Federal Reserve Bulletin, 1942-03

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

CONTENTS = : PAGE Review of the Month 195-101 From a Legal Standpoint: Reserves—Amendment to Regulation D 101 Consumer Credit—Amendment No. 3 to Regulation W and Interpretations of Regulation W 101-1.07 Holding Company Affiliates 107 Advances on Government Obligations 2.07 Neutrality Act 2.08 Trading with the Enemy 108-109 Foreign Funds Control 109-110 How Shall We Pay for the War? By Marriner S. Eccles 111-113 New Statistics on Quarterly Earnings and Dividends of Large Corporations 114-117 New Statistics on Corporate Security Issues 117-119 Annual Report of the Bank of Canada 110-111 Current Events 111 National Summary of Business Conditions 113-114 Financial, Industrial, Commercial Statistics, U. S. (See p. 115 for list of tables).. 115-170 International Financial Statistics (See p. 171 for list of tables) 171-187 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 188 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 189 Map of Federal Reserve Districts 190 Federal Reserve Publications (see inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 2.8 March 1942 NUMBER 3 COMMODITY SUPPLIES AND PRICES Since early in December, the economic of military goods. In lines such as mining, situation in this country has been influenced lumbering, and food processing, in which predominately by changes incident to the declines are expected at this season of the mobilization of resources for the effective year, reductions in activity have been prosecution of the war. It has become ap- smaller than usual. Automobile producparent that the physical task of supplying tion for civilian use, which had been goods needed for the war will require not restricted since August, has been stopped only an expansion in total output but also altogether, and the facilities of this induswidespread curtailment in supplies avail- try are being converted so far as possible able for other purposes. Output of mili- for the manufacture of armaments. The tary products has been sharply increased. mechanical refrigerator industry has been Steps have been taken to reduce produc- ordered to shut down for conversion after tion—in some cases amounting to complete April 30 and the radio manufacturing incurtailment—of civilian goods that use dustry has been notified that it, too, must materials, labor, or plant capacity needed shift to armament production within a few for war production. On the other hand, months. Various other industries engaged civilian demand for goods has continued to in the manufacture of goods for civilian use, increase in response to a rapid expansion of and especially those dependent on imports, income, which has been only partly offset have had supplies of raw materials curby higher taxes and increased savings. tailed considerably and consequently have Consequently, prices in wholesale and re- reduced output of their finished products. tail markets have advanced sharply. The The net result of these changes has been principal advances have been in prices of a further moderate rise in total industrial agricultural commodities and their major production. The Board's seasonally admanufactured products—foods and textiles. justed production index rose from 167 in The number of commodities subject to price December to an estimated 173 in February. controls on the part of the Federal Govern- This compares with an index of 140 at the ment has been extended and at the end of beginning of 1941 and of 116 in May 1940. January the Emergency Price Control Act Activity on the railroads and in the conwas passed providing more effective means struction industry has been maintained at a of enforcement. high level for this season of the year. Production generally has continued to National income paid out to individuals in increase as a result of the rise in output January was at an annual rate, on a season- MARCH Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ally adjusted basis, of about ioo billion the decline, however, was less than had dollars, as compared with 8z billion a year been expected earlier, as increased producago, and further increases appeared certain. tion of trucks and replacement parts for all There have likewise been marked changes types of automobiles helped to maintain in the distribution of commodities. Rapid employment. Conversion operations were shifts in output and supplies of various also under way in a number of other inproducts, combined with larger incomes dustries but it appears that in the aggregate and uncertainties arising from announce- employment did not decline in February, ments that more drastic shifts might be and that as industry becomes more fully expected, have led to widespread antici- adapted to war production employment patory buying of most nonperishable com- will increase substantially. modities that were available for distribution. Retail sales declined much less than RECENT PRICE CHANGES is usual after the active Christmas season, Further rapid advances in commodity and for the month of January, as a whole, prices since early December have increased sales at department stores and in many other the general wholesale price level to about lines of trade were at record levels, making 30 per cent, and the cost of living to about allowance for usual seasonal changes. The 15 per cent above the low point in August retail buying wave diminished somewhat in I939' before the outbreak of war in Europe. February, but sales in that month remained Most of the increases have occurred since at a high level. Orders received by manu- March 1941 and have reflected the increasfacturers have also increased sharply since ing disparity between available supplies last autumn, and in nearly all lines the and the growing volume of demand. Divalue of manufacturers' inventories has continued to increase, reflecting in part COMMODITY PRICES increases in price. Employment showed a decline in January, resulting mainly from the operation of the usual seasonal influences in agriculture, trade, and some industrial lines. In manufacturing as a whole the decline was somewhat less than seasonal as employment in the durable goods industries, which include most of the important war industries, increased, while the number employed in the nondurable goods industries declined somewhat more than is usual at this time of year. Hours of work meanwhile were lengthened in numerous industries and factory payrolls increased from December to January. In February there was an important reduction in employment at automobile factories, owing to the shutdown Bureau of Labor Statistics data; cost of living for the fifteenth of the month with monthly figures prior to September 1940 and the latest of plants for conversion to war production; figure, February 15, estimated by Federal Reserve. Wholesale price indexes are weekly with latest data for week ending February 21. 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH WHOLESALE PRICES or 28 BASIC COMMODITIES total number on which ceilings were in Weekly Averages effect to 19 commodities. On the other Per cent rise Weekending to Feb. 21, hand, in this period original ceiling levels 1942 from were increased for a number of basic com- Feb. Dec. Dec. Aug. 21, 6, 6, 26, modities, and the remaining nine uncon- 1942 1941 1941 1939 trolled items in the index, which are mostly FOODSTUFFS Barley dol. per bu. .86 .77 12 91 farm products, showed an average rise of 13 Corn dol. per bu. .82 .73 12 82 Wheat, winter dol. per bu. 1.23 1.16 6 84 per cent. B C u ot t t t o e n r. s eed oil d c o ts l. . p p e e r r l l b b . . 12. . 6 35 3m 11. . 7 3 3 4 3 8 1 4 7 6 6 Since United States* entry into the war, Tallow cts. per lb. 9.71m 8.75 11 131 Lard cts. per lb. 12.40 10.73 16 89 the broad index of 900 wholesale prices has Hogs dol. per cwt. 12.96 10.05 29 98 increased by 5 per cent, which is as large a Steers dol. per cwt. 12.37 11.78 5 38 rise as that shown by the index of 2.8 basic Cocoa beans cts. per lb. S.9QP1 9.13 -3 101 Coffee cts. per lb. 14.21m 14.07 1 57 commodities. The extent of Federal con- Sugar, raw cts. per lb. 3.74m 3.50m 7 31 trol over wholesale prices of this larger INDUSTRIAL MATERIALS Hides cts. per lb. lS.SCP1 15.50™ 0 48 Rubber cts. per lb. 22.50™ 22.50™ 0 34 number of commodities is much more Burlap cts. per yd. 11.00m ii. so01 A 99 limited than for the 2.8 basic commodities, Cotton cts. per lb. 19.36 17.09 13 115 Print cloth cts. per yd. 8.69m 8.22m 6 83 but changes in the average level of all Silk dol. per lb. 3.08m 3.08m 0 17 Wool tops dol. per lb. 1.30 1.29 1 83 wholesale prices are usually much smaller L C e o a p d p er , c c t t s s . . p p e e r r l l b b . . 1 6 2. . 0 3 0 5 ™ m 1 5 2. . 7 O 0 O ™ 111 1 0 1 3 1 0 4 than for basic commodities. The number Tin dol. per lb. .52m .52m 0 6 Zinc cts. per lb. 8.25m 8.25m 0 74 of price ceilings was more than doubled be- Steel scrap (2 markets)... dol. per ton 19.17m 19.17m 0 23 tween December 6 and February xo, reach- Flaxseed dol. per bu. 2.36 1.86 27 51 Rosin dol. per cwt. 3.18 2.84 12 81 ing a total of 100. Shellac cts. per lb. 32.50m 31.80 2 232 The general index in the latter part of m Maximum price ceilings. In addition on February 21 ceilings were in effect for lard and wool tops above their market prices. February reached 97 per cent of the 19x6 rect Federal price controls have increased level—about 2.0 per cent higher than a year in scope but thus far have been inadequate ago. Wholesale price changes since the to prevent sharp advances in the cost of beginning of the war in August 1939 and living. since the entry of the United States are Partly in anticipation of these develop- shown for major groups of the index in ments, prices of basic commodities had the table on the next page. earlier shown a large rise, as indicated in INDUSTRIAL COMMODITIES the chart. From the middle of January to the latter part of February of this year, Wholesale prices of industrial commodhowever, prices of basic commodities ities have generally shown much smaller showed little further increase, largely advances since the outbreak of war in 1939 as a result of an extension of Federal than prices of agricultural commodities, price ceilings. although demand for industrial products Of the z8 commodities included in the has increased more sharply. Output of Bureau of Labor Statistics* basic com- industrial products has increased considmodity index, maximum prices have been erably more than agricultural production, issued for seven additional commodities and Federal action was taken early to limit since early in December, as shown in the advances in prices of industrial commodiaccompanying table. This brought the ties—particularly selected raw and semi- MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH finished materials. Meanwhile, advances ucts in consuming markets have generally in farm prices, which have generally been remained at the ceiling levels established below official standards of parity relative in January. The largest price increases to other prices, have generally been en- among industrial products other than foods couraged by continued restrictions on since August 1939 have been in textile plantings of major crops under the Federal products and in chemicals and drugs, and agricultural program, and by increased these groups have also shown marked rises crop loan rates and substantial purchases in since last December. the market of various products for ship- WHOLESALE PRICES OF 900 COMMODITIES ment abroad. PER CENT AUGUST 1939= 100 PER CENT Increases since August 1939 in wholesale prices recorded by the index for the various 60 j major industrial groups are, nonetheless, / substantial with the exceptions, as shown 50 r in the table, of prices of fuels and metals. FARM / 140 PFWDUCTS / WHOLESALE PRICE CHANGES 130 Index Per cent increase to numbers Feb. 21, 1942 from TEXTILE 1926 = 100 j /AND LEATHER PRODUCTS Feb. 21, Dec. 6, Aug. 26, >A /\y 1942 1941 1939 110 \. ^ All commodities 96.5 5 29 100 Farm products 101.9 12 67 Foods . . 94.8 7 42 Other 94.8 1 18 90 90 Hides and leather 116.1 1 25 130 130 Textile products 93.7 3 39 Fuel and lighting 78.5 -1 7 Metal and metals products.. 103.6 0 11 120 Building materials 109.7 2 22 Chemicals and drugs 96.9 8 31 ALL GTHZ.R/ Housefurnishing goods 104.1 2 20 110 Miscellaneous 89.1 2 22 Raw materials 97.2 8 47 -•^ ..../METALS / Manufactured goods 97.1 3 22 * *" . ,„. | FUELS Source of data: Bureau of Labor Statistics. 90 The relatively small rise for metals reflects 1939 1940 1941 1942 Bureau of Labor Statistics data. Federal Reserve classification chiefly prompt Federal action to restrict for food, textile and leather products group, which includes cattlefeed and textile furnishings in addition to major B.L.S. groups, and all increases, as well as the difficulty of measur- other group—composed chiefly of building materials, chemicals and drugs, rubber, tires, paper and other miscellaneous commodities. Duplicated items excluded. February 1942 estimated. ing price changes in this field. The smallest increase for any major group is 7 per As shown in the accompanying chart, cent for fuel and lighting materials, re- there have been large increases in prices in flecting increases in prices of coal and recent years for goods that are manufactured petroleum products, offset in part by from farm products, as well as for farm decreases in average prices paid for elec- products themselves. The food and textile tricity and gas since 1939. The decline groups both advanced about 40 per cent shown for the fuel group since December from August 1939 to February 1942., and reflects chiefly decreases in prices of petro- prices of hides and leather products, as a leum products at the Gulf Coast as a result group, increased 1.^ per cent in this period. of the changed shipping situation along the The smaller rise for the latter group has Atlantic Coast. Prices of petroleum prod- reflected partly the early action establish- 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ing Federal maximum prices for domestic brought an advance in prices of livestock hides last summer. products, which carried the index of prices of all farm products in March 1941 to 17 THE RISE IN FARM PRODUCTS per cent above the pre-war period. Since Market prices of farm products showed a that time prices of most farm products have total increase of about 65 per cent from risen rapidly except for a short, partly- August 1939 to February 1942., three- seasonal, decline in livestock prices in the fourths of this rise occurring in the past autumn of 1941. year, as shown in the accompanying chart. Numerous factors have influenced this The total increase was three times as large sharp rise in prices, including actions by as for wholesale prices of all other com- Federal authorities partly for the purpose modities in the Bureau of Labor Statistics' of stimulating increased production and wholesale price index, and this rapid in- partly to restore previous relationships crease was a considerable factor in changes between prices received and those paid by in the general price level and the cost of farmers. In September 1941, the average living. of prices received by farmers reached 100 Since early in December prices of farm per cent of parity in terms of relationship to products as a group have risen considerably prices paid, as computed by the Department further. The sharpest increase has been in of Agriculture. At that time prices rehog prices, which reached the highest ceived for major individual products ranged point in many years, and double the rela- from 50 per cent of parity for hay to 145 tively low level prevailing in the summer per cent for wool. Prices of crops averaged of 1939. Slaughter supplies of both hogs about 90 per cent of parity and livestock and cattle in December and January were products about no per cent. about 40 per cent larger than three years Reviewing the course of agricultural ago, but Government purchases of pork prices during the past year, it would appear products for export were large and domestic that some of the advances have encouraged demand was sharply higher. needed increases in production of particu- In the summer of 1939, prices of farm lar products, and that the general rise in products were relatively low compared farm prices has raised incomes of farmers to with other recent years, reflecting chiefly a substantially higher level. During the the accumulation of more ample supplies 1941 marketing season cash farm income, following the severe droughts of 1934 and including Government payments, was about 1936. With the oubreak of the European a third larger than in 1939, and the Departwar in September, prices showed sharp ment of Agriculture estimates that this advances, largely of a speculative nature. year's income may be two-thirds larger In subsequent months there was some re- than in 1939 and the largest since 1919, the cession, but the rise in consumer demand, previous high. Meanwhile, farm wage accompanying increased industrial activity, rates rose about one-third from March 1941 resulted in the maintenance of the general to January i94x and there was an increase average of prices of farm products in 1940 of xo per cent in prices paid by farmers for at about 10 per cent higher than in August commodities used in living and production. 1939. In the autumn and winter of 1940 The commodities showing the most rapid further increases in consumer incomes increases were feedstuff's and goods manu- MARCH 1942. 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH factured from farm products, notably foods developments discussed above; in addition, and clothing. there have been sharp increases in prices of furniture and of various types of household COST OF LIVING supplies. The cost of living for wage earners and Currently incomes available for spending lower-salaried workers in urban centers are increasing and civilian buying is being advanced about i| per cent from December steadily restricted to fewer commodities, 15 to January 15 and at that time was 11 and as a consequence there is strong upward per cent above the level of March 1941. pressure on prices. At the same time con- According to preliminary indications, liv- trols over prices are being extended somewhat. For such tires and new automobiles <30ST OF LIVING P1E2R 0 CENT I93S- 39 AVERAGE • 100 PCH C 1 EN 2 T 0 as are to be available maximum prices have been fixed at retail, and since December 7 a 110 —y no number of price schedules have been estab- TOTAL lished for finished consumers' goods at the 100 —"1 100 wholesale level. Altogether the finished 90 90 goods on which prices have been fixed 120 120 '• -A represent in retail value about 10 per cent 110 110 of the total cost of living in the 1935-39 > A *«• CL0THIN6 100 100 period. Many of these schedules, howo^ ever, were for items, such as new radios, 90 90 120 120 refrigerators, and automobiles, that currently or in the near future will not be 110 110 RENT available for sale to most civilians because 100 H0USEFURNISH1N6S 100 their output has been sharply curtailed or 90 90 prohibited by Federal order. In addition 120 120 to the price schedules for finished consum- 110 no ers' goods, ceilings have been fixed for MISCELLANEOUS hides, wool, and some other raw materials KX) 100 FUEL. ICE. used in the production of consumers' goods. ELECTRICITY 90 1 1 90 Bureau of Labor Statistics data for the fifteenth of the month; selected dates March 1935-July 1936, quarterly, through September PRICE LEGISLATION 1940, and monthly October 1940-January 1942. ing costs have advanced further since the The Emergency Price Control Act of middle of January. 194Z, which has been under consideration The rise in the cost of living has been by Congress since last summer, became a general but, as the chart shows, has been law on January 30. The passage of this much more marked for foods, clothing, and Act now provides the Government with housefurnishings than for other items. more effective means of enforcing price con- These three groups have shown increases trols than existed last year. The problems of between 15 and xo per cent during the requiring effective action have also inpast year. To a large extent these in- creased in magnitude since that time. The creases have been influenced by advances in Act provides for broad control of comprices of farm products, resulting from modity prices, of marketing margins, and xoo FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of rents in defense areas in order to stabilize sidy payments to domestic producers for prices, to protect defense expenditures the same purpose. against dissipation by excessive prices, to Wage rate controls as such are not estabsafeguard persons and institutions having lished by the Act, but "those departments fixed incomes against undue impairment of and agencies of the Government dealing their real incomes, to secure adequate with wages" are directed "within the production of commodities and facilities, limits of their authority and jurisdiction to and to prevent a post-emergency collapse work toward a stabilization of prices, fair of values. and equitable wages, and cost of The Act provides that in establishing any production/* maximum price, due consideration should According to the terms of the Act the be given to prices prevailing between Oc- formal price schedules issued during the past tober i and October 15, 1941. Provision year by the Office of Price Administration, is made for adjusting maximum prices to approximately 100 in number, remain in allow for changes in the cost of production effect as maximum price regulations. A and distribution and for certain other con- summary of the kinds of schedules curditions. Maximum prices for agricultural rently in effect is presented in the accomcommodities may not be established be- panying table which also shows that about low the highest of any of the following half the total number of these schedules prices, as determined by the Secretary of was issued in the two months following Agriculture: (1) no per cent of parity or the United States' entry into the war. In the comparable price; (V) the market price the period since the early part of February, on October 1, 1941; (3) the market price when the control administration has been on December 15, 1941; (4) the average undergoing adjustment to the new legislaprice during the period July 1, 1919 to tion, few additional schedules have been June 30, 192.9. It is also provided that issued. maximum prices of commodities processed NUMBER OF FEDERAL MAXIMUM WHOLESALE PRICE in whole or substantial part from any SCHEDULES IN EFFECT agricultural commodity should not be Feb. 20, Dec. 6, 1942 1941 below a price which will return to the Total. 100 44 agricultural producer a price equal to the Farm products (wool) 1 0 highest of the prices enumerated above. Foods (mostly imported) 8 1 Hides and leather products.... 2 1 Prices for agricultural commodities may Textile products (cotton 5).... 11 8 Fuels (petroleum and coke) 5 2 not be fixed without approval of the Secre- Metals and metal products*... 29 15 Building materials (lumber 6). 8 5 Chemicals and drugs 19 8 tary of Agriculture. The Act authorizes Housefurnishing goods 7 1 Miscellaneous (rubber 4)* 10 3 the purchase, sale and use of commodities * Retail prices of tires and new automobiles also covered. in order to obtain maximum necessary Grouping by Federal Reserve from press releases of Office of Price Administration following approximately Bureau of Labor Statistics' production and also the granting of sub- groups of wholesale prices in the index of 900 commodities—about 40 schedules cover items not included in the index. MARCH 1942. 2.OI 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. Reserves puted on the basis of average daily net deposit balances covering semimonthly periods.8 Amendment to Regulation D "(2.) In computing such deficiencies the The Board of Governors on February 2.1, 1942., required reserve balance of each member bank amended Regulation D, effective with the re- at the close of business each day shall be based serve computation period beginning February 2.8, upon its net deposit balances at the opening 194X5 so as to provide that deficiencies in reserves of business on the same day; and the weekly of member banks in all central reserve and re- and semimonthly periods referred to in paraserve cities shall be computed on a weekly basis. graph (1) hereof shall end at the close of Prior to this change deficiencies in reserve bal- business on days to be fixed by the Federal ances of member banks in cities where Federal Reserve Banks with the approval of the Board Reserve Banks or branches thereof are located of Governors of the Federal Reserve System." and in a few other reserve cities were computed z. Section 4 of Regulation D is amended to on the basis of average daily net deposit bal- read as follows: ances covering semiweekly periods whereas such "SECTION 4. LOANS AND DIVIDENDS WHILE computations of deficiencies of member banks in RESERVES ARE DEFICIENT other reserve cities were made on a weekly basis. This change places all banks in such cities on "It is unlawful for any member bank the rethe same basis in this respect and has been made serves of which are deficient to make any new for the convenience of member banks in these loans or pay any dividends unless and until the cities in adjusting their reserve positions. total reserves required by law are fully restored, and the payment of penalties for deficiencies in Country banks, i.e., those located outside of reserves does not exempt member banks from central reserve or reserve cities, will continue as this prohibition of law. As provided in secheretofore to compute reserves on a semimonthly tion 3 of this regulation, penalties for deficienbasis. cies in reserves are computed on the basis of the The text of the amendments is as follows: average reserve balances for weekly or semi- 1. Subsection (a) of section 3 of Regulation D monthly periods; but this prohibition of law is amended to read as follows: applies whenever the reserves are deficient for one day or more, regardless of whether or not "(a) Computation of deficiencies. the average reserve balances for the weekly or "(1) Deficiencies in reserve balances of semimonthly period are deficient." member banks in central reserve cities and in reserve cities shall be computed on the basis "8 Deficiencies in reserve balances of member banks in outlying of average daily net deposit balances covering sections of central reserve and reserve cities which have been authorized by the Board of Governors of the Federal Reserve System, under the weekly periods. Deficiencies in reserve bal- provisions of subsection (a) of section 2 of this regulation, to maintain seven percent reserves against demand deposits, will also be computed ances of other member banks shall be com- on the basis of average daily net deposit balances covering semimonthly periods." 2.O2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Consumer Credit effective March 2.3, 1942., except that the change in Part 3(b) of the Supplement shall not become Amendment to Regulation W effective until April 1, 1942.. The Board has issued Amendment No. 3 to 1. Section 3(b) is amended to read as follows: Regulation W, effective, except in one particular, on March 2.3, 1942.. There follows a sum- (b) General License.—Whenever this regumary of the principal changes, together with lation is amended so that any person who was the text of the amendment. not formerly subject to section 3(a) becomes The standard maturity is reduced from 18 to subject thereto, such person is hereby granted 15 months for all credits subject to the regula- a general license; but such general license shall tion, except credits for modernization, plumb- terminate at the end of the second full calendar ing, furnaces, water heaters, water pumps, and month after the month in which the amendpianos, all of which may still be for 18 months. ment becomes effective unless such person has The down payments are increased from 2.0 per registered, in the manner provided in section cent to 33;H$ per cent on refrigerators, washing 3CO, before such termination. Any person machines, ironers, vacuum cleaners, electric whose license is not suspended may become dishwashers, room unit air conditioners, sewing licensed by registering in the manner provided machines, radios and phonographs, and musical in section 3CO* instruments. On home air conditioning systems and attic ventilating fans, the down pay- 2.. Section 4CO is amended by adding the folments are increased from 15 per cent to 33^ per lowing new paragraph at the end thereof: cent, and on furnaces, water heaters, water The Registrant may disregard the requirepumps, and plumbing, from 15 per cent to 2.0 ments of this section 4CO in the case of any per cent. article listed in Group A, B, C or D on which The following articles are added to the list, the down payment required by section 4Ca) with 33^3 per cent down payment required: would be $1.00 or less, or in the case of any bicycles, lawn mowers, silverware, and photoarticle included in Group E of which the bona graphic equipment; The following are added fide cash purchase price, as defined in the to the list, with 2.0 per cent down payment Supplement, does not exceed $10.00. required: clocks, watches, and floor coverings. Persons who become subject to the regulation 3. Section 5Cd) is amended by changing the on and after March 13 because of the addition words "On and after January 1, 1941, no Regisof articles to the list are given until June 1 to trant" at the beginning of the section to "No register. Prior to June 1 they are granted a Registrant", and by striking out the next to general license. last sentence of the section. After April 1 the credit value of a used automobile, instead of being based solely upon the 4. Section 6Ce) is amended so that clause CO purchase price, is to be based upon the purchase thereof will read as follows: price or the average retail value as stated in such CO t0 finance the purchase of aircraft for automobile appraisal guides as may be desiguse in any activity in respect of which a nated by the Board, whichever is lower. preference rating of A-10 or higher is in force for deliveries of civil aircraft; Amendment No. 3 to Regulation W Regulation W is hereby amended in the fol- 5. Section 6Q) is stricken out and the following respects, and these changes shall become lowing new provision is substituted therefor: MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (j) Any extension of instalment loan credit intervals, the consolidated obligation may made by the Disaster Loan Corporation. combine payments that would otherwise have fallen due at different times within any 6. The first sentence of section 6(k) is amended monthly period, but the first of such combined to read as follows, and the number (2.) in the payments shall fall due within one month second sentence of the section is changed to (3): after such consolidation; or Any extension of instalment loan credit 9. Section 8(d) is amended by striking out the which is made to a person engaged in agriculture, or to a cooperative association of such last sentence thereof. persons, provided that the extension of instal- 10. Section $(d) is amended by adding the ment loan credit (1) is made by the Land Bank following new paragraph at the end thereof: Commissioner on behalf of the Federal Farm Mortgage Corporation and is found, pursuant Whenever this regulation is amended to add to regulations issued by the Commissioner, to any article to the listed articles specified in be necessary to maintain or increase producthe Supplement, the amendment shall not tion of essential agricultural commodities, or apply with respect to the carrying out of any (X) is approved by the Farm Security Adminvalid contract made prior to the effective istrator, or his authorized agent, as being date of the amendment; but any renewal, renecessary for the rehabilitation of a needy vision or consolidation of any such obligation farm family, or (3) is for general agricultural shall be subject to the requirements of secpurposes and is not for the purpose of purchastion 8, and for the purposes of section 8(a) ing any listed article and not secured by any the terms of repayment "permitted in the first listed article purchased within 45 days before instance" for such an obligation shall be the extension of credit. deemed to be those applicable to such an extension of credit under such amendment. 7. The following footnote is added to section 8(a), and the footnote reference4 is inserted after 11. The part of section 10 after the heading the word "credit" immediately before the prois amended to read as follows: viso of the section: 4 If there should be any arrearage which This regulation became effective in its origidoes not arise out of any prearrangement or nal form September 1,1941; Amendment No. 1 plan to evade this regulation, the arrearage became effective September 2.0, 1941; Amendmay be divided equally among and added to ment No. 2. became effective December 1,1941; the remaining payments scheduled for the and Amendment No. 3 shall become effective liquidation of the credit to which such arrear- March ZT,, 1942., except that the change made age relates. This applies to any renewal, in Part 3 of the Supplement by Amendment revision or consolidation effected in accord- No. 3 shall not become effective until April 1, ance with any provision of Section 8. I942- 8. Option 1 in section 8(b) is amended to read ix. The Supplement is amended to read as as follows: follows: Option 1. The terms of the consolidated SUPPLEMENT TO REGULATION W obligation shall be such as would have been necessary to meet the requirements of this Part 1. Listed Articles, Maximum Maturities, and Maximum Credit Values—For the regulation if the several obligations had not purposes of the regulation the following been consolidated: Provided, That, in order tomaximum maturities and maximum credit valschedule payments at approximately equal ues shall apply to the following list of articles: Z04 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Maximum Maximum Credit Credit Maximum Value in per Maximum Value in per Articles of Consumers' Durable Goods Maturity cent of Basis Articles of Consumers* Durable Goods Maturity cent of Basis {Whether New or Used') in Months Price {Whether New or Used") in Months Price Group A *i5. Motion picture cameras, projeci. Automobiles (passenger cars de- tors, and lenses, designed for signed for the purpose of trans- film gauges less than 35 mm.; porting less than 10 passengers, still cameras, projectors, lenses including taxicabs) 15 (See Part 3 and shutters, and enlargers. ... 