Randolph E. Paul Lord, Day & Lord, New York, N. Y 1943 Beardsley Ruml1 Treasurer, R. H. Macy & Co., Inc., New York, N. Y 1944 Buffalo Branch Appointed by Federal Reserve Bank: R. B. Wiltse Managing Director, Buffalo, N. Y I942- George F. Rand President, The Marine Trust Co., Buffalo, N. Y I942- Raymond N. Ball President, Lincoln-Alliance Bank & Tr. Co., Rochester, N. Y. 1943 Robert R. Dew President, Dunkirk Trust Co., Dunkirk, N. Y 1944 Appointed by Board of Governors: Gilbert A. Prole Genesee Farm Supply Company, Batavia, N. Y 1942. Howard Kellogg President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y 1943 M. B. Folsom Treasurer, Eastman Kodak Co., Rochester, N. Y 1944 District No. 3—Philadelphia Class A: George W. Reily... President, Harrisburg National Bank, Harrisburg, Pa I942- John B. Henning President, Wyoming National Bank, Tunkhannock, Pa 1943 Howard A. Loeb Chairman, Tradesmens National Bank and Trust Co., Philadelphia, Pa 1944 Class B: W. D. Kerlin Secretary & Treasurer, Camden Forge Co., Camden, N. J 1941 C. Frederick C. Stout President, John R. Evans & Company, Camden, N. J 1943 Harry L. Cannon President, H. P. Cannon & Son, Inc., Bridgeville, Del J944 Class C: Thomas B. McCabe1.... President, Scott Paper Company, Chester, Pa 1941. Warren F. Whittier2 Farmer, dairyman and cattle breeder, Douglassville, Pa 1943 Winfield W. Riefler Professor of Economics, Institute for Advanced Study, Princeton, N. J 1944 District No. 4—Cleveland Class A: Ben R. Conner .President, First National Bank, Ada, Ohio 1941 H. B. McDowell President, McDowell National Bank, Sharon, Pa 1943 F. F. Brooks President, First National Bank, Pittsburgh, Pa 1944 Class B: T. E. Millsop President, Weirton Steel Co., Weirton, W. Va 1942. R. P. Wright Secretary-Treasurer, Reed Mfg. Co., Erie, Pa 1943 G. D. Crabbs Chairman, Philip Carey Mfg. Co., Lockland, Ohio ,. 1944 Class C: R. E. Klages2 President, Columbus Auto Parts Co., Columbus, Ohio I942- Geo. C. Brainard1 President, General Fireproofing Co., Youngstown, Ohio. .. . 1943 Walter H. Lloyd Editor, The Ohio Farmer, Cleveland, Ohio I944 1 Chairman. 2 Deputy Chairman. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Cincinnati Branch Appointed by Federal Reserve Bank: B. J. Lazar Managing Director, Cincinnati, Ohio I942L John J. Rowe President, Fifth Third Union Trust Co., Cincinnati, Ohio. .. . 1942. Buckner Woodford Vice President and Cashier, Bourbon-Agricultural Bank and Trust Co., Paris, Ky 1943 Appointed by Board of Governors: Frank A. Brown Farmer, Chillicothe, Ohio 1941 Francis H. Bird Professor of Commerce, College of Engineering and Commerce, University of Cincinnati, Cincinnati, Ohio 1943 Pittsburgh Branch Appointed by Federal Reserve Bank: P. A. Brown Managing Director, Pittsburgh, Pa I942- E. B. Harshaw Vice President and Cashier, Grove City National Bank, Grove City, Pa I94X Clarance Stanley President, Union Trust Company, Pittsburgh, Pa 1943 Appointed by Board of Governors: Geo. T. Ladd President, United Engineering & Foundry Co., Pittsburgh, Pa. I94X Robert E. Doherty President, Carnegie Institute of Technology, Pittsburgh, Pa. 1943 District No. 5—Richmond Class A: Charles E. Rieman. President, Western National Bank, Baltimore, Md 1942. J. C. Braswell President, Planters National Bank & Trust Co., Rocky Mount, N. C 1943 J. A. Sydenstricker Cashier, First National Bank, Marlinton, W. Va 1944 Class B: Chas. C. Reed Vice President & General Manager, Williams & Reed, Inc., Richmond, Va 1941 John H. Hanna Chairman, Capital Transit Company, Washington, D. C 1943 Edwin Malloy President & Treasurer, Cheraw Cotton Mills, Inc., Cheraw, S. C 1944 Class C: W. G. Wysor2 General Manager, Southern States Cooperative, Inc., Richmond, Va I942- Robt. Lassiter1 Chairman, Mooresville Cotton Mills, Mooresville, N. C 1943 Charles P. McCormick. .President, McCormick & Co., Inc., Baltimore, Md *944 Baltimore Branch Appointed by Federal Reserve Bank: W. R. Milford Managing Director, Baltimore, Md 1941 James C Fenhagen Vice Chairman, Baltimore National Bank, Baltimore, Md. 1942. James Dixon President, Easton National Bank of Maryland, Easton, Md... 1943 George W. Reed President, National Marine Bank, Baltimore, Md 1944 Appointed by Board of Governors: Jos. D. Baker, Jr Secretary and Treasurer, Standard Lime and Stone Co., Baltimore, Md 1941 W. Frank Roberts President, Standard Gas Equipment Corp., Baltimore, Md.. . 1943 W. Frank Thomas Construction Engineer and Real Estate Management, Westminster, Md 1944 1 Chairman. 2 Deputy Chairman. FEBRUARY 1941 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Charlotte Branch Appointed by Federal Reserve Bank: W. T. Clements Managing Director, Charlotte, N. C I94X B. M. Edwards President, Sonth Carolina National Bank, Charleston, S. C... 1941 T. E. Hemby Executive Vice President, American Trust Co., Charlotte, N.C.. 1943 J. Gerald Cowan Vice President, Wachovia Bk. & Tr. Co., Asheville, N. C.. . . 1944 Appointed by Board of Governors: D. W. Watkins Director of Extension, Clemson College, Clemson, S. C 194Z Geo. M. Wright President, Republic Cotton Mills, Great Falls, S. C 1943 Chas. L. Creech, Sr Chairman, B. F. Huntley Furniture Co., Winston-Salem, N. C. 1944 District No. 6—Atlanta Class A: Thos. K. Glenn Chairman, Trust Company of Georgia, Atlanta, Ga 1941. W. D. Cook Executive Vice President, First National Bank, Meridian, Miss.. 1943 Geo. J. White President, First National Bank, Mount Dora, Fla I944 Class B: J. A. McCrary Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga I942- Fitzgerald Hall President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tenn 1943 Ernest T. George President and Chairman, Seaboard Refining Company, Ltd., New Orleans, La I944 Class C: J. F. Porter2 President and General Manager, Tennessee Farm Bureau Federation, Columbia, Tennessee I942- Rufus C. Harris. President, Tulane University, New Orleans, La 1943 Frank H. Neely1 Executive Vice President and Secretary, Rich's, Inc., Atlanta, Ga 1944 Birmingham Branch Appointed by Federal Reserve Bank: P. L. T. Beavers Managing Director, Birmingham, Ala I942- John C. Persons President, First National Bank, Birmingham, Ala I942L John S. Coleman President, Birmingham Trust & Savings Company, Birmingham, Ala 1943 Gordon D. Palmer President, First National Bank, Tuscaloosa, Ala I944 Appointed by Board of Governors: Howard Gray Farmer, New Market, Ala I942- Ed. L. Norton Executive Vice President, Munger Realty Company, Birmingham, Ala 1943 Donald Comer Chairman, Avondale Mills, Birmingham, Ala I944 Jacksonville Branch Appointed by Federal Reserve Bank: Geo. S. Vardeman, Jr... .Managing Director, Jacksonville, Fla I942- B. C. Teed Executive First Vice President, First National Bank, Palm Beach, Fla I942- J. C. McCrocklin Executive Vice President, First National Bank, Tarpon Springs, Florida , 1943 J. L. Dart Vice President and Cashier, Florida National Bank, Jacksonville, Fla I944 1 Chairman. 2 D eputy Chairman. 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: Howard Phillips Secretary-Treasurer, Dr. P. Phillips & Sons, Inc., Orlando, Fla. 1942. F. D. Jackson President and General Manager, Jackson Grain Company, Tampa, Fla 1943 Walter J. Matherly Dean, College of Business Administration, University of Florida, Gainesville, Fla 1944 Nashville Branch Appointed by Federal Reserve Bank: Joel B. Fort, Jr Managing Director, Nashville, Tenn 1941 F. M. Farris President, Third National Bank, Nashville, Tenn 1942. Geo. Neal Bass Cashier, First National Bank of Franklin County, Decherd, Tenn 1943 E. B. Maupin Cashier, Peoples National Bank, Shelbyville, Tenn 1944 Appointed by Board of Governors: W. E. McEwen Director, County Farm Bureau, Williamsport, Tenn 1941 E. W. Palmer President, Kingsport Press, Inc., Kingsport, Tenn 1943 Clyde B. Austin President, The Austin Company, Inc., Greeneville, Tenn 1944 New Orleans Branch Appointed by Federal Reserve Bank: E. P. Paris Managing Director, New Orleans, La I942- E. E. Soulier President, First National Bank, Lafayette, La I942- O. G. Lucas President, National Bank of Commerce, New Orleans, La.. . 1943 J. F. McRae President, Merchants National Bank, Mobile, Ala 1944 Appointed by Board of Governors: H. G. Chalkley, Jr President and General Manager, Sweet Lake Land & Oil Company, Inc., Lake Charles, La I942- E. F. Billington Vice President, Soule Steam Feed Works, Meridian, Miss 1943 Alexander Fitz-Hugh President, P. P. Williams Company, Vicksburg, Miss 1944 District No. 7—Chicago Class A: Walker J. Cummings. .. .Chairman, Continental Illinois National Bank and Trust Company, Chicago, 111 1941 Edward R. Estberg Chairman, Waukesha National Bank, Waukesha, Wis 1943 Frank D. Williams President, First Capital National Bank, Iowa City, Iowa. .. . 1944 Class B.- Max W. Babb Chairman, Allis-Chalmers Mfg. Co., Milwaukee, Wis 1941 Charles B. Van Dusen.. .Director, S. S. Kresge Co., Detroit, Mich 1943 Nicholas H. Noyes Vice President & Treasurer, Eli Lilly and Company, Indianapolis, Ind I944 Class C: W. W. Waymack Vice President and Editor, Des Moines Register & Tribune, Des Moines, la 1942 F. J. Lewis1 Chairman, F. J. Lewis Mfg. Co., Chicago, 111 1943 Simeon E. Leland2 Chairman, Department of Economics, University of Chicago, Chicago, Illinois 1944 1 Chairman. 2 Deputy Chairman. FEBRUARY 1942 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Detroit Branch Appointed by Federal Reserve Bank: H. J. Chalfont Managing Director, Detroit, Mich I941 James E. Davidson President, Peoples Com. & Sav. Bank, Bay City, Mich I942- Walter S. McLucas Chairman, The National Bank of Detroit, Detroit, Mich 1943 Joseph M. Dodge President, The Detroit Bank, Detroit, Mich 1944 Appointed by Board of Governors: H. L. Pierson President, Detroit Harvester Co., Detroit, Mich I942- C. W. A very. President & Chairman, Murray Corporation of America, Detroit, Mich 1943 L. Whitney Watkins. .. .Farmer, Manchester, Mich 1944 District No. 8—St. Louis Class A: Max B. Nahm Vice President, Citizens National Bank, Bowling Green, Kentucky 1947. G. R. Corlis Cashier, Anna National Bank, Anna, 111 1943 Sidney Maestre President, Mississippi Valley Trust Company, St. Louis, Mo. 1944 Class B: J. W. Harris Chairman, Harris-Langenberg Hat Co., St. Louis, Mo 1942. H. H. Tucker President, Fones Bros. Hardware Co., Little Rock, Ark 1943 John R. Stanley Secretary-Treasurer, Stanley Clothing Co., Evansville, Ind.. . 1944 Class C: Wm. T. Nardin1 Vice President and General Manager, Pet Milk Co., St. Louis, Mo I942- Oscar G. Johnston2 President, Delta and Pine Land Co., Scott, Miss 1943 Douglas W. Brooks President, The Newburger Co., Memphis, Tenn 1944 Little Rock Branch Appointed by Federal Reserve Bank: A. F. Bailey Managing Director, Little Rock, Ark I942- James H. Penick President, W. B. Worthen Co., Bankers, Little Rock, Ark... . I94X Arthur E. McLean President, Commercial National Bank, Little Rock, Ark 1943 Paul R. McCoy .Chairman, Peoples National Bank, Stuttgart, Ark I944 Appointed by Board of Governors: R. E. Short Farmer, Brinkley, Ark 1941 I. N. Barnett, Jr Manager, Barnett Bros. Mercantile Company, Batesville, Ark. 1943 S. M. Brooks President, Brooks Advertising Agency, Little Rock, Ark *944 Louisville Branch Appointed by Federal Reserve Bank: C. A. Schacht. . Managing Director, Louisville, Ky 1942. J. O. Sanders President, First National Bank, Huntingburg, Ind 1941 Phil E. Chappell President, Planters Bank & Tr. Co., Hopkinsville, Ky 1943 Ralph C. Gifford President, First National Bank, Louisville, Ky 1944 Appointed by Board of Governors: G. O. Boomer Vice President, Girdler Corporation, Louisville, Ky I942- Perry B. Gaines Farmer, Carrollton, Ky 1943 E. J. O'Brien Jr President, E. J. O'Brien & Co., Louisville, Ky 1944 1 Chairman. 2 Deputy Chairman. I2.O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 51 Memphis Branch Appointed by Federal Reserve Bank: W. H. Glasgow Managing Director, Memphis, Tenn 1942. V. J. Alexander President, Union Planters National Bank and Trust Company, Memphis, Tenn 1941 B. A. Lynch .President, Farmers Bank & Trust Co., Blytheville, Ark 1943 Oliver Benton President, National Bank of Commerce, Jackson, Tenn I944 Appointed byy Board off Governors: JJJ . PP . NorflNeet f lP President,, Sledgge & Norfleet,, Mempph, is, Tenn 919442. RR.. CC.. BBrraanncchh CCoottttoonn pplalannteter ra anndd g igninnenre, r,P ePceacna nP oPionitn, tA, Arkr k 19413943 JJ . HHlo lmes SShherdardP s i d Perensidt, enJt,n Jon. oH. . HS.h eSrhaerdra r&d S&o nS.o, nS., hSdh eraMrdi, Miss 1944 District No. 9—Minneapolis Class A: F. D. McCartney Vice President, First National Bank, Oakes, N. D 1941 S. S. Ford President, Northwestern National Bank & Trust Co., Minneapolis, Minn 1943 J. R. McKnight President, Pierre National Bank, Pierre, S. D 1944 Class B: Albert P. Funk President, LaCrosse Rubber Mills Co., LaCrosse, Wis 1941 Homer P. Clark Chairman, West Publishing Co., St. Paul, Minn 1943 J. E. O'Connell President, Eddy's Bakeries, Inc., Helena, Mont 1944 Class C: W. C. Coffey1 President, University of Minnesota, Minneapolis, Minn I942- W. D. Cochran W. D. Cochran Freight Lines, Iron Mountain, Mich 1943 Roger B. Shepard2 President, Finch, Van Slyck & McConville, St. Paul, Minn.. . 1944 Helena Branch Appointed by Federal Reserve Bank: R. E. Towle :. .Managing Director, Helena, Mont I942- P. B. McClintock Cashier, Farmers National Bank, Chinook, Mont I942- Peter Pauly President, Deer Lodge Bank and Trust Co., Deer Lodge, Mont.. . 1943 Appointed by Board of Governors: Alex Cunningham Vice President and Treasurer, Western Life Insurance Co., Helena, Mont I942- H. D. Myrick Farmer, Square Butte, Mont 1943 District No. 10—Kansas City Class A.: Thomas A. Dines President, United States National Bank, Denver, Colo I942- M. A. Limbocker President & Chairman, Citizens National Bank, Emporia, Kans 1943 William L. Bunten Vice President and Cashier, Goodland State Bank, Goodland, Kans 1944 Class B: Willard D. Hosford Vice President and General Manager, John Deere Plow Co., Omaha, Neb 1942. J. M. Bernardin Vice President, Burk Lumber Company, Dawson, N. M 1943 L. E. Phillips Phillips Petroleum Company, Bartlesville, Okla 1944 1 Chairman. 2Deputy Chairman. FEBRUARY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: Clarence Roberts Editor, The Farmer-Stockman, Oklahoma City, Okla 1942. R. B. Caldwell1 McCune, Caldwell, Downing and Noble, Kansas City, Mo... . 1943 Robert L. Mehornay2 President, North-Mehornay Furniture Company, Kansas City, Mo 1944 Denver Branch Appointed by Federal Reserve Bank: Jos. E. Olson Managing Director, Denver, Colo 1942. Roblin H. Davis President, Denver National Bank, Denver, Colo I94X W. C. Kurtz President & General Manager, Independent Lumber Company, Grand Junction, Colo 1943 Harold Kountze President, Colorado National Bank, Denver, Colo X944 Appointed by Board of Governors: Wilson McCarthy President, Denver & Salt Lake Railway Co., Denver, Colo 1941 M. E. Noonen Sheep rancher, Kremmling, Colo 1943 J. B. Grant Lewis and Grant, Denver, Colo 1944 Oklahoma City Branch Appointed by Federal Reserve Bank: G. H. Pipkin Managing Director, Oklahoma City, Okla 1942. A. E. Stephenson President, Central National Bank, Enid, Okla 194Z D. M. Tyler First Vice President, Dewey Portland Cement Co., Dewey, Okla 1943 Hugh L. Harrell Vice President, First Nat. Bk. & Tr. Co., Oklahoma City, Okla I944 Appointed by Board of Governors: Lloyd Noble President, Noble Drilling Corp., Tulsa, Okla 1942. Phil C. Ferguson Stockman, Woodward, Okla 1943 Neil R. Johnson Rancher and farmer, Norman, Okla I944 Omaha Branch Appointed by Federal Reserve Bank: L. H. Earhart Managing Director, Omaha, Neb I94X Thomas L. Davis President, First National Bank, Omaha, Neb I94i Geo. A. Bible President, First National Bank, Rawlins, Wyo 1943 George W. Holmes President, First National Bank, Lincoln, Neb 1944 Appointed by Board of Governors: H. L. Dempster President, Dempster Mill Mfg. Co., Beatrice, Neb 1942. W. H. Schellberg President, Union Stock Yards Company, Omaha, Neb 1943 Leonard E. Hum President, Fairmont Creamery Company, Omaha, Neb 1944 District No. 11—Dallas Class A: Ed. H. Winton Executive Vice President, Continental National Bank, Fort Worth, Texas 1^2. Frank Turner President, First National Bank, Decatur, Tex 1943 J. E. Woods President, Teague National Bank, Teague, Tex 1944 Class B: J. R. Milam President, Cooper Company, Inc., Waco, Tex I94X Geo. A. Hill, Jr President, Houston Oil Company of Texas, Houston, Tex 1943 E. L. Kurth Vice President and General Manager, Angelina County Lumber Company, Keltys, Tex 1944 1 Chairman. 2Deputy Chairman. 112. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: Jay Taylor1 Rafter O Cattle Company, Amarillo, Tex I942- J. B. Cozzo2 Womack and Cozzo, Dallas, Texas 1943 Dolph Briscoe Stock raiser, Uvalde, Tex 1944 El Paso Branch Appointed by Federal Reserve Bank: J. L. Hermann Managing Director, El Paso, Tex 194Z H. A. Jacobs Vice President, El Paso National Bank, El Paso, Tex 1941 R. W. McAfee Vice President, State National Bank, El Paso, Tex 1943 J. E. Moore .Vice President, First National Bank, Roswell, N. M 1944 Appointed by Board of Governors: R. E. Sherman President, Leavell and Sherman, Inc., El Paso, Tex I942- Jack B. Martin President, Arizona Ice & Cold Storage Co., Tucson, Ariz 1943 4 F. M. Hayner President, Las Cruces Lumber Co., Las Cruces, N. M 1944 Houston Branch Appointed by Federal Reserve Bank: W. D. Gentry.'. Managing Director, Houston, Tex I942- P. B. Doty . .. . President, First National Bank, Beaumont, Tex I942- ; W. N. Greer President, Citizens State Bank, Houston, Tex 1943 J. W. McCullough President, Hutchings-Sealy National Bank, Galveston, Tex.. . 1944 Appointed by Board of Governors: Sam Taub J. N. Taub & Sons, Houston, Tex I942- George G. Chance Farmer, Bryan, Tex 1943 H. Renfert Renfert-Helmbrecht Co., Galveston, Tex I944 San Antonio Branch Appointed by Federal Reserve Bank: M. Crump Managing Director, San Antonio, Tex I942- E. J. Miller President, South Texas National Bank, San Antonio, Tex I^TL J. A. Walker Vice President, Del Rio National Bank, Del Rio, Tex 1943 T. C. Frost, Jr Vice President, Frost National Bank, San Antonio, Tex 1944 Appointed by Board of Governors: Edwin F. Flato President, Corpus Christi Hardware Company, Corpus Christi, Tex i94i Vacancy 1943 J. M. Odom General Contractor, Austin, Tex 1944 District No. 12—San Francisco Class A: Carroll F. Byrd Chairman & Executive Vice President, First National Bank, Willows, Calif 1941 C. K. Mclntosh Chairman, Bank of California, N. A., San Francisco, California 1943 Reno Odlin President, Puget Sound National Bank, Tacoma, Wash 1944 Class B.- Reese H. Taylor President, Union Oil Company of California, Los Angeles, Calif 1941 Elmer H. Cox President, Madera Sugar Pine Company, San Francisco, Calif.. 1943 Wm. G. Volkmann Partner, A. Schilling and Co., San Francisco, Calif 1944 1 Chairman. 2Deputy Chairman. FEBRUARY 1941 12.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: Vacancy I94X St. George Holden2 St. George Holden Realty Company, San Francisco, Calif.. . . 1943 Henry F. Grady1 President, American President Lines, Ltd., San Francisco, Calif 1944 Los Angeles Branch Appointed by Federal Reserve Bank: W. N. Ambrose Managing Director, Los Angeles, Calif 1941 H. D. Ivey President, Citizens National Trust & Savings Bank, Los Angeles, Calif 1942. F. E. Snedecor President, First National Bank, Corona, Calif 1943 Appointed by Board of Governors: W. S. Rosecrans Property management & investments, Los Angeles, Calif I9%7- C. V. Newman President, Calavo Growers of California, Los Angeles, Calif... 1943 Portland Branch Appointed by Federal Reserve Bank: D. L. Davis Managing Director, Portland, Ore • I942- N. A. Davis Vice President, Baker-Boyer National Bank, Walla Walla, Wash I942- Paul S. Dick President, United States National Bank, Portland, Ore 1943 Appointed by Board of Governors: A. E. Engbretson President, Engbretson Seed Company, Astoria, Ore I942- George T. Gerlinger President, Willamette Valley Lumber Company, Portland, Ore 1943 Salt Lake City Branch Appointed by Federal Reserve Bank: W. L. Partner Managing Director, Salt Lake City, Utah 1941 Orval W. Adams Executive Vice President, Utah State National Bank, Salt Lake City, Utah I942- Frederick P. Champ President, Cache Valley Banking Company, Logan, Utah 1943 Appointed by Board of Governors: R. C. Rich Livestock and farming, Burley, Idaho I94X Herbert S. Auerbach President and General Manager, Auerbach Company, Salt Lake City, Utah 1943 Seattle Branch Appointed by Federal Reserve Bank: C. R. Shaw Managing Director, Seattle, Wash I942- Fred L. Stanton President, Washington Trust Co., Spokane, Wash I942- Andrew Price President, National Bank of Commerce, Seattle, Wash 1943 Appointed by Board of Governors: Fred Nelsen Farmer and dairyman, Seattle, Wash I942- Charles F. Larrabee Vice President, Pacific American Fisheries, Inc., Bellingham, Wash 1943 1 Chairman. 2Deputy Chairman. I2_4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled January ig and released for publication January 21. Figures shown on charts may differ from preliminary figures used in text. Industrial activity declined less than season- Textile production declined somewhat in ally in December and the first half of January, December owing to a reduction in activity at retail trade continued in large volume, and cotton mills from the record level reached in prices of many commodities rose further. November. Output of wool and rayon textiles was sustained at about capacity. Output of PRODUCTION manufactured food products and shoe production In December total volume of industrial output showed about the customary seasonal declines. declined less than is usual at this season and the Coal output decreased somewhat in December, Board's adjusted index rose further to 168 per while petroleum production and mining of noncent of the 193 5-1939 average. In the armament ferrous metals were maintained at the high industries output continued to advance and at November rate. machinery plants activity rose sharply, follow- Value of construction contracts awarded in ing little change in November. Output of December declined less than is usual at this time materials, such as iron and steel and nonferrous of year, according to figures of the F. W. Dodge metals, continued at peak levels and lumber Corporation. Awards for public projects production showed less than the usual seasonal showed little change, while those for residential decrease. Automobile production declined construction declined less than seasonally folsharply in the latter half of December, following lowing a considerable reduction in November. announcement of sharp reductions in passenger car quotas, but early in January quotas for that DISTRIBUTION month were increased and output rose consider- Volume of retail trade, which had been large ably. Sales of new automobiles to civilians during most of the autumn, increased less than were halted at the beginning of January pending seasonally in December. This reflected to some the establishment of a rationing system. extent a temporary slackening in sales around INDUSTRIAL PRODUCTION WHOLESALE PRICES 180 170 / 160 / 50 / 40 30 f V / 20 V 10 \ 00 / j \ 90 80 70 1935 1936 1937 1938 1939 1940 1941 1935 1936 1937 1938 1939 1940 1941 Federal Reserve index of physical volume of production, adjusted Bureau of Labor statistics' indexes, 1926 = 100. "Other" includes for seasonal variation, 1935-1939 average = 100. By months, January commodities other than farm products and foods. By weeks, January 1935 to December 1941. 5, 1935 to week ending January 17, 1942. FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS the middle of the month following this coun- most instances covered consumers' goods. Certry's entry into the war. In the first half of tain of the actions, like those relating to rubber January sales at department stores showed less and wool products, were associated with new than the customary sharp reduction from the Federal production restrictions. In this period Christmas buying peak and were at a level sub- also there were advances in a number of price stantially higher in comparison with a year ceilings established earlier. ago than that prevailing in other recent months. Freight-car loadings of most products de- BANK CREDIT creased by less than the customary seasonal Total loans and investments of banks in amount in December. Coal shipments declined leading cities, which had advanced sharply considerably in the latter part of the month but during the first half of December, have subthen increased sharply in the first half of Jan- sequently shown little further change. uary. Shipments of miscellaneous freight, Treasury financing in the middle of December which includes most manufactured products, and heavy currency withdrawals during the were maintained in large volume for this season holiday season absorbed close to 700 million of the year. dollars of excess reserves during the month. About 500 million of this was recovered in COMMODITY PRICES the first half of January, as the result of a Wholesale commodity prices increased sharply decline in Treasury deposits at the Reserve when this country entered the war early in Banks and a return of currency from circula- December and then showed little change during tion. Recent changes in excess reserves have the latter half of the month. In the first half been almost entirely at banks outside of New of January prices again advanced, the principal York City. increases being in agricultural commodities and UNITED STATES chemicals. GOVERNMENT SECURITY PRICES Federal action to impose maximum prices was accelerated with the outbreak of war and Prices of Government securities were steady applied on a wider scale to industrial products. in the first half of January, following a decline Ceilings were extended to products in later in December after the entry of the United stages of production and distribution and in States into the war. MONEY RATES IN NEW YORK CITY FREIGHT-CAR LOADINGS POINTS IN TOTAL INDE1 1935 1936 1937 1938 1939 1940 1941 Federal Reserve index of total loadings of revenue freight, adjusted Weekly averages of daily yields of 3- to 5-year tax-exempt Treasury for seasonal variation, 1935-1939 average = 100. Sub-groups shown notes, Treasury bonds callable after 12 years, and average discount on are expressed in terms of points in the total index. By months, Jan- new issues of Treasury bills offered within week. For weeks ending uary 1935 to December 1941. January 5, 1935 to January 24, 1942. 12.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 119 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 130 Federal Reserve Bank statistics 131-135 Reserve position of member banks; deposits in larger and smaller centers 136 Money in circulation 137 Gold stock and gold movements; bank suspensions; bank debits 138 All banks in the United States, number, deposits, loans and investments 139 Condition of all member banks 140-141 Weekly reporting member banks 141-145 Commercial paper, bankers' acceptances, and brokers' balances 146 Money rates and bond yields 147 Security markets 148 Treasury finance 149-151 Governmental corporations and credit agencies; Postal Savings System 152.-154 Business indexes 155-165 Department store statistics 166 Wholesale prices 167 Current statistics for Federal Reserve chart book 168-170 Changes in number of banks and branches in the United States 171 Earnings and expenses of Federal Reserve Banks during 1941 171-173 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in tne United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or 01 the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and press statements will be sent without charge to those wishing them. FEBRUARY 1941 12-7 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 10 1936 1937 1938 1939 1940 1941 1942 Latest figures for January 21. See page 129. 1x8 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- Date c B o d e u i 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 a e u M f n r t t i e a n r - g ot A h l e l r1 Total s G to o c ld k T s r t o c e r i 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 a i 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 R o y e r r i s e a t v d d i h - l t e - e s - p m N b o d e o e e s m - n r it - - s c O s F o e R e a t u e r r h c e d a v n - - e l - e t r s T } I " -/ o C > l A f t X b n a X l a z . l l\ " . l a X r n C P c 9 Q e v E l P s r V x v 2 W p in 5 5 Banks cess^ years years Monthy averages of daily figures: 1940—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 Dec. 4 2,188 1,038 1,149 113 2,305 21,890 3,079 8,688 2,201 338 1,715 283 14,049 6,646 1941—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 Dec 5 2,219 915 1,304 180 2,404 22,759 3,239 10,985 2,189 592 1,530 293 12,812 3,390 End of month figures: 1940—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 Dec. 31 3 2,184 1,048 1,136 88 2,274 21,995 3,087 8,732 2,213 368 1,732 284 14,026 6,615 1941—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 Dec. 31 3 2,254 917 1,337 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 3,085 Wednesday figures: 1941—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 2,254 917 1,337 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 3,085 1942—Jan. 7 4 2,254 917 1,337 128 2,386 22,742 3,248 11,109 2,220 663 1,376 291 12,717 3,385 Jan.14 4 2,254 917 1,337 133 2,390 22,740 3,252 11,062 2,224 419 1,395 291 12,992 3,561 Jan.21 3 2,250 827 1,423 130 2,383 22,750 3,255 11,077 2,204 284 1,387 291 13,145 3,584 Includes industrial advances and bills bought, shown separately in subsequent tables. * End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections 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- All other To banks To others ligations of the U. S. R an a . t e 30 beg e i f n I f n n ec in t g- Ja R n a . te 30 beg e i f n f I n e n c in t g- Ja R n a . t e 30 beg e i f n f I e n n c i t ng- J R an a . t e 30 begi e n f n I f n e in c g t — Ja R n a . te 30 beg e i f n f I e n n c i t ng- Boston Sept. 1,1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 193? Apr. 29, 1938 New York Aug. 27, 1937 Aug. 27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia... Sept. 4, 1937 Sept. 4, 1937 Sept. 4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Aug. 27, 1937 Aug. 27, 1937 Sept.10, 1937 Sept. 1, 1939 Feb. 19, 1934 Atlanta Sept. 16, 1939 Aug. 21, 1937 Aug. 21, 1937 Sept.16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Aug. 21, 1937 Aug. 21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept. 21, 1939 Sept. 2, 1937 Sept. 2, 1937 Sept.16, 1939 Feb. 23, 1935 Minneapolis Aug. 24, 1937 Aug. 24, 1937 Aug. 24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City... Sept. 16, 1939 Sept. 3, 1937 Sept. 3, 1937 Sept.16, 1939 Apr. 16, 1938 Dallas Sept. 16, 1939 Aug. 31, 1937 Aug. 31, 1937 Sept.16, 1939 Apr. 16, 1938 San Francisco. Sept. 3, 1937 Sept. 3, 1937 Sept.17, 1937 Sept. 1, 1939 Oct. 19, 1933 1 Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL ACCEPTANCES ADVANCES [Per cent per annum] Rates in effect Jan. 30 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R ff a e t c e t i o n n In g i e n f n fe in ct g — be- Pre r v at i e ous [Per cent per annum except as indicated by footnote6] Jan.30 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 46-60 days.... do direct to Commit- 6 9 1 1 1 2 - - 1 1 1 9 - T 2 0 1 0 8 h d 0 i d s a d a y r a y a s y s t . e s . . . . . . . also applies to acceptances bought und d d d e o o o r repurchase agree- Feder B al a n R k eserve g m i a n o e n d r r i u c z c i s a o a t t l m r i o i o a - 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 o s r - - r m p O o a n r i n t r i i o e n - n g 1 a to d m v m e a n n a t c k s e 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 o c p h n u a rc r p g h r e i a m d s e e s f , o b r i a f n o a k n th e y e r , s r m ' c a a l c d a c e s e s b p e y s ta o n o t c f h e e s b r i F p ll a e s y d . a e b r T a le l h e R i n e s s a e d m r o v e l e l a m B rs i a ; n n i h k m i s g u . h m e r r r a a te te s s a m pp a l y y b t e o B N Ph o e i w s l t a o d Y n e o l r p k hia 3 3 K ^ 4 - - - 6 6 6 2 2-3 3 3 © H m Back figures.—See Annual Report for 1937 (table 41). Cleveland 3^-5 ® (?) MEMBER BA A N [P u K e g. r 1 R c 6 e E , n S t E M o R f a V d r. e E 1 p , o R s E it M s Q ] a U y I l R , EM A E pr N . 1 T 6 S , Effec- A M R C St i h t i . c l n i a h c L n n a m o e g t u a a o o i p n s o d lis 3K-5 3 4 4 3 H - - - - 6 6 6 6 1K ( 3 4 - - ) 2 6 4 3 ( 4 3 3 5 ( - - ) - 2 6 6 4 6 ) K ( 1 1 6 - - - ) 2 2 2 1 Classes of deposits 1936- 1937- 1937- 1938- tive Kansas City 4-6 3-6 4 (6)1 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 4 4 4 4- - 5 6 1 3-4 On net demand 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, deposits:1 Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Central reserve city... 22^ 26 22^ 26 Dallas may charge same rate as charged borrower by financing institution, R Co e u se n r tr v y e city 15 \ 1 i 2 y M2 2 1 0 4 , 1 1 7 2 H 2 1 0 4 if 2 lo S w a e m r e t a h s a n ra r te a t c e h s a h r o g w ed n . borrower by financing institution. On time deposits: * One per cent less than rate charged borrower by financing institution. All member banks 4H SH 6 5 One per cent less than rate charged borrower by financing institution with minimum of three per cent (see note x). 1 See footnote to table on p. 136 for explanation of method of computing 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 5«5 40 Postal savings deposits... 2Y2 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 90 days to 6 months.. Less than 90 days percentage 01 its market value at the time ot 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. 130 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 1942 1941 1940 Jan.21 Jan.14 Jan. 7 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Dec. Nov. Dec. Assets Gold certificates on hand and due from U. S. Treasury 20,523,015 20,488,01520,490,017 20,490,015 20,515, 1,516,016 ',551,01520,553,016 20,490,015 20,553,01919,750,781 Redemption fund—F. R. notes. 13,437 13,436 13,669 13,668 14,688 14,586 15,352 15,496 13,668 15,496 9,692 Other cash 353,083 337,653 296,423 260,678 213,759 223,766 231,589 236,263 260,678 253,331 275,109 Total reserves 20,889,53520,839,104 20,800,109 20,764,36120,743,465 20,754,368 20,797,956 20,804,775 20,764,36120,821,846 20,035,582 Bills discounted: For member banks 3,203 3,582 4,120 2,955 7,069 5,304 4,060 5,567 2,955 1,968 For nonmember banks, etc. 947 Total bills discounted . 3,582 4,120 2,955 7,069 4,060 5,567 2,955 2,915 Industrial advances 9,512 9,619 9,504 9,710 9,772 9,799 9,504 7,538 U. S. Government securities: Direct Bonds 1,548,005 1,462,205 1,462,205 1,462,205 1,450,867 1,447,470 1,402,200 1,402,200 1,462,205 1,402,200 1,280,000 Notes 692,500 777,300 777,300 777,300 777,300 777,300 777,300 777,300 777,300 777,300 899,500 Bills 6,000 10,370 10,370 10,370 10,370 10,370 12,370 10,370 Guaranteed 3,600 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 2,250,105 2,254,475 2,254,475 2,254,475 2,243,137 2,239,740 2,196,470 2,184,100 2,254,475 2,184,100 2,184,100 Other Reserve Bank credit outstanding 120,522 122,815 118,261 93,842 239,372 178,440 75,437 89,576 93,842 112,539 79,666 Total Reserve Bank credit outstanding 2,383,251 2,390,384 2,386,475 2,360,776 2,499,288 2,285,739 2,289,042 2,360,776 2,312,332 2,274,219 Liabilities F. R. notes in actual circulation . 8,198,916 8,170,584 8,178,757 8,V192,169 8,202,083 7,838,397 7,730,137 8,192,169 7,669,255 5,930,997 Deposits: Member bank — reserve account 13,145,468 12,991,582 12,716,75412,450,333 12,446,86712,497,269 13,219,388 13,178,056 12,450,333 13,139,70114,025,633 U. S. Treasurer—general account 284,180 418,609 663,254 867,493 907,665 925,258 157,141 320,557 867,493 429,454 368,481 Foreign 729,779 754,816 787,364 774,062 808,967 852,905 935,053 1,007,931 774,062 1,014,985 1,132,909 Other deposits 656,951 640,156 588,184 586,170 613,028 629,780 678,698 601,253 586,170 629,316 599,544 Total deposits 14,816,37814,805,163 14,755,556 14,678,05814,776,527 14,905,21214,990,28015,107,79714,678,05815,213,456 16,126,567 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.8 90.7 90.7 90.3 90.6 91.1 91.1 90.8 91.0 90.8 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 to y s 60 61 d t a o y 9 s 0 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. 31 2,955 1,878 55 108 136 653 125 Jan 7 4 120 3 127 31 110 219 511 122 Jan.14 3*582 2,624 32 48 318 435 125 Jan.21 3,203 2,310 37 67 462 271 56 Industrial advances: Dec. 31 9,504 3,116 378 471 162 1,224 1,289 1,541 1,323 Jan.7 9 619 3,042 695 142 221 1,262 1,340 1,554 1,363 Jan.14 9,512 3,133 600 195 156 1,161 1,337 1,560 1,370 Jan 21 9,421 3,166 321 215 182 1,250 1,347 1,576 1,364 U. S. Government securities, direct and guaranteed: Dec 31 2 254 475 1,000 95,170 97,000 247,200 477,000 1,337,105 Jan 7 2,254,475 1,000 95,170 97,000 247,200 477,000 1,337,105 Jan.14 2,254,475 1,000 95,170 97,000 247,200 477,000 1,337,105 Jan.21 2,250,105 6,000 97,000 247,200 477,000 1,422,905 FEBRUARY 1941 131 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 ew rk d P el h p i h la ia - C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Dec. 31 20,490,015 ,162,307 8,164,207 1,224,286 1,627,213 790,447 551,394 3,423,782 632,041 394,665 557,610 414,284 1,547,779 Jan. 7 20,490,017 ,198,928 8,131,6201,211,5751,636,134 793,826 550,029 3,429,729 633,243 392,345 534,018 392,3551,586,215 Jan. 14 20,488,015 ,203,336 8,033,144 1,201,248 1,619,246 808,474 552,983 3,478,727 638,654 390,079 549,843 394,5711,617,710 Jan. 21 20,523,015 ,209,535 8,233,828 1,177,280 1,626,965 784,729 530,7473,430,421 622,307 367,540 546,159 393,578 1,599,926 Redemption Fund—Federal Reserve notes: Dec. 31 13,668 4,143 1,047 892 919 1,437 451 1,122 643 401 754 566 1,293 Jan. 7 i 13,669 4,143 1,047 893 919 1,437 451 1,122 643 401 754 566 1,293 Jan. 14 13,436 4,039 1,625 735 791 1,395 385 962 609 387 727 543 1,238 Jan. 21 13,437 4,039 1,625 735 792 1,395 385 962 609 387 727 543 1,238 Other cash: 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 Jan. 7.... 296,423 28,847 54,678 22,830 23,342 16,393 23,309 44,871 21,970 5,550 13,349 14,233 27,051 Jan. 14... 337,653 31,533 64,646 24,413 31,238 15,743 23,818 53,281 22,100 6,266 15,799 16,401 32,415 Jan. 21... 353,083 32,201 65,850 26,825 28,688 20,688 27,302 56,554 23,250 6,387 15,250 15,560 34,528 Total reserves: Dec. 31 20,764,361 ,192,039 8,212,096 1,244,5231,651,653 806,277 568,880 3,463,762 650,286 400,484 570,123 428,6341,575,604 Jan. 7 20,800,109 ,231,918 8,187,3451,235,298 1,660,395 811,656 573,789 3,475,722 655,856 398,296 548,121 407,1541,614,559 Jan. 14 20,839,104 ,238,908 8,099,4151,226,396 1,651,275 825,612 577,186 3,532,970 661,363 396,732 566,369 411,5151,651,363 Jan. 21 20,889,535 ,245,775 8,301,3031,204,840 1,656,445 806,812 558,434 3,487,937 646,166 374,314 562,136 409,6811,635,692 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Dec. 31 1,768 260 615 624 100 105 Jan. 7 1,991 570 520 657 75 105 15 J J a a n n . . 2 1 1 4 2 2, , 2 5 3 1 4 8 6 2 3 5 0 0 9 7 0 9 0 5 7 78 4 7 9 1 7 5 5 0 20 1 9 0 0 5 '46 Other bills discounted: Dec. 31 1,187 87 109 Jan. 7 2,129 87 1,814 98 Jan. 14 1,064 101 700 95 Jan. 21 969 101 637 Total bills discounted: Dec. 31 2,955 260 690 674 187 50 953 109 Jan. 7 4,120 570 585 707 162 35 1,919 98 15 Jan. 14 3,582 630 940 819 176 118 790 95 '46 Jan. 21 3,203 250 810 857 251 20 118 742 103 Industrial advances: Dec. 31 9,504 1,883 1,098 3,468 233 765 477 306 300 514 244 124 Jan. 7 9,619 1,879 1,098 3,517 278 765 527 298 300 496 246 123 Jan. 14 9,512 1,879 1,098 3,503 280 764 514 289 200 523 247 123 Jan. 21 9,421 1,871 1,098 3,557 281 762 498 301 100 499 246 122 U. S. Government securities, direct and guaranteed: Bonds: 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 Jan. 7 1,466,805 107,926 404,959 115,841 145,076 87,666 62,391 178,434 69,282 44,291 67,075 57,154 126,710 Jan. 14 1,466,805 107,926 404,959 115,841 145,076 87,666 62,391 178,434 69,282 44,291 67,075 57,154 126,710 Jan. 21 1,551,605 114,167 428,328 122,526 153,461 92,757 65,999 188,778 73,292 46,849 70,945 60,460 134,043 Notes: 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 Jan. 7 777,300 57,193 214,597 61,388 76,880 46,458 33,063 94,557 36,713 23,471 35,546 30,287 67,147 Jan. 14... 777,300 57,193 214,597 61,388 76,880 46,458 33,063 94,557 36,713 23,471 35,546 30,287 67,147 Jan. 21.... 692,500 50,954 191,168 54,686 68,491 41,398 29,457 84,253 32,711 20,910 31,664 26,983 59,825 Bills: Dec. 31.... 10,370 800 2,724 819 1,026 634 440 1,406 521 306 443 362 889 Jan. 7 10,370 763 2,863 819 1,026 620 441 1,261 490 313 474 404 896 Jan. 14... 10,370 763 2,863 819 1,026 620 441 1,261 490 313 474 404 896 Jan. 21.... 6,000 44: 1,656 474 594 359 255 730 283 181 274 234 518 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 N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco A ss ets—Continued Total U. S. Government securities, direct and guaranteed: 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 Jan. 7 2,254,475 165,882 622,419 178,048 222,982 134,744 95,895 274,252 106,485 68,075 103,095 87,845 194,753 Jan. 14 2,254,475 165,882 622,419 178,048 222,982 134,744 95,895 274,252 106,485 68,075 103,095 87,845 194,753 Jan. 21 2,250,105 165,563 621,152 177,686 222,546 134,514 95,711 273,761 106,286 67,940 102,883 87,677 194,386 Total bills and securities: 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 Jan. 7 2,268,214 168,331 624,102 182,272 223,422 135,509 96,436 274,565 106,785 68,606 105,106 88,189 194,891 Jan. 14 2,267,569 168,391 624,457 182,370 223,438 135,508 96,423 274,541 106,685 68,716 103,977 88,187 194,876 Jan. 21 2,262,729 167,684 623,060 182,100 223,078 135,296 96,221 274,062 106,386 68,557 103,711 88,026 194,548 Due from foreign banks: Dec. 31 Jan. 7 Jan. 14 Jan. 21 Federal Reserve notes of other banks: Dec. 31 36,287 774 4,493 2,700 2,087 8,760 4,110 3,449 2,430 651 2,071 1,367 3,395 Jan. 7 39,414 1,233 3,716 2,088 2,161 10,244 5,335 3,192 3,248 1,197 2,362 1,136 3,502 Jan. 14 37,217 1,298 3,034 1,425 2,385 11,198 4,084 3,443 1,625 1,233 2,954 1,006 3,532 Jan. 21 .„ 34,036 815 2,979 1,184 1,944 11,275 3,037 2,787 2,632 415 1,926 1,086 3,956 Uncollected items: 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 Jan. 7 , 998,458 95,950 220,362 72,392 116,612 80,621 40,945 149,912 51,697 25,739 42,468 38,290 63,470 Jan. 14 1,210,160 116,608 285,575 82,403 155,972 85,514 46,678 193,875 56,607 25,977 42,735 41,828 76,388 Jan. 21 1,127,981 107,423 253,549 74,243 133,597 100,191 53,134 163,303 55,839 25,771 42,489 49,660 68,782 Bank premises: Dec. 31 40,767 2,778 10,507 4,866 4,439 2,982 ,948 2,971 2,155 2,880 1,137 2,766 Jan. 7 40,761 2,778 10,507 4,866 4,439 2,982 ,948 2,971 2,155 2,874 1,137 2,766 Jan. 14 40,792 2,778 10,507 4,866 4,439 3,008 ,949 2,971 2,155 2,874 1,141 2,766 Jan. 21 40,785 2,778 10,507 4,866 4,429 3,013 ,948 2,971 2,154 2,874 1,141 2,766 ''Other "assets: Dec. 31 43,724 3,127 11,148 4,061 4,613 2,751 ,797 5,466 2,027 1,783 1,509 4,083 Jan. 7 44,028 3,050 11,926 3,495 4,753 2,778 ,813 5,091 1,950 1,951 1,687 4,170 Jan. 14 45,434 3,114 12,393 3,806 4,875 2,918 ,811 5,159 2,008 2,014 1,693 4,271 Jan. 21 45,116 3,143 12,267 3,541 4,896 2,868 ,848 5,203 2,002 1,997 1,724 4,248 Totallassets: Dec. 31 24,352,8441,491,186 9,148,5721,522,649 2!,035,555 1,042,943 715,182 3,962,603 820,054 497,426 721,642 548,7851,846,247 Jan. 7 24,191,0311,503,263 9,057,9"7"6 1,500,416 2!,011,786 1,043,792 720,268 3,911,459 821,692 496,540 702,883 537,5"94 1,883,362 Jan. 14 24,440,3231,531,100 9,035,399 1,501,271 2!,042,388 1,063,760 728,133 4,012,965 830,444 495,368 720,924 545,371 1,933,200 Jan. 21 24,400,2291,527,6219,203,683 ,470,779 21,024,393 1,059,457 714,624 3,936,269 815,180 471,774 715,134 551,3191,909,996 Liabilities Federal Reserve notes in actual circulation: Dec. 31 8,192,169 671,656 2,110,650 575,036 778,072 431,489 278,564 1,719,536 322,068 206,510 263,578 135,271 699,739 Jan. 7 8,178,757 667,0712,099,932 573,740 776,907 427,089 279,6541,720,497 321,278 207,617 264,868 134,221 705,883 Jan. 14 8,170,584 662,536 2,098,241 573,987 778,692 426,199 276,9301,721,440 321,366 207,958 264,146 132,974 706,115 Jan. 21 8,198,916 666,778 2,104,940 574,811 781,948 424,743 276,088 1,730,693 322,576 209,712 265,439 133,571 707,617 Deposits: Member bank—reserve account: Dec. 31 12,450,333 568,846 5,639,629 661,703 919,517 451,776 322,452 1,762,132 363,642 178,535 344,996 306,697 930,408 Jan. 7 12,716,754 631,801 5,688,053 673,942 945,211 460,316 335,0211,796,797 372,709 185,754 345,109 302,050 979,991 Jan. 14 12,991,582 653,4735,707,268 679,604 970,138 464,685 338,"5 2"0 1,925,861 381,902 190,554 359,817 311,540 1,008,220 Jan. 21 13,145,468 675,7"75 5,938,356 668,442 975,973 460,941 329,8121,880,251 374,595 185,650 357,067 309,707 988,899 U. S. Treasurer—general account: Dec. 31 867,493 80,782 220,654 73,578 72,247 23,729 28,685 156,906 39,646 52,460 35,850 36,989 45,967 Jan. 7 663,25- 42,821 184,551 59,614 64,907 27,087 23,205 104,871 30,553 47,771 22,077 28,371 27,426 Jan. 14 418,609 31,621 69,482 35,175 35,413 35,202 23,666 48,647 24,105 39,104 21,617 25,776 28,801 Jan. 21 284,180 16,837 31,308 26,760 24,485 22,035 18,867 32,165 17,131 20,305 20,181 23,915 30,191 FEBRUARY X33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k 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 Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Liabilities—Continued Deposits—Continued: Foreign: Dec. 31 774,062 29,543 306,991 74,057 70,240 32,829 26,722 91,617 22,904 16,796 22,141 22,141 58,081 Jan. 7 787,364 31,087 313,219 74,990 71,124 33,243 27,058 92,771 23,193 17,008 22,420 22,420 58,831 Jan. 14 754,816 29,526 300,161 70,969 68,012 32,527 25,874 90,190 22,178 16,264 21,439 21,439 56,237 Jan. 21 729,779 28,181 295,184 67,845 65,018 31,095 24,735 86,219 21,201 15,548 20,495 20,495 53,763 Other deposits: Dec. 31 586,170 9,527 475,283 12,391 16,902 6,106 5,123 3,496 12,594 10,815 1,929 1,312 30,692 Jan. 7 588,184 19,070 465,351 11,398 16,794 5,636 5,223 3,377 14,027 10,588 1,721 4,333 30,666 Jan. 14 640,156 22,339 489,809 27,289 17,529 5,773 5,285 4,032 14,679 10,540 1,526 3,035 38,320 Jan. 21 656,951 19,797 504,733 25,091 17,742 5,852 3,559 3,909 15,591 11,095 2,571 2,826 44,185 Total deposits: Dec. 31 14,678,058 688,6986,642,557 821,7291,078,906 514,440 382,9822,014,151 438,786 258,606 404,916 367,139 1,065,148 Jan. 7 14,755,556 724,7796,651,17 819,9441,098,036 526,282 390,5071,997,816 440,482 261,121 391,327 357,174 1,096,914 Jan. 14 14,805,163 736,9596,566,720 813,0371,091,092 538,187 393,3452,068,730 442,864 256,462 404,399 361,790 1,131,578 Jan. 21 14,816,378 740,5906,769,581 788,1381,083,218 519,923 376,9732,002,544 428,518 232,598 400,314 356,943 1,117,038 Deferred availability items Dec. 31 1,106,929 104,811 266,815 90,557 143,848 80,625 39,91: 180,340 47,312 22,554 41,734 34,806 53,615 Jan. 7 880,244 85,042 177,766 72,066 101,957 73,995 36,283 144,457 48,041 18,021 35,230 34,607 52,779 Jan. 14 1,087,39: 105,362 241,173 79,278 137,643 82,909 43,987 173,988 54,283 21,149 40,898 38,983 67,739 Jan. 21 1,007,506 93,234 199,914 73,217 124,325 98,320 47,704 154,257 52,174 19,686 37,923 49,190 57,562 Other liabilities, including accrued dividends: Dec. 31 2,195 34' 840 173 246 44 165 84 44 72 5 Jan. 7 2,55( 71. 230 255 268 137 250 102 71 97 51 Jan. 14 3,17$ 578 528 330 303 162 350 117 106 119 38 Jan. 21 3,32. 1,349 166 254 284 149 304 97 78 108 54 Total liabilities: Dec. 31 23,979,35!1,465,51 9,020,16^1,488,16: 2,000,999 1,026,800 701,550022 3,914,192 808,198 487,754 710,272 537,2881,818,507 Jan. 7 23,817,10:1,477,60^8,929,20:1,465.98C1,977,1551,027,634 706,5813,863,020 809,847 486,861 691,496 5260,9"9 1,855,627 Jan. 14 24,066,3181,505,43.8,906,61.1,466.83C2,007,7571,047,598 714,4243,964,508 818,582 485,686 709,549 533,8661,905,470 Jan. 21 24,026,1231,501,95 9,074,87 1,436,33: 1,989,7451,043,270 700,9143,887,798 803,312 462,093 703,754 539,8"1""2 1,882,271 Capital accounts Capital paid in: Dec. 31 142,180 9,403 51,806 11,923 14.64C 5,709 4,880 15,613 4,417 3,003 4,600 4,359 11,827 Jan. 7 142,687 9,403 52,187 11,87: 14,73: 5,720 4,884 15,665 4,412 3,012 4,606 4,362 11,827 Jan. 14 142,78C 9,403 52,188 11,875 14,736 5,726 4,905 15,693 4,42' 3,016 4,608 4,372 11,827 Jan. 21 142,872 9,404 52,198 11,882 14,753 5,738 4,909 15,708 4,445 3,017 4,616 4,375 11,827 Surplus (section 7): Dec. 31 157,50: 10,94! 56,65 15,17 14,345 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Jan. 7 157,50: 10,94! 56,65 15,17 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Jan. 14 157,50: 10,94! 56,65 15,17 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Jan. 21 157,50: 10,94- 56,65: 15,17 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Surplus (section 13b): Dec. 31 26,78C 2,87- 7,071 4,39; 1,007 3,244 713 1,429 529 1,000 1,137 1,263 2,121 Jan. 7 26,78C 2,87' 7,O7i 4,393 1,007 3,244 713 1,429 529 1,000 1,137 1,263 2,121 Jan. 14 •. 26.78C 2,874 7,O7i 4,39, 1,00' 3,244 713 1,429 529 1,000 1,137 1,263 2,121 Jan. 21 26.78C 2,874 7,071 4,39; 1,007 3,244 713 1,429 529 1,000 1,137 1,263 2,121 Other capital accounts: Dec. 31 47,03: 2,448 12.88C 3,000 4,564 1,954 2,362 i,444 1,944 2,517 2,020 1,899 3,000 Jan. 7 46,95. 2,432 12,86( 2,994 4,547 1,958 2,365 1,420 1,938 2,515 2,031 1,894 2,995 Jan. 14 46,94. 2,439 12,87r 2,998 4,542 1,956 2,366 1,410 1,940 2,514 2,017 1,894 2,990 Jan. 21 46,95: 2,443 12,893 3,001 4,542 1,969 2,363 1,409 1,928 2,512 2,014 1,893 2,985 Total liabilities and capital accounts: Dec.31 24,352,844 ,491,18i9,148,5721,522,6492,035,5551,042,943 715,18: 3,962,603 820,054 497,426 721,642 548,785 1,846,247 Jan. 7 24,191,03 1,503,2639,057,9761,500,4162,011,7861,043,79: 720,2683,911,459 821,692 496,540 702,883 537,594 ,883,362 Jan. 14 24,440,3231,531,1009,035,3991,501,2712,042,3881,063,760 728,1334,012,965 830,444 495,368 720,924 545,3711,933,200 Jan. 21 24,400,22S1,527,62 9,203,6831,470,7792,024,3931,059,457 714, 624 3,936,269 815,180 471,774 715,134 551,319 1,909,996 Commitments to make industrial advances: Dec. 31 14,59! 139 460 2,617 1,043 857 1,767 1,874 1,226 1,500 3,063 Jan. 7 14,83' 139 450 2,806 1,04: 856 1,720 1,874 1,226 1,500 3,170 Jan. 14 14,42 13' 426 2,910 1,07: 83. 1,700 1,874 1,194 1,500 2,744 Jan. 21. 14,27 137 394 2,838 1,074 860 1,700 1,874 1,140 1,500 2,735 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 ( e l a a c st h W m e o d n n t e h s ) day of Numb re er ceiv A ed mount Nu c m o b n e s r ider A at m io o n unt Numb ap er prov A ed mount A s ( t a d a m o v n u o a d n t u i - n c n g e t) s 1 m ( C s a e t o m n a m t n o s d m u i o n n i u t t g - ) t- c A ( o a b m p m u p p t o r l o u n e v t n o e e t t d ) d a d o e p r r x a p e p w l w t i i c n c r i . e a t d h b n , - y t, ( s P p a ta a m a o n r t u o i t d o t i u - i c n n n i s - g t) 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. 314 9,609 431,236 2 222 2,908 212,510 9,152 5,226 13,954 177,792 6,386 1941—Jan. 29 9,633 435,474 4 1,929 2,923 214 800 9 483 5,207 12,325 179,021 8,764 Feb. 26 9,659 442,712 1 600 2,945 223,226 9,451 5,066 20,424 179,569 8,716 Mar. 26 9,682 448,506 3 823 2,959 228 732 9,526 7,315 19,986 180,989 10,916 Apr. 30 9,719 444,985 2 35 2,987 225, 849 9,157 8,464 13,035 183,646 11,547 May 28 9,793 455,868 5 1,725 3,046 234 714 9,639 12,342 14,134 186,062 12,537 June 25 9,817 458, 092 2 35 3,067 238, 505 10,549 13, 072 8,090 192,783 14,011 July 30 9,855 471, 035 3 145 3,096 248 867 10,761 11,697 11,626 202,287 12,496 Aug. 27 9,891 481,255 2 70 3,120 258,154 10,359 12,928 11,520 208,279 15,068 Sept. 24 9,912 498, 017 3 2,220 3,132 267,606 9,808 13,551 10,251 216,258 17,738 Oct. 29 9,950 504,144 1 5 3,161 274,739 10,612 13,238 12,317 219, 598 18,974 Nov. 26 9,974 506,320 3 375 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 1942—Jan. 21.& 10,027 511,934 3 125 3,217 281,109 10,150 14,277 7,777 229,473 19,432 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 $712,000, Jan. 21, 1942. 4 Tuesday. 5 Latest date for which figures are available. 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 Lo S u t. is 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. 31 ,611,926 700,116 2,210,118 602,134 811,693 461,916 303,618 1,763,428 341,354 213,129 274,221 149,933 780,266 Jan. 7 ,623,423 701,420 2,216,782 601,843 812,453 461,939 303,1611,764,792 341,692 212,763 273,798 149,571 783,209 Jan. 14 ,629,228 699,846 2,218,773 600,358 811,291 463,681 301,4651,769,276 341,923 213,631 274,550 148,131 786,303 Jan. 21 ,647,111 701, ,222,789 602,142 812,697 463,004 301,5971,775,574 341,833 215,463 276,585 149,478 784,285 Held by Federal Reserve Bank: Dec. 31 419,757 28,460 99,468 27,098 33,621 30,427 25,054 43,892 19,286 6,619 10,643 14,662 80,527 Jan. 7 444,666 34,349 116,850 28,103 35,546 34,850 23,507 44,295 20,414 5,146 8,930 15,350 77,326 Jan. 14 458,644 37,310 120,532 26,371 32,599 37,482 24,535 47,836 20,557 5,673 10,404 15,157 80,188 Jan. 21 448,195 34,886 117,849 27,331 30,749 38,261 25,509 44,881 19,257 5,751 11,146 15,907 76,668 In actual circulation :1 Dec. 31 ,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 Jan. 7 ,178,757 667,071 2,099,932 573,740 776,907 427,089 279,6541,720,497 321,278 207,617 264,868 134,221 705,883 Jan. 14 ,170,584 662,536 2,098,241 573,987 778,692 426,199 276,9301,721,440 321,366 207,958 264,146 132,974 706,115 Jan. 21 ,198,916 666,7782,104,940 574,811 781,948 424,743 276,088 1,730,693 322,576 209,712 265,439 133,571 707,617 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Dec. 31 724,000 720,000 2,220,000 615,000 815,000 475,000 310,000 ,780,000 350,000 214,000 275,000 156,000 794,000 Jan. 7 734,000 720,0002,230,000 615,000 815,000 475,000 310,000 ,780,000 350,000 214,000 275,000 156,000 794,000 Jan. 14 760,500 720,000 2,240,000 615,000 815,000 475,000 310,000 ,780,000 350,000 217,000 280,000 154,500 804,000 . Jan. 21 790,500 720,0002,240,000 615,000 815,000 475,000 310,000 ,800,000 360,000 217,000 280,000 154,500 804,000 Eligible paper: Dec. 31 2,567 260 690 624 50 943 Jan. 7 3,756 570 585 657 35 1,909 Jan. 14 3,191 630 915 749 118 779 Jan. 21 2,696 250 810 787 118 731 Total collateral: Dec. 31 • 726,567 720,260 2,220,690 615,624 815,000 475,000 310,000 ,780,000 350,000 214,050 275,943 156,000 794,000 Jan. 7 737,756 720,570 2,230,585 615,657 815,000 475,000 310,000 ,780,000 350,000 214,035 276,909 156,000 794,000 Jan. 14 763,691 720,6302,240,915 615,749 815,000 475,000 310,000 ,780,000 350,000 217,118 280,779 154,500 804,000 Jan. 21 793,196 720,2502,240,810 615,787 815,000 475,000 310,000 ,800,000 360,000 217,118 280,731 154,500 804,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing banks. FEBRUARY I94X 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, DECEMBER, 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 p m G o d d r a s e e o n i - - s t d s s p m N o d d a s e e e n .i - t "t d si1 p T o d im e s - it e s qu R i F r e e - e d der B a H l a e n R l k d e s serv c E e e x ss - b m a b A e n e m l k r l s - 1 Y N c o e i w r t k y ban C c k a h s g i- o b s c R a e i r n t e v y k - e s b C a o n u k n s - 1 Total reserves held: All member banks 48,411 39,887 12,493 9,422 12,812 3,390 1940—December 14,049 6,997 1,142 4,096 1,815 Central reserve city banks: 1941—January 14,339 7,135 L,051 4,240 1,913 New York 16,640 15,786 818 4,153 5,142 989 February 13,996 6,807 L,033 4,258 1,898 Chicago 3,621 3,147 492 848 1,143 295 March 13,979 6,924 931 4,197 1,928 April 13,600 6,518 966 4,204 1,912 Reserve city banks: May 13,650 6,243 1,144 4,298 1,965 Boston district 1,408 1,260 80 257 347 90 June 13,201 5,958 1,144 4,184 1,914 New York district 288 236 148 56 66 10 July 13,120 5,875 L,120 4,198 1,927 Philadelphia district 1,695 1,432 212 299 497 198 August 13,004 5,600 1,140 4,287 1,978 September 13,184 5,554 L.218 4,335 2,076 Cleveland district 2,426 1,972 724 438 736 298 October 13,097 5,314 1,243 4,391 2,149 Richmond district 1,150 905 234 195 313 118 November 12,900 5,053 1,210 4,424 2,213 Atlanta district 1,073 778 178 166 199 33 December 12,812 5,142 1,143 4,317 2,210 Week ending (Friday): Chicago district 1,922 1,404 705 323 478 155 1941—Dec. 12 13,218 5,218 L,244 4,498 2,259 St. Louis district.. 1,210 938 173 198 262 64 Dec. 19 12,773 5,147 L.117 4,307 2,202 Minneapolis district 514 405 82 86 100 14 Dec. 26 12,433 5,038 L,063 4,179 2,152 1942—Jan. 2 12,479 5., 091 L044 4,133 2,211 Kansas City district 1,312 932 153 196 252 56 Jan. 9 12,701 5,160 1,029 4,261 2,252 Dallas district 1,029 684 132 145 190 46 Jan. 16 , 12,967 5,183 1,115 4,401 2,269 San Francisco district ... 3,246 2,658 2,078 656 877 221 Excess reserves: 1940—December ,.. 6,646 3,443 476 1,887 840 Total 17,273 13,602 4,898 3,014 4,317 1,303 1941—January 6,832 3,505 381 2,016 930 February 6,422 3,166 347 2,004 906 March 6,304 3,203 252 1,923 927 Country banks: April 5,883 2,812 295 1,885 891 Boston district 1,232 922 557 162 259 96 May 5,831 2,514 434 1,949 933 New York district. 1,872 1,449 1,488 292 462 170 June 5,351 2,238 424 1,820 870 Philadelphia district 913 647 869 143 222 79 July 5,193 2,150 388 1,789 866 August 5,017 1,898 403 1,824 892 Cleveland district 927 621 741 131 231 99 September 5,116 1,834 478 1,836 968 Richmond district 912 551 398 101 158 57 October 5,001 1,626 512 1,845 1,017 Atlanta district 798 492 258 84 123 39 November 3,611 945 367 1,456 844 December 3,390 989 295 1,303 804 Chicago district 301 835 857 168 280 111 Weekending (Friday): St. Louis district 581 361 261 66 99 . 33 1941—Dec. 12 3,785 1,060 379 1,479 866 Minneapolis district 449 292 282 58 83 25 Dec. 19 3,312 967 272 1,279 794 K D Sa a a n n ll s a F a s r s a d n C i c s i i t t s r y c i c o d t i d st i r s i t c r t ict... 5 6 7 1 0 7 3 7 4 3 4 32 7 8 4 9 0 3 1 1 1 6 0 0 0 5 6 6 7 3 4 3 1 9 8 1 0 8 6 4 2 2 3 7 4 1942— D J J J a a a e n n n c . . . . 9 2 2 1 6 6 *> 3 3 3 3 , , , , 0 0 3 4 2 0 9 9 0 4 8 4 1 1 , , 0 0 8 9 2 2 6 9 5 3 6 9 2 2 2 1 2 6 1 9 9 0 1 9 1 1 1 1 , , , , 2 1 3 1 5 6 6 3 7 4 6 3 8 7 7 3 2 8 3 2 9 'Total 10,878 7,352 6,284 1,406 2,210 804 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country 1 Gross demand deposits minus demand. balances with domestic banks banks are estimates. (except private banks and American branches of foreign banks) and cash items in process of collection. NOTE.—See table on p. 130 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] f 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 Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. 2,640 2,666 637 649 2,480 2,503 517 526 160 163 119 123 New York . 18,800 18,628 2,455 2,510 11,776 11,776 11,117 11,131 384 388 520 528 Philadelphia „.,... 2,608 2,607 1,081 1,106 2,275 2,277 622 640 333 330 459 466 Cleveland ,..„...., 3,353 3,286 1,464 1,484 3,001 2,944 1,115 1,132 351 341 349 351 Richmond .„ ... . . .. 2,062 2,033 632 642 1,786 1,760 425 435 276 273 207 208 Atlanta ».,.....-.„ 1,871 1,810 436 440 1,680 1,631 350 354 190 180 86 86 6,844 6,692 2,054 2,070 12,741 12,680 11,219 11,234 482 468 342 344 St Louis . 1,791 1,757 434 438 1,443 1,416 305 310 348 340 128 129 Minneapolis 963 955 364 365 748 743 196 197 215 212 167 168 Kansas City 1,919 1,864 313 324 1,504 1,463 203 213 414 401 110 111 Dallas , 1,803 1,742 237 238 1,379 1,330 190 191 425 412 47 47 San Francisco 3,759 3,675 2,388 2,367 3,592 3,511 2,282 2,262 167 164 105 105 Total .... 48,411 47,715 12,493 12,633 ^24,405 124,035 18,541 X8,624 3,746 3,674 2,641 2,666 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 136 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 r il t t v i e f e s i r - o T n f r u o e 1 r t y a 8 e 9 s s - 0 S s u i c a l b o v r s y i e i n d r i- M c i o n in or U S n n t o a i t t t e e e s s d R F n e e o s d e t e e r r v s a e l R F n e B e s o d a e t e n e r r k s v a e l n t b i N o o a t n a n e - a k s l 1940—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 December 11,160 61 60 1,733 : 481 209 313 8,138 19 144 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 cu c la ir - - so U r n te a d s- 2 tion1 Total Coin $1^ $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1940—November .... 8,522 6,098 639 591 38 L,107 1,977 1,748 2,426 523 11,089 225 512 26 51 3 December 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 ]L,112 227 523 30 60 4 1941—January 8,593 6,094 635 577 37 L.091 1,973 1,781 2,502 540 1,126 230 530 24 52 4 February 8,781 6,243 641 582 38 L,116 2,041 1,826 2,541 551 1,144 232 535 24 55 4 March 8,924 6,342 650 590 38 1,132 2,074 1,858 2,583 560 L,163 238 543 24 56 1 April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 L,197 241 550 25 56 2 May 9,357 6,683 669 615 40 L, 176 2,211 1,972 2,675 587 L,218 242 546 24 57 2 June 9,612 6,890 681 625 41 ,207 2,289 2,047 2,725 607 1,244 244 548 24 57 2 July 9,732 6,992 688 626 40 1,215 2,334 2,090 2,742 615 1,257 244 544 24 58 3 August 9,995 7,237 700 641 42 ,257 2,430 2,169 2,760 630 L,274 244 543 24 46 3 September 10,163 7,378 713 658 42 ,270 2,469 2,227 2,787 645 1,293 243 537 24 46 3 October 10,364 7,537 725 663 41 ,287 2,527 2,293 2,830 658 L,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 December 11,160 8,120 751 695 44 L.355 2,731 2,545 3,044 724 L.433 261 556 24 46 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER [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 u l n v l v l a d e - e r r r s s S s a i u i l r d v b y i - e - r M co in in or U S n n t o a i t t t e e e d s s B F s e R e e a r r e d a n v - - l k e t n b i N o o a a t n n e - a k s l Year or month m E e S u n h r t o i s p p - e to R E e f u r c o r e o m ip pe ts m s N h e i e n p t t - s rec N e e i t pts lion1 coin notes 1937 21.5 47.6 26.1 1938 33.1 34.4 1.3 1940—November.. 3,072 1,937 419 187 347 22 160 1939 110.2 9.8 100.3 December.. 3,087 1,945 425 189 347 22 159 1940 17.7 .7 17.0 1941 .3 .5 .2 1941—January 3,097 1,953 427 191 347 22 158 February... 3,102 1,959 428 192 347 21 156 1941—January .2 .1 (*) March 3,109 1,965 429 193 347 21 155 February fa A M Ju p a n r y e il 3 3 3 , , , 1 1 1 2 3 4 2 4 9 1 1 1 , , , 9 9 9 7 7 8 7 1 3 4 4 4 3 4 4 4 0 7' 1 1 1 9 9 9 4 9 6 3 3 3 4 4 4 7 7 7 2 2 2 1 1 1 1 1 1 5 5 5 4 2 3 M M Ap a a r y r i c l h . «•• .1 /iy J A u u l g y ust 3 3 , , 1 1 6 8 6 1 1 1 , ,9 9 9 9 8 1 4 4 5 6 5 2 2 2 0 0 4 2 3 3 4 4 7 7 2 2 0 0 1 15 5 0 1 J J u u n ly e (l ( W 1) September. 3,198 2,006 469 207 347 20 149 August (i\ October.... 3,219 2,013 482 210 347 20 148 September November 3,231 2,017 489 212 347 20 146 October (i\ December .. 3,247 2,023 497 215 347 20 146 November H December .2 1 Includes silver held against silver certificates amounting to $1,943,- 000,000 on Dec. 31,1941 and $1,871,000,000 on Dec. 31, 1940. 1 Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. FEBRUARY 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 of a s G t t p o o e e c r l n k d i d od I i n n s c t o r g e c o a k ld se N im et p g o o r l t d g m o c o r l r a d e r : i a k n s d e - e d e- p D ti r t c o o i m o d g n u o e 1 c l s d - - From or to— p Im or - t N s ov. p 2 o E r x t - s3 p I o m rt - O s ct. p E o x r - ts3 p J I o a m r n - t . s -No p v E o . x r - ts3 crease (—) 19342 8,238 4,202.5 1,133.9 82.6 92.9 France 1 1 1 9 9 3 3 5 6 31 1 1 0 , , 2 1 5 2 8 5 1 1, , 1 8 3 8 2 7 . . 5 2 1 1, , 1 7 1 3 6 9 . . 6 0 —85 . . 2 9 1 1 1 3 0 1 . . 7 6 P Sw or e t d u e g n al 24 34 1,7 3 4 7 7 8 1937 312,760 1,502.5 1,585.5 —200.4 143.9 Switzerland 899 1938 14,512 1,751.5 1,973.6 —333.5 148.6 United Kingdom 121 55 3,616 1939 17,644 3,132.0 3,574.2 —534.4 161.7 U. S. S. R 5,615 5,551 31,459 1940 21,995 4,351.2 4,744.5 —644.7 170.2 Canada 24,921 16,074 391 714 1941 22,737 741.8 (4) -407.7 167.8 M Ce e n x t i r c a o l America 6,3 9 3 3 6 9 1,0 9 2 6 0 0 1 9 5 , , 9 5 8 2 7 6 West Indies and Ber- 1940—July 20,463 499.4 520.0 -55.1 16.2 muda 77 66 814 August 20,913 450.2 351.6 67.0 12.5 Argentina 18 10 177 September... 21,244 331.6 334.1 36.6 13.5 Bolivia 8 10 94 October 21,506 261.1 326.0 -117.9 19.2 Brazil 5 22 November 21,801 295.2 330.1 -39.5 16.6 Chile 441 323 7,627 December.... 21,995 194.0 137.2 7.4 16.3 Colombia 2,110 2,107 22,211 Ecuador 218 253 2,822 1941—January 22,116 121.7 234.2 -52.8 13.5 Peru 436 583 8 441 February 22,232 115.4 108.6 -46.2 12.6 Venezuela 227 608 4,212 March. 22,367 135.4 118.6 .2 12.0 British Guiana 91 75 986 April 22,506 138.5 172.0 -10.5 12.8 Australia 5,980 6,151 63,779 M J J u u a n ly y e 2 2 2 2 2 2 , , , 6 5 6 7 7 2 5 5 4 4 6 5 9 0 9 . . . 5 2 1 3 3 3 0 7 4 . . . 7 8 0 — — 2 4 7 3 . . . 0 7 8 1 1 1 2 4 3 . . . 6 4 6 N B B r r e i i w t t i i s s Z h h e I a O n l c a d e n i a d a nia 3 1 1 5 4 6 2,3 6 2 5 7 7 2 7 3 8 2 , , , 5 9 3 8 5 6 3 4 4 August 22,719 44.7 37.0 -31.2 12.4 Netherlands Indies 25 855 September... 22,761 41.5 65.7 -46.8 17.8 China and Hong Kong 3,697 October 22,800 38.8 40.4 -32.2 15.7 November 22,785 -14.4 50.4 -60.9 18.0 Philippine Islands i,832 3,143 37,178 December.... 22,737 -48.8 (4) 5-99.7 South Africa 40 200 292,703 All other countries 473 140 4,255 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on page 177, adjusted to exclude Philip- Total 50,382 8 40,444 3 929,545 63 pine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a 1 Figures represent customs valuations which, with some exceptions, fine ounce thereafter. are at rate of $35 a fine ounce. 3 Includes gold in the Inactive Account amounting to 27 million dollars 2 Beginning December 4, 1941, the Department of Commerce suspended on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. publication of gold import and export statistics. 4 Beginning December 4, 1941, the Department of Commerce suspended 3 Beginning May 1941, the Department of Commerce suspended publipublication of gold import and export statistics. cation of export statistics by country of destination. 5 Gold held under earmark at Federal Reserve Banks for foreign account Back figures.—See table, p. 177, and Annual Report for 1937 (tables 31 amounted to 2,215.4 million dollars on December 31,1941. and 32). NOTE.—For back figures see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 BANK DEBITS Debits to deposit accounts except interbank accounts Member Nonmember Total, banks banks [In millions of dollars] all banks ti N o a n - al State su I r n e - d2 i . n N su o r t ed To a t l a l l, New 140 o 1 t 3 h 3 er Number of banks suspended: Year and month re i p n o g rt- Y C o it r y k ce o n t t h e e r r s1 r c e e p n o t r e t r i s n 2 g 1934 57 1 8 48 centers 1935 34 4 22 8 1936 44 1 40 3 1929 982,531 603,089 331,938 47,504 1937 59 4 2 47 6 1936 461,889 208,936 219,670 33,283 1938 55 1 1 47 6 1937 469,463 197,836 235,206 36,421 1939 42 4 3 25 10 1938 405,929 168,778 204,745 32,406 1940 22 1 18 3 1939 423,932 171,382 218,298 34,252 1941 8 4 3 1 1940 445,863 171,582 236,952 37,329 1941 537,398 197,724 293,775 45,899 Deposits of suspended banks (in thousands of dollars):3 1940—November. 39,088 14,952 20,819 3,317 1934 36,937 40 1,912 34,985 December.. 46,673 18,626 24,327 3,721 1935 10,015 5,313 3,763 939 1941—January... 41,133' 15.147 22,498 3,488 1936 11,306 507 10,207 592 February.. 35,783 13,268 19,457 3,057 1937 19,723 7,379 1,708 10,156 480 March 44,558 17,402 23,586 3,570 1938 13,012 36 211 11,721 1,044 April 42,237 15,657 23,074 3,505 1939 34,998 1,341 24,629 6,589 2,439 May 43,665 16,124 23,795 3,746 1940 5,943 256 5,341 346 June 45,942 17,282 24,853 3,807 1941 3,726 3,144 503 79 July 44,808 16,288 24,660 3,861 August.... 42,856 15,079 24,033 3,745 1 Represents banks which, during the periods shown, closed temporarily September. 43,870 15,654 24,310 3,907 or permanently on account of financial difficulties; does not include banks October... 50,875 19.148 27,315 4,411 whose deposit liabilities were assumed by other banks at the time of closing November. 