15 66% 2.. Motorcycles (two or three-wheel of this Supmotor vehicles, including mo- plement) Group D tor bicycles) 15 1. Household furnaces and heating units for furnaces (including oil Group B burners, gas conversion burn- 1. Aircraft (including gliders) 15 ers, and stokers) 18 80 2.. Power driven boats, and motors -L. Water heaters designed for housedesigned for use therein, other hold use 18 80 than boats or motors designed 3. Water pumps designed for housespecifically for commercial use. 15 hold use 18 80 3. Outboard boat motors 15 4. Plumbing and sanitary fixtures *4. Bicycles 15 designed for household use.... 18 80 5. Home air conditioning systems. . 15 66% Group C 6. Attic ventilating fans 15 66% 1. Mechanical refrigerators of less 7. New household furniture (includthan 12. cubic feet rated ca- ing ice refrigerators, bed pacity 15 springs, and mattresses but ex- 2.. Washing machines designed for cluding floor coverings, wall household use 15 coverings, draperies, and bed 3. Ironers designed for household coverings)1 15 90 use 15 66% 8. Pianos and household electric 4. Suction cleaners designed for organs 18 90 household use 15 *9- Floor coverings (including fabric 5. Cooking stoves and ranges de- and linoleum type rugs, carpets, signed for household use 15 80 mats, and other floor covering 6. Heating stoves and space heaters materials, whether or not dedesigned for household use.... 15 80 signed to be affixed to the floor) 15 80 7. Electric dishwashers designed for household use 15 Group E 8. Room-unit air conditioners 15 1. Materials and services (other than 9. Sewing machines designed for materials, whether or not dehousehold use 15 signed for household use, 10. Radio receiving sets, phono- which are of the kinds listed in graphs, or combinations 15 Group C or D) in connection 11. Musical instruments composed with repairs, alterations, or principally of metals 15 improvements upon urban, sub- *iz. Lawn mowers, mower-type edg- urban or rural real property in ers and trimmers (whether or connection with existing strucnot power-driven) 15 tures (other than a structure, *i3. Silverware (flatware and hollow or a distinct part thereof, ware, whether solid or plated). 15 66% which, as so repaired, altered *i4. Clocks, electric or other, designed or improved, is designed exfor household or personal use, clusively for non-residential use), •and watches 15 80 provided the deferred balance does not exceed $1,000 18 No limitation • Added by Amendment No. 3, effective March 23, 1942. 1 An article is not new if it has been used by a consumer. MARCH 1942. xo 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Part 2. Basis Price of Listed Articles Other the total of such maximum retail price and any Than Those in Group A.—The basis price of any- applicable sales taxes not included therein. listed article, other than an automobile or other Part 5. Instalment Loan Credit Subject to article listed in Group A, shall be the bona fide Section 5(b) of the Regulation —The maximum cash purchase price of the article and accessories maturity of any extension of instalment loan purchased minus the amount of any allowance credit of $1,500 or less subject to section 5(b) of made by the seller for any article traded in by the Regulation shall be 15 months. the purchaser (including as such a trade-in any- Interpretations of Regulation W thing which the seller buys or arranges to have bought from the purchaser at or about the time Since the publication of the February 1942. of the purchase of the listed article). Federal Reserve BULLETIN, the Board of Governors of the Federal Reserve System has issued Part 3. Maximum Credit Value of Autothe following interpretations of Regulation W mobles and Motorcycles.—For the purpose of relating to consumer credit: the regulation: (a) The maximum credit value of a new auto- STATEMENT OF TRANSACTION— mobile or a new or used motorcycle shall be 66% per cent of the bona fidec ash purchase price. STATEMENT OF BORROWER (F) f The maximum credit value of a used Interpretation No. 12j of Regulation W automobile shall be 66% per cent of whichever is the lower of the following two figures: Section 5(0) (1) requires that a copy of the (i) the bona fide cash purchase price; or statement of the transaction be given to the (z) the "appraisal guide value" plus any ap- obligor. The Board has been asked whether a plicable sales taxes. copy of the statement should be given to each "Appraisal guide value" means the estimated of the parties to a note which is made by several average retail value as stated in such edition of co-makers, some of whom are accommodation any regularly published automobile appraisal makers. guide as the Board may designate for this pur- The Board replied that a copy of the statepose for use in the territory in which such used ment need be given only to the party who reautomobile is sold. Information as to the guide ceives the proceeds of the loan. or guides designated for any given territory may Similarly, the Statement of the Borrower rebe obtained from any Federal Reserve Bank or quired by section 5(d) need be obtained only branch. from the party who receives the proceeds of Part 4. Cash Purchase Price.—For the pur- the loan. poses of the Supplement: REGISTRATION STATEMENT—EXEMPT LOANS Qa) The bona fide cash purchase price of an article includes that of any accessories, and it Interpretation No. 126 of Regulation W also includes any applicable sales taxes and any bona fide delivery and installation charges; and Under section 3(a) of Regulation W, every (T) In the case of any article or accessory for person "engaged in the business of making exwhich the Federal price authorities have pre- tensions of instalment sale credit or instalment scribed a maximum retail price, the maximum loan credit***" must file a simple registration credit value shall in no event exceed that result- statement. ing from a bona fide cash purchase price equal to Since section 6 of the regulation exempts certain transactions from the requirements of sect This provision is effective on and after April 1, 1942. Prior to tions 4 and 5, questions have been received as to that date the maximum credit value of a used automobile shall be 66% whether a person must register if the only kinds per cent of the bona fide cash purchase price. 2.06 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT of "instalment sale credit" or "instalment loan The Board recently has had occasion to give credit" he extends are those covered by sec- careful consideration to these statutory provition 6. sions, and has ruled that an organization is a The answer is that he must. The exemption, holding company affiliate of a member bank if as indicated above, is only from sections 4 and 5, the number of shares owned or controlled by and it does not affect section 3. Furthermore, the organization is equal to more than 50 per the credits described in section 6 are closely centum of the number voted at the preceding related to the general purposes of the regulation election of directors of the bank, regardless of —in fact, many of them are exempted only on whether the shares so owned or controlled were certain important conditions that are similar in or were not voted. many respects to those stated in sections 4 and 5. Advances on Government Obligations The Board of Governors of the Federal Reserve FIRST LIEN ON REAL ESTATE—PRIOR LIEN FOR System has ruled that Federal Reserve Banks TAXES PAST DUE may make advances both to member banks and Interpretation No. izj of Regulation W to nonmember banks on their promissory notes secured by direct obligations of the United Interpretation W-X5 of Regulation W stated States for periods not exceeding 90 days. that a first mortgage may be considered a "first Although the eighth paragraph of section 13 lien" within the meaning of section 6(a) of of the Federal Reserve Act appears to limit the Regulation W, even though a prior lien for maturity of advances to member banks on the "current taxes not due and payable" exists under State law. security of Government obligations to fifteen Although the facts involved in that interpreta- days, the last paragraph of section 13 authorizes tion related only to current taxes not due and Federal Reserve Banks to make advances for payable, the board has recently considered other periods not exceeding 90 days "to any indiquestions regarding property taxes on mort- vidual, partnership or corporation" on the gaged real estate under the regulation, and the promissory note of such individual, partnership Board is of the opinion that a first mortgage is a or corporation secured by direct obligations of "first lien" within the meaning of section 6(a) the United States. regardless of the status of any property taxes on The Board has ruled that the term "corporathe property, whether the taxes are current or tion" includes incorporated banks whether or past due. not members of the Federal Reserve System and that therefore advances under the last paragraph Holding Company Affiliates of section 13 may be made to member and nonmember banks as well as to individuals, partner- Relationship Based on Number of Shares Voted at Preceding Election of Directors ships and other corporations. of Banks The law provides that such advances shall bear interest at rates fixed from time to time by Section 2.(c) of the Banking Act of 1933 defines the Federal Reserve Bank, subject to the review the term "holding company affiliate", in part, and determination of the Board of Governors as including any corporation, business trust, of the Federal Reserve System. The rate in association, or other similar organization which owns or controls, directly or indirectly, "more effect on March 1 for advances of this kind was than 50 per centum of the number of shares 1 per cent at 7 of the Federal Reserve Banks and voted for the election of directors of any one 1^2 per cent at the remaining Federal Reserve bank at the preceding election." Banks. MARCH 1941 Z07 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Neutrality Act amended, are hereby delegated to the Secretary of the Treasury. Suspension of Provisions Relating to FRANKLIN D. ROOSEVELT Financial Transactions THE WHITE HOUSE, February 11, 1942.. There is set forth below the text of a Joint Resolution by Congress approved February xi Regulations Establishing Vested Property 9 Claims Committee i94i suspending when the United States is at war the operation of section 7 of the Neutrality In order to provide for the orderly determina- Act of 1939 (Pub. Res. No. 54, 76th Cong.), tion of claims to property vested in the Secrerelating to financial transactions by any person tary of the Treasury pursuant to section 301 of within the United States involving obligations the Act of December 18, 1941, known as the of any nations which the President has by "First War Powers Act, 1941", the Treasury proclamation declared to be at war. The text Department on February 16,1942., issued Regulaof section 7 of the Neutrality Act of 1939 was tions providing for the establishment of the published at page 1054 of the December 1939 Vested Property Claims Committee empowered Federal Reserve BULLETIN. to hear claims with respect to sequestered property. The text of the Regulations is as follows: [PUBLIC LAW 459—77TH CONGRESS] Treasury Department, Office of the Secretary, [CHAPTER 104—XD SESSION] February 16, 1941 Regulations Relating to Property Vested in the Secretary of the [S. J. Res. 133] Treasury Pursuant to Section f(F) of the Trading with the Enemy Act, as Amended* JOINT RESOLUTION Section 141.1 Authority for regulations. These regulations are prescribed and issued by virtue of the authority vested in Amending section 7 of the Neutrality Act of 1939 the Secretary of the Treasury by the President pursuant to Resolved by the Senate and House of Representa- section 5(b) of the Trading with the enemy Act, as amended tives of the United States of America in Congress by section 301 of the First War Powers Act, 1941. Section 141.1 Receipt and disposition of claims. The folassembled, That section 7 of the Neutrality Act lowing procedure is hereby established for the receipt and of 1939 (Public Resolution Numbered 54, disposition of claims to property vested in the Secretary of Seventy-sixth Congress) is amended by adding the Treasury pursuant to section 5OO of the Trading with at the end thereof the following new paragraph: the enemy Act, as amended by section 301 of the First War Powers Act, 1941: "(0 This section shall not be operative when (a) Claims to property vested in the Secretary of the the United States is at war." Treasury pursuant to section 5OO of the Trading with the Approved, February 2.1, 194.x. enemy Act, as amended, shall be filed with the Secretary of the Treasury on Form TFVP-i in sextuplicate. Such claims shall be filed within such time, after the vesting in the Secre- Trading with the Enemy tary of the Treasury of the property to which they relate, as the Secretary shall prescribe. Form TFVP-i may be ob- Delegation of Authority to Secretary tained from the Secretary of the Treasury, Washington, D. C. of the Treasury The original of each claim shall be executed under oath before an officer authorized to administer oaths, or if executed out- On February ix, 1942., the President issued the side of the United States, before a diplomatic or consular following Order delegating certain authority to officer of the United States. the Secretary of the Treasury: (b) There shall be a committee to be known as the Vested Property Claims Committee, to be composed of three mem- Memorandum to the Secretary of the Treasury: bers designated by the Secretary of the Treasury. The mem- All power and authority conferred upon me by Sections •Part 141;—Sec. 5(b), 40 Stat. 415 and 966; Sec, 2, 48 Stat. 1; 3 (a) and 5OO of the Trading with the Enemy Act, as 54 Stat. 179 ; Public No. 354,77th Congress. K>8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT bers of the Committee shall designate one of their number to Pursuant Thereto, Relating to Transactions in Foreign be Chairman. The Committee is empowered to hear claims Exchange, Etc* respecting property vested in the Secretary of the Treasury The last paragraph of General License No. 83 is amended pursuant to section 5(b) of the Trading with the enemy Act, to read as follows: as amended, in accordance with rules and procedures to be "This license shall expire at the close of business on formulated by the Committee. The Committee shall have February 15, 1942.." all powers necessary to carry out its functions, including the power to call witnesses and to compel the production of books E. H. FOLEY, JR. Acting Secretary of the Treasury of accounts, records, contracts, memoranda, and other papers, (c) The Secretary of the Treasury shall transmit to the Treasury Department, Office of the Secretary, Committee claims relating to property vested in the Secretary •> February 3, 1941 of the Treasury pursuant to section 5OO of the Trading with the enemy Act, as amended. PUBLIC CIRCULAR NO. 14 (d) Appropriate notice of hearing shall be given by the Committee at least 10 days before the time set for the hearing. Under Executive Order No. 8389, April 10, 1940, as Amended, This requirement of notice may be waived by any claimant. and Regulations Issued Pursuant Thereto, Relating to (e) Claimants and the Secretary of the Treasury shall be Transactions in Foreign Exchange, Etc\ entitled to representation by counsel, or otherwise, before (1) No license or other authorization now outstanding or the Committee. hereafter issued, unless expressly referring to this public (f) The Committee shall have a seal which shall be affixed circular, shall be deemed to authorize any blocked country or to all exemplifications of the records and such other docuany national thereof to purchase, directly or indirectly, ments, orders, or notices as the Committee may determine. securities of any one issue of a corporation ii the securities so (g) A complete record, including a transcript of the purchased together with the aggregate of all other securities testimony, shall be made of any hearing before the Commitheld directly or indirectly by such blocked country or natee. The Committee shall transmit the record, including its tional constitute more than one per cent of the outstanding findings and recommendations, to the Secretary of the securities of that issue. Banking institutions shall not Treasury. effect any such purchases if they have reasonable cause to (h) The Secretary of the Treasury, after the examination believe that the terms hereof are being violated. of the record, will issue a decision and will give appropriate (x) Monthly reports on Form TFR-4 are hereby required notice of the decision rendered. The Secretary of the Treasto be filed with respect to the purchase or sale of securities ury will take appropriate action to effectuate any decision for any blocked account and, unless expressly referring to this so rendered. public circular, no license or other authorization shall be By direction of the President: deemed to suspend the requirement of filing this report. H. MORGENTHAU, JR. Such report shall be filed with the appropriate Federal Re- Secretary of the Treasury serve Bank by the banking institution with which such blocked account is held and shall be filed on or before the Foreign Funds Control 15 th day of the month following the calendar month with General License and Public Circulars Issued respect to which the report is filed. No report need be filed by the Secretary of the Treasury for any calendar month during which the total purchases and Since the publication of a certain General the total sales for any blocked account are each less than $5,000. This reporting requirement shall be deemed to be Ruling, General Licenses and Public Circulars in lieu of that required under any license now outstanding or on pages 110-113 of the February 1942. Federal hereafter issued so far as such license requires the filing of Reserve BULLETIN, the following General Li- reports with respect to the purchase or sale of securities for cense and Public Circulars have been issued by any blocked account. the Office of the Secretary of the Treasury under (3) Banking institutions shall have a reasonable period of time, but not to exceed 15 days from the date hereof, in which the authority of the Executive Order of April 10, to adjust their records for the purpose of complying with the 1940, as amended, and the Regulations issued pursuant thereto relating to transactions in * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179 J Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as foreign exchange, etc.: 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 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and Treasury Department, Office of the Secretary, July 26, 1941. t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; January 30, 1941 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, Amendment of General License No. 83 under Executive Order 1941, Ex. Order 8963, December 9,1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and No. 8389, April 10, 1940, as Amended, and Regulations Issued July 26, 1941. MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT provisions of paragraph (i) hereof; provided, however, that (c) which debits any blocked account in an amount a special report shall be filed with respect to any case in in excess of $5,000 for any single item which the one per cent limitation contained in paragraph (i) under the authority of this general license. was exceeded as a consequence of records being in the process "Banking institutions within the United States shall of adjustment. Such report shall be filed with the appro- also file monthly reports on Form TFER-i with the appriate Federal Reserve Bank within 30 days of the date propriate Federal Reserve Bank indicating the total of all hereof and shall expressly refer to paragraph (3) of this debits and, separately, the total of all credits effected Public Circular. pursuant to the provisions of this general license.'' E.H. FOLEY, JR. E. H. FOLEY, JR. Acting Secretary of the Treasury Acting Secretary of the Treasury Treasury Department, Office of the Secretary, Treasury Department, Office of the Secretary February 7, 1942. February 18, 1942. PUBLIC CIRCULAR NO. 4B PUBLIC CIRCULAR NO. 16 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Under Executive Order No. 8389, April 10, 1940, as Amended, and Transactions in foreign Exchange, etc.* Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* This 17 page Circular, containing instructions for the preparation of reports on Form TFR-300, Series K, by certain (1) Attention is directed to the fact that pursuant to the nationals of the Philippine Islands of all foreign-owned Order the provisions thereof have been automatically exproperty subject to the jurisdiction of the United States, is tended to all of British Malaya to the same extent as the published on pages 847-855 of the Federal Register for Febru- provisions of the Order apply to any other blocked country. ary 10, 1942.. Copies may be obtained from any Federal (2.) For the purpose of administering the Order and com- Reserve Bank, the Governor of any territory or possession of plying with the provisions thereof, British Malaya shall be the United States, or the Secretary of the Treasury, Wash- deemed to be a foreign country separately designated in the ington, D. C. Order and specifically named in section 3 thereof. The definition of the term "national" as applied to British Malaya Treasury Department, Office of the Secretary shall be that specified in paragraph E of section 5 of the February 18, 1941 Order. PUBLIC CIRCULAR NO. 15 (3) General License No. 13 is hereby amended by the deletion of the word "Singapore" from subdivisions (a) and Under Executive Order No. 8389, April 10, 1940, as Amended, and (b) of paragraph (1) thereof. Regulations Issued Pursuant Thereto, Relating to (4) Attention is directed to the fact that, by reason of Transactions in Foreign Exchange, Etc.* temporary control and occupation by the military, naval, General Licenses Nos. 49, 50, 51, and 70 are amended by and police forces and other authority of Japan, British Madeleting the text of the paragraph numbered "(4)" m Gen- laya is no longer included within the generally licensed eral License No. 49 and the texts of the paragraphs num- trade area as defined in General License No. 53. bered "(5)" m General Licenses Nos. 50, 52., and 70 and by (5) No transaction shall be deemed to require a license substituting the following in each of such paragraphs for the solely because it involves property in which a blocked counmatter so deleted: try or national thereof had an interest which was extinguished prior to the date of the extension of the Order to such "A report on Form TFR-149 shall be filed promptly in country. duplicate with the appropriate Federal Reserve Bank by any banking institution within the United States: (6) As used herein, the term "British Malaya" shall be (a) through which any remittance in excess of $5,000 deemed to include the Straits Settlements and the Malay originates; or States, both federated and unfederated. (b) which issues, confirms, or advises any letter of E. H. FOLEY, JR. credit involving an amount in excess of $5,000; or Acting Secretary of the Treasury * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 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. ZIO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MOW SHALL WE PAY FOR THE WAR? by MARRINER S. ECCLES* I am much more concerned about winning services available for civilian consumption. this war than I am about financing it. We are rapidly approaching a national The problem of financing the war would be income of approximately no billion dollars. comparatively simple if all of us on the About half of that must go for war purcivilian front understood as clearly as do poses, leaving the other half for civilian our armed forces on the fighting front that use. The fifty-odd billions which the our very survival as a nation is at stake. Government requires must be collected Then the farmers would not be contending from the public in the form of taxes and for higher prices, labor for increased wages, borrowings. In other words, upwards of and business for continued higli profits. 50 billions of civilian dollars must be We would be willing to cut our civilian drawn into the war effort and not left to expenditures to the bone in order to save compete in the market place for the shrinkevery dollar that we can. We would ing supply of civilian goods. Otherwise, readily accept much higher taxes and turn the rising tide of national income would our savings over to the Government by rapidly bid up prices and precipitate a purchasing Defense Bonds. Too many of ruinous inflation. our people are still spending all of their This entails making—not just talking incomes and even going further into debt about—sacrifices. So far, our standard to buy more things. The war can never of living is at the highest peak of all time. be won—much less inflation avoided— It must be drastically reduced in order to unless we awaken to the grim realities of make the supreme effort that alone will the life and death struggle in which we are assure victory. The time to make the engaged. supreme effort is now. The time to reduce The problem of winning this war is a our individual expenditures is now, not physical, not a financial, one. It is a after inflation has taken hold. The time question of effectively using our man power, for business to accept smaller profits, the raw materials and productive capacity. time for labor to forego wage increases Half of our national effort must be devoted and for farmers to forego price advances is to the war. Only what is left over after now. This is the time when we must all the maximum war effort is made will be contribute our utmost to the common available for civilian use. effort and not squabble among ourselves to In order to finance the war without see who can get the most out of it. inflation, civilian buying must be reduced Of the more than fifty billions which to fit the diminishing supply of goods and must be drawn into the war chest in the next fiscal year, it is proposed to collect about half in taxes, the other half from the * Mr. Eccles, Chairman of the Board of Governors of the Federal Reserve System, made this address on a broadcast program originating sale of Defense Bonds and other Governin Town Hall, New York City, February 12, 1942. MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOW SHALL WE PAY FOR THE WAR ment securities. As for the borrowing, itof the Government's enormous expendishould come from current incomes of tures . They are the logical primary sources individuals and corporations, thus diverting to which we must turn to recapture funds to war needs funds that otherwise would that otherwise tend to go into the spending tend to bid up prices of civilian goods. stream. There is no proposal to end the To the extent that the public fails to divert profit motive, even in wartime. Yet even a sufficient amount of current income into that sacrifice would not be too great a price the purchase of Government securities, the to pay to preserve our industries so that Government will be obliged to borrow from when peace comes they will have something the banking system. This process creates left with which to make a profit. Unless additional funds, and since it adds nothing existing corporation taxes are sharply to the supply of goods, it makes for increased, corporations will have left over inflation. after paying 1942. taxes about 3 billion As to taxes, the present program calls dollars more than they had in 1939. As for an increase of 9 billion dollars in the against this, the war is putting many next fiscal year over the amount provided concerns out of business. Others that have for under present law. These taxes cannot been prosperous in peace will be barely be collected by shifting the load to any one able to survive. Those that are earning group or class, but only by the widest large or even moderate profits should be distribution among all groups of taxpayers, willing to pay substantially higher taxes except those whose incomes are no more in this crisis. Until this is done we cannot than enough to maintain health and morale. expect labor to abate its demands for an No matter what our financing program increased share in these profits. may be, it can be defeated through demands It is of equal importance that the base for increased wages, prices and profits. of the individual income tax be widened by The hard fact is that the more we produce reducing personal exemptions so that the for war, the less we can produce for civilian income tax will reach down to the subneeds. Only a limited and a diminishing sistence level. From this level, rates must volume of goods will be available for the be greatly increased all the way up. public to purchase. You may be able to In order that some of the income taxes increase the dollars in your pay envelope may be collected at the source and before but this will not add to the goods that are the funds have gone into the spending offered for sale. We are only fooling stream, a withholding tax is necessary. ourselves by exchanging more dollars for The amount paid in withholding taxes can the same or a smaller amount of goods. be made deductible from the amount due That process is known as inflation and later in income taxes. Glaring loopholes spells ultimate ruin. in our tax structure which have been widely As for the 9 billion dollars of additional used as a means of tax avoidance must be taxes that must be collected in the coming closed. We must apply selective excise fiscal year, we must turn first to the cor- taxes on an increasing number of articles, porations whose taxes, especially excess thereby curtailing private consumption of profits taxes, will have to be steeply critical raw materials. increased. They are the primary recipients The measures I have indicated would do 2.12. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOW SHALL WE PAY FOR THE WAR away with the necessity for a general sales our armed forces on the battle fronts. tax, which reaches into the pockets of They are getting no profits for their those below subsistence level. A sales patriotism. They are risking or giving tax hits the poor harder than the rich not their dollars but their lives. They because the poor need all their income to are not on a forty-hour-a-week basis. buy the necessities of life. A general sales There is no time and a half for overtime tax would immediately increase prices and behind the guns in the Philippines, on the the cost of living. It would precipitate high seas, or anywhere else. When those .widespread demands for higher wages to of us on the home front wake up to the fact offset the added costs of living. That is the that we are fighting for our very lives, we inflation spiral. will stop talking about the profits, the The sacrifices involved in the program I wages, the prices we can get out of the have outlined for the individual and war. Only then will we really begin to corporate taxpayer are, in fact, no sacrifices fight. And just one thing is going to win at all compared to what we are asking of this war—and that is fighting. MARCH 1941 2,13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS ON QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS In this issue of the BULLETIN there is published group of 152. companies are included in the more for the first time a table on quarterly earn- detailed figures for 6x9 companies. ings and dividends of large corporations. This Net profits are before dividends and after all table, which appears on page 2.48 and will charges, including depreciation, interest, special hereafter be regularly published in the BULLETIN, reserves charged as expense, and all taxes. It has shows data for industrial, railroad, electric not been possible to include a series on earnings power, and telephone companies, beginning before Federal income and excess profits taxes with the first quarter of the calendar year 1939. because quarterly data on tax reserves are avail- Retrospective annual data back through 192.9 able for only a relatively small number of inare shown below. dustrial companies. Aggregate dollar dividends are reported quarterly by only a few companies; INDUSTRIAL CORPORATIONS for most of the 152. companies in the table they In the upper half of the table appear quarterly have been computed for each class of stock on data on earnings and dividends of large in- the basis of the dividends per share and the dustrial corporations, as compiled from pub- number of shares outstanding. lished reports. Two sets of data are included: The sample of 62.9 corporations, for which one covers quarterly profits of 619 companies, quarterly net profits are shown by industrial .given in total and for 11 industrial groups, and groups, covers all industrial companies which the other shows quarterly profits and dividends have published quarterly profits figures regularly on preferred and on common stock of 152. com- for at least the period 1939 to date, except subpanies. For each series identical companies sidiary companies whose earnings are included have been included throughout the reporting in the consolidated reports of other companies period. The earnings figures for the smaller in the sample. The 62.9 companies include 351 TABLE 1 ANNUAL PROFITS AND DIVIDENDS OF INDUSTRIAL CORPORATIONS 1929-1939 [In millions of dollars] Net pronts.l by industrial groups Profits and dividends Year Total s I a t r n e o d e n l c M e h r i a y n - - m A o u b t i o l - es p e O t m r t q o a i t e u r o h n n t i n e p a s t r - - - m fe p N u a e r r o n r c t o o a d n t d s u l - - s s O d g u o b th l o r e a e d - r s a F b b n a o e a d g o v c e d e c t s s r o o - , - a d f n p u i d o r n c o i i a n - n r g e g - c I c n h t a r d e i l m u s al s i - - d O g n u o t o r o h a n d e - b r s les M l e a r n i v s e i c o c e u e l- s s pr N of e i t ts fe P D r r r e i e v - d iden C m d o o s m n - Number of companies 488 36 57 12 54 50 56 40 36 25 66 56 152 152 152 1929 2,146 386 203 346 140 105 100 181 198 175 154 156 1,379 107 712 1930 1,235 175 131 167 58 45 47 169 112 126 121 86 815 105 685 1931 415 -17 43 88 3 8 8 141 -55 98 75 22 339 100 548 1932 -130 -159 -29 -42 -42 -15 -29 102 28 53 23 -19 -26 79 278 1933 351 -62 6 81 0 27 0 110 16 87 59 28 259 48 233 1934 617 -17 45 89 27 53 16 118 54 105 70 58 389 54 291 1935 1,005 52 83 203 61 69 40 120 84 136 84 72 639 62 362 1936 1,543 152 131 322 93 98 68 140 134 182 117 105 1,007 129 670 1937 1,693 233 176 256 108 123 71 125 188 192 118 102 1,086 129 732 1938 774 —8 71 101 9 63 28 137 104 110 78 80 499 87 391 1939 1,349 140 108 222 84 91 59 140 92 184 121 107 847 90 564 1 Annual data are tabulated on the basis of the yearly accounting periods covered by published annual reports. Figures shown in the table include reports for fiscal years ending within the period July 1 of the current year through June 30 of the following year. For about 10 per cent of the companies, the fiscal years end in months other than December. 2.14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF CORPORATIONS companies engaged primarily in the production larger operating companies in each of three of durable goods, classified into six subgroups; public utility industries—railroad, electric xo4 companies engaged primarily in the pro- power, and telephone. These series do not duction of nondurable goods, classified into four necessarily reflect earning trends for the smaller subgroups; and a group of 74 companies engaged companies in these industries, nor for those in various service activities such as trade, holding companies which receive their main restaurants, amusements, and water and air income from investments in affilated companies. transportation. Companies have been classified In general, the objective has been to show for on the basis of their predominant prewar ac- each group the operating revenue, net income, tivity. To a considerable extent, total profits of and dividends. Operating revenue reflects the the group of 62.9 corporations represent large and general level of operations in the industry, very large companies in the durable goods in- exclusive of income from investments, while dustries. The sample includes no representation net income is the amount left after deduction of small companies, that is, with total assets of operating expenses and all charges, including under $150,000, and very limited representation interest and taxes. Comparison of operating of companies with assets between $2.50,000 and revenue with net income provides an overall $5,000,000; also it includes no companies in picture of the effect of changes in total expenses some important nondurable goods industries and charges. such as meat packing, sugar refining, and rubber. Figures for railroads are as published by the The 555 manufacturing and mining companies Interstate Commerce Commission for all Class in the sample accounted for about 40 per cent I line-haul railroads. This group of about 132. of the net income of all United States manu- railroads, each of which has annual operating facturing and mining corporations in 1939. revenue of at least $1,000,000, comprises about As stated above, complete quarterly data for 96 per cent of all operating revenue in the railthe 62.9 companies are available only for the road industry. The figures do not cover switchperiod 1939 to date. Table 1 shows the annual ing and terminal, lessor, or proprietary comreported profits for each year from 1919 through panies. 1939 of 488 of these companies. Companies Two additional income series are shown: (1) which made important acquisitions of other Net income is shown before Federal income and companies during the period have been included excess profits taxes; for some purposes, quarterwhenever it was possible to include earnings of by-quarter comparisons on the basis of this predecessor companies. Of the 141 companies series may be desirable because of the irreguexcluded from the annual table, some were not larity of quarterly appropriations for Federal in existence in 192,9 and others did not publish taxes in recent years. (2.) Net income is shown earnings reports for all years (companies in for those Class I roads which were currently receivership with no published annual earnings in trusteeship or receivership, designated for data for one or more years and companies whose brevity as 4'insolvent." This series is included stocks were privately held during the early because for many years an important part of years of the period). No annual figures have the railroad industry has been operated under been compiled on earnings before Federal in- trusteeship or receivership. Separate data on come, undistributed profits, and excess profits the operating revenue of insolvent roads are taxes. Table 1 also shows annual profits and not reported currently, but for the full years dividends for the period 19x9-1939 for the group 1939 and 1940 it amounted to 2.3 per cent of the of 152. companies for which dividends have been Class I total. The usefulness of income data compiled. for insolvent roads is limited by the fact that the number of companies included varies from year PUBLIC UTILITY CORPORATIONS to year. In the lower half of the new table on page Z48 Table 2. provides retrospective annual data for are presented available quarterly figures for the railroads back through 192.9. Net income data MARCH 1942. "5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF CORPORATIONS on insolvent roads are not available prior to and in the annual series for the years 1934-1936. 1939; the table includes figures on total bond Both the quarterly and the annual income tax interest for all Class I roads and unpaid interest figures of some companies have been affected by of insolvent roads as a rough indication of the large credits taken in connection with the changing proportion over this period of roads calling of outstanding bond issues at a premium, in receivership or trusteeship. as well as by changes in Federal income taxes. Quarterly figures on dividends of these electric TABLE 2 power companies cover all the preferred dividends but only about half of the common divi- ANNUAL EARNINGS, INTEREST AND DIVIDENDS OF CLASS I RAILROADS, 1929-1940 dends paid by companies in the sample. This [In millions of dollars] arises from the fact that, for many of the companies, virtually no common stock is held Bond interest Year re O a v t p e i n e n r u g - e Total U by n p i a n i - d i I b n n t e c c a f o o o x m 1 m re e e inc N om et e2 d D e i n v d i s - b av y a i t l h a e b l p e u a b s li c t o a w nd h e n t o h e p r u c b o li m sh m ed o n i n d f i o v r i m de a n t d io s n a r i e s charges solvent declared quarterly or annually; only the annual roads totals are available. Consequently, the sum 1929 6,280 489 6 986 897 490 1930 5,281 498 4 564 524 507 of the quarterly figures in this table will regu- 1931 4,188 502 10 145 135 330 1932 3,127 502 16 -127 -139 94 larly be less than the totals shown for the year. 1933 3,095 500 53 7 -6 96 1934 3,272 472 59 -3 -17 133 As in the case of the industrial companies, 1935 3,452 470 93 26 8 126 1936 4,053 450 104 195 165 170 quarterly dividends are usually computed on the 1937 4,166 448 98 130 98 168 1938 3,565 436 124 -105 -124 83 basis of dividends per share and number of 1939 3,995 427 109 126 93 126 1940 4,297 415 105 251 191 159 shares of stock outstanding. 1 After all charges and taxes except Federal income, undistributed Table 3 provides retrospective annual data profits, and excess profits taxes. 2 After all charges and taxes and before dividends. for the x8 companies back to 192.9. During this period, several of the companies made Statistics on the electric power industry cover important acquisitions of properties; where back 2.8 of the larger operating companies in the figures to 19x9 are available for the acquired industry. They include all companies which properties, these have been included. For Z3 have published quarterly statements since 1939 of the 2.8 companies, the figures for operating and which met during the years 193 5-1939 revenue, net income, and dividends for the certain criteria as to size and as to proportion of income derived from non-electric operations TABLE 3 and investments in affiliates. The extent to ANNUAL EARNINGS AND DIVIDENDS OF ELECTRIC POWER which this sample of 2.8 companies represents AND TELEPHONE COMPANIES 1929-1940 the electric power industry may be indicated [In millions of dollars] by some comparisons with the total of all Class 28 electric power companies 72 telephone companies A and B companies—that is, with all private e n l u e e c s t ri o c f p a o t w l e e r a st c o $ m 2. p 5 a 0 n ,0 ie 0 s 0 . ha F v o in r g t h a e n y n e u a a r l s r 1 e 9 v 3 e 9 - Year O a r n t e p i u v n e e e r g - - I i b n n t e c c a f o o x o m m 1 re e e co N i m n e - t e2 d D e i n v d i- s O r a e n t p v i u n e e e g r - - c N o i m n e - t e1 d D e i n v d i- s and 1940 the sample covers 2.6 per cent each of 1929.. .. 3585 4 3175 3106 1,133 206 118 the total operating revenue, the net income, and 1930 596 4 173 133 1,167 193 146 1931 590 4 163 145 1,137 198 184 the dividends for Class A and B companies. 1932 556 4 144 137 1,011 152 199 1933 540 4 124 116 933 139 194 The quarterly data cover the same items as 1934 . 562 3130 116 109 944 136 193 1935 588 3136 124 109 997 157 193 for railroads, except that no information is 1936 630 3150 136 111 1,076 196 181 1937 672 161 141 117 1,138 192 179 shown for insolvent companies. Figures on 1938 657 148 127 113 1,140 176 190 1939 692 160 138 116 1,198 201 181 net income before Federal income and excess 1940 735 177 143 118 1,270 205 169 profits taxes include estimates of appropriations 1 After all charges and taxes except Federal income, undistributed for Federal taxes for some of the companies, prof 2 i t A s, f t a e n r d a e ll x c c h es a s r g p e r s o f a i n ts d t t a a x x e e s s . and before dividends. both in the quarterly series for 1939 and 1940, 4 3 N Pa o r t t l a y v a e i s l t a i b m le a . ted. zi6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF CORPORATIONS years 1930-1940 are as published by the this reason, quarterly figures will regularly not Securities and Exchange Commission in Finan- add to the annual totals. cial Statistics for Electric and Gas Subsidiaries of The retrospective annual figures for telephone Registered Public Utility Holding Companies, The companies shown in Table 3 represent 72 Class A remaining figures have been compiled from companies for which the Commission has published comparable figures back to 192.9 in Statispublished statements available in other tics of the Communications Industry for 1939* In sources. recent years these companies have received about For the telephone industry quarterly data are 96 per cent of total operating revenue of the shown for 33 large companies which report industry. monthly to the Federal Communications Com- In interpreting the net income and dividend mission. This group includes all companies figures, it should be noted that both series are which in 1939 had operating revenues of at adjusted to exclude dividends received by the least $1,000,000 and comprises about 95 per cent principal holding company in the group, the of the entire telephone industry. In the case American Telephone and Telegraph Company. of dividends, annual totals are as compiled by This exclusion is made in order that the figures the Federal Communications Commission, while shall reflect primarily operating characteristics the current quarterly figures shown in the table of the industry, and in order to eliminate duplihave been compiled from published sources for cation involved in intercorporate dividends in a somewhat smaller group of companies. For the Bell System. NEW STATISTICS ON CORPORATE SECURITY ISSUES In this issue of the BULLETIN there is published of all issuers, classified as to uses of funds, are for the first time a table giving statistics on given in the table on page 219. corporate security issues based on information The new series include corporate flotations in now published regularly by the Securities and the United States irrespective of whether the Exchange Commission. This table, which ap- issues are publicly or privately placed and repears on page 247 and will hereafter be regu- gardless of whether they are registered under larly published in the BULLETIN, shows annual the Securities Act of 1933. In general, the data data beginning 1934 and monthly data beginning cover issues over $100,000 in amount and, in the June 1940 on corporate issues sold for cash in the case of debt issues, of a maturity of one year United States. Figures are shown for estimated and over, that are reported as offered for cash gross proceeds, estimated net proceeds, and in the financial press, in documents filed with proposed uses of net proceeds—for new money, the Commission, or other available sources. for retirement of securities, for repayment of Omitted are some issues which do not appear other indebtedness, and for other purposes. in the financial press (largely securities sold These data are shown for all issuers and for four through continuous offering, such as issues of main groups of issuers: railroads, public utili- open-end investment companies), intercorporate ties, industrial companies, and other. Back transactions, and parts of issues known to have monthly data from January 1934 for the total been sold outside the United States. MARCH 1942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS ON CORPORATE SECURITY ISSUES Statistics on the proposed uses of net proceeds mates include foreign corporate issues offered are shown in more detail for the total of all in the United States and issues of Federal agenissuers than for each of the four main groups of cies which are not guaranteed, whereas the issuers. Under "new money" appear the Chronicle series of corporate issues covers only amounts for working capital and for plant and those of domestic corporations, excluding Fedeequipment (including amounts to reimburse rally owned corporations. The Securities and corporate treasuries for capital expenditures). Exchange Commission figures, on the other "Retirement of securities" is broken down into hand, exclude intercorporate transactions, parts funded debt and preferred stock. "Repayment of issues sold abroad, and private sales of notes of other debt" is shown separately for all to commercial banks where such banks are the issuers; for the four main groups of issuers it sole purchasers, whereas some transactions of is combined with "other purposes" which these sorts may be included in the Chronicle includes miscellaneous uses of funds. figures. Differences in the monthly totals may The main groups of issuers include the fol- result also from the inclusion of a particular lowing types of companies: The public utility issue in different months in the two series. In group is composed of electric light and power, regard to tabulation procedure it should be gas, water, telephone and telegraph, and street noted that the Securities and Exchange estimates railway companies. The industrial group inof gross proceeds are derived by multiplying cludes companies engaged in such activities as principal amounts or number of units by the manufacturing and mining, merchandising, conoffering price while the Chronicle figures of struction, service industries, motor transportaamount offered represent the par amount offered tion, pipe lines, steam shipping, aviation, and in the case of bonds, notes, or preferred stocks radio. In the "other" group are finance and of a stated par value, and the number of units investment, real estate, and issues of Governmultiplied by the offering price in the case of ment corporations and agencies which are not preferred stocks of no par value or all classes of guaranteed. common stocks. The table, regularly published in the BULLETIN Classification of amounts offered as to purpose for a number of years, showing statistics on is substantially different in the two tabulations. capital issues, as compiled by the Commercial In the Chronicle series, amounts for refunding and Financial Chronicle and the United States include the main part but not necessarily all of Department of Commerce, will be continued the amount of securities retired as a result of new under the title "New Security Issues." This offerings, and amounts for new capital include table gives figures for domestic issuers, including all purposes other than refunding such as new State and local governments, Federal agencies, and domestic corporations, and for foreign money, retirement of securities other than by issuers; for each group of issuers offerings are refunding, and repayment of bank loans. The classified as for refunding or for new capital. proposed uses of funds are more completely Data on corporate issues by industrial groups analyzed by the Securities and Exchange Compublished by the Chronicle are not shown in the mission and the detailed classification of uses BULLETIN. in this series provides a more accurate picture Figures for corporate issues appearing in the of the principal changes in capital structure of two tables to be published in the BULLETIN do corporations effected through new security not show the same totals. The discrepancies issues. It should be noted, however, that are accounted for by differences in coverage statistics on the proposed uses of new security and in tabulation procedure. Some of the more issues afford only a part of the information important of these differences are the following: needed to understand how a corporation finances The Securities and Exchange Commission esti- its operations. zi8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES, BY MONTHS, JANUARY 1934-JUNE 1940 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dellars] Estimated Estimated Month gross net proceeds proceeds Total 1934—Jan. .... 17 16 4 Feb 1 1 Mar 7 6 6 Apr 5 4 May .... 72 71 June 183 180 July 87 85 Aug 12 12 Sept. 13 13 Oct 24 24 Nov. 59 58 Dec 49 46 1935—Jan 48 48 Feb. 31 31 Mar 115 112 Apr 162 158 May 156 151 June 406 400 July 530 515 Aug 168 161 Sept 248 242 Oct 273 266 Nov 266 258 Dec 295 287 1936—Jan 309 295 Feb 147 142 Mar 516 502 Apr. 880 857 May 258 252 June 610 595 July 319 309 Aug 259 253 Sept 241 234 Oct 381 366 Nov 246 237 Dec 615 597 1937—Jan. 262 255 Feb 352 343 Mar 302 292 Apr 174 166 May 190 184 June 389 378 July 229 224 t S A e u p g t 1 8 5 2 5 15 7 0 9 Oct 133 129 Nov 53 52 Dec 52 50 193a—Tan 48 46 Feb 156 154 Mar 38 38 Apr 74 73 May 94 92 June 326 Tulv 183 179 Auff. 307 301 Sept 209 204 Oct. 382 372 Nov 110 108 Dec 398 392 1939—ran 21 20 Feb. 163 159 Mar 111 106 Apr 229 223 May 46 45 June 365 358 July . .. 199 194 Aug 383 376 Sept 107 106 Oct 200 198 Nov 87 83 Dec. 266 259 1940—Jan 155 151 Feb 267 261 Mar 103 100 Apr 315 308 May 141 137 June 145 142 ot ot Proposed uses of net proceeIcs New money Retirement of securities Repayment of other Other Plant and Working Total Bonds and Preferred debt purposes equipment capital notes stock 2 2 12 12 1 5 1 3 3 1 1 61 61 8 1 1 178 178 3 2 52 52 31 2 2 4 4 3 2 1 6 6 1 3 2 2 2 2 20 15 3 12 36 36 19 18 1 8 8 18 1 16 2 14 13 13 19 2 1 1 28 28 1 1 1 111 111 19 9 10 132 132 1 7 18 8 10 115 115 16 2 14 10 4 386 386 30 30 481 470 10 4 18 16 2 118 112 6 25 2 1 6 1 1 9 6 3 9 2 1 0 9 7 8 1 1 7 7 9 9 2 2 0 7 5 9 5 i 23 18 5 223 219 3 12 65 23 42 181 177 4 40 1 49 39 10 232 229 3 13 9 4 4 125 109 16 8 33 14 19 444 428 16 13 12 72 52 20 758 741 18 19 7 20 10 10 231 156 75 1 97 58 39 442 422 19 54 2 36 7 29 260 230 29 11 2 126 8 119 103 89 13 21 2 69 38 31 162 160 3 1 2 86 32 54 267 240 27 2 11 88 35 53 139 138 1 6 4 173 83 90 413 406 7 5 6 60 38 22 168 99 69 21 6 107 61 46 223 197 26 8 6 87 65 21 192 181 12 5 9 115 93 22 42 36 6 2 7 63 39 24 120 100 20 1 190 63 126 172 130 41 9 8 140 93 47 43 39 4 40 1 40 15 25 37 37 2 104 33 72 40 30 10 5 53 32 21 59 59 18 51 19 32 1 1 38 24 14 9 9 1 1 44 39 4 2 1 1 37 23 15 108 108 8 11 6 5 26 1 8 7 1 62 62 3 56 15 41 25 24 10 2 165 107 57 116 115 1 40 123 118 5 43 18 24 14 61 30 32 203 182 20 37 117 84 33 81 71 11 5 1 24 12 12 284 283 1 63 1 24 18 6 72 54 18 12 1 110 45 65 259 248 10 22 2 4 3 14 14 2 1 16 2 14 132 97 36 9 2 51 39 13 48 48 2 S 75 4 71 143 141 2 5 1 18 16 2 26 22 4 19 8 11 333 333 5 1 29 12 16 145 138 7 18 3 29 20 8 340 337 3 2 5 6 1 4 96 96 3 2 29 27 2 151 151 16 1 17 9 7 58 55 2 8 1 32 27 5 223 219 4 1 3 18 7 11 112 108 4 16 4 20 14 6 206 195 11 35 1 24 11 13 70 58 12 4 2 47 25 22 191 164 27 69 1 26 15 11 104 104 7 20 16 4 115 115 6 1 MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA The Annual Report of the Bank of Canada for the interest from a monetary point of view. When year ig 41 was submitted to the Canadian Minister of additional notes are required by the public, they Finance, the Honorable J. L. Ilsley, on February 9, are obtained by withdrawals from the public's 1942, by Mr. Graham F. Towers, Governor of the accounts with the chartered banks. Thus the Bank. Excerpts from the Report are given herewith1: volume of active circulation at any given time The major changes which took place in our is determined by the requirements of the people, various asset and liability accounts during the rather than by any action on the part of the course of the year are indicated in the following banking authorities. table, which shows the effect of these changes It is, of course, true that an increase in the on* the cash reserves of the chartered banks. active circulation of Bank of Canada notes would have the effect of decreasing the chartered [Millions of Canadian dollars! banks' cash reserves if offsetting action were not taken by the Bank of Canada. It has been the Changes Changes producing producing policy of the Bank to take such action. decrease increase Calendar year 1941 in in chartered chartered banks' banks' RESERVES cash cash It will be observed that the account in our Increase in Sterling and U. S. Dollars 162.4 statement entitled "Sterling and U. S. A. Increase in Dominion and Provincial Government Securities 32.7 Dollars" stood at $ioo,86i,i56 on December 31 Increase in Other Assets 21.1 Increase in Rest Fund 1.9 last. These exchange holdings were made up Increase in Active Note Circulation 118.0 Increase in Dominion Government Deposits.... 64.1 almost entirely of sterling which had been pur- Decrease in Other Deposits 3.5" Increase in All Other Liabilities 3.5 chased from the Foreign Exchange Control 187.5 219.7 Board, and which the Board had contracted to Deduct 187.5 repurchase for future delivery. By selling Increase in Chartered Banks' Cash Reserves .. 32.2 sterling to the Bank of Canada on a temporary basis, the Board obtained Canadian dollars to NOTES IN CIRCULATION assist it in financing its operations. Transac- The Bank of Canada note issue as at December tions of this character took place on a substantial 31 last was $495,956,z3i, up $136,007,111 from scale in the early part of 1941, reaching a peak of the preceding year. Of the total amount of our 2.95 million dollars on June Z5. Subsequent notes outstanding, 116.3 million dollars were in to the receipt of the proceeds of the First Victory the tills of the chartered banks, and 379.7 Loan, the Government made advances to the million dollars in the hands of the public. In- Foreign Exchange Control Board which enabled cluding chartered bank notes in public hands, the Board to repurchase all sterling previously total active note circulation on December 31, sold to the Bank of Canada. In August, the 1941, was 450.3 million dollars. The increase Board again found it necessary to sell sterling to on the year was approximately 109 million the Bank, and continued to do so through the dollars, somewhat larger than the 95 million remaining months of the year. dollars rise in active circulation during 1940. When the Bank buys foreign exchange from In a country such as Canada, where the great the Foreign Exchange Control Board, the transmajority of payments are made by cheques actions have the effect of increasing the cash drawn on bank accounts, the volume of notes reserves of the chartered banks. This effect was in active circulation is a matter of secondary largely offset during 1941 through our sales of securities in the market and by an increase in Dominion Government balances carried with 1 The full Report contains, in addition, notes on personnel matters, the Bank of Canada. Between January 1 and the profit and loss accounts of the Bank for the year, and other items in the year-end balance sheet. Summary figures from this balance June Z5, when our foreign exchange holdings are shown on page 280 of this issue of the BULLETIN. For previous reports, see BULLETIN for May 1939, Tune 1938, April 1937, and April increased by Z56 million dollars, our security 1936. 2.XO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA holdings were reduced by 35 million dollars, and mittee. The degree to which the Loan received deposits by the Dominion Government increased public support can be measured by the total zi8 million dollars. A similar movement oc- of cash subscriptions, namely, 730 million curred in the latter months of the year, when dollars, and—even more significantly—by the an increase in foreign exchange holdings of xoo participation of no less than 968,000 subscribers. million dollars between August 13 and December Our estimate of net new bond issues during 31 was offset, in part, by a reduction in our 1941 is shown in the appended table. As a security holdings amounting to 41 million result of war requirements, the Dominion dollars, and by an increase of 54 million dollars Government's net borrowing from the Canadian in the Government deposit. public reached an unprecedented level. On the The reverse operation takes place when the other hand, provincial governments, as a whole, Bank sells foreign exchange. Thus, a reduction effected a net reduction in their bonded debt, and in our sterling-U. S. A. dollar holdings of i^4 the net retirement of municipal and corporate million dollars between June 15 and June 30 obligations which has been taking place in was accompanied by an increase of 103 million recent years continued on a somewhat expanded dollars in our portfolio of Dominion and Pro- scale. vincial Government securities, while at the In spite of the large increase in the over-all same time the Dominion Government's balance volume of new money raised in the Canadian with us declined by 177 million dollars. market, high-grade bond prices rose perceptibly during the year. The average price of two INVESTMENTS typical long term Dominion Government issues Our holdings of Dominion and Provincial increased from about 99^ in January 1941 to Government securities on December 31 last about 100^6 in January 1942., representing a were $608,471,866, representing an increase of decline in yield of about one-tenth of one per $31,708,704 for the year. The substantial in- cent. In the United States and the United crease shown in our investments of a maturity Kingdom, over this period, government longer than two years, and the decrease in our securities of similar maturity showed little short term category, was due in the main to net change. conversion of the Bank's holdings of a Dominion Government issue, which matured on October [ESTIMATED NET NEW BOND ISSUES OR RETIREMENTS* 16, into a new issue of 3-year 1)^ per cent Notes. [Par values in millions of Canadian dollars] On the basis of the Wednesday figures pub- 1 Private lished in our weekly statement, our total in- Ca Y le e n a d r ar Total* a D nd om C. i N ni . o R n . Provinces Corporations vestments averaged 158 million dollars more in Payable in Canadj1 only 1941 than in 1940. 1936 374 II 125 66 183 1937 182 1 25 82 75 1938 . . . 182 91 60 31 BANK RATE 1939 222 74 53 95 1940 497 434 75 12 Bank Rate has remained unchanged through- 1941 692 1 732 6 34 Payable atroad, only 01optionally out the year at 1^/2 per cent. Some credit 1936 205 39 27 139 1937 125 14 24 87 facilities were required by banks subsequent to 1938 77 21 11 45 the issuance of the First Victory Loan, but the 1 1 9 9 3 4 9 0 . . 1 18 9 7 5 15 9 3 6 1 2 5 9 12 1 8 9 total amounts involved were relatively small, 1941 259 203 34 22 and advances were liquidated by the middle of * The table includes War Savings Certificates, but takes no account of Treasury Bills, or the following short-term Dominion Government November. issues which were sold to banks: 200 million dollars of 2% 2-year notes sold October 16, 1939, and refunded at maturity into \\% 3-year notes; SECURITY MARKETS 250 million dollars of 1% 1-year notes issued to the Bank of Canada in connection with the Foreign Exchange Acquisition Order of April The event of the year in security markets was 30,1940, and refunded at maturity by a similar issue; 250 million dollars of 1|% notes sold January 2 and February 1, the sale of the First Victory Loan. This Loan— 1941 and due July 2, 1943. Available information concerning issues and retirements by municithe first war-time financing of major importance palities and religious institutions was not sufficiently comprehensive —was marketed by a country-wide organization, to justify including such classifications of bonds in the table. However, the net reduction of total municipal bonded debt less sinking funds under the direction of the Victory Loan Com- has been (in millions of dollars) approximately 25, 30, 37, 27 and 43 respectively, in the years 1°37 to 1941. MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Meeting of Federal Advisory Council ing the period January 16, 1942., to February 15, The Federal Advisory Council met in Wash- inclusive. ington on February 15-16. The annual organization meeting was held on February 15, at which Edward E. Brown, President of the First Illinois National Bank of Chicago, was reelected as Abingdon—Abingdon Bank and Trust Company President of the Council, and George L. Harrison, President of the New York Life Insurance Company, as Vice President. Walter Lichten- Indiana stein was reappointed as Secretary. The Council Peru--The Peru Trust Company met with the Board of Governors of the Federal Reserve System on February 16. Michigan Niles—State Bank of Niles Meeting of the Presidents* Conference New York The Presidents of the Federal Reserve Banks Dundee—Dundee State Bank met in Washington on February 2.-3, and on East Syracuse—Bank of East Syracuse February 3 a meeting of the Presidents with the Board of Governors was held. Ohio Montpelier—The Farmers and Merchants' State and Savings Bank Admissions of State Banks to Membership in the Federal Reserve System Virginia The following State banks were admitted to membership in the Federal Reserve System dur- Rocky Mount—Bankers Trust Company XXL FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled February 21 and released for -publication immediately. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages ipj to 201 of this BULLETIN. Industrial activity rose further in January and son, was sustained. In the automobile industhe first half of February, reflecting continued try output of passenger cars and light trucks sharp advances in output of military products. continued at about the December rate; in Febru- Retail trade was unusually active and prices, ary, however, production of cars and trucks for particularly of unregulated commodities, ad- civilian use was halted and the plants were shut vanced. down for conversion to armament production. Coal production increased in January, following PRODUCTION a decline in December when demand was cur- Volume of industrial production increased in tailed somewhat by unusually warm weather, January, although usually there is some decline and output of crude petroleum was maintained at this season, and the Board's adjusted index at record levels. rose further to 170 per cent of the 1935-39 aver- Value of construction contracts awarded in age. Continued rapid increases in activity were January was some two-fifths below the level of reported in the machinery and armament industhe last quarter of 1941, according to figures of tries and production of chemicals likewise rose the F. W. Dodge Corporation. Declines were sharply. Activity at cotton textile mills reported in all classes of construction; the dereached a new high level, following some decline crease in residential building being usual at this in December. In the meatpacking industry, season. where activity had risen to record levels in De- Total awards in January were slightly larger cember, there was a further advance in January than last year, but public projects accounted for and output of most other manufactured food a much larger proportion of the total than a products was maintained in large volume for year ago. this time of year. DISTRIBUTION Production of steel and nonferrous metals continued near capacity in January and lumber In January retail trade was stimulated conproduction, which usually declines at this sea- siderably by widespread anticipatory buying of DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION 200 50 150 40 140 180 40 130 160 20 120 ( no 10 140 / ^H 00 Ai 100 SALES 120 I v J 90 ^\ 90 r V 80 80 / y^ 100 \ 70 " \^ STOfiKS * 70 60 60 50 50 1940 1942 I936 I937 I938 I939" I940 I94I 1942 Federal Reserve monthly index of physical volume of production, Federal Reserve monthly indexes of value of sales and stocks, adadjusted for seasonal variation, 1935-39 average = 100. Latest fig- justed for seasonal variation, 1923-25 average = 100. Latest figures ures shown are for January 1942. shown are for January 1942. MARCH i2-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS many products resulting from announcements its terms. About one-half of these schedules that distribution of new tires and tubes, new were issued following the United States' entry automobiles, and sugar would henceforth be into the war. In this period, price controls rationed and that the amount of materials avail- were extended to a number of finished consumers* able for use in various other goods would be goods and covered mainly items for which outrestricted. Sales at department stores, variety put for civilian use had been sharply curtailed stores, and general merchandise stores declined or. prohibited by Federal order. Retail prices much less than is usual after the Christmas sea- of foods and textile products, which are not son, while sales of tires and tubes were restricted subject to direct control, showed exceptionally to essential uses and sales of automobiles ceased large increases from December 15 to January 15 pending the establishment of a rationing system. and, according to preliminary indications, have In the first half of February department store continued to advance since that time. sales decreased somewhat from the high level reached in mid-January. BANK CREDIT Total carloadings of revenue freight, which Since the beginning of the year loans and usually decline in January, showed little change investments at banks in leading cities have inthis year and the Board's seasonally adjusted creased, reflecting purchases of Government secuindex advanced from 137 to 140 per cent of the rities by city banks outside New York and 1935-39 average. Loadings of grain and forest increases in commercial loans by banks in New products rose to unusually high levels for this York. Demand deposits and currency in circutime of year and coal shipments also increased, lation have risen sharply. Member bank refollowing a decline in December. Shipments of serves have shown little change in recent weeks, miscellaneous freight, which include most manu- and excess reserves have continued close to 3^ factured products, declined less than seasonally. billion dollars. COMMODITY PRICES UNITED STATES GOVERNMENT SECURITY PRICES Prices of commodities and services continued Prices of United States Government bonds to advance sharply in January and the first half declined somewhat in the first half of February, of February. The Emergency Price Control Act following little change during the previous of 1942. became a law on January 30 and former month, while prices of short-term securities, Federal maximum price schedules—approxi- which had risen in January, were steady. mately 100 in number—remained in effect under MEMBER BANKS IN 101 LEADING CITIES COST OF LIVING BILLIONS OF DOLLARS 30 130 120 120 r 110 no ALL/ ITEMS U. S. G0VT OBLIGATIONS J 00 r^i— 100 90 .... 1 90 130 1 130 of >^ TOTAL LOAN 120 CLOTHING L 1 120 r-4 • NO RENT 110 • y 100 100 C0MMERCIAL LOANS • FOOD P^"/ 90 90 80 I 80 • 1936 1937 1938 1939 1940 1941 1942 Bureau of Labor Statistics' indexes, 1935-39 average = 100. Fifteenth of month figures. Last month in each calendar quarter Wednesday figures. Commercial loans, which include industrial through September 1940, monthly thereafter. Latest figures shown and agricultural loans, represent prior to May 19,1937 so-called "Other are for January 1942. loans" as then reported. Latest figures shown are for February 18,1942. 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 117 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 118 Federal Reserve Bank statistics 119-133 Reserve position of member banks; deposits in larger and smaller centers 134 Money in circulation 135 Gold stock and gold movements; bank suspensions; bank debits 136 All banks in the United States, number, deposits, loans and investments 137 Condition of all member banks 138-2.39 Weekly reporting member banks 140-143 Commercial paper, bankers' acceptances, and brokers' balances 144 Money rates and bond yields 145 Security markets 146-147 Corporate profits 148 Treasury finance 149-153 Governmental corporations and credit agencies; Postal Savings System 154 Business indexes 15 5-165 Department store statistics 166 Wholesale prices 167 Current statistics for Federal Reserve chart book 168-170 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis ©f material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and press statements will be sent without charge to those wishing them. MARCH 1941 2.2.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 MEMBER BANK RESERVE BALANCES MONEY IN CIRCULATION TREASURY CASH AND DEPOSITS RESERVE BANK CREDIT I NONMEMBER DEPOSITS 1936 1937 1938 1939 1940 1941 1942 10 10 A. - 8 8 - REQURED RESERVE 6 6 \ ^y/ EXCESS RESERVES J - - 1936 1937 1938 1939 1940 1941 1942 Latest figures for February 18. See page 227. 2.2.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member Treas- bank reserve Date c B o d e i u i l d s n l - s t- To U t . a l S. s e G t c w u M o u r i v r t i a i h n e t - i - r g e n s m t e a u M n f r t t i e a n r - g ot A h l e l r1 Total s G to o c ld k T s r t o c e r u i a n e u u n r n a g y r t c - - d s y - - M in c ti o u o n c 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 r F e o e R y e r i r s e a t d v d i h - l t - e e s - p m N b o d e o e e s m n r i - t - - s c O s F o R e e a t e u r r h c e d v a n e - - - l e t r s Tot b a a l lance E s xin 5 5 Banks years years Monthy averages of daily figures: 1940—Nov 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 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—Jan 2,184 1,084 1,136 85 2,272 22,063 3,092 8,591 2,193 265 1,755 283 14,339 6,832 1941—Nov.. 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... 2,219 915 1,304 180 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 3,390 1942—Jan... 2,251 867 1,384 148 2,402 22,741 3,252 11,105 2,209 467 1,389 291 12,936 3,446 End of month figures: 1940—Nov 30 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 2,184 1,048 1,136 88 2,274 21,995 3,087 8,732 2,213 368 1,732 284 14,026 6,615 1941—Jan. 31 2,184 1,048 1,136 64 2,250 22,116 3,097 8,593 2,193 688 1,777 282 13,930 6,380 1941—Nov. 29 .... 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 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. 31 2,243 821 1,421 123 2,369 22,747 3,259 11,175 2,196 361 1,428 289 12,927 3,347 Wednesday figures: 1941—Apr. 2 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 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 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 2,184 1,008 1,177 53 2,239 22,482 3,118 8,992 2,299 947 289 13,506 5,760 Apr. 30 2,184 1,008 1,177 2,234 22,506 3,122 9,071 2,283 865 1^830 288 13,524 5,771 May 7 2,184 1,008 1,177 43 2,229 22,525 3,125 9,151 2,292 804 1,905 288 13,440 5,711 May 14 2,184 1,008 1,177 53 2,239 22,538 3,129 9,155 2,283 762 1,961 287 13,458 5,689 May 21 2,184 1,008 1,177 50 2,237 22,565 3,131 9,186 2,280 477 1,972 286 13,732 5,855 May 28 2,184 1,008 1,177 43 2,231 22,573 3,133 9,294 2,221 462 1,926 286 13,749 5,824 2,184 951 1,234 54 2,240 22,579 3,136 9,394 2,229 993 1,852 285 13,201 5,407 2,184 951 1,234 63 2,249 22,593 3,138 9,393 2,240 941 1,809 285 13,312 5,488 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 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 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 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 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 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 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 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 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 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 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 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 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 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* 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 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 2,243 917 1,326 249 2,499 22,750 3,244 11,224 2,195 908 1,422 297 12,447 3,056 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 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 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 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 4 2,243 821 1,421 92 2,339 22,744 3,256 11,097 2,196 302 1,379 290 13,075 3,479 4 2,243 821 1,421 70 2,316 22,738 3,259 11,231 2,201 376 1,367 289 12,849 3,326 3 2,243 821 1,421 86 2,331 22,741 3,263 11,319 2,194 319 1,310 288 12,905 3,357 3 2,250 821 1,429 151 2,404 22,712 3,264 11,339 2,181 264 1,251 288 13,058 3,460 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. MARCH 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 Federal Reserve Bank Secured by direct and Federal Reserve Act eligible guaranteed ob- All other To banks To others ligations of the U. S. Rate In effect Rate In effect Rate In effect Rate In effect Rate In effect Mar. 2 beginning— Mar. 2 beginning— Mar. 2 beginning- Mar. 2 beginning— Mar. 2 beginning- Boston Sept. 1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York Aug. 27, 1937 Aug. 27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia Sept. 4, 1937 Sept. 4, 1937 Sept. 4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 C1): 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 Feb. 28, 1942 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 134 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 U. S. Govt. 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 MINIMUM BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL BANKERS' ACCEPTANCES ADVANCES AND COMMITMENTS [Per cent per annum] [In effect Mar. 2. Per cent per annum except as indicated by footnote6] Maturity R M a a te r . o 2 n In g i e n f n fe in c g t — be- Pre r v at i e ous Advances to or in par- Advances ticipation with financ- 1-15 days1.... Oct. 20, 1933 1 direct to ing institutions Commit- 16-30 days.... do 1 Federal Reserve industrial ments 4 3 9 6 6 1 1 1 - - - - 1 6 4 9 2 0 5 0 0 d d d d a a a a y y y y s s s s . . . . . . . . . . . . . . . d d d d o o o o 1 1 1 1 Bank g m a o e n r r i c z c i a a o t l m i o o - n r s - f O s o o t r n b i t w l u i p h g t o i i a o c r t h t n e i o d i i n n 1 s - p O o i i n r i rt n ti r i i o e o n n - n g 1 a t d o v m an a c k e e s 121-180 days. do 1H me 1 n T ts h , i w s h r i a c t h e a a g ls r o e e a m p e p n li t e s s a t r o e a a l c w c a e y p s ta f n o c r e a s p b e o r u io g d h t o u f n 1 d 5 e d r a r y e s p o u r r c l h es a s s . e agre B N o ew st o Y n ork 33 4 4 - - 6 6 2-3 3 1 34 1-2 MEMBER BANK RESERVE REQUIREMENTS P C h le il v a e d la e n lp d hia 3 3* 3 3 ^- - 6 5 ft 3 H 4 -l -2 [Per cent of deposits] Richmond 4-6 1-2 On C n l e a t s s a d e n e s d m o b a f n a d d n e k p s osits A Fe 1 u 1 b 9 9 g . 3 3 . 6 7 2 - 1 8 6 , , A M 1 p 1 9 a 9 r 3 r . 3 . 7 7 3 - 1 0 , , A M 1 p 1 9 a r 9 . 3 3 y 7 8 1 l - , 2 5, A O 1 p c 1 9 r t 9 . . 3 4 8 3 1 1 - 1 6 , , N E 1 o t 9 f i v f 4 v e . 1 e c 2 1 - , D M K S A S C a t a h a t i . n l l n n i a l c L n s a F n a o a e s g r t s u a a a o p i n C s o c i l i t i s y s co 4 4 4 3 3 4 - - - - - - 6 6 6 6 6 6 3 3 ( 3 33 4 4 - ) -- 4 3 66 4 4 4 4 3 4 - - - - 4 5 6 6 6 3 H ( ( 4 1 1 6 • - - ) - - ) 2 2 1 2 2 1 d C e e p n o tr s a it l s . reserve city... $?£ 26 26 At 1 l a T n h t e a , F e C d h . i R ca e g s o . , B S an t. k s L o o f u i N s, e w M Y in o n r e k a , p P o h li i s la , d K el a p n h s i a a s , C C l i e t v y e , l a a n n d d , D R a i l c l h as m m on a d y , Reserve city 15 20 20 charge same rate as charged borrower by financing institution, if lower On A C l o t l i u m m n e t e r m y de b p er o s b it a s n : ks 12H 1 6 4 1 5 2 1 6 4 th 4 a n O O r n n a e e t e p p s e e h r r o c c w e e n n n t . t l 2 l e e s S s s s a m t t h h e a a n a n s r r r a a a t t t e e e c c c h h h a a a r r r g g g e e e d d d b b b o o o r r r r r r o o o w w w e e e r r r b b b y y y f f f i i n i n n a a a n n n c c c i i n i n n g g g i i n i n n s s s t t i t i t i t u t u u t t i t i o i o o n n n . . 1 See footnote to table on p. 234 for explanation of method of computing wi 5 t h O m ne i ^ n h im al u f m o f o f o n th e r p ee e r p c e e r n c t e n le t s s (s e th e a n n o t r e a t * e ) . charged borrower by financing ne 2 t P d e em rc a e n n d ta g d e e s p o in s it t s h . is column are double the basic statutory requirements, ins 6 ti M tu i t n i i o m n u w m i t c h h m ar i g n e i m on um e- fo of u r f t o h u r o f p e o r n e c e p n e t r ( c se e e n t n . ote x). which were in effect June 21, 1917-Aug. 15, 1936. MARGIN REQUIREMENTS* MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q Prescribed by Board of Governors of the Federal Apr. 1, Nov.l [Per cent per annum] Reserve System in accordance with Securities 1936- 1937 Exchange Act of 1934 Oct. 31, and 1937 after Nov. 1, 1933- Feb. 1,1935- Effective Jan.31,1935 Dec. 31,1935 Jan. 1,1936 For extensions of credit by brokers and dealers on listed securities, under Regulation T 55 40 Savings deposits 3^ For short sales, under Regulation T 50 Postal savings deposits... 2H For loans by banks on stocks, under Regulation U 3 55 40 Other deposits payable: In 6 months or more.... 2H 1 Reg. T and U limit the amount of credit that may be extended on a In 90 days to 6 months. 2H security by prescribing a maximum loan value, which is a specified In less than 90 days... 2H 1 percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. as established by the F. D. I. C, effective February 1, 1936, are the 2 Requirement under Reg. T was the margin "customarily required" same as those in effect for member banks. Under Regulation Q the rate by the broker. 3 Reg. U became effective May 1, 1936. payable by a member bank may not in any event exceed the maximum NOTE.—Regulations T and U also provide special margin requirements on rate payable by State banks or trust companies on like deposits under "omnibus" accounts and loans to brokers and dealers. the laws of the State in which the member bank is located. T2.S 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 Feb. 18 Feb. 11 Feb. 4 Jan. 28 Jan. 21 Jan. 14 Jan. 7 Dec. 31 Jan. Dec. Jan. Assets Gold certificates on hand and due from U. S. Treasury 20,503,515 20,529,518 20,521,517 20,522,i 1,523, 3,488,01520,490,017 20,490,015 20,1,522,014 20,490,01519,904,782 Redemption fund—F. R. notes. 13,019 12,737 11,660 12,195 13,437 13,436 13,669 13,668 11,162 13,668 8,392 Other cash 352,419 342,320 350,171 371,455 353,083 337,653 296,423 260,678 369,320 260,678 371,814 Total reserves 20,868,953 20,884,575 20,883,348 20,905,666 20,889,53520,839,10420,800,109 20,764,36120,902,496 20,764,36120,284,988 Bills discounted: For member banks 3,144 3,092 3,738 3,945 3,203 3,582 4,120 2,955 3,646 2,955 2,318 For nonmember banks, etc. Total bills discounted ... 3,144 3,092 3,738 3,945 3,203 3,582 4,120 2,955 3,646 2,955 2,318 Industrial advances 8,877 9,001 9,024 9,421 9,512 9,619 9,504 8,968 9,504 7,864 U. S. Government securities: Direct Bonds 1,553,960 1,546,555 1,546,555 1,546,555 1,548,005 1,462,205 1,462,205 1,462,205 1,546,555 1,462,205 1,280,000 Notes 692,500 692,500 692,500 692,5C0 692,500 777,300 777,300 777,300 692,500 777,300 899,500 Bills 6,000 10,370 10,370 10,370 10,370 Guaranteed 3,600 3,600 3,600 3,600 3,600 4,600 4,600 4,600 3,600 4,600 4,600 Total U. S. Government securities, direct and guaranteed 2,250,060 2,242,655 2,242,655 2,242,655 2,250,105 2,254,475 2,254,475 2,254,475 2,242,655 2,254,475 2,184,100 Other Reserve Bank credit outstanding 142,088 76,866 61,072 82,963 120,522 122,815 118,261 93,842 113,782 93,842 55,648 Total Reserve Bank credit outstanding 2,403,845 2,331.49C 2,316,466 2,338,587 2,383,251 2,390,384 2,386,475 2,360,776 2,369,051 2,360,776 2,249,930 Liabilities F. R. notes in actual circulation . 8,438,100 8,422,164 8,351,642 8,230,125 8,198,916 8,170,584 8,178,757 8,192,169 8,302,935 8,192,169 5,883,685 Deposits: Member bank — reserve account 13,057,72212,905,279 12,848,808 13,074,608 13,145,468 12,991,582 12,716,75412,450,33312,926,838 12,450,33313,929,840 U. S. Treasurer—general account 263,522 318,516 376,245 302,149 284,180 418,609 663,254 867,493 360,595 867,493 688,446 Foreign 626,097 680, 744 682,406 716,060 729,779 754,816 787,364 774,062 710,465 774,062 1,206,115 Other deposits 625,385 628,823 684,551 663,125 656,951 640,156 588,184 586,170 717,078 586,170 571,219 Total deposits 14,572,726 14,533,362 14,592,010 14,755,942 14,816,37814,805,16314,755,556 14,678,058 14,714,976 14,678,058 16,395,620 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.7 91.0 91.0 90.9 90.8 90.7 90.7 90.8 90.8 90.8 91.0 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 t d o n a t 6 y h s s 6 l m y t o e o n a t r hs 2 l y y t e e o a a r rs 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Jan. 28 3,945 3,173 23 73 427 203 46 Feb. 4 3,738 3,079 24 153 308 126 48 Feb. 11 3,092 2,463 16 176 274 136 27 Feb. 18 3,144 2,526 52 270 140 132 24 Industrial Advances: Jan. 28 9,024 2,680 405 149 418 1,059 1,418 1,544 1,351 Feb 4 9 001 2 673 399 203 342 1,467 1,010 1,561 1 346 Feb. 11 8,877 2,495 407 153 392 1,475 1,035 1,578 1,342 Feb. 18 8,553 2,399 343 178 205 1,556 962 1,573 1,337 U. S. Government Securities, Direct and Guaranteed: Jan 28 2,242,655 97,000 247,200 477,000 1,421,455 Feb. 4 2,242,655 97,000 247,200 477,000 1,421,455 Feb. 11 2,242,655 97,000 247,200 477,000 1,421,455 Feb. 18 2,250,060 97,000 247,200 477,000 1,428,860 MARCH 1941 2.XO. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k 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: Jan. 28 20,522,016 191,462 ,230,364 ,163, 384 1,650,015 768,650 534,1113,480,520 628,314 367,145 540,823 381,0371,586,191 Feb. 4 20,521,51" 207,914 ,196,099 ,178,8611,636,799 784,088 554,226 3,417,628 629,217 370,192 553,874 392, 65—9 1,599,960 Feb. 11 20,529,518 205,874 ,157,2101,188,"7 22" 1,626,569 800,627 558,816 3,415,862 630,358 370,516 567,713 392,8451,614,406 Feb. 18 20,503,515 ,206,051 ,132,0321,150,8471,639,936 794,774 554,8813,478,785 626,181 365,012 545,477 379,"996 1,629,543 Redemption Fund—Federal Reserve notes: Jan. 28 12,195 3,914 1,199 579 652 1,488 244 800 566 359 688 520 1,186 Feb. 4 11,660 3,865 991 509 593 1,012 714 728 549 351 674 510 1,164 Feb. 11 , 12,737 3,820 814 443 543 1,579 686 1,667 535 344 661 501 1,144 Feb. 18 , 13,019 3,786 1,670 395 499 1,258 663 1,614 523 338 651 494 1,128 Other cash: Jan. 28 .„.„.„.„.. 371,455 32,493 74,010 28,466 33,730 18,098 26,549 60,630 22,563 6,828 15,974 16,308 35,806 Feb. 4 350,171 34,707 67,890 27,757 30,201 19,594 23,734 57,786 21,201 6,241 14,917 14,380 31,763 Feb. 11... , 342,320 38,516 66,952 25,858 30,977 16,363 22,784 55,513 19,496 6,315 15,190 14,190 30,166 Feb. 18 352,419 37,140 68,406 27,939 28,049 20,768 23,456 58,074 21,008 6,426 15,155 12,716 33,282 Total reserves: Jan. 28 20,905,666 ,227,869 8,305,573 1,192, 429 1,684,397 788,236 560,904 3,541,950 651,443 374,332 557,485 397,865 1,623,183 Feb. 4 20,883,348 ,246,486 8,264,980 1,207, 1271,667,593 804,694 578,674 3,476,142 650,967 376,784 569,465 407,549 1,632,887 Feb. 11 20,884,575 ,248,1,210 8,224,976 1,215, 023 1,658,089 818,569 582,286 3,473,042 650,389 377,175 583,564 407,536 1,645,716 Feb. 18 20,868,953 ,246,.,977 8,202,108 1,179, 1811,668,484 816,800 579,000 3,!538,473 647,712 371,776 561,283 393,206 1,663,953 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Jan. 28 3,088 325 1,495 946 150 20 12 30 Feb. 4 3,006 925 1,120 761 40 60 Feb. 11 2,377 200 1,216 751 25 25 90 Feb. 18 2,432 312 1,199 631 125 45 50 Other bills discounted: Jan. 28 857 547 Feb. 4 732 442 Feb. 11 715 403 Feb.18 712 357 Total bills discounted: Jan. 28 3,945 325 1,016 245 20 12 632 117 Feb. 4 3,738 925 811 95 517 127 60 Feb. 11 3,092 200 801 112 448 112 90 Feb. 18 3,14 312 728 207 402 133 50 Industrial advances: Jan. 28 9,024 1,488 3,614 277 760 519 301 514 247 122 Feb. 4 9,001 1,492 3,562 245 760 510 379 501 246 121 Feb. 11 8,877 1,302 3,582 281 760 512 379 508 246 120 Feb. 18 8,553 1,198 3,412 279 757 501 370 483 246 120 U. S. Government securities, direct and guaranteed: Bonds: Jan.28 1,550,15, 114,064 427,857 122,391 153,313 92,705 65,939 188,649 73,232 46,804 70,866 60,405 133,930 Feb. 4 1,550,15. 114,064 427,857 122,391 153,313 92,705 65,939 188,649 73,232 46,804 70,866 60,405 133,930 Feb. 11 1,550,155 114,064 427,857 122,391 153,313 92,705 65,939 188,649 73,232 46,804 70,866 60,405 133,930 Feb. 18 1,557,560 114,605 429,917 122,996 154,050 93,113 66,253 189,502 73,573 47,029 71,218 60,692 134,557 Notes: Jan. 28 692,50C 50,956 191,137 54,67 68,490 41,415 29,456 84,276 32,714 20,907 31,656 26,986 59,830 Feb. 4 692,50C 50,956 191,137 54,677 68,490 41,415 29,456 84,276 32,714 20,907 31,656 26,986 59,830 Feb. 11 692,50C 50,956 191,137 54,67" 68,490 41,415 29,456 84,276 32,714 20,907 31,656 26,986 59,830 Feb. 18 692,50C 50,955 191,168 54,686 68,491 41,398 29,456 84,254 32,711 20,910 31,663 26,983 59,825 Total U.S. Government securities, direct and guaranteed: Jan. 28 2,242,65J 165,020 618,994 177,068 221,803 134,120 95,395 272,925 105,946 67,711 102,522 87,391 193,760 Feb. 4 2,242,65; 165,020 618,994 177,068 221,803 134,120 95,395 272,925 105,946 67,711 102,522 87,391 193,760 Feb. 11 2,242,65! 165,020 618,994 177,068 221,803 134,120 95,395 272,925 105,946 67,711 102,522 87,391 193,760 Feb. 18 2,250,06C 165,560 621,140 177,682 222,541 134,511 95,709 273,756 106,284! 67,939 102,881 87,675 194,382 2.30 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 i h la 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 Ass ets—Con tinued Total bills and securities: Jan. 28 2,255,624 166,833 621,586 181,698 222,325 134,900 95,926 273,226 105,946 68,308 103,239 87,755 193,882 Feb. 4 2,255,394 167,437 621,211 181,441 222,143 134,880 95,905 273,304 105,949 68,295 103,124 87,764 193,941 Feb. 11 2,254,624 166,522 621,337 181,451 222,196 134,880 95,90" 273,304 105,951 68,302 103,055 87,749 193,970 Feb. 18 2,261,757 167,070 623,466 181,822 223,027 135,268 96,210 274,126 106,290 68,505 103,367 88,054 194,552 Due from foreign banks: Jan. 28 Feb. 4 Feb. 11 Feb. 18 Federal Reserve notes of other banks: Jan. 28 31,903 750 2,512 1,237 2,183 9,908 3,415 2,723 2,477 687 2,013 783 3,215 Feb. 4 32,779 570 3,655 1,234 1,722 8,898 3,526 3,21" 2,259 1,11 2,393 867 3,319 Feb. 11 27,920 776 2,600 1,257 2,181 6,480 4,491 2,701 1,939 254 1,564 711 2,966 Feb. 18 25,717 725 2,978 1,435 1,779 3,424 3,217 2,779 2,602 692 1,513 852 3,721 Uncollected items: Jan. 28 994,637 96,277 221,699 78,614 126,094 77,726 40,781 142,368 45,577 23,519 38,768 33,567 69,647 Feb. 4 1,008,459 92,599 243,916 67,782 112,993 82,961 43,009 158,300 43,530 22,779 39,255 37,846 63,489 Feb. 11 938,444 84,707 205,731 66,839 122,528 76,487 43,119 142,318 43,873 21,512 37,500 37,294 56,536 Feb. 18 1,170,713 108,454 266,313 83,420 147,807 89,573 41,890 190,998 49,030 24,894 55,786 43,206 69,342 Bank premises: Jan. 28 40,75" 2,778 10,507 4,855 4,429 3,008 1,945 2,965 2,153 1,338 2,874 1,141 2,766 Feb. 4 40,710 2,773 10,489 4,855 4,429 3,008 1,945 2,965 2,150 1,336 2,867 1,133 2,760 Feb. 11 40,718 2,773 10,489 4,855 4,429 3,016 1,945 2,965 2,150 1,336 2,867 1,133 2,760 Feb. 18 40,719 2,773 10,489 4,855 4,430 3,016 1,945 2,965 2,150 1,336 2,867 1,133 2,760 Other assets: Jan. 28 46,186 3,206 12,745 3,598 4,999 2,961 1,886 5,274 2,038 1,403 2,029 1,751 4,296 Feb. 4 47,14- 3,263 12,772 3,710 5,131 2,981 1,944 5,425 2,094 1,464 2,101 1,803 4,456 Feb. 11 48,456 3,433 13,292 3,791 5,222 3,067 1,970 5,599 2,120 1,465 2,129 1,826 4,542 Feb. 18 48,829 3,383 13,315 3,800 5,282 3,"" 2,010 5,649 2,144 1,477 2,156 1,909 4,618 Total assets: Jan. 28 24,274,8221,497,716 9,174,640 1,462!,,436 2,044,4311,016,741 704,8593,968,512 809,635 469,587 706,409 522,8631,896,993 Feb. 4 24,267,8811,513,131 9,,157,0411,466,1542,014,015 '1,037,424 725,0053,919,359 806,950 471,777 719,206 536,9631,900,856 Feb. 11 24,194,7841,506,424 9;,078,4431,473, 014649 1,042,501 ~~ ',7201 ,38!99,935 806,423 470,044 730,680 536,2501,906,494 Feb. 18 24,416,7351,529,385 9,,118,6871,454,518 2,050,8131,051,169 724,274 4,014,996 809,929 468,680 726,973 528,3611,938,950 Liabilities Federal Reserve notes in actuardrculation: Jan. 28 8,230,125 672,727 2,,110 131 578,561 784,768 421,724 278,338 1,738,033 323,899 210,486 265,694 133,456 712,308 Feb. 4 8,351,642 685,443 2,129,443 584,830 791,188 433,753 287,816 1,757,951 329,832 213,144 271,254 138,354 728,634 Feb. 11 8,422,164 689,2912,149,835 595,629 801,226 433,281 286,703 1,775,727 330,765 214,486 271,221 136,887 737,113 Feb. 18 8,438,100 693,2 "50~ 2,149,418 595,536 804,512 433,997 289,118 1,779,749 331,746 215,422 272,800 137,391 735,161 Deposits: Member bank—reserve account: Jan. 28 13,074,608 636,350 51,912,889 656,226 1,007,697 450,495 326,i, 846 1,904,247 377,561 184,463 344,005 301,427 972,402 Feb. 4 12,848,808 634,529 51,826,045 664,046 970,410 453,055 335,960 1,821,247 364,359 174,153 346,228 303,860 954,916 Feb. 11 12,905,279 637,343 51,817,834 654,784 958,978 470,592 342,5021,817,872 373,127 185,904 360,218 310,570 975,555 Feb. 18 .., 13,057,722 642,668 51,825,246 644,720 978,917 467,284 336i,,6"56 1',934,195 374,156 183,411 355,969 307,873 ,006,627 U. S. Treasurergeneral account: Jan. 28 302,149 25,413 49,223 21,377 20,361 18,469 17,353 42,952 13,479 18,778 27,253 21,929 25,562 Feb. 4 376,245 32,287 54,979 24,235 31,449 19,244 20,352 53,961 20,813 29,602 29,126 24,263 35,934 Feb. 11 318,516 27,825 52,901 34,899 27,820 12,703 20,315 40,231 14,102 16,076 28,578 20,911 22,155 Feb. 18 263,522 20,737 66,800 21,509 23,587 15,677 19,120 15,187 14,709 14,568 16,532 10,747 24,349 Foreign: Jan. 28 716,060 27,529 282,156 67,845 65,017 31,095 24,735 86,219 21,201 15,548 20,495 20,495 53,725 Feb. 4 682,406 26,896 267,991 64,693 61,997 29,651 23,586 82,214 20,217 14,825 19,543 19,543 51,250 Feb. 11 680,744 26,145 267,080 64,693 61,997 29,651 23,586 82,214 20,217 14,825 19,543 19,543 51,250 Feb. 18 626,097 24,863 245,286 59,417] 56,942 27,233 21,662 75,510 18,568j 13,616 17,949 17,949 47,102 I MARCH 1941 2-31 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 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 Liabilities—Continued Deposits—Continued: Other deposits: Jan. 28 663,125 22,371 504,829 25,265 17,527 5,797 5,410 3,510 16,587 11,646 1,448 2,35( 46,379 Feb. 4 684,551 21,870 522,286 19,717 17,248 5,483 3,358 10,057 17,542 11,260 1,959 4,51: 49,259 Feb. 11 628,823 19,798 482,945 19,520 16,629 5,466 3,351 3,070 14,404 10,513 2,60: 2,34' 48,176 Feb. 18 625,385 21,642 483,841 18,075 22,571 3,586 2,865 4,676 10,938 11,049 7,623 2,05 36,462 Total deposits: Jan. 28 14,755,942 711,663 6,749,097 770,713 1,110,602 505,856 374,344 2,036,9281 428,828 230,435 393,201 346,20'1,098,068 Feb. 4 14,592,010 715,582 6,671,301 772,69111,081,104 507,433 383,256 1,967,479 422,931 229,840 396,856 352,1781,091,359 Feb. 11 14,533,362 711,111:6,620,760 773,89611,065,424 518,412 389,754 1,943,387 421,850 227,318 410,941 353,3731,097,136 Feb. 18 14,572,726 709,910 6,621,173 743,721 1,082,017 513,780 380,303 2,029,568 418,371 222,644 398,07: 338,6261,114,540 Deferred availability items: Jan. 28 911,721 87,262 185,969 78,558 114,086 72,657 38,275 144,710 44,952 18,862 36,016 31,559 58,815 Feb. 4 947,434 86,041 226,980 74,026 106,787 79,752 40,055 145,143 42,243 18,983 39,597 34,809 53,018 Feb. 11 861,625 79,902 178,354 68,986 112,993 74,305 39,366 131,850 41,842 18,402 36,990 34,337 44,298 Feb. 18 1,028,672 100,103 218,635 80,656 129,295 86,895 40,938 156,830 47,877 20,800 44,611 40,664 61,368 Oth,er liabilities, including accrued dividends: Jan. 28 2,852 384 607 182 328 322 169 361 73 119 105 132 70 Feb. 4 2,653 420 487 197 274 310 15: 302 76 108 94 114 119 Feb. 11 3,421 470 648 302 344 327 175 487 106 127 123 134 178 Feb. 18 3,082 469 608 215 337 317 196 374 80 110 106 148 122 I Total liabilities: Jan. 28 23,900,640 , 472,036 9,045,80411,428,0142,009,7841,000,559 691,126 3,920,032 797,752 459,902 695,016 511,354 ,869,261 Feb. 4 23,893,739 ,487,486 9,028,211 1,431,744 1,979,3531,021,248 711,279 ,870,875 795,082 462,075 707,801 525,455 ,873,130 Feb. 11 23,820,572 ,480,774 8,949,597 1,026,325 715,998 ,851,451 794,563 460,333 719,275 524,731 ,878,725 Feb. 18 24,042,580 ,503,732 8,989,834 11420,128 2,016,1611,034,989 710,555 ,966,521 798,074 458,976 715,590 516,829 ,911,191 Capital accounts Capital paid in: Jan. 28 142,902 9.4C5 52,205 11,852 14,755 5,739 4,925 15,717 4,449 3,021 4,621 4,374 11,839 Feb. 4 142,923 9,403 52,215 11,849 14,752 5,744 4,925 15,722 4,449 3,025 4,626 4,374 11,839 Feb. 11 143,040 9,403 52,222 11,854 14,758 5,745 4,925 15,741 4,451 3,037 4,629 4,387 11,888 Feb. 18 143,056 9,405 52,223 11,840 14,754 5,745 4,928 15,744 4,453 3,038 4,634 4,404 11,888 Surplus (section 7): Jan. 28 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Feb. 4 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Feb. 11 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Feb. 18 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Surplus (section 13b): Jan. 28 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Feb. 4 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Feb. 11 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Feb. 18 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Other capital accounts: Jan. 28 46,997 2,452 12,910 3,006 4,539 1,963 2,370 8,409 1,938 2,512 2,022 1,896 2,980 Feb. 4 46,936 2,419 12,894 2,997 4,557 1,952 2,363 8,408 1,923 2,525 2,029 1,895 2,974 Feb. 11 46,889 2,424 12,903 2,990 4,551 1,951 2,359 8,389 1,913 2,522 2,026 1,893 2,968 Feb. 18 46,816 2,425 12,909 2,986 4,545 1,955 2,353 8,377 1,906 2,514 1,999 1,889 2,958 Total liabilities and capital accounts: Jan. 28 24,274,822 ,497,716 9,174,640 1,462,436 2,044,431 ,016,741 704,859 ,968,512 809,635 469,587 706,409 522,863 ,896,993 Feb. 4 24,267,881 ,513,1319,157,0411,466, ,014,015 ,037,424 725,005 ,919,359 806,950 471,777 719,206 536,963 900,856 Feb. 11 24,194,784 ,506,424 9,078,4431,473,2212,014,649 ,042,501 729,720 ,899,935 806,423 470,044 730,680 536,250 ,906,494 Feb. 18 24,416,735 ,529,385 9,118,6871,454,5"1"8 2,,050,813 ,051,169 724,274 ,014,996 809,929 468,680 726,973 528,361 ,938,950 Commitments to make industrial advances: Jan. 28 14,272 166 389 2,765 1,073 859 1,698 1,874 1,140 1,500 2,783 Feb. 4 : 14,132 149 373 2,808 1,055 857 1,667 1,774 1,100 1,500 2,824 Feb. 11 14,690 135 366 2,781 1,072 1,471 1,664 1,774 1,100 1,500 2,804 Feb. 18 14,987 132 365 2,944 1,069 1,455 1,644 1,934 1,130 1,500 2,791 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 imder 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 e c r eiv 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 e m d ount A s ( t a d a m o n v u o a d t n u i - n c n g e t) s 1 m ( C s a e t o m n a m n t o s d m u o i n n i u t t g - ) t- c A ( o a b m p m u p p t o r l o n u e v o t n e e t t d ) d 2 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 b h n , - y t, ( s P p a ta a m a o n r t u o i t d o i t 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. 31* 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30 8,247 328,998 5 1,245 2,280 139,829 25,526 20,959 8,226 77,9*0 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 8,474 341,842 800 2,381 146,724 21,415 14,880 537 102,588 7,304 Dec. 29 8,534 350,551 7 550 2,406 150,987 20,216 12,780 3,369 107,384 7,238 1938—Mar. 30 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111,193 7,825 June 29 8,976 369,853 8 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28 9,102 378,974 8 146 2,617 168,380 17,567 13,597 5,737 122,447 9,032 Dec. 28 9,188 387,490 5 247 2,653 175,013 17,345 14,161 1,946 128,839 12,722 1939—Mar. 29 9,249 392,230 14 344 2,683 177,895 15,798 12,647 1,975 135,004 12,471 June 28 9,308 395,499 5 255 2,721 179,778 15,255 11,175 2,067 139,281 12,000 Sept. 27 9,366 402,305 2 370 2,752 185,234 14,454 10,517 1,938 146,156 12,169 Dec. 27 9,418 405, 225 2 41 2,781 188,222 13,683 9,220 2,659 151,679 10,981 1940—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 2,923 214,000 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 Tune 25.. 9,817 458, 092 2 35 3,067 238,505 10,549 13,072 8,090 192,783 14,011 July 3C 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. 28 10,035 512,449 4 135 3,224 281,617 9,752 14,272 7,612 230,593 19,388 Feb. 185. 10,051 523,424 4 140 3,233 291,357 9,278 14,987 14,563 232,615 19,914 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 $685,000, Feb. 18, 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 S r a a n ncisco Federal Reserve Notes: Issued to F. R. Bank by F. R. agent: Jan. 28 8,671,848 699,417 2!, 228,240603,700 820,217 461,378 304,385 1,782,181 344,896 216,613 276,037 149,201 785,583 Feb. 4 8,739,078 705,8152,244,025 605,876 824,413 466,897 305,6251,794,720 344,355 219,093 279,196 150,725 798,338 Feb. 11 8,812,972 712,335 2,.250,042 615,153 835,406 469,578 308,471 ,812,649 348,080 220,258 279,955 151,138 809,907 Feb. 18 8,860,234 723, ,260,518 618,757 836,544 471,859 308, ,820,231 348,014 221,218 281,582 151,054 817,645 Held by Federal Reserve Bank: Jan. 28 441,723 26,690 118,109 25,139 35,449 39,654 26,047 44,148 20,997 6,127 10,343 15,745 73,275 Feb. 4 387,436 20,372 114,582 21,046 33,225 33,144 17,809 36,769 14,523 5,949 7,942 12,371 69,704 Feb. 11 390,808 23,044 100,207 19,524 34,180 36,297 21,768 36,922 17,315 5,772 8,734 14,251 72,794 Feb. 18 422,134 30,570 111,100 23,221 32,032 37,862 19,874 40,482 16,268 5,796 8,782 13,663 82,484 In actual circulation:1 Jan. 28 ,230,125 672,727 2,110,131 578,561 784,768 421,724 278,1,338 1,738,033 323,899 210,486 265,694 133,456 712,308 Feb. 4 ,351,642 685,443 2:,, 129,443584,830 791,188 433,753 287,8161,757,951 329,832 213,144 271,254 138,354 728,634 Feb. 11 ,422,164 689,2912,149,835 595,629 801,226 433,281 286,703 1',775,727 330,765 214,486 271,221 136,887 737,113 Feb. 18 ,438,100 6931',2-5-0 2,,149,418 595,536 804,512 433,997 289,,118 1,779,749 331,746 215,422 272,800 137,391 735,161 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Jan. 28 ,800,500 720,000 2,240,000 615,000 825,000 475,000 310,1,000 1,800,000 360,000 217,000 280,000 154,500 804,000 Feb. 4 ,860,500 720),,'000 2250,000 615,000 825,000 485,000 310,0001,820,000 360,000 222,000 280,000 154,500 819,000 Feb. 11 ,952,000 7201,,000 2270,000 640,000 840,000 485,000 315,0001,840,000 360,000 222,000 285,000 156,000 819,000 Feb. 18 ,992,000 7401,,'000 2280,000 640,000 840,000 485,000 315,000 1',840,000 360,000 222,000 285,000 156,000 829,000 Eligible paper: Jan. 28 3,497 325 1,495 946 108 623 Feb. 4 3,394 925 1,120 761 83 505 Feb. 11 2,717 200 1,247 751 83 436 Feb. 18 2,692 312 1,229 678 83 390 Total collateral: Jan. 28 ,803,997 720,325 2,241,495 615,946 825,000 475,000 310,000 1,800,000 360,000 217,108 280,623 154,500 804,000 Feb. 4...... ,863,894 720,925 2,251,120 615,761 825,000 485,000 310,000 1,820,000 360,000 222,083 280,505 154,500 819,000 Feb. 11 ,954,717 720,200 2,271,247 640,751 840,00G 485,000 315, ,840,000 360,000 222,083 285,436 156,000 819,000 Feb. 18 ,994,692 740', 3122,281,229 640,678 840,000 485,000 315,000 1,840,000 360,000 222,083 285,390 156,000 829,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing banks. MARCH 1942 2-33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JANUARY, 1942 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 Gross Net Federal Reserve Ail city banks Re- Coun- Cl a a n ss d e s d i o s f t r b ic a t n s ks m d d a e e n - - d m d d a e e n - - d p T o d im e s - i e ts Banks b m a b e n e m k r s - 1 New Chi- b s c a e i r n t v y k e s ba tr n y ks1 posits posits1 qu R ir e e - d Held c E e x s - s York cago Total reserves held: All member banks 48,769 40,301 12,330 9,490 12,936 3,446 1941—January 14,339 7,135 1,051 4,240 1,913 Central reserve city banks: February 13,996 6,807 1033 4,258 1,898 New York 16,666 15,831 820 4,165 5,248 1,083 March 13,979 6,924 931 4,197 1,928 Chicago 3,633 3,201 468 860 1,085 225 April 13,600 6,518 966 4,204 1,912 May 13,650 6,243 1 144 4,298 1,965 Reserve city banks: June 13,201 5,958 1 144 4,184 1,914 Boston district 1,420 1,266 79 258 380 122 July 13,120 5,875 1 120 4,198 1,927 New York district 303 245 146 58 71 13 August 13,004 5,600 1 140 4,287 1,978 Philadelphia district 1,683 1,423 172 295 448 153 September 13,184 5,554 1 218 4,335 2,076 October 13,097 5,314 1 243 4,391 2,149 Cleveland district 2,403 1,977 710 438 736 298 November 12,900 5,053 1 210 4,424 2,213 Richmond district 1,153 901 234 194 302 108 December 12,812 5,142 1 143 4,317 2,210 Atlanta district 1,087 780 175 167 205 38 1942—January 12,936 5,248 1085 4,365 2,238 Week ending (Friday): Chicago district 1,988 1,465 693 335 507 173 1942—Jan. 9 12,701 5,160 1,029 4 261 2,252 St. Louis district 1,242 953 171 201 271 70 Jan.16 12,967 5 183 1,115 4 401 2,269 Minneapolis district 514 405 81 86 103 17 Jan. 23 13,139 5 332 1 130 4 432 2,246 Jan. 30 13,058 5 340 1090 4,430 2,198 Kansas City district 1,330 928 150 195 259 64 Feb. 6 12,897 5 291 1,044 4 366 2,196 Dallas district 1,027 679 128 143 192 48 Feb. 13 12916 5 309 1,034 4 378 2,195 San Francisco district ... 3,286 2,707 2,078 666 892 226 Excess reserves: 1941—January 6 832 3 505 381 2 016 930 Total 17,437 13,731 4,817 3,035 4,365 1,330 February 6 422 3 166 347 2 004 906 March 6 304 203 252 1923 „ 927 April 5 883 2812 295 1885 891 Country banks: May 5 831 2514 434 1949 933 Boston district 1,243 941 550 165 262 97 June 5 351 2,238 424 1820 870 New York district 1,942 1,504 1,476 299 470 171 July 5 193 2,150 388 1,789 866 Philadelphia district 900 660 860 144 220 76 August 5 017 1,898 403 1,824 892 September 5 116 1,834 478 1,836 968 Cleveland district 934 633 736 133 234 101 October 5 001 1,626 512 1,845 1,017 Richmond district 902 557 395 102 155 54 November 3,611 945 367 1,456 844 Atlanta district 834 510 255 87 128 41 December 3,390 989 295 1,303 804 1942—January 3•446 1,083 225 1,330 809 Chicago district 1,339 866 848 172 286 114 Week ending (Friday): St. Louis district. 599 374 258 68 104 36 1942—Jan. 9 3,304 1,026 199 1,257 822 Minneapolis district 441 294 280 58 83 25 Jan.16 3 494 1,029 260 1,366 839 Jan. 23 3,595 1,143 251 1,383 817 Kansas City district 613 387 157 64 91 27 Jan. 30 3,489 1,147 208 1,365 769 Dallas district 775 483 103 74 116 42 Feb. 6 ,351 1,111 169 1,303 P767 San Francisco district... 512 329 307 65 89 24 Feb. 13 ,347 - 1,118 162 1,300 ^767 Total 11,033 7,540 6,225 1,429 2,238 809 v 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. 228 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Boston 2,663 2,640 629 637 2,504 2,480 511 517 159 160 118 119 New York 18,911 18,800 2,442 2,455 il,852 U,776 il,106 !1,117 393 384 517 520 Philadelphia.. 2,583 2,608 1,032 1,081 2,249 2,275 576 622 335 333 455 459 Cleveland 3,337 3,353 1,445 1,464 2,981 3,001 1,098 1,115 356 351 347 349 Richmond 2,055 2,062 629 632 1,782 1,786 424 425 272 276 205 207 Atlanta 1,921 1,871 430 436 1,723 1,680 346 350 198 190 84 86 Chicago 6,959 6,844 2,008 2,054 12,827 12,741 11,202 11,219 500 482 339 342 St. Louis 1,841 1,791 429 434 1,480 1,443 302 305 361 348 126 128 Minneapolis... 956 963 361 364 743 748 195 196 213 215 167 167 Kansas City.. 1,943 1,919 307 313 1,523 1,504 199 203 420 414 108 110 Dallas 1,801 1,803 232 237 1,379 1,379 186 190 422 425 46 47 San Francisco 3,798 3,759 2,385 2,388 3,636 3,592 2,281 2,282 163 167 105 105 Total... 48,769 48,411 12,330 12,493 J24,679 124,405 18,424 !8,541 3,791 3,746 2,618 2,641 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c e G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a i r l t t v i e f e s i r - o T n f r u o e 1 r t 8 a y e 9 s s - 0 S s u i c a l b o v r s i y e i n r di- M co in in or U S n n o ta i t t t e e e s d s R F n e e o s d e t e e r r v s a e l R F n B e e o d s a e t e n e r r k v s a e l n t b i N o o a t a n n e - a k s l 1940—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 Tune 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 1942—January... 11,175 61 61 1,657 471 206 302 8,253 19 143 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of month in c ul c a ir - - so U r n te a d s- 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1940—December 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941—January 8,593 6,094 635 577 37 1,091 1,973 1,781 2,502 540 1,126 230 530 24 52 4 February 8,781 6,243 641 582 38 1,116 2,041 1,826 2,541 551 1,144 232 535 24 55 4 March 8,924 6,342 650 590 38 1,132 2,074 1,858 2,583 560 1,163 238 543 24 56 1 April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 1,197 241 550 25 56 2 May 9,357 6,683 669 615 40 1,176 2,211 1,972 2,675 587 1,218 242 546 24 57 2 June 9,612 6,890 681 625 41 1,207 2,289 2,047 2,725 607 1,244 244 548 24 57 2 July 9,732 6,992 688 626 40 1,215 2,334 2,090 2,742 615 1,257 244 544 24 58 3 August 9,995 7,237 700 641 42 1,257 2,430 2,169 2,760 630 1,274 244 543 24 46 3 September.... 10,163 7,378 713 658 42 1,270 2,469 2,227 2,787 645 1,293 243 537 24 46 3 October 10,364 7,537 725 663 41 1,287 2,527 2,293 2,830 658 1,316 245 539 25 47 3 November 10,640 7,769 738 675 43 1,318 2,610 2,383 2,874 674 1,343 248 538 24 47 4 December 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942—January 11,175 8,053 738 656 42 1,309 2,713 2,595 3,126 745 1,481 265 566 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 l o b i a i i l l l u o n v l v n l a d e e - 1 r r r s s S s a c i i u l o r d v y b i i e n - - r M co in in or U S n n t o a i t t t e e e s d s n B F s e R e o e a r r e t d n a v e - - l k e s t n b i N o o a t a n n e - a k s l 1937 Year or month m E e S u n h r 2 t o i 1 s p p .5 - e to R E e f 4 u r c 7 o r e o . m i 6 p pe ts m s N h e i e n p t t - s re 2 c N 6 e e i .1 t pts 1938 33.1 34.4 1.3 1940—December.. 3,087 1,945 425 189 347 22 159 1939 110.2 9.8 100.3 1940 17.7 .7 17.0 1941—January.... 3,097 1,953 427 191 347 22 158 1941 .3 .5 .2 M F A e p a b r r i c r l u h ary... 3 3 3 , , , 1 1 1 0 2 0 2 2 9 1 1 1 , , , 9 9 9 5 6 7 9 5 1 4 4 4 2 3 2 9 4 8 1 1 1 9 9 9 2 4 3 3 3 3 4 4 4 7 7 7 2 2 2 1 1 1 1 1 1 5 5 5 5 6 4 1941 M Fe a b rc ru h ary P-) C .1 1) May 3,134 1,977 440 196 347 21 153 April .1 C1) .1 J J A u u u n l g y e ust 3 3 3 , , , 1 1 1 4 6 8 9 6 1 1 1 1 , , , 9 9 9 8 9 9 3 8 1 4 4 4 4 6 5 7 2 5 2 2 1 0 0 9 2 4 9 3 3 3 4 4 4 7 7 7 2 2 2 0 1 0 1 1 1 5 5 5 2 0 1 M J Ju u a l n y y e § (*) c C 1 1 ) ) September. 3,198 2,006 469 207 347 20 149 August r) N D O o e c c t v o e e b m m e b r b e e r r .. 3 3 3 , , , 2 2 2 1 3 4 9 1 7 2 2 2 , , , 0 0 0 1 1 2 7 3 3 4 4 4 9 8 8 7 9 2 2 2 2 1 1 1 2 0 5 3 3 3 4 4 4 7 7 7 2 2 2 0 0 0 1 1 1 4 4 4 6 8 6 N O o ct v o e b m er ber / / i i \ \ .2 .2 1942—January 3,259 2,029 501 218 347 20 144 1942—January .2 .1 .1 1 Includes silver held against silver certificates amounting to $1,953,- 000,000 on Jan. 31, 1942 and $1,871,000,000 on Jan. 31, 1941. 1 Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. 2-35 MARCH 1941 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 l n r k d i d od I i n n s c to r g e c o a k l s d e N i e m t p g o o r l t d c g r m o e c o a l r r a d e s r e : i a k n s d ( e - e — d e- ) p D ti r c t 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 ts - 3 p I o m rt - s Oct. p E or x t - s3 p J I o a m n r - t . s -No p v E o . r x t - s3 1 19 9 3 3 5 42 1 8 0 , , 2 1 3 25 8 4 1 , , 2 8 0 8 2 7 . . 5 2 1 1 , , 1 7 3 3 3 9 . . 9 0 82. . 6 2 1 9 1 2 0 . . 9 7 F P r o a r n tu c g e al 24 34 378 1 1936 311,258 1,132.5 1,116.6 -85.9 131.6 Sweden 1,747 1937 312,760 1,502.5 1,585.5 -200.4 143.9 Switzerland 899 1 1 1 1 9 9 9 9 3 3 4 4 9 8 1 0 2 2 1 1 2 1 7 4 , , , , 7 9 6 5 3 9 1 4 7 5 2 4 3 4 1 , , , 3 1 7 7 5 3 5 4 1 2 1 1 . . . . 2 0 8 5 3 4 1 , , , 7 5 9 (4 4 7 7 ) 4 4 3 . . . 5 2 6 - - - - 4 3 6 5 0 3 4 3 7 3 4 4 . . . . 7 5 7 4 1 1 1 1 6 4 7 6 1 8 0 7 . . . . 7 6 2 8 U M U C C n a e . e n n i x S t a t i e . r c d d a o S a l . K A R in m g e d r o ic m a 2 5 6 4 , , 6 3 9 1 9 1 3 3 2 2 5 6 9 1 1 c 1 5 1 6 , , 5 0 9 0 5 2 5 6 7 0 0 5 0 4 3 3 9 1 3 9 1 1 5 , , , , , 6 9 4 7 5 1 5 8 1 2 6 9 7 4 6 West Indies and Ber- 1940—August 20,913 450.2 351.6 67.0 12.5 muda 77 66 814 September... 21,244 331.6 334.1 36.6 13.5 Argentina 18 10 177 October 21,506 261.1 326.0 -117.9 19.2 Bolivia g 10 94 November.... 21,801 295.2 330.1 -39.5 16.6 Brazil 5 22 December 21,995 194.0 137.2 7.4 16.3 Chile 441 323 7 627 Colombia 2,110 2,107 22,211 1941—January 22,116 121.7 234.2 -52.8 r13.6 Ecuador 218 253 2,822 February 22,232 115.4 108.6 -46.2 r12.7 Peru 436 583 8,441 March. 22,367 135.4 118.6 .2 r12.1 Venezuela 227 608 4 212 April 22,506 138.5 172.0 -10.5 r12.9 British Guiana 91 75 986 May.... 22,575 69.1 34.8 -3.8 r12.7 Australia 5,980 6,151 63,779 June 22,624 49.2 30.7 4.0 r14.5 New Zealand 156 77 2,364 July 22,675 50.5 37.0 -27.7 r13.7 British Oceania 314 652 3,583 August 22,719 44.7 37.0 -31.2 r12.5 British India 2,327 8,954 O N Se c o p t v o t e b e m e m r b b e e r r . . . . . . . 2 2 2 2 2 2 , , , 7 8 7 8 0 6 5 0 1 -1 4 3 4 1 8 . . . 4 5 8 4 5 6 0 0 5 . . . 4 4 7 - - - 6 3 4 0 2 6 . . . 9 2 8 r r r 1 1 1 5 8 7 . . . 8 9 1 N Ch et in h a e r a la n n d d H s o I n n g d i K es ong 25 3,6 8 9 5 7 5 December.... 22,737 -48.8 (4) -99.7 11.4 Philippine Islands 1,832 3,143 37,178 South Africa 40 200 292,703 1942—January 22,747 10.6 (4) 6-38.5 All other countries 473 140 4,255 r Revised. Total 50,382 8 40,444 3 929,545 63 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on page 273, adjusted to exclude Philip- c Corrected. pine Islands production received in United States. 1 Figures represent customs valuations which, with some exceptions, 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a are at rate of $35 a fine ounce. fine ounce thereafter. 2 Beginning December 4, 1941, the Department of Commerce suspended 3 Includes gold in the Inactive Account amounting to 27 million dollars publication of gold import and export statistics. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 3 Beginning May 1941, the Department of Commerce suspended publi- 4 Beginning December 4, 1941, the Department of Commerce suspended cation of export statistics by country of destination. publication of gold import and export statistics. Back figures.—See table, p. 273, and Annual Report for 1937 (tables 31 6 Gold held under earmark at Federal Reserve Banks for foreign account and 32). amounted to 2,253.9 million dollars on January 31, 1942. NOTE.—For back figures see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 Member Nonmember BANK DEBITS Total, banks banks Debits to deposit accounts except interbank accounts all banks ti N o a n - al State su I r n e - d 2 in N su o r t ed [In millions of dollars] Num 1 1 1 b 9 9 9 e 3 3 3 r 6 5 4 of banks suspended: 4 1 1 4 8 3 8 Year and month r c T e e i o p a n n t o l t g l a e r l t r , - s N Y C e o it w r y k ce o n 1 t t 4 h e 0 e r r s1 r c e e o p n t o 1 t r 3 h e t e 3 r i r s n 2 g 1937 4 2 6 1938 1 1 6 1929 982,531 603,089 331,938 47,504 1939 4 3 10 1936 461,889 208,936 219,670 33,283 1940 1 3 1937 469,463 197,836 235,206 36,421 1941 4 1 1938 405,929 168,778 204,745 32,406 1942—January 1939 423,932 171,382 218,298 34,252 1940 445,863 171,582 236,952 37,329 Deposits of suspended banks 1941 537,398 197,724 293,775 45,899 (in thousands of dollars):3 1934 36,937 40 1,912 34,985 1940—December 46,673 18,626 24,327 3,721 1935 10,015 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 1942—January 176 176 August 42,856 15,079 24,033 3,745 September 43,870 15,654 24,310 3,907 October 50,875 19.148 ' 27,315 4,411 1 Represents banks which, during the periods shown, closed temporarily November 45,081 16,077 25,075 3,930 or permanently on account of financial difficulties; does not include banks December 56,589 20,598 31,118 4,873 whose deposit liabilities were assumed by other banks at the time of closing 1942—January 48,610 17,247 27,014 4,349 (in some instances with the aid of Federal Deposit Insurance Corporation 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. 136 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 Nonmember banks Call date Total Other 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 b m n a b o e n e n m k r - s - Call date b A an ll ks Total ti N on a a - l State M s b a a u v n i t n u k g a s l s m O n b e t o h e m n r e - - 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 7,178 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—JJuunnee 3300 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. 31P 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 Invest- Invest- Total Loans ments Total Loans ments 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 1 Prior to December 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 3 toM; rately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively. Back figures.—See Annual Report for 1937 (tables 48-49). MARCH 1942 2-37 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- Total or carrying gations loans Com- securities Direct of Call date i m n a v e n e n d s t t s - Total1 i t n m r a c d i n i e a u a d r l l s - 2 - A t c a u g u l2 l r r - - i- p O m a k p p a e e e r t n - r b a e r T n o r o s d k- o e T t r h o s - 3 e l R s o t a e a n a te s l L ba o t n a o k n s s l O o t a h n e s r 4 Total Total Bills5 Notes Bonds G t a e u n e a - d r- S p d s a o t u c i a n l b v a i t d - i l t e - i s - O r s i e t t c h ie u e s - r deal- sions ers Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30..... 24,786 12,858 !!!"!". 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,i28 2,143 3,296 Dec. 31 32,070 13,208 4,737 712 442 973 775 2,716 125 2,728 18,863 13,222 286 3,389 7,208 2,340 2,448 3,192 1939—June 30 32,603 13,141 4,783 788 420 731 736 2,828 58 2,796 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30 33,941 13,962 5,386 730 455 790 700 2,957 56 2,888 19,979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940—June 29 34,451 13,969 5,538 736 450 447 668 3,069 42 3,020 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 865 456 642 652 3,228 43 3,230 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,729 7,270 738 537 575 635 3,365 44 3,565 23,930 18,078 1,127 2,631 10,481 3,839 2,984 2,867 Sept. 246 . 41,943 17,546 24,397 18,338 4,243 3,161 2,899 Dec. 31P:... 43,557 18,064 25,493 19,529 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 1,451 709 394 707 Dec. 31 8,335 3,262 1,456 5 138 787 220 121 99 436 5,072 3,857 158 1,142 1,663 894 517 698 1939—June 30 8,688 2,988 1,474 5 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30 9,339 3,296 1,768 7 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29 9,829 3,014 1,801 6 103 320 188 137 32 426 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 6 100 465 190 130 25 443 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—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 Chicago1 1929—Dec. 31 1,757 1,448 ^# 19 251 533 21 88 535 309 116 3 19 94 96 96 1933—June 30 1,287 677 ........ ...«. .*. 69 61 251 30 30 237 610 384 206 82 97 87 138 1938 Tune 30 1,806 525 15 29 109 10 361 ,281 981 12 313 535 122 140 159 X7vU JD Ue£c.i.\ * \3J\1J * • • • > 1,969 539 319 17 16 43 70 12 ...... 62 ,430 1,114 59 291 655 109 141 176 1939—Tune 30 2,052 544 329 19 15 39 71 12 59 ,507 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 365 6 17 41 66 13 60 ,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 *696 476 5 17 42 54 19 84 ,681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 5 21 36 55 20 101 ,861 1,483 417 125 803 138 190 188 Sept. 246... 2,573 918 .655 1,304 159 175 176 Dec. 31P.'.'.'. 2,760 954 1,806 1,430 182 193 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 I973 Tune 30 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 l1/O9O3 8—j JUulnlve \3J\?0 • • • • • 11,150 4,853 163 95 998 1,201 26 2.369 6,298 4,658 69 1,268 2,603 7i8 732 908 Dec. 31 11,654 4,963 1,914 207 149 119 242 1,230 20 L,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 L, 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 L,307 7,081 5,204 103 771 3,281 ,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 ,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 1,549 1938—June 30 9,752 4,388 173 21 790 1,269 9 2.126 5,364 2,964 13 715 1,657 579 878 1,522 Dec. 31 10,113 4,444 1,048 483 138 25 243 1,353 5 1,149 5,669 3,233 11 732 1,893 597 982 1,453 1939—June 30 10,109 4,605 1,095 531 140 22 229 1,402 5 1,180 5,504 3,127 11 563 1,870 683 1,025 1,351 Dec. 30 10,224 4,768 1,151 495 163 20 224 1,477 4 1,234 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—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 1,044 Dec.31*\... 12,554 5,936 6,618 4,367 1,221 1,030 f 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, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not shown in call reports prior to December, 1938, but the total amount of agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. 3 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 5 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits, Interbank Re- except interbank except interbank deposits Bal- De- F B s e w s e R e a d r i r n v e e t v h - k r e e a s s l v C a i a u n s l h t m b a w a n d e n i c o s t k e t - h i s s c 1 j m p u o a s d a d t s e n e - i - d t d s 2 v a p n i a p s I t d d h r i o n o u t i r d n p n c a a i e o s s - l - s r , r - - p v s S o i u l a s t i b a i n t o t d i d e c n i s - a s c C c e h f a o e i e t e n f e c r f r c d d i t . s - k 3 i ' - s m U G e e r o . n n S v - t . - 4 a p v n a p s i t I d d h i r o n o t u i r d n p n c a a i e o s s - l - r , s r v S s p i u a i s t o c a b i n l o a t d d i l e n t i s - s - P i • o n sa s g v t - s a 44 l m D a D e n - o b d m an e k s s T ti i c me b F e a i o n g r n k - s B r i o n o w g r s - - C c a o a p u c i n - ta ts l Call date Total—All Member Banks 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1929—Dec. 31 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 8,004 712 4,084 20,893 19,816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 1938—June 30 8,694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 10,011 712 4,674 23,587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 1939—June 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 1940—June 29 13.992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 Dec. 31 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 Dec. 31 New York City* 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 1938—June 30 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 1939—June 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 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 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 1941—June 30 5,534 96 6114 11,506 11,595 300 342 135 810 29 64,040 6563 *"io" 1,635 Sept. 24 Dec. 31 City of Chicago* 169 13 133 957 1,041 42 32 8 332 58 2 310 1Q 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 ...... g 279 1941 Tune 30 1^278 39 6271 2^228 2,112 228 29 95 469 22 6l,081 279 Sept. 24 Dec. 31 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 Dec. 31 Country Banks 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1929—Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1933—June 30 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 1938—June 30 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 1939—June 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 1940—June 29 'L.,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 Dec. 31 1.914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 1941—June 30 2,075 501 63.293 9,028 7,805 1,341 169 168 6,110 145 30 6732 632 62 3 1,990 Sept. 24 Dec. 31 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 eludes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31, 1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). MARCH 1942 2-39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Com- p L u o rc a h n a s s f i o n r g U.S.Government obligations Total mer- or carrying loans cial, securities Date or month i m n a v e n e n d s t t s - Total in t a a r d g i n a u r d i l s - , - p m O a k p p a e e e r t - n r b T e ro r o s k- To 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 a u n a - r- O r s i e t t h i c e u e s r t c u u r l a - l d a e n a d l- others teed ers Total—101 Cities 1941—January 25,661 9,295 5,051 310 471 460 1,229 36 1,738 16,366 12,689 705 2,188 7,048 2,748 3,677 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 1942—January 30,229 11,271 6,737 425 483 408 1,251 43 1,924 18,958 15,285 1,098 2,456 8,891 2,840 3,673 1941—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 L,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 L.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 L.261 43 1,966 18,851 15,173 959 2,531 8,723 2,960 3,678 Dec. 31 30,085 11,370 6,722 423 535 422 1,259 35 1,974 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 Jan. 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 Jan.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 Jan.28 30,342 11,255 6,778 424 448 409 1,248 37 1,911 19,087 15,398 1,240 2,362 9,087 2,709 3,689 Feb. 4 30,354 11,242 6,787 424 425 410 1,248 35 1,913 19,112 15,430 1,266 2,345 9,109 2,710 3,682 Feb. 11 30,452 11,322 6,862 421 450 404 1,250 32 1,903 19,130 15,433 1,274 2,333 9,110 2,716 3,697 Feb. 18 30,532 11,369 6,889 425 460 408 1,251 35 1,901 19,163 15,449 1,240 2,327 9,163 2,719 3,714 New York City 1941—January 10,350 3,049 1,926 93 331 169 113 24 393 7,301 5,913 170 1,239 2,923 1,581 1,388 September 12,222 3,655 2,426 77 396 159 108 33 456 8,567 7,021 495 1,447 3,221 1,858 1,546 October 12,266 3,726 2,523 79 376 152 107 30 459 8,540 7,001 442 1,418 3,265 1,876 1,539 November 12,189 3,780 2,552 84 392 153 106 32 461 8,409 6,955 414 1,602 3,336 1,603 1,454 December 12,220 3,796 2,577 87 379 151 104 36 462 8,424 6,976 365 1,564 3,425 1,622 1,448 1942—January.. 12,212 3,761 2,600 81 335 146 102 39 458 8,451 6,984 408 1,517 3,516 1,543 1,467 1941—Nov. 26.. 12,151 3,768 2,545 86 384 153 104 31 465 8,383 6,918 410 1,572 3,339 1,597 1,465 Dec. 3.. 12,132 3,772 2,542 87 391 153 104 32 463 8,360 6,920 404 1,571 3,340 1,605 1,440 Dec. 10. 12,220 3,799 2,566 87 388 152 103 37 466 8,421 6,981 408 1,570 3,378 1,625 1,440 Dec. 17. 12,314 3,816 2,601 88 379 150 104 39 455 8,498 7,055 371 1,568 3,496 1,620 1,443 Dec. 24. 12,275 3,819 2,605 87 373 148 104 39 463 8,456 7,001 335 1,557 3,478 1,631 1,455 Dec. 31. 12,159 3,772 2,573 85 364 150 104 31 465 8,387 6,924 309 1,554 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 1,551 3,442 1,625 1.464 Tan. 14. 12,269 3,784 2,593 82 360 145 102 44 458 8,485 7,016 384 1,550 3,454 1,628 1,469 Jan. 21. 12,161 3,725 2,599 80 307 145 102 32 460 8,436 6,972 414 1,498 3,600 1,460 1.464 Jan. 28.. 12,192 3,755 2,629 79 310 146 102 33 456 8,437 6,966 468 1,468 3,569 1,461 1,471 Feb. 4... 12,137 3,755 2,645 81 290 149 102 33 455 8,382 6,932 433 1,452 3,580 1,467 1,450 Feb. 11.. 12,203 3,829 2,700 78 317 148 103 30 453 8,374 6,916 420 1,444 3,577 1,475 1,458 Feb. 18.. 12,258 3,856 2,710 78 332 149 103 32 452 8,402 6,942 400 1,445 3,612 1,485 1,460 Outside New York City 1941—January 15,311 6,246 3,125 217 140 291 1,116 12 1,345 9,065 6,776 535 949 4,125 1,167 2,289 September 16,949 7,282 3,895 318 140 278 1,150 9 1,492 9,667 7,446 408 840 4,737 1,461 2,221 October 17,102 7,426 4,002 333 145 280 1,153 9 1,504 9,676 7,456 369 833 4,800 1,454 2,220 November.... 17,432 7,497 4,058 341 150 278 1,153 7 1,510 9,935 7,712 460 950 4,980 1,322 2,223 December 17,833 7,575 4,132 342 163 274 1,155 5 1,504 10,258 8,045 591 976 5,150 1,328 2,213 1942—January 18,017 7,510 4,137 344 148 262 1,149 4 1,466 10,507 8,301 690 939 5,375 1,297 2,206 1941—Nov. 26 17,542 7,498 4,057 341 152 275 1,155 8 1,510 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 6 1,506 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 6 1,506 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 6 1.500 10,379 8,164 605 972 5,254 1,333 2,215 Dec. 24.. 18,018 7,623 4,179 347 159 274 1,157 4 1,503 10,395 8,172 624 974 5,245 1,329 2,223 Dec. 31.. 17,926 7,598 4,149 338 171 272 1,155 4 1,509 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 5 1,481 10,363 8,162 592 984 5.245 1,341 2,201 Jan. 14.. 17,964 7,524 4,135 344 158 262 1,150 4 1,471 10,440 8,243 663 980 5,250 1,350 2,197 Jan. 21.. 18,050 7,474 4,122 347 137 261 1,146 4 1,457 10,576 8,367 733 898 5,487 1,249 2.209 Jan. 28.. 18,150 7,500 4,149 345 138 263 1,146 4 1,455 | 10,650 8,432 772 894 5,518 1,248 2,218 Feb. 4... 18,217 7,487 4,142 343 135 261 1,146 2 1,458 10,730 8,498 833 893 5,529 1,243 2,232 Feb. 11.. 18,249 7,493 4,162 343 133 256 1,147 2 1,450 10,756 8,517 854 889 5,533 1,241 2,239 Feb. 18.. 18,274 7,513 4,179 347 128 259 1,148 3 1,449 10,761 8,507 840 882 5,551 1,234 2,254 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, andl BuUuLLL^ELTiIiNn ff<or June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), AAnnnnuuaall RReepport for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 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 B s s F w e e R e a e r r r i n v e d v t a k - h e - e l s s v C i a a n u s l h t m a b w B n a d e a c i n o s t l e h t - k - s i , s c j p m u o D a s d a s t d e e n e i - - - t d d s 1 s p I u p v n c h a n o a a o i n e i d r d p l r r r d a s - - i - t s , - - - , S s p d s a i i t o i u o c a n v l b a n t d i i - l e s t - - s c C h c a f o e e e e i f t n e r c f r c d d i s t . k - ' i s - m U G e e . r o n S n v - . t - 2 s p I u p v c n h a o n a a o i n e i r d d p l r r r d a s - - - t i s , - - - , S p d s i s a t i c o u i a o n v a l b t d n i l i e - t - s - s P i s o n a s g v t s - a 2 l m D a D e n b - o d a m nk e s s T , t i ic me b e F a i o g n r n k - s B r in o o w g r s - - co C i a u t a c a n p - l t - s Date or month tions tions Total 101 Cities 12,109 530 3,404 22,757 22,303 1,537 482 318 5,244 190 24 9,039 117 653 2 3,824 1941—January 10,742 556 3,575 24,404 23,890 1,829 493 596 5,271 156 21 9,402 114 624 1 3,885 September 10,597 555 3,543 24,391 24,021 1,863 563 510 5,280 156 21 9,485 112 635 1 3,895 October 10,273 564 3,328 24,168 23,890 1,822 581 705 5,290 153 21 9,178 110 647 4 3,915 November 10,171 574 3,313 24,142 23,997 1,715 599 1,165 5,188 182 23 9,090 109 660 2 3,921 December 10,324 558 3,313 24,307 23,942 1,701 558 1,518 5,089 182 21 9,060 101 645 1 3,917 1942—January 10,534 574 3,335 24,452 23,979 1,822 534 777 5,275 151 22 9,139 111 660 4 3,918 1941—Nov. 26 10,575 554 o,344 24,324 23,814 1,780 560 826 5,232 155 23 9,294 111 655 3 3,927 Dec. 3 10,603 595 3,288 24,682 24,241 1,726 569 774 5,209 192 23 9,173 111 658 2 3,924 Dec. 10 9,972 600 3,389 24,060 24,059 1,690 595 L,345 5,177 194 23 9,120 109 659 2 3,926 Dec. 17 9,880 564 3,288 23,994 23,878 1,658 545 1,403 5,149 195 23 8,928 108 671 2 3,916 Dec. 24 9,825 555 3,255 23,650 23,993 1,721 727 1,475 5,172 173 23 8,934 106 656 1 3,913 Dec. 31 10,053 568 3,190 23,884 23,384 1,651 520 1,492 5,130 186 22 8,938 106 650 1 3,922 1942—Jan. 7 10,285 571 3,364 24,169 24,046 1,620 563 1,580 5,097 181 23 9,174 100 646 1 3,916 Jan. 14 10,507 539 3,366 24,426 24,132 1,712 535 1,547 5,072 179 23 9,137 99 642 3,912 Jan. 21 10,452 552 3,329 24,747 24,206 1,820 613 1,451 5,058 181 20 8,988 100 640 3,920 Jan. 28 10,229 531 3,282 24,457 23,883 1,826 490 L,464 5,025 186 20 9,066 99 626 3,925 Feb. 4 10,268 548 3,250 24,731 24,275 1,810 455 1,469 5,007 187 20 8,918 98 630 3,927 Feb. 11 10,394 532 3,321 24,961 24,619 1,758 495 1,237 5,003 185 20 9,148 96 638 3,926 Feb. 18 New York City 6,809 87 85 10,578 10,602 330 287 19 690 42 3,929 594 1,502 1941—January 5,285 86 88 10,888 10,983 299 264 111 738 24 3,883 561 1,519 September 5,039 82 90 10,600 10,782 306 314 197 739 25 3,878 574 1,521 October 4,776 85 91 10,310 10,491 313 325 342 742 24 3,650 586 1,530 November 4,890 83 91 10,245 10,458 288 316 626 713 23 3,587 597 1,534 December 4,991 80 93 10,300 10,428 254 313 811 * 714 23 3,465 581 1,533 1942—January 5,006 84 89 10,511 10,503 368 287 357 738 23 3,611 598 1,530 1941—Nov. 26 5,021 79 89 10,370 10,419 308 286 404 724 22 3,706 591 1,537 Dec. 3 4,981 91 88 10,524 10,628 295 301 378 714 23 3,648 598 1,533 Dec. 10 4,816 99 92 10,127 10,338 275 313 739 712 23 3,621 597 1,535 Dec. 17 4,788 89 93 10,164 10,354 265 288 777 708 22 3,474 606 1,529 Dec. 24 4,843 81 92 10,040 10", 549 299 393 831 708 22 3,486 593 1 535 Dec. 31 4,862 82 93 10,165 10,216 256 279 842 724 22 3,428 588 1,534 1942—Jan. 7 4,878 83 96 10,172 10,403 210 310 853 715 21 3,507 583 1,533 Jan. 14 5,118 76 90 10,361 10,524 240 290 819 706 24 3,476 577 1,533 Jan. 21 5,106 79 92 10,500 10,570 311 374 728 709 25 3,449 577 1,533 Jan. 28 5,007 75 87 10,306 10,434 267 259 751 706 27 3,508 563 1,539 Feb. 4 5,007 83 82 10,474 10,599 256 239 765 697 27 3,397 566 1,539 Feb. 11 4,978 75 83 10,535 10,730 224 262 595 697 28 3,496 573 1,539 Feb. 18 Outside New York City 5,300 443 3,319 12,179 11,701 1,207 195 299 4,554 148 24 5,110 117 59 2 2,322 1941—January 5,457 470 3,487 13,516 12,907 1,530 229 485 4,533 132 21 5,519 114 63 1 2,366 September 5,558 473 3,453 13,791 13,239 1,557 249 313 4,541 131 21 5,607 112 61 1 2,374 October 5,497 479 3,237 13,858 13,399 1,509 256 363 4,548 129 21 5,528 110 61 4 2,385 November 5,281 486 3,222 13,897 13,539 1,427 283 539 4,475 159 23 5,503 109 63 2 2,387 December 5,333 478 3,220 14,007 13,514 1,447 245 707 4,375 159 21 5,595 101 64 1 2,384 1942—January 5,528 490 3,246 13,941 13,476 1,454 247 420 4,537 128 22 5,528 111 62 4 2,388 1941—Nov. 26 5,554 475 3,255 13,954 13,395 1,472 274 422 4,508 133 23 5,588 111 64 3 2,390 Dec. 3 5,622 504 3,200 14,158 13,613 1,431 268 396 4,495 169 23 5,525 111 60 2 2,391 Dec. 10 5,156 501 3,297 13,933 13,721 1,415 282 606 4,465 171 23 5,499 109 62 2 2,391 Dec. 17 5,092 475 3,195 13,830 13,524 1,393 257 626 4,441 173 23 5,454 108 65 2 2,387 Dec. 24 4,982 474 3,163 13,610 13,444 1,422 334 644 4,464 151 23 5,448 106 63 1 2,378 Dec. 31 5,191 486 3,097 13,719 13,168 1,395 241 650 4,406 164 22 5,510 106 62 1 2,388 1942—Jan. 7 5,407 488 3,268 13,997 13,643 1,410 253 727 4,382 160 23 5,667 100 63 1 2,383 Jan.14 5,389 463 3,276 14,065 13,608 1,472 245 728 4,366 155 23 5,661 99 65 1 2,379 Jan. 21 5,346 473 3,237 14,247 13,636 1,509 239 723 4,349 156 20 5,539 100 63 1 2,387 Jan. 28 5,222 456 3,195 14,151 13,449 1,559 231 713 4,319 159 20 5,558 99 63 1 2,386 Feb. 4 5,261 465 3,168 14,257 13,676 1,554 216 704 4,310 160 20 5,521 98 64 1 2,388 Feb. 11 5,416 457 3,238 14,426 13,889 1,534 233 642 4,306 157 20 5,652 96 65 1 2,387 Feb. 18 1 Demand deposits ofcher than interbank and U. S. Government, less cash item:; reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. MARCH 1941 2.41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations F di e s d t e ri r c ( a 1 t l 9 a 4 R n 2 e d ) 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 t C m d c r a i i o u 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 i y t s i i i e n n s g g e l R o st a e a n a t s l 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) Jan.28 1,505 783 428 107 12 15 76 145 722 600 50 42 453 55 122 Feb. 4 1,510 783 430 107 11 15 76 144 727 600 50 40 456 54 127 Feb. 11 1,520 788 431 108 14 14 77 144 732 604 53 40 457 54 128 Feb. 18 1,533 795 434 112 12 14 77 145 738 608 58 41 455 54 130 New York (8 cities)* Jan. 28 13,265 4,167 2,787 93 315 189 190 33 560 9,098 7,483 495 1,535 3,897 1,556 1,615 Feb. 4 13,234 4,165 2,802 95 295 192 190 33 558 9,069 7,475 485 1,520 3,908 1,562 1,594 Feb. 11 13,304 4,243 2,860 92 322 192 191 30 556 9,061 7,460 473 1,512 3,905 1,570 1,601 Feb.18 13,381 4,272 2,873 92 337 192 191 32 555 9,109 7,496 463 1,512 3,940 1,581 1,613 Philadelphia (4 cities) Jan. 28 1,420 557 293 43 27 35 49 110 863 597 22 27 444 104 266 Feb. 4 1,419 555 292 42 27 34 49 111 864 595 18 26 447 104 269 Feb. 11 1,417 555 295 42 26 33 49 110 862 595 20 26 446 103 267 Feb. 18 1,416 555 295 42 26 33 49 110 861 594 19 26 446 103 267 Cleveland (10 cities) Jan. 28 2,359 878 426 32 16 17 184 202 1,481 1,209 19 181 838 171 272 Feb. 4 2,366 874 421 33 15 17 184 204 1,492 1,220 20 185 845 170 272 Feb. 11... 2,382 878 426 33 15 17 184 203 1,504 1,230 30 184 846 170 274 Feb. 18 2,392 881 428 33 15 17 184 204 1,511 1,236 37 184 851 164 275 Richmond (12 cities) Jan. 28 915 337 166 18 4 12 52 85 578 513 8 78 326 101 65 Feb. 4 911 339 168 19 3 12 52 85 572 508 9 75 321 103 - 64 Feb. 11 910 338 169 19 3 11 52 84 572 506 9 75 320 102 66 Feb. 18 909 340 169 20 3 12 52 569 504 9 75 319 101 65 Atlanta (8 cities) Jan.28 834 418 235 6 34 125 416 306 31 51 161 63 110 Feb. 4 828 414 233 6 34 124 414 305 30 51 161 63 109 Feb. 11 832 414 233 6 34 124 418 308 34 51 161 62 110 Feb. 18 831 416 234 6 34 125 415 305 31 45 167 62 110 Chicago (12 cities)* Jan. 28 4,387 1,421 961 42 46 57 145 170 2,966 2,400 447 238 1,424 291 566 Feb.4 4,400 1,418 959 41 46 57 145 170 2,982 2,409 457 237 1,423 292 573 Feb. 11 4,407 1,420 968 41 43 56 145 167 2,987 2,414 463 236 1,423 292 573 Feb. 18 4,382 1,418 970 40 40 57 146 165 2,964 2,390 436 235 1,425 294 574 St. Louis (5 cities) Jan. 28 940 458 284 23 11 59 76 482 370 17 44 244 65 112 Feb. 4 943 460 286 23 11 59 76 483 371 16 43 255 57 112 Feb. 11 943 458 286 23 4 10 59 75 485 373 16 44 256 57 112 Feb. 18 942 462 288 24 4 10 59 76 480 368 11 42 258 57 112 Minneapolis (8 cities) Jan. 28 513 272 152 2 1 6 16 95 241 199 11 15 143 30 42 Feb. 4 536 272 150 2 2 6 16 96 264 224 35 15 144 30 40 Feb. 11 534 271 150 2 1 6 16 96 263 222 33 15 144 30 41 Feb. 18 530 269 149 2 1 6 16 95 261 220 31 15 144 30 41 Kansas City (12 cities) Jan. 28 861 464 303 29 3 10 33 86 397 276 19 42 137 78 121 Feb. 4 860 464 302 29 3 10 33 87 396 275 18 42 137 78 121 Feb. 11 860 462 300 30 3 9 33 87 398 277 18 42 138 79 121 Feb. 18 863 464 302 30 3 10 33 86 399 278 19 42 138 79 121 Dallas (9 cities) Jan. 28 681 360 254 2 4 13 22 65 321 260 35 41 145 39 61 Feb. 4 684 360 255 2 4 13 22 64 324 260 34 42 145 39 64 Feb. 11 684 360 255 2 4 13 22 64 324 260 33 41 147 39 64 Feb. 18 689 363 256 3 4 13 22 65 326 263 34 42 148 39 63 San Francisco (7 cities) Jan. 28 2,662 1,140 489 25 10 36 388 192 1,522 1,185 86 68 875 156 337 Feb. 4 2,663 1,138 489 23 9 35 388 194 1,525 1,188 94 69 867 158 337 Feb. 11 2,659 1,135 489 21 9 35 388 193 1,524 1,184 92 67 867 158 340 Feb. 18 2,664 1,134 491 19 9 36 388 191 1,530 1,187 92 68 872 155 343 City of Chicago* Jan. 28 2,917 939 725 17 42 50 24 81 1,978 1,604 430 141 926 107 374 Feb. 4 2,917 934 724 16 40 49 24 81 1,983 1,606 434 141 925 106 377 Feb. 11 2,911 935 730 15 37 49 24 80 1,976 1,600 430 139 925 106 376 Feb. 18 „.„.. 2,878 935 732 15 36 50 23 79 1,943 1,567 396 139 926 106 376 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thle figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e e a R e r i r n e t a d v h k - l - e s C v a a i s u n l h t m b a w e d n a i s o c n t t - e k h i s s c j p m u o d a a s s e d t i n - - e t d d s 1 s u p p v n h a c a a o i n o i e l d r r p d s r r t a - - s - , - - , S p d s i a c o i t u n v a a l b d t i i l - - t e - s c C c f h e o a e i e t f e n e f r c r c d d i t . s - k i ' - s m G U e e r o . n n S v - t . - 2 s p p u v n c h a a o a i e o n i r d l r p r r d s t a - - - - s , - , S p s d i s t a o i c a u i n o a v l t b d n i l e i t - - s s - Postal man b d ank T s ime b F e a i o n g r k n - s B r i o n o w g r s - - c C i o a t a u c a p - n l - ts F d e is d t e r r i ( a c 1 l t 9 4 R a 2 e n ) s d e d r a v t e e tions tions Boston (6 cities) 493 140 180 1,506 1,477 101 25 16 219 1 349 21 251 Jan. 28 493 140 181 1,520 1,479 102 25 16 217 1 343 21 251 Feb. 4 497 135 176 1,522 1,488 102 28 16 216 1 346 23 251 Feb. 11 502 135 178 1,531 1,504 100 25 14 216 1 360 21 251 Feb. 18 New York (8 cities)* 5,305 106 240 11,431 11,274 566 398 764 1,065 32 3,527 11 578 1,658 Jan. 28 5,203 101 230 11,242 11,126 540 281 787 1,061 34 3,589 12 564 1,664 Feb. 4 5,195 109 232 11,409 11,287 549 258 801 1,051 34 3,475 11 567 1,664 Feb. 11 5,205 101 221 11,514 11,436 527 283 628 1,050 35 3,574 10 574 1,664 Feb.18 Philadelphia (4 cities) 458 25 207 1,274 1,263 84 16 30 197 2 433 7 6 217 Jan. 28 466 25 199 1,275 1,261 89 16 30 190 2 438 7 6 217 Feb. 4 457 26 184 ,269 1,268 86 13 29 187 2 423 7 6 217 Feb. 11 447 26 196 ,273 1,281 78 16 21 187 2 429 7 6 217 Feb. 18 Cleveland (10 cities) 789 59 338 ,891 1,886 105 35 57 704 16 512 32 2 396 Jan. 28 756 57 340 ,878 1,855 107 32 54 691 21 512 31 1 396 Feb. 4 741 56 338 ,881 1,895 111 29 53 689 21 510 31 1 396 Feb. 11 759 58 345 .,922. 1,929 109 30 47 22 511 31 2 395 Feb. 18 Richmond (12 cities) 279 30 237 717 694 72 13 45 198 2 390 6 102 Jan. 28 284 27 238 713 688 77 14 44 198 2 395 6 102 Feb. 4 300 29 237 731 706 76 15 44 198 2 395 6 102 Feb. 11 297 29} 233 730 707 76 15 36 197 2 398 5 102 Feb. 18 Atlanta {? cities) 197 18 250 560 536 91 7 60 185 3 416 3 2 99 Jan. 28 206 17 249 554 530 96 6 61 185 3 421 3 2 99 Feb. 4 206 18 253 564 538 102 5 61 184 3 421 3 2 99 Feb. 11 200 18 255 568 555 99 8 47 184 4 425 3 2 99 Feb. 18 Chicago (12 cities)* 1,533 86 617 3,555 3,359 391 48 246 955 4 1,458 9 9 430 Jan 28 1,455 85 630 3,518 3,294 403 46 237 951 3 1,458 9 10 431 Feb. 4 1,454 88 614 3,534 3,356 381 44 228 950 3 1,445 9 9 432 Feb. 11 1,554 83 626 3,579 3,400 377 52 220 949 3 1,490 9 10 432 Feb. 18 St. Louis (5 cities) 270 15 223 641 645 64 10 24 182 3 510 1 100 Jan. 28 260 14 219 630 630 64 9 22 182 3 512 1 100 Feb. 4 267 15 222 647 655 63 7 22 181 3 507 1 100 Feb. 11 268 14 [221 642 654 64 7 17 181 3 514 1 100 Feb. 18 Minneapolis (8 cities) 114 108 375 337 67 8 1 107 198 3 64 Jan. 28 105 89 367 333 64 7 2 107 198 3 64 Feb. 4 116 85 374 342 61 2 107 198 3 64 Feb. 11 114 87 366 337 59 7 2 107 201 3 64 Feb. 18 Kansas City (12 cities) 246 17 316 669 643 96 11 29 133 505 6 112 Jan. 28 248 15 307 652 631 95 11 29 133 511 6 111 Feb. 4 261 17 305 669 649 96 11 29 133 508 6 111 Feb.11 257 15 337 679 665 97 11 28 133 528 6 111 Feb. 18 Dallas (9 cities) 185 16 298 624 595 74 12 35 122 323 1 92 Jan.28 188 14 295 619 589 78 13 37 121 330 1 92 Feb. 4 192 15 301 636 605 78 11 35 121 325 1 92 Feb. 11 189 14 315 636 623 68 12 34 121 340 1 92 Feb. 18 San Francisco (7 cities) 583 32 315 1,504 1,497 109 30 144 991 108 367 20 399 Jan. 28 565 29 305 1,489 1,467 111 30 145 989 108 359 20 398 Feb. 4 582 32 303 1,495 1,486 105 27 149 990 108 365 20 399 Feb.11 602 31 307 1,521 1,528 104 29 143 990 103 378 21 399 Feb. 18 City of Chicago* 1,070 41 278 2,290 2,208 205 24 202 467 1,079 8 280 Jan.28 1,039 41 276 2,274 2,161 219 24 191 466 1,074 9 282 Feb. 4 1,030 41 271 2,271 2,198 205 23 186 466 1,063 9 282 Feb.11 1,142 40 271 2,313 2,243 200 25 182 465 1.103 9 282 Feb. 18 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurers' time deposits, open account, are combined with postal savings (time) deposits. MARCH 1942 M3 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 paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Others2 Im in p t o o rts Ex fr p o o m rts Dollar ship p p o ed in t b s e i t n ween Total b O i w lls n b B ou il g ls ht U S n ta it t e e d s U St n a i t t e e s d exchange United Foreign States countries 1940—October 252 187 149 96 53 38 91 20 11 37 28 November 232 197 159 99 60 38 98 20 9 41 29 December 218 209 167 100 67 42 109 18 10 44 27 1941—January 232 213 168 103 65 45 115 16 11 44 26 February 241 212 164 99 65 48 119 18 7 42 26 March 263 217 170 107 63 47 120 24 8 41 25 April 275 220 170 105 66 49 126 25 38 23 May 295 215 164 105 60 51 125 24 3 41 22 June 299 213 161 101 59 52 123 24 3 43 20 July 330 210 161 106 55 49 121 22 3 47 16 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 11 November 387 194 144 93 51 50 116 14 5 12 December 375 194 146 92 54 49 116 15 4 48 11 1942—January 381 197 154 103 52 43 116 51 11 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. Back figures .—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C d u it s b to a m la e n r c s e ' s1 Other credit balances debit partners' firm hand Money ba (n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th e e t) r a I i n n n v d p e a t s r r t a m t d n e i e n n r g t s' a in n v d In e t s r f t a i m r d m e in n g t I a n c ( c c n o a e u p t) n it t a s l accounts accounts 193(5—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 23 217 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 1942—January 547 8 74 219 308 274 72 18 6 209 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). FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing1 Average Average yield [Per cent per annum] rate on- rate on— on 3-to-5 year U. S. 7 other mo Y w n e e th a e , k r , or m P c e r o i r m m ci - e al b P a e ri r n m s k e - c S h c e t a o a x n l c - l g k e T U u re . r S y as . - Tr n e o a t s e u s ry 1 T 9 o c t i a ti l es Y N C o e it r w y k E e N r c a n o i s t r i t a e e t n h s rn - d 1 W e 1 r c n e i S t s i o t a e e n u s r d t n hpaper, accept- loan 3- Tax 4 to 6 ances, re- month ex- Tax- 1934 average1. 3.45 2.45 3.71 4.32 months 90 new- bills3 empt able 1935 average1. 2.93 1.76 3.39 3.76 days als* 1936 2.68 1.72 3.04 3.40 1937 2.59 1.73 2.88 3.25 1939 average .59 .44 1.00 .023 .59 1938 erage1. 2.53 1.69 2.75 3.26 1 1 9 9 4 4 0 1 a a v v e e r r a a g g e e . . 5 5 4 6 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 0 1 1 0 4 3 . . 4 5 6 0 .76 1 1 19 9 9 4 4 3 1 0 9 ; a1 r e e er r r a a a g g g e e e . . .. 2 2 2 . . . 6 5 7 3 4 8 2 2 1 . . .9 0 0 7 4 7 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . . 3 1 5 8 9 1 1940—Dec .56 .44 1.00 (4) .35 .65 Monthly figures1 1941— F Ja e n b . .5 5 6 6 . . 4 4 4 4 L L O O O O .0 ( 3 4 4 ) . . 5 4 5 3 . . 8 7 1 6 1938— J J u u l n y e 2 2 . .5 5 7 6 1 1 . . 7 7 0 0 2 2 . . 7 7 8 8 3 3 . . 3 3 5 1 Mar .56 .44 LOO .089 .50 .84 August 2.52 1.67 2.71 3.28 April .56 .44 LOO .092 .52 .81 September 2.53 1.70 2.74 3.26 May .56 .44 LOO .082 .44 .72 October 2.57 1.70 2.90 3.21 i June .56 .44 LOO .089 .38 .68 November 2.49 1.70 2.68 3.20' July .50 .44 LOO .097 .37 .67 December 2.60 1.70 2.95 3.23 Aug .50 .44 LOO .108 .33 .62 1939—January 2.64 1.73 2.97 3,32 Sept .50 .44 LOO .055 .34 .62 February 2.52 1.70 2.69 3.26 Oct .50 .44 LOO .049 .41 .72 Quarterly figures Nov .50 .44 1.00 .242 .57 .90 1939—March 2.95 2.13 3.05 3.77 Dec .56 .44 LOO .298 .64 1.02 June 2.91 2.15 3.05 3.62 1942-Jan .56 .44 LOO .214 .47 .96 D Se e p c t e e m m b b e e r r 2 2 . . 6 5 8 9 2 1. . 9 0 6 4 2 2 . . 7 5 8 9 3 3. . 3 3 2 1 Week ending: 1940—March 2.65 2.03 2.67 3.35 Jan. 31 % LOO .220 .46 .92 June 2.59 2.00 2.49 3.38 Feb. 7 % % LOO .250 .45 .93 September 2.68 2.14 2.56 3.43 Feb. 14 % LOO .263 .43 .93 December 2.59 2.00 2.53 3.36 Feb. 21 .00 .266 .43 .94 1941--March 2.58 2.06 2.53 3.25 June 2.55 1.95 2.58 3.23 i Monthly figures are averages of weekly prevailing rates. September 2.60 1.98 2.62 3.29 1 The average rate on 90-day stock exchange time loans was 1.25 per December 2.41 1.88 2.45 2.99 cent during the entire period. 3 New issues offered within period. Tax-exempt bills prior to March 1941; 1 Prior to March 1939 figures were reported monthly on a basis not strictly taxable bills thereafter. comparable with the current quarterly series. 4 Rate negative. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures and for back figures for Treasury bills and Treasury notes available on request. BOND YIELDS 1 [Per cent per annum] Corporate (Moody 's)E High- Year, month, or week G m U ov e . n e S r t2 n . - M i u p n al i 3 c- c g r o r a r a t p d e o e 4 - Total By ratings By groups Aaa Aa A Baa In tr d i u a s l - R ro a a il d - u P t u i b li l t i y c Number of issues 2-6 15 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 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_nt 2.28 2.73 3.39 2.80 3.01 3.37 4.38 3.02 3.98 3.17 April L96 2.20 2.76 3.39 2.82 3.04 3.38 4.33 3.06 3.96 3.16 May L92 2.14 2.75 3.37 2.81 2.99 3.34 4.32 3.02 3.95 3.13 June L91 2.08 2.70 3.34 2.77 2.95 3.31 4.31 2.96 3.95 3.10 July L90 2.03 2.66 3.30 2.74 2.90 3.26 4.28 2.90 3.92 3.07 August L94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 September L94 1.99 2.64 3.30 2.75 2.91 3.24 4.30 2.88 3.95 3.07 October L88 1.91 2.61 3.27 2.73 2.87 3.21 4.28 2.85 3.93 3.05 November .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 1942—January „......... 2.01 2.33 2.76 3.35 2.83 2.96 3.30 4.29 2.97 3.93 3.13 Week ending: Jan. 31 2.04 2.37 2.80 3.34 2.84 2.96 3.29 4.27 2.97 3.92 3.14 Feb 7 2.05 2.49 2.79 3.35 2.84 2.97 3.29 4.28 2.97 3.93 3.14 Feb. 14 ... 2.09 2.51 2.78 3.35 2.84 2.97 3.28 4.29 2.97 3.93 3.13 Feb. 21 2.12 2.63 2.80 3.36 2.85 2.98 3.29 4.30 2.98 3.95 3.14 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. Treasurv 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. MARCH 1941 2-45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39= 100) of trading7 Year, month, or week m U G e e r . o n n v S - t - 2 . M i u p n a i l3 c- H gr i a g d h e - Tota M l edi I u n t m r d i u a a s l n - d lo R r w o a e a i r d l- -grad P u e t u i b li l t i y c fa D ul e t - ed fe P r r r e e - d5 Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c s ( s i a n h n a d t r s h e o s o ) u f - Number of issues 2-6 15 15 50 10 20 20 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 96 767 111.0 129.0 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1941—January 110.4 127.8 117.7 99.2 103.0 89.0 105.6 17.9 177.9 85 85 73 91 564 February 108.8 125.6 116.7 97.5 101.7 87.1 103.8 17.5 172.9 80 79 70 87 444 March 110.1 125.4 116.9 98.4 102.2 88.4 104.6 19.3 171.5 80 80 71 87 440 April . . 110.8 126.8 116.8 99.5 103.1 89.5 106.0 20.7 170.8 78 77 71 83 495 May 111.4 128.2 117.0 99.3 102.4 89.4 106.2 21.0 168.9 77 77 71 79 420 June 111.5 129.5 117.7 99.2 103.3 87.9 106.3 21.6 168.9 80 80 71 82 463 July 111.7 130.4 118.7 99.9 104.8 87.8 107.1 23.9 173.1 83 84 74 82 757 August 111.1 131.0 118.5 99.6 104.9 86.8 107.3 24.9 174.3 83 84 74 81 473 September 111.1 131.2 118.1 98.0 105.1 84.5 107.2 24.4 173.4 84 85 73 81 599 October 112.0 133.0 118.8 99.2 105.3 85.0 107.2 25.1 172.1 80 82 70 79 557 November 112.4 133.4 119.2 99.4 105.9 84.9 107.4 24.8 170.5 77 79 68 75 792 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 1942—January „. 110.1 124.4 117.5 99.2 106.7 86.9 104.1 24.1 166.3 73 74 69 66 565 Week ending: Jan. 31 ... „. .„ 109.7 123.5 117.3 100.2 107.7 88.2 104.7 25.7 166.3 72 74 71 66 488 Feb. 7 , 109.5 121.2 117.3 100.5 107.8 88.2 105.5 25.4 165.9 73 74 71 66 426 Feb. 14 108.9 120.9 117.3 99.6 107.0 87.2 104.6 24.9 165.5 70 71 67 64 442 Feb. 21 108.5 118.6 117.1 99.1 106.3 87.4 103.7 25.8 164.7 69 70 67 64 369 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16 year bond. For description see November 1940JBULLETIN, pp. 1179-1180. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 8 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). NEW SECURITY ISSUES* [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n e n g - d d ) - m e ( a f e d i o n g o s r d - n t - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s a s te Stocks eign2 m e ( a f i d e o g n o s r d n - t - i ) c Total S n m a p t i n a c a u d l i t - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks eign2 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 ...... 9 1935 4,699 1,457 1,409 855 150 404 334 69 "48" 3,242 3,216 365 987 1,864 1,782 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3 187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1 236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1 1 9 9 4 4 0 1 r5 4 , , 5 8 0 0 6 4 2 1 , , 8 9 2 5 6 6 2 1 , , 8 9 2 5 5 4 5 7 1 5 6 7 1,2 4 7 6 2 1 1,0 7 3 3 7 6 6 86 0 9 1 1 1 3 6 5 8 2 1 2 2 , , 8 6 4 7 8 9 2 2 , , 8 6 4 7 8 5 4 4 7 3 8 3 3 6 4 9 4 8 2 1 ,5 02 4 6 5 1 1 ,4 8 1 3 9 4 1 1 9 2 3 6 4 1941__jan 421 95 95 40 2 53 51 2 325 325 23 31 271 269 3 Feb. 362 92 92 37 8 47 40 6 270 270 26 17 227 210 17 Mar 406 182 182 86 9 87 56 31 223 219 93 11 115 84 32 4 Apr 920 745 745 60 645 39 29 10 175 175 40 28 107 107 May 406 107 107 37 5 64 61 3 299 299 74 28 197 162 35 June 881 519 519 59 370 90 77 14 362 362 26 223 113 108 5 July 612 296 296 40 212 44 30 13 316 316 14 216 86 76 11 Aug 471 360 360 33 327 324 4 110 110 11 25 74 73 2 Sept. 273 65 65 31 34 22 12 209 209 20 27 161 156 6 Oct 299 132 132 29 103 50 54 167 167 35 35 97 96 1 Nov. 238 110 21 89 83 6 127 127 53 32 42 29 13 Dec 216 121 121 42 20 59 46 13 95 95 18 25 52 50 2 1942—Jan. 333 182 182 83 11 87 32 55 151 151 35 34 83 82 1 r Revised. * Table formerly shown under "Capital Issues." 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. 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). 2.46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES! PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m o a ss ted Esti n m e a t ted New money. Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a rk p i i n ta g l, Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 530 515 57 32 26 362 362 84 1935 2,698 2,629 243 111 131 2,193 2,121 71 170 23 1936 4,781 4,637 858 380 478 3,575 3,349 226 154 49 1937 2,374 2,303 1,046 574 472 1,106 916 190 111 39 1938 2,324 2,279 779 504 275 1,254 1,167 87 239 7 1939 2,177 2,128 325 170 155 1,708 1,650 59 69 26 1940 2,786 2,723 604 424 180 1,927 1,798 128 174 19 1941 2,524 2,480 797 639 158 1,528 1,448 80 102 53 1940—June . . 145 142 20 16 4 115 115 6 1 July 278 272 55 48 6 212 209 2 3 2 August 173 169 48 32 16 103 101 2 16 2 September 108 106 43 35 9 57 55 2 5 1 October 373 366 45 39 6 316 312 5 2 2 November. 148 145 65 25 41 73 59 15 6 December 578 567 193 158 35 367 318 50 6 1 1941—January 270 265 48 44 4 210 184 26 6 1 February . 151 148 29 25 5 103 101 2 15 March 268 263 67 55 12 179 171 8 15 2 April 145 142 27 18 9 111 90 21 2 2 May 265 259 66 51 15 188 188 4 June 234 229 80 69 11 132 127 5 16 1 July 117 114 40 31 10 60 58 2 10 4 August 408 404 185 168 17 200 198 2 14 5 September 172 170 31 20 11 137 135 2 2 0 October 227 224 91 64 26 118 117 1 11 5 November 140 137 80 60 20 38 37 1 19 0 December 128 125 51 34 17 54 44 10 3 17 PROPOSED .USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 151 131 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 485 81 399 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 597 218 359 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 135 112 13 10 1938 54 24 30 1,208 180 943 86 831 469 226 136 185 106 56 24 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 115 9 101 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 263 78 81 104 1941 361 253 108 1,306 309 972 25 715 211 402 103 98 24 47 27 1940 Tune 7 2 5 104 5 98 2 30 13 11 s 1 1 July- 15 15 127 27 100 1 114 12 97 4 15 14 August 39 14 11 14 43 16 26 2 85 17 66 2 2 1 * September 11 10 2 58 11 47 1 35 22 8 5 1 1 October 46 16 31 213 9 202 2 105 19 84 2 2 1 November 27 22 4 18 1 16 1 37 4 32 1 64 39 24 12 12 365 144 219 2 171 26 141 4 19 12 7 1941—Tanuarv 32 27 5 122 15 105 2 108 6 98 5 2 1 1 71 21 50 37 1 36 20 7 13 20 1 4 15 March. 8 3 5 184 46 136 2 71 17 37 16 1 1 2 2 71 17 53 66 7 56 3 4 3 1 May 45 45 144 6 138 1 69 15 50 3 58 51 7 110 9 -v 97 4 61 20 28 13 Tulv 23 23 33 7 26 54 9 35 10 5 i 4 24 24 316 142 173 59 18 27 14 6 1 5 September 42 7 35 102 6 96 1 24 17 6 1 1 1 October 25 21 4 80 11 67 2 74 48 12 14 44 10 34 1 1 56 45 10 1 71 29 24 18 8 4 4 December 28 28 51 3 36 12 38 17 15 6 9 3 3 2 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source: Securities and Exchange Commission. For description of data and back figures, see pp. 217-219 of this BULLETIN. MARCH 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups Profits and dividends Other Non- Year or quarter Total s I a t r n e o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e t m r t q o i a u e r o n t n i n a p s t - - - f m p e u a r r e c r n o t o t d a d s u l - s s O d g b o u t l o h r e a d e - r s t F b o a a e o b g n v o a e d e d c s r s c - , o p r a e i O r n n f o i i g d d n l , - c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - r s n c s M e i e e c l o r e i l v u s a s - - s - pr N of e i t ts1 fe P D r r r e i e v - d iden C m d o o s m n - Number of companies 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 CO 669 1941 2,181 322 197 8 8 155 112 166 173 205 192 156 1,152 92 709 Quarterly 1939—1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 40 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 153 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4* 562 71 59 8 8 42 31 43 46 51 51 45 285 24 221 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad^ Electric power Telephone2 Year or quarter O re p v i e n e r n g a u t e - i I b n n e t c c a f o o o x m m r 4 e e e All r N o e a t d s inc I o n r m s o o e a l 1 d v s e 6 nt d D e i n v d i- s O re p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e i. nc N o e m t ei1 d D en iv d i s - 5 O re p v i e e n r n g a u t e - inc N o e m t e1 d D en iv d i s - 6 Number of companies.... 28 28 28 28 33 33 33 1939 . . . 3,995 126 93 —100 126 692 160 138 116 1,179 198 178 1940 4 297 251 191 —71 159 735 177 143 118 1,250 202 167 1941 . 5,347 672 502 24 186 802 199 140 1,382 196 Quarterly 1939_1 898 —37 —43 (7) 21 175 46 39 19 287 46 21 2 906 —43 —47 (7) 23 166 37 32 19 295 50 20 3 1,058 69 58 (7) 21 167 34 30 19 295 50 16 4 1,133 140 127 4 61 184 43 36 22 303 52 15 1940—1 986 —4 -13 —27 20 187 48 41 19 304 52 16 2 1,010 14 1 —32 27 176 42 34 19 310 52 16 3 L, 130 92 71 —13 25 177 41 31 19 310 46 15 4 L.171 149 133 4 88 194 47 37 20 326 53 10 1941—1 ,152 94 69 —4 22 201 59 43 18 330 48 16 2 272 144 101 2 36 191 48 33 24 345 50 15 3 ,468 268 190 25 31 196 46 25 18 347 46 15 4* ,454 167 142 1 97 214 46 39 19 359 51 20 1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. 2 Class I line-haul railroads. 3 Net income and dividend figures exclude dividends received by the American Telephone and Telegraph Company. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 1 Not available. 8 Automobiles and other transportation equipment combined: fourth quarter, 1941, $120,000,000; year, 1941, $497,000,000. Separate figures for these two subgroups are not yet available. •Fourth quarter partly estimated. . , Sources: Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages 214 to 217 of this BULLETIN. Z48 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 in T e d t a o e e r r t b i a e n t l s g t Total T b u r i e r l y l a s s- T n u r o r e t y e a s s- b T o 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 n c d t r 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—une 19,487 19,161 618,852 616 1,261 13,460 790 309 309 60 266 1933— une 22,539 22,158 621,834 954 4,548 13,417 806 323 323 66 315 1934—une 27,053 26,480 626,084 1,404 6,653 15,679 831 396 396 54 518 1935—une 28,701 27,645 26,950 2,053 10,023 14,019 855 62 62 633 633 231 825 1936—une 33,779 32,989 31,102 2,354 11,381 17,168 200 1,261 316 945 626 19 607 169 620 1937- une 36,425 35,800 33,054 2,303 10,617 19,936 198 1,188 800 389 1,558 579 979 119 506 1938—une 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—une 40,440 39,886 33,965 1,308 7,243 25,218 196 2,151 1,868 283 3,770 2,511 L,258 142 411 1940—.une...... 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 1941—ran 45,877 45,320 36,276 1,307 6,813 27,960 196 3,619 3,371 248 5,426 4,066 L.359 181 376 7eb 46,090 45,535 36,275 1,306 6,813 27,960 196 3,727 3,480 247 5,534 4,174 ,359 180 374 ]tyfar 47,173 46,581 37,054 1,604 5,722 29,532 196 3,844 3,599 245 5,683 4,324 :,359 220 372 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 ]tfay 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 une 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 uly 49,513 48,965 37,713 1,603 5,698 30,215 196 4,929 4,649 239 6,324 4,811 \,512 180 368 Uig 50,921 50,371 37,667 1,604 5,698 30,169 196 6,234 4,908 1,037 237 6,470 4,941 1,528 184 367 cept 51,346 50,791 37,368 1,305 5,698 30,169 196 6,765 5,132 1,343 236 6,658 5,126 1,532 190 365 C)ct 53,584 53,040 38,869 1,404 5,509 31,759 196 7,507 5,394 1,818 235 6,664 5,196 1,468 179 364 Jov 55,040 54,536 39,677 1,703 6,012 31,765 196 8,052 5,620 2,136 234 6,806 5,344 1,463 141 363 I)ec 57,938 57,451 41,562 2,002 5,997 33,367 196 8,907 6,140 2,471 233 6,982 5,559 1,423 125 362 1942-Jan 60,012 59,531 42,271 2,101 5,591 34,383 196 10,196 7,198 2,697 232 7,063 5,609 1,454 120 360 1 Including amounts held by Government agencies and trust funds which aggregated $2,267,000,000 on Dec. 31, 1941, and $2,270,000,000 (preliminary) on Jan. 31, 1942. 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 $69,000,000 on Jan. 31. 4 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 5 Including special issues to Government life insurance fund, adjusted service fund, national service life insurance fund, Government employees' retirement funds, Postal Savings System, Federal Deposit Insurance Corporation, and Federal Savings and Loan Insurance Corporation. 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 End of month out a s T m ta o o n t u d a n i l n t g2 Total M C F o F o e ti r d r a o p t r e n g o m r a r a a g l - e C O H o L w t r i o o o p n m a n o e n e r r s a ' - s C F t R r o i u e t n r i c c p o a o t n o n i n o r c - a e n - C m C o C t o r r i p o e d o o m d n 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 i o n r n a n i g s l - No m b n e d a i a t e n u r b t i r e t n e 2 r g d est 1934—June 681 312 134 235 December 3,063 980 1,834 249 1935__june 4,123 1,226 2,647 250 December 4,494 1,387 2,855 252 1936—June 4,718 1,422 3,044 252 December 4,662 1,422 2,988 252 (3) • 1937__june 4,665 1,422 2,987 255 December 4,645 1,410 2,937 297 1938—June 4,853 1,410 2,937 299 206 1 December ^ 4,992 1,388 2,888 509 206 1 1939—June 5,450 1,379 2,928 820 206 114 3 5,704 5,621 1,269 2,731 1,096 407 114 4 83 1940— D jU e n c e ember 5 5, , 9 5 1 2 7 9 5 5 , , 9 4 0 9 1 8 1 1 , , 2 2 6 6 9 9 2 2 , , 6 6 0 0 0 3 1 1, , 0 0 9 9 7 6 4 6 0 9 7 6 2 1 2 1 6 4 1 8 3 3 1 1 5 1941—February .5,914 5,901 1,269 2,600 1,097 696 226 13 13 March 5,916 5,905 1,269 2,600 1,097 696 226 16 11 April 6 560 6 550 1,269 2,600 1,741 696 226 17 10 May 6,371 6,359 1,269 2,409 1,741 696 226 17 12 June 6,370 6,360 1,269 2,409 1,741 696 226 17 11 July 6 939 6,930 1 269 2,409 2,101 907 226 17 10 August . 6,937 6,928 1,269 2,409 2,101 905 226 17 9 September 6,937 6,929 1,269 2,409 2,101 905 226 18 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 1942—January 5,687 5,680 937 2,409 1,492 701 114 27 7 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debtct... 2 Figures on matured debt were not published prior to September 1939. 3 Less than $500,000. MARCH 1941 249 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, JANUARY 31, 1942 [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 o v n - i s w n d t g a a l s r c T a d b l u r u o l e e a r n a y b d o s l s - r e1 Total2 F C M F a e g o t a d a r i o r p o g e r m r n e o t a - r l - O C H a w o L t o r i o n p o m a e o n n r e r s - ' F C R s i a o t n t e t i r r c i a o u p o o n n c o n n c - r - e - C m C C a o o r t o r i e d 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 t i e a e e u a b s e r r o - i l d r - e1 Within 1 year 2,696 2,101 595 (3) 603 7 596 1,478 1 to 5 years 8,486 4,996 "3,'460" 30 "'8^509" 2,586 875 896 701 114 4,174 5 to 10 years .... 8,622 8,598 23 13,330 1,590 '""835' 755 10 to 20 years 17,394 17,252 142 9,875 779 779 Over 20 years 5,073 5,073 2,669 95 95 Total 42,271 2,101 5,591 34,383 196 34,383 5,653 937 2,409 1,492 701 114 5,653 1942—Before Apr. 1 1,671 1,651 20 7 7 7 Apr. 1-June 30 451 451 July 1-Sept. 30 342 •"342 276 276 1,151 Oct. 1-Dec. 31 232 232 320 320 320 1 1 1 1 9 9 9 9 4 4 4 4 4 5 6 3. 2 3 1 1 , , , , 8 3 0 1 4 9 3 9 9 6 1 8 1 1 1, , , 2 3 8 5 4 9 4 0 9 6 9 3 1 1 ^ ,5 9 1 4 9 1 ( ( ( 1 3 3 ! ) ) ) 6 2 2 1 1 , , , , 8 3 7 5 5 5 4 5 5 5 4 5 1,5 6 4 6 1 1 1 4 2 ""875' 5 3 7 2 1 4 "4 2 1 8 2 9 " "iii" 2 1, , 1 3 6 6 9 1 7 4 4 1947 2,384 2,370 14 1,460 755 755 1948 1,489 1,487 2 3,361 1949 821 819 2 3,290 835 835 1950 1,689 1,687 2 1,186 1951 2,243 2,236 7 4,033 1952 2,454 2,436 18 1,024 779 779 1953 2,932 2,904 27 725 1954 3,709 3,687 22 681 1955 2 048 2,013 35 2,611 1956 . .. 1,170 1,170 2,431 1958 , 1,449 1,449 919 1959 . . 982 982 I960 2,611 2,611 1 485 1961 50 50 1963 919 "919 1964 95 95 1965 1,485 1,485 1967 2,669 1972 „ 2,669 2^669 1 Securities not callable prior to maturity are shown as of date of maturity. 2 Excluding debentures of Federal Housing Administration, which amounted to $27,000,000 on January 31. 3 Less than $500,000. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held byFederal Privately held1 agencies and trust funds Other investors2 Held loiai End of month s i e b n c e t u e a r r r i e i t n s ie t g - s S is p s e u c e i s al P is u s b u l e ic s F R B e e a d s n e e k r r v a s l e Total M b e a m nk b s er m O b c e a o t r n h c m e k ia - r s l M sa b u v a i t n n u k g a s s l p I a c n a n o n s i m u c e e r s - - 2 M is a a s b r u k l e e e s t 2 - m i N s a a s r o b u k l n e e e - s t- 1932—June... 19,161 309 261 1,784 16,807 5,628 590 680 800 9,100 1933—June. .. 22,158 323 366 1,998 19,471 6,887 590 720 1,000 10,300 1934—June... 27,161 396 1,055 2,432 23,278 9,413 890 970 1,500 10,500 1935—June... 31,768 633 1,365 2,433 27,337 11,429 1,290 1,540 2,600 10,400 100 1936—June 37,707 626 1,703 2,430 32,948 13,671 1,600 2,050 3,900 10,500 1,200 December. 38,362 632 1,820 2,430 33,480 13,545 1,710 2,330 4,500 10,500 900 1937—June 40,465 1,558 2,036 2,526 34,345 12,689 1,870 2,390 5,000 11,300 1,100 December. 41,353 2,227 2,049 2,564 34,513 12,371 1,790 2,450* 5,200 11,500 1,200 1938—June 41,428 2,676 2,123 2,564 34,065 12,343 1,700 2,690 5,500 10,400 1,400 December. 43,891 3,156 2,198 2,564 35,973 13,222 1,850 2,880 5,800 10,600 1,600 1939—June 45,336 3,770 2,138 2,551 36,877 13,777 1,920 3,040 5,900 10,300 1,900 December.. 47,067 4,231 2,323 2,484 38,029 14,328 1,970 3,100 6,300 10,100 2,200 1940—June 47,874 4,775 82,292 2,466 38,341 14,722 1,830 3,110 6,500 9,300 2,900 December., 50,360 5,370 82,250 2,184 40,556 15,823 1,940 3,220 6,800 9,600 3,200 1941—June 54,747 6,120 82,360 2,184 44,083 18,078 2,020 3,430 6,900 9,400 4,300 Dec 63,768 6,982 r3 2,546 2,254 r51,986 ^19,529 p2,300 *>3,700 *>7,9OO p9,900 p8,6Q0 ember. v Preliminary. r Revised. 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. z o FEDERAL RESERVE BULLETIN 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Increase or de- Trust crease during ac- period Receipts Expenditures (excl. debt retirements) counts etc.,2 Excess excess Period c ta I o x n m e - e s i n c r M n n e e e n t u l v o i a e l s e e a u l - r - - - s s S t e a i o c t x c y u e i r a s - l o A th l e l r c T e r o e ip - ta ts l ce N r i e p e - t ts1 I d n e e t s e b t r t - t f i N e d o n e n a - s - a e l A m g t j P c A u u r u r g e a r o d s l r - n a m - t - i - l - t p m r U e e l m o e l n i n y e - - t f - T c f t o e e r r a r t a u u c c s n n - . s 1 t s t t o s - o A th l e l r Totall d e c ( o i x + e ( t f p i u ) ) p e r r o t e n e s r - s - p ( c o t e + u e f e n i ) r x d p r e o - e i s t - r s - a f b G e u n a r n c e l a - e d n l 2 - d G e r b o t s * s 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 7 months ending: Jan. 1941 1,103 1,726 464 313 3,607 3,264 516 2,336 590 1,016 225 1,570 6,252 -2,987 +212 +134 +2,909 Jan. 1942 1,957 2,270 581 384 5,193 4,744 557 10,315 452 759 294 1,733 .4,111 —9,367-1,366 +317+11,050 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 -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 1942—Jan 133 369 53 59 614 578 32 2,101 106 2,628 —2,050 -633 —610 +2,073 Details of trust accounts, etc. Details of general fund balance (end of period) trus O t l f d u - n ag d e a i n n d su r r a a i n lr c o e ad Une tr m u p st l o f y u m nd ent Ne a t c c e o x u p n e t n s d o it f u r G es o v in er c n h m e e c n k t ing All other retirement account agencies Period Inc N e r i e e p - t ts m v e I es n n t t - - s m B p e f e a i n n y t e t - - s Re- m v e e I 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 a i t t o e t n i r i c r o u a o p o n n c n o n c - r - e - C m C o C o a r r o d t e p i i m d o o - t i r n y t -i t U n S h H n o t g o i r a u t i t A s t e e u - y d s - o A th l e l r ce R i e p - ts p t E e u n x re - d s i- Total m g c e o o r n l e n t d - S i e o i r g a n g - e W b i a o n l r g - k- Fiscal year ending: 550 461 85 763 560 191 *9 *184 1 *12 414 327 2,216 142 446 1,628 639 516 120 838 395 442 *658 136 *60 *186 440 324 2,838 142 536 2,160 703 573 129 959 443 514 *234 10 17 174 458 358 1,891 143 585 1,163 844 637 186 1,114 563 555 80 58 121 *41 674 622 2,633 143 605 1,885 7 months ending: Jan. 1941 429 274 101 650 264 379 94 *60 23 *167 357 316 2,025 143 599 1,283 Jan. 1942 560 383 132 684 498 192 1,082 62 174 162 489 413 2,950 143 616 2,191 1941—Jan 42 *10 15 78 29 41 16 12 32 *43 46 58 2,025 143 599 1,283 Feb 152 *5 16 149 113 43 160 7 *8 *30 42 50 1,701 143 601 957 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 67 58 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 93 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 1942—Jan.... 68 11 20 75 39 44 346 2 37 295 57 40 2,950 143 616 2,191 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 249. * 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. MARCH 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Assets Loans and preferred stock: Loans to financial institutions 485 445 425 409 400 397 41 408 407 409 409 408 434 Preferred stock, etc 736 729 711 706 703 702 698 693 669 666 665 664 680 Loans to railroads 516 523 518 523 523 505 505 497 497 49' 484 483 498 Home and housing mortgage loans 2,390 2,424 2,395 2,406 2,427 2,436 2,445 2,413 2,413 2,427 2,413 2,401 2,424 Farm mortgage loans 2,500 2,481 2,485 2,475 2,467 2,458 2,448 2,437 2,426 2,411 2,396 2,380 2,361 Other agricultural loans 757 728 727 776 867 830 779 754 726 71 709 732 773 All other loans 1,298 1,309 1,352 1,386 1,409 1,472 1,511 1,553 1,690 1,738 1,957 1,933 1,996 Total loans and preferred stock 8,682 8,639 8,614 8,681 8,796 8,800 8,804 8,756 8,826 8,864 9,033 9,001 9,167 Cash 533 580 595 620 771 464 376 771 594 52." 489 502 496 U. S. Govt. direct securities 701 723 736 756 771 780 802 824 844 846 895 906 884 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 128 127 127 124 126 125 123 123 123 122 120 115 115 Acco O u t n h t e s r1 a nd other recei m vables 49 2 1 2 55 2 2 1 52 2 4 2 55 2 1 0 55 2 5 1 54 1 9 7 59 1 8 8 70 1 7 7 67 1 1 8 75 1 9 7 81 2 0 0 75 2 1 6 357 4 4 6 Business property 593 599 600 602 608 623 636 653 664 671 689 698 714 Property held for sale 1,141 1,190 1,206 1,245 1,297 1,392 1,497 1,567 1,625 1,710 1,805 1,879 1,891 Other assets 211 214 251 310 338 359 423 435 517 563 592 701 773 Total assets other than interagency2 12,500 12,645 12,676 12,909 13,282 13,108 13,277 13,853 13,882 14,076 14,452 14,580 14,660 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S 5,917 5,915 5,914 5,916 6,560 6,371 6,370 6,939 6,937 6,937 6,938 6,324 6,324 Other1 1,395 1,389 1,386 1,390 1,385 1,434 1,443 1,442 1,445 1,434 1,416 1,393 1,392 Other liabilities 1,214 1,294 1,292 1,391 1,432 1,492 1,604 1,761 1,741 1,859 1,952 1,974 2,049 Total liabilities other than interagency2.... 8,526 8,599 8,592 8,696 9,377 9,297 9,417 10,142 10,123 10,231 10,306 9,690 9,765 Excess of assets over liabilities, excluding interagency transactions 3,974 4,046 4,084 4,213 3,906 3,811 3,860 3,711 3,759 3,845 4,146 4,889 4,895 U. S. Govt. interests 3,559 3,629 3,6661 3,792 3,484 3,3881 3,436 3,286 3,333 3,418 3,718 4,459 4,464 Privately owned interests 415 417 418 421 422 4231 424 425 426 427 428 430 431 1 Excluding Federal land bank borfds 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. 3 Exeluding amount due to Commodity Credit Corporation from Surplus Marketing Administration for lend-lease purchases. Beginning with December 1941, the amount was classified as an interagency asset. PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31,1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and pr T l s e o a t f o a o n e t n d c r a r s k l ed Cash d s G U e i i t c r o i . u e e S v c r s t . t - . G s u i e t t e a c i e e r u a d s r n - - A r c o e a c a t c b o h n e l u e d 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 le f r o t r y an U G te n u e i a d d t r e e - d b b e y ntur O es ther States Reconstruction Finance Corporation 1,833 10 51 31 46 1,802 National defense corporations 52 (1) 49 703 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,952 237 5 3 288 2,416 (1) Federal home loan banks 219 24 54 1 91 RFC Mortgage Company 72 C1) 2 el 1 Federal National Mortgage Association 207 i 4 1 85 United States Housing Authority 367 9 7 ' 4 114 Farm credit agencies: Federal Farm Mortgage Corporation 597 20 2 49 127 9 1,269 Federal land banks 1,764 48 167 169 54 2953 Federal intermediate credit banks 235 18 36 3 236 Banks for cooperatives 113 17 30 3"' x2 <*) Production credit corporations 81 16 6 " il) * 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 ra C l o c r r p e o d r i a t ti c o o n rporations 23 6 3 2 C 3 1) 4 i" 749 701 F Fa a r rm m C Se r c e u d r it i t A y d A m d i m ni i s n t i r s a t t r i a o t n ion 4 2 6 5 7 0 25 C1) 1 31 '• Insurance agencies: Federal Crop Insurance Corporation 2 13 Federal Deposit Insurance Corporation 49 18 452 38 29 Federal Savings and Loan Insurance Corporation. 2 24 101 6 Federal Housing Administration.. 16 39 33 10 22 2 Export-Import Bank of Washington 139 1 48 Tennessee Valley Authority 15 7 447 8 U. S. Maritime Commission 30 22 54 Rural Electrification Administration 323 7 Public Works Administration 86 Other 90 13 6 16 67 1 13 Total 9,167 496 884 115 574 714 1,891 6,324 1,392 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 2-5 2. 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] 1941 1942 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Loans to financial institutions 166 162 158 154 149 145 139 134 131 127 124 118 106 Loans on preferred stock of banks and insurance companies 50 49 49 49 48 48 48 48 48 48 48 48 44 Preferred stock, capital notes, and debentures 447 442 437 434 432 429 425 410 407 405 404 401 398 Loans to railroads (including receivers) 482 482 487 487 470 470 462 461 461 448 448 462 462 Loans for self-liquidating projects 37 35 35 36 37 37 81 81 81 81 51 51 53 Loans to industrial and commercial businesses: For national defense 9 11 17 21 61 65 70 71 82 93 101 106 HI Other 119 117 115 114 113 111 109 108 106 100 103 110 106 Loan to Great Britain 100 125 299 299 345 345 Loans to drainage, levee, and irrigation districts.. 83 83 83 76 74 79 79 77 77 74 74 73 72 Other loans 5 5 5 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration 114 113 113 113 111 122 120 117 117 117 116 114 114 Total loans and investments, other than interagency 1,512 1,499 1,499 1,488 1,503 1,511 1,538 1,613 1,640 1,798 1,772 1,833 1,815 Preferred stock of, and loans to Export-Import Bank 174 174 174 174 174 174 174 174 174 174 174 174 174 Loans to Rural Electrification Administration 152 157 164 168 175 182 190 195 202 207 211 214 211 Capital stock of, and loans to RFC Mortgage Company 68 68 69 71 71 73 75 76 77 80 79 79 81 Capital stock of, and loans to Federal National Mortgage Association 93 96 99 99 101 102 103 105 107 109 111 112 114 Loans to Tennessee Valley Authority 8 8 8 8 8 8 8 8 8 8 8 o 8 Capital stock of, and loans to national defense companies* 63 83 121 168 219 282 327 380 527 643 727 721 785 Loans to Farm Security Administration 18 33 60 81 97 116 89 96 101 110 117 133 114 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments 2,089 2,244 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 3,400 3,428 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 Emer- Agricul- End of year or month Total Total Fe la d n e d ral L B C a a o n n m d k - Total1 m F i e e n d d t e e ia r r- a te l P c r r t o i e d o d u n it c- c d r g r o o e p u n a g cy h n t d Total3 c B o a f o o n p r k e s r- M in t g a u r r k A a e l c t t banks s m io i n s e - r b c a r n ed k i s t 2 as t s i o o c n i s a- r l e o l a i n ef s atives in re g v o fu lv n - 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 1,905 691 364 33 154 168 99 76 21 1940 2,973 2,500 1,851 648 381 34 172 168 93 75 16 1941—January 2,964 2,489 1.844 645 382 35 174 167 92 75 16 February 2,970 2,485 1,842 643 393 36 182 169 91 74 16 March 2,976 2,475 1,836 640 413 37 195 175 88 70 16 April 2,982 2,467 1,830 637 431 39 207 179 85 68 16 May 2,988 2,458 1,824 634 440 40 215 179 90 74 16 Tune 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 ,804 622 450 45 221 177 99 83 16 September 2,954 2,411 ,795 616 431 43 208 174 111 94 16 October 2,924 2,395 .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 1942—January 2,873 2,343 1,753 590 400 40 191 165 130 m 16 1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, nr\t\ nr\r\ :_ *r\->£. »* £. nr\r\ nnn :_ <nii »i i r\r\n r\i\r\ :_ m?o »o r\r\n f\f\r\ i~ min ~~A (~^m <tz f\nr\ f»nn_*Q f\nn nnft clr*r*a 1O3Q i for cooperatives, o ^ ^ t ^ ^ oncerned. ^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. MARCH 1942 2-53 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 r H L w a o o t o r n i m a p o e n o n e r - s' B H L F a e o o e n r m a d a k n l - e s1 s a a a s F l t a e v o s i e n r o o i a d a d n c n 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 a o r s i a n a g o o r - l a e n t c - l i- t U S H h A n i 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 c p o l e o r - s s s J - 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 en u t ar-f C s e u e r t n a e r c s d v - . h 2 s e , 1933—June 47 1934—June 1,198 1,225 695 453 418 76 Dec 132 85 Dec 1,207 1,237 540 597 467 100 1934—June 1,217 85 1935—June 1,205 1,236 385 777 630 74 Dec 2,379 87 81 Dec 1,201 1,237 287 853 706 98 1935—June 2,658 79 186 1936—June 1,232 1,265 203 967 800 95 Dec 2,897 103 348 6 Dec 1,260 1,296 145 ,058 891 93 1936—June 2,945 119 474 18 1937—June 1,268 1,307 136 ,100 933 71 Dec 2,765 145 587 36 Dec 1,270 1,308 130 ,097 930 80 1937—June 2,556 167 742 49 1938—June 1,252 1,290 115 ,103 '936 73 Dec 2,398 200 854 68 10 Dec 1,252 1,291 86 ,132 965 73 1938—June 2,265 196 948 41 38 13 1939—June 1,262 1,304 68 ,157 ,011 78 Dec 2,169 199 1,034 54 80 32 Dec 1,279 1,319 53 ,192 ,046 74 1939—June 2,081 169 1,136 57 125 68 1940—June 1,293 1,337 43 ,224 ,078 69 Dec... 2,038 181 1,271 57 147 123 Dec 1,304 1,348 36 ,224 ,078 1940—June 2,013 157 1,405 60 163 87 Dec 1,956 201 1,546 67 181 186 1941—Feb 1,318 1,361 33 ,245 ,098 83 Mar 1,320 1,364 31 ,259 ,113 74 1941—Feb 1,929 157 1,579 68 187 211 Apr 1,317 1,362 30 ,259 ,113 73 Mar 1,914 146 1,600 69 190 233 May 1,310 1,359 30 ,254 ,108 75 Apr 1,900 142 ,628 70 190 266 June 1,304 1,356 30 ,251 ,104 75 May 1,885 145 1,658 70 192 288 July 1,307 1,359 29 ,251 ,104 80 June 1,870 170 ,688 65 194 316 Aug 1,309 1,365 28 ,250 ,104 86 July 1,855 168 ,718 67 196 296 Sept 1,311 1,366 28 ,250 ,104 89 Aug 1,841 173 ,751 69 198 306 Oct 1,317 1,377 27 ,250 ,104 100 Sept 1,825 178 ,775 70 200 332 Nov 1,323 1,388 27 1,250 1,104 111 Oct 1,809 184 ,803 73 203 328 Dec 1,314 1,396 26 1,274 1,128 95 Nov 1,794 187 ,816 72 205 329 Dec 1,777 219 .825 72 207 367 1942—Jan pl,309 1942—Jan 1,758 206 (3) 74 210 389 * 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] New Mort- Year or month Total p T P m r e i r o m r e o t v n y p - e t - - s ( h s c t t T m o i o r o m u U n a n c - l e e l - m H ( g T a I o o i g D m r t e l t e - s e h g o a r g ( e g T u a r I n o e s n D i i s t t u d n a l p o e l g n ( h f V T D e i o n n i u I e g t s ) s - l e e - End of month Total b C m c a o i n e a m k r l - s - b M s i t a n u a n g u v a k s l - - s a a s S l t i a s o i n n a o o a g v d c n n s - i s - p I a c n a o n s n m c u i e e r - - s a F c e g i e r e e a d s n l - 2 - Other3 1936—Dec 365 228 8 56 41 5 27 1 1 9 9 3 3 4 5 . 32 3 0 0 2 3 2 0 4 94" 2*'" 1 1 9 9 3 3 8 7 — — M De a c r 8 7 5 7 6 1 r4 4 3 7 0 2 2 2 7 6 1 11 1 9 0 1 1 1 4 8 6 3 4 2 2 5 5 3 1 1936 557 246 309 2 June 933 509 28 127 165 44 60 1937 495 60 424 11 Sept 1,049 565 32 137 187 56 72 1938 694 160 13 473 48 Dec 1,199 634 38 149 212 77 r90 1939 954 208 25 669 51 1939—Mar 1,349 699 44 159 241 114 92 1 1 9 9 4 4 0 1 .. 1 1 , , 1 02 8 6 6 2 2 5 6 1 2 2 2 6 1 8 7 7 3 7 6 1 1 3 3 13 J S u e n p e t 1 1 , , 6 4 2 7 2 8 8 7 2 5 4 9 5 50 7 1 1 7 6 8 7 3 2 0 7 2 1 1 1 4 3 8 7 1 9 1 4 3 1941—Jan. 102 20 2 79 * 1940— D M e a c r 1 1 , , 7 94 9 9 3 r9 9 0 7 2 1 9 7 0 1 2 1 0 9 1 2 r r 3 3 9 4 2 2 1 1 5 7 3 1 r1 1 2 3 4 3 Feb. 84 19 1 61 2 June 2,075 1,026 100 208 432 182 127 A M A J J M S u u e u p a a n l g p y r y r e t . . 1 1 1 8 9 0 0 0 8 7 7 9 1 5 5 4 5 3 2 2 2 1 1 1 1 6 0 2 8 7 1 3 3 2 2 1 2 8 6 7 6 6 7 7 2 0 5 2 5 0 3 2 3 * 1 * * * 1 1 * * 1941— D D J S S M u e e e e n p a p c c e r t t 3 2 2 2 2 2 , , , , , , 1 9 7 4 5 2 0 4 5 0 9 3 7 2 5 9 8 2 rl 1 1 1 1 1 , , , , , , 2 3 4 4 0 1 4 1 0 6 6 9 6 8 0 2 2 3 rl 1 1 1 1 1 l 8 3 5 4 7 l 9 0 7 6 1 2 2 2 2 2 2 5 2 3 4 3 1 4 4 0 6 7 6 4 5 6 6 7 7 4 8 6 0 2 8 2 9 8 6 2 0 r2 2 2 2 2 1 2 3 2 1 0 9 O 4 5 0 1 0 r1 1 1 1 1 1 6 5 7 7 5 4 0 4 0 8 9 1 Oct. 125 34 2 85 2 2 Nov. . 107 24 1 77 2 4 r Revised. Dec 112 18 2 88 5 1 Gross amount of mortgages held, does not include terminated mort- 1942—Jan 111 16 2 87 * 7 A ga d g m es i n a is n t d ra c ti a o s n e . s in transit to or being audited at the Federal Housing 2 The RFC Mortgage Company, the Federal National Mortgage Associar Revised. tion, the Federal Deposit Insurance Corporation, and the United States 1 Figures represent gross insurance written during the period and do not Housing Corporation. take account of principal repayments on previously insured loans. 8 Including mortgage companies, finance companies, industrial banks, * Less than $500,000. endowed institutions, private and State benefit funds, etc. 2-54 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 n a th nd ( I 1 m v n = p 9 a c 3 a e l o 1 5 y n u m 0 - - t e 3 s 0 ) e 9 1 Tota ( l 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 l u a tu 1 m n 0 r N u e d a e 0 - s o ) b u 2 n l r e * - - M era in ls - To a t w 1 a 9 a l 2 r c d 3 o e - R d n 2 d t e e i t 5 r a s n ( a l i = - v - c a t 1 s lu 0 o e 0 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 E 3 - - 5 0 9 mp 1 l 9 o 2 y F 3 m - a 2 c e 5 t n o = t r 4 y 100 19 F t 2 o a 3 c 1 r - - y 0 2 0 5 F 1 r = 9 l i e n o c 3 i g a a 5 1 g d s r - 0 h 3 * - 0 t 9 - D 19 m u s e s ( 2 v a e t p 3 e o a l ) 1 a l - e n * r - 0 2 r s e t 6 t 0 5 - W m p = c r 1 s o h o i 9 a c d o m 1 2 l e i 0 l e 6 s t e - 0 y 4 - C 1 li = 9 o v 3 s i 5 1 n t - 0 g 3 o 0 4 9 f Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.1 117.2 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.0 75.6 110 87 97.6 127.7 1922 73 8t 67 71 79 68 88 90.7 81.2 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.8 102.9 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.8 101.1 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.7 104.2 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.5 102.4 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 103.5 148 108 96.7 122.6 1929 122.3 110 132 93 107 117 87 142 107.1 106.0 110.4 152 111 95.3 122.5 1930 110.9 91 98 84 93 92 50 125 100.3 92.4 89.4 131 102 86.4 119.4 1931 94.3 75 67 79 80 63 37 84 91.6 78.1 67.8 105 92 73.0 108.7 1932 73.2 58 41 70 67 28 13 40 82.2 66.3 46.7 78 69 64.8 97.6 1933 69.5 69 54 79 76 25 11 37 82.9 73.4 50.1 82 67 65.9 92.4 1934 80.2 75 65 81 80 32 12 48 90.1 85.7 64.5 89 75 74.9 95.7 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 4 4 7 5 6 8 9 0 1 1 1 1 1 1 8 1 3 0 0 0 7 2 1 7 5 2 . . . . . . 2 2 2 5 5 9 1 1 1 1 1 8 0 8 1 2 0 5 7 3 9 3 3 8 6 1 1 1 1 1 8 9 0 0 2 3 7 3 3 8 9 2 8 8 1 1 1 1 1 9 0 0 9 0 1 3 0 0 6 5 8 3 5 1 1 1 1 8 9 9 1 1 0 2 6 9 7 2 7 6 5 1 3 5 8 5 2 6 7 7 5 1 9 2 4 2 8 2 3 4 4 6 7 9 1 7 1 5 0 2 14 5 8 8 8 7 7 9 0 9 0 1 0 4 1 1 1 1 9 9 9 0 0 1 0 3 9 8 6 5 2 5 . . . . . . . 8 8 6 4 8 0 6 1 1 1 9 9 9 9 2 0 0 1 0 9 9 7 7 8 . . . . . . . 9 9 3 0 7 5 6 1 1 1 8 9 7 7 4 0 0 2 5 4 8 5 8 2 . . . . . . . 2 8 5 1 4 5 8 1 1 1 1 1 9 0 1 0 8 0 3 2 9 1 7 9 1 0 1 7 8 9 9 8 9 1 9 8 2 4 5 0 0 8 8 8 8 7 7 7 0 7 0 6 8 8 7 . . . . . . . 0 8 3 3 6 6 1 1 1 1 1 9 9 9 0 0 0 0 8 9 9 0 2 5 0 . . . . . . . 1 4 1 2 7 2 8 1939 January 101.3 101 97 97 104 103 86 55 111 100.8 96.8 94.5 84.7 98 76.9 February. . 101.9 101 99 97 104 101 73 58 85 101.0 96.8 96.1 87.1 95 76.9 March 103.0 101 100 96 104 104 69 55 80 101.2 96.7 97.0 88.8 94 76.7 99.1 April 101.8 97 98 93 103 91 67 58 74 100.5 96.6 96.9 86.8 87 76.2 May 103.6 98 99 93 104 97 63 55 68 101.1 96.3 95.9 86.3 90 87 76.2 June 104.8 103 102 99 106 104 63 58 67 102.2 97.3 96.4 87.9 97 86 75.6 98.6 July 104.6 105 102 102 106 107 67 62 71 102.6 98.4 96.6 85.8 99 87 75.4 August.... 106.5 106 106 108 108 92 73 67 78 103.0 99.0 99.5 91.2 101 88 75.0 September. 107.8 114 119 118 111 114 73 68 76 103.7 100.8 103.7 95.4 111 90 79.1 i66i6 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 78.0 100.4 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 136.7 160 162 199 139 132 152 112 184 117.7 133.3 133.1 158.1 139 134 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.... 140.9 163 167 207 138 130 145 87 192 118.0 132.8 135.4 167.0 127 105 92.4 109.3 November.. 143.0 166 167 209 143 131 138 74 189 119.2 r134.4 134.8 165.4 135 116 92.5 110.2 December.. 148.3 167 163 214 141 130 123 69 167 120.0 134.9 134.3 170.2 137 111 93.6 110.5 1942 January.. 111.9 February J Preliminary. Average per working da . r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 256-259, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Bd F W Dd C ti dt f description see p 358 of BULLETIN for July 1931; by groups see p 264. for prices. 5 Excludes military a Back figures in BULL October 1938, pp. 838-866, uctoDer ly^y, pp. s/yfor freight-car loadings, June 1941, pp. 529-533. MARCH 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 1941 Industry Dec. Jan. Feb. Mar. Industrial Production—Total1 139 140 144 147 Manufactures—Total1 142 144 148 151 Durable1 164 171 176 180 Nondurable 124 123 126 128 Iron and Steel . 174 179 179 184 Pig iron 173 177 176 178 Steel ... 181 186 187 193 Open hearth and Bessemer 166 172 171 177 Electric 283 291 300 305 Machinery 164 168 177 185 Transportation Equipment^ .... 177 190 203 207 Aircraft. 635 685 741 768 Automobile bodies, parts, and assembly 125 134 143 142 Automobile factory sales... 129 144 152 143 Railroad cars 172 178 182 178 Locomotives 175 189 204 216 Shipbuilding (private yards) 263 282 307 335 Nonferrous Metals and Products 162 167 173 179 Nonferrous metal smelting3 137 137 142 142 Copper smelting 135 133 140 136 Zinc smelting 152 153 158 163 Copper deliveries 190 201 209 219 Lead shipments 158 161 165 172 Zinc shipments 146 149 148 146 Tin consumption 115 119 130 143 Lumber and Products 132 137 135 128 Lumber 133 139 139 125 Furniture 128 132 129 132 Stone, Clay and Glass Products 140 154 158 150 Cement 155 181 183 156 Common and face brick 147 Common brick. 147 Face brick 148 Glass containers 119 123 131 139 Polished plate glass 117 137 138 135 Textiles and Products ..,..„... 140 138 143 146 Textile fabrics 135 133 140 143 Cotton consumption 142 144 152 156 Rayon deliveries 156 156 148 150 Silk deliveries 74 69 67 71 Wool textiles 145 136 149 152 Carpet wool consumption.... 131 119 143 146 Apparel wool consumption... 163 149 165 179 Woolen yarn 132 125 134 135 Worsted yarn. .. 157 150 163 163 Woolen and worsted cloth 149 142 153 154 Leather and Products .. 109 107 108 114 Leather tanning .. 102 102 103 113 Cattle hide leathers 113 115 112 119 Calf and kip leathers 86 88 92 112 Goat and kid leathers 86 79 87 r98 Shoes 113 110 112 115 Manufactured Food Products 121 117 120 121 Wheat flour 104 98 105 105 Cane sugar meltings 122 124 107 Manufactured dairy products .. 125 131 127 Ice cream 131 138 132 Butter 110 119 118 Cheese 118 123 124 Canned and dried milk 138 136 129 ot ot o 1942 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 144 154 159 160 160 161 163 166 161 p171 153 160 164 165 166 166 169 r173 174 p179 180 190 195 199 199 203 207 209 214 P223 131 135 139 138 139 137 138 143 141 p142 181 184 184 185 185 192 191 191 196 191 170 175 179 181 182 185 184 184 190 189 193 196 196 197 198 207 206 207 212 208 172 174 173 174 172 179 178 176 181 174 340 355 359 365 382 405 410 425 432 445 194 206 214 216 224 227 231 229 241 p252 196 228 243 255 241 245 269 280 275 p306 818 876 930 997 1,113 1,204 1,290 1,340 * * 124 152 161 168 141 134 146 142 p120 p124 122 151 148 154 93 74 110 123 85 p75 196 218 233 233 236 249 r278 r264 * 237 256 280 307 306 319 335 338 * * 353 381 428 467 485 560 634 r645 * * 183 189 r186 r192 r189 r192 r185 r190 192 p195 147 148 144 142 145 145 147 150 151 145 144 136 131 135 135 137 139 141 141 164 170 170 173 175 175 177 180 182 184 221 r233 r229 r244 r231 r233 r217 r226 230 235 186 205 210 200 199 209 * * * 147 144 144 142 143 146 143 147 146 152 147 147 141 155 161 166 153 155 171 132 132 135 141 140 136 135 135 138 P144 128 122 125 131 134 129 129 128 132 p140 139 152 155 161 152 149 146 148 149 142 141 150 151 154 156 158 161 166 p191 139 134 138 143 148 154 159 164 191 250 135 148 155 154 158 163 168 168 165 142 142 152 146 133 120 102 105 67 65 150 157 156 155 154 151 150 156 154 p160 146 152 151 151 149 145 143 148 145 P152 160 164 160 162 160 156 161 167 155 169 158 169 173 173 170 168 172 179 178 p180 15 7 2 4 16 7 5 1 16 7 3 3 15 7 7 7 16 5 6 6 1 3 6 4 9 16 1 4 0 16 1 6 5 17 * 6 * r 139 148 149 126 148 142 133 133 146 171 196 190 177 181 205 199 r200 215 140 153 151 153 162 163 157 156 159 166 178 178 174 179 185 185 184 196 156 167 165 160 166 169 164 170 182 114 123 130 129 121 120 r125 r134 127 P124 109 118 121 124 123 124 129 133 122 118 129 131 136 140 135 138 r145 134 97 99 98 93 103 101 107 106 89 r97 105 113 116 97 115 121 r123 116 117 126 136 132 120 117 r123 r134 130 p125 123 123 127 126 132 129 131 140 136 p139 110 110 107 103 98 99 101 103 109 108 123 119 129 102 129 111 112 139 * * 135 129 124 126 127 130 133 137 140 ^139 144 134 130 129 124 118 119 117 111 113 109 109 108 105 104 106 131 138 134 121 128 134 145 148 163 176 172 124 135 139 132 141 165 183 197 224 240 229 r Revised. p 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 z 6 5 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjusted for Seasonal Variation)—Continued IIndex numbersof the Board of Governors. 1935-39 average == 100] 1940 1941 1942 Industry Dec. Jan Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 134 114 126 134 126 132 124 125 134 126 133 135 142 148 Pork and lard 165 121 145 159 143 147 134 132 149 139 148 148 161 165 Beef 107 110 109 110 110 120 120 123 124 118 123 124 127 128 Veal 97 86 94 91 96 97 91 96 94 101 108 114 98 96 Lamb and mutton 109 112 112 111 108 109 101 110 105 99 103 111 117 113 Other manufactured foods 120 117 119 120 122 122 129 128 135 132 135 144 137 P140 Alcoholic Beverages 101 105 108 104 107 114 122 130 128 131 129 109 116 Malt liquor 105 105 106 100 102 106 107 115 110 118 127 110 123 Whiskey ... 85 78 81 80 82 90 94 108 93 94 107 81 91 Other distilled spirits 85 112 132 132 140 129 154 206 206 262 178 139 121 Rectified spirits 106 126 131 130 137 170 206 190 219 170 138 120 102 243 Tobacco Products 114 113 116 117 120 119 118 114 118 121 128 132 129 132 Cigars 108 111 110 109 117 109 106 106 109 104 112 115 139 129 Cigarettes 121 118 125 127 127 131 131 123 129 137 144 149 136 144 Manufactured tobacco and snuff 101 101 96 97 101 100 97 97 96 99 104 106 95 99 Paper and Paper Products1 130 129 128 132 134 142 145 146 147 144 146 r153 155 Paper and pulp 131 129 128 133 136 145 149 150 152 149 150 159 162 Pulp 159 153- 153 160 161 162 175 167 172 170 172 183 111 Groundwood pulp 119 119 122 119 121 120 121 122 128 129 130 141 129 Soda pulp 142 128 129 137 135 141 151 149 151 140 145 167 153 Sulphate pulp 200 190 193 199 - 199 203 216 203 215 210 210 r220 221 Sulphite pulp 148 144 144 153 156 155 170 163 164 163 166 176 169 Paper 127 126 124 129 132 142 145 148 149 145 147 156 160 Paperboard . . 143 138 134 138 143 158 154 C162 161 158 158 167 186 175 Fine paper 114 110 110 114 115 127 134 140 147 152 147 160 157 Newsprint production 109 113 115 115 114 114 114 112 113 107 110 110 106 107 Printing paper 117 119 123 126 131 138 149 149 150 146 149 161 145 Tissue and absorbent paper... 131 132 125 133 132 137 144 142 143 130 140 153 152 Wrapping paper 120 120 119 124 129 139 140 138 139 136 138 140 147 Printing and Publishing2 112 114 116 118 122 128 127 129 125 127 r136 130 p125 Newsprint consumption 107 103 105 106 106 107 106 106 109 105 105 111 115 104 Petroleum and Coal Products 120 122 122 123 121 125 127 128 130 132 133 135 138 Petroleum refining 116 117 117 118 119 122 123 124 126 128 129 133 135 Gasoline 115 117 118 120 120 124 123 123 126 130 131 134 139 Fuel oil 120 120 122 121 120 119 122 124 127 124 129 129 130 Lubricating oil 107 112 104 105 118 118 134 133 132 130 129 137 132 Kerosine 130 120 123 113 117 115 104 108 116 119 121 123 126 Coke . 149 150 152 154 133 148 154 154 154 152 153 153 158 Byproduct coke 143 143 145 145 134 141 145 146 146 144 145 145 151 Beehive coke 378 367 398 434 69 386 435 429 453 425 437 410 404 ^454 Chemicals 121 123 124 125 133 136 144 146 145 146 r148 149 152 p157 Rubber Products 144 141 153 155 158 162 192 153 130 131 134 * * * Rubber consumption . ... 147 143 156 158 161 164 196 156 132 134 137 * * Tires and tubes 117 123 128 134 131 144 152 126 117 108 103 103 67 35 Pneumatic tires 118 124 128 135 132 144 151 126 118 108 104 104 67 35 Inner tubes 115 121 127 132 130 145 155 125 110 103 94 102 64 34 Minerals—Total 118 119 118 125 95 126 132 131 132 131 130 131 130 p131 Fuels 114 114 113 121 86 121 129 127 129 128 127 128 127 p128 Bituminous coal 115 117 114 149 22 149 153 146 147 139 127 125 124 *>129 Anthracite 108 98 102 102 71 80 126 137 162 127 116 97 89 P89 Crude petroleum 114 114 113 112 113 114 120 119 119 124 128 132 132 P132 Metals 147 148 148 148 149 152 151 r151 148 r145 145 r146 147 p148 Iron ore shipments 186 187 189 191 199 195 198 205 202 192 181 200 199 200 Copper 145 148 153 148 152 159 155 156 155 154 151 152 157 162 Lead 116 116 116 118 119 115 117 114 116 120 119 127 122 Zinc 123 125 126 125 133 127 136 125 131 135 134 130 134 Gold 129 132 126 127 121 132 126 121 114 114 130 116 129 128 126 127 129 122 128 124 129 116 108 106 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 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. MARCH 1941 2-57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average == 100] Annual 1941 1942 Industry 1940 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production— Total1 123 V156 135 140 144 144 155 160 159 162 167 167 167 163 PI 65 Manufactures—Total1........ 134 139 144 149 153 160 165 164 167 172 173 r173 170 p172 Durable1 .„., 138 166 171 178 182 192 198 r197 199 206 210 209 211 P216 Nondurable .»..». ...... 113 118 122 126 130 135 138 138 142 145 143 143 137 P137 Iron and Steel. ..„«-..,...»,,...» 147 186 179 179 184 181 184 184 185 185 192 191 191 196 191 Pig iron . 151 180 177 176 178 170 175 179 181 182 185 184* 184 190 189 Steel 151 198 186 187 193 193 196 196 197 198 207 206 207 212 208 Open hearth and Bessemer 143 175 172 171 177 172 174 173 174 172 179 178 176 181 174 Electric 212 364 291 300 305 340 355 359 365 382 405 410 425 432 445 Machinery ,» 135 209 168 177 185 194 206 214 216 224 227 231 229 241 P252 Transportation Equipment2 145 193 207 214 206 229 244 229 221 245 269 280 275 P306 Aircraft 419 * 685 741 768 818 876 930 997 1,113 1,204 1,290 1,340 * * Automobile bodies, parts, and assembly 116 140 138 148 150 136 152 161 135 120 134 146 142 120 P124 A Ra u i t l o r m oa o d b i c le a r f s actory sales » ; 1 1 1 4 6 1 1 * 26 1 17 5 8 1 1 18 6 2 1 1 1 7 6 8 0 1 1 9 3 6 9 2 1 1 6 8 4 2 1 3 6 3 4 2 1 3 3 3 4 23 4 6 7 24 7 9 4 r2 1 7 1 8 0 r2 1 6 2 4 3 8 * 5 * L S o h c ip o b m u o il t d iv in e g s (private yards) ; 1 1 2 9 2 0 * 2 1 8 8 2 9 2 3 0 0 4 7 3 2 3 1 5 6 3 2 5 3 3 7 2 3 5 8 6 1 4 2 2 8 8 0 3 4 0 6 7 7 3 4 0 8 6 5 3 5 1 6 9 0 3 6 3 3 5 4 ,338 * * Nonferrous Metals and Products... 137 p185 166 173 179 184 r191 r187 r191 r189 r192 r 185 r190 192 P194 Nonferrous metal smelting"... 132 P145 137 142 142 147 148 144 141 145 145 147 151 r152 v\52 Z C i o n p c p e s r m s e m lti e n l g ting :. 1 1 3 3 4 9 1 1 3 7 7 0 1 1 3 5 3 3 1 1 4 5 0 8 1 1 3 6 6 3 1 16 4 4 5 1 1 7 4 0 4 1 1 3 7 6 0 1 1 7 3 3 1 1 1 3 7 5 5 1 17 3 5 5 1 1 7 3 7 7 1 1 8 3 0 9 1 1 8 4 2 1 1 18 4 4 1 Copper deliveries 143 224 200 209 219 221 r233 r229 r244 r231 r233 r217 r226 230 235 Lead shipments . 123 166 165 172 186 205 210 200 199 209 * * * * Zinc shipments 129 145 149 148 146 147 144 144 142 143 146 143 147 146 152 Tin consumption 111 149 114 130 146 151 153 148 154 159 159 151 155 165 Lumber and Products 116 134 116 119 123 130 134 140 144 151 148 145 134 128 P123 Lumber 115 129 113 115 118 128 130 135 142 148 144 138 124 113 P\\2 Furniture 117 145 123 129 133 135 143 150 149 157 156 159 154 155 Stone, Clay and Glass Products.... 121 P152 no 112 125 142 164 172 166 172 174 176 167 p131 Cement 122 154 100 102 117 139 163 174 177 181 184 185 171 153 137 Common and face brick 121 Common brick 122 Face brick 121 Glass containers . . 116 151 110 120 130 135 159 163 160 172 166 173 170 154 Polished plate glass 109 144 131 141 142 142 149 96 109 120 117 120 80 68 Textiles and Products „ 114 p151 138 143 147 150 157 155 155 154 151 150 156 154 p160 Textile fabrics 111 133 140 143 146 152 150 150 148 145 143 148 145 Cotton consumption .. 120 158 144 152 156 160 164 160 162 160 156 161 167 155 169 Rayon deliveries. 138 166 154 148 150 158 169 173 173 170 168 172 179 178 p180 Silk deliveries 65 72 68 74 73 66 66 69 50 32 10 15 * * Wool textiles 106 160 136 149 152 152 165 163 157 166 169 164 166 Carpet wool consump- 176 tion 102 138 119 143 146 139 148 149 126 148 142 133 133 Apparel wool con- 146 sumption 110 183 149 165 179 171 196 190 177 181 205 199 r200 215 Woolen yarn 103 149 125 134 135 140 153 151 153 162 163 157 156 159 ** Worsted yarn 112 175 150 163 163 166 178 178 174 179 185 185 184 196 Woolen and worstec cloth 105 162 142 153 154 156 167 165 160 166 169 164 170 182 Leather and Products . „ 97 121 104 117 122 118 120 119 125 129 128 127 123 115 P121 Leather tanning 93 118 103 112 112 110 115 118 120 120 123 129 135 124 Cattle hide leathers 97 129 116 125 121 118 126 125 127 133 - 134 139 r151 137 Calf and kip leathers.... 86 99 87 97 105 96 94 100 102 108 99 103 101 91 Goat and kid leathers 88 106 79 91 r97 99 103 113 115 95 116 120 r119 118 Shoes 100 122 106 121 128 123 124 119 128 135 131 r125 115 109 Manufactured Food Products 114 P128 104 104 107 112 119 128 137 152 158 142 139 r129 P124 Wheat flour 101 104 99 104 102 103 100 101 102 99 114 110 107 104 109 Cane sugar meltings 101 103 105 135 135 117 132 117 136 132 109 114 * Manufactured dairy products 114 P129 84 92 105 134 175 188 181 167 132 106 94 90 Ice cream 114 69 78 99 138 182 208 216 200 Butter 108 113 95 101 105 118 151 155 137 120 108 95 83 82 85 Cheese 116 137 89 96 107 133 177 186 165 151 150 139 124 123 124 Canned and dried milk.. 124 156 103 110 121 152 200 195 172 169 168 158 156 166 174 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." 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 == 10011 Annual 1941 1942 Industry 1940 1941 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products— Continued Meat packing 125 129 133 122 122 119 132 121 119 116 119 134 152 165 173 Pork and lard. 148 • 143 157 145 143 135 147 130 119 112 111 139 178 208 214 Beef . 103 118 110 98 100 102 120 118 125 126 132 134 130 127 138 Veal 82 97 83 83 86 95 101 92 95 95 111 119 116 93 93 Lamb and mutton 114 108 118 112 107 105 111 96 104 104 111 109 108 111 118 Other manufactured foods 113 129 103 103 105 107 111 123 137 159 170 151 146 131 P123 Alcoholic Beverages 101 116 87 94 100 108 120 129 131 122 137 137 118 106 Malt liquor 99 111 84 90 96 111 124 137 142 128 120 104 90 96 Whiskey.. 73 88 104 106 98 91 90 75 59 51 75 102 101 104 Other distilled spirits 129 163 73 79 86 84 77 91 97 99 359 472 292 150 Rectified spirits 126 148 92 113 124 122 149 165 160 171 180 180 190 135 77 Tobacco Products... „. 109 120 108 108 no 113 121 128 123 122 132 133 134 no 126 Cigars 103 112 90 96 100 111 108 113 111 113 120 135 137 107 104 Cigarettes 115 131 119 118 119 118 133 144 138 136 146 141 143 121 146 Manufactured tobacco and snuff 100 99 98 95 99 100 100 99 99 96 107 106 105 83 96 Paper and Paper Products^ 123 141 126 131 136 137 141 143 139 146 149 151 r152 146 Paper and pulp 122 145 128 133 137 140 145 147 143 150 151 155 159 153 Pu G l r p o u . n . dwood pulp 1 1 4 1 7 7 1 12 6 5 7 1 1 5 2 4 4 1 1 5 2 9 7 1 12 6 8 4 1 1 3 6 6 5 1 1 6 3 5 3 1 1 7 2 3 4 1 1 5 0 9 9 1 10 7 9 0 1 11 6 2 8 1 1 7 2 3 1 1 1 8 4 4 4 1 1 7 3 2 4 S Su o l d p a h a p t u e l p pulp 1 17 2 5 7 2 1 0 4 7 4 1 1 2 9 8 2 1 1 3 9 3 9 2 1 0 4 3 1 1 1 3 9 9 9 2 1 0 4 3 1 2 1 1 5 4 0 1 1 4 9 1 9 2 1 1 5 5 1 2 1 1 4 0 2 2 1 1 4 4 5 r2 1 2 6 0 7 2 1 1 4 0 8 Sulphite pulp 143 160 144 148 156 159 155 167 155 164 163 169 178 164 Paper 119 142 124 129 133 136 142 143 140 147 148 152 155 151 Paperboard 124 154 132 138 144 146 155 154 154 163 167 167 167 166 168 Fine paper 110 134 111 118 122 126 130 131 128 139 144 147 155 154 Newsprint production 112 112 113 113 115 114 115 115 109 110 107 110 113 107 107 Printing paper 118 140 119 126 132 136 140 146 140 145 145 150 160 144 Tissue and absorbent paper 123 138 128 130 134 135 136 143 135 143 136 145 151 146 Wrapping paper 116 134 120 126 130 136 137 133 138 138 143 140 143 124 Printing and Publishing2 111 124 109 121 124 126 127 116 121 125 131 r138 131 P122 115 Newsprint consumption 103 107 98 110 113 111 107 92 96 106 112 117 117 99 104 Petroleum and Coal Products 116 128 120 119 120 126 128 129 131 134 135 136 137 120 Petroleum refining 113 125 115 115 114 119 122 124 125 128 131 132 134 134 Gasoline 112 126 113 114 114 118 124 126 127 130 134 134 135 136 Fuel oil 116 124 123 123 118 117 119 121 122 124 125 130 130 132 Lubricating oil ... 115 124 108 103 104 122 122 134 131 131 130 129 137 131 Kerosine 119 117 126 124 115 119 115 102 103 111 117 121 126 127 Coke 135 151 150 152 154 133 148 154 154 154 152 153 153 158 133 144 143 145 145 134 141 145 146 146 144 145 145 151 Beehive coke .. 189 394 367 398 434 69 386 435 429 453 425 437 410 404 P454 Chemicals 114 139 122 124 129 136 135 138 139 142 148 r153 151 153 P156 Rubber Products 123 145 151 155 157 162 192 153 130 131 134 Rubber consumption 124 148 153 158 160 164 196 156 132 134 137 * Tires and tubes 114 120 123 128 134 131 144 152 126 117 108 103 103 67 35 115 120 124 128 135 132 144 151 126 118 108 104 104 67 35 Inner tubes 106 117 121 127 132 130 145 155 125 110 103 94 102 64 34 Minerals—Total 117 P123 113 114 rU7 96 127 131 130 134 137 138 135 124 P125 Fuels 114 p125 117 118 121 87 118 123 121 125 129 131 130 129 Bituminous coal 114 126 130 134 143 18 126 132 128 135 144 142 143 138 P1U 101 106 114 112 105 76 88 116 107 120 122 123 99 94 Crude petroleum 116 120 111 112 114 116 118 120 119 122 124 127 128 129 Metals 134 P148 95 93 92 r149 181 181 184 187 182 180 r161 95 PQ2 Iron ore shiDinents 158 197 210 323 326 344 335 311 281 231 Copper 142 153 U5 155 151 156 159 152 147 152 152 156 157 159 158 Lead 116 118 116 116 116 121 117 116 110 116 120 119 128 124 ZinC 118 130 125 126 125 133 127 136 125 131 135 134 130 134 Gold 120 r126 r113 r112 r107 r114 116 r116 126 131 r152 132 Silver 117 129 129 131 130 121 123 122 126 117 107 106 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried torward 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. MARCH 1942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through1937. 1923-25 average == 100] 1940 1941 1942 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. Jan. Totals 116.6 118.3 118.6 119.4 122.0 124.9 128.7 133.3 133.3 132.3 7132.8 1134.4 134.9 135.7 Durable jioodsl 117.6 121.1 122.1 123.0 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143.7 144.4 147.2 Nondurable goods* 115.7 115.6 115.2 115.9 118.0 120.5 123.7 126.3 125.5 123.8 r123.8 r125.6 125.9 124.8 Iron and Steel and Products 122.4 124.8 125.5 126.2 128.3 132.0 136.0 139.1 140.2 139.7 138.2 138.3 139.5 139.8 Blast furnaces, steel works, etc 130 133 133 133 136 140 145 149 150 149 148 148 149 150 Bolts, nuts, washers, and rivets 135 139 145 151 153 160 166 169 173 172 170 169 170 172 Cast-iron pipe 89 88 92 92 93 94 95 95 94 97 98 101 100 99 Cutlery and edge tools 110 110 108 111 114 117 122 130 130 128 129 130 134 136 Forgings 88 90 94 96 100 102 105 112 112 113 115 114 116 119 Hardware.. . 113 113 114 116 115 116 118 105 116 117 115 113 114 110 Plumbers' supplies 98 99 98 100 101 102 102 102 103 100 r98 98 98 96 Stamped and enameled ware 196 194 201 203 204 214 220 228 231 231 225 225 220 219 Steam and hot-water heating 103 106 106 107 109 111 114 123 126 125 125 123 125 126 Stoves 108 113 106 106 107 110 114 121 115 109 105 104 108 109 Structural and ornamental metal work. 91 96 100 100 101 103 104 105 107 106 107 107 107 108 Tin cans and tinware 104 109 112 113 113 122 129 131 132 132 127 138 141 147 Tools 116 121 126 128 133 135 139 142 146 147 145 146 148 152 Wirework 207 206 208 208 203 207 214 218 198 214 203 202 199 182 Machinery 136.0 141.2 144.2 148.1 155.8 161.6 167.3 173.0 177.7 177.8 179.3 181.2 183.6 187.3 Agricultural implements 143 147 140 126 158 166 170 175 182 181 180 172 167 160 Cash registers, etc. 137 137 140 146 151 150 163 168 170 173 175 177 178 177 Electrical machinery 126 131 137 142 147 153 159 164 168 168 168 169 * E Fo n u g n in d e r s y , a tu n r d b m in a e c s h , i e n t e c - . shop products. 2 1 1 1 8 4 2 1 3 1 7 8 2 1 3 2 9 0 2 1 4 2 3 4 2 1 4 2 5 9 2 1 5 3 9 4 2 1 7 3 5 9 2 1 9 4 4 3 3 1 1 4 5 6 3 1 2 4 3 7 3 1 4 4 8 8 3 1 7 4 1 9 * 15 * 3 Machine tools 275 286 296 304 315 326 337 349 366 355 360 365 150 Radios and phonographs 150 155 165 178 189 197 184 191 187 183 179 194 « 221 Textile machinery 86 89 92 95 98 101 104 107 108 110 110 109 210079 109 Typewriters . 130 131 110 134 138 143 150 155 157 158 160 159 159 156 Transportation Equipment 146.6 150.4 152.9 154.1 158.7 164.6 174.2 196.1 193.1 195.2 204.5 r208.9 205.1 211.6 Aircraft 4,731 5,089 5,398 5,509 5,813 6,121 6,522 7,160 7,897 8,779 9,453 9,794 * * Automobiles 124 124 123 123 125 128 132 149 139 ' 128 129 127 111 99 Cars, electric- and steam-railroad 67 75 71 70 70 74 81 89 87 98 100 100 * * Locomotives 44 49 51 52 54 58 61 67 70 73 74 77 * * Shipbuilding 220 244 262 268 285 301 341 387 398 440 490 533 * * Nonferrous Metals and Products 129.4 133.3 135.1 136.2 138.9 140.7 144.1 147.8 147.9 144.8 r143.1 r142.3 143.7 146.6 A Br lu as m s, i n b u r m on ! ze, and copper . . . 2 1 1 6 8 8 2 1 2 7 9 3 2 1 2 7 4 6 2 1 2 7 0 9 2 1 2 8 9 1 2 1 3 8 4 2 2 1 3 9 0 0 2 1 4 9 0 3 2 1 4 9 6 5 2 1 4 9 7 4 2 1 4 9 0 1 2 1 4 9 2 2 * * * Clocks and watches 102 107 109 111 115 118 121 125 121 110 114 110 108 113 Jewelry 101 102 105 107 111 113 115 120 119 110 105 106 113 115 Lighting equipment 106 110 112 110 112 112 115 118 118 119 119 114 110 112 Silverware and plated ware 76 77 79 79 81 82 84 94 87 85 84 82 83 82 Smelting and refining 96 98 100 101 101 102 102 103 105 103 100 99 100 102 Lumber and Products 75.2 76.3 75.5 74.0 74.2 74.6 75.9 78.9 78.4 77.3 r76.4 76.9 78.1 79.5 Furniture 96 97 98 98 101 104 106 108 107 103 101 104 105 107 Lumber, millwork 72 74 72 71 70 69 71 75 76 75 76 75 75 75 Lumber, sawmills 67 68 67 65 65 64 65 68 68 68 67 67 68 70 Stone, Clay and Glass Products 90, 94.6 92.9 92.3 92.3 92.1 93.7 98.6 98.4 98.7 98.9 100.9 101.6 104.8 Brick, tile, and terra cotta 68 75 74 71 70 69 69 73 74 74 73 76 77 80 Cement 76 75 76 75 74 73 74 77 78 79 79 r82 85 88 Glass ». 117 120 116 118 121 122 124 131 130 130 131 133 132 136 Marble, granite, and slate 46 46 47 46 45 45 44 43 42 43 45 45 45 47 Pottery 105 108 108 108 109 109 116 126 123 122 121 121 121 123 Textiles and Products 107. 107.3 107.1 107.6 109.8 112.9 116.1 120.0 117.1 114.7 r112.9 r113.3 113.2 111.6 Fabrics 98. 98.8 99.1 100.4 103.3 105.9 109.0 111.1 109.6 107.2 r105.4 r105.1 104.4 103.6 Carpets and rugs 82 85 84 83 86 89 90 89 91 91 90 90 90 84 Cotton goods 99 99 100 101 103 106 111 113 115 112 111 rlll 110 110 Cotton small wares . . 90 92 93 94 97 103 107 110 110 110 108 109 109 104 Dyeing and finishing textiles 132 132 134 136 138 141 144 149 143 140 135 130 133 131 Hats, fur-felt 85 83 83 83 80 83 86 86 79 77 78 78 76 73 Hosiery 144 144 142 142 141 144 146 149 144 135 133 132 133 129 Knitted outerwear 74 69 69 68 71 76 81 85 83 78 77 78 81 78 Knitted underwear 77 81 78 78 79 81 79 90 88 88 87 87 86 91 Knitted cloth 149 144 141 143 141 155 163 162 161 158 147 147 147 148 Silk and rayon goods 64 63 64 66 69 74 75 72 67 61 60 61 60 59 Woolen and worsted goods 98 98 98 102 109 109 110 112 108 112 109 110 107 106 Wearing apparel 121.9 122.0 120.5 119.3 119.8 124.0 127.0 135.0 128.8 126.6 124.7 r126.8 128.2 124.9 Clothing, men's.' 115 114 111 110 114 122 124 124 120 119 120 125 128 122 Clothing, women's 170 166 166 164 159 161 170 193 176 171 165 167 169 161 Corsets and allied garments 114 114 113 114 114 116 119 119 122 123 r112 122 115 111 Men's furnishings 116 116 118 118 119 121 124 137 137 r134 r127 r121 113 115 Millinery 69 76 82 78 78 73 68 75 79 77 75 68 68 70 Shirts and collars 122 131 126 125 128 131 133 135 135 134 131 132 135 145 Leather and Manufactures 94.3 93.3 93.2 94.3 95.5 96.8 101.0 100.2 97.9 98.0 99.6 104.2 103.1 99.0 Boots and shoes 93 91 91 92 93 94 98 97 94 94 96 101 100 96 Leather 85 85 86 88 90 90 95 97 96 98 97 98 97 96 r Revised. * Included in total and group indexes but not available for publication separately. i 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 January 1942 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. z6o 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 1942 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Food and Kindred Products 135.6 133.3 131.0 131.3 132.5 135.0 137.3 138.4 140.9 138.6 140.7 146.8 147.2 147.9 Baking 144 143 145 146 148 149 151 149 152 151 152 152 152 152 Beverages 285 281 279 278 277 287 286 289 298 r295 303 311 316 311 Butter 101 98 99 102 105 107 105 102 104 102 102 r106 106 108 Canning and preserving 157 149 144 139 140 147 156 161 169 155 164 200 187 182 Confectionery 91 89 88 91 92 89 90 97 100 91 90 96 95 95 Flour 78 78 77 78 79 78 80 79 77 79 78 78 79 80 Ice cream 81 80 81 79 82 79 78 78 79 78 83 83 83 83 Slaughtering and meat packing 121 112 111 113 114 119 121 123 124 125 126 127 133 139 Sugar, beet 145 240 144 111 97 99 93 89 76 98 91 98 141 157 Sugar refining, cane 97 92 89 97 103 102 101. 94 93 103 103 98 101 97 Tobacco Manufactures 64.7 66.3 64.9 64.0 65.0 65.8 65.8 65.7 64.4 62.0 64.1 65.0 66.3 67.9 Tobacco and snuff 57 57 54 54 54 54 53 53 53 54 54 54 56 55 Cigars and cigarettes 66 66 65 66 67 68 67 66 63 65 66 68 70 Paper and Printing 117.3 117.1 117.2 118.5 119.8 121.2 122.9 124.8 125.1 124.4 124.9 124.8 126.0 124.9 Boxes, paper 122 123 122 125 129 132 139 142 143 141 138 139 140 142 Paper and pulp 116 116 117 119 120 123 125 126 128 128 128 129 129 130 Book and job printing 102 103 101 103 104 104 104 108 106 105 108 107 107 106 Newspaper and periodical printing 117 116 116 117 117 117 117 117 118 117 117 116 120 116 Chemicals, Petroleum, and Coal Products, 125.3 126.8 128.1 129.0 133.6 136.9 140.7 143.0 145.2 r144.7 '145.9 "147.0 148.0 149.6 Petroleum refining 120 120 120 121 121 123 125 127 127 127 129 129 129 130 Other than petroleum refining 126.6 128.5 130.0 131.1 136.6 140.4 144.7 146.9 r149.6 rl48. r150.1 '151.5 152.6 154.5 Chemicals 151 154 157 161 163 168 172 173 179 180 181 184 187 189 Cottonseed oil, cake and meal 102 102 100 94 110 106 107 109 101 88 95 93 93 91 Druggists' preparations 113 116 118 119 129 132 136 138 141 141 144 146 151 Explosives * * * * * * * * * Fertilizers 103 104 103 95 112 118 124 129 124 124 115 118 115 120 Paints and varnishes 128 130 130 134 135 136 140 145 148 145 144 144 144 144 Rayon and allied products ., 314 310 306 308 324 330 337 326 328 324 323 320 320 311 Soap 87 90 89 91 93 94 98 99 96 94 94 95 93 Rubber Products 96.8 99.0 100.4 102.0 103.9 106.1 111.7 113.0 113.3 111.6 110.1 110.3 110.1 100.8 Rubber boots and shoes 64 67 69 69 74 78 82 82 79 75 78 80 78 73 Rubber tires and inner tubes 77 78 79 80 82 83 86 87 87 87 86 r86 85 76 Rubber goods, other 167 171 174 177 176 179 192 194 200 196 r189 187 190 177 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 cultural Transpor- Financial, and naval e m m e p n l t o 1 y 2 - Total2 M t a u n r u in f g a * c- Mining Con ti s o t n ruc- tat p i u on b li a c nd Trade* a s n e d r v m ic i e s , - G m o e v n er t2 n- forces utilities cellaneous SEASONALLY ADJUSTED 1941—January 38,097 31,954 11,297 849 2,014 3,077 6,630 4,151 3,936 958 February 38,314 32,171 11 335 846 2,132 3,087 6,662 4,158 3,951 1,145 March 38,263 32,120 11,413 855 1,933 3,105 6,677 4,162 3,975 1,343 April 38,329 32,186 11,636 572 1,859 3,133 6,803 4,166 4,017 1,546 May 38,824 32,681 11,886 877 1,698 3,192 6,781 4,188 4,059 1,662 June 39,296 33,153 12,221 889 1,644 3,220 6,865 4,204 4,110 1,740 July . . 39,903 33,760 12,605 914 1,668 3,264 6,944 4,242 4,123 1,857 August 40,100 33,957 12,614 923 1,666 3,302 7,027 4,246 4,179 1,944 September 40,013 33,870 12,545 908 1,683 3,303 6,968 4,241 4,222 1,992 October r40,191 r34,048 r12,598 892 1,776 3,292 6,989 4,251 4,250 2,014 November r40,604 r34,461 r12,736 892 1,924 3,310 7,043 4,266 4,290 December 40,893 34,750 12,788 892 2,156 3,322 7,006 4,274 4,312 1942—January 40,879 34,736 12,850 875 2,130 3,333 6,886 4,275 4,387 t UNADJUSTED 1941—January .. 37,142 30,999 11,075 852 1,623 3,012 6,487 4,063 3,887 958 February 37 448 31 305 11 273 854 1,678 3,028 6,491 4,075 3,906 1,145 March 37,761 31,618 11,457 864 1,631 3,056 6,578 4,097 3,935 1,343 April 38,228 32,085 11,684 564 1,775 3,113 6,792 4,174 3,983 1,546 Mav 38 902 32 759 11 886 869 1,782 3,185 6,753 4,235 4,049 1,662 June ...». 39,475 33,332 12,154 876 1,816 3,239 6,861 4,260 4,126 1,740 July 39,908 33,765 12,391 888 1,895 3,290 6,837 4,300 4,164 1,857 August 40,292 34,149 12,595 900 1,921 3,326 6,897 4,300 4,210 1,944 September . . 40,710 34,567 12,777 906 1,936 3,367 7,008 4,325 4,248 1,992 October r40,783 r34,640 r12,8O5 915 1,960 3,365 7,070 4,256 4,269 2,014 November r40,756 r34,613 r12,763 911 1,961 3,322 7,146 4,229 4,281 December . . 41,073 34,930 12,739 908 1,874 3,296 7,499 4,227 4,387 1942—January 39,838 33,695 12,594 878 1,713 3,262 6,737 4,181 4,330 t * Adjusted to Census of Manufactures through 1939. r Revised, t Not 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. • NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for January 1942 are preliminary. Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. MARCH 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 Annual 1941 1942 Annual 1941 1942 1940 1941 Jan. Oct. Nov. Dec. Jan. 1940 1941 Jan. Oct. Nov. Dec. Jan. Total* „ -.. 107.5 127.7 115.5 135.4 r134.8 134.3 132.5 105.4 148.8 120.7 r167.0 r165.4 170.2 173.2 Durable goods1 ....„.-.. 104.3 134.0 118.3 144.0 144.6 144.3 143.8 107.8 167.8 132.0 r191.4 190.3 195.9 203.9 Nondurable goods1.......«. -. 110.6 121.6 112.7 127.3 r125.4 124.7 121.7 102.7 127.6 108.1 r139.6 r137.4 141.3 138.7 Iron and Steel and Products 109.5 134.0 122.3 139.4 138.8 138.5 137.0 109. 159.9 130.8 r173.4 r171.9 175.0 174.8 Blast furnaces, steel works, etc , 119.0 142.6 131 148 148 149 149 118.6 170.3 140 181 183 185 185 Bolts, nuts, washers and rivets.... 115.6 161.2 139 170 169 170 172 131.7 230.6 171 256 253 260 268 Cast-iron pipe 79.2 94.8 88 98 98 98 98 74.4 109.7 93 119 118 120 120 Cutlery and edge tools............ 105.0 121.9 108 132 1>33 134 133 96.9 138.2 107 158 161 165 164 H P Fo l a u r r m g d i w b n e g a r s r e s' supplies „.. 9 8 7 8 6 3 . . . 2 8 5 1 1 1 0 0 1 5 0 4 . . . 7 0 3 1 9 9 1 8 1 3 1 1 r9 1 1 9 4 5 r1 1 1 9 1 5 8 3 1 1 9 1 1 7 8 4 1 1 9 1 2 5 0 0 1 8 7 0 7 9 6 . . . 9 5 8 1 1 10 5 4 3 9 1 . . . 5 4 8 1 1 9 3 2 2 0 4 r1 1 1 1 8 5 3 2 2 r1 1 1 0 4 8 6 8 0 1 1 1 1 5 9 0 3 6 2 1 1 0 5 0 9 0 0 Stamped and enameled ware 168.2 216.2 191 227 225 220 215 181.3 267.1 214 296 288 298 292 Steam and hot-water heating 90.0 116.7 103 128 125 124 122 84.7 134.9 105 158 150 161 170 Stoves 94.5 109.5 95 114 110 104 92 86.9 114.4 87 129 115 112 94 Structural and ornamental metal work 77.6 103.6 94 109 108 106 105 69.1 111.9 89 127 116 120 122 Tin cans and tinware 99.4 125.3 102 130 135 134 137 107.3 153.7 115 r172 166 174 179 Tools „. 99.0 137.9 121 146 147 150 152 102.0 179.5 141 202 205 211 215 Wirework... 168.2 206.6 206 205 204 199 182 187.2 263.9 238 277 280 267 263 Machinery 119.5 165.8 139.7 180.1 181.4 183.6 185.1 131.8 223.5 167.5 255.7 255.3 271.3 282.9 Agricultural implements 137.4 163.0 150 170 168 167 164 160.3 214.2 181 232 224 219 229 Cash registers, etc 130.2 160.5 136 175 177 176 176 137.1 205.3 152 233 223 239 251 Electrical machinery 108.0 129 169 169 124.8 163 245 242 Engines, turbines, etc 164.1 222 340 353 221.1 330 616 676 Foundry and machine-shop products. 101.3 137.3 117 148 149 150 152 102.2 170.3 129 195 191 203 211 M T R T e y a a x d p c t i e h i o w l i s e n r e a m i t n e t a d o r c s o h p ls i h n o e n r o y graphs 2 1 1 8 3 4 1 2 3 4 9 . . . . 0 3 3 9 1 1 1 0 8 4 * 2 4 6 . . . 7 4 2 2 1 1 8 8 3 4 9 6 1 8 3 2 1 1 6 1 0 6 2 8 9 1 3 2 1 1 6 1 6 0 7 8 2 9 2 1 1 1 0 * 6 9 9 2 2 1 1 1 5 * 1 0 6 0 3 1 1 7 1 3 2 9 1 7 7 . . . . 2 9 3 3 2 1 1 1 9 2 0 6 7 . . . 8 9 6 4 1 1 9 1 4 4 8 5 1 5 2 5 2 1 3 9 6 4 3 6 2 2 r2 2 5 1 6 3 9 4 8 6 9 1 2 1 3 5 5 0 2 2 1 7 2 5 * 5 4 3 Transportation Equipment 122.2 179.3 r152.& 203.2 r210. 208.7 211.1 132.0 231.6 176.3 r282.0 287.8 290.0 327.8 A A Ca i u r r t c s o r , m a e f o l t e b .. c il t e ri s c- and steam-railroad.. ,2 1 1 5 1 7 6 1 . . . 7 4 3 12 » 7.3 , 1 0 6 3 2 9 8 9 >,1 1 9 7 2 7 0 9 9, 1 6 9 3 9 7 0 6 11 * 6 10 * 3 ,3 1 5 9 2 1 9 1 . . . 7 1 1 161.1 9 1 6 2 4 4 0 8 1 1 2 1 1 , 7 2 5 7 96 13 1 1 , 7 1 1 6 2 83 14 * 8 156 Locomotives 32.6 46 75 77 32.9 53 103 106 Shipbuilding 172.2 240 495 533 200.4 308 803 829 Nonferrous Metals and Products.. 114.1 141.4 131.1 r147.4 r146.0 145.5 144.3 117.3 171.2 146.0 r185.9 r181.9 193.1 196.5 Aluminum* , 192.0 225 244 246 227.3 281 359 368 Brass, bronze and copper 139.2 17.2 193 192 160.6 220 268 261 Clocks and watches 95.5 114.1 106 118 116 113 112 101.8 141.9 115 161 155 151 154 Jewelry 96.8 110.4 96 121 120 116 108 81.3 104.8 82 122 116 121 104 Lighting equipment 92.6 114.0 108 123 120 114 110 80.5 116.3 99 136 124 123 121 Silverware and plated ware. 71.9 82.9 75 87 87 86 80 66.0 90.7 71 103 102 101 87 Smelting and refining 89.8 101.2 101 100 101 102 89.2 113.7 102 120 121 124 124 Lumber and Products.. 70.0 76.4 71.3 79.1 r77.9 76.6 74.3 65.4 81.9 68.1 r92.3 r86.4 85.8 81.1 Furniture 91.2 102.7 94 107 108 107 103 81.0 106.7 84 121 119 121 111 L L u u m m b b e e r r , , s m a i w ll m w i o l r l k s. . . 6 62 4 . . 7 3 6 7 6 3 . . 6 3 6 7 3 0 r7 7 0 7 6 7 6 6 6 7 5 4 6 7 4 1 5 5 7 1 . . 9 5 6 69 6 . . 5 3 5 5 8 9 7 7 5 8 7 7 1 0 6 7 8 2 6 6 6 6 Stone, Clay and Glass Products . 82.8 96.2 85.9 r102.0 101.5 99.7 95.5 74.9 97.2 79.6 r109.5 106.1 106.8 100.4 M B G P C o r e l a a i t m r c s t b e k s e l , r n e y t t , il g e r a a n n i d te te a r n r d a s c l o a , t t . e ta „ . . . . . 1 6 4 6 9 0 1 6 8 4 8 . . . . . 2 9 0 0 1 1 1 4 7 7 2 1 4 2 7 5 5 . . . . . 4 9 2 6 9 1 1 6 6 3 1 0 5 5 9 4 5 1 1 8 4 7 3 2 2 7 8 2 4 r 1 1 8 4 7 3 2 2 6 6 3 4 1 1 4 8 7 3 2 4 1 4 2 2 1 1 6 3 7 2 2 9 9 8 9 0 1 4 6 3 8 1 9 6 3 5 7 . . . . . 6 2 5 5 6 1 1 6 8 3 5 1 8 2 4 2 6 . . . . . 1 6 3 7 4 1 5 6 2 3 9 5 1 7 1 6 r1 1 r3 9 3 7 7 8 3 2 6 4 r1 1 r9 2 7 3 6 1 9 3 5 9 1 1 3 8 7 7 3 5 9 3 2 1 1 1 8 6 2 7 2 4 5 9 1 0 Textiles and Products .«, 101.2 112.6 106. r114.9 r113.4 113.4 110.7 87.0 112.8 95.0 r 122.4 r118.2 122.1 119.1 Fabrics « ..«. 104.8 99. r106.4 r106.1 106.1 104.7 82.3 110.5 93.1 r120.2 r118.9 123.6 121.3 C C o ar t p to e n t s g a o n o d d s rugs ,. 9 7 2 7 . .6 1 8 0 8 7 . . 2 6 1 8 0 2 1 r11 9 2 1 r11 9 2 0 1 9 1 0 2 1 8 1 1 2 6 84 6 . . 7 1 1 8 2 8 0 . . 4 4 9 7 7 5 1 9 3 4 6 1 9 3 4 5 1 9 4 5 0 1 8 4 1 2 Cotton small wares 81.0 103.2 92 109 109 109 104 76.8 116.1 93 128 128 129 124 Dyeing and finishing textiles. 125.7 137.9 135 135 133 135 134 106.1 133.0 120 136 132 141 141 Hats, fur-felt 81.1 80.9 83 78 76 76 73 70.0 82.1 82 75 76 82 81 Hosiery 139. 140.3 143 135 135 135 128 145.5 157.1 149 161 160 164 153 Knitted outerwear 67.2 76.3 66 83 80 77 75 56.1 70.9 56 80 77 74 73 Knitted underwear 75. 83.5 77 88 88 86 86 68.2 87.9 73 99 97 98 99 Knitted cloth 140.4 150.7 140 151 146 146 144 118.3 143.5 125 148 140 144 143 Silk and rayon goods 64.7 65.8 65 62 61 61 60 51.3 60.5 53 62 r61 62 62 Woolen and worsted goods 84.1 106.9 100 110 109 111 108 74.0 114.6 94 127 125 134 127 Wearing apparel 116.6 125.0 116. 129.0 124.8 123.2 119. 91.0 110.4 93.1 r119.2 r109.6 111.7 107.4 Clothing, men's 105.0 119.2 109 123 121 121 118 78.6 105.0 87 113 109 112 107 Clothing, women's , 164.3 168.4 162 173 164 163 156 121.0 136.8 120 145 126 133 128 M Co e r n s ' e s ts f u a r n n d is h a i l n li g e s d garments... 1 1 1 1 8 2 . . 9 6 1 1 2 1 3 6 . . 5 9 1 1 1 0 2 8 r1 1 3 1 3 2 r1 1 2 3 2 0 1 1 1 2 3 0 1 10 1 7 0 1 1 1 1 6 2 . . 2 8 1 1 3 3 6 6 . . 5 4 1 1 0 1 3 6 r1 1 4 6 4 7 r1 1 5 5 0 7 1 13 3 3 8 1 11 3 8 9 Millinery , 75. 75.2 75 77 61 60 69 62.2 60.2 55 60 40 40 50 Shirts and collars 120. 131.4 119 137 137 135 131 105.2 135.1 104 157 156 153 140 r Revised. * Included in total and group indexes but not available for publication separately. i 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 Annual 1941 1942 Annual 1941 1942 1940 1941 Jan. Oct. Nov. Dec. Jan. 1940 1941 Jan. Oct. Nov. Dec. Jan. Leather and Manufactures .. 92.1 98.0 93.4 98.5 96.7 99.2 99.1 74.6 97.1 83.3 100.5 r97.0 106.7 107.7 90.5 95.1 91 95 92 95 96 70.9 92.2 80 93 88 100 101 Leather ...-.«.-..,..,..... 82.8 93.0 86 97 98 98 96 80.3 105.1 87 116 118 122 120 Food B a a n k d in K g indred Pro . ducts.. . — — „ - .„ .- . . . „ . . .. ..,. .T. 1 1 3 4 0 4 . . 1 7 1 1 3 4 7 9 . . 8 4 1 14 2 1 1.4 1 15 5 5 2.4 1 15 4 4 5.7 1 15 4 2 0.7 1 14 3 9 5.1 1 1 2 3 6 7 . . 8 4 1 1 4 4 4 9 . . 4 7 1 13 2 5 0.2 1 15 6 8 2.9 r1 1 5 6 7 0 .7 1 15 5 8 7.1 1 15 5 6 4.2 274.8 291.7 256 303 291 289 283 320.0 360.4 289 r382 351 359 346 Butter ..«. „. „. 97.1 103.4 92 102 r104 101 100 83.3 94.8 80 97 97 96 96 Canning and preserving , 146.2 160.8 91 218 162 123 111 126.2 165.8 79 244 173 129 122 Confectionery 86.0 92.3 87 106 110 106 92 84.3 99.6 87 122 126 123 106 Flour 79.2 78.2 77 80 79 79 79 74.5 80.4 72 88 83 89 90 Ice cream 77.7 80.1 68 78 73 71 70 66.3 71.6 59 71 67 67 65 Slaughtering and meat packing . 110.2 120.6 116 126 130 138 144 115.9 136.2 120 .151 154 169 183 Sugar beet 109.9 106.9 103 245 265 228 68 111.0 114.2 96 229 308 255 71 Sugar refining, cane . ,..» 94.7 98.0 88 103 97 99 92 81.4 91.4 70 94 90 98 90 Tobacco Manufactures 63.9 65.0 60.8 67.3 68.4 67.4 62.2 61.8 68.3 59.3 75.6 77.1 76.7 71.1 58.2 54.2 58 54 55 57 56 67.0 67.6 67 71 72 74 73 64.5 66.3 61 69 70 69 63 61.1 68.2 58 76 78 77 71 115.8 122.2 116.6 126.5 r126.7 128.3 124.4 112.6 128.2 115.4 135.9 r137.5 144.1 136.2 Boxes, paper . 118.1 134.6 118 147 147 145 137 129.9 168.1 132 195 194 193 179 Paper and pulp. 115.0 123.9 116 128 129 129 130 122.2 152.0 128 165 167 170 172 Book and job printing 100.7 104.9 104 108 108 110 107 88.9 98.3 95 103 105 110 104 Newspaper and periodical printing 116.2 117.1 115 118 118 122 116 110.2 113.6 108 115 116 129 113 Chemicals, Petroleum, and Coal Products... 122.1 139.0 126.3 r148.6 H48.5 148.6 148.9 135.3 172.1 142.1 r194.3 r195.6 200.9 203.3 Petroleum refining 121.7 124.8 119 129 129 129 129 136.4 153.0 132 168 168 174 172 Other than petroleum refining 122.2 142.4 128.1 r153.4 r153.2 153.2 153.7 134.9 178.1 145.2 r202.4 r204.2 209.2 213.0 Chemicals 140.5 171.7 152 183 185 186 187 168.2 231.8 188 261 265 273 280 Cottonseed oil, cake and meal 88.7 98.2 114 135 123 117 102 83.7 96.7 111 r143 r131 126 106 Druggists' preparations 117.1 131'9 116 146 148 149 151 129.6 157.9 131 r184 r188 184 183 E Fe x r p t l i o li s z i e v r e s s ....<.„.. 1 10 2 8 6 . . 2 5 113.1 1 1 6 0 4 4 104 10*1 10 * 6 12 * 0 1 8 5 9 4 . . 7 3 10 * 7.7 20 8 5 6 10 * 3 9 * 9 106* 1 * 1 - 8 Paints and varnishes 3 1 0 2 9 4 . . 9 8 3 1 2 3 1 9 . . 2 5 3 1 1 2 4 6 3 1 2 4 5 4 3 1 2 4 3 3 3 1 2 4 1 2 3 1 1 4 5 1 3 1 2 3 0 3 . . 3 5 3 1 6 6 0 4 . . 9 1 3 1 3 3 6 7 3 1 8 7 6 4 r3 1 8 7 5 2 3 1 9 7 1 6 3 1 9 7 2 3 Soap .»../. 83.8 93.5 86 98 97 92 91 101.6 127.8 108 142 139 134 133 Rubber Products ...-,...... 88.4 107.8 98.8 111.6 111.5 110.8 100.6 92.7 130.4 111.6 138.1 141.0 138.0 134.9 Rubber boots and shoes 57.4 75.8 68 80 82 81 74 59.0 94.7 79 107 110 109 97 Rubber tires and inner tubes 72.0 83.9 78 86 r86 85 76 82.6 110.1 98 112 118 110 115 Rubber goods, other 148.5 185.3 169 193 190 190 175 145.0 213.2 174 234 229 239 219 r Revised. * Included in total and group indexe: but not available separately. NOTE.—Figures for January 1942 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 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Total . ......«...«. 38.6 39.8 41.0 40.9 41.1 40.3 41.2 67 8 68.3 74.5 75.8 77.0 78.1 78.7 Durable goods 40.2 41.2 42.6 42.3 42.9 41.8 42.8 74.4 74.9 83.0 84.3 85.3 86.5 87.1 Iron and Steel and rProducts 39.6 41.0 41.4 40.7 41.5 40.9 41.4 78.1 78.0 87.1 87.5 87.7 88.6 89.4 Machinery 42.0 43.6 45.1 45.1 45.4 44.6 46.3 75.2 76.1 84.4 85.0 86.1 86.8 87.9 Transportation Equipment 40.4 40.2 41.8 41.7 43.0 41.4 42.2 90 2 90.0 98.8 100.3 101.9 104.2 103.5 Nonferrous Metals and Products 41.4 42.7 43.0 43.1 42.7 41.6 43.4 72.7 73.8 80.8 82.1 82.2 83.1 84.8 Lumber and Products. .. 38.9 39.5 41.8 41.1 41.5 39.5 39.7 52.6 52.8 58.8 59.0 59.8 60.2 60.2 37.1 38.2 38.5 38.2 39.2 37.8 38.6 67.1 68.0 72.1 73.6 74.4 74.9 75.3 Nondurable goods . *. » 37.1 38.4 39.4 39.5 39.1 38.6 39.4 61.3 61.7 65.8 66.8 68.0 68.8 69.5 Textiles and Products ,........ 35.5 36.7 38.1 38.3 37.6 37.1 38.1 50.4 50.7 55.4 56.9 58.1 57.9 58.3 Fabrics 36.8 37.9 38.9 39.1 38.8 38.4 39.6 48.7 48.8 53.3 55.1 56.6 56.7 57.1 Wearing apparel . 33.0 34.3 36.4 36.7 35.4 34.4 35.1 53.9 54.4 59.6 60.2 r61.1 r60.4 60.9 Leather and Manufactures 33.0 36.5 39.2 38.0 r37.7 36.4 38.7 55.5 55.2 61.5 63.0 r63.5 r64.4 64.9 Food and Kindred Products 39.3 40.6 41.0 41.6 40.9 40.2 40.7 63.2 64.1 65.8 65.7 67.9 69.5 70.3 Tobacco Manufactures 37.2 38.1 37.2 38.3 38.7 38.5 39.1 48.6 49.0 52.0 52.5 52.7 53.2 53.0 Paper and Printing 38.4 39.3 40.1 40.1 40.3 40.4 41.0 79.3 79.9 82.4 83.0 r83.4 r84.1 85.5 Chemicals, Petroleum, and Coal Products 38.8 39.6 40.0 39.9 40.2 40.0 40.5 76.5 76.6 83.7 84.5 r86.1 r87.5 88.1 Petroleum refining 35.7 37.3 38.0 37.2 36.9 36.6 37.9 96.6 96.8 102.5 108.3 109.7 111.1 110.9 Other than petroleum refining 39.8 40.4 40.6 40.7 r41.2 40.9 41.2 69.6 70.1 78.0 77.6 r79.4 r80.6 81.5 Rubber Products 37.9 39.7 39.4 38.5 39.1 39.3 38.8 78.1 78.4 86.1 85.9 86.5 r87.6 88.0 r Revised. MARCH 1941 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 Publicworks 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 1937 1938 1939 1940 1941 1942 1937 1938 1939 1940 1941 1942 1937 1938 1939 1940 1941 1942 January 243 192 252 196 305 317 112 118 148 93 124 198 130 75 104 104 181 119 February 188 119 220 201 270 69 51 111 82 105 119 68 109 119 166 March 231 227 301 272 480 66 95 128 95 269 165 132 173 177 211 April 270 222 330 301 407 74 99 160 103 184 195 123 170 197 223 May 244 283 308 329 549 93 144 135 112 267 151 139 174 217 281 June 318 251 288 325 539 137 108 128 147 314 180 143 161 177 225 July 322 240 300 399 577 131 98 137 205 348 191 142 163 194 229 August 281 313 312 415 760 104 171 158 195 520 178 142 154 220 240 September 207 301 323 348 623 80 160 144 144 403 127 141 179 204 220 October 202 358 262 383 606 78 203 92 175 371 124 154 170 209 235 November 198 302 300 380 459 93 179 144 195 298 106 123 156 186 161 December 209 389 354 456 432 115 279 225 258 288 94 110 129 198 144 Year 2,913 3,197 3,551 4,004 6,007 1,152 1,705 1,708 1,802 3,492 1,761 1,492 1,842 2,202 2,515 l Bach 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 reported by Dun & Bradstreet. Amounts in thousands of dollars. [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities Federal Reserve 1942 1941 district 1942 1941 1942 1941 Federal Reserve district Jan. Dec. Jan. Jan. Dec. Jan. Jan. Dec. Jan. N B Ph o ew i s l t a o d Y n e o l r p k hia 4 1 1 2 9 8 , , , 8 0 4 6 5 6 0 8 1 4 6 3 3 3 2 , , , 2 3 9 0 6 8 5 6 1 4 2 1 5 8 8 , , , 7 4 5 4 7 5 0 0 5 B N P C h o e le i w s l v t a o e d n Y l e a o l n p r d k hia 34 7 5 5 8 6 5 2 3 4 6 4 6 4 7 3 5 44 9 8 5 2 0 1 3 3,8 3 7 7 9 4 2 1 7 0 2 3 4 2 , , 2 1 4 6 8 1 3 1 6 9 4 3 4 1 , ,3 3 8 5 3 7 3 9 3 9 9 0 R A C i l t c e la v h n e m l ta a o n n d d 3 5 34 2 4 , , , 6 0 0 0 3 2 9 0 0 6 3 5 4 4 6 , , , 5 2 4 4 0 8 1 6 6 4 2 2 2 9 9 , , , 5 4 0 6 7 3 7 5 8 R A C St i h t . c l i a h c L n a m o g t u a o o i n s d 1 4 3 3 4 9 7 2 5 1 3 2 2 1 2 8 5 4 1 4 4 3 3 0 5 3 5 3 3 6 8 7 1 1 9 5 1 8 6 2,8 3 2 1 5 2 2 5 2 8 4 1 1,8 4 3 3 8 5 0 7 6 8 3 1 M C St h i . n ic L n a o e g u a o p is olis 5 2 2 5 7 , , , 4 1 9 7 7 5 2 7 1 4 3 5 7 5 , , , 4 7 1 1 7 5 2 9 3 5 2 6 1 1 , , , 4 3 4 9 6 5 2 7 9 K D S M a a a n i l n n l s n a F a s e r s a a p n C o c i l i t i s y s co 4 2 9 1 0 1 7 0 2 4 9 1 1 2 8 9 4 4 9 1 8 1 9 7 1,2 4 2 1 6 2 3 1 9 0 8 7 1,5 4 2 2 1 4 9 1 0 7 2 3 3 2 8 2 7 4 8 3 2 4 2 1 Kansas City . . 6,999 18,620 11,274 Dallas 23,209 29,877 20,768 Total 962 898 1,124 9,916 13,469 11,888 Total (11 districts) 316,846 431,626 305,205 New series. Includes cases of discontinuances where loss to creditors was involved even though actual legal formalities were not invoked. Back figures, available for 1939 only, may be obtained from Dun and Bradstreet, r Revised. Inc. 2.64 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 Exc<;ss of exports Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 January 223 289 213 370 325 240 171 178 242 229 — 18 118 35 128 96 February 233 262 219 347 303 278 163 158 200 234 -45 99 61 147 69 March 257 275 268 351 357 307 173 190 217 268 -51 102 77 134 89 April 269 274 231 323 387 287 160 186 212 287 -18 115 45 111 100 May 290 257 249 324 385 285 148 202 211 297 5 109 47 112 88 June .... 265 233 236 350 330 286 146 179 211 280 -21 87 57 138 50 July .... 268 228 230 317 364 265 141 169 232 278 3 87 61 84 86 August 277 231 250 351 460 246 166 176 221 283 31 65 74 130 178 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 315 252 292 328 492 223 176 235 224 281 92 76 57 104 211 December . 323 269 368 322 P652 209 171 247 253 p344 115 98 121 69 Year 3,349 3,094 3,177 4,021 *>5,144 3,084 1,960 2,318 2,625 *>3,346 265 1,134 859 1,396 Pi,798 immediate consumption and that entered for storage in bonded warehouses, rt statistics of an unusually large volume of shipments actually exporrtetedd iinn 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 [In millions of dollars] For- Mis- Mer- Tota! Coal Coke Grain L s i to v c e- k p u r e c s o t d t s - Ore l c a o e n u l e s - - c l d h .c i a s . n e l. - o r r p e T a v e i o e r l a w n ta t u a i l n e y s g e r x a T p i o l e w t n a a s l y es o r i p a e n N i r c e l a o w t t m a i e n y g i m n c N o e m t e ANNUAL 1940 109 111 137 101 114 147 110 96 1941 130 123 168 112 183 136 100 SEASONALLY ADJUSTED* S A EA D S J O US N T A E L D LY 1940— D N e o c v . .. 3 4 7 0 9 1 3 3 1 1 6 1 8 6 5 8 4 2 3 5 1940—Dec 107 153 96 133 165 125 99 1941— N M M A J J O D A S F J u u e a e u o c p e a a l n n p b t c g v r y y r e t 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 2 3 3 3 3 2 1 2 2 0 7 5 7 9 9 8 5 6 2 2 4 1 1 1 1 1 1 1 1 1 1 1 2 4 1 2 3 5 5 5 3 2 0 1 1 5 1 1 3 0 8 6 8 8 9 3 1 1 2 1 1 1 1 1 1 1 1 1 5 6 6 7 0 9 8 3 8 6 4 4 9 7 5 6 0 9 9 7 2 8 5 9 1 1 1 1 1 1 1 1 1 1 1 9 1 2 1 0 1 2 1 1 2 0 0 7 1 4 8 3 2 6 3 3 4 2 2 ' 1 8 9 0 8 8 8 9 9 9 9 9 4 5 1 8 3 4 3 3 1 3 3 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 3 5 4 3 3 3 2 3 3 5 6 0 8 2 9 6 0 0 7 3 8 2 2 2 1 2 2 1 1 1 1 1 1 4 0 0 4 5 6 5 5 6 9 8 8 6 4 4 9 5 6 6 2 6 2 1 0 1 1 1 1 1 1 1 1 1 1 1 1 4 3 3 4 4 3 4 3 3 2 3 3 9 3 5 4 1 9 0 6 0 8 1 0 1 1 1 1 1 1 1 9 9 9 9 0 9 0 0 0 0 0 0 7 7 9 9 0 9 0 2 0 2 2 1 1941— D J N A M J A O S M F J u u e a e e u c p o a b a l n n p c t g r v y . y r . . t e . . . . . . . . . . . . * . . . . . . . . . . . . . . . . . 4 4 3 4 4 4 4 4 4 3 4 4 5 8 8 8 7 7 6 7 3 0 1 8 3 6 5 2 1 4 4 6 9 2 7 9 3 3 3 3 3 3 4 4 4 3 3 3 7 7 7 6 0 2 4 0 1 1 3 1 9 0 7 3 3 3 6 3 0 9 4 6 1 1 1 4 8 5 9 8 0 8 7 0 1 7 7 9 5 9 3 3 8 4 3 0 0 6 3 3 4 5 4 5 6 3 4 6 1 1 3 2 8 1 0 5 2 3 8 1 7 1942—Jan 140 119 153 142 99 156 186 152 97 UNADJUSTED UNADJUSTED 1940—Nov.. 375 304 72 31 1940— Dec 121 167 87 116 Dec. 303 79 51 1941—Jan 124 174 90 84 124 45 115 Feb 129 183 85 75 128 45 118 1941—Jan... 377 315 62 20 Mar 132 175 97 74 127 50 124 Feb.. 358 300 58 15 Apr 38 120 96 82 130 203 131 Mar.. 416 336 81 35 May 117 167 107 82 135 276 138 Apr.. 375 322 53 7 June 131 170 123 69 141 265 141 May. 442 354 89 43 July 127 172 163 70 149 283 139 June. 455 362 93 53 Aug 139 167 125 80 160 271 141 July.. 485 379 106 64 Sept 140 172 122 111 149 261 150 Aug.. 494 382 111 66 Oct 138 165 104 146 147 232 151 Sept.. 489 385 104 59 D N e o c v 1 1 3 2 5 5 1 1 6 8 8 2 1 1 1 1 5 3 1 9 1 7 7 1 1 4 2 3 9 1 6 9 9 9 1 1 5 3 0 8 N O o c v t. . . . 4 5 5 1 7 8 4 38 2 8 4 6 9 9 4 5 2 4 9 Dec... 480 399 81 1942—Jan 136 184 125 95 140 46 134 p Preliminary. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Associa- * Derived from Interstate Commerce Commission data. tion of American Railroads. Total index compiled by combining indexes for classes NOTE.—Descriptive material and back figures may be obtained with weights derived from revenue data of the Interstate Commerce Commission. from the Division of Research and Statistics. MARCH 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS SALES BY DEPARTMENTS Index numbers based on value figures; 1923-25 average = 100 Percentage change from corresponding period of preceding year Seasonally adjusted Unadjusted Department January Year 1939 1940 1941 1942 1939 1940 1941 1942 1942* 1941 NET SALES—entire store +15 SALES Main Store +15 J F a e n b . 8 8 8 8 9 9 2 0 1 1 0 0 1 3 138 6 6 9 9 7 7 1 1 8 7 2 9 108 Basement Store +13 Mar. 88 89 103 82 86 93 Women's, girls', and infants' apparel and M Ap a r y . . . 8 8 7 8 8 8 9 9 1 10 0 5 4 8 8 8 7 8 8 6 9 1 10 0 5 6 ac M ce a s in s o s r t i o e r s e1 + + 1 1 3 3 June 86 91 104 83 87 100 Women's and misses' coats and suits.. +18 July 87 92 115 60 64 79 Women's and misses' dresses +10 Aug. 88 98 134 69 77 106 Blouses, skirts, sportswear, sweaters, Sept 90 97 116 97 105 125 knit apparel +18 Oct 92 94 105 99 101 112 Juniors' and girls' wear +16 Nov 93 100 116 106 114 133 Aprons, housedresses, uniforms... +14 Dec 95 101 111 168 179 197 WVoonm en"'s underwear, sl..i ps, neg.l.igees.. +14 Infants' wear +17 Year 90 94 110 Women's and children's shoes +12 Furs +10 STOCKS Basement2 +13 Jan... 67 68 71 p93 60 61 64 p83 Men's fand boys' wear +12. Feb 68 71 73 65 68 70 Main store1 +13 Mar. . . 68 70 74 69 71 75 Men's clothing +15 67 69 74 69 71 76 Men's furnishings, hats, caps +11 May 66 68 74 68 70 76 Boys' clothing and furnishings.. +H June....* . 67 67 77 64 64 73 Basement2 +10 July 67 68 82 60 61 73 Home furnishings '+21 S O e c p t t 6 6 6 7 8 9 6 7 7 9 0 1 8 9 7 7 6 7 7 5 7 1 6 7 7 6 3 9 1 8 9 0 4 5 8 Main F D u o s r t m o n r i e e t s 1 u t r ic e , f l b o e o d r s c , o m v a er tt in re g s s ses, springs + + 2 2 3 3 +22 Dec. . 7 6 1 8 7 7 2 1 9 9 5 2 8 6 2 4 8 6 3 6 1 8 1 6 0 D M r a a j p o e r ri a e p s p , l c ia u n r c ta e i s n s ( , r e u f p ri h g o e l r s a t t e o r r y s, wash- +16 Year 68 69 83 Do e m rs, e s s t t i o c v s, e s b , l e a t n c k .) ets, comforters, lin- '+31 p Preliminary. ens, towels +23 p. B 6 a 3 c 1 k , fo fi r g u O r c e t s o .— be D r e 1 p 9 a 3 rt 8 m , e p n . t 91 s 8 t , o a re n d s a f l o e r s, Ja s n ee u a B ry U L 1 L 9 E 4 T 1 IN , p. f o 6 r 5 ; A d u e g p u a s r t tm 19 e 3 n 6 t , Ba l s in em en e s n , t tow (i e n l c s l ) u 2 ding domestics, blankets, +20 store stocks, see BULLETIN for March 1938, p. 232. Piece goods (dress and coat yard goods, all materials) +10 WEEKLY INDEX OF SALES Main store +9 Weeks ending on dates shown. 1935-39 average = 100 Basement +11 Shoes (basement only). r+8 1939 1940 1941 1942 * Data not yet available. Jan. 7 . 79 Tan. 6 . 82 Tan. 4 . 85 Jan. 3.... .107 1 Group totals for main store include sales in departments not shown 14 . 83 13 . 86 11 . 99 10.... .130 separately. 21 . 80 20 83 18 90 17... .131 2 Group totals for basement are not strictly comparable with those shown 28 76 27 79 25 89. 24.... 119 for main store owing chiefly to inclusion in basement of fewer departments Feb. 4 . 79 Feb. 3 86 Feb 1 : 94 31.... .121 and somewhat different types of merchandise. 11 . 80 10 . 80 8 . 95 Feb. 7.... .114 18 . 80 17 . 82 15 . 97 14.... .116 25 . 78 24 . 82 22 . 88 21.... .110 SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES Percentage change from corresponding period of preceding year Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year Tan. Dec. Year 1942 1941 1941 1942 1941 1941 1942 1941 1941 1942 1941 United States.. +38 +15 +17 Cleveland (cont'd) Chicago (cont'd) Dallas (cont'd) Boston +42 +14 +16 Youngstown +44 +16 +23 Indianapolis +40 +18 +19 Dallas +19 +12 +16 New Haven +34 +15 +16 Erie +56 +24 +26 Des Monies +39 +22 +13 Fort Worth +44 +18 +19 B Po o r s t t l o a n nd + +3 5 9 6 + + 2 8 8 + + 2 1 2 2 W Pi h tt e s e b l u in r g gh + +5 5 4 0 + +1 1 7 3 + + 1 2 6 3 D Si e o t u r x o i C t ity + + 4 2 5 2 + +1 1 4 3 + + 2 1 1 1 H Sa o n u A st n o t n o . n .; io + + 3 3 6 4 + +1 2 7 3 + +2 1 4 6 Springfield +49 +19 +20 Richmond +46 +18 +20 Flint +14 -2 +16 San Francisco +32 +15 +18 Providence +43 +17 +18 Washington +53 +17 +20 Grand Rapids.. +48 +13 +15 Phoenix +46 +28 +29 New York +35 +10 +13 Baltimore +44 +19 +20 Lansing +43 +11 +22 Bakersfield +21 +4 +6 Bridgeport +42 +17 +25 Winston-Salem... +30 +8 +12 Milwaukee , +40 +18 +21 Fresno +27 +9 +11 Newark +37 +11 +12 Charleston, S. C.+67 +27 +35 5/. Louis +39 +20 +21 Long Beach +50 +30 +31 Albany , +41 +12 +14. Lynchburg +39 +15 +15 Fort Smith +57 +36 +20 Los Angeles +27 +12 +16 Binghamton.... +52 +18 +24 Norfolk +56 +28 +38 Little Rock +24 +18 +24 Oakland and Buffalo +51 +20 +24 Richmond +37 +14 +14 Quincy +47 +19 +14 Berkeley +41 +14 +14 Ph N N P T L P R W E R S il o h y r a h e e a o i i e a n u r w a i d n c l a n l g k d c e g h i a c t a r l a i e h e Y d o p a u n r s s s k h n a e s g t o - t e i e e l e B r a p r F e r k a p h a r s i C l r a i l e e i s . . t . . . . y . . . . . . + + + + + + + + + + + + 4 4 5 4 6 3 5 4 5 4 4 4 7 2 9 0 0 1 6 8 2 6 3 5 r r ' r+ + + + + + + + + + + + 2 1 3 1 1 1 1 3 1 2 2 4 5 3 7 5 6 9 5 5 0 1 7 r+ + + + + + + + + + + + 2 1 1 1 3 1 1 1 1 1 2 1 0 4 0 7 4 6 5 8 9 6 1 6 Atl H M B J C T M B N A J a a a a n i h a u e t o c a c r l m t w t a n m k c n k a a o r t o s t s n p n l i i g o O n e o a n n ta o s n n R g g r t m v l h o t o e o i a n e a u l n m l r , n g e W y s e .Va. + + + + + + + + + + + * 3 5 3 2 4 2 4 2 5 3 2 2 7 8 7 2 3 0 3 2 9 7 + + + + + + + + + + + + 1 1 1 1 1 2 1 2 1 1 3 1 4 4 6 3 5 4 3 3 8 6 5 5 + + + + + + + + + + + + 2 2 1 1 2 2 1 1 2 1 2 1 5 6 7 5 0 2 4 6 2 9 5 8 M Ka i M T W D H J L E S S n n o p o t o v e u n s e . p i r p u a n c a e t m i l L c n i e n h a v s i s h n k p o g s i p e v t C i v a h f u r o a i n i i l i i l i e l s l s s i t l l e s y o d e n + + + + + + + + + + + * 3 5 3 4 2 3 4 4 3 3 3 0 0 0 6 8 8 3 0 3 1 7 + + + + + + + + + + + + 2 2 1 3 1 1 2 1 4 1 1 8 0 6 5 0 6 6 3 4 0 5 7 + + + + + + + + + + + + 1 3 1 2 1 1 2 1 2 3 1 1 7 1 4 3 6 6 1 0 5 3 1 5 P S S V B B S S S S S a a a o a t a a o e a N o n n n c n l r l l i t l c l s t r t a i e l e a F a k D J n m a L j o m t o r g a n i o R a a s p e h n d e e n k n a a g o a d n e c n o s m t i d a o . s C c N o it a y p . a . + + + + + + + + + + + 2 1 3 3 2 4 4 3 4 7 4 6 6 5 2 7 4 3 8 5 1 1 + + + + + + + + + + - 1 3 2 1 2 1 2 2 2 3 4 4 7 1 4 0 6 9 3 3 + + + + + + + + + + + 3 1 1 1 1 1 2 1 1 4 6 2 4 1 3 4 1 3 9 5 1 York +62 +21 +17 Chattanooga +47 +26 +23 Kansas City.... +45 +14 +15 Everett +33 +24 +2i Cleveland +49 +17 +20 Knoxville +47 +18 +20 St. Joseph +43 +7 +8 Seattle +59 +28 +30 Akron +60 +21 +28 Nashville +28 +13 +19 Omaha +39 +22 +14 Spokane +28 +15 +16 C C C i l o e n l v u c e i m n la n b n u a d t s i + + + 4 4 4 2 9 4 + + +1 2 1 4 0 3 + + + 2 1 1 2 6 6 Ch P C ic e h a o i g c r o a ia g . o : + + + 3 3 3 8 3 3 + + + 1 1 1 4 0 4 + + + 1 1 1 4 0 6 Da T O ll u k a l l s s a a homa City, + + + 1 4 2 9 3 9 + + + 1 2 1 5 6 7 + + + 1 1 1 7 5 8 T W Y a a a c k l o l i a m m a W a alla + + + 3 3 2 5 4 1 + + + 2 1 1 0 8 3 + + + 32 9 4 Toledo +46 +15 +17 Fort Wayne +60 +28 +27 Shreveport +44 +23 +21 r Revised. * Not available. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c t A o o ie m l d l s i - - F p u a r c o r t m d s - Foods Total H p l i r e d o a e d s t u h a c e m t r s p T ro ex d t u i c le ts m F li u a g e t h e l t r i a i n a n 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 e m d n c i d t - s i f n H u g r o n g u i o s s o h e- - ds M an i e s o ce u l s - 1929 95 3 104Q 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 ? 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 514 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 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 8C.6 68.3 1936 80.8 80 Q 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86 3 86 /[ 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68 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—December .... -; 80.0 69 7 7: <; 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 ^ 7' 5 84.4 101.6 76.4 72.1 97.6 99.3 78.5 89.1 76.9 March 81.5 716 7( ? 84.9 102.6 78.4 72.0 97.7 99.5 79.8 89.5 77.6 April 83.2 74/\ 7"Q 85.9 103.9 81.0 72.9 97.9 100.1 81.8 90.4 78.6 May 84.9 764 7<;5 87.4 106.4 83.0 75.6 98.1 100.4 83.6 91.4 79.6 June 87.1 82 1 81 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./| 87 90.8 110.2 88.3 79.0 98.6 105.5 86.0 954 83.7 September 91.8 91.0 8<J 91.6 111.3 89.7 79.2 98.6 106.4 87.4 97 85.1 October 92.4 90.0 Q 93.4 112.6 90.9 79.6 103.1 107.3 89.7 99 •> 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 1942—January „ „. m .„ „.. 96.0 100.8 93.7 94.6 114.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 Week ending 1941—October 25 ..;... 91.2 88.1 87 93.0 113.2 90.3 79.9 102.2 107.0 89.6 99.9 85.5 91.6 80 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 80 6 93.6 114.1 90.5 79.6 103.4 107.1 89.5 1016 87.2 November 22.. 92.2 90.3 80 93.6 114.9 90.4 79.4 103.4 107.4 . 89.5 1017 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 1019 87.2 December 13 93.1 9? 8 90.4 93.8 115.4 91.0 79.0 103.4 107.8 91.5 1023 87.5 December 20 . . 94.0 96.0 91-6 93.9 115.5 91.4 79.0 103.4 107.5 91.7 1023 87.5 December 27 93.8 PS •> 91 2 93.9 115.6 91.5 79.0 103.4 108.1 91.7 1023 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 9? •> 94.3 115.7 92.4 78.9 103.5 108.9 95.3 1024 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 95.5 100.3 936 94.5 115.7 i 92.7 78.9 103.6 109.5 96.5 1027 88.1 January 31 95.9 101.3 93.9 94.7 115.7 93.6 78.8 103.6 109.6 96.7 102.9 88.4 February 7 95.7 100.1 7 94.5 115.8 93.5 78.4 103.6 109.4 96.6 1029 88.2 February 14 96.2 100.7 94.0 94.9 116.1 93.6 78.7 103.6 109.8 96.9 104.0 89.0 February 21 96.5 101.? 94.8 94.8 116.1 93.7 78.5 103.6 109.7 96.9 1041 89.1 Annual 1941 1942 Annual 1941 1942 Subgroups Subgroups 1940 1941 Jan. Dec Jan. 1940 1941 Jan. Dec. Jan. Farm Products: Metals and Metal Products: Grains f>8 0 76.9 676 91.0 95.9 Agricultural implements . 92.5 93.5 92.7 96.4 96.7 Livestock and poultry ... 59.2 91.6 81 n 97.' 105.7 Farm machinery 93 7 94 5 94.0 97 s 97 8 Other farm products 56.1 77.8 65.3 93.' 98.4 Iron and steel 95.1 96.4 95.7 97.0 97.0 Foods: Motor vehicles . .„ . 96 7 103 3 100.3 112.4 112 4 D C a er i e ry a l p p r r o o d d u u c c ts ts , m « 7 7 7 8 3 6 8 80 7 . . 7 3 8 74 0-2 8 9 89 5 . . 9 9 6 1 . . 0 1 N Pl o u n m fe b r i r n o g u s a n m d e h ta e l a s ting 8 81 0 .4 3 8 84 4 .8 4 8 83 0 .5 6 8 84 9.< 9 85 3 .6 4 Fruits and vegetables 53.1 67.5 59.6 73. 78.3 Building Materials: Meats 73.3 90.4 95; 101.6 Brick and tile 90 5 93 7 91 3 96 7 96 9 Other foods S3 S 78.9 64 89. I 91.0 Cement.. 90 8 92 0 90 8 93 /\ 93 4 Hides and Leather Products: Lumber 102.9 122.5 118.4 129.4 131.6 Shoes 107.6 113.5 107.4 120.7 121.1 Paint and paint inaterials.. 85.7 91.4 86.7 96.5 99