45,081 16,077 25,075 3,930 (in some instances with the aid of Federal Deposit Insurance Corporation December.. 56,589 20,598 31,118 4,873 loans). 2 Federal deposit insurance became operative January 1, 1934. 1 National series, for which bank debit figures are available beginning 3 Deposits of member banks and insured nonmember banks suspended are with 1919. as of dates of suspension, and deposits of noninsured nonmember banks 2 Except that 1929 figure is for 128 centers only. are based on the latest data available at the time the suspensions were Back figures.—Annual report for 1937, page 157. Annual totals, beginreported. ning with 1919, by Federal Reserve districts and for individual centers, are Back figures.—See Annual Report for 1937 (table 76). available for distribution and will be furnished upon request. 138 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. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Member banks2 Non b m an e k m s ber Member banks2 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 a s s l O b m n a b o t e n h e n m r k e - r s - Call date b A an ll ks Total ti N on a- al State M s b a a u v n t i u n k g a s l s m O n b e t o h e m n e r - - r banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 1929—June 29 53,852 32,284 19,411 12,873 8,983 12,584 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 Dec. 30 15,011 6,011 5,154 857 579 8,421 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 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 Dec. 31 15,628 6,376 5,325 1,051 565 8,687 1936—June 30 51,335 34,098 21,986 12,112 10,060 7,173 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 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 1937—June 30 53,287 35,440 22,926 12,514 10,213 7,635 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 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 1938—June 30 52,195 34,745 22,553 12,193 10,296 7,153 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 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 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 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 1940—June 29 60,582 42,039 26,931 15,108 310, 631 37,912 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 June 30 14,855 6,556 5,130 1,426 547 7,752 1941—Apr. 4 65,211 46,179 29,467 16,712 10,684 8,347 Sept. 24 14,852 6,596 5,125 1,471 546 7,710 June 30 67,172 48,076 30,684 17,392 10,641 8,456 Dec. 31? 6,619 5,117 1,502 Sept. 24. 68,449 49,160 31,500 17,660 10,643 8,646 For footnotes see table below. *For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - 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 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1936—June 30 48,458 20,679 27,778 32,259 12,542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49,524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 49,696 22,514 27,182 32,739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48,566 22,198 26,368 31,752 13,958 17,794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 314 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 Dec. 31p 43,557 18,064 25,493 p Preliminary figures. 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940, the nonmember bank figures on some, call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana. 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 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 19*38, were approximately $50,000,000 and $100,000,000, respectively. Back figures.—See Annual Report for 1937 (tables 48-49). FEBRUARY 1942. 139 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- o s r e c c u a r r i r t y ie in s g Direct gat o i f ons Call date i m m n a v e n e n d s t t s - Total1 in m a c d n e i u a d r l - s- A t c a u g u l2 r r l - i - - p O m a k p p a e e e r t n - r b T ro o k- To e l R s o t a e a n a te s l b L a o t n o a k n s s l O o t a h n e s r 4 Total Total G a u n a - r- S p a o t c a n l a i t d l t e i s - O r s i e t t c h ie u e s - r trial2 ers oth- Bills5 Notes Bonds teed suband divideal- ers 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 2," 128' 2,143 3,296 Dec. 31 32,070 13,208 '4^737' "712' 442 973 775 2,716 125 2,728 18,863 3,222 286 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 3,777 441 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 4,328 563 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 4,722 797 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 5,823 652 2,594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,729 7,270 738 537 575 635 3,365 44 3,565 23,930 8,078 1,127 2,631 10,481 3,839 2,984 2,867 Sept. 246 ... 41,943 17,546 24,397 8,338 4,243 3,161 2,899 Dec. 31P 43,557 18,064 25,493 9,529 3,089 2,875 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—June 30. .. 8,013 3,172 141 556 717 132 85 1,541 4,840 3,740 222 1,358 1,451 '769' 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—June 30 12,493 3,778 2,405 3 97 422 186 129 33 503 8,715 7,268 577 1,526 3,415 1,751 651 796 Sept. 246 12,930 3,939 8,991 7,331 1,920 819 841 Dec. 31P.... 12,894 4,071 8,823 7,265 729 830 City of Chicago7 1929—Dec. 31 1,757 1,448 19 251 533 21 88 535 309 116 3 19 94 96 96 1933_june30 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 i22 140 159 Dec. 31 1,969 539 319 17 16 43 70 12 ""i 62 1,430 1,114 59 291 655 109 141 176 1939—June 30 2,052 544 329 19 15 39 71 12 59 L,5O7 L, 175 185 234 621 135 154 179 Dec. 30 2,105 569 365 6 17 41 66 13 60 ,536 L,203 153 176 701 172 162 170 1940—June 29 2,205 603 417 8 16 23 61 16 62 ,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 5 17 42 54 19 84 1,681 L,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 5 21 36 55 20 101 L,861 L,483 417 125 803 138 190 188 Sept. 246 2,573 918 L.655 1,304 159 175 176 Dec. $lp.'.'.'. 2,760 954 L.8O6 .4-30 182 193 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—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 Dec. 31p.... 15,349 7,103 8,246 6,467 957 821 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 ,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 1,048 483 138 25 243 1,353 5 1,149 5,669 3,233 11 732 1,893 597 982 L.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 L,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 1,144 Dec. 31 10,826 5,309 1,267 590 187 21 201 1,644 3 1,397 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—June 30 11,446 5,607 1,377 555 216 17 195 1,739 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 ,044 Dec. 31p.... 12,554 5,936 6,618 4^367 1,221 1,030 v Preliminary. 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, icn o/:^ 191 T> : : T ic\ min J_I._:I~J _I :n *.: -.--.'l-i-i- T J T-» 1 _ J A I _ I separately on some dates, and the total 6 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. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. ^Includes Treasury certificates of indebtedness through 1934. ® Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). I4O 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] Oemand deposits Time deposits, Interbank except interbank except interbank deposits Re- Bal- De- F s e w e d r i v e th r e a s C i a n sh a w n i c t e h s m dj a e n - d vi I d n u d a i- ls States C f e ie r d ti TT <? vi I d n u d a i l - States D b om an e k s s tic B ro o w r- - Ca a p c i - ta Call date B s R e a r n e v - k e s vault m ba rd e n \ s on k t - i s c 1 j p u a o s d t s e - it d s 2 a p n a p s t d h r i o o t i r n p n c a e o s s - r , r p v s o i u l a s i b i n t o d i d c n i- a s c c e h a o e t e f n c f r c d i s . - k 3 ' m G U e e r o . n n v o t - - a p n p a s t d h i r o o t i r n p n c a e o s s - v s p i u i s a o c i b n o l a d d i n l t i P i s o n a s g v t s a - 4 m D an e- d Time b F e a i o n g r k n - ings counts 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 12,959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 1941—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 City* 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 1938—June 30 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 1939—June 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 695 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 5 5 , , 5 8 3 5 4 7 1 9 3 6 6 *61 1 1 31 4 1 1 1 1 , , 5 6 0 1 6 9 1 1 1 1 , , 5 8 9 9 5 5 3 3 0 1 0 9 3 3 4 0 2 6 1 3 3 2 5 8 7 1 7 0 8 2 2 9 7 64 3 , , 0 9 4 4 0 8 65 6 6 2 3 3 "io"' 1 1, , 6 6 3 2 5 5 1941— S J e u p ne t. 3 2 0 4 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 1,386 221 23 86 443 16 688 6 249 1938—June 30 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 1939—June 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 1940—June 29 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 Dec. 31 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 1941—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 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 1941—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 2,258 929—Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 933—June 30 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 938—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 1,828 939—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 1,876 940—June 29 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 Dec. 31 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 941—June 30 2,075 501 63,293 9,028 7,805 L.341 169 168 6,110 145 30 6732 c632 62 3 1,990 Sept. 24 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, in dudes 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. ^Partly estimated. Back figures—-See Annual Report for 1937 (tables 52-58). FEBRUARY 1941 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying Date or month i # m n lo a v e a n e n n d s t s t s - Total i t n a c a r c d g i i u n a a u r l d l - i l s , - , - p m O a k p p a e e e r t - n r b a e T r n s o r o s e d k c - uri o ti t e T h s e o rs • e R lo s e t a a a n l t s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G 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—December 25,388 9,309 4,993 303 534 463 1,229 40 1,747 16,079 12,438 734 2,019 6,951 2,734 3,641 1941—August 28,942 10,661 6,149 400 453 438 1,253 41 1,927 18,281 14,578 1,069 2,266 7,931 3,312 3,703 September 29,171 10,937 6,321 395 536 437 1,258 42 1,948 18,234 14,467 903 2,287 7,958 3,319 3,767 October 29,368 11,152 6,525 412 521 432 1,260 39 1,963 18,216 14,457 811 2,251 8,065 3,330 3,759 November 29,621 11,277 6,610 425 542 431 1,259 39 1,971 18,344 14,667 874 2,552 8,316 2,925 3,677 December 30,053 11,371 6,709 429 542 425 1,259 41 1,966 18,682 15,021 956 2,540 8,575 2,950 3,661 1941—Oct. 29 29,582 11,203 6,554 419 531 431 1,265 37 1,966 18,379 14,648 797 2,244 8t277 3,330 3,731 Nov. 5 29,523 11,238 6,572 418 550 436 1,256 42 1,964 18,285 14,606 815 2,563 8,305 2,923 3,679 Nov. 12 29,611 11,317 6,633 428 554 430 1,261 41 1,970 18,294 14,632 832 2,564 8,307 2,929 3,662 Nov. 19 29,656 11,285 6,632 426 527 428 1,260 36 1,976 18,371 14,696 898 2,554 8,317 2,927 3,675 Nov. 26 29,693 11,266 6,602 427 536 428 1,259 39 1,975 18,427 14,735 950 2,526 8,338 2,921 3,692 Dec. 3 29,691 11,259 6,593 428 548 427 1,256 38 1,969 18,432 14,782 990 2,528 8,342 2,922 3,650 Dec. 10 29,891 11,357 6,675 425 550 430 1,262 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 1,258 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 r6,722 423 r535 422 rl,259 35 rl,974 18,715 15,049 883 2,535 8,667 2,964 3,666 1942—Jan. 7 30,132 11,322 6,722 422 521 412 1,255 50 1,940 18,810 15,145 957 2,535 8,687 2,966 3,665 14 30,233 11,308 6,728 426 518 407 1,252 48 1,929 18,925 15,259 1,047 2,530 8,704 2,978 3,666 21 30,211 11,199 6,721 427 444 •406 1,248 36 1,917 19,012 15,339 1,147 2,396 9,087 2,709 3,673 New York City 1940—December.... 10,165 3,074 1,901 90 381 168 115 26 393 7,091 5,755 285 1,082 2,824 1,564 1,336 1941—August 12,082 3,534 2,367 85 326 161 110 33 452 8,548 7,082 602 ,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 ,447 3,221 1,858 1,546 October 12,266 3,726 2,523 79 376 152 107 30 459 8,540 7,001 442 ,418 3,265 1,876 1,539 November... 12,189 3,780 2,552 84 392 153 106 32 461 8,409 6,955 414 ,602 3,336 1,603 1,454 December 12,220 3,796 2,577 87 379 151 104 36 462 8,424 6,976 365 ,564 3,425 1,622 1,448 1941—Oct. 29 12,268 3,750 2,527 390 152 107 29 8,518 7,005 384 ,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 ,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 ,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 ,598 3,324 1,606 1,451 Nov. 26 12,151 3,768 2,545 86 384 153 104 31 465 8,383 6,918 410 ,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 ,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 ,570 3,378 1,625 1,440 Dec. 17 12,314 3,816 2,601 88 379 150 104 39 455 8,498 7,055 371 ,568 3,496 1,620 1,443 Dec. 24 12,275 3,819 2,605 87 373 148 104 39 463 8,456 7,001 335 ,557 3,478 1,631 1,455 Dec. 31 12,159 3,772 2,573 85 364 150 104 31 465 8,387 6,924 309 ,554 3,433 1,628 1,463 1942—Jan. 7 12,225 3,778 2,578 84 362 146 104 45 459 8,447 6,983 365 ,551 3,442 1,625 1,464 14 12,269 3,784 2,593 82 360 145 102 44 458 8,485 7,016 384 ,550 3,454 1,628 1,469 21 12,161 3,725 2,599 80 307 145 102 32 460 8,436 6,972 414 ,498 3,600 1,460 1,464 Outside New York City 1940—December... 15,223 6,235 3,092 213 153 295 1,114 ,354 6,683 449 937 4,127 1,170 2,305 1941—August 16,860 7,127 3,782 315 127 277 1,143 ,475 9,733 7,496 467 828 4,743 1,458 2,237 September... 16,949 7,282 3,895 318 140 278 1,150 ,492 9,667 7,446 408 840 4,737 1,461 2,221 October 17,102 7,426 4,002 333 145 280 1,153 504 9,676 7,456 369 833 4,800 1,454 2,220 November... 17,432 7,497 4,058 341 150 278 1,153 ,510 9,935 7,712 460 950 4,980 1,322 2,223 December 17,833 7,575 4,132 342 163 274 1,155 ,504 10,258 8,045 591 976 5,150 1,328 2,213 1941—Oct. 29 17,314 7,453 4,027 337 141 279 1,158 503 9,861 7,643 413 813 4,967 1,450 2,218 Nov.5 17,328 7,468 4,036 336 149 284 1,149 506 9,860 7,639 414 944 4,958 1,323 2,221 Nov. 12 17,386 7,516 4,068 344 151 279 1,154 512 9,870 7,652 413 943 4,974 1,322 2,218 Nov. 19 17,472 7,505 4,070 342 146 275 1,153 514 9,967 7,743 473 956 4,993 1,321 2,224 Nov. 26 17,542 7,498 4,057 341 152 275 1,155 510 10,044 7,817 540 954 4,999 1,324 2,227 Dec. 3 17,559 7,487 4,051 341 157 274 1,152 506 10,072 7,862 586 957 5,002 1,317 2,210 Dec. 10 17,671 7,558 4,109 338 162 278 1,159 506 10,113 7,902 563 996 5,017 1,326 2,211 Dec. 17 17,992 7,613 4,168 345 165 275 1,154 ,500 10,379 8,164 605 972 5,254 1,333 2,215 Dec. 24 18,018 7,623 r4,179 347 159 274 1,157 ,503 10,395 8,172 624 974 5,245 1,329 2,223 Dec. 31 17,926 7,598 r4,149 338 r171 272 1,155 ,509 10,328 8,125 574 981 5,234 1,336 2,203 1942—Jan. 7 17,907 7,544 4,144 338 159 266 1,151 481 10,363 8,162 592 984 5,245 1,341 2,201 14 17,964 7,524 4,135 344 158 262 1,150 471 10,440 8,243 663 980 5,250 1,350 2,197 21 18,050 7,474 4,122 347 137 261 1,146 457 10,576 8,367 733 5,487 1,249 2,209 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 figure see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 14Z 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 as- B s F w e R e a e r r i n e d v t a - k h - 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 t h - k i s s c j p m u o a d s a s t d e n e i - - t d d s 1 p u p v n c a o a a o i n e r d l r r r d s a - t - - , - - S p s d s a i i t o i u c o a n v l b a n t d i i e - l t s - - s c C h c f a o e e e e i n f t e c r r f c d i s d t k . - i ' s - m U G e e . r o S n n v - . t - p u p c v n h a o a a o n i e i r d p l r r r d a s t - - - , - - . S p d i s a t c o u i a n a v l b t d i l i e - t - - s P i s o n a s g v t s - a 2 l m D a e n b - d anks T , ime b e F a i o g n r n k - s B i r n o o w g r s - - co a u c n - ts Date or month tions tions Total 101 Cities 11,824 556 3,361 22,299 22,098 1,505 560 433 5,189 210 25 8,809 113 674 3,824 1940—December 10,646 547 3,476 24,343 23,789 1,798 467 530 5,274 158 22 9,075 111 639 3,883 1941—August 10,742 556 3,575 24,404 23,890 1,829 493 596 5,271 156 21 9,402 114 624 3,885 September 10,597 555 3,543 24,391 24,021 1,863 563 510 5,280 156 21 9,485 112 635 3,895 October 10,273 564 3,328 24.168 23,890 1,822 581 705 5,290 153 21 9,178 110 647 3,915 November 10,171 574 3,313 24,142 23,997 1,715 599 1,165 5,188 182 23 9,090 109 660 3,921 December 10,215 568 3,449 24,258 23,662 1,889 519 653 5,285 153 21 9,245 112 640 3,896 1941—Oct. 29 10,058 550 3,276 23,876 23,394 1,904 557 658 5,298 152 21 9,145 110 642 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 3,915 Nov. 12 10,361 543 3,342 24,192 24,052 1,708 725 726 5,295 154 20 9,263 111 643 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 3,918 Nov. 26 10,575 554 3,344 24,324 23,814 1,780 560 5,232 155 23 9,294 111 655 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 3,924 Dec. 10 9,972 600 3,389 24,060 24,059 1,690 595 ,345 5,177 194 23 9,120 109 659 3,926 Dec. 17 9,880 564 3,288 23,994 23,878 1,658 545 ,403 5,149 195 23 8,928 671 3,916 Dec. 24 9,825 555 3,255 23,650 23,993 1,721 727 ,475 5,172 173 23 8,934 656 3,913 Dec. 31 10,053 568 3,190 23,884 23,384 1,651 520 ,492 5,130 186 22 8,938 106 650 3,922 1942—-Jan. 7 10,285 571 3,364 24.169 24,046 1,620 563 ,580 5,097 181 23 9,174 100 646 3,916 Jan. 14 10,507 539 3,366 24,426 24,132 1,712 535 ,547 5,072 179 23 9,137 99 642 3,912 Jan. 21 New York City 6,683 96 10,351 10,489 326 340 29 677 43 3,825 616 1,507 1940—December 5,316 88 10,910 10,995 299 251 62 740 24 3,797 577 1,518 1941—August 5,285 86 10,888 10,983 299 264 111 738 24 3,883 561 1,519 September 5,039 82 10,600 10,782 306 314 197 739 25 3,878 574 1,521 October 4,776 85 10,310 10,491 313 325 342 742 24 3,650 586 1,530 November 4,890 10,245 10,458 316 626 713 23 3,587 597 1,534 December 4,755 84 10,357 10,452 305 283 331 738 25 3,747 578 1,520 1941—Oct. 29 4,623 85 10,162 10,327 324 338 336 744 25 3,664 580 1,530 Nov. 5 4,644 88 10,248 10,507 289 268 336 740 25 3,636 582 1,531 Nov. 12 4,833 81 10,320 10.627 272 405 340 747 23 3,687 584 1,531 Nov. 19 5,006 84 10,511 10,503 368 287 357 738 23 3,611 598 1,530 Nov. 26 5,021 79 10,370 10,419 308 286 404 724 22 3,706 591 1,537 Dec. 3 4,981 91 10,524 10.628 295 301 378 714 23 3,648 598 1,533 Dec. 10 4,816 99 10,127 10,338 275 313 739 712 23 3,621 597 1,535 Dec. 17 4,788 89 10,164 10,354 265 288 777 708 22 3,474 606 1,529 Dec. 24 4,843 81 10,040 10,549 299 393 831 708 22 3,486 593 1,535 Dec. 31 4,862 82 10,165 10,216 256 279 842 724 22 3,428 588 1,534 1942—-JJaann.. 77 4,878 83 10,172 10,403 210 310 853 715 21 3,507 583 1,533 Jan. 14 5,118 76 10,361 10,524 240 290 819 706 24 3,476 577 1,533 Jan. 21 Outside New York City 5,141 460 3,276 11,948 11,609 1,179 220 404 4,512 167 25 4,984 113 58 2,317 1940—December 5,330 459 3,389 13,433 12,794 1,499 216 468 4,534 134 22 5,278 111 62 2,365 1941—August ! 5,457 470 3,487 13,516 12,907 1,530 229 485 4,533 132 21 5,519 114 63 2,366 September 5,558 473 3,453 13,791 13,239 1,557 249 313 4,541 131 21 5,607 112 61 2,374 October 5,497 479 3,237 13,858 13,399 1,509 256 363 4,548 129 21 5,528 110 61 2,385 November 5,281 486 3,222 13,897 13,539 1,427 283 539 4,475 159 23 5,503 109 63 2,387 December 5,460 484 3,357 13,901 13,210 1,584 236 322 4,547 128 21 5,498 112 2,376 1941—Oct. 29 5,435 465 3,185 13,714 13,067 1,580 219 322 4,554 127 21 5,481 110 62 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 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 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 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 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 2,391 Dec. 10 5,156 501 3,297 13,933 13,721 1,415 282 606 4,465 171 23 5,499 109 62 2,391 Dec. 17 5,092 475 3,195 13,830 13,524 1,393 257 626 4,441 173 23 5,454 108 65 2,387 Dec. 24 4,982 474 3,163 13,610 13,444 1,422 334 644 4,464 151 23 5,448 106 63 2,378 Dec. 31 5,191 486 3,097 13,719 13,168 1,395 241 650 4,406 164 22 5,510 106 62 2,388 1942—-Jan. 7 5,407 3,268 13,997 13,643 1,410 253 727 4,382 160 23 5,667 100 63 2,383 Jan. 14 5,389 3,276 14,065 13,608 1,472 245 728 4,366 155 23 5,661 99 65 2,379 Jan. 21 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. FEBRUARY 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 d F i e s d t e r ( i 1 r c a 9 t l 4 1 a R - n 4 e d 2 s ) e d r a v t e e m l T v o a i e e o a n n s n t n - d t a t s - s l Total C t m d c r a i o u i i n n e a a m s - d r l l - - , , - p O m k a p e p a e t e r n - r b o p r T s o r u o e k r c c - c a u h r r a r it y s i i i e n n s g g e l R o st a e a n a 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. 31 1,505 799 433 102 25 15 76 1 147 706 598 55 46 435 62 108 Jan. 7 1,491 788 432 102 18 14 76 1 145 703 591 48 46 435 62 112 Jan. 14 1,495 790 433 105 17 14 76 1 144 705 593 50 46 435 62 112 Jan. 21 1,501 784 430 107 12 15 76 144 717 598 49 42 452 55 119 New York (8 cities)* 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 Jan. 7 13,275 4,192 2,739 99 366 190 191 45 562 9,083 7,474 382 1,621 3,738 1,733 1,609 Jan.14 13,324 4,199 2,751 98 364 189 190 44 563 9,125 7,512 402 1,620 3,756 1,734 1,613 Jan. 21 13,229 4,136 2,756 95 311 188 190 32 564 9,093 7,483 444 1,566 3,918 1,555 1,610 Philadelphia (4 cities) Dec. 31. . . 1,407 554 292 40 29 31 51 111 853 588 19 29 433 107 265 Jan. 7 1,407 551 291 41 26 32 50 111 856 589 21 29 433 106 267 Jan. 14 . . 1,411 554 292 42 27 33 50 110 857 590 21 29 434 106 267 Jan 21 1,412 549 289 42 26 33 49 110 863 596 21 27 444 104 267 Cleveland (10 cities) Dec. 31 2,357 884 428 32 18 17 185 204 1,473 1,205 25 206 794 180 268 Jan. 7 2,353 880 425 32 17 17 185 1 203 1,473 1,203 25 206 793 179 270 Jan. 14 2,352 873 421 32 16 17 185 202 1,479 1,209 25 202 794 188 270 Jan. 21 2,356 872 420 32 15 17 184 1 203 1,484 1,213 22 182 832 177 271 Richmond (12 cities) Dec. 31 . 907 342 r161 18 4 13 r54 r92 565 499 8 92 292 107 66 Jan. 7 907 336 158 19 4 12 53 90 571 505 8 92 293 112 66 Jan. 14 909 336 159 19 4 12 53 89 573 508 10 95 291 112 65 Jan. 21 917 337 165 19 4 12 52 85 580 515 9 79 325 102 65 Atlanta (8 cities) Dec. 31 821 427 224 8 7 12 36 2 138 394 284 31 52 140 61 110 Jan. 7 820 421 228 12 36 2 129 399 290 33 52 142 63 109 Jan. 14 813 418 233 7 5 8 34 2 129 395 286 32 52 139 63 109 Jan. 21 827 417 233 6 8 34 2 127 410 301 32 51 159 59 109 Chicago (12 cities)* Dec. 31 4,216 1,432 958 44 S3 59 145 1 172 2,784 2,215 266 263 1,375 311 569 Jan. 7 4,226 1,433 964 44 55 58 145 167 2,793 2,227 279 265 1,372 311 566 Jan. 14 4,290 1,432 960 44 60 58 145 165 2,858 2,295 347 257 1,376 315 563 Jan. 21. 4,329 1,410 956 45 45 57 145 162 2,919 2,355 408 241 1,418 288 564 St. Louis (5 cities) Dec. 31 939 462 284 23 5 10 60 ....... 80 477 363 17 43 231 72 114 Jan. 7 939 462 286 23 5 10 59 78 477 364 17 43 232 72 113 Jan. 14 939 460 285 24 4 10 59 1 77 479 366 17 45 232 72 113 Jan. 21 940 460 284 24 4 11 59 1 77 480 368 18 42 244 64 112 Minneapolis (8 cities) Dec. 31 517 274 149 2 2 6 16 99 243 202 11 16 142 33 41 Jan. 7 513 274 150 2 2 6 16 98 239 200 11 16 140 33 39 Jan. 14 512 273 151 2 1 6 16 97 239 200 11 16 140 33 39 Jan. 21 511 273 151 2 2 6 16 96 238 199 11 15 143 30 39 Kansas City (12 cities) Dec. 31 865 467 300 27 4 11 33 92 398 272 20 49 121 82 126 Jan. 7 . 863 462 297 27 4 10 33 91 401 277 23 50 121 83 124 Jan. 14 ..... 854 463 298 27 4 10 33 91 391 269 18 51 117 83 122 Jan. 21 ,.„. 858 463 297 28 - 4 10 33 91 395 274 18 42 136 78 121 Dallas (9 cities) Dec. 31 ,.„. 687 374 256 2 r 9 16 22 r69 313 252 35 39 138 40 61 J J a a n n . . 7 1 4 „„ „ .. . , „ . 6 6 8 79 5 3 36 6 3 6 2 2 5 5 4 5 2 2 7 7 1 13 4 2 22 2 6 6 5 6 3 3 1 1 6 9 2 25 5 4 8 3 33 8 4 43 2 1 13 3 9 8 4 39 0 6 6 2 1 Jan. 21 „„. 673 357 251 2 5 13 22 64 316 254 32 41 141 40 62 San Francisco (7 cities) Dec. 31 2,658 1,166 r502 25 11 38 389 r201 1,492 1,163 72 76 841 174 329 Jan. 7 2,653 1,157 497 24 10 37 389 200 L.496 1,167 72 73 850 172 329 Jan. 14 2,655 1,147 491 24 9 37 389 197 1,508 1,177 81 74 851 171 331 Jan. 21 „. 2,658 1,141 489 24 10 36 388 194 1,517 1,183 83 68 875 157 334 City of Chicago* Dec. 31 . . ... 2,767 950 717 22 48 52 23 1 87 1,817 1,440 256 153 911 120 377 Jan. 7 2,776 952 722 22 50 51 23 84 1,824 1,447 267 154 908 118 377 Jan. 14 2,841 953 720 21 56 /50 23 83 1,888 1,513 336 151 909 117 375 Jan. 21 2,877 935 720 19 41 50 24 81 L 942 1,568 396 143 924 105 374 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 144 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 s c j p m u o d a s a s d e t n i e - - t d d s 1 s u p p v n h a c a o a i n o i e d l r r p r d s r a t - s - - , - - , S s p d s i a t i c o i u o a n v a l b t n d i i l e - - t s s - c C c h f e o a e i e e f t n e f r c r c i d 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 h a o a a e i o n i r d r l p r r d s a t - - - s - , - , S p s t d i s a o a i c u i o n l a t v b i d n e l i t - s - s - P i• o n s s g a t v s a i'5 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 ( r 1 r ic 9 a t l 4 1 a R - n 4 e d 2 s ) d er a v te e tions tions Boston (6 cities) 422 144 195 1,445 1,457 96 31 16 220 1 1 353 21 1 251 Dec. 31 485 145 181 1,473 1,439 94 26 16 220 1 1 364 21 1 251 Jan. 7 501 143 186 1,496 • 1,475 95 30 16 219 1 1 365 22 1 250 Jan. 14 529 140 182 1,524 1,494 97 27 16 219 1 1 363 24 1 250 Jan. 21 New York (8 cities)* 5,033 107 254 10,913 11,270 504 420 866 1,070 30 7 3,563 12 594 1,660 Dec. 31 5,068 112 236 11,044 10,909 465 300 878 1,085 29 7 3,509 11 590 1,659 Jan. 7 5,077 111 246 11,068 11,109 441 336 889 1,074 28 7 3,587 11 585 1,658 Jan. 14 5,333 103 231 11,280 11,230 499 312 856 1,063 31 7 3,556 11 578 1,658 Jan. 21 Philadelphia (4 cities] 450 26 204 1,213 1,261 87 20 31 223 2 438 13 6 216 Dec. 31 469 28 195 1,255 1,246 85 15 31 199 2 432 13 6 216 Jan. 7 472 27 195 1,249 1,256 85 14 31 199 2 450 7 6 216 Jan. 14 466 25 200 1,254 1,250 84 12 31 198 2 444 7 6 216 Jan. 21 Cleveland (10 cities) 703 57 332 1,781 1,835 105 40 60 717 16 511 33 1 395 Dec. 31 726 58 333 1,796 1,778 108 31 60 714 14 518 33 1 396 Jan. 7 748 60 346 1,832 1,847 101 33 61 709 15 523 32 1 395 Jan. 14 759 57 338 1,847 1,858 101 33 58 706 15 518 32 2 395 Jan. 21 Richmond (12 cities) 284 29 238 699 688 74 20 45 199 2 3 403 5 103 Dec. 31 293 30 235 705 681 73 14 46 199 3 2 406 5 102 Jan. 7 293 31 246 715 703 71 13 46 199 2 3 411 6 102 Jan. 14 287 29 251 715 700 74 20 46 199 2 3 414 6 101 Jan. 21 Atlanta (8 cities) 192 18 228 529 534 89 11 58 190 3 3 405 3 2 99 Dec. 31 207 19 232 541 524 85 8 60 187 3 3 411 3 2 99 Jan. 7 206 19 257 555 549 85 7 60 186 4 3 416 3 2 99 Jan. 14 198 18 263 551 551 88 6 61 186 3 3 429 3 2 99 Jan. 21 Chicago (12 cities)* 1,383 88 628 3,368 3,272 380 63 168 979 3 4 1,389 9 10 432 Dec. 31 1,412 89 607 3,357 3,174 352 51 170 970 3 4 1,426 9 9 432 Jan. 7 1,541 90 645 3,447 3,324 354 55 243 963 3 4 1,505 9 9 429 Jan. 14 1,512 83 625 3,463 3,293 376 51 244 959 3 4 1,474 9 9 429 Jan. 21 St. Louis (5 cities) 257 15 206 633 656 61 9 27 186 3 2 481 1 99 Dec. 31 263 15 211 632 639 61 7 28 185 3 2 492 1 100 Jan. 7 271 15 211 631 659 60 10 28 184 3 2 502 1 100 Jan. 14 268 15 221 631 652 61 9 26 183 3 2 514 1 99 Jan. 21 Minneapolis (8 cities) 108 8 96 368 345 62 9 2 110 1 187 2 1 64 Dec. 31 116 8 95 370 338 60 8 1 109 1 189 3 1 64 Jan. 7 119 9 102 376 345 62 8 1 109 1 194 3 1 64 Jan. 14 115 8 105 372 338 63 8 1 108 1 196 3 1 64 Jan. 21 Kansas City (12 cities) * 246 15 268 620 618 86 23 35 138 2 1 497 6 111 Dec. 31 242 16 277 639 617 92 12 31 134 2 1 488 6 112 • Jan. 7 261 17 308 667 656 91 12 32 133 2 1 503 6 112 Jan. 14 255 16 320 669 655 94 11 31 133 2 1 510 6 112 Jan. 21 Dallas (9 cities) 190 , 15 288 602 564 71 38 44 124 8 1 334 1 92 Dec. 31 187 15 290 610 580 71 15 42 123 8 1 326 1 92 Jan. 7 194 15 304 625 609 69 12 37 123 7 1 332 1 92 Jan. 14 192 14 309 619 608 66 15 36 123 7 1 335 1 92 Jan. 21 San Francisco (7 cities) 557 33 318 1,479 1,493 106 43 123 1,016 103 373 22 20 391 Dec. 31 585 33 298 1,462 1,459 105 33 129 1,005 118 377 22 19 399 Jan. 7 602 34 318 1,508 1,514 106 33 136 999 114 386 22 19 399 Jan. 14 593 31 321 1,501 1,503 109 31 141 995 110 384 21 19 397 Jan. 21 City of Chicago* 1,024 44 307 2,237 2,175 233 34 127 481 1,027 8 283 Dec. 31 1,031 44 302 2,218 2,129 200 27 127 476 1,061 8 284 Jan. 7 1,127 43 299 2,248 2 201 198 28 200 472 1 122 8 279 Jan. 14 1,089 41 287 2,261 2,187 205 26 201 469 1,094 8 280 Jan. 21 * See note on preceding page. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. T. S. Treasurers' time deposits, open account, are combined with postal savings (time) deposits. 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 st T a 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 o t t o e r d ts E U x f n r p i o o t m e r d ts ex D c o h l a la n r ge G s o h o ip d p p s o e s d i t n o t b r s e e i d t n w i e n e n or Total bills bought States States United Foreign States countries 1940—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 December. 375 194 146 92 54 49 116 15 4 48 11 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. Back figurel—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING.MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money b ( a n la e n t) c 1 es a in n a v d c e c s t o r t u a m n d e i t n n s t g a in n a v d c e c t s o r t u a m n d e t i s n n t g a b n a d n k in s borrowed2 Free O (n th e e t) r a I i n n n a v d c p e c a t s o r t r u a m t n n d e t e i s n n r t g s' a in n a v d I c n e c t s o r f t u i a m r n d m e t i s n n t g I a n c ( c c n o a e u p t n ) it t a s l 1935—December 1,258 75 135 179 930 286 79 24 10 410 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December ^. 985 34 108 232 688 278 85 26 10 355 1938_june 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 ' 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—January 661 11 73 207 399 275 54 22 6 238 February 634 11 78 199 375 267 53 22 6 237 March 633 9 81 199 387 268 56 21 6 231 April 606 10 86 199 368 265 60 20 8 227 May 622 10 102 185 403 262 61 17 7 223 June 616 11 89 186 395 255 65 17 7 222 July 628 10 87 189 388 266 70 17 8 221 August 628 10 160 189 460 262 72 16 7 221 September 633 10 83 196 396 260 78 16 8 219 October 628 9 102 186 414 255 74 16 7 217 November 625 9 100 195 409 264 72 15 8 217 December 600 8 86 211 368 289 63 17 5 213 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures—See BULLETIN for March 1938, p. 196, and (for data in* detail) Annual Report for 1937 (table 69). I46 FEDERAL RESERVE BULLETIJ 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 Prevailing1 Average Average yield [Per cent per annum] mo Y w n e e th a e , k r , or m P c e r o i r m r m c a i - e t a e l o b P n a e„ r - . i r n .> m s k- e c S h c e t a o a x r n l c - a l g k t e e on T — U u r . e r • S y a . s- on T 3 r U - n e t o o a . t - s S e 5 u s . r y y ear 1 T 9 o c t i a ti l es Y N C o e it w r y k E e 7 N r c a n o o i s t r t i t h a t e e h n e s r - n r d 1 W e 1 r c n e S i s t o i t a e e u n s r t d n hm p 4 a o t p n o e t h r 6 , s a a c d n c 9 a c e 0 y e p s s t , - l n a o r e l e a s w - n * - m b o il n ls th 3 e T e m a x p x - t T ab ax le - 1 1 1 1 9 9 9 9 3 3 3 3 4 5 6 7 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 1 1 1 1 ... .. , , . . . . . . . . . , . . . . . „ „ „ . . . . . . . „ . . . „ . . . . . „ . . , . . „ . . . . . . . . . „ . . „ . . 3 2 2 2 . . . . 4 6 9 5 5 8 3 9 2 1 1 1 . . . . 7 7 7 4 6 2 3 5 3 3 3 2 . . . . 7 3 0 8 1 9 4 8 4 3 3 3 . . . . 3 7 2 4 2 6 5 0 1938 average1 2.53 1.69 2.75 3.26 1939 average .59 .44 1.00 .023 .59 1939 average 2.78 2.07 2.87 3.51 1940 average .56 .44 1.00 .014 .50 1940 average 2.63 2.04 2.56 3.38 1941 average .54 .44 1.00 .103 .46 .76 1941 average.. .„ „..». 2.54 1.97 2.55 3.19 1940— D N e o c v . . 5 5 6 6 . . 4 4 4 4 1 1 . . 0 0 0 0 IS . .3 3 5 4 .65 1938— J J u M u l n y o e nthly figures1 2 2. . 5 5 7 6 1 1 . . 7 7 0 0 2 2 . . 7 7 8 8 3 3 . . 3 3 5 1 1941— M A M F Ja e p a a n b r y r i . l . . . . . 5 5 5 5 5 6 6 6 6 6 . . . . . 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . 0 0 0 0 ( 8 3 9 8 4 9 4 2 2 ) . . . . . 5 5 5 4 4 5 0 2 3 4 . . . . . . 8 8 7 7 8 4 1 2 6 1 A O N S D e u c o e p t c g v o t e u e e b m m s m e t b r b b e e e r r r ............ 2 2 2 2 2 . . . . . 5 5 4 5 6 7 2 9 3 0 1 1 1 1 1 . . . . . 6 7 7 7 7 7 0 0 0 0 2 2 2 2 2 . . . . . 7 9 6 9 7 4 0 8 5 1 3 3 3 3 3 . . . . . 2 2 2 2 2 6 1 8 3 0 ! I June .56 .44 1.00 .089 .38 .68 1939—January 2.64 1.73 2.97 3.32 July .50 .44 1.00 .097 .37 .67 February „...... 2.52 1.70 2.69 3.26 Aug .50 .44 1.00 .108 .33 .62 Quarterly figures Sept .50 .44 1.00 .055 .34 .62 1939—March 2.95 2.13 3.05 3.77 Oct .50 .44 1.00 .049 .41 .72 June 2.91 2.15 3.05 3.62 Nov .50 .44 1.00 .242 .57 .90 September 2.68 2.04 2.78 3.31 Dec .56 .44 1.00 .298 .64 1.02 December ^ ^.». ^..... 2.59 1.96 2.59 3.32 1940—March 2.65 2.03 2.67 3.35 Week J J J J e a a a a n n n n n d . . . . i 1 n 1 2 3 7 g 0 4 : V2- V bA s H % e 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 2 1 1 3 3 9 1 0 1 6 9 4 . . . . 4 4 4 5 6 6 8 8 1 . . . . 0 9 9 9 2 4 7 9 1941— J J D S M u u e e n n a p c e r e t e c e m h m b b e e r r . 2 2 2 2 2 . . . . . 5 5 5 5 6 5 8 9 9 8 2 2 2 2 1 . . . . . 9 0 0 1 0 5 6 0 4 0 2 2 2 2 2 . . . . . 5 5 5 4 5 8 3 3 9 6 3 3 3 3 3 . . . . . 2 2 3 3 4 5 3 6 8 3 2 1 T M h o e n a th v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s s o to f c w k e e e k x l c y h p an re g v e a i t l i i m ng e r l a o t a e n s s . was 1.25 per D Se e p c t e e m m b b e e r r r2 2 . . 4 6 l 0 1 1. . 8 9 8 8 r2 2 . . 4 6 5 2 3 2 . . 2 9 9 9 cent during the entire period. 3 New issues offered within period. Tax-exempt bills prior to March 1941; r Revised. taxable bills thereafter. Bills in week of January 3 mature in 71 days. 1 Prior to March 1939 figures were reported monthly on a basis not strictly 4 Rate negative. comparable with the current quarterly series. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures Back figures.—See November 1939 BULLETIN, pp. 963-969 for description for Treasury bills and Treasury notes available on request. and for back figures. BOND YIELDS 1 [Per cent per annum] Corporate [Moody's)5 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 TH g r o T r a i r ; a _g t p V d e nI 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 5 120 30 30 30 30 40 40 40 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 1941 average „ „ 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1940—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 J une 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 December................ 1.97 2.25 2.68 3.35 2.80 2.95 3.27 4.38 2.94 3.99 3.12 Week ending: 2.01 2.37 2.72 3.39 2.86 2.98 3.32 4.41 2.99 4.02 3.16 Jan 10 1.99 2.37 2.72 3.35 2.83 2.96 3.30 4.31 2.97 3.95 3.13 Jan 17 2.00 2.29 2.75 3.34 2.83 2.96 3.30 4.28 2.97 3.92 3.13 Jan. 24 2.01 2.28 2.78 3.34 2.83 2.96 3.30 4.28 2.97 3.92 3.13 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages 21-24. Figures for U. S. Government bonds available on request. FEBRUARY 1941 147 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 trading7 Year, month, or week m U G e e r o . n n S v - t . - '4 M i u p n a i l3 c- H gr i a g d h e - Medi I u n m d u a s n - d lo R w a e i r l- -grad P e ublic fa D ul e t - ed fe P r r r e e " dE5 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 ( s s i a n h n a d t r h s e o s o ) u f - Total trial road utility Number of issues 2-6 15 C15 c50 c10 c20 c20 15 15 402 354 20 28 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 1941 average 111.0 129.0 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1940—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 1Q7.1 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 December 110.7 125.9 117.5 97.4 105.0 82.4 104.7 21.9 168.7 72 74 61 66 1,542 Week ending: Dec. 27 109.9 124.5 116.5 96.4 104.4 81.2 103.6 20.7 168.3 69 72 59 62 1,552 Jan. 3 110.1 123.5 117.0 97.5 105.3 83.3 104.0 21.5 166.7 71 73 61 65 1,894 Jan. 10 110.4 123.5 117.8 98.6 105.8 86.0 104.1 22.8 165.9. 73 75 67 67 673 Jan. 17 110.2 125.1 117.4 99.0 106.3 87.1 103.6 23.7 166.3 73 75 70 66 551 Jan. 24 110.1 125.3 117.4 99.6 107.4 87.4 103.9 25.1 166.7 72 73 69 65 491 c Correction. 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 * 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] For new capital For refunding Total Domestic Domestic Year or month f ( a i u n r n n n e e g d - d w ) - m T e ( a f e o i d o n s g t r o d t a n - i: l c ) Total S n m a p t i n a c a u d t l i - 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 For" m T e e ( f a o i o d s n t g r o t d a n - - i l ) c Total S n m a p t i n a c a u d l i t - - e a c F e g i e r e e d a n s - l - 1 Total Co B n r a o o p n n t o d e d r s a s te Stocks For- 1932 1,751 197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 ,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 ,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 ,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 ,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 ,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,804 ,956 1,954 757 461 736 601 135 2 2,848 2,848 478 344 2,026 1,834 193 0 1941 5,505 ,826 2,825 516 1,272 1,037 869 168 1 2,679 2,675 433 698 1,545 1,419 126 4 1940—Dec 613 191 191 129 0 62 46 16 0 422 422 73 14 335 292 43 0 1941—Jan 421 95 95 40 2 53 51 2 0 325 325 23 31 271 269 3 0 Feb 362 92 92 37 8 47 40 6 0 270 270 26 17 227 210 17 0 Mar 406 182 182 86 9 87 56 31 0 223 219 93 11 115 84 32 4 Apr 920 745 745 60 645 39 29 10 3 175 175 40 28 107 107 0 0 May 406 107 107 37 5 64 61 3 299 299 74 28 197 162 35 0 June 881 519 519 59 370 90 77 14 362 362 26 223 113 108 5 0 July 612 296 296 40 212 44 30 13 316 316 14 216 86 76 11 0 Aug 471 360 360 33 0 327 324 4 110 110 11 25 74 73 2 0 Sept 273 65 65 31 0 34 22 12 209 209 20 27 161 156 6 0 Oct 299 132 132 29 0 103 50 54 167 167 35 35 97 96 1 0 Nov 238 110 110 21 0 89 83 6 127 127 53 32 42 29 13 0 Dec 216 121 121 42 20 59 46 13 95 95 18 25 52 50 2 0 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF DIRECT SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public 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 b i . n T e d t a o e e r t r 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 r e t y a es 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 o s n . a n g S v 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 se 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 1933—June 22,539 22,158 621,834 954 4,548 13,417 806 323 323 66 315 1934—June 27,053 26,480 626,084 1,404 6,653 15,679 831 396 396 54 518 1935—June 28,701 27,645 26,950 2.053 10,023 14,019 855 62 62 633 633 231 825 1936—June 33,779 32,989 31,102 2,354 11,381 17,168 200 1,261 316 945 626 19 607 169 620 1937—June 36,425 35,800 33,054 2,303 10,617 19,936 198 1,188 800 389 1,558 579 979 119 506 1938—June 37,165 36,576 32,344 1,154 9,147 21,846 197 1,556 1,238 319 2,676 1,601 1,075 141 447 1939—June 40,440 39,886 33,965 1,308 7,243 25,218 196 2,151 1,868 283 3,770 2,511 1,258 142 411 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 196 3,166 2,905 261 4,775 3,528 1,247 205 386 1940—Dec 45,025 44,458 35,645 1,310 6,178 27,960 196 3,444 3,195 249 5,370 4,047 1,322 189 377 1941—Jan 45,877 45,320 36,276 1,307 6,813 27,960 196 3,619 3,371 248 5,426 4,066 1,359 181 376 Feb 46,090 45,535 36,275 1,306 6,813 27,960 196 3,727 3,480 247 5,534 4,174 1,359 180 374 Mar 47,173 46,581 37,054 1,604 5,722 29,532 196 3,844 3,599 245 5,683 4,324 1,359 220 372 Apr 47,231 46,673 37,075 1,603 5,721 29,554 196 3,891 3,647 244 5,707 4,354 1,353 186 372 May 47,721 47,160 37,075 1,603 5,721 29,554 196 4,251 4,008 243 5,834 4,485 1,349 190 370 June 48,961 48,387 37,713 1,603 5,698 30,215 196 4,555 4,314 241 6,120 4,728 1,392 205 369 July.. . 49,513 48,965 37,713 ,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 1,528 184 367 Sept 51,346 50,791 37,368 ,305 5,698 30,169 196 6,765 5,132 1,343 236 6,658 5,126 1,532 190 365 Oct 53,584 53,040 38,869 ,404 5,509 31,759 196 7,507 5,394 1,818 235 6,664 5,196 1,468 179 364 Nov 55,040 54,536 39,677 ,703 6,012 31,765 196 8,052 5,620 2,136 234 6,806 5,344 1,463 141 363 Dec 57,938 57,451 41,562 ,002 5,997 33,367 196 8,907 6,140 2,471 233 6,982 5,559 1,423 125 362 Including amounts held by Government agencies and trust funds which aggregated $2,225,000,000 on Nov. 30, and $2,285,000,000 (preliminary) on Dec. 31, 1941. These amounts exclude holdings by production credit associations and joint stock land banks. 2 Including Liberty bonds. 3 Beginning with July 1941 includes depositary bonds not shown separately which amounted to $64,000,000 on Dec. 31. 4 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 5 Including special issues to Government life insurance fund, adjusted service fund, national service life insurance fund, Government employees1 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 AGENCIES* [In millions of dollars] Interest-bearing Noninterest End of month out a s T m ta o o n t u d a n l in t g2 Total M C F o F o e r d a r 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 R tr o i e u n r c c p a o t o n i n r o c - a e n - C m C o C o r r o p e d m o 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 i n r n a n i g s l - m b d e a a e tu r b i r t n e 2 g d tion tion tion tion 1934—June 681 312 134 235 December 3,063 980 1,834 249 1935_june 4,123 1,226 2,647 250 December 4,494 1,387 2,855 252 1936—Tune 4,718 1,422 3,044 252 December 4,662 1,422 2,988 252 /3\ 1937—June 4 665 1,422 2,987 255 3 December 4,645 1,410 2,937 297 H 1938—June 4,853 1,410 2,937 299 206 December 4,992 1,388 2,888 509 206 11 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 S3 1940—June 5,529 5,498 1,269 2,603 1,096 407 114 8 31 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 L,O97 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 L,741 696 226 17 12 June 6,370 6,360 1,269 2,409 .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 9 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 December 6,324 6,317 1,269 2,409 1,802 701 114 21 7 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. FEBRUARY 1942. 149 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, DECEMBER 31, 1941 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total fully Maturing or callable Total T b u re i r l y 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 P S d P a r s a e v o n - i s w n d t g a a l s r ca T d b l u u r o l e e a r n y a b d o s l s r - e1 Total2 F C M a F e g o t a d a r i o r o g p e r m n e r o t- a r l - O C H a L o w t o r o i n p o m a e o n n r e r s - ' F C R s i a o t n e t t i r r c i a o u p o o n n c o n 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 t r- H A o U 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 e t i a u e e a b s o e r r- i d l r - e1 Within 1 year 3,002 2,002 1,001 (3) 1,245 340 906 2,121 1 to 5 years 8,473 4,996 '3A6Q 17 "&, 509" 2,586 875 896 701 114 4,174 5 to 10 years 7,613 7,585 28 12,318 1,590 835 755 10 to 20 years... 17,403 17,252 152 9,875 779 779 Over 20 years 5,070 5,070 2,666 95 95 Total 41,562 2,002 5,997 33,367 196 33,367 6,295 1,269 2,409 1,802 701 114 6,295 1942—Before Apr. 1 2,428 2,002 426 (3) 650 340 310 650 Apr. l-June30 July 1-Sept. 30 342 342 " (3) 276 276 1,151 Oct. 1-Dec. 31 232 232 320 320 320 1943 1,396 1,396 8 1,855 614 324 289 "iii" 614 1944 1,849 1,849 2,555 1,561 '"875' 571 2,394 1945 3,191 1,249 1,941 1,755 412 412 1,167 1946 2,038 503 1,519 2,344 1947 2,384 2,370 16 1,460 755 755 1948 1,489 1,487 14 3,361 1949 821 819 2 2,278 835 835 1950 1,689 1,687 2 1,186 1951 1,230 1,223 2 4,033 1952 2,454 2,436 7 1,024 779 779 1953 2,932 2,904 18 725 1954 3,709 3,687 27 681 1955 2,048 2,013 22 2,611 1956 1,170 1,170 35 2,431 1958 1,449 1,449 919 1959 982 982 1960 2,611 2 611 1,485 1961 50 50 1963 919 919 1964 95 95 1965 1,485 1,485 1967 2,666 1972 2,666 2,666 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 December 31. 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 End of month s i % b e n e c T t a u e o r r r t i e i a n t s i l 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 H e e a s d b e n e y e l r k r d 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 a s l M s b a a u v n i t n u k g s a s l p I a c a n n o n s i m u c e e r s - - M O a a b t r h k le e e r t - inv m es N a t r o o k r n s e - 2 tissues2 able issues 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 ioo* 1936—June 37,707 626 1,703 2,430 32,948 13,671 1,600 2,050 3,900 10,500 1,200 December, 38,362 632 1,820 2,430 33,480 13,545 1,710 2,330 4,500 10,500 900 1937—June 40,465 1,558 2,036 2,526 34,345 12,689 1,870 2,390 5,000 11,300 1,100 December 41,353 2,227 2,049 2,564 34,513 12,371 1,790 2,450 5,200 11,500 1,200 1938—June 41,428 2,676 2,123 2,564 34,065 12,343 1,700 2,690 r5,5OO r10,400 1,400 December. 43,891 3,156 2,198 2,564 35,973 13,222 1,850 2,880 r5,800 r10,600 1,600 1939—June 45,336 3,770 2,138 2,551 36,877 13,777 1,920 3,040 r5,900 r10,300 1,900 December. 47,067 4,231 2,323 2,484 38,029 14,328 1,970 3,100 r6,300 r10,100 2,200 1940—June 47,874 4,775 32,292 2,466 38,341 14,722 1,830 3,110 r6,500 r9,300 2,900 December, 50,360 5,370 32,250 2,184 40,556 15,823 1,940 3,220 r6,800 r9,600 3,200 1941—June 54,747 6,120 32,360 2,184 44,083 18,078 2,020 3,430 r6,900 r9,400 4,300 December. 63,768 6,982 3 2,563 2,254 51,969 P19,529 ?2,30O p3,7OO p7,900 2*9,900 y8,600 p Preliminary. r Reyised. 1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for insurance companies and other investors have been rounded to nearest 100 millions. 2 Holdings of insurance companies included with "Other investors" prior to 1932. 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. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Increase or de- Trust crease during ac- period Receipts Expenditures (excl. debt retirements) counts etc.,2 Excess excess Agri- of re- of re- Period c ta I o x n m e - e s i c n r M n e e e n t l v i o a e l s e a u l r - - - - s s S t e a o i c t x c y u e ia r s - l o A th l e l r c T e r o i e p t - a ts l c N e r i e p e - t ts1 I d n e e o t s e b n t r t - t f i N e d o n e a n - s - a e l m t j P c A u u u r e r d s o l- a n t - - - l t p m r U e e l m e o l n i n y e - - t - f T c f o t e e r r a r u a t u c s c n n - . s 1 t s t t o - s o A th l e l r Total1 d e ( c i x + e ( t p ) i u ) p e r o t n e s r s - p ( c t e + ( e u e n ) i ) x r d p e o - t i s s - r a f G b e n u r a e n c a l n e d - l 2 - d G e r b o t s 3 s nue gram Fiscal year ending: June 1938 2,640 2,279 755 567 6,242 5,855 926 1,029 362 1,914 220 2,788 7,239 -1,384 +306 -338 +740 June 1939 2,189 2,232 740 507 5,668 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 6 months ending Dec. 1940 1,041 1,516 418 261 3,236 2,925 491 1,767 495 870 199 1,319 5,141 -2,216 +197 +38 +2,057 Dec. 1941 1,824 1,901 529 325 4,579 4,166 525 8,214 346 666 253 1,479 11,483 -7,317 -733 +927 +8,977 1940—Dec 429 231 34 46 741 740 219 470 105 155 218 1,172 -432 -209 +111 +752 1941—Jan 63 210 47 52 372 340 25 569 95 146 26 251 1,111 -771 +15 +97 +852 Feb 104 204 193 172 674 541 21 584 87 138 29 217 1,075 -534 -3 -324 +213 Mar 1,208 273 34 52 1,567 1,566 150 748 90 159 23 229 1,399 +167 -236 +1,014 +1,083 Apr 75 244 43 240 602 565 73 763 61 148 28 242 1,315 -750 +403 -290 +58 May 63 254 165 58 541 394 12 837 27 145 12 108 1,141 -747 -264 -521 +490 June 916 265 32 64 1,277 1,276 339 812 22 135 10 211 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; Aug 59 269 173 54 554 397 9 1,124 27 106 14 250 1,529 -1,133 -2 +274 +1,408! Sept 780 261 37 58 1,136 1,135 169 1,320 32 108 6 238 1,874 -739 -293 -607 +425 , Oct. 68 314 49 57 489 445 75 1,527 58 109 45 269 2,083 -1,637 -225 +376 +2,238 Nov 66 436 181 47 730 564 15 1,437 72 95 10 229 1,858 -1,294 -484 -322 +1,456 Dec 767 353 41 53 1,214 1,212 232 1,847 113 115 9 226 2,542 -1,329 -328 +1,241 +2,898 Details of trust accounts, etc. Details of general fund balance (end of period) tru r s O e t t l i f d r u e - n a m d g e e a n i n t n d a s u c r c r a a o il n u r c n o e t ad Un t e r m u p st l o f y u m nd ent Ne a t c c e o x u p n en ts a d g i o e t f u n r c G e i s e o s v in e r c n h m e e c n k t ing All other Period c N e r i e e p - t ts m v I e e n s n - t- ts 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 x h r d - e e s i r - F C R s i o t t e n r i r c o a u p o n n c o n c - r - e - C m C C o a o r r o t e p d i m o d o it n - i r y t - i U t n S H h g n t o o a i A r u t t i e e s t u d 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- Total m g c I o o r e n n e l n - d - t S io e r ig ag n e - W i o n r g kation 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 lr885 6 months ending: Dec. 1940 .. 387 284 85 572 235 338 78 *72 *9 *124 311 258 1,928 143 597 1,188 Dec. 1941 ... 492 372 112 609 459 148 736 59 137 *133 431 374 3,560 143 615 2,802 1940—Dec. 151 15 51 33 36 r44 1,928 143 597 1,188 1941— F J e a b n 1 4 5 2 2 * * 1 5 0 1 1 6 5 1 7 4 8 9 1 2 1 9 3 4 4 3 1 16 1 0 6 1 7 2 3 * 2 8 r r * * 3 4 0 3 r4 4 6 2 5 5 0 8 2 1 , , 0 7 2 0 5 1 1 1 4 4 3 3 6 5 0 9 1 9 1, 9 2 5 8 7 3 Mar 11 160 17 28 *10 37 64 37 25 *56 58 62 2,715 143 602 1,970 Apr 46 *10 17 69 40 35 *406 33 24 *12 r67 r58 2,425 143 603 1,679 May.... 148 *6 17 167 137 30 82 57 31 241 55 44 1,904 143 604 1,157 June 58 224 17 51 19 31 87 *16 27 *18 96 r93 2,633 143 605 1,885 July.... 89 24 18 82 60 29 *280 *221 *22 *11 162 138 2,599 143 607 1,848 Aug 157 *16 18 176 146 25 166 34 10 *42 54 46 2,873 143 610 2,120 Sept.... 1 185 18 24 24 98 13 9 *27 53 51 2,266 143 611 1,511 Oct 75 11 19 74 59 20 277 •17 20 *8 63 56 2,641 143 613 1,885 Nov 166 •21 19 192 168 21 334 221 109 *5 45 41 2,319 143 614 1,562 Dec 3 189 20 60 26 29 142 28 11 •41 54 42 3,560 143 615 2,802 r Revised. 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. 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. FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] 1940 1941 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Assets Loans and preferred stock: Loans to financial institutions 469 485 445 425 409 400 397 417 408 407 409 409 408 Preferred stock, etc 730 736 7?0 711 706 703 70^ 608 693 669 666 665 664 Loans to railroads S1S S16 S?3 S18 S?3 573 SOS SOS 497 497 407 484 483 Home and housing mortgage loans 2387 2,390 2,424 2,395 2406 2427 2,436 2,445 2,413 2,413 2,427 2413 2,401 Farm mortgage loans 2508 2,500 2,481 2,485 2475 2467 2,458 2,448 2,437 2,426 2,411 2396 2380 Other agricultural loans 772 757 728 727 776 867 830 779 754 726 717 709 732 All other loans 1291 1 298 1309 1352 1386 1,409 1,472 1,511 1,553 1,690 1,738 1957 1,933 Total loans and preferred stock 8 680 8 682 8,639 8,614 8 681 8,796 8,800 8,804 8,756 8,826 8,864 9 033 9,001 Cash 549 533 580 595 620 771 464 376 771 594 523 489 502 U. S. Govt. direct securities 600 701 793 736 7S6 771 780 80? 824 844 S46 80S 006 Securities of Government corporations and credit agencies: O Fu th ll e y r 1 guaranteed by U. S 128 1 2 2 2 8 127 127 1 2 2 0 4 1 ' 2 M 6 12 17 5 12 1 3 8 12 1 3 7 12 1 3 8 12 1 2 7 12 7 0 0 115 Accounts and other receivables S13 401 SS? S'M SS1 sss 540 S08 707 671 7 SO 810 7S1 Business property 601 593 599 600 602 608 623 636 653 664 671 689 698 Property held for sale . 1 113 1 141 1 190 1206 1,245 1,297 1,392 1,497 1,567 1,625 1,710 1805 1879 Other assets 210 211 214 251 310 338 359 423 435 517 563 592 701 Total assets other than interagency2 12518 12500 12645 12676 12,909 13,282 13,108 13,277 13,853 13,882 14,076 1445214 580 Liabilities Bonds, notes, and debentures: O Fu th ll e y r 1 g u . a . ranteed by U. S 5 1 9 4 1 ?? 9 5 1 9 3 1 0 7 S 5 1 9 3 1 8 5 0 5 1 9 3 1 8 4 6 5 1 , , 9 3 1 0 6 0 6 1 , , 5 3 6 8 0 S 6,371 6 1 , , 3 4 7 4 0 3 6 1 , 9 4 3 4 9 2 6 1, , 4 9 4 3 5 7 6 1 ,9 43 3 1 7 6 1 ,9 41 3 6 8 6 1 3 3 2 0 4 3 Other liabilities 1,237 1,214 1,294 1,292 1,391 1,432 1,492 1,604 1,761 1,741 1,859 1,952 1974 Total liabilities other than interagency2 8,579 8,526 8 599 8 592 8,696 9,377 9,297 9,417 10,142 10,123 10,231 10,306 9 690 Excess of assets over liabilities, excluding interagency transactions 3,939 3,974 4046 4 084 4,213 3,906 3,811 3,860 3,711 3,759 3,845 4,146 4889 U. S. Govt. interests ,3S?6 .3SSO •16?0 3666 3,70? 3,484 3,388 3,436 3,286 3,333 3418 3 718 4 459 Privately owned interests 413 415 417 418 421 422 423 424 425 426 427 428 430 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, NOVEMBER 30,1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and pr T l s e o a t f o o a n e t n c d r a r k s l ed Cash d s G U e i i t r c o i . e u e S v c r s . t t - . G s i u e t t e a c i e e r u d a s r n - - A r c o e a a c c t b h o n e l e d u i e v r n s - 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 l f e r o t r y an U G te n u e i a d d te r e - d b b e y ntur O es ther States Reconstruction Finance Corporation 1,772 c? 51 28 46 1,802 National defense corporations 52 117 622 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,969 217 6 3 292 2,416 <*> Federal home loan banks 187 37 52 10 1 76 RFC Mortgage Company 72 C1) 2 1 Federal National Mortgage Association 205 4 1 85 United States Housing Authority 329 14 7 3 127 114 Farm credit agencies: Federal Farm Mortgage Corporation 604 18 47 9 1,269 Federal land banks 1,776 55 149 172 6 57 2n/:e Federal intermediate credit banks 230 24 36 3 234 B Pr a o n d k u s c f t o io r n c o cr o i p d e i r t a c ti o v r e p s orations 1 6 0 2 9 15 5 2 5 9 3 ±2 I1) R C e o g m io m n o a d l i a ty g r C ic r u e l d tu it r a C l o c r r p e o d r i a t ti c o o n rporations 19 7 8 1 3 6 1 C 5 1) 0 i"" 8 C 1 1) 2 701 Farm Credit Administration 252 22 C1) Farm Security Administration 464 31 1 Insurance agencies: 3 13 Federal Deposit Insurance Corporation 50 16 458 36 .......... 26 Federal Savings and Loan Insurance Corporation. 5 24 101 3 Federal Housing Administration 15 38 33 10 21 2 Export-Import Bank of Washington 138 3 48 ft1 Tennessee Valley Authority 17 7 436 8 U S Maritime Commission 30 22 49 Rural Electrification Administration 319 7 Public Works Administration 86 Other 91 14 6 17 67 1 13 Total 9,001 502 906 115 751 698 1,879 6,324 1,393 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. I52- 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. L L o o a a n n s s o to n f p in r a e n fe c r i r a e l d i n s s to ti c t k u ti o o f n b s ank . s . .. a ntd insurance 172 166 162 158 154 149 145 139 134 131 127 124 118 companies 53 50 49 49 49 48 48 48 48 48 48 48 48 Preferred stock, capital notes, and debentures 452 447 442 437 434 432 429 425 410 407 405 404 401 Loans to railroads (including receivers) 474 482 482 487 487 470 470 462 461 461 448 448 462 Loans for self-liquidating projects 36 37 35 35 36 37 37 81 81 81 81 51 51 Loans to industrial and commercial businesses: For national defense 7 9 11 17 21 61 65 70 71 82 93 101 106 Other 121 119 117 115 114 113 111 109 108 106 100 103 110 Loan to Great Britain 100 125 299 299 345 Loans to drainage, levee, and irrigation districts.. 83 83 83 83 76 74 79 79 77 77 74 74 73 Other loans .. 5 5 5 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administratio n 116 114 113 113 113 111 122 120 117 117 117 116 114 Total loans and investments, other than interagency 1,519 1,512 1,499 1,499 1,488 1,503 1,511 1,538 1,613 1,640 1,798 1,772 1,833 Preferred stock of, and loans to Export-Import Bank 99 174 174 174 174 174 174 174 * 174 174 174 174 174 Loans to Rural Electrification Administration 146 152 157 164 168 175 182 190 195 202 207 211 214 Capital stock of, and loans to RFC Mortgage Company . . 67 68 68 69 71 71 73 75 76 77 80 79 79 Capital stock of, and loans to Federal National Mortgage Association 90 93 96 99 99 101 102 103 105 107 109 111 112 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* 45 63 83 121 168 219 282 327 380 527 643 727 721 Loans to Farm Security Administration 28 18 33 60 81 97 116 89 96 101 110 117 133 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments 2,003 2,089 2,244 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 3,400 1 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans Short-term credit Loans to cooperatives End of year or month Total Total F b e l a a d n n e k d r s al s L B C m io a a o i n n n m s e - d k - r Total1 m F b c i e e a n r d d n e te e i d k a r r i s - t a t 2 e l a P c s r t s r t o i i o e o d o d c n n u i i s t a c - - c d r E g r r l o o o e e m p l u a n i e n e g c a r f s y h n - t d Total3 c a B o t f a o i o v n p r e k e s s r- i A M i r n n e g g t a g v u r r o i r f k A c a l u e u v l n c t - l t d - - 1934 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2,867 2,072 795 358 47 94 173 97 50 44 1936 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2,848 2.035 813 367 40 138 173 120 88 31 1938 3,211 2,735 1,982 753 364 34 148 171 112 87 24 1939 3,058 2,596 L,905 691 364 33 154 168 99 76 21 1940—November 2,986 2,508 1,856 652 383 34 173 170 96 77 17 December 2,973 2,500 L,851 648 381 34 172 168 93 75 16 1941—January 2,964 2,489 1,844 645 382 35 174 167 92 75 16 February 2,970 2,485 1,842 643 393 36 182 169 91 74 16 March 2,976 2,475 1,836 640 413 37 195 175 88 70 16 April 2,982 2,467 1,830 637 431 39 207 179 85 68 16 May 2,988 2,458 1,824 634 440 40 215 179 90 74 16 June 2,988 2,448 1,818 630 450 42 221 179 90 74 16 July 2,986 2,437 1,811 626 453 44 224 179 96 80 16 August 2,975 2,426 L,804 622 450 45 221 177 99 83 16 September 2,954 2,411 1,795 616 431 43 208 174 111 94 16 October 2,924 2,395 L, 786 610 410 39 194 170 119 101 16 November 2,906 2,380 1,776 604 398 38 187 167 128 109 17 December 2,891 2,361 1,764 597 397 39 188 165 133 113 17 1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $6,000,000-$8,000,000 since 1939. 2 Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives, amounting to a total of $226,000,000 in December 1941. These loans and discounts are included in the columns for the institutions concerned. 3 Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 in 1935, and a negligible amount since 1935, FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME MORTGAGE AND HOUSING AGENCIES POSTAL SAVINGS SYSTEM LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [In millions of dollars] Assets Fed- 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 d a a k n l - e s1 s a a a F s l t a e v o s i e n r o o i a d a n d n c n l - g i s - s 2 M C p R g a a o o F n g m r C y e t- - A M t a i g N e s o t r o a s i a n a o o g r - l a t n c e - l i- U t S H h A i n t o o n a i r u u g t t i e e - s t d s - y End of month D a i b n e t a o c p e l r o - s s s 1 - Total i b p C n t a o o a n d s r s y k i e h - - s T U o . t a S l s . e G cu o r D e r v i i c e t - t i r e n s m G e t a e n u n e t a - d r- i C s e u e r t a n e r c s v d - . h 2 e s, 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 5 4 8 9 6 7 — — — — — — _ D D D D D D D _ J J J J J j j u u u u e u u e e e e e e u c l c n n n n n c c n c c l c e e e e e e e . . 2 2 2 2 2 1 2 2 2 2 2 2 , , , , , , 3 9 8 2 3 0 6 5 0 7 2 1 1 7 4 9 6 9 5 8 3 5 6 1 3 6 2 9 5 7 5 8 1 8 6 5 7 8 9 1 1 2 1 1 1 1 1 1 4 8 8 8 0 1 7 6 4 0 8 9 6 9 7 5 5 7 3 9 9 7 5 0 1 9 9 6 1 1 , , , 0 3 4 2 5 1 1 8 7 9 4 8 7 8 8 3 5 7 4 3 4 8 1 4 7 6 4 2 8 4 1 6 3 4 5 5 6 4 5 1 6 9 4 7 8 6 1 7 8 1 1 4 8 3 2 7 0 8 5 1 3 6 2 1 1 2 8 3 0 3 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 4 3 3 3 6 5 9 0 7 4 g — — — _ — — _ _ D D D D D D D J J J J j j j U u u u u u e e u e e e e e n n c c n n n n n c c c c c e e e e e e e . . . . . . . m . # 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , 2 2 2 2 2 2 2 1 2 2 2 2 3 2 3 5 6 5 6 0 7 9 0 7 6 9 0 0 2 2 8 2 2 5 0 8 7 9 0 3 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , 2 2 2 2 2 3 2 2 3 3 3 3 2 3 2 6 3 3 3 0 9 9 3 0 0 4 9 1 5 5 7 6 7 7 6 0 7 4 8 8 1 9 6 5 3 2 2 1 1 1 1 4 9 0 8 8 8 4 3 6 5 1 4 3 3 3 5 0 5 5 7 6 3 6 8 3 5 6 0 1 1 1 1 1 1 1 1 1 , , , , , , , , , 0 1 1 1 0 1 2 1 2 4 5 8 9 7 3 5 0 9 9 5 2 0 2 6 9 5 5 7 7 2 8 0 2 7 7 7 4 3 3 4 3 7 1 1 1 . , , , 0 0 4 4 0 6 8 8 7 0 9 9 9 9 6 1 4 1 0 3 7 3 0 9 7 3 3 6 0 6 7 8 0 6 1 8 6 1 3 0 8 5 1 1 1 1 1 1 1 1 1 1 1 1 1 3 6 4 3 4 6 6 6 6 6 4 4 4 4 7 5 7 7 0 7 7 7 7 7 6 6 6 6 1 " 9 9 9 7 8 0 7 7 6 7 7 7 7 8 5 9 8 3 3 6 0 0 4 1 3 8 4 8 1940— D Ju e n c e . 2 1 , 0 9 1 5 3 6 2 1 0 5 1 7 1 1 , , 4 5 0 4 5 6 6 6 0 7 1 1 8 6 1 3 1 8 8 7 6 1941— F J e a b n . . . . 1 1 , , 3 3 1 1 8 4 1 1 , , 3 35 6 6 1 3 3 4 3 1 1 , , 2 2 3 4 9 5 1 , , 0 0 9 9 3 8 1 1 4 4 6 6 8 8 4 3 1941_ M A M J J A F O S j u u a e e u p c n a a n l p b y t g r y r e t . . 1 J 1 I 1 1 1 1 1 . , , , , , , , , 0 9 8 8 9 8 8 8 9 8 2 4 0 2 5 4 8 0 1 7 9 9 2 5 5 1 5 0 4 0 1 1 1 1 1 1 1 1 1 1 8 7 7 6 7 4 4 5 4 7 4 3 8 8 0 5 2 7 6 1 1 1 1 , , , , , , , , , 8 7 7 6 6 6 5 6 5 7 0 7 5 5 8 2 7 0 6 1 3 5 1 8 8 8 8 9 0 4 * 6 7 7 6 6 6 6 6 7 7 9 3 0 5 7 8 9 8 0 0 2 2 1 1 1 1 1 1 1 1 0 0 9 9 9 9 9 9 8 8 3 0 8 6 2 4 0 0 7 5 3 3 3 3 2 2 2 2 2 2 2 3 0 9 1 8 6 1 2 3 8 2 6 6 6 8 6 1 8 3 J O N D J A M A M S u u e c u e o p a a l n p t g c v r y y r e . t . . . pl 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 1 0 1 0 0 2 1 1 1 2 4 4 7 9 7 0 0 7 1 3 1 1 1 1 1 1 1 1 1 , , , , , , , , , 3 3 3 3 3 3 3 3 3 6 7 5 6 5 6 6 5 8 2 7 6 5 9 6 4 9 8 3 3 3 3 2 2 2 2 2 0 7 0 1 0 9 8 8 7 1 1 1 1 1 1 1 1 1 , , , , , , , , , 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 9 0 4 0 1 0 9 1 0 1 1 1 1 1 1 1 L , . , , , , , , , 1 1 1 1 1 1 1 1 1 0 0 0 0 0 1 1 0 0 4 4 4 4 8 3 3 4 4 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 4 6 6 6 6 6 6 6 6 6 1 1 8 7 8 8 7 7 7 1 0 5 5 1 0 3 6 9 4 0 Nov 1,794 187 1,816 72 205 329 Dec 1,777 219 C3) 72 207 367 f Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not 1 Loans and discounts to member institutions of the Federal Home Loan include accrued interest nor outstanding savings stamps. Bank System. 2 Includes working cash with postmasters, 5-per cent reserve fund and 2 Federal Home Loan Bank Board estimates for all Federal savings and miscellaneous working funds with the Treasurer of the United States, loan associations which are private institutions chartered and supervised accrued interest on bond investments, and accounts due from late by the Federal Home Loan Bank Board. postmasters. 3 Not available. Back figures.—See BULLETIN for August 1935, pp. 501-502, LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION! INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] Year or month Total p ( P m r e i r o r m e o t v n y p - e t - - s h s N c t t m o i o r e o m u n a w n c - l e l - m H ( g T a I o o I g i m r t ) e l t e s - e g h a o r M g e g u a r n e o o n s s t i u r d n a t o p - l g n h ( f D e T i o n n i u e g s t - s l e e - End of month Total b C m c a o i n e a m r k l - s - M s i t n u a g u v a s - - l as S l i a s o n a n o a g v d c n s - i- p I a c n a n o n s m c u ie e r - s - , a F c e g i e r e e a d s n l 2 - - Other3 T (Title (Title VI) banks ations I) II) 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 1937—Dec 771 431 27 110 118 32 53 1936 557 246 309 2 1938—Mar 856 472 26 119 146 42 51 1937 495 60 ....... 424 11 June 933 509 28 127 165 44 60 1938 . . . 694 160 473 48 Sept 1.049 565 32 137 187 56 72 1939 954 208 25 669 51 Dec 1,199 634 38 149 212 77 89 1 1 9 9 4 4 0 1 1 1 , , 0 1 2 8 6 6 2 2 5 6 1 2 2 2 6 1 8 7 7 3 7 6 1 1 3 3 13 1939— J M un ar e 1 1 , , 3 4 4 7 9 8 6 7 9 5 9 9 4 5 4 0 1 1 5 6 9 7 2 2 4 7 1 1 1 1 1 3 4 7 9 9 2 4 1940—Dec 104 24 2 78 Sept 1,622 824 57 178 302 148 113 Dec 1,793 903 71 192 341 153 133 1941— M A M J J F J u u a e p a a l n n b r y r y e 1 1 1 8 8 8 0 0 0 7 9 4 4 5 2 5 5 r r r 2 l 1 2 2 2 1 l 9 6 0 0 2 7 r r2 * 2 2 3 3 1 6 6 6 8 7 6 7 1 2 0 2 5 5 9 r2 3 2 * 1 * * • 1 1 9 9 4 4 0 1 — — D J J S M M u u e e n n a a p c r e r e t 2 2 2 2 2 1 , , , , , , 2 7 0 4 5 9 3 5 7 0 9 4 2 5 5 9 8 9 1 1 1 1 1 , , , , , 1 3 0 2 0 9 6 2 1 4 9 71 2 6 8 7 3 1 1 1 1 1 9 1 0 5 4 3 0 2 0 7 6 0 2 2 2 2 2 2 2 1 3 0 3 0 4 6 7 8 0 1 4 4 3 5 6 6 3 8 4 6 9 0 2 0 2 8 3 6 2 2 2 1 1 1 0 2 1 8 7 9 1 1 0 2 1 0 1 1 1 1 1 1 2 2 5 5 4 5 7 3 9 4 1 0 Aug 91 18 rl 70 * 1 Sept 2,942 rl,400 r171 246 722 225 178 Sept 107 31 2 73 * 1 O N D c o e t c v 1 1 1 2 1 0 5 2 7 3 2 1 4 4 8 2 1 2 8 8 7 5 8 7 r2 2 4 2 5 ga 1 r g e R G s e ro a v s n i s s d e a d c m . as o e u s n t i n o f t ra m n o s r it t g t a o 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 a in t c t lu h d e e F t e e d rm er i a n l a te H d o u m si o n r g t- Administration. r Revised. 2 The RFC Mortgage Company, the Federal National Mortgage Associa- 1 Figures represent gross insurance written during the period and do not tion, and the United States Housing Corporation. take account of principal repayments on previously insured loans. 3 Including mortgage companies, finance companies, industrial banks, * Less than $500,000. endowed institutions, private and State benefit funds, etc. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Industrial production Construction Y m ea o r nt a h nd ( I 1 v m = n p 9 a c 3 a e l o 5 1 y n u 0 m - - e t 3 0 s ) e 9 1 Total (ph 1 y 9 s 3 ic 5 a - D a 3 l b u 9 v f l r M a o e - = c lu a t 1 u m n 0 r u N e e d a 0 - s ) o b u 2 l n r e - - * 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 i t a r s n ( a l i = - v - c a t 1 s lu 0 o 0 e A t ) h 3 l e l r 1 t = 9 N a u c 3 g u r o 5 1 l r a n - - 0 i l 3 E - - 0 5 9 mp 1 l 9 o 2 F y 3 m a -2 c 5 e t o n = r t 4 y 100 1 = r 9 F t o 2 o a l 3 1 r c l - y 0 s - 2 4 0 5 F 1 r = l 9 i e o n c 3 i g a a 5 1 g r d s - 0 h 3 * - 0 9 t- D 19 m u = s s e ( 2 a v t p e e 3 o l a a 1 d - e n r l 0 2 r 6 s e t - t 0 5 - W m p = c r 1 s o h i o 9 a c d o m 2 1 l e i l e 0 6 - s e t 0 y 4 - C 1 li = 9 o v 3 s i 5 1 t n - 0 g o 3 0 4 f 9 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 87 142 167! i 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 132.9 P125 P89 P115.6 P127.6 P148.7 _ 130 ~ 110 87.3 105.2 1938 December 101.4 101 99 97 104 102 96 57 128 100.7 96.7 96.2 88.1 96 88 77.0 100.2 1939 January 101.3 101 97 97 104 103 86 55 111 100.8 96.8 94.5 84.7 98 88 76.9 February.... 101.9 101 99 97 104 101 73 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 99.1 April 101.8 97 98 93 103 91 67 58 74 100.5 96.6 96.9 86.8 87 88 76.2 May 103.6 98 99 93 104 97 63 55 68 101.1 96.3 95.9 86.3 90 87 76.2 Tune 104.8 103 102 99 106 104 63 58 67 102.2 97.3 96.4 87.9 97 86 75.6 98.6 July 104.6 105 102 102 106 107 67 62 71 102.6 98.4 96.6 85.8 99 87 75.4 August 106.5 106 106 108 108 92 73 67 78 103.0 99.0 99.5 91.2 101 88 75.0 September. .. 107.8 114 119 118 111 114 73 68 76 103.7 100.8 103.7 95.4 111 90 79.1 100.6 October 109.1 121 126 129 115 119 76 68 82 105.0 104.8 107.3 103.2 114 92 79.4 November 109.9 124 126 134 117 120 83 61 101 105.7 107.0 107.5 103.2 114 93 79.2 December 111.2 125 122 138 117 114 86 60 107 106.3 108.2 107.8 105.4 110 95 79.2 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. .. 114.6 127 132 151 112 117 93 82 101 106.9 108.9 111.4 111.6 112 97 78.0 166.4" October 115.8 130 136 155 117 113 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 133.1 160 159 199 138 131 139 115 158 117.1 133.3 130.6 152.7 138 115 88.8 105.3 August 136.7 160 162 199 139 132 152 112 184 117.7 133.3 r133.1 158.1 139 134 90.3 106.2 September. .. 139.1 161 167 203 137 131 161 105 206 117.5 132.3 135.2 162.6 130 116 91.8 108.1 October r140.9 163 167 207 138 130 145 87 192 118.0 132.7 r135.4 r166.8 127 105 92.4 109.4 November r143.0 166 167 209 143 131 138 74 189 119.2 134.3 134.7 165.2 135 116 92.5 110.2 December 148.3 3*164 *>214 P142 P119.6 P134.6 P134.0 P169.8 137 111 93.6 110.5 Janua 1 r 9 y 42 e170 e164 e219 C142 em e140 e137 e95.7 p Preliminary. * Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 156-159, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.. J Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 164. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 160-163 for employment and payrolls and p. 167 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 166 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. FEBRUARY 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total1 134 139 140 144 147 144 154 159 160 160 161 163 166 p168 Manufactures—Total1 137 142 144 148 151 153 160 164 165 166 166 169 172 p175 Durable 157 164 171 176 180 180 190 195 199 199 203 207 209 Nondurable 120 124 123 126 128 131 135 139 138 139 137 138 143 PH2 Iron and Steel 171 174 179 179 184 181 184 184 185 185 192 191 191 196 Pig iron 173 173 177 176 178 170 175 179 181 182 185 184 184 190 Steel 177 181 186 187 193 193 196 196 197 198 207 206 207 212 Open hearth and Bessemer 164 166 172 171 177 172 174 173 174 172 179 178 176 181 Electric ... 263 283 291 300 305 340 355 359 365 382 405 410 432 425 Machinery 152 164 168 177 185 194 206 214 216 224 227 231 229 Transportation Equipment2 171 177 190 203 207 196 228 243 255 241 r245 r269 p275 280 Aircraft 600 635 685 741 768 818 876 930 997 1,113 1,204 1,290 * Automobile bodies, parts, and as- 1,340 sembly 125 125 134 143 142 124 152 161 168 141 134 146 142 Automobile factory sales. 134 129 144 152 143 122 151 148 154 93 74 110 123 85 Railroad cars 166 172 178 182 178 196 218 233 233 236 249 279 263 * Locomotives 162 175 189 204 216 237 256 280 307 306 r319 335 338 * Shipbuilding (private yards) 226 263 282 307 335 353 381 428 467 485 r560 r634 639 * Nonferrous Metals and Products 155 162 167 173 179 183 189 184 188 186 190 r183 188 p188 Nonferrous metal smelting3 135 137 137 142 142 147 148 144 142 145 145 147 150 150 Copper smelting 135 135 133 140 136 145 144 136 131 135 135 137 r139 Zinc smelting 147 152 153 158 163 164 170 170 173 175 175 r177 r180 182 Copper deliveries 179 190 201 209 219 221 231 222 234 221 225 210 219 Lead shipments 145 158 161 165 172 186 205 210 200 199 209 * Zinc shipments 144 146 149 148 146 147 144 144 142 143 146 143 147 146 Tin consumption 112 115 119 130 143 147 147 141 155 161 166 153 155 Lumber and Products 127 132 137 135 128 132 132 135 141 140 136 135 135 p137 Lumber 128 133 139 139 125 128 122 125 131 134 129 129 128 Furniture 125 128 132 129 132 139 152 155 161 r152 r149 146 148 p150 Stone, Clay and Glass Products 130 140 154 158 150 142 141 150 151 154 156 158 161 H66 Cement 140 155 181 183 156 139 134 138 143 148 154 159 164 191 Common and face brick. . 135 147 Common brick. 136 147 Face brick 132 148 Glass containers 114 119 123 131 139 135 148 155 154 158 163 168 168 165 Polished plate glass 113 117 137 138 135 142 142 152 146 133 120 102 105 67 Textiles and Products 135 140 138 143 146 150 157 156 155 154 151 150 156 p151 Textile fabrics 132 135 133 140 143 146 152 151 151 149 145 143 148 Cotton consumption 139 142 144 152 156 160 164 160 162 160 156 161 167 155 Rayon deliveries 146 156 156 148 150 158 169 173 173 - 170 168 172 179 ^178 Silk deliveries 77 74 69 67 71 74 71 73 77 56 34 10 15 * Wool textiles 140 145 136 149 152 152 165 163 157 166 169 164 166 2*169 Carpet wool consumption.... 128 131 119 143 146 139 148 149 126 148 142 133 133 Apparel wool consumption.... 160 163 149 165 179 171 196 190 177 181 205 199 201 P208 Woolen yarn 131 132 125 134 135 140 153 151 153 162 163 157 156 Worsted yarn 152 157 150 163 163 166 178 178 174 179 185 185 184 Woolen and worsted cloth 140 149 142 153 154 156 167 165 160 166 169 164 170 *172 Leather and Products. . 107 109 107 108 114 114 123 130 129 121 120 124 133 Leather tanning 100 102 102 103 113 109 118 121 124 123 124 129 133 Cattle hide leathers 110 113 115 112 119 118 129 131 136 140 135 138 144 Calf and kip leathers 92 86 88 92 112 97 99 98 93 103 101 107 106 Goat and kid leathers.... 82 86 79 87 97 96 105 113 116 97 115 121 125 Shoes 112 113 110 112 115 117 126 136 132 120 117 122 133 2*130 Manufactured Food Products 117 121 117 120 121 123 123 127 126 132 129 131 140 v m Wheat flour 99 104 98 105 105 110 110 107 103 98 99 101 103 109 Cane sugar meltings 136 122 124 107 122 123 119 129 102 129 111 112 139 Manufactured dairy products 117 125 131 127 125 135 129 124 126 127 130 133 137 Ice cream 122 131 138 132 129 144 134 130 129 124 Butter 106 110 119 118 118 119 117 111 113 109 109 108 105 104 Cheese 117 118 123 124 131 138 134 121 128 134 145 148 163 176 Canned and dried milk 126 138 136 129 124 135 139 132 141 165 183 197 224 r Revised. v Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. 2 Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals." 156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued [Index numbers Df the Board of Governors. 1935-39 average =100J 1940 1941 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 133 134 114 126 134 126 132 124 125 134 126 133 135 142 Pork and lard 159 165 121 145 159 143 147 134 132 149 139 148 148 161 Beef. 106 107 110 109 110 110 120 120 123 124 118 123 124 127 Veal 102 97 86 94 91 96 97 91 96 94 101 108 114 98 Lamb and mutton 110 109 112 112 111 108 109 101 110 105 99 103 111 117 Other manufactured foods 116 120 117 119 120 122 122 129 128 135 132 r135 144 pU2 Alcoholic Beverages 96 101 105 108 104 107 114 122 130 128 131 129 lt)9 116 Malt liquor 94 r105 105 106 100 102 106 107 115 110 118 127 110 123 Whiskey 77 85 78 81 80 82 90 94 108 93 94 107 81 91 Other distilled spirits 86 85 112 132 132 140 129 154 206 206 262 178 139 121 Rectified spirits 131 r106 126 131 130 137 170 206 190 219 170 138 120 102 Tobacco Products 113 114 113 116 117 120 119 118 114 118 121 128 132 129 Cigars 103 108 111 110 109 117 109 106 106 109 104 112 115 139 Cigarettes. . 119 121 118 125 127 127 131 131 123 129 137 144 149 136 Manufactured tobacco and snuff 106 101 101 96 97 101 100 97 97 96 99 104 106 95 Paper and Paper Products1 125 130 129 128 132 134 142 145 C146 147 144 r146 152 Paper and pulp 124 131 129 128 133 136 145 149 c150 152 149 150 158 Pulp 150 159 153 153 160 161 162 175 167 172 170 171 183 Groundwood pulp. . 123 119 119 122 119 121 120 121 122 128 129 130 141 Soda pulp ... 113 142 128 129 137 135 141 151 149 151 140 145 167 Sulphate pulp 186 200 190 193 199 199 203 216 203 215 210 210 221 Sulphite pulp 143 148 144 144 153 156 155 170 163 164 163 166 176 Paper 120 127 126 124 129 132 142 145 C148 149 145 r147 155 Paperboard 132 143 138 134 138 143 158 154 170 161 158 158 167 186 Fine paper 114 114 110 110 114 115 127 134 140 147 152 147 161 Newsprint production 109 109 113 115 115 114 114 114 112 113 107 110 110 106 Printing paper.. 114 117 119 123 126 131 138 149 149 150 146 149 156 Tissue and absorbent paper.. 120 131 132 125 133 132 137 144 142 143 130 r140 154 Wrapping paper... 114 120 120 119 124 129 139 140 138 139 136 138 140 Printing and Publishing2. . 110 112 111 114 116 118 122 128 127 129 125 127 133 P135 Newsprint consumption 106 107 103 105 106 106 107 106 106 109 105 105 111 115 Petroleum and Coal Products 118 120 122 122 123 121 125 127 128 130 132 133 135 Petroleum refining 114 116 117 117 118 119 122 123 124 126 128 129 133 Gasoline 112 115 117 118 120 120 124 123 123 126 130 131 134 Fuel oil . . 116 120 120 122 121 120 119 122 124 127 124 129 129 Lubricating oil 115 107 112 104 105 118 118 134 133 132 130 129 137 Kerosene 123 130 120 123 113 117 115 104 108 116 119 121 123 Coke 147 149 150 152 154 133 148 154 154 154 152 153 153 Byproduct coke 143 143 143 145 145 134 141 145 146 146 144 145 145 Beehive coke 281 378 367 398 434 69 386 435 429 453 425 437 410 ^482 Chemicals 117 121 123 124 125 133 136 144 146 145 146 147 149 P153 Rubber products 132 144 141 153 155 158 162 192 153 130 • 131 134 * • Rubber consumption 133 U1 143 156 158 161 164 196 156 132 134 137 * * Tires and tubes 116 117 123 128 134 131 144 152 126 117 108 103 103 67 Pneumatic tires 118 118 124 128 135 132 144 151 126 118 108 104 104 67 Inner tubes 107 115 121 127 132 130 145 155 125 110 103 94 102 64 Minerals—Total 118 118 119 118 125 95 126 132 131 132 131 130 131 *>130 Fuels 113 114 114 113 121 86 121 129 127 129 128 127 128 P126 Bituminous coal 112 115 117 114 149 22 149 153 146 147 139 127 125 *>124 Anthracite 97 108 98 102 102 71 80 126 137 162 127 116 97 *88 Crude petroleum . . . 115 114 114 113 112 113 114 120 119 119 124 128 132 P131 Metals 148 147 148 148 148 149 152 r151 r150 148 r144 r145 150 *>152 Iron ore shipments 192 186 187 189 191 r199 r195 r198 r2O5 r202 r192 r181 r200 199 Copper 143 145 148 153 148 152 159 155 156 155 154 151 152 * Lead 113 116 116 116 118 119 115 117 114 116 120 119 127 122 Zinc 120 123 125 126 125 133 127 136 125 131 135 134 r130 134 Gold 131 129 131 125 126 120 131 125 120 114 113 129 Silver 127 129 128 126 127 129 122 128 124 129 116 108 r Revised. p Preliminary. c Corrected. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when ngures were last reported N 2 O In T c E lu .— de F s o a r l d so e s p c r r i i n p t ti i o n n g p an ap d e b r a p c r k o d fi u g c u t r i e o s n s s e h e o B w U n L u L n E d T e IN r f " o P r a p S e ep r. t " e mber 1941, pages 878-881 and 933-937, and August 1940, pages 753- ^ 7 ^ 7 1 and n8nr2 . 5 -8nn8n2. FEBRUARY 1941 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 == 1001 1940 1941L Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total* 136 136 135 140 144 144 155 160 159 162 167 167 167 P164 Manufactures—Total* ,..- 139 140 139 144 149 153 160 165 164 167 172 r173 172 mi Durable1 -.«..„., 161 164 166 171 178 182 192 198 196 199 206 210 209 2>211 Nondurable „.,...*.....«...« 121 121 118 122 126 ISO 135 138 138 142 145 r143 143 172 174 179 179 184 181 184 184 185 185 192 191 191 196 Pig iron 173 173 177 176 178 170 175 179 181 182 185 184 184 190 Steel 178 181 186 187 193 193 196 196 197 198 207 206 207 212 Open hearth and Bessemer 166 166 172 171 177 172 174 173 174 172 179 178 176 181 Electric 265 283 291 300 305 340 355 359 365 382 405 410 425 432 Machinery 152 164 168 177 185 194 206 214 216 224 227 231 229 P243 Transportation Equipment 185 188 193 207 214 206 229 244 229 221 r245 r269 280 Aircraft 600 635 685 741 768 818 876 930 997 1,113 1,204 1,290 1 340 • Automobile bodies, parts, and assembly 143 138 138 148 150 136 152 161 135 120 134 146 142 P122 Automobile factory sales 161 152 151 161 160 139 164 164 134 47 74 110 123 85 Railroad cars 153 172 178 182 178 196 218 233 233 236 249 279 263 Locomotives 157 175 189 204 216 237 256 280 307 r306 r3l9 335 338 * Shipbuilding (private yards) 219 263 282 307 335 353 381 428 467 485 r560 r634 639 * Nonferrous Metals and Products 158 162 166 173 179 184 190 185 188 186 189 r 183 188 P188 Nonferrous metal smelting** 137 138 137 142 142 147 148 144 141 145 145 147 r151 150 Copper smelting 139 135 133 140 136 145 144 136 131 135 135 137 139 * Zinc smelting 147 152 153 158 163 164 170 170 173 175 175 r 177 r180 182 Copper deliveries 181 188 200 209 219 221 231 222 234 221 225 210 219 * Lead shipments 155 165 166 165 172 186 205 210 200 199 209 * * * Zinc shipments 147 147 149 148 146 147 144 144 142 143 146 143 147 146 Tin consumption 112 112 114 130 146 151 153 148 154 159 159 151 155 151 126 121 116 119 123 130 134 140 144 r 151 r 148 145 134 P127 123 114 113 115 118 128 130 135 142 148 144 138 124 p112 Furniture 130 133 123 129 133 135 143 150 149 r 157 156 159 154 Stone, Clay and Glass Products 136 125 no 112 125 142 164 172 166 172 174 176 167 P145 Cement 145 124 100 102 117 139 163 174 177 181 184 185 171 153 Common and face brick 147 125 Common brick 149 120 Face brick „ 141 133 Glass containers 115 111 110 120 130 135 159 163 i60 172 166 173 170 154 Polished plate glass 129 141 144 131 141 142 142 149 96 109 120 117 120 80 Textiles and Products 136 140 138 143 147 150 157 155 155 154 151 150 156 V151 Textile fabrics 133 136 133 140 143 146 152 150 150 148 145 143 148 P143 Cotton consumption 139 142 144 152 156 160 164 160 162 160 156 161 167 155 Rayon deliveries 151 154 154 148 150 158 169 173 173 170 168 172 179 Silk deliveries . 87 79 72 68 74 73 66 66 69 50 32 10 15 * Wool textiles 139 145 136 149 152 152 165 163 157 166 169 164 166 *>169 Carpet wool consumption 126 131 119 143 146 139 148 149 126 148 142 133 133 Apparel wool consumption... 162 163 149 165 179 171 196 190 177 181 205 199 201 Woolen yarn 129 132 125 134 135 140 153 151 153 162 163 157 156 P153 Worsted yarn. 152 157 150 163 163 166 178 178 174 179 185 185 184 n&s Woolen and worsted cloth.... 139 149 142 153 154 156 167 165 160 166 169 164 170 nn Leather and Products 98 99 104 117 122 118 120 119 125 129 128 126 123 P120 Leather tanning 101 104 103 112 112 110 115 118 120 120 123 129 135 Cattle hide leathers 114 115 116 125 121 118 126 125 127 133 - 134 139 150 Calf and kip leathers 87 88 87 97 105 96 94 100 102 108 99 103 101 Goat and kid leathers 79 87 79 91 96 99 103 113 115 95 116 120 121 Shoes 96 95 106 121 128 123 124 119 128 135 131 124 115 ^109 Manufactured Food Products 116 115 104 104 107 112 ,119 128 137 152 158 142 139 P132 Wheat flour •..-.«„« 103 100 99 104 102 103 100 101 102 99 114 110 107 104 M Ca a n n e u f s a u c g t a u r r e m d e d lt a in ir g y s products...«..... 1 8 1 0 2 9 7 8 9 1 8 0 4 3 1 9 0 2 5 1 1 3 0 5 5 1 1 3 3 5 4 1 1 1 7 7 5 1 1 3 8 2 8 1 1 1 8 7 1 1 16 3 7 6 1 1 3 3 2 2 1 1 0 0 9 6 1 9 1 4 4 * Ice cream 73 68 69 78 99 138 182 208 216 200 Butter 84 87 95 101 105 118 151 155 137 120 108 95 83 82 Cheese . .. ... 89 82 89 96 107 133 177 186 165 151 150 139 124 123 Canned and dried milk 88 95 103 110 121 152 200 195 172 169 168 158 156 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. * Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. * Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals." 158 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] 1941 Industry Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 151 159 133 122 122 119 132 121 119 116 119 134 152 165 Pork and lard 191 212 157 145 143 135 147 130 119 112 111 139 178 208 Beef 111 107 110 98 100 102 120 118 125 126 132 134 130 127 Veal 104 92 83 83 86 95 101 92 95 95 111 119 116 93 Lamb and mutton 107 104 118 112 107 105 111 96 104 104 111 109 108 111 Other manufactured foods.. 117 115 103 103 105 107 111 123 137 159 170 r151 146 2*136 'Alcoholic Beverages 104 87 94 100 108 120 129 131 122 137 137 118 106 Malt liquor 77 r82 84 90 96 111 124 137 142 128 120 104 90 96 Whiskey 96 98 104 106 98 91 90 75 59 51 75 102 101 104 Other distilled spirits.. 181 105 73 79 86 84 77 91 97 99 359 472 292 150 Rectified spirits r208 r141 92 113 124 122 149 165 160 171 180 180 190 135 Tobacco Products.. 115 98 108 108 110 113 121 128 123 122, 132 133 134 110 Cigars 123 83 90 96 100 111 108 113 111 113 120 135 137 107 Cigarettes 114 108 119 118 119 118 133 144 138 136 146 141 143 121 Manufactured tobacco and snuff.. 105 89 98 95 99 100 100 99 99 96 107 106 105 83 Paper and Paper Products!. 124 123 126 131 136 137 141 143 C139 146 149 151 151 Paper and pulp 124 124 128 133 137 140 145 147 C143 150 151 r155 158 Pulp 151 154 154 159 164 165 165 173 159 170 168 •173 184 Groundwood pulp 126 124 124 127 128 136 133 124 109 109 112 121 144 Soda pulp 113 138 128 133 141 139 141 150 141 151 142 145 167 Sulphate pulp 186 190 192 199 203 199 203 214 199 215 210 214 221 Sulphite pulp 144 144 144 148 156 159 155 167 155 164 163 169 178 Paper 120 120 124 129 133 136 142 143 c140 147 148 r152 154 Paperboard 132 127 132 138 144 146 155 154 C154 163 167 167 167 166 Fine paper 110 112 111 118 122 126 130 131 128 139 144 147 156 Newsprint production 112 110 113 113 115 114 115 115 109 110 107 110 113 * 107 * Printing paper 113 116 119 126 132 136 140 146 140 145 145 150 154 Tissue and absorbent paper 119 126 128 130 134 135 136 143 135 143 136 r145 152 Wrapping paper 114 116 120 124 126 130 136 137 133 138 138 143 140 Printing and Publishing2 112 112 109 115 121 124 126 127 116 121 125 131 135 P136 Newsprint consumption... 111 109 98 104 110 113 111 107 92 96 106 112 117 117 Petroleum and Coal Products.. 119 119 120 120 119 120 126 128 129 131 134 135 136 Petroleum refining 115 115 115 115 114 119 122 124 125 128 131 132 134 Gasoline 113 112 113 114 114 118 124 126 127 130 134 134 135 Fuel oil 117 122 123 123 118 117 119 121 122 124 125 130 130 Lubricating oil... 115 106 108 103 104 122 122 134 131 131 130 129 137 Kerosene 126 131 126 124 115 119 115 102 103 111 117 121 126 Coke 148 149 150 152 154 133 148 154 154 154 152 153 153 Byproduct coke... 143 143 143 145 145 134 141 145 146 146 144 145 145 Beehive coke 309 378 367 398 434 69 386 435 429 453 425 437 410 P482 Chemicals 120 122 122 124 129 136 135 138 139 142 148 151 151 P154 Rubber Products. 135 137 145 151 155 157 162 192 153 130 131 134 Rubber consumption. 138 140 148 153 158 160 164 196 156 132 134 137 Tires and tubes 116 117 123 128 134 131 144 152 126 117 108 103 103 67 Pneumatic tires... 118 118 124 128 135 132 144 151 126 118 108 104 104 67 Inner tubes 107 115 121 127 132 130 145 155 125 110 103 94 102 64 Minerals—Total. 119 113 113 114 116 96 in 131 130 134 137 r138 135 P124 Fuels 115 116 117 118 121 87 118 123 121 125 129 131 130 P128 Bituminous coal.. 128 127 130 134 143 18 126 132 128 135 144 142 143 P13& Anthracite 98 115 114 112 105 76 88 116 107 120 122 123 99 P94 Crude petroleum. 111 111 111 112 114 116 118 120 119 122 124 127 128 Metals., 146 98 95 93 92 148 181 181 184 187 182 '180 164 P100 Iron ore shipments.. 162 210 323 326 344 335 311 281 231 Copper 147 146 145 155 151 156 159 152 147 152 152 156 r157 Lead 114 118 116 116 116 121 117 116 110 116 120 119 128 124 Zinc 120 123 125 126 125 133 127 136 125 131 135 134 r130 134 Gold 148 133 125 112 111 106 113 116 115 125 131 151 Silver 128 129 129 129 131 130 121 123 122 126 117 107 r Revised. p Preliminary. c Corrected. * Included in total and group indexes but not available for publication separately. 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. FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] 1940 1941 Industry and group Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. TotaV. 114.2 116.6 118.3 118.6 119.4 122.0 124. 128. 133.3 133.3 132.3 132. 134. 134.6 Durable goodsi 114.6 117.6 121.1 122.1 123.0 126.3 129.5 134.0 140.7 141.5 r141.3 142.3 143. 144.0 Nondurable goodsi 113.8 115.7 115.6 115.2 115.9 118.0 120 123.7 126.3 125.5 123.8 123.6 125. 125.7 Iron and Steel and Products 118.9 122.4 124.8 125.5 126.2 128.3 132.0 136.0 139.1 140.2 139. 138. 138. 139.5 Blast furnaces, steel works, etc 127 130 133 133 133 136 140 145 149 150 149 148 148 150 Bolts, nuts, washers, and rivets 128 135 139 145 151 153 160 166 169 173 172 170 169 171 Cast-iron pipe 89 89 88 92 92 93 94 95 95 94 97 98 101 99 Cutlery and edge tools 110 110 110 108 110 114 117 122 130 130 128 129 130 134 Forgings 83 88 90 94 96 100 102 105 112 112 113 115 114 116 Hardware 109 113 113 114 116 115 116 118 105 116 117 115 113 115 Plumbers' supplies 94 98 99 98 100 101 102 102 102 103 100 99 98 97 Stamped and enameled ware 190 196 194 201 202 204 214 220 228 231 231 225 225 220 Steam and hot-water heating 100 103 106 106 107 109 111 114 123 126 125 125 123 124 Stoves 100 108 113 106 106 107 110 114 121 115 109 r105 104 108 Structural and ornamental metal work. 86 91 96 100 100 101 103 104 105 107 106 107 107 107 Tin cans and tinware 103 104 109 112 113 113 122 129 131 132 132 127 138 137 Tools 111 116 121 126 128 133 135 139 142 146 147 145 146 148 Wirework 201 207 206 208 203 207 214 218 198 217 203 202 198 Machinery 130.9 136.0 141.2 144.2 148.1 155.8 161.6 167.3 173.0 177.7 r 177.8 179.3 181.2 183.3 Agricultural implements 140 143 147 140 126 158 166 170 175 182 181 180 172 167 Cash registers, etc 134 137 137 140 146 151 150 163 168 170 173 175 177 178 Electrical machinery 120 126 131 137 142 147 153 159 164 168 168 168 169 Engines, turbines, etc 211 218 237 239 243 245 259 275 ' 294 r315 323 r348 371 Foundry and machine-shop products.. 110 114 118 120 124 129 134 139 143 146 147 148 149 150 Machine tools 265 275 286 296 304 315 326 337 349 366 355 360 365 * Radios and phonographs 142 150 155 165 178 189 197 184 191 187 183 179 194 206 Textile machinery 83 86 89 92 95 98 101 104 107 108 110 110 110 110 Typewriters 128 130 131 110 134 138 143 150 155 157 158 160 159 159 Transportation Equipment 143.9 145.6 150.4 152.9 154.1 158.7 164.6 174.2 196.1 193.1 r 195.2T 204.5 208.8 202.4 Aircraft 4,447 4,731 5,089 5,398 5,509 5,813 6,121 6,522 7,160 7,897 8,779 9,459 9,799 Automobiles 127 124 123 123 123 125 128 132 149 139 - 128 129 127 Cars, electric- and steam-railroad 64 67 75 71 70 70 74 81 89 r88 98 100 100 Locomotives 40 44 49 51 52 54 58 61 67 70 73 74 77 Shipbuilding 204 220 244 262 268 285 301 341 387 398 r440 490 532 Nonferrous Metals and Products 126.3 129.4 133.3 135.1 136.2 138.9 140.7 144.1 147.8 147.9r144.i 142.9 141. < 143.2 Aluminuml 214 218 229 224 220 229 234 230 240 246 244 238 240 Brass, bronze, and copper 162 168 173 176 179 181 182 190 193 195 194 191 191 Clocks and watches 101 102 107 109 111 115 118 121 125 121 110 114 110 107 Jewelry 98 101 102 105 107 111 113 115 120 119 110 105 106 113 Lighting equipment 105 106 110 112 110 112 112 115 118 118 r 119 119 114 111 Silverware and plated ware 75 76 77 79 79 81 82 84 94 87 85 84 82 82 Smelting and refining 94 96 100 101 101 102 102 103 105 103 100 99 100 Lumber and Products 73.6 75.2 76.3 75.5 74.0 74.2 74.6 75.9 78.9 78.4 77.3 76.3 76.9 78.3 Furniture. 93 96 97 98 98 101 104 106 108 107 103 101 104 105 Lumber, millwork 71 72 74 72 71 70 69 71 75 76 75 76 75 75 Lumber, sawmills 66 67 68 67 65 65 64 65 68 68 68 67 67 68 Stone, Clay and Glass Products 90.4 94.6 92.9 92.3 92.3 92.1 93.7 98.6 98.4 98.7 r 98.9 100.9 101.7 Brick, tile, and terra cotta 65 68 75 74 71 70 69 69 73 74 74 73 76 77 M P G C o e l a a m t r s t b s e e l n r e y t , . g .. ranite, and slate 1 1 4 7 1 0 5 4 7 0 1 1 4 7 0 1 6 6 5 7 1 1 4 7 2 0 6 5 0 8 1 1 4 7 1 0 7 6 6 8 1 1 4 7 1 0 6 5 8 8 1 1 4 7 2 0 5 4 1 9 1 1 4 7 2 0 5 3 2 9 1 1 4 7 1 2 4 4 6 4 1 1 4 7 3 2 3 7 1 6 1 1 4 7 2 3 2 8 3 0 1 1 4 7 2 3 3 9 2 0 1 1 4 7 3 2 5 9 1 2 1 1 8 4 2 3 3 5 1 3 1 1 4 8 2 3 6 5 1 2 Textiles and Products 105.3 107.2 107.3 107.1 107.6 109. 112.9 116.1 120.0 117.1 114.7 112.7 113.1 112.9 Fabrics 97.7 98.7 98.8 99.1 100.4 103.3 105.9 109.0 111.1 109.6 107.2 105.2 104.9 104.2 Carpets and rugs 82 82 85 84 83 86 89 90 89 91 91 90 90 90 Cotton goods 97 99 99 100 101 103 106 111 113 115 112 111 110 109 D Co ye tt i o n n g s a m nd a ll f i w ni a s r h e in s g texti ; les 1 8 2 7 9 1 9 3 0 2 1 9 3 2 2 1 9 3 3 4 1 9 3 4 6 1 9 3 7 8 1 14 0 1 3 1 1 4 0 4 7 1 14 1 9 0 1 1 4 1 3 0 1 1 1 4 0 0 1 13 0 5 8 1 10 3 9 0 1 1 0 3 9 4 Hats, fur-felt 84 85 83 83 83 80 83 86 86 79 77 78 78 76 Hosiery 141 144 144 142 142 141 144 146 149 144 135 133 132 133 Knitted outerwear 71 74 69 69 68 71 76 81 85 83 78 77 78 80 Knitted underwear 76 77 81 78 78 79 81 79 90 88 88 87 87 85 Knitted cloth 151 149 144 141 143 141 155 163 162 161 158 147 147 148 Silk and rayon goods 65 64 63 64 66 69 74 75 72 67 61 60 61 60 Woolen and worsted goods 99 98 98 98 102 109 109 110 112 108 112 109 110 107 Wearing apparel 118.0 121.9 122.0 120.5 119.3 119.8 124.0 127.0 135.0 128.8 126.6 124.7 126.7 127.7 Clothing, men's 109 115 114 111 110 114 122 124 124 120 119 120 125 128 Clothing, women's 168 170 166 166 164 159 161 170 193 176 171 165 167 168 Corsets and allied garments 114 114 114 113 114 114 116 119 119 122 123 111 122 111 Men's furnishings 118 116 116 118 118 119 121 124 137 137 135 128 120 114 Millinery 68 69 76 82 78 78 73 68 75 79 77 75 68 69 Shirts and collars 117 122 131 126 125 128 131 133 135 135 134 131 132 135 Leather and Manufactures 93.8 94.3 93.3 93.2 94.3 95.5 96.8 101.0 100.2 97.9 98.0 99.6 104.2 103.5 Boots and shoes 92 93 91 91 92 93 94 98 97 94 94 96 101 101 Leather 84 85 85 86 90 90 95 97 96 97 98 97 * Included in total and group indexes but not available for publication separately. 1 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 December 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. 160 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 Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Food and Kindred Products 132 A 135.6 133.3 131.0 131.3 132.5 135.0 137.3 138.4 140.9 138.6140.7 146.8 147.2 Baking 144 144 143 145 146 148 149 151 149 152 151 152 152 152 Beverages 281 285 281 279 278 277 287 286 289 298 294 303 311 316 Butter 102 101 98 99 102 105 107 105 102 104 102 102 105 105 Canning and preserving 152 157 149 144 139 140 147 156 161 169 155 164 200 186 Confectionery 90 91 89 88 91 92 89 90 97 100 91 90 96 96 Flour 78 78 78 77 78 79 78 80 79 77 79 78 78 * 79 Ice cream 81 81 80 81 79 82 79 78 78 79 r78 83 83 83 Slaughtering and meat packing 114 121 112 111 113 114 119 121 123 124 125 126 127 133 Sugar, beet 102 145 240 144 111 97 99 93 89 76 98 91 98 137 Sugar refining, cane 95 97 92 89 97 103 102 101 94 93 103 103 98 99 Tobacco Manufactures 63.4 64.7 66.3 64.9 64.0 65.0 65.8 65.8 65.7 64.4 62.0 64.1 65.0 66.5 Tobacco and snuff 55 57 57 54 54 54 54 53 53 53 54 54 54 57 Cigars and cigarettes 65 66 68 66 65 66 67 68 67 66 63 65 66 68 Paper and Printing 116.8 117.3 117.1 117.2 118.5 119.8 121.2 122.9 124.8 125.1 124.4124.9 124.7 126.0 Boxes, paper 120 122 123 122 125 129 132 139 142 143 141 138 139 140 Paper and pulp ; 116 116 116 117 119 120 123 125 126 128 * 128 128 129 129 Book and job printing 101 102 103 101 103 104 104 104 108 106 105 108 107 107 Newspaper and periodical printing ... 118 117 116 116 117 117 117 117 117 118 117 117 116 120 Chemicals, Petroleum, and Coal Products 123.9 125.3 126.8 128.1 129.0 133.6 136.9 140.7 143.0 145.2 144.5145.4 146.3 147.5 Petroleum refining 120 120 120 120 121 121 123 125 127 127 127 129 129 129 Other than petroleum refining 124.9 126.6 128.5 130.0 131.1 136.6 140.4 144.7 146.9 149.5 r148.7 149.4 150.6 151.9 Chemicals. 147 151 154 157 161 163 168 172 173 179 r180 r181 184 187 Cottonseed oil, cake and meal 101 102 102 100 94 110 106 107 109 101 r88 r95 93 93 Druggists' preparations 113 113 116 118 119 122 129 132 136 138 141 141 144 146 Explosives * * * * * * * * Fertilizers 107 103 104 103 95 112 118 124 129 124 124 115 118 115 Paints and varnishes 127 128 130 130 134 135 136 140 145 148 145 144 144 144 Rayon and allied products 311 314 310 306 308 324 330 337 326 328 324 323 320 319 Soap 82 87 88 90 89 91 93 94 98 99 96 94 94 95 Rubber Products 93.6 96.8 99.0 100.4 102.0 103.9 106.1 111.7 113.0 113.3 111.6 110.3 109.7 Rubber boots and shoes 60 64 67 69 69 74 78 82 82 79 75 78 80 78 Rubber tires and inner tubes 75 77 78 79 80 82 83 86 87 87 87 86 87 85 Rubber goods, other 160 167 171 174 177 176 179 192 194 200 196 189 187 189 r Revised. * Included in total and group indexes but not available separately. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Employees in nonagricultural establishments Total non-agri- Military Year and month c e m u m e l p t n u l t o r 1 a y 2 l - Total2 M t a u n ri u n f g a * c- Mining Con ti s o t n ruc- t T a r t p a i u o n n b s l p a ic o n r d - Trade* F a s i n n e d r a v n m i c c i e i a s , - l, G m o e v n er t2 n- an f d o r n ce a s v 3 al utilities cellaneous SEASONALLY ADJUSTED 1940—December 37,972 31,829 11,160 837 1,974 3,064 6,770 4,144 3,880 884 1941—January 38,097 31,954 11,297 849 2,014 3,077 6,630 4,151 3,936 958 February 38,314 32,171 11,335 846 2.132 3,087 6,662 4,158 3,951 r1,145 March 38,263 32,120 11,413 855 ,933 3,105 6,677 4,162 3,975 1,343 April . . 38,329 32,186 11,636 572 ,859 3,133 6,803 4,166 4,017 r1,546 May 38,824 32,681 11,886 877 ,698 3,192 6,781 4,188 4,059 r1,662 Tune 39,296 33,153 12,221 889 ,644 3,220 6,865 4,204 4,110 r1.740 July 39,903 33,760 12,605 914 ,668 3,264 6,944 4,242 4,123 r 1,857 August 40,100 33,957 12,614 923 ,666 3,302 7,027 4,246 4,179 r1,944 September 40,013 33,870 12,545 908 ,683 3,303 6,968 4,241 4,222 1,992 October 40,185 34,042 12,592 892 ,776 3,292 6,989 4,251 4,250 r2,014 November 40,596 34,453 12,728 892 ,924 3,310 7,043 4,266 4,290 December 40,753 34,610 12,753 891 5,092 3,313 7,009 4,270 4,282 UNADJUSTED 1940—December 38,161 32,018 11,127 855 ,720 3,039 7,247 4,099 3,931 884 1941—January 37,142 30,999 11,075 852 ,623 3,012 6,487 4,063 3,887 958 February 37,448 31,305 11,273 854 ,678 3,028 6,491 4,075 3,906 ,145 March 37 761 31,618 11 457 864 ,631 3,056 6,578 4,097 3,935 ,343 April 38,228 32,085 11,684 564 ,775 3,113 6,792 4,174 3,983 ,546 Mav 38 902 32,759 11,886 869 ,782 3,185 6,753 4,235 4,049 ,662 June 39,475 33,332 12,154 876 ,816 3,239 6,861 4,260 4,126 ,740 July 39,908 33,765 12,391 888 ,895 3,290 6,837 4,300 4,164 ,857 August 40,292 34,149 12,595 900 ,921 3,326 6,897 4,300 4,210 ,944 September 40,710 34,567 12,777 906 ,936 3,367 7,008 4,325 4,248 I,992 October 40,777 34,634 12,799 915 ,960 3,365 7,070 4,256 4,269 .014 November 40,749 34,606 12,756 911 ,961 3,322 7,146 4,229 4,281 I December 40,940 34,797 12,703 907 ,820 3,287 7,503 4,223 4,345 * Adjusted to Census of Manufactures through 1939. r Revised. tNot available for publication. 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 2 Excludes military and naval forces. 3 Adjustment for seasonal variation in the figures for military and naval forces has]been discontinued and this change has been carried back to October 1940. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for December 1941 are preliminary. Back figures, adjusted for seasonal variation, may be oLtained from the Division of Research and Statistics. 161 FEBRUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Total1 114.7 116.2 133.1 135.2r135.4 134.7 134.0 116.4 122.4 158.1 162.6 r166.8 165.2 169.8 Durable goods1 115.5 117.7 138.7 142.1 144.0 144.6 143.9 125.1 131.7 -177.6 r183.3 191.3 190.3 195.9 Nondurable goods1... 113.8 114.8 127.7 128.7 127.1 125.3 124.6 106.6 112.1 136.3 139.5 r139.2 137.2 140.6 Iron and Steel and Products 119.3 121.6 139.9 140.5 r139.4 138.8 138.6 125.8 133.0 172.0 r 170.6 r173.1 172.0 175.7 Blast furnaces, steel works, etc 127 130 149 149 148 148 149 135 142 183 178 181 183 186 Bolts, nuts, washers and rivets 128 135 171 171 170 169 171 162 178 257 246 256 253 264 Cast-iron pipe 86 87 96 98 98 98 98 89 97 112 116 119 118 122 Cutlery and edge tools 112 110 127 128 132 133 134 108 114 148 150 r158 161 166 Forgings 84 89 111 113 114 114 117 107 120 170 r176 r182 180 195 Hardware 109 113 113 116 115 113 115 122 128 146 149 152 148 153 Plumbers' supplies 94 97 103 99 100 98 97 90 95 107 106 115 107 109 Stamped and enameled ware 190 196 225 228 227 225 220 209 225 286 291 296 288 296 Steam and hot-water heating 102 103 125 127 128 125 124 103 105 148 155 158 150 161 Stoves 106 104 117 116 r114 110 105 101 100 127 128 r129 115 114 Structural and ornamental metal work . 87 90 110 r110 r109 108 106 79 86 125 r124 127 116 122 Tin cans and tinware 100 99 145 145 130 135 131 104 113 185 188 157 166 172 Tools 112 117 143 144 146 147 150 125 137 190 197 202 205 209 Wirework 204 207 190 208 205 204 198 235 242 248 272 277 280 261 Machinery 131.2 136.1 176.5 178.6 180.1 181.4 183.3 149.3 163.0 243.4 248.2 r255.7 255.3 270.3 Agricultural implements 137 143 172 171 170 168 167 160 171 228 230 232 224 218 Cash registers, etc 134 135 170 173 175 177 177 144 148 223 230 233 223 231 Electrical machinery 121 126 167 169 169 169 * 145 158 240 241 245 242 * Engines, turbines, etc 201 211 315 r325 r340 353 275 303 546 r573 r6l6 676 * Foundry and machine-shop products.. 110 114 146 147 148 149 150 115 127 186 188 195 191 201 Machine tools 266 276 352 357 362 367 • 355 394 553 578 r596 599 * Radios and phonographs , 159 159 202 r212 218 218 219 156 164 234 254 262 267 286 Textile machinery „ „ 83 86 108 109 109 109 110 80 91 136 141 142 141 150 Typewriters ».„.«.« 131 132 156 158 161 162 162 166 147 222 233 233 236 235 Transportation Equipment „ .r 145.8 149.8 172.0 r190.9 r203.2 210.3 205.9 166.0 169.4 224.4 r252.6 r 282.0 287.8 288.4 A Au ir t c o r m af o t b .; iles 4,4 1 0 3 2 0 4,6 1 8 3 4 0 7 1 , 1 8 1 97 8 1 , 2 5 4 169,1 1 7 2 5 9 9,7 1 0 3 2 0 1 * 16 5,0 1 1 5 3 1 5,3 14 70 5 1 1 0 3 ,3 9 03 11 1 , 5 1 9 46 1 r1 2 7 , 7 302 13 1 , 7 2 6 05 1 * 51 Cars, electric- and steam-railroad 62 66 89 95 97 97 * 54 62 94 101 115 112 Locomotives 41 43 70 72 75 77 * 43 48 93 r99 103 106 Shipbuilding »... 204 221 388 r443 r495 532 * 238 288 615 r704 r803 827 * Nonferrous Metals and Products.. 129.9 131.2 145.5 146.5 r147.3 145.7 145.0 141.7 149.6 182.6 r185.5 r185.7 181.5 191.7 Aluminum1 , 218 218 241 243 r242 243 * 270 277 346 355 355 365 * Brass, bronze and copper..., 162 168 193 194 193 191 * 202 219 274 271 r268 261 * Clocks and watches 107 106 118 111 118 116 112 122 120 156 149 161 155 150 Jewelry 110 104 118 120 121 120 116 94 97 113 121 122 116 123 Lighting equipment 110 110 112 r119 r123 120 115 100 102 119 r138 r136 124 126 Silverware and plated ware. 80 79 85 86 87 87 86 83 87 94 104 103 102 101 Smelting and refining 95 97 104 103 101 100 101 96 103 118 118 120 121 122 Lumber and Products 74.4 73.7 81.0 80.4 79.7 77.8 76.8 70.9 71.5 92.3 90.8 r92.4 86.5 87.7 Furniture 97 97 108 108 107 108 107 90 93 116 118 r121 119 120 Lumber, millwork... 71 72 78 76 77 76 74 58 60 75 73 75 71 72 Lumber, sawmills 66 65 71 70 69 66 66 61 60 80 78 78 70 72 Stone, Clay and Glass Products - 88.6 88.7 101.3 101.8 r102.1 101.5 99.8 82.1 85.7 104.2 105.4 r109.4 106.1 107.1 Brick, tile and terra cotta 65 65 79 79 78 76 74 54 57 77 76 76 73 72 Cement 74 72 84 84 82 83 81 73 72 94 94 93 92 90 Glass 117 117 130 130 132 133 132 131 138 155 161 174 169 173 Marble, granite and slate ............ 46 45 45 46 47 46 45 32 33 36 37 37 35 35 Pottery 102 106 119 121 124 124 123 97 102 124 125 131 128 132 Textiles and Products „... „.... „. „...... 105.5 107.0 115.4 115.5 114.7 113.2 112.7 92.2 97.6 119.3 123.4 122.3 118.1 121.5 Fabrics .............,. 98.7 100.4 106.9 106.3 106.2 105.9 106.0 90.8 95.6 114.4 118.0 120.1 118.7 123.1 Carpets and rugs „ .„ „. .„.... 82 82 91 91 91 90 90 73 76 93 97 94 94 95 Cotton goods 98 101 110 110 111 111 111 92 98 126 130 136 135 138 Cotton small wares 87 90 106 108 109 109 109 87 92 123 128 128 128 130 Dyeing and finishing textiles 132 134 136 136 135 133 136 114 121 133 136 136 132 142 Hats, fur-felt 82 84 82 79 78 76 75 73 82 91 80 75 76 82 Hosiery 145 146 142 136 135 135 135 160 160 154 151 161 160 164 Knitted outerwear 73 71 81 83 83 80 77 64 62 77 81 80 77 73 Knitted underwear 77 77 86 88 88 88 85 73 74 91 96 99 97 98 Knitted cloth 150 148 161 161 151 146 147 130 130 157 157 148 140 147 Silk and rayon goods 65 65 68 63 62 61 61 52 54 64 62 62 60 62 Woolen and worsted goods 99 101 109 111 110 109 111 89 96 119 129 127 125 134 Wearing apparel „. 116.2 117.2 129.6 r131.3 r129.0 124.8 122.7 89.4 95.6 121.7 r126.3 r119.1 109.5 110.9 Clothing, men's 105 108 123 124 r123 121 120 76 86 114 115 113 109 111 Clothing, women's 165 164 176 178 173 164 162 120 126 154 162 145 126 132 Corsets and allied garments 113 113 119 123 112 121 110 121 123 139 151 143 149 135 Men's furnishings 128 123 128 132 134 130 121 140 133 144 157 167 157 135 Millinery 61 61 80 85 77 61 61 41 42 75 84 60 40 40 Shirts and collars 121 122 134 136 137 137 135 111 115 141 147 157 156 153 r Revised. * Included in total and group indexes but not available for publication separately. 1 Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Leather and M anufactures 87.0 90.6 101.1 98.9 r98.5 96.7 99.5 68.5 78.5 104.7 101.6 100.5 96.9 106.8 Boots and shoes 84 88 98 95 95 92 96 63 73 101 95 93 88 100 Leather 84 86 95 97 97 98 98 83 90 109 114 116 118 122 Food and Kindred Products 132.6 130.5 159.3 162.7 152.4 145.7 140.8 128.8 132.5 165.5 170.1 162.9 157.6 156.5 Baking 146 144 153 154 155 154 152 138 138 155 157 158 160 157 Beverages . ... 263 261 328 315 303 291 289 302 300 430 402 381 351 360 Butter 99 96 111 106 102 103 101 82 84 105 100 97 97 95 Canning and preserving. . 123 103 304 322 218 162 123 101 93 325 359 244 173 128 Confectionery 102 101 91 102 106 110 106 100 104 101 115 122 126 123 Flour 79 78 78 81 80 79 79 72 73 81 93 88 83 89 Ice cream . . . 71 70 95 84 78 73 71 61 61 84 77 71 67 67 Slaughtering and meat packing 116 125 122 124 126 130 138 119 137 143 146 151 154 168 Sugar, beet. . 277 235 64 91 245 265 222 288 263 68 95 229 308 247 Sugar refining, cane 94 94 95 104 103 97 97 84 85 100 103 94 90 96 Tobacco Manufactures 66.8 65.6 65.8 63.9 67.3 68.4 67.5 66.4 67.4 70.0 70.4 75.6 77.1 76.4 Tobacco and snuff 56 57 52 54 54 55 57 67 70 68 69 71 72 76 Cigars and cigarettes 68 67 68 65 69 70 69 66 67 70 70 76 78 76 Paper and Printing 118.2 119.5 123.9 124.9 126.5 126.6 128.3 115.4 120.8 130.9 133.3 135.9 137.4 143.7 Boxes, paper 126 125 142 145 147 147 145 144 145 182 188 195 194 193 Paper and pulp. 116 116 128 128 128 129 129 124 129 163 163 165 167 169 Book and job printing 103 105 106 105 108 108 110 90 98 99 99 103 105 109 Newspaper and periodical printing.... 118 r120 115 117 118 118 122 112 116 110 114 115 116 129 Chemicals, Petroleum, and Coal Products... 125.3 125.7 141.9 146.4 148.1 147.7 147.9 139.4 143.9 179.9 186.7 r190.8 194.2 198.7 Petroleum refining 121 120 128 129 129 129 129 133 139 159 166 168 168 175 Other than petroleum refining 126.4 127.1 145.3 r150.7 152.7 152.3 152.4 141.2 145.4 186.3 192.9 r197.9 202.3 206.1 Chemicals . .. 148 150 180 182 183 185 187 182 188 247 r251 r261 265 271 Cottonseed oil, cake and meal 133 129 71 r114 r135 123 117 129 129 65 r114 r144 133 127 Druggists' preparations 116 116 136 143 146 148 149 131 131 165 176 183 189 184 Explosives Fertilizers . . . 92 95 90 110 104 101 106 77 81 91 112 103 99 104 Paints and varnishes 126 126 145 144 144 143 142 136 139 172 170 174 172 174 Rayon and allied products . 315 315 329 327 325 323 321 331 334 368 374 386 386 391 Soap 85 85 97 98 98 97 93 100 106 135 140 142 139 134 Rubber Products . 94.4 97.5 111.8 111.5 rlll.6 111.5 110.4 102.0 111.1 138.8 1134.8 r138.1 141.0 136.6 Rubber boots and shoes 61 67 79 77 80 82 81 66 81 102 104 107 110 107 Rubber tires and inner tubes 75 77 87 87 86 87 85 90 96 116 107 112 118 108 Rubber goods, other 163 167 193 193 r193 190 189 163 174 228 r234 234 229 238 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for December 1941 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1940 1941 1940 1941 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. Total .... 39.3 38.6 40.3 41.0 40.9 41.1 40.3 67.3 67 8 74.4 74.5 75.8 77.0 78.1 Durable goods 41.0 40.2 41.5 42.6 42.3 42.9 41.8 73.9 74.4 82.6 83.0 84.3 85.3 86.5 Iron and Steel and Products 39.9 39.6 39.9 41.4 40.7 41.5 40.9 77.8 78.1 86.2 87.1 87.5 87.7 88.6 Machinery . . 42.4 42.0 44.6 45.1 45.1 45.4 44.6 74.9 75.2 83.6 84.4 85.0 86.1 86.8 Transportation Equipment 41.6 40.4 41.2 r41.8 41.7 43.0 41.4 89.8 90.2 98.8 98.8 100.3 101.9 104.2 Nonferrous Metals and Products 42.0 41.4 42.0 43.0 43.1 42.7 41.6 71.2 72.7 80.3 80.8 82.1 82.2 83.1 Lumber and Products. 40.7 38 9 39.9 41.8 41.1 41.5 39 5 52.4 52 6 57.7 58.8 59.0 59.8 60 2 Stone Clay and Glass Products. 38.1 37.1 37.4 38.5 38.2 39.2 37.8 67.1 67.1 72.0 72.1 73.6 74.4 74.9 Nondurable goods 37.6 37.1 39.0 39.4 39.5 39.1 38.6 60.9 61.3 65.7 65.8 66.8 68.0 68.8 Textiles and Products 35.9 35.5 37.4 38.1 38.3 37.6 37.1 50.9 50.4 55.0 55.4 56.9 58.1 57.9 Fabrics .... .. . . 37.3 36.8 38.5 38.9 39.1 38.8 38.4 48.7 48 7 53.4 53.3 55.1 56.6 56.7 Wearing apparel 33.4 33.0 35.4 36.4 36.7 35.4 34.4 55.2 53.9 58.2 59.6 60.2 61.0 60.2 Leather and Manufactures 34.8 33.0 38.7 39.2 38.0 37.8 36.4 55.7 55.5 60.9 61.5 63.0 63.2 64.1 Food and Kindred Products 40.0 39.3 40.9 41.0 41.6 40.9 40.2 61.0 63 2 66.2 65.8 65.7 67.9 §9.5 Tobacco Manufactures 37.6 37.2 37.3 37.2 38.3 38.7 38.5 48.4 48.6 52.3 52.0 52.5 52.7 53.2 Paper and Printing 38.7 38.4 39.6 40.1 40.1 40.3 40.4 79.2 79.3 82.5 82.4 83.0 83.5 84.3 Chemicals, Petroleum, and Coal Products 39.3 38.8 40.0 40.0 39.9 40.2 39.9 75.7 76.5 83.8 83.7 84.5 85.0 87.4 Petroleum refining 36.4 35.7 37.4 38.0 37.2 36.9 36.6 96.3 96.6 103.0 102.5 108.3 r109.7 111.1 Other than petroleum refining.... 40.2 39.8 40.8 40.6 40.7 41.1 40.9 68.7 69.6 77.7 78.0 77.6 77.9 80.5 Rubber Products 38.0 37.9 39.2 39.4 38.5 39.1 39.3 77.4 78.1 84.5 86.1 85.9 86.5 87.8 r Revised. FEBRUARY 1941 163 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 Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational1 Other1 a u n t d i l p it u ie b s l 1 ic 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 380.3 458.6 152.8 116.5 79.0 122.7 24.9 29.3 8.5 7.3 35.9 33.6 79.1 149.2 December 456.2 431.6 159.3 104.3 77.3 116.1 27.1 30.7 8.9 8.8 69.3 15.3 114.3 156.3 Year 4,004.0 6,007.5 1,596.9 1,953.8 442.4 1,181.5 318.3 471.2 147.2 140.9 386.7 522.1 1,112.4 1,738.0 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 1941 1936 1937 1938 1939 1940 1941 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 June 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 J 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 l B ack 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 Federal Reserve district district 1941 1940 1941 1940 Dec. Nov. Dec. Dec. Nov. Dec. Dec. Nov. Dec. Boston ... . 42,981 r29,931 39,627 New York 63,205 r64,845 65,915 Boston 67 73 89 2,116 689 863 Philadelphia 33,366 27,802 17,709 New York 343 307 409 4,289 3,234 5,091 Philadelphia 65 59 86 613 1,030 642 Cleveland 34,206 r36,245 28,851 Cleveland 44 45 43 434 316 1,425 Richmond 64,541 r58,153 101,104 Richmond 28 17 41 151 136 884 Atlanta. 56,486 r56,922 62,880 Atlanta 32 29 33 328 310 363 Chicago 114 117 167 #r852 1,397 1,214 Chicago 47,779 r66,410 47,943 St. Louis 25 34 40 224 426 727 St. Louis 35,153 r23,394 30,952 Minneapolis 21 15 17 292 81 147 Minneapolis 5,412 r25,308 5,973 Kansas City 42 56 39 447 407 271 Dallas 19 15 26 213 256 380 Kansas City .... 18,620 41,146 14,014 San Francisco 98 75 96 1,510 915 1,302 Dallas 29,877 r28,464 41,221 Total 898 842 1,086 13,469 9,197 13,309 Total (11 districts) 431,626 458,620 456,189 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. 164 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 45 111 100 290 257 249 324 385 285 148 202 211 297 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 r364 265 141 169 232 278 3 87 61 84 r86 August 277 231 250 351 r460 246 166 176 221 283 31 65 74 130 r178 September 297 246 289 295 425 233 168 182 195 263 63 79 107 101 162 October 333 278 332 344 3666 224 178 215 207 304 108 100 117 137 3362 November 315 252 292 328 P492 223 176 235 224 P2S1 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.—Nov 3,026 2,825 2,809 3,699 *>4,492 2,875 1,789 2,071 2,372 p3,002 151 1,036 738 1,327 ^1,490 p Preliminary. r Revised. 1 Including both domestic and foreign merchandise. i 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months. 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 to v c e k - p u r e c o s t d t s - Ore l c o a e n u l e s - - c l d h .c i a s . n l e . - o r p T a e i o r l a w ta ti a l n y g e r x T a p o i e t l n w a s a l e y s o r p a e N i r e l a w t t a in y g i . n c N o e m t e revenues ANNUAL 1940 ] 109 111 137 101 96 114 147 110 96 SEASONALLY ADJUSTED* 1941 SEASONALLY 130 123 168 112 91 139 183 136 100 1940— N D O o e c c v t 3 3 4 7 6 0 9 3 1 r3 3 3 1 1 1 1 1 6 r6 5 8 8 2 5 2 r 5 9 ADJUSTED 43 1940—Nov 116 109 150 98 98 131 181 120 97 1941—Jan.. 389 316 73 32 Dec 119 107 153 96 96 133 165 125 99 Feb.. 402 319 84 43 Mar. 417 334 83 41 1941—Jan 122 109 145 102 88 138 180 130 99 382 323 59 17 Feb 124 113 149 102 93 133 181 131 101 439 346 93 50 Mar 126 128 168 113 93 127 192 128 100 June. 474 363 110 68 Apr 112 45 137 113 93 130 266 130 102 July.. 471 370 100 58 May 135 138 182 124 91 130 266 136 102 Aug.. 485 377 108 65 June 139 156 189 126 88 136 152 139 102 Sept.. 464 379 85 42 July 138 150 200 112 83 149 156 140 100 Oct... 453 403 49 11 Aug 139 158 199 103 84 152 155 141 99 Nov.. 476 403 73 Sept 130 133 176 111 84 138 149 135 97 Oct 127 121 165 97 95 140 204 133 97 UNADJUSTED Nov 135 121 159 118 93 146 204 144 99 1940—Oct 414 326 43 Dec 137 111 167 124 101 145 246 149 100 Nov 375 304 r72 31 Dec 382 303 79 51 UNADJUSTED 1940—Nov 122 121 159 96 124 129 145 125 98 1941—Jan 377 315 62 20 Dec 112 121 167 87 92 119 46 116 95 Feb 358 300 58 15 Mar 416 336 81 35 1941—Jan 113 124 174 90 84 124 45 115 94 Apr 375 322 53 7 Feb 115 129 183 85 75 128 45 118 98 May 442 354 89 43 Mar 120 132 175 97 74 127 50 124 101 June 455 362 93 53 Apr 108 38 120 96 82 130 203 131 103 July 485 379 106 64 May 131 117 167 107 82 135 276 138 102 Aug 494 382 111 66 June 136 131 170 123 69 141 265 141 101 Sept 489 385 104 59 July 138 127 172 163 70 149 283 139 99 Oct 518 424 94 54 Aug.... 140 139 167 125 80 160 271 141 99 Nov 457 388 69 *>30 Sept 145 140 172 122 111 149 261 150 102 Oct 144 138 165 104 146 147 232 151 101 r Revised. p Preliminary. N De o c v 1 1 4 2 1 8 1 12 3 5 5 1 1 6 8 8 2 1 1 1 1 5 3 1 9 1 7 7 1 12 4 9 3 1 6 9 9 9 1 13 5 8 0 1 9 0 6 1 1 * E D x e c r l i u v d e e d s fr s o w m it ch In in te g r s a t n a d te t C er o m m i m na e l r ce c om Co p m an m ie i s s . s io D n o d es a t n a. ot include retroactive increases in wage payments, made in December 1941. r Revised. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. adings. Basi tion of American Railroads. Total index compiled by combining with weights derived from revenue data of the Interstate Commerce Commission. 165 FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS SALES BY DEPARTMENTS Index numbers based on value figures; 1923-25 average = 100 Percentage change from corresponding period of preceding year Seasonally ad justed Unadjusted Department December Year 1938 1939 1940 1941 1938 1939 1940 1941 1941 1941 NET SALES—entire store. + +15 J F a eb n SALES . . . . , .„ . „ „ ... 9 8 0 8 8 8 8 8 9 9 2 0 1 1 0 0 1 3 7 7 0 0 6 6 9 9 7 7 1 1 8 7 2 9 B M a a s i e n m S e t n o t r e Store + + 1 1 2 1 + + 1 1 5 3 Mar 86 88 89 103 77 82 86 93 Women's, girls', and infants' apparel and Apr. 83 88 89 104 86 88 86 106 accessories +12 +13 May 80 87 89 105 80 87 89 105 Main store1 +12 +13 June 82 86 91 104 79 83 87 100 Women's and misses' coats and suits... +22 +18 July 83 87 92 115 58 60 64 79 Women's and misses' dresses +9 +10 Aug 83 88 98 134 65 69 77 106 Blouses, skirts, sportswear, sweaters, Sept. 85 90 97 116 91 97 105 125 knit apparel +15 +18 Oct. . 86 92 94 105 92 99 101 112 Juniors' and girls' wear +13 +16 Nov. 87 93 100 116 99 106 114 r133 Aprons, housedresses, uniforms +10 +14 Dec 88 95 101 111 156 168 179 197 Women's underwear, slips, negligees +12 +14 Infants' wear +18 +17 Year ... 85 90 94 110 Women's and children's shoes +17 +12 Furs -13 +10 STOCKS Basement* +n +13 Jan 71 67 68 71 63 60 61 64 Men's 'and boys' wear +10 +12 Feb. 70 68 71 73 67 65 68 70 Main store1 +11 +13 Mar 70 68 70 74 71 69 71 75 Men's clothing +12 +15 Apr 69 67 69 74 71 69 71 76 Men's furnishings, hats, caps +9 +11 May • 69 66 68 74 71 68 70 76 Boys' clothing and furnishings.. +16 +14 June 68 67 67 77 65 64 64 73 Basement2 +10 J A u u l g. y 6 6 7 7 6 6 7 7 6 6 9 8 8 8 7 2 6 65 1 6 65 0 6 66 1 8 7 4 3 Hom M e a i f n u r st n o i r s e h 1 ings +16 + + 2 2 2 2 Sept 67 68 70 92 70 71 73 95 Furniture, beds, mattresses, springs.... +18 +16 +23 O N D c e o t c v . 6 6 6 7 7 6 6 6 7 9 8 1 7 7 7 2 1 1 9 9 9 7 5 2 7 6 7 4 8 2 8 7 6 2 7 4 8 6 7 3 9 6 * 1 1 > 0 1 8 8 0 6 M D D o r a a m j p o e e r s ri t a e i p c s p , f l l c i o a u o n r r c t a e c i s o n v s ( e , r r e u in f p r g i h s g o e l r s a te to ry rs, wash- + + 1 2 6 4 + +1 2 6 3 Year .. 68 68 69 83 ers, stoves, etc.) +16 +32 Domestics, blankets, comforters, linens, towels +18 +23 Basement (including domestics, blankets, linens, towels)2 +17 +20 Piece goods (dress and coat yard goods, all materials) +24 +10 WEEKLY INDEX OF SALES Main store +25 +9 Weeks ending on dates shown. 1935-39 average = 100 Basement +20 +11 Shoes (basement only). +11 +7 1938-1939 1939-1940 1940-1941 1941-1942 * Based on reports from 236 stores. Reports of total sales from a larger Dec. 10 181 Dec. 9 188 Dec. 7. ...197 Dec. 6....215 number of stores, including many stores not reporting sales by depart- 17 221 16 235 14.....232 13.. ..236 ments, showed an increase of 15 per cent for December and 17 per cent 24 214 23 242 21. ....258 20.. ..277 for the year of 1941, as indicated in the table below. Jan. 3 7 1 7 7 3 9 Jan. 3 6 0 8 7 2 9 Jan- 28 ,.?.:. 1 8: 2 5 4 :Jan. 27 3 . . . . . .. . 1 1 0 7 7 4 se 1 p a G ra ro te u l p y . totals for main store include sales in departments not shown 14 83 13 86 ...99 10.. ..130 2 Group totals for basement are not strictly comparable with those shown 21 80 20 83 ...90 17.. ..131 for main store owing chiefly to inclusion in basement of fewer departments 28 76 27 79 18......89 24.. ..119 and somewhat different types of merchandise, 25... SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES Percentage change from corresponding period of preceding year Dec. Nov. Year Dec. Nov. Year Dec. Nov. Year Dec. Nov. Year 1941 1941 1941 1941 1941 1941 1941 1941 1941 1941 1941 United States... +15 +11 +17 Cleveland (cont'd) Chicago (cont'd) Dallas (cont'd) Bo P N s o t e o r w n tl a H n a d ven + + + 1 2 1 5 8 4 + +1 1 4 2 + + + 1 2 1 6 2 6 Y E Pi r o t i t u e s n b g u s r t g o h wn + + + 1 2 1 6 4 3 + + + 1 2 1 1 8 3 + + + 2 1 2 6 6 3 D I S n i e o d s u i x a M n C a o p i i t n o y e li s s — ... + + + 1 2 1 3 2 8 + + + 1 1 8 4 1 + + + 1 1 1 9 3 1 H D Fo o a r l u t l s a t W s on orth + + + 1 1 1 7 2 8 + + + 1 1 6 5 6 + + + 1 1 1 9 6 6 N C Ph e l N N B B E P N A B R T L P P B S W Y S T R A C C e C w i v l o h p y r l u a r o o o e i r e i l l e o i o k a m o e i n e b a e n i u r r n i f w l s a w c r r l l d Y d i l l f a v e n v g g a k u c t k o g c d h n a a i a e o g c o d a i n e t a h r i e m n a h i g l d e n Y d l o n u n a r e o r n o l y r s a p s k s f d e k a e n a k n s p b - g t i o m t h e l n n e e B e : e a u o p r i e l F r d c r t k a t s r a d h p o i e t a r . i s n r l a C . i e l e . s i . ty.. + - — - - - - - - + - - + + - - - - + + + + + + + + - - - - - - - - - - - - - + + 1 1 3 1 1 2 2 2 2 1 1 2 1 1 1 1 1 2 1 2 1 1 3 1 1 1 8 9 7 2 7 7 0 8 5 1 5 2 6 1 0 3 0 6 5 9 4 0 1 1 1 5 3 7 + + + + + + + + + + + + + + + + + + + + + V + + + 2 1 1 2 1 2 2 3 1 1 1 2 1 1 2 1 1 1 2 1 1 2 8 2 8 2 3 4 0 5 5 0 0 6 0 3 2 9 0 5 8 1 0 s 2 4 + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 2 3 2 1 2 2 1 1 1 1 1 1 1 1 1 1 1 2 2 1 1 1 2 1 1 2 2 2 4 4 0 4 4 5 8 9 4 0 6 5 9 6 7 7 6 1 2 8 7 6 8 3 6 0 R A ' i t h W N W B W L H M B J c l C R C T A M B N P J C F K N C a i a a h e y o c a a i i o h h a h e u h t n n a c o c a h a i m r c o l a n m l r w t r a i a n s n t o a m k c k n s a e t h o c t f r a g c h r o r i t s o h t x s e s n o t i p m a n l m t h ^ l i o i v t n g W a o o n O l e i v a n l e g n t a o i n b k d i a o o s n n o n i n s g o R g l n r g l a t u m n l t v r o g l l h o t - e y o o t e e e r d o i o S o a n e g n u a l n n m g n l r a . n e g , e W y a l s e e S m . . V C . a .. . . + + + + + + + + + + + + + - - - + + + + + + + - - - + - - - - - - + 1 1 2 1 1 1 1 2 2 1 1 1 1 1 3 2 1 1 2 1 1 1 1 2 1 1 1 8 7 4 4 7 5 6 9 7 3 4 5 3 4 5 5 8 8 3 8 8 4 8 4 6 0 6 3 ' " + + + + + + + + + + + + + + + + + + + + + ?? + + 2 2 3 3 1 1 1 1 1 1 3 1 1 2 1 2 2 1 1 1 1 4 0 8 7 4 5 7 5 6 0 1 9 0 5 9 4 6 6 5 3 0 9 6 5 + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 2 1 1 3 1 1 2 2 3 2 2 2 1 1 2 2 2 2 1 1 2 1 1 2 2 1 1 2 2 7 4 5 5 5 0 3 8 5 0 6 9 4 5 0 3 2 4 9 7 0 6 0 0 8 6 S M K D t a a . M F i D F L L E M T Q L D H W J T K G S S O O S S n n l o o l L a o p v t o i t u h l u e e u n m k a r s i e . i . p a t i n r l a u p a r o r l n a n i t n c e t l t m w s t l s i n e L J r a a c s n l n i u e a h v s t i s n a e o s o v i h c h n h d k p s a o i a p i e S n g v s i y s e a t o C v i u s a h u r o t g a m i R n f e p m R i k l i i l i i p l s l s s o i t e C o i e l e a s y o a h t e r l e , h c p i n d t t k C i . y d . . . i . . s . t . . y . . . . + + + + + + + + + t + + + + + + + + + + + + + + f 1 3 1 1 1 1 1 1 1 1 2 1 2 2 2 1 2 2 2 1 1 1 o 8 4 6 8 3 8 1 9 6 4 5 0 6 3 6 2 5 6 3 0 5 7 7 . + + + + + + + + + + + + + + + + V + + - - 1 4 1 1 1 1 1 2 1 1 1 3 + 1 4 3 4 8 8 8 6 5 9 2 4 1 3 5 6 1 5 1 l 3 s 8 + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 2 2 2 1 1 2 1 1 1 1 3 2 2 1 2 1 1 1 2 2 1 3 1 1 8 2 5 6 1 1 4 4 4 0 7 0 6 6 1 1 5 5 3 7 4 5 1 1 1 3 5 8 Sa L B F P L O V B P S B S S S S E T W S S Y S S n S r h a o a a a o o a t a a a e a p o v e a a a B N e o a F n n n n o c n s l k n a c r l l o i k e k s t l l c l s t r e g t e o r e a t k l l e i r i n l e A A t a k a J F a D a r a n n m r m m e a L j a l o o k m t o B e n n g i n r n t a n n s o a i W a x e s t a R p a d c h g n t e e d e e f n k e a l a o n i a i e a d n e o g s e a n e n a m c l c y c t s l o e d l n o i i h l o a s d o a C s . d . . N c . . . i . . o . . t a . y . p . . . . . a . . . + + + + + + + + + + + + + + + + + + + + + i + 2 - 2 3 1 1 1 3 1 1 2 2 2 2 2 1 2 1 2 1 1 2 3 t 3 8 4 5 0 2 4 7 4 6 9 3 4 8 1 4 0 5 0 3 8 3 + + + + + + + + + + + + + + + + + + + + + + + + 1 1 - 1 3 1 1 1 1 2 1 1 2 3 1 3 1 3 1 1 1 1 5 9 8 7 4 3 7 8 2 7 5 7 3 8 6 2 5 7 2 4 0 3 1 5 + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 1 1 3 1 1 3 1 1 1 2 1 2 1 4 1 3 3 1 1 6 6 4 9 4 9 1 6 1 4 4 2 3 4 1 7 1 3 9 1 5 0 2 6 8 +12 +19 r Revised. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Year, month, or week m c t o o i m e d s i - - F p u r a c o r t m d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i a u m ed n c i t d - s 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 - 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 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1940-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 December 93.6 94.7 90.5 93.7 114.8 91.8 78.4 103.3 107.8 91.3 101.1 87.6 Week ending 1941—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 1942—January 3.... 94.3 96.9 91.9 94.1 115.7 91.6 79.0 103.4 108.3 95.1 102.5 87.5 January 10... 95.0 98.8 92.5 94.3 115.7 92.4 78.9 103.5 108.9 95.3 102.4 87.7 January 17... 95.6 100.8 94.1 94.4 115.6 92.6 78.9 103.5 109.1 95.6 102.7 87.9 January 24... 95.5 100.3 93.6 94.5 115.7 92.7 78.9 103.6 109.5 96.5 102.7 88.1 1940 1941 1941 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept. Oct. Nov. Dec. Farm Products: Metals and Metal Products: Grains 67.0 85.3 81.4 84.3 91.0 Agricultural implements... 92.6 93.4 93.8 96.3 96.4 Livestock and poultry 72.7 101.1 94.5 90.6 97.4 Farm machinery 93.9 94.4 94.8 97.4 97.5 Other farm products 68.1 86.0 88.9 91.7 93.4 Iron and steel 95.4 96.9 97.0 97.1 97.0 Foods: Motor vehicles 100.3 100.4 112.3 112.3 112.4 Dairy products 84.2 93.3 95.2 96.3 95.5 Nonferrous metals 83.4 84.4 84.6 84.8 84.8 Cereal products 74.3 85.8 86.4 85.9 89.3 Plumbing and heating 80.5 87.1 87.8 87.9 89.1 Fruits and vegetables 61.2 70.7 75.8 77.9 73.8 Building Materials: Meats 77.0 99.4 93.6 90.8 95.3 Brick and tile 91.1 95.7 96.6 96.6 96.7 Other foods 67.0 86.5 85.8 89.0 89.2 Cement 90.9 92.2 92.7 93.1 93.4 Hides and Leather Products: Lumber 118.8 129.1 129.5 128.7 129.4 Shoes 107.2 117.1 118.8 120.5 120.7 Paint and paint materials.. 85.4 94.7 96.0 95.3 96.5 Hides and skins 99.3 112.1 113.1 114.0 115.9 Plumbing and heating 80.5 87.1 87.8 87.9 89.1 Leather 94.1 100.0 100.9 101.1 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 99.7 106.3 106.8 111.5 112.8 Other building materials... 94.5 100.2 101.5 103.2 102.5 Textile Products: Chemicals and Allied Products: Clothing 85.5 96.1 97.8 97.9 98.4 Chemicals 85.4 88.2 88.4 88.3 88.6 Cotton goods 74.9 104.2 105.2 105.4 107.5 Drugs and Pharmaceuticals 96.2 104.4 124.1 123.2 123.0 Hosiery and underwear 60.7 64.4 66.6 67.0 67.0 Fertilizer materials 70.0 76.6 77.3 77.3 77.8 Silk 42.5 Mixed fertilizers 74.3 77.1 77.5 79.6 81.2 Rayon 29.5 29.8 30.3 30.3 30.3 Oils and fats 42.4 91.3 93.4 92.9 101.9 Woolen and worsted goods 89.0 101.4 102.3 102.6 102.7 Housefurnishing Goods: Other textile products 74.6 95.0 95.6 96.0 96.2 Furnishings 95.1 102.1 104.4 105.2 105.6 Fuel and Lighting Materials: Furniture 82.2 92.2 94.4 95.8 96.6 Anthracite 80.9 84.5 85.3 85.3 85.3 Miscellaneous: Bituminous coal 100.4 107.2 108.1 108.2 108.0 Auto tires and tubes 58.3 60.8 65.5 67.4 67.4 Coke 113.6 122.2 122.2 122.2 122.2 Cattle feed 90.1 126.2 112.9 120.7 124.4 Electricity 73.4 66.7 66.2 Paper and pulp 93.1 101.7 101.9 102.2 102.5 Gas 78.2 81.7 78.9 77.5 Rubber, crude 42.7 47.1 46.6 46.3 46.3 Petroleum products 49.5 61.7 61.7 60.4 59.8 Other miscellaneous 82.8 91.0 92.1 92.2 92.4 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). FEBRUARY 1942 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK" ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1941 1942 Chart 1941 book book Dec. Dec. Jan. Jan. Jan. page Oct. Nov. Dec 24 31 7 14 21 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 3 2.50 2.36 2.39 2.39 2.38 Reserve Bank credit, total ,.. 2, 7 2.32 2.31 2.40 U. S. Gov't securities, by maturi- U. S. Gov't securities „ 7 2.18 2.18 2.22 ties, total 5 2.24 2.25 2.25 2.25 2.25 Bills discounted ,. 7 .01 .01 .01 Within 1 yr 5 .19 .19 .19 .19 .10 Gold stock 2 22.78 22.79 22.76 Within5yrs 5 .92 .92 .92 .92 .83 Money in circulation 2 10.27 10.50 10.99 After 5 yrs 5 1.33 1.34 1.34 1.34 1.42 Treasury cash 2 2.22 2.19 2.19 Gold stock 3 22.75 22.74 22.74 22.74 22.75 Treasury deposits 2 .53 .67 .59 Treasury currency 3 3.24 3.25 3.25 3.25 3.26 Reserve balances 2, 8 13.10 12.90 12.81 Money in circulation 3,11 11.22 11.16 11.11 11.06 11.08 Required reserves 8 8.10 9.29 9.42 Treasury cash holdings 3 2.20 2.22 2.22 2.22 2.20 Excess reserves 8 5.00 3.61 3.39 Treasury deposits 3 .91 .87 .66 .42 .28 Money in circulation, total 10 10.36 10.64 11.16 Nonmember deposits 3 1.42 1.36 1.38 1.40 1.39 Coins and bills under $50 10 7.54 7.77 8.12 Member bank reserves 3 12.45 12.45 12.72 12.99 13.15 Bills of $50 and over 10 2.83 2.87 3.04 Excess reserves—total6 9 3.02 3.10 3.30 '3.49 '3.59 New York City 9 .89 .96 1.03 1.03 1.14 TREASURY FINANCE Chicago... 9 .23 .21 .20 .26 .25 U. S. Government debt: Reserve city banks 9 1.16 1.13 1.26 1.37 1.38 Direct obligations, total 19 53.04 54.54 57.45 Country banks6 9 .73 .79 .82 P. 84 P.S2 Bonds 19 37.65 37.88 40.00 Notes 19 7.33 8.15 8.47 MEMBER BANKS Bills 19 1.40 1.70 2.00 Total, 101 cities: Special issues 19 6.66 6.81 6.98 Loans and investments 16 30.29 30.09 30.13 30.23 30.21 Guaranteed obligations 19 6.94 6.32 6.32 Balances due to domestic banks 16 9.04 9.04 9.04 9.27 9.24 Demand deposits adjusted 16 23.99 23.65 23.88 24.17 24.43 Per cent per annum Time deposits 16 5.35 5.35 5.32 5.28 5.25 MONEY RATES, ETC. New York City: F. R. Bank discount Commercial loans 17 2.61 2.57 2.58 2.59 2.60 rate, N. Y 23 1.00 1.00 1.00 Brokers' loans 17 .37 .36 .36 .36 .31 Treasury bills (new issues) 23 0.049 0.242 0.298 U. S. Gov't obligations 17 7.00 6.92 6.98 7.02 6.97 Treasury notes2 23 0.41 0.57 0.64 100 c C i o ti m es m o e u r t c s i i a d l e l o N a e n w s York: 17 4.18 r4.15 4.14 4.14 U C . o m S. m G er o c v ia 't l b p o a n p d er s 3 2 2 9 5 1. . 8 50 8 1. . 8 50 5 1. . 9 5 7 6 U. S. Gov't obligations 17 8.17 8.13 8.16 8.24 8.37 Corporate Aaa bonds 25, 29 2.73 2.72 2.80 Corporate Baa bonds , 29 4.28 4.28 4.38 Per cent per annum MONEY RATES, ETC. In unit indicated Treasury bills (new issues) 21 .310 .304 .119 .196 .231 Treasury notes2 21 0.64 .58 .48 .46 .46 Stock prices U. S. Gov't bonds3 21,29 2.02 2.01 1.99 2.00 2.01 (1935-1939=100): Corporate Aaa bonds 29 2.84 2.86 2.83 2.83 2.83 Total „ 31 80.4 77.4 71.8 Corporate Baa bonds. 29 4.41 4.41 4.31 4.28 4.28 Industrial „ 31 81.6 78.6 73.8 Railroad „ 31 70.3 68.4 61.0 In unit indicated Volu P m u e b l o ic f u tr t a il d i i t n y g (mill, shares).. , . . 3 3 1 1 78 .5 .5 6 74 .7 .5 9 6 1 6 .5 .2 4 . Stock prices Brokers' balances (mill, dollars): (1935-1939 = 100): Credit extended customers.... 33 628 625 600 Total 31 69.3 71.1 73.2 73.3 71.6 Money borrowed S3 414 409 368 Industrial 31 71.6 73.0 74.8 75.0 73.2 Customers' free credit Railroad 31 58.7 61.3 66.9 69.5 68.8 balances 33 255 264 Public utility 31 61.9 65.2 67.4 66.4 65.0 Volume of trading (mill, shares) 31 1.55 1.89 .67 .55 .49 Wholesa B l U e S p IN ri E c S e S s : CONDITIONS BUSINESS CONDITIONS All commodities (1926 = 100): Wholesale prices: Total5 35, 65 92.4 92.5 93.6 All c T o o m ta m l odities (1926=100): 35 93.8 94.3 95.0 95.6 95.5 O Fa th rm er 4 products 3 3 5 5 9 9 3 0 . . 4 0 9 9 3 0 . . 5 6 9 9 4 3 . . 7 7 Farm products 35 95.5 96.9 98.8 100.8 100.3 Industrial commodities Other4....... 35 93.9 94.1 94.3 94.4 94.5 (Aug. 1939 = 100): Basic commodities Total 37 117.9 117.9 118.5 (Aug. 1939 = 100), total 36 158.7 160.6 162.2 164.0 164.2 Finished .•••.-•• 37 114.3 114.4 114.4 12 foodstuffs ..-. 36 172.8 176.3 179.5 180.6 180.3 Raw and semifinished 37 125.2 125.1 126.6 16 industrial materials ,. „. .„ 36 148.8 149.6 150.2 152.3 153.0 Cost of living (1935-39 = 100): Steel production All items 39 109.4 110.2 110.5 (per cent of capacity) 44 93.4 96.1 96.4 97.8 97.7 Rent 39 107.5 107.9 108.2 Automobile production (thous. cars).,.. 44 24.6 18.5 60.2 75.6 79.9 Clothing 39 112.8 114.4 114.8 Freight-car loadings (thous. cars): Food 39 111.6 113.1 113.1 Total 45 606.5 676.5 737.2 811.2 817.8 Elec M tri i c s ce p l o la w n e e r o u p s r oducti m o n (m # i ll. kw. ,. 45 280.3 312.5 318.3 355.3 370.4 1 6 E Fi s g ti u m re a s t e f d o . r p o t P h r e e r l im th i a n n a ry W . ed r n R e e sd v a is y e d d . ates are shown under the hrs.)... 46 r3,234 3,289 3,473 3,450 3,440Wednesday included in the weekly period. Department store sales (1935-1939 = 2 Tax-exempt issues only. 100) 46 174 107 130 131 119 * Partially tax-exempt issues only. F.H.A. home mortgages, new constr. 4 Other than farm products and foods. (thous.) 47 2.24 2.24 3.32 3.49 4.75 5 Estimate for January is shown on page 155. * Copies of this Chart Book may be obtained at a price of 50 cents each. 168 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 Oct. | Nov. | Dec. page Oct. I Nov. I Dec. MONTHLY FIGURES (cont.) MONTHLY FIGURES (cont.) In unit indicated 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:1 2 Wholesale prices: Total (1935-39 = 100)... „. .„ „. .„ ..41, 42 163 166 P168 Canada «.«..*.. 65 93.8 94.0 Durable manufactures 41 78.5 79.2 P81.3 Germany 65 Iron and steel „„ 42 21.1 21.0 P21.6 Japan 65 142.4 Machinery, etc „.«.„..». 42 41.7 42.1 P43.4 Sweden 65 139.8 Other durable ,..„.„.„ 42 r 15.8 16.0 PJ5 3 Switzerland 65 H33.9 Nondurable manufactures......... .„ 41 64.6 66.9 P66.5 United Kingdom, _«...,.,,_ 65 124.8 125.3 *>125.8 Textiles and leather ,.... 42 19.7 20.5 *>20.0 Paper and printing 42 12.7 13.4 2*13.6 In cents per unit of Foods, liquors, and tobacco ... 42 18.3 19.0 #18.9 joreign currency Other nondurable 42 13.9 14.1 P14.0 Minerals .41, 42 r 19.7 19.9 *>19.8 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 88.78 88.60 87.39 New orders, total (Jan. 1939 =100). 43 193 212 Japan (yen)5 66 Durable 43 239 265 Switzerland (franc)6 66 Nondurable 43 163 179 United Kingdom (pound)....... ,*, ,„ 67 403.29 403.42 403.50 Shipments, total (Jan. 1939 = 100). 43 203 203 Durable 43 240 242 Nondurable ,. 43 172 168 1941 Inventories, total (1939 = 100) „.... 43 148 153 N D o u n ra d b u l r e a ble ...„.« * .. . „ . .. 4 4 3 3 1 1 3 6 3 6 1 1 7 3 0 7 Aug. Sept. Oct. Freight-car loadings:i 2 Total (1935-39 = 100)3 57 127 135 137 In billions of dollars Coal 57 25.7 25.8 23.5 Miscellaneous 57 73.0 78.8 81.7 Increase in U. S. gold StOckt* Allother 57 28.7 30.2 31.8 Total ..»«.„.„ 63 15.70 15.74 15.78 Net capital inflow: 1923-25=100 To I t n a f l l ow of foreign capital 62, 6 2 63 3 5 . .8 8 9 0 5 3 9 8 2 3 3 5 . . 8 9 3 1 Return of domestic capital 62 1.99 199 1.99 Factory employment 51, 53 135.4 134 7 2*134.0 Merchandise export surplus 63 r5.12 r5. 28 5.64 Factory payrolls. 51, 53 166.8 165 2 p169.8 Other factors „ 63 r4.69 r4. 54 4.22 Average hourly earnings Short-term foreign liabilities and (cents per hour) 51 770 781 assets of banks: Av ( e h r o a u g r e s h p o e u r r w s e w e o k) r ked 51 41 1 40.3 D D u u e e f to ro m fo r f e o ig re n i e g r n s ers „.. . . , . . . „ ;. . 6 6 4 4 3. . 7 35 4 3. 3 7 5 7 3. . 7 3 7 6 Department store sales3 59 105 116 111 Net due to foreigners,,,,,_, ,^ ,*, „ ,„ 64 3.39 3."41 3.40 Department store stocks1 59 97 95 92 1941 In millions of dollars Residential contracts awarded:1 A Ju p n r. e - July- O D c e t c - . Total 47 161 126 131 Public „.« 47 36 18 21 Priv 1 a - t e a , n t d o t 2 a - l f amily dwellings „ „ ™ . 4 4 7 7 1 1 2 1 4 2 1 1 0 0 5 8 1 1 1 0 0 2 QUARTERLY FIGURES In billions of dollars Other v-~- 47 13 3 9 Cash income and outgo of U. S. Treas.t Construction contracts awarded. Cash income „ 18 2.62 2.55 2.86 Total ,..„„.«. 49 594 564 P477 Cash outgo 18 4.46 5.31 7.19 Residential .„ „. „ „. 49 159 136 Excess of cash outgo 18 1.84 2.76 4.33 Other ^ „. .„ „ « 49 434 428 Domestic corporation security issues: Nonagricultural employment* Total .„ 32 .61 .73 .44 (mill, persons): New ..„.„.„„. 32 .19 .41 .25 Total .«-.«« 50 40.19 40.60 P40.75 Refunding ....,,„,„ ,„ ,„ 32 .42 .32 .19 Manufacturing and mining. ........ 50 13.48 13.62 Trade „...„.«. 50 6.99 7.04 n!oi Government 50 4.25 4.29 Transportation and utilities......... 50 3.29 3.31 Inco C m o e n p st a r y u m ct e io n n ts :1 ....,..„.„«. 50 1.78 1.92 n. 09 Bank T o ra ta te l, s 1 o 9 n c c it u ie s s to mers' loans: 25 2.55 2.60 2.41 Total .„..„.„„..„.„.» 54 r7,906 r8,024 8,321 New York City 27 1.95 1.98 1.88 Salaries and wages. „. .*.......«.. .„ «. 54 »-5,229 '•5,275 5,470 7 other Northern and Eastern Cash O f t a h r e m r .; i ncome: ...,.«..„«..„„.« 54 r2,677 r2,749 2,851 11 c S it o ie u s t hern and Western cities 2 2 7 7 3 2 . . 2 5 3 8 2 3. . 2 6 9 2 2 2. . 9 4 9 5 Total ....„.„.„ 55 1,485 1,301 PI,230 Crops ,....«. 55 786 611 p Preliminary. r Revised. L G i o v v e ' s t to p c a k y m an e d n ts p roducts « „. .. . . „ . . « » . 5 5 5 5 6 4 5 3 6 1 6 6 2 8 2 2 1 I A n d p ju o s i t n e t d s i f n o t r o t s a e l a s i o n n d a e l x . variation. Exports and imports: 3 Estimate for January is shown on p. 155. Exports ....,.„..,..««. 61 666 P492 4 Three-month moving average, adjusted for seasonal variation. E Im xc p e o s r s t s o f exports 6 6 1 1 r3 3 6 0 2 4 P281 5 6 N N o o r r a a t t e e c c e e r r t t i i f f i i e e d d s s in in c c e e J J u u ly n e 2 5 1 , 4 1 , 9 1 41 9 . 41. 7 Cumulated from Jan. 31, 1934. 169 FEBRUARY 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] 1939 1940 1941 Chart book page Mar. June Oct. Dec. Mar. June Dec. Apr. June Sept. Dec. 29 30 2 30 26 29 31 4 30 24 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 59.11 60.95 62.87 64.10 64.88 66.96 70.75 72.43 74.15 '76.09 Demand deposits adjusted 26.04 27.35 29.09 29.79 30.54 31.96 34.94 36.10 37.32 '38.65 Time deposits 26.56 26.80 26.81 27.06 27.28 27.47 27.74 27.90 27.88 P27.93 Currency outside banks 5.63 6.01 6.19 6.40 6.23 6.70 7.32 7.78 8.20 P8.56 Loans and investments, total 48.93 49.62 49.95 50.88 51.14 51.34 54.19 56.15 57.95 59.31 Loans 21.15 21.32 21.63 22.17 22.19 22.34 23.74 24.32 25.31 26.20 Investments 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) 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 10.69 10.95 10.89 11.18 11.31 11.60 12.34 13.50 14.24 14.09 Guaranteed 14 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 2.56 2.55 2.76 2.69 2.91 2.89 3.01 3.21 2.98 3.16 O Fo th re e i r g n d o s m ec e u s r ti i c ti e s s ecurities f 14 t 2. . 9 1 6 8 2. . 9 1 4 9 0 (2) 2. . 7 1 7 9 8 2. . 7 1 0 7 2. . 8 1 0 7 ( 2 ) 2. . 7 1 2 5 8 Loan C S s t o , r m e to e m t t a e l l o 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) IS 1 5 3 . . . 9 0 6 6 7 5 1 5 3 . . . 9 1 5 9 4 6 13.4 2 7 1 6 3 . . . 5 9 6 7 6 1 13 I .94 1 6 3 . . . 7 9 3 2 7 2 1 7 5 . . . 5 3 4 2 2 7 15. 3 ( 8 2 8 ) 1 8 6 . . . 5 4 7 5 2 3 17I| Other security loans3 15 .90 .91 .88 .80 .83 .79 Real estate loans 15 2.75 2.83 2.96 3.07 3.23 3.37 All other loans 15 2.77 2.85 2.94 3.06 3.27 8 3.61 C1) SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding — C1) 45.34 47.07 47.87 50.36 54.75 63.77 Amount held by: U. S. Government agencies and trust funds: Public issues 20 2.14 2.32 2.29 2.25 2.36 2.56 Special issues 20 3.77 4.23 4.77 5.37 6.12 6.98 Federal Reserve Banks 20 2.55 2.48 2.47 2.18 2.18 2.25 Commercial banks 20 15.70 16.30 16.55 17.76 20.10 '21.80 Mutual savings banks 20 3.04 3.10 3.11 3.22 3.43 ^3.70 Insurance companies 20 r5.90 r46.30 r6.50 r46.80 r6.90 ^7.90 Other investors 20 r12.20 r412.30 "12.20 '412.80 13.70 '18.50 r Revised. 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. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1941 are preliminary] Member banks Nonmember banks Other than mutual Total savings and private banks Mutual National State savings Privatel Insured imn s N ur o e t d Number of Banks (Head Offices) December 31 1933 15,029 5,154 857 2 8,341 579 98 December 31, 1934 16,063 5,462 980 7,693 1,108 579 241 December 31, 1935 15,869 5,886 1,001 7,728 1,046 570 138 December 31, 1936 15,667 5,325 1,051 7,588 1,004 565 134 December 31, 1937 15,387 5,260 1,081 7,449 960 563 74 December 31, 1938 15,194 5,224 1,114 7,316 917 555 68 December 31, 1939 15,034 5,187 1,175 7,171 887 551 63 December 31, 1940 . ... . 14,895 5,144 1,342 6,951 851 551 56 December 31, 1941 14,824 5,117 * 1,502 6,809 799 3 545 4 52 Number of Branches D De e c c e e m m b b e e r r 3 3 1 1 , 1 1 9 9 3 3 3 4 2 3, , 1 9 3 1 3 1 1 1, , 2 1 4 2 3 1 9 9 8 6 1 0 2 5 7 7 0 7 0 8 1 12 2 6 5 5 5 December 31 1935 3,284 1,329 952 828 42 128 5 December 31, 1936 3,399 1,398 981 848 39 128 5 December 31, 1937 3,540 1,485 994 891 37 128 * 5 December 31 1938 3,580 1,499 992 908 41 135 5 December 31, 1939 3,629 1,518 1,002 927 44 132 6 December 31, 1940 3,666 1,539 1,002 940 44 135 6 December 31, 1941, total 3,698 1,564 1,015 932 46 3 135 46 In head-office cities 1 726 684 782 135 11 113 1 Outside head-office cities 1 972 880 233 797 35 22 5 Analysis of Bank Changes During 1941 Number of banks on December 31, 1940 14,895 5,144 1,342 6,951 851 551 56 Increases in number of banks: Primary organizations (new banks)6 +53 +7 +1 +32 +13 Decreases in number of banks: Suspensions —8 -4 -3 —1 Voluntary liquidations? -43 ' -6 -2 -16 -17 -2 Consolidations, absorptions, etc —63 -22 -1 -29 -7 -3 -1 Unclassified . — 10 —2 —8 Inter-class bank changes: Conversions— State into national +6 —4 —2 National into State —8 +2 +6 Private into State +1 —1 Federal Reserve membership—8 Admissions of State banks *+169 —162 —4 —3 Withdrawals of State banks —5 +5 Federal deposit insurance—9 Admissions of State banks +29 —29 Withdrawals of State banks +1 Net increase or decrease in number of banks -71 -27 +160 -142 -52 -6 -4 Number of banks on December 31, 1941 14,824 5,117 1,502 6,809 799 545 52 Analysis of Branch Changes During 1941 Number of branches on December 31, 1940 3,666 1,539 1,002 940 44 135 6 Increases in number of branches: De novo branches +51 +15 +7 +23 +6 Banks converted into branches +19 +3 +6 +9 +1 Decreases in number of branches: Voluntary liquidation of parent bank -1 -1 Otherwise discontinued -37 -10 -8 -16 -2 -1 Interclass branch changes: From national to State —2 +2 From State to national +20 —20 From nonmember to State member +28 -28 From uninsured to insured nonmember +2 -2 Net increase or decrease in number of branches +32 +25 +13 -8 +2 Number of branches on December 31, 1941 3,698 1,564 1,015 932 46 135 6 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 49 insured and 496 uninsured; number of branches comprises 32 insured and 103 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 4 Number of banks comprises 1 insured and 51 uninsured; all branches were uninsured. 5 Separate figures not available for branches of insured and not insured banks. 6 Exclusive of new banks organized to succeed operating banks.^ 7 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 9 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. * Includes three mutual savings banks admitted during April (two in Wisconsin and one in Indiana), the first of such banks to become members of the Federal Reserve System. Back figures.—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. FEBRUARY 194Z 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1941 Total Boston New York d P e h lp il h a i - a1 Cleveland Richmond Atlanta Current Earnings Discounted bills $55 934 $1,516 $27,779 $4,325 $2,364 $655 $479 U. S. Government securities 40,151,501 2963,907 11,197,274 3,179,419 4031,178 2,281,196 1,706,262 Industrial advances 399,319 53,846 62,822 138,284 14,709 47,030 7,605 Commitments to make industrial advances 90,270 3,286 7,103 1,086 10,350 9,678 2,796 All other 683,071 22,576 119,674 21,048 65,293 25,788 8,258 Total current earnings 41,380,095 3,045,131 11,414,652 3,344,162 4 123,894 2,364,347 1,725,400 Current Expenses Operating expenses: Salaries: Officers •..-..- 2,271,315 129,810 497,272 124,211 183,835 147,470 142,612 Employees 21,066,352 273,496 5,330,013 1,445,372 1799,898 1,098,241 1,107,909 Retirement System contributions for current service 1,136,930 63,701 288,775 77,986 94,162 61,874 60,924 Legal fees 66,087 30,395 7 7,067 12,319 17 Directors' fees and expenses 136,664 7,271 12,637 8,940 7,998 7,983 15,225 Federal Advisory Council, fees and expenses 16,139 950 876 1,050 1,081 767 903 Traveling expenses (other than of directors and members of Federal Advisory Council) . . 403,628 23,302 53,550 29,552 35,444 29,500 33,538 Postage and expressage 4,487,685 502,260 771,173 333,009 422,594 378,579 266,379 Telephone & telegraph ... 540,975 24,818 105,115 35,053 50,440 31,300 48,222 Printing, stationery and supplies 1,455,582 142,951 346,046 102,045 117,411 75,196 77,232 Insurance on currency and security shipments 294,520 46,674 52,578 23,313 25,659 28,229 17,862 Other insurance 197 042 11,835 30,342 16,417 14,606 11,594 15,140 Taxes on bank premises 1,498,243 141,705 483,387 77,617 136,938 71,343 62,081 Depreciation on bank building 1,189,978 55,832 222,772 126,532 147,840 80,411 42,549 Light heat, power, and water 423,413 31,583 82,652 28,563 47,267 25,207 35,273 Repairs and alterations to bank building 204,322 5,001 37,125 28,172 17,193 4,393 8,527 Rent 169,236 1,500 20,386 811 74,274 18,257 644 Furniture 3-rid equipment . 671,390 40,543 92,065 122,927 109,082 40,055 28,719 All other 763,632 55,185 95,453 87,236 56,250 36,296 61,564 Total operating expenses 36,993,133 ? 588,812 8,522,224 2,675,873 3 354,291 2,146,695 ?,025,320 Less reimbursements for certain fiscal agency and other expenses 8,457,586 448,290 1,761,546 392,723 462,972 350,411 751,123 Net operating expenses 28,535,547 2,140,522 6,760,678 2,283,150 2 891,319 1,796,284 1,274,197 Assessment for expenses of Board of Governors 1,839,541 131,552 653,498 178,866 168,821 79,084 63,664 Federal Reserve currency: Original cost 2 397 298 225,728 524,955 170,747 281,493 193,115 127,183 Cost of redemption 190,764 12,535 35,629 12,934 18,802 17,464 14,051 Total current expenses 32,963,150 2,510,337 7,974,760 2,645,697 3360,435 2,085,947 1,479,095 Profit and Loss Current earnings (above) 41,380,095 3,045,131 11,414,652 3,344,162 4 123,894 2,364,347 1,725,400 Current expenses (above) 32,963,150 2,510,337 7,974,760 2,645,697 3360,435 2,085,947 1,479,095 Current net earnings 8,416,945 534,794 3,439,892 698,465 763,459 278,400 246,305 Additions to current net earnings: Profits on sales of U. S. Govt. securities 1,327,171 96,645 386,051 110,404 132,273 69,594 56,036 All other 147,627 17,187 9,099 13,810 50 8,261 70,652 Total additions 1,474,798 113,832 395,150 124,214 132,323 77,855 126,688 Deductions from current net earnings: Losses and allowances for losses on industrial advances (net) 97 540 39,254 49,812 12,474 1 23,600 15,735 4,141 Charge-offs and special depreciation on bank premises... 600,357 479,889 All other 56,265 1,419 3,056 3,242 11,157 7,784 25,190 Total deductions....-.. ...,.„..= , 754,162 40,673 532,757 768 2 12,443 23,519 29,331 Net additions.... .„ .„.» „..,..,....., 720,636 73,159 -137,607 123,446 144,766 54,336 97,357 Net earnings T. ....„„..,.... 9,137,581 607,953 3,302,285 821,911 908,225 332,736 343,662 Paid U S Treasury (sec. 13b) . „.... 141 465 3 134 81,360 15,458 13 808 Dividends paid 8,429,936 561,233 3,097,873 713,446 869,942 330,180 289,109 Transferred to surplus (sec. 13b) —4,333 Transferred to surplus (sec. 7) 570,513 43,586 204,412 27,105 22,825 -11,252 54,553 Surplus (sec 7), January 1 157,065 064 10,905,746 56,446,989 15,144,298 14,322,790 5,247,219 ,724,628 Addition, as above .... 570,513 43,586 204,412 27,105 22,825 — 11,252 54,553 Transferred to reserves for contingencies -132,696 -54,553 Surplus (sec. 7), December 31 157,502,881 10,949,332 56,651,401 15,171,403 14,345,615 5,235,967 5,724,628 1 Net recoveries. 2 Net additions. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earnings and Expenses of Federal Reserve Banks During 1941—Continued San Chicago St. Louis Minneapolis Kansas City Dallas Francisco Current Earnings $1,236 $1,243 $2,649 $9,772 $3,375 $541 Discounted bills 4,884,837 1,935,696 1,191,362 1,908,346 1,548,048 3,323,976 U. S. Government securities 17,323 3,015 20,791 8,504 12,147 13,243 Industrial advances ^ ' 4,955 4,179 416 448 274 45,699 Commitments to make industrial advances 180,744 21,763 8,019 155,410 12,770 41,728 All other 5,089,095 1,965,896 1,223,237 2,082,480 1,576,614 3,425,187 Total current earnings Current Expenses Operating expenses: Salaries: 234,966 175,648 110,669 167,253 130,535 227,034 Officers 2,954,422 1,122,214 711,159 1,198,782 1,283,641 1,741,205 Employees 156,816 64,918 39,823 67,184 61,399 99,368 Retirement System contributions for current service 202 163 9,667 2,179 24 4,047 Legal fees 9,198 10,816 10,067 19,753 10,414 16,362 Directors' fees and expenses 1,530 1,350 1,397 1,490 1,395 3,350 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and members 55,241 28,301 25,809 24,224 25,645 39,522 of Federal Advisory Council) 566,618 213,495 161,837 254,971 215,669 401,101 Postage and expressage 40,411 42,293 23,432 45,691 39,861 54,339 Telephone & telegraph 198,464 87,542 57,204 69,782 67,488 114,221 Printing, stationery and supplies 32,748 7,859 8,741 10,688 10,232 29,937 Insurance on currency and security shipments 17,337 15,246 13,841 18,854 14,138 17,692 Other insurance 181,786 52,501 66,923 94,583 33,717 95,662 Taxes on bank premises 80,954 52,009 29,578 178,767 90,219 82,515 Depreciation on bank building 46,554 28,644 19,806 19,034 31,902 26,928 Light, heat, power, and water 21,783 9,546 15,369 15,805 11,910 29,498 Repairs and alterations to bank building 1,656 3,491 990 25 390 46,812 Rent 65,725 27,572 26,629 30,138 27,660 60,275 Furniture and equipment 105,406 49,176 47,571 43,205 55,317 70,973 All other 4,771,817 1,992,784 1,380,512 2,262,408 2,111,556 3,160,841 Total operating expenses Less reimbursements for certain fiscal agency and other 1,189,924 548,115 395,104 564,111 871,414 721,853 expenses 3,581,893 1,444,669 985,408 1,698,297 1,240,142 2,438,988 Net operating expenses 221,803 55,265 40,615 52,576 53,913 139,884 Assessment for expenses of Board of Governors Federal Reserve currency: 393,103 100,715 44,141 57,635 62,678 215,805 Original cost 30,735 8,722 5,265 8,468 7,597 18,562 Cost of redemption 4,227,534 1,609,371 1,075,429 1,816,976 1,364,330 2,813,239 Total current expenses Profit and Loss 5,089,095 1,965,896 1,223,237 2,082,480 1,576,614 3,425,187 Current earnings (above) 4,227,534 1,609,371 1,075,429 1,816,976 1,364,330 2,813,239 Current expenses (above) 861,561 356,525 147,808 265,504 212,284 611,948 Current net earnings Additions to current net earnings: 147,895 60,214 40,889 64,578 51,077 111,515 Profits on sales of U. S. Govt. securities 1,166 313 17,230 1,520 3,549 4,790 All other 149,061 60,527 58,119 66,098 54,626 116,305 Total additions Deductions from current net earnings: Losses and allowances for losses on industrial advances 1 14,000 4,854 7,794 16,024 (net) 120,468 Charge-offs and special depreciation on bank premises 157 309 2,809 31 385 726" All other 2 13,843 120,777 7,663 31 8,179 16,750 Total deductions 162,904 -60,250 50,456 66,067 46,447 99,555 Net additions 1,024,465 296,275 198,264 331,571 258,731 711,503 Net earnings 27,215 490 Paid U. S. Treasury (sec. 13b) 896,766 258,762 179,790 271,913 257^158 703^764 Dividends paid -3,832 -501 Transferred to surplus (sec. 13b) 100^484 ' 41,345 17,984 60,159 1^573 7 i 739 Transferred to surplus (sec. 7) 22,824,268 4,924,976 3,152,420 3,612,681 3,974,490 10,784,559 Surplus (sec. 7), January 1 100,484 41,345 17,984 60,159 1,573 7,739 Addition, as above -17,984 -60,159 Transferred to reserves for contingencies 22,924,752 4,966,321 3,152,420 3,612,681 3,976,063 10,792,298 Surplus (sec. 7), December 31 FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 176 Gold production 177 Gold movements 177 International capital transactions of the United States 178-182. Central banks 183-186 Money rates in foreign countries 187 Commercial banks 188 Foreign exchange rates 189 Price movements: Wholesale prices 190 Retail food prices and cost of living 191 Security prices 191 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. FEBRUARY 1941 I75 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 t i a t t e e d s g t A e i r n n - - a g B i e u l m - Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia Cz v s e a l c k o h i - o a - D m e a n r - k 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 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—Dec. 21,995 2353 3 734 51 274 24 47 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 52 2,000 July.. 22,675 353 63 274 7 30 18 45 52 2,000 Aug... 22,719 352 65 274 11 30 17 45 52 2,000 Sept.. 22,761 352 66 274 6 30 17 44 52 Oct... 22,800 354 68 6 30 17 44 Nov. . 22,785 354 30 17 Dec... 22,737 16 End of month H ga u r n y - (P I e r r a s n 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—Dec... 24 26 U37 164 140 47 617 23 184 20 59 158 367 1941—Jan... 24 26 164 152 50 616 23 20 59 158 376 Feb... 24 164 171 52 614 23 20 59 158 388 Mar.. 24 6 178 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 24 193 59 573 23 20 178 436 Sept.. 24 201 57 573 23 21 179 450 Oct... 24 200 54 23 422 Nov. , 52 23 400 Dec... 47 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 ey r- 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 a g vi o a - B.I.S. O c tr o t i u h e n e s r - 7 End of month United U K n i i n t g ed - France2 Bel- States dom gium 1936—Dec. 240 657 26 2,584 77 59 48 11 183 1937—June ... 169 3 934 115 1937—Dec. 244 650 29 2,689 74 52 51 5 185 4 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 1940—Dec. 160 502 1 90 929 82 12 145 Sept.... ""&6" "759 Dec. ... 331 44 1941—-Jan 165 520 87 1 95 35 83 13 145 1939—Mar. ... 154 1,732 559 F M e a b r. 1 17 7 2 1 5 5 2 2 4 7 8 8 7 9 1 1 1 9 0 7 0 3 4 7 0 83 1 1 3 3 1 1 4 4 5 5 M Ju a n y e... 85 477 17 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 192 560 1 102 41 146 1941—Mar. ... 88 Nov 1 41 146 June... 89 Dec 1 41 146 Sept.... 24 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 Change from previous December due largely to inclusion of gold formerly not reported. zation Account; France—Exchange Stabilization 4 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- Fund and Rentes Fund; Belgium—Treasury. trol Board. Gold reported since that time is gold held by Minister of Finance. 2 For complete monthly series from Oct. 1938- 5 Figures for Dec 1936 and Dec 1937 are those officially reported on Aug. 1, 1936, and Apr. 30 May 1939, see BULLETIN for February 1941, 1938, respectively. p. 170. 6 Beginning Mar. 29, 1941, gold reserves no longer reported separately. 3 Figure for end of Mar. 1937, first date reported. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 4 Figure for end of Sept. 1937. Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, NOTE.—For details regarding special geld 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. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE Uc S. S. R. fin thousands of dollarsl Estimated Production reported monthly world Year or month productioni Africa North and South America Other U o .S ut . s S i . d R e .1 ! Total A So fr u ic th a d R e h s o i - a I 1 A W fr e ic s a t 2 I | B C e o lg n i g a o n 3 U S n ta it t e e d s 4 I | n C anaAd* 5 M •«« e • x ic • o C b o i lo a m - 1 1 C ^ h 1 lle -i I I N i g c u a a r 6 a- Au H st a r a-1 I B I r n i d ti i s a h 7 $1 = 15ii grains of gold i® fine; i.e., an ounce of fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 "1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 "1,279,455 1,094,264 491,628 29,155 32,163 38,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1940—Oct 113,330 98,231 42,362 2,477 2,709 22,004 16,386 2,337 1,789 1,121 427 5,638 Nov 108,080 93,010 41,620 2,404 2,687 19,952 15,775 1,905 1,713 929 489 4,592 945 Dec 107,800 92,384 41,188 2,433 2,668 19,694 15,780 2,221 1,675 879 532 4,333 980 1941—Jan 106,015 90,964 42,335 2,326 2,618 16,646 15,199 2,945 2,137 784 591 4,544 840 Feb 100,450 84,564 39,608 2,237 2,566 15,408 14,446 2,670 1,844 695 474 3,812 805 Mar 106,365 90,018 42,075 2,318 2,696 16,023 15,629 2,702 1,891 1,313 492 4,040 840 Apr 105,525 89,039 41,357 2,355 22,580 16,413 15,384 2,491 2,071 896 553 4,133 805 May 105,140 88,599 42,716 2,355 2,615 16,022 15,721 1,448 1,872 528 485 4,136 700 June 105,875 #89,382 • 41,186 2,353 '2,615 16,468 15,890 2,845 1,777 1,023 445 3,939 840 July 109,970 2*93,238 43,093 2,319 '2,615 18,537 15,983 2,485 2,072 628 '445 4,185 875 Aug 108,780 p92,117 42,458 2,329 '2,615 17,487 16,353 2,579 1,739 860 '445 4,376 875 Sept P94,150 42,135 p2,352 '2,615 20,881 15,578 '2,579 1,984 504 '445 4,271 805 Oct ^93,958 43,061 P2,348 '2,615 18,855 16,141 '2,579 2,098 703 '445 '4,271 840 Nov P92,648 41,807 p/2,348 '2,615 19,813 15,499 '2,579 1,726 '703 '445 '4,271 '840 but data of percentage changes d a basis for estimating annual 35 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. ' F A i i v g x u iiu r u e i ai c jr a • r ried forwxa ^^ r "\ d Mc . **ri 1 Annual figures through 1940 are estimates of U. S. Mint.. Monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 Beginning April 1941, figures are for Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year- 4 Includes Philippine Islands production received in United States. Monthly figures for U. S. for 1940 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure $242,602 so that aggregate for 1940 is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. J Figures for Canada beginning January 1941 are subject to official revision. Gold exports, reported by the Banco Nacional de Nicaragua, which states 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 [In thousands of dollars at approximately $35 a fine ounce] All Y m e o a n r t o h r im To n p e t o a t r l ts U K d n o i i n m t g ed - France g B iu el m - 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 us l < ia - A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r th i u e e n 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 1,973,5691,208,728 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 3,574,1511,826,403 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 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 59,011 Sept 65,702 250 42,563 495 2,488 3,107 2,064 3,694 5ll,045 Oct 40,440 55 16,074 1,020 2,107 3,143 6,151 200 "2,'327" 5 9,366 Nov .7 50,374 121 24,921 6,336 2,110 1,832 5,980 40 59,041 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other 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.t $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, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.—$5,615,000. 6 Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination. 7 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. NOTE.—For gross import and export figures and for additional countries see table on p. 138. FEBRUARY 1941 177 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 i d n 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 Nov. 6 5,745.0 3,137.0 1,190.7 ,946.3 762.3 795.4 950.3 100.0 Nov. 13 5,734.7 3,141.9 1,195.5 ,946.4 751.5 795.9 946.0 99.4 Nov. 20 5,786.9 3,199.3 1,248.7 ,950.6 752.3 797.9 936.0 101.4 Nov. 27 5,780.7 3,194.0 1,231.6 ,962.5 764.0 798.2 924.5 100.0 Dec. 4 5,758.0 3,177.8 1,209.1 ,968.7 763.0 800.2 917.4 99.6 Dec. 11 5,718.2 3,146.5 1,186.3 ,960.2 757.6 801.3 913.5 99.3 Dec. 18 5,763.7 3,182.1 1,209.7 ,972.4 771.1 802.9 907.5 100.2 Dec. 25 5,733.0 3,160.9 1,182.4 ,978.5 771.6 802.8 896.3 101.3 1941—Jan. 1 5,727.6 3,159.0 1,200.8 ,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 in.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 ,841.0 767.4 812.7 701.8 95.9 Apr. 9 5,647.5 3,273.6 1,416.6 ,857.0 766.4 815.6 694.7 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 June 4 5,608 9 3,235.2 1,418.6 ,816.6 803.6 836.3 637.1 96.8 June 11 5,602.7 3,226.9 1,401.3 ,825.6 811.6 832.6 634.4 97.2 June 18 5,627.8 3,249.3 1,407.9 ,841.4 815.7 831.6 634.4 96.7 June 25 5,620.7 3,240.9 1,410.3 ,830.7 817.8 833.1 632.4 96.5 July 2 5,575.4 3,193.3 1,375.1 ,818.2 818.6 834.1 631.2 98.2 July 9 5,584.6 3,194.6 1,366.2 ,828.4 826.2 835.5 630.0 98.3 July 16 5,561.8 3,171.5 1,362.8 ,808.7 826.2 837.8 628.2 98.2 July 23 5,534.0 3,153.6 1,342.7 ,810.9 819.4 838.3 624.8 97.9 July 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 Oct. 8 ,.,..,.. 5,494.3 3,123.0 1,309.3 ,813.7 804.6 841.7 623.9 101.1 Oct. 15 ... 5,478.1 3,108.0 1,337.2 ,770.8 802.1 843.3 623.2 101.5 Oct. 22 5,460.2 3,091.1 1,291.6 ,799.5 803.4 843.2 621.2 101.3 Oct. 29 5,503.2 3,138.3 1,334.1 ,804.2 797.7 845.2 621.3 100.6 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. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2« 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J r a o n u . g h 2 — , 1935, Total U K d n i o i n m t g e - d 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) 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. (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 Oct. 8 .„...., 5,494.3 676.5 653.6 452.6 836.8 178.7 49.9 932.7 3,780.8 410.2 608.6 576.6 118.1 Oct. 15 5,478.1 662.8 652.6 450.5 836.4 179.2 49.7 946.3 3,777.6 402.5 610.0 567.7 120.3 Oct. 22 5,460.2 644.7 652.7 450.7 814.9 178.6 50.2 945.3 3,737.0 400.6 609.4 593.1 120.2 Oct. 29 5,503.2 726.0 651.9 451.4 816.1 178.5 50.3 927.0 3,801.3 390.2 600.6 587.0 124.1 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th J ro an u . g h 2 — , 1935, rotal 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-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 1442 65.9 109.8 2 7 23.0 79.7 588.9 868 1493 904 15.2 1937—Dec. 29 1,168.5 189.3 1118 76.3 288.4 96 6.9 109.4 791.7 763 1663 1262 8.0 1938—Dec. (Jan. 4, 1939) 1,425.4 364.0 1553 87.9 205.1 -11 8 1.7 208.6 1,010.7 1016 1276 1633 22.2 1939—Dec. (Jan. 3, 1940) 2430.8 376.1 256 1 190.9 362.7 -20 1 19.7 470.0 1,655.4 1745 215 1 3254 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 3264 4509 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 3434 336 1 4650 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 3142 4584 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 3493 4469 74.1 Apr. 30 3 257.3 382.8 455 6 165.8 475.4 -23 9 -3 8 576.7 2,028.7 3339 358 0 4469 89.9 May 28 3 266.4 389.9 456 1 159.8 493.5 -24 2 -4 1 560.6 2,031.7 3120 367.2 4625 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 4337 95.5 July 30 3 141.4 297.7 447.6 157.5 488.5 -23. 4 -4 3 557.3 1,920.8 3245 353 7 4423 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 4253 109.4 Sept. (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 4379 92.4 Oct. 8 .„..,.. 3 123.0 330.9 430.5 151.5 443.5 -23. 2 -3 8 604.8 1,934.3 341.1 322.0 433.4 92.3 Oct. 15 3 108.0 315.3 429.5 149.6 442.6 -23. 1 -3 6 617.9 1,928.1 338.5 322.4 424. 4 94.6 Oct. 22 ,..,.„.. 3 091.1 297.8 429.6 149.7 420.9 -23. 0 -3 6 617.2 1,888.6 337. 1 323. 1 448. 7 93.8 Oct. 29................ 3,138.3 383.1 429.0 150.3 421.5 -23. 1 -3. 7 598.9 1,956.0 326.3 314.8 443. 3 98.0 TABLE 4.-UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th J r a o n u . g h 2 — , 1935, 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-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) 361.4 208.8 48.1 — .4 1.6 29.7 13.7 310.2 —4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.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 5.9 192.4 25.5 48.7 634.8 62.6 40.1 20.2 2.0 Feb. 26 776.1 271.4 75.6 17.8 4.2 193.0 25.5 48.8 636.3 65.4 50.9 21.6 1.9 Mar. (Apr. 2).. 767.4 268.2 76.0 17.8 5.0 195.0 25.6 49.7 637.2 65.3 44.4 19.2 1.3 Apr. 30 , 798.9 269.6 75.9 17.7 5.3 195.7 25.5 50.7 640.4 71.3 47.7 38.7 .8 May 28 „.,.. 794.9 267.4 76.4 17.8 5.2 195.9 25.5 51.4 639.5 68.3 49.8 37.6 -.3 June (July 2) 818.6 268.6 76.6 17.8 5.2 195.7 25.6 51.2 640.8 68.5 52.1 57.7 — .4 July 30 803.5 265.3 76.8 17.9 5.2 196.0 25.1 51.7 638.0 71.3 49.2 46.7 -1.7 Aug. (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. (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 Oct. 8 ,..„.„. 804.6 267.2 77.0 17.9 5.5 195.9 25.7 52.0 641.1 66.2 41.4 57.5 .6 Oct. 15 ,.„.„.. 802.1 269.0 77.0 17.9 5.5 196.4 25.3 52.3 643.3 60.7 41.-8 57.9 .6 Oct. 22 =..,.„.. 803.4 268.5 77.0 17.8 5.5 195.7 25.7 52.7 642.8 61.9 40.9 58.9 .1 Oct. 29 797.7 265.2 76.9 17.8 5.5 195.7 26.0 53.0 640.1 61.1 39.9 58.1 .4 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 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,j>p. 267-277; and May 1937, pp. 394-431. FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2* 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.-FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g 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-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 28.1 198.1 512.1 26.4 204.5 55.9 13.8 Mar (Apr 2) 812.7 128.3 43.7 31.0 45.2 36.5 28.1 198.9 511.8 26.5 203.0 57.6 13.9 Apr 30 815.7 127.8 43.8 31.0 45.2 36.5 28.1 199.1 511.5 25.9 206.0 58.2 14.2 May 28 835.4 127.7 43.8 31.0 44.8 36.5 28.1 199.5 511.4 42.7 208.1 59.0 14.2 Tune (Tulv 2) .... 834.1 127.2 49.1 31.0 44.7 36.5 28.1 199.6 516.2 37.0 210.5 60.1 10.4 July 30 838.9 127.7 50.8 31.2 44.5 36.5 28.1 199.8 518.5 36.8 212.3 60 8 10.5 Auff (SeDt 3) 841.7 127.7 51.2 31.2 44.5 36.5 28.1 200.0 519.2 37.0 214.0 60.6 10.9 Sept. (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 Oct 8 841.7 127.3 51.2 31.2 44.4 36.5 28.1 200.5 519.2 31.7 214.9 60.7 15.2 Oct. 15 843.3 127.7 51.3 31.2 44.3 36.5 28. 200.7 519.8 32.2 215.0 60.7 15.6 Oct 22 .„... 843.2 127.7 51.3 31.2 44.4 36.5 28. 200.8 519.9 31.6 215.2 60.8 15.8 Oct. 29 845.2 127.7 51.3 31.2 44.3 36.5 28. 200.9 519.9 33.0 215.3 60.9 16.0 TABLE 6.-DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J r a o n u . g h 2 — , 1935, Total U K d n i o i n 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 i e n 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 64.7 157.6 200.2 —7.5 —3.3 38.5 818.0 32.6 15.5 44.1 7 1 1937—Dec 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133.7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—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 Tune (Tulv 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 Aue (SeDt 3) 616.5 -63.0 75.1 236.0 326.0 —30.4 -2.4 65.3 606.6 -40.0 20.8 17.8 11.4 SeDt. (Oct. 1) .-. ....-..... 623.5 -64.7 75.3 236.5 328.9 -30.4 -.3 66.6 611.9 -41.8 23.9 18.0 11.5 Oct. 8 623.9 -65.4 75.4 236.5 329.7 —30.4 -.3 67.2 612.8 —42.3 23.8 18.1 11.5 Oct. 15 , 623.2 -65.7 75.3 236.5 330.4 —30.3 —.2 66.9 612.9 —42.9 24.1 18.1 10.8 Oct. 22 ».„....... 621.2 —66.1 75.3 236.7 330.4 —30.3 — .2 66.2 611.9 —43.6 24.1 18.1 10.8 Oct. 29 . ... ... „.......... 621.3 -66.6 75.2 236.7 331.0 -30.3 -.2 65.9 611.8 -44.0 24.5 18.2 10.3 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From th 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 la e n th 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) 6.0 () 2.4 1.3 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 1 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .4 22.6 -7.6 —4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 -.5 .5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 5.2 47.9 1.8 -.9 -1.5 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 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 7.9 74.3 10.7 9.2 6.0 .7 1941—Jan. 29 98.8 17.1 19.2 13.3 15.9 8.9 74.4 10.4 6.8 6.3 .9 Feb. 26 „„. 97.2 17.0 19.3 13.5 14.4 9.1 73.3 10.9 6.1 6.1 .9 Mar. (Apr. 2)..t... 95.9 16.7 18.7 13.9 14.5 7.9 71.7 10.6 6.1 6.4 1.1 Apr. 30 „.„. 98.2 16.7 19.0 14.0 14.3 7.8 71.8 11.4 7.0 7.2 .8 May 28... ,..„ 97.5 16.6 19.4 14.3 13.6 8.4 72.3 12.0 5.8 6.7 .8 June (July 2) 98.2 16.4 19.2 14.5 14.5 8.4 73.1 11.6 5.7 7.1 .7 July 30 99.5 16.0 19.6 14.7 14.2 9.0 73.4 12.1 6.5 6.7 .7 Aug. (Sept. 3) 101.2 16.4 19.6 15.0 14.2 8.5 73.7 13.6 5.8 7.4 .7 Sept. (Oct. 1) 100.9 16.6 19.3 15.5 13.8 8.3 73.4 13.7 6.3 6.7 Oct. 8 101.1 16.5 19.5 15.5 13.8 8.1 73.4 13.5 6.6 6.9 .7 Oct. 15 101.5 16.5 19.6 15.3 13.6 8.5 73.5 13.9 6.6 6.6 .9 Oct. 22 101.3 16.8 19.6 15.3 13.8 8.4 73.9 13.7 6.1 6.7 .9 Oct. 29 100.6 16.6 19.5 15.3 13.8 8.3 73.5 13.8 6.1 6.6 .6 1 Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". z For explanation see BULLETIN for May 1937, pp. 395-396. 3 Inflow less than $50,000. 4 Outflow less than $50,000. 180 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 ^anacla Am La er ti ic n a Asia1 f I ot A h l e l r1 Reported by Banks in New York City 1929—Dec. 31 2,672.7 I 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 I 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 I 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 3,842.1 421.9 487.2 170.0 496.0 5.5 16.0 634.4 2,230.9 443.6 457.0 631.0 79.6 Feb. 26 3,728.8 351.4 487.1 169.4 489.5 7.0 15.5 631.5 2,151.3 434.8 435.1 624.4 83.3 Mar. (Apr. 2) 3,775.0 369.4 484.9 187.3 497.8 5.6 15.3 623.8 2,184.3 421.5 470.2 612.9 86.1 Apr. 30 3,883.5 454.9 487.7 179.7 489.1 5.7 15.0 623.6 2,255.9 434.0 478.9 612.9 101.8 May 28 3,892.6 462.0 488.2 173.7 507.2 5.5 14.7 607.5 2,258.9 412.2 488.1 628.5 104.9 June (July 2) 3,819.5 406.6 483.1 171.2 514.2 5.7 14.4 606.5 2,201.6 417.9 492.8 599.7 107.5 July 30 3,767.6 369.8 479.7 171.5 502.2 6.2 14.4 604.2 2,148.0 424.7 474.6 608.3 112.0 Aug. (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. (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 Oct. 8 3,749.2 403.1 462.7 165.4 457.1 6.5 15.0 651.7 2,161.5 441.2 442.9 599.4 104.2 Oct. 15 3,734.2 387.4 461.6 163.5 456.2 6.5 15.1 664.8 2,155.3 438.6 443.3 590.4 106.5 Oct. 22 3,717.3 370.0 461.7 163.6 434.5 6.6 15.2 664.1 2,115.8 437.2 444.0 614.6 105.7 Oct. 29 3,764.5 455.2 461.1 164.3 435.2 6.6 15.1 645.8 2,183.2 426.4 435.7 609.2 110.0 Additional Detail Available from January 3, 19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total Bel- m D a e r n k - l F a i n n d - N w o a r y - S d w en e- Total g t A i e n r n a - - B z r i a l - Chile Cuba Mex- C P a a . m a n n Z d a - . Total -hina H K o o n n g g Japan P l p a h I i n i s 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. 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 57.9 432.5 195.1 89.4 102.8 45.2 Nov. 27 466.2 145.7 16.1 22.0 50.1 232.4 353.8 115.1 44.1 26.9 46.4 62.6 58.6 475.2 218.6 92.2 119.3 45.1 Dec. (Jan. 1, 1941). 462.7 144.8 17.3 16.5 48.7 235.4 341.7 115.4 36.2 28.5 47.9 55.0 58.7 454.5 207.5 91.1 110.3 45.6 1941—Jan. 29 450 143.2 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 92.8 92.5 48.2 May 28 426.3 125.1 15.2 10.3 44.2 231.5 355.8 107.1 52.4 29.4 60.6 48.8 57.5 418.8 176.5 95.9 94.9 51.5 June (July 2) 425.7 125.5 15.9 5.4 43.7 235.2 364.2 119.4 53.4 29.4 60.1 42.6 59.4 393.4 164.4 101.3 79.2 48.5 July 30 425.5 123.4 17.8 5.5 43.2 235.5 353.6 118.6 46.6 28.0 66.4 42.3 51.7 381.1 159.9 102.3 76.3 42.6 Aug. (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. (Oct. 1) 451.9 120.9 18.8 5.9 66.1 240.2 326.8 98.8 37.5 26.0 74.0 41.4 49.1 355.1 151.6 90.0 75.4 38.1 Oct. 8 451.0 120. 18.8 5.9 65.8 240.0 327.3 99.7 37.7 25.4 74.8 41.1 48.7 359.1 153.0 90.9 77.0 38.3 Oct. 15 450.5 119.9 18.8 5.9 65.9 240.0 325.7 97.7 37.1 26.7 74.4 40.0 49.7 350.2 148.7 89.6 75.3 36.6 Oct. 22 449. 120.0 18.7 5.8 65.7 239.7 328.4 96.6 38.2 30.4 75.5 40.5 47.3 348.5 148.2 89.1 75.4 35.9 Oct. 29 449.7 119.8 18.7 5.9 65.5 239.7 323.5 93.5 37.5 30.1 73.8 41.2 47.4 345.2 145.6 88.8 75.1 35.6 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). FEBRUARY 1941 181 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 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 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 I 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. (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 Oct. 8 ,.„.„... 354.4 25.0 1.8 .7 2.6 35.2 1.5 27.8 94.7 30.1 124.6 95.1 10.1 Oct. 15 357.0 23.1 1.8 .7 2.6 34.8 2.0 27.5 92.5 35.5 124.1 94.7 10.1 Oct. 22 355.7 23.6 1.8 .8 2.6 35.5 1.5 27.1 92.9 34.4 125.1 93.7 9.6 Oct. 29 361.4 26.9 1.8 .8 2.6 35.5 1.3 26.7 95.7 35.2 126.1 94.5 9.9 Additional Detail Available from January 3, 19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B i e u l- m m De a n rk - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a m n a . n d a Z - . Total China H K o on 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) 19 4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26.1 1.7 125.9 28.9 June (July 3) 10.6 3.4 .7 1.5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90.6 32.7 Sept. (Oct. 2) .. 7.5 1.7 .3 1.7 1.2 2.7 72.5 14.8 30.8 10.0 10.6 4.5 1.9 109.8 24.2 4.3 53.2 28.2 1940—Oct. 30 7.6 2.2 .3 1.9 1.1 2.1 81.4 13.2 40.2 10.8 10.9 4.6 1.7 110.7 24.2 3.0 58.0 25.4 Nov. 27 6.1 2.1 .3 1.9 1.0 .8 82.9 13.5 39.0 11.7 11.5 5.3 1.9 113.9 24.0 1.5 62.8 25.6 Dec. (Jan. 1, 1941) 5.5 1.5 .3 1.8 .9 1.0 78.4 11.9 33.1 13.4 11.7 6.1 2.1 103.8 23.7 1.7 55.8 22.6 1941—-Jan. 29 5.6 1.4 .3 1.9 .8 1.2 80.0 11.1 34.0 14.9 11.8 6.1 2.1 117.9 24.2 1.1 71.8 20.7 Feb. 26 5.6 1.5 .3 1.9 .8 1.2 68.3 10.0 24.4 14.3 11.3 5.9 2.4 114.2 23.5 .9 68.3 21.5 Mar. (Apr. 2) 4.8 1.3 .1 1.9 .7 .9 71.1 10.4 30.0 12.2 10.7 5.4 2.5 115.2 26.5 .9 67.3 20.4 Apr. 30 4.4 1.3 1.9 .7 .6 69.0 10.8 28.1 12.0 10.3 5.4 2.5 97.0 26.1 1.0 46.9 23.0 May 28 4.2 1.0 f'5) 1.9 .6 .6 67.4 12.7 24.1 12.2 9.7 6.0 2.7 98.0 29.2 2.7 41.1 25.0 June (July 2) 4.4 1.1 (5) 2.0 .6 .6 69.5 12.6 25.4 13.2 9.8 5.9 2.7 78.2 31.1 2.7 17.3 27.1 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 8 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. (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 Oct. 8 4.3 1.1 2.0 .5 .6 73.5 15.1 26.6 14.4 8.5 6.8 1.9 79.7 29.0 2.8 21.0 26.9 Oct. 15 4.2 1.1 $ 2.0 .5 .6 73.0 15.0 24.9 14.6 8.5 7.9 2.1 78.9 28.7 2.8 20.5 26.9 Oct 22 4.2 1.1 2.0 .5 .6 73.5 14.4 26.5 14.7 8.7 7.2 2.0 79.0 28.6 2.8 20.4 27.3 Oct. 29 4.1 1.0 2.0 .5 .6 73.2 14.4 25.3 15.1 8.9 7.3 2.2 80.0 29.2 2.9 20.4 27.5 C5) l.Prior to Jan. 3, 1940, the figures under Asi(a5) 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 Amerca, and Asia. 5 Less than $50,000. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). 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 in s m te i r l l l i i n o g n ) s of Gold1 a O ss th e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d n u i c s 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 i i c ts 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 26.3 22.3 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 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1 1 9 9 3 4 9 0 — — D D e e c c . . 2 2 7 5 . . 4.2 .2 5c 5 6 8 3 0 0 . . 0 0 1. .9 0 2 1 5 3 . . 6 3 4 4 . . 3 0 1 1 7 9 6 9 . . 1 1 5 6 5 1 4 6 . . 6 9 1 13 1 5 7 . . 7 3 2 1 9 2 . . 7 5 4 5 2 1 . . 0 2 1 1 7 7 . . 9 9 1941—Jan. 29.. .2 630.0 1.0 31.0 3.8 175.4 599.2 107.9 32.4 53.0 18.0 Feb.26. .2 630.0 1.4 27.0 3.7 175.4 603.2 121.7 14.6 53.0 18.1 Mar. 26. .2 630.0 1.1 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Apr. 30. .2 6 680.0 1.5 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 May 28. .2 680.0 1.6 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 June 25. .2 680.0 1.7 41.3 6.9 156.2 639.0 112.5 25.3 50.4 17.8 July 30. .2 680.0 1.7 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 Aug. 27. .2 680.0 1.8 15.5 6.4 183.9 664.7 125.7 14.9 49.1 18.0 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 4.5 163.3 693.3 117.0 13.7 57.7 17.7 Nov. 26. .2 730.0 .6 20.2 4.0 192.3 710.0 136.4 9.8 53.1 17.8 Dec. 31. .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 Assets Liabilities Bank of France Advances to Domestic bills Government Deposits (Figu o r f e s f i r n a n m cs il ) lions Gold6 F c o h e r a e x n i - g g e n m O a p rk en 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 t r i 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 s e l r i- 1929—Dec. 27 41,668 25,942 8,624 8,124 68,571 11,737 7,850 1930—Dec. 26 53,578 26,179 8,429 9,510 76,436 12,624 11,698 1931—Dec. 30 68,863 21,111 7,389 11,275 85,725 5,898 22,183 1932—Dec. 30 83,017 4,484 3,438 11,712 85,028 2,311 20,072 1933—Dec. 29..... 77,098 1,158 4,739 11,173 82,613 2,322 13,414 1934—Dec. 28 82,124 963 11,500 83,412 3,718 15,359 1935—Dec. 27 66,296 1,328 11,705 81,150 2,862 8,716 1936—Dec. 30 60,359 1,460 1,379 17,698 12,642 89,342 2,089 13,655 1937—Dec. 30 58,933 911 652 31,909 11,733 93,837 3,461 19,326 1938—Dec. 29 87,265 821 1,797 20,627 18,498 110,935 5,061 25,595 1939—Dec. 28 10 97,267 112 2,345 34,673 20,094 151,322 1,914 14,751 1940—Jan. 25 97,268 111 11,861 2,235 35,673 19,636 151,738 1,834 14,965 Feb. 29 97,275 109 12,505 1,810 40,523 20,785 156,150 1,203 17,128 Mar. 28 10 84,614 111 42,645 1,870 20,550 19,666 156,032 1,154 14,262 Apr. 25 84,615 112 42,694 1,781 20,900 19,305 156,285 1,171 14,681 May 30 84,616 102 44,083 1,889 32,600 22,729 170,853 1,046 25,782 June 10. 84,616 108 44,173 1,518 36,250 25,221 174,469 1,049 25,405 Aug.2911.... 84,616 (12) (12) (12) 27,200 64,195 (12) 198,578 995 27,200 28,226 Sept. 2611.... 84,616 (12) (12) (12) 39,200 69,340 205,439 990 34,930 25,700 Oct.3111 84,616 (12) (12) (12) 56,806 65,250 (12) 213,131 1,097 38,932 25,075 Nov. 28". ... 84,616 (12) (12) (12) 64,397 61,200 (12) 214,176 748 39,107 24,941 Dec. 2611 84,616 42 43,194 661 72,317 63,900 23,179 218,383 984 41,400 27,202 1941—July 31 84,598 37 40,776 117,715 69,500 22,605 242,000 1,318 60,612 33,978 Aug. 28 84,598 37 40,720 117,555 67,700 21,826 244,099 1,341 60,193 29,179 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially 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, Aug. 30, and Dec. 3, 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; Se 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, advances of 130,000 million francs were 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. FEBRUARY 1942. 183 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) including Security Eligible Other circula- Deposits liabilire T s o e t r a v l es Gold1 Tre b a il s l u s ry loans a c s o n v o er te Other assets tion ties 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 3i 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—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 1,35a7 Oct. 31p 77 18,456 26 20 (2) 17,432 2,470 Nov 22p 77 17,669 15 55 (2) 16,645 2,399 P Preliminary. 1 Not shown separately on Reichsbank statement after June 15, 1939. 2 Figure not yet available. NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. Central Bank 1941 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of the Argentine Re- National Bank of Bohemia and Mopublic (millions of pesos): ravia—Cont. (June^2 Gold reported separately 1,075 1,075 1,071 Other assets () Other gold and foreign exchange... 456 440 258 Note circulation 7,101 6,453 Negotiable Government bonds 364 364 268 Demand deposits 2,091 1,560 Rediscounted paper (*) 11 Other liabilities (3) Other assets. 209 194 228 Central Bank of Bolivia (thousands Note circulation 1,281 1,260 1,224 of bolivianos): (Apr.): Deposits—Member bank 502 545 437 Gold at home and abroad 104,959 102,034 Government 207 137 106 Foreign exchange 42,607 191,699 Other 26 18 Loans and discounts 224,182 216,364 Foreign exchange sold forward 7 3 6 Securities—Government 440,344 428,685 Other liabilities 81 109 60 Other 8,513 7,230 Commonwealth Bank of Australia Other assets 202,454 18,168 (thousands of pounds): Note circulation 508,348 475,856 Issue department: Deposits 422,463 387,239 Gold and English sterling 18,955 17,705 Other liabilities 92,248 101,085 Securities 57,245 55,507 National Bank of Bulgaria (millions Banking department: of leva): (May)2 L C o o n in d , o b n u b ll a i l o a n n , c a es nd cash 3 4 1 , , 0 9 3 7 3 5 6 3 9 , , 8 1 1 1 7 1 N G e o t l d f . o . r . e .m ig n exchange # in reserve 2,0 4 0 0 6 2,00 4 6 Loans and discounts 20,202 26,676 Foreign exchange 5,807 2,336 Securities 67,790 36,983 Loans and discounts 905 2,843 Deposits 114,402 127,821 Government debt 2,593 3,353 Note circulation 73,614 68,119 Other assets 3,684 2,677 National Bank of Belgium (millions Note circulation 8,610 6,518 of belgas): (Mar.)2 Deposits 3,522 3,785 Gold 4,331 4,331 Other liabilities 2,902 2,917 Foreign exchange 543 236 Bank of Canada (thousands of Cana- Credits to State and public bodies.. 2,186 1,656 dian dollars): Credits to private economy 125 231 Gold4 Due from Bank of Issue, Brussels.. 373 376 Sterling and United States ex- Other assets 491 497 change ^ 200,861 113,828 42,511 38,429 Note circulation 7,596 6,895 Canadian Gov't. securities: Demand deposits 296 281 2 >ears or less 391,783 428,664 462,240 448,440 Other liabilities 157 151 Over 2 years 216,688 228,459 234,733 127,323 National Bank of Bohemia and Mo- Other assets 33,529 20,309 29,558 12,386 ravia (millions of koruny): (June)2 Note circulation 495,956 462,996 448,866 359,949 Gold 1,503 1,447 Deposits—Chartered banks 232,031 247,154 231,816 217,738 Foreign exchange 788 785 Dominion Gov't 73,848 53,180 60,346 10,880 Discounts 660 Other 5,970 7,220 2,361 9,515 Loans C1) Other liabilities 35,057 20,711 25,654 28,496 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, pp. 677-678). 184 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of Chile (millions of Bank of Finland—Cont. (May) pesos): 5,65 5,551 Gold 147 14 147 Denosits 79 834 Discounts for member banks 227 235 216 Other liabilities 3,52 3,107 Loans to Government 738 738 742 Bank of Greece (millions of drachmas) (Mar.) Other loans and discounts 512 537 411 Gold and foreign exchange (net).. 18 46 10,000 Other assets 136 90 48 Loans and discounts 16,58 16,903 Note circulation 1,233 1,242 1,149 3,94 4,049 Deposits—Bank 196 167 160 3,58 3,771 Other 102 95 61 19,37 15,369 Other liabilities 229 243 194 20,90 16.820 Bank of the Republic of Colombia Other liabilities 2,30 2,534 (thousands of pesos): National Bank of Hungary (millions Gold . .. 28,256 29,102 29,757 30,616 of pengo): Foreign exchange 10,903 10,449 8,098 12,946 Gold3 100 124 Loans and discounts 46,855 42,621 41,705 27,200 Foreign exchange reserve 18 35 Government loans and securities.. 54,593 54,586 56,203 49,270 Discounts 1,029 710 Other assets 31,335 34 612 33,101 30,668 Loans—To Treasury 80 570 Note circulation 74 441 68 009 66 503 62,327 To foreisn countries 140 Deposits 50,394 53,786 54,810 51,507 Other 35 51 Other liabilities 47,107 49,574 47,552 36,866 Other assets 398 353 National Bank of Denmark (millions Note circulation 1,94 1,387 of kroner): Demand deposits 337 160 Gold 98 115 Consolidated foreign credits of 1931 26 Foreign exchange 32 11 Othpr liabilities 217 297 Clearing accounts (net) 758 395 Reserve Bank of India (millions of Discounts 10 rupees): (Sept.) r Loans—To Government agencies... 16 18 Issue department: Other 26 71 Gold at home and abroad 444 444 Securities 180 157 Sterling securities 1 366 1 315 Other assets 857 516 Indian Gov't securities 765 496 Note circulation 792 741 Rupee coin 392 297 Deposits 980 353 Note circulation 2 861 2 412 Other liabilities • • 204 197 Banking department: Central Bank of Ecuador (thousands Notes of issue department .... 106 139 of sucres): (July)1 Balances abroad 526 572 Gold 68,453 60,935 Treasury bills discounted Foreign exchange (net) 12,175 18,146 Loans to Government 55 1 Loans and discounts 73,117 59,132 Other assets 102 80 Other assets 27,585 20,966 Deposits 678 658 Note circulation 95,556 77.895 Other liabilities 115 134 Demand deposits 42,260 53,042 Bank of Japan (millions of yen): Other liabilities 43,514 28,241 Cash, bullion, and foreign accounts 5 516 National Bank of Egypt2 (thousands Special foreign exchange fund 300 300 of pounds): (Sept.)1 Advances—To Government 3 Gold 6,241 6,241 Other6 517 954 Foreign exchanse 2,722 1,928 4,118 4,244 4,778 7,800 Other assets 561 5 532 British, Egyptian, and other Gov- 4,484 4,787 84,664 58,805 Deposits—Government 877 1,130 Other assets 7 660 6,299 Other 321 173 Note circulation ....... 45 945 37 309 Other liabilities 389 458 10,166 2,480 Bank of Java (millions of guilders): Other 36,385 30,393 Gold 378 263 Other liabilities 13,568 10,890 Foreign bills 20 18 Central Reserve Bank of El Salva- Loans and discounts 91 116 dor (thousands of colones): 139 137 Gold ...... 13,246 13,236 13,239 Note circulation . 261 205 Foreign exchange 1,616 1,215 1,557 Deposits 331 292 Loans and discounts 1 307 1 025 2 751 Other liabilities 36 36 Government debt and securities.... 6,801 6,362 6,795 Netherlands Bank (millions of guil- Other assets 1 801 1 711 1 345 ders): (Sept.)1 Note circulation .„.„.„. 16 976 16 089 14 043 Gold .. 1 023 1 102 Deposits 4 140 3,821 4,475 Silver (including subsidiary coin).. 8 18 Other liabilities 3 655 3 638 7,169 Foreign bills . . . .. 590 15 Bank of Finland (millions of mark- Discounts 68 252 kaa): (May)1 Loans 176 219 Gold 556 604 Other assets 277 176 Foreign assets 1,182 1,492 Note circulation 1,894 1,552 Loans and discounts. 5 610 5,396 Deposits—Government Domestic securities 414 370 Other 190 175 Other assets 2,212 1,631 Other liabilities 58 57 1 Latest month for which report is available for this institution. • 2 Items for issue and banking departments consolidated. 3 Gold revalued in week ending Sept. 30, 1941, at 0.2175 gram fine gokfper pengo, an increase in gold value of the pengo of approximately 24 per cent. 4 Included in "Other liabilities". 5 Figure for "Cash, bullion, and foreign accounts" on this date excludes foreign accounts, which are presumably included in figure for "Other assets". 6 Includes bills discounted, no longer shown separately beginning Mar. 29,1941. FEBRUARY 1942. 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank Central bank (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct Dec. Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 2,423 2,173 Sterling exchange reserve 11,045 11,528 12,501 Foreign exchange 1,094 999 Advances to State or State under- Loans and discounts 218 263 takings 22,587 22,733 27,020 Other assets 226 274 Investments 3,842 3,842 3,771 Note circulation 2,175 2,273 Other assets 1,666 1,690 1,167 Other sight liabilities 1,503 1,178 Note circulation 22,294 22,133 22,667 Other liabilities 283 258 Demand deposits 17,076 17,874 21,107 Central Bank of the Republic of Other liabilities 2,571 2,588 3,485 Turkey (thousands of pounds): (Aug.)1 Bank of Norway (millions of kroner): (Mar.)1 Gold 115,679 110,142 Gold. 186 Foreign clearing accounts 48,359 32,775 Foreign assets 102 Loans and discounts 444,880 379,064 Total domestic credits and securi- Securities 190,822 193,705 ties 435 Other assets 28,096 30,926 Discounts Note circulation. 498,066 417,826 Loans Deposits—Gold 79,358 78,955 Securities Other 113,375 115,511 Other assets Other liabilities 137,038 134,321 Note circulation 599 Bank of the Republic of Uruguay 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 107,621 107,229 sands of soles): Banking department: Gold and foreign exchange 55,142 49,910 Gold 74,449 56,083 Discounts 15,822 22,760 Notes and coin 30,136 34,000 Government loans 183,222 130,148 Advances to State and to Other assets 8,135 12,310 government bodies 24,178 40,826 Note circulation 181,191 142,740 Other loans and discounts 91,601 95,780 Deposits 58,282 46,823 Other assets 130,627 78,062 Other liabilities 22,848 25,565 Deposits 119,626 109,243 Bank of Portugal (millions of Other liabilities 231,365 195,507 esc G u o d l o d s 3 ): (Se 1 p ,3 t 0 .) 9 l 1,239 Ce s n an tr d a s l o B f a b n o k li v o ar f es V ): enezuela (thou- Other reserves (net) 1,332 633 Gold 124,311 124,304 124,304 Non-reserve exchange 1,919 785 Foreign exchange (net) 38,903 34,862 31,706 Loans and discounts 351 442 Credits to national banks 36,230 38,997 38,997 Government debt 1,031 1,033 Other assets 9,422 7,479 14,676 Other assets 875 1,156 Note circulation— Note circulation 3,501 2,903 Central Bank 95,695 94,067 89,235 Other sight liabilities 2,617 1,318 National banks 60,738 63,943 70,089 Other liabilities 698 1,068 Deposits '. 42,663 37,339 40,855 National Bank of Rumania (millions Other liabilities 9,770 10,292 9,504 of lei): (Sept.)i National Bank of the Kingdom of Gold4 33,715 32,156 Yugoslavia (millions of dinars): (Feb.)1 Special exchange accounts 17,667 6,847 Gold 2,790 2,740 Loans and discounts 31,102 26,640 Foreign exchange 909 726 Special loans (in liquidation) 574 746 Loans and discounts 1,686 1,787 Government debt 9,628 9,785 Government debt 3,061 3,060 Other assets 37,532 14,917 National defense bills 7,128 6,941 Note circulation 89,691 64.349 Other assets 3,465 2,867 Demand deposits 28,281 14,990 Note circulation 13,973 13,834 Other liabilities 12,246 11,753 Other sight liabilities 3,510 3,531 South African Reserve Bank (thou- Other liabilities 1,555 756 sands of pounds): Bank for International Settlements Gold 48,533 51,260 44,566 (thousands of Swiss gold francs5): (Sept.)] Foreign bills 19,604 11,686 771 Gold in bars 28,730 35,368 N O O D O o t t e t h h h p t e e e e o r r r s c i b a l i t i r s s i a c l s b l u e s i l t l s a a i t t n i e o d s n loans 4 2 7 3 0 6 8 , , , , 3 9 6 4 2 8 5 8 2 1 0 0 8 4 2 7 1 4 8 1 , , , , 7 1 7 8 5 6 4 1 2 1 2 6 4 3 2 5 5 3 3 1 4 , , , , , 6 7 1 9 6 8 5 3 3 0 1 2 2 7 4 C R Si a e g a a s d c n h h i c c t s o e c f s o u o u u n n n ( n t d a s t t w h a c a b a i o t n t l h e s d i t n ) b b t a a e i n l n r l k e s d s s t a o n n d c a u cc rr e e p n t- t 1 3 1 4 9 5 1 , , , 2 5 9 9 0 5 3 7 6 1 4 1 4 5 5 1 , , , 2 6 6 1 1 5 0 4 0 Bank of Sweden (millions of kronor): Time funds at interest 21,008 21,153 Gold 424 353 Sundry bills and investments 221,911 234,370 Foreign assets (net) 874 750 Other assets 49 2,306 Domestic loans and investments... 773 739 Demand deposits (gold) 22,793 28,144 Other assets 877 800 Short-term deposits (various Note circulation 1,568 1,482 currencies): Demand deposits 716 436 Central banks for own account.. 19,812 42,588 Other liabilities 664 723 Other 4,047 3,098 Long-term deposits: Special accounts 229,001 229,001 Other liabilities 192,801 192,840 1 Latest month for which report is available for this institution. 2 Figure not available. 3 Valued at average cost. 4 Gold revalued Apr. 1, 1941, at 0.0047 gram fine gold per leu. 5 See BULLETIN for December 1936, p. 1025. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Central Rate Date Central Rate Date bank of— JT effective bank of— JaT effective 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 t r d h - s - S d w en e- S l w a e n r i - t d z- A A l r b g a e n n i t a ina 3 5K M Ma a r r . . 21 1 , , 1 1 9 9 4 3 0 6 J J a a v p a an 3 3.29 J A a p n r . . 1 7 4 , , 1 1 9 9 3 3 6 7 Belgium 2 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 In effect Oct. 2, Bohemia and Lithuania. ., 6 July 15, 1939 1936 2 4 2 3 2 Moravia Oct. 1, 1940 Mexico 4 Jan. 2, 1941 Oct. 9 Oct. 16 N O o ct v . . 2 2 0 6 V/ 2 B B o ri l t i i v s i h a India.. 3 6 N No o v v . . 2 8 8 , , 1 1 9 9 3 4 5 0 N N e e w th e Z r e l a a - nds 2H June 27, 1941 Dec. 3 2 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Jan. 28, 1937 4 Canada... . Mar. 11, 1935 Norway May 13, 1940 J J u u l n y e 7 15. 6 5 C Ch o i l l o e mbia... 3-4 4 y2 J D u e l c y . 1 1 6 8 , , 1 1 9 9 3 3 6 3 P P e o r r u tugal.... 4 5 M Au a g r. . 31 1 , , 1 1 9 9 4 4 1 0 Aug. 4 4 M N Se o a p v y t . . 1 1 3 0 3 , 1938 . 3 sy2 4 E D c e u n a m do ar r k 4 7 O M c a t y . 2 1 6 6 , , 1 1 9 9 3 4 8 0 R So u u m th a n A ia fr . i . c .. a 3 3 S Ju e n p e t. 12 2 , , 1 1 9 9 4 4 0 1 May 13 2Y2 El Salvador 3 Mar. 30, 1939 Spain 4 lMar. 29, 1939 May 30 ... 3 Estonia 4^ Oct. 1, 1935 Sweden 3 May 29, 1941 Sept. 28 3 Finland 4 Dec. 3, 1934 Switzerland. 1H Nov. 26, 1936 Oct. 27 2H Nov. 25 Jan. 4, 1939 France Mar. 17, 1941 Turkey 4 July 1, 1938 M Ap a r y . 1 1 1 7 4 3 G G e r r e m ec a e ny sy2 A Ju p ly r. 1 9 4 , , 1 1 9 94 4 0 1 Un d i o t m ed King- 2 Oct. 26, 1939 J A u u ly g . 6 24 4 iy2 H Ita u l n y gary 4 3 M M Oc a t y . 2 1 2 8 , , 1 1 9 9 4 3 0 6 U Y . u g S o . s S l . a v R ia .. . . . 4 5 F Ju e l b y . 1 1 , , 1 1 9 9 3 3 5 6 Aug. 29 3 Sept. 28 3 i Not officially confirmed. Oct. 26 2 NOTE.—Changes since Dec. 31: none Dec. 15 3 Jan. 25, 1940 2 Apr. 9 May 17 sy Mar. 17, 1941 1% 2 May 29 . . 3 June 27 2H In effect Jan. 31, 1942 2 1% 3H 2 2H 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 t r c h 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 e w 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 -d y ay d P is r ri c a 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 t n h s 3 s d P is r r i c a v o t a e u t n e t 1929—Nov, 5.35 5.30 5.15 6.89 7.79 4.26 4.17 3.32 1930—No- 2.18 2.15 2.01 4.79 5.48 1.31 1.29 1.16 1931—No' 5.75 5.55 4.96 8.00 8.69 1.59 1.73 1.77 1932—No- .89 .82 .73 C3.88 4.80 .37 1.00 1.50 1933—N 1.05 .94 .75 C3.88 5.18 .45 1.00 1.50 1934—No' .45 .29 .68 3.63 4.21 .63 1.00 1.50 1935—No .57 .55 .75 3.01 3.07 3.15 3.00 2.44 1936—No- .56 .55 .75 3.00 2.79 .85 1.55 1.46 1937—Na .59 .58 .75 2.88 2.65 .13 .50 1.00 1938—No .66 .67 .75 2.88 2.58 .14 .50 1.00 1939—N 1.96 1.18 1.00 2.65 2.19 1.75 2.41 1.25 1940—N 1.03 1.02 1.00 2.25 1.93 2.25 2.75 1.25 1940—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 1.25 Nov... 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. 187 FEBRUARY 194Z 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 d at 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 u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 10 London clearing banks 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 (4) 232 11 London clearing banks 5 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 '""3U" 771 924 293 2,800 1,770 1,030 250 1941—January... 279 131 269 341 789 926 269 2,757 1,729 1,027 247 February. . 284 128 210 330 814 915 272 2,709 1,696 1,013 243 March. . .. 288 132 194 374 821 922 276 2,764 1,728 1,036 242 April 298 137 188 461 820 897 274 2,829 1,769 1,060 247 May 293 128 173 469 848 889 273 2,824 1,789 1,035 249 June 311 143 193 482 880 874 311 2,946 1,870 1,075 248 July 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 November. 332 127 246 651 999 825 280 3,208 2,054 1,154 250 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C h rt a e f n r ig e a d u d r i e b a s n a n in d k o s m . l la il r E l s io ) n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e i r ties reserves loans and dis- foreign Total Demand Time counts banks 1932—December.. 211 103 1,104 155 778 500 115 1,916 538 1,378 821 1933—December.. 197 106 1,036 134 861 482 121 1,920 563 1,357 775 1934—December.. 228 103 977 155 967 491 124 2,035 628 1,407 761 1935—December.. 228 83 945 141 1,155 529 111 2,180 694 1,486 789 1936—December.. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December.. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December.. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December.. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December.. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—January.. . 312 36 1,092 164 1,677 522 79 2,873 1,205 1,668 851 February. . 293 34 1,104 170 1,788 531 80 2,989 1,302 1,687 850 March 296 35 1,115 178 1,766 521 80 2,972 1,270 1,703 858 April 325 31 1,109 189 1,820 544 79 3,064 L,356 1,708 877 May 321 29 1,132 183 1,812 537 80 3,045 L.350 1,695 889 June 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 August 299 35 1,255 190 1,698 553 81 3,031 1,509 1,522 919 September. 308 36 1,237 197 1,696 579 79 3,037 L,482 1,555 938 October 325 37 1,233 199 1,643 594 80 3,012 ,420 1,592 939 November.. 342 36 1,218 182 1,690 593 76 3,041 ,402 1,639 944 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 ro s m B c i o ll u s n d te is d - 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 Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1932—December. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 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 1935—December. 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—January... 4,066 4,080 29,808 7,756 1,745 42,850 42,302 548 938 3,667 February.. 4,293 3,993 30,810 7,579 1,849 43,737 43,195 542 1,034 3,753 March6. ... 4,110 3,920 34,123 7,499 1,961 46,608 46,064 544 1,105 3,901 1 Through August 1939, averages of weekly figures; beginning September1 11993399, end-of-month figures, representing aggregates of figures reported by indrividual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1| per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. A4 TB%e g_ in• nin_g• „1 9<3n6-i/,- fing ures on__ thi.ii_s; _b ia sis• availMab--lLe1 -o nlyI. ,f or r all1 11 <1< bi ankis-_— see foc otn± ote* 5_r. 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. 188 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] 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 S ( h y h a u i n n a g n a - Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export hai) 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 15!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 14.OOOO 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5.1248 33.279 il 2111 96.018 5.1727 4.0000 11.879 1940 29.773 1322.80 305.16 U6.880 6.0562 5.0214 30.155 190.909 85.141 5.1668 4.0000 6.000 1941 ... . . 29.773 123.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 15.1664 ^.OOOO I5.3I3 1941—Jan. . . . 29.773 322.80 321.50 6.0575 5 0560 30.148 90 909 84 801 5.1674 4 0000 5.391 Feb 29.773 322.80 321.11 6.0575 5.0604 30.140 90.909 83.687 5.1663 4.0000 5.424 Mar 29.773 23.704 322.80 321.30 6.0575 5.0599 30.139 90.909 84.981 5.1660 4.0000 5.358 Apr 29 773 23 704 322.80 320.70 6.0575 5 0600 30 129 90 909 87 651 5 1660 4 0000 5 190 May 29.773 23.704 322.80 321.19 6.0575 5.0600 30.129 90.909 87.421 5.1660 4.0000 5.255 June 29.773 23 704 322.80 321.25 6.0575 5 0598 30 129 90 909 88 183 5 336 July 29.773 23.704 322.80 321.31 6.0575 5.0616 30.128 90.909 88.271 5.243 Aug 29.773 23.704 322.80 321.28 6.0575 5.0646 30.130 90.909 88.961 Sept. 29.773 23.704 322.80 321.33 6.0575 5.0616 30.137 90.909 89.134 Oct 29.773 23.704 322.80 321.37 6.0575 5.0803 30.151 90.909 88.781 Nov. 29.773 23.704 322.80 321.43 6.0575 5.0896 30.151 90.909 88.604 Dec 29.773 23.704 322.80 321.50 6.0576 5.1331 30.130 90.909 87.395 Year or month C ( o p b l e i o s a m o) -C s ( l k o z o e v r c a u h n k o a ia ) - ( m D kr a e 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 ( t li a r l a y ) J ( a y p e a n) 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 13.4252 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 U9.308 1.8710 12.0827 40.021 1.6715 22.958 18.475 5.0407 23.436 18.546 153.128 306.38 1941 • .*. 57.004 X2 0101 139.968 124.592 119.770 15.0703 123.439 20.538 322.54 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 Dec 56.987 25.043 20.560 322.78 United Kingdom Uruguay Year or month N ( o k r ro w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a ) ( S p p es a e i t n a) S S m (d t e o e r t l n a t l l a i t e t r s - s ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o l n le - ( 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 23.226 118.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 136.789 2.2716 1940 122.709 3.7110 1.6896 397.99 9.322 46.979 23.802 22.676 1403.50 383.00 65.830 37 601 2 2463 1941 14.0023 398.00 47.133 123.829 x23.210 403.50 403.18 65.830 43.380 *2.2397 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 J•luu lyy 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 Dec 398.00 47.160 403.50 403.50 65.830 52.783 1 Average of daily rates for that part of the year during which quotations were avaijable. 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 20; Finland, Germany, Italy, Portugal, Spain, Sweden, and Switzerland—since June 14; China and Japan—since July 25; Hong Kong—since Dec. 24. 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. FEBRUARY 1942. 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES rindex numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 100 100 1 124 695 134 237 106 1126 144 1930 86 87 100 554 125 85 181 90 1 103 126 1931 73 72 88 500 111 75 153 76 1 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 1939 77 75 103 2 681 107 3 97 278 74 115 111 1940 79 83 137 110 311 4 88 146 143 1941 87 1940—December 80 84 149 111 312 159 164 1941—January 81 85 150 111 313 162 167 February 81 85 150 112 317 165 168 March 82 86 151 112 322 169 170 April 83 87 151 112 324 170 175 May 85 89 151 112 326 171 181 Jane 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 94 155 337 176 ^193 November 93 94 155 December 94 P156 P Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 7 months; no data available since July 1939, when figure was 96. 4 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- Foods p I r n o tr d d i u u al c s- ts p a r n F o d a d r f u m o c o t d s pr I o n tr d d i u a u l c s- ts p A r g t o u r d i r u c a u c l l t - 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 s i - nproducts products 1926 100 100 100 581 793 129 132 130 150 1930 .... 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 ' 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1939 65 70 81 97 106 *653 1 707 108 *93 95 126 1940 . . 68 71 83 133 138 (2) (2) 111 (2) 99 129 1941 82 83 89 1940—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 94 149 158 December 95 91 94 * Average based on figures for 8 months. 2 No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. I9O 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 0 e - e 3 ) d s 9 U K = d ( n 1 1 J i o 9 i u n 0 m t 1 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 1 a e 0 3 n r 0 - - y ) 14 N (1 l = e a 9 1 t 1 n 0 h 1 d 0 e - ) 1 s r 3 S e = r ( w 1 J 1 l 9 a u i 0 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 1 J i o 9 i n u 0 m 1 t 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 - ) 14 N (1 = l e a 9 1 t 1 n 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 1 1 9 9 3 3 6 5 1 1 0 0 0 1 1 1 2 3 5 0 4 4 7 2 0 3 1 12 2 2 0 1 12 1 0 8 1 1 2 1 0 4 1 1 9 9 3 3 6 5 9 9 8 9 1 14 4 7 3 8 7 6 8 1 12 2 5 3 tX 1 1 3 3 2 6 1 1 3 2 0 8 1937 105 139 601 122 127 130 1937 103 154 102 125 137 137 1938 98 141 702 122 130 130 1938 101 156 126 139 137 1939 95 141 2 742 123 130 132 1939 99 158 3 122 126 138 1 1 9 9 4 4 0 1 1 9 0 7 6 1 1 6 6 8 4 128 4 140 146 1 1 9 9 4 4 0 1 1 1 0 0 0 5 1 18 9 4 9 130 5K 1 1 4 40 8 151 1940—December. 97 173 127 158 1940-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 105 199 136 177 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. 113 165 November... 110 200 December. 113 165 December. .. 111 201J 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 S p d r t e n i a r c i i t t v e e e e ) s d 1 d ( K 1 D U 9 i e 2 n n c 1 g e i = t d m 1 e o 0 d b m 0 e ) r (1 F 9 r 1 a 3= n 1 ce 00) G ( e a p r v r m e ic r a a e g n )2 e y N la et n h d e s r 3 - U ( S 1 = 9 n t 1 a 3 i 0 5 t t 0 e - e 3 ) d s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany ( N 19 l e a 3 t 0 n h = d e 1 s r 0 - 0) Number of issues C15 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 1941 117.8 80.0 1940—December 117.7 121.0 101.4 79.8 84.9 70.2 128.0 116.1 1941—January 117.7 122.2 102.2 80.1 85.0 71.8 131.5 120.0 February 116 7 121.9 102.8 74.3 80.1 70.5 133.0 113.4 March 116.9 122.5 102.8 73.2 80.3 69.9 228.3 131.1 115.1 April 116.8 121.7 100.5 103.0 78.5 77.9 69.7 269.5 131.0 126.5 May 117.0 122.7 98.4 103.2 82.1 77.1 70.4 274.6 133.2 121.6 June 117.7 122.9 103.3 79.5 70.7 138.1 July 118 7 124 7 103.1 83.2 72.5 142.6 August 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 r74.8 November 119.2 125.7 77.4 76.0 December 117.5 71.8 r Revised. c Corrected. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 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 4^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning Jan. 4 1 T 93 h 7 i , s J n a u n m .- b M e a r, r . o 1 r 9 ig 3 i 7 n = al ly 1 0 3 0 2 ; 9 a , v h e a ra s g d e e y cl i i e n ld e d i n a b s a t s h e e p n e u ri m od b e w r a o s f 3 s .3 e 9 c u p r e i r ti c e e s n e t l . igible for inclusion in the i m n dex ha . s d . im . in . ish . ed , . . I , n , M , ay 1941, it jwas down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr .-Dec. only—see note 2. Average Jan .-Mar. on old basis was 95.9. 7 Average based on figures for 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1941 191 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 GEORGE B. VEST, Assistant General Counsel DIVISION OF SECURITY LOANS B. MAGRUDER WINGFIELD, Assistant General Counsel CARL E. PARRY, 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 CHESTER C. DAVIS New York District GEORGE L. HARRISON, Vice President ERNEST G. DRAPER Philadelphia District WILLIAM F. KURTZ M. J. FLEMING Cleveland District B. G. HUNTINGTON HUGH LEACH JOHN K. MCKEE Richmond District ROBERT V. FLEMING JOHN N. PEYTON Atlanta District H. LANE YOUNG RONALD RANSOM M. S. SZYMCZAK Chicago District EDWARD E. BROWN, President St. Louis District S. E. RAGLAND CHESTER MORRILL, Secretary Minneapolis District LYMAN E. WAKEFIELD S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel Kansas City District W. DALE CLARK J. P. DREIBELBIS, Assistant General Counsel Dallas District NATHAN ADAMS E. A. GOLDENWEISER, Economist San Francisco District GEORGE M. WALLACE JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 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 Viet Presidents Bank of Agent Boston Albert M. Creighton. 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 TCnnlrt* . Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe.. Warren F. Whittier.. Alfred H. Williams.. Frank J. Drinnen... W. J. Davis E C Hill C. A. Mcllhenny2 C. A. Sienkiewicz Cleveland Geo. C. Brainard.... R. E. Klages M. J. Fleming F. J. Zurlinden C. W. Arnold R. B. Hays W. F. Taylor* G. H. Wagner Richmond Robt. Lassiter W. G. Wysor Hugh Leach J.S. Waldenjr J. G. Fry 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. Dillard 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 Tay Taylor J B. Cozzo 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. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVEBANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch R B Wiltse Helena Branch R. E. Towle Cleveland: Cincinnati Branch B. J. Lazar Kansas City: Pittsburgh Branch P. A. Brown Denver Branch Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch W. T. Clements Atlanta: Dallas: Birmingham Branch P. L. T. Beavers El Paso Branch J. L. Hermann Jacksonville Branch Geo. S. Vardeman, Jr. Houston Branch W. D. Gentry Nashville Branch Joel B. Fort, Jr. San Antonio Branch M. Crump New Orleans Branch E. P. Paris Chicago* .. \ H. J. Chalfont San Francisco: Detroit Branch 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 .. I W. L. Partner Memphis Branch .. j W. H. Glasgow Seattle Branch C. R. Shaw FEBRUARY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS 1 ^ h M.DAK. \ / I 9 \ M.NN. ! ^' I .. r — 1 w MINNEAPOLIS^ I N L VQ l" ——~K~^c 1 \J ) ^ S l COLO. J KAN K S AN A S S . CITY^ | J 1 M°g1 \ > il OKLA. I,-' "Memphis J *^r J 1 Oklahoma City V ARK# ^ /•-—••> U J^TJuttleWk/ i N.MEX. J ? 1 DALLAS® 5 ~" 4 MISS. J "u"'f;» /^ Savannaav TEXAS ;> "* y gj ^[. , V#V""-""" *••""""""nA • MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS # a; HOU^_^_ ». —_ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^^ ^5 an An toni o \^-/ (APPROXIMATE IN THE ST. LOUISDISTRICT) ® FEDERAL RESERVE BANK CITIES \ J^ • FEDERAL RESERVE BRANCH CITI£( \M t \ 1 O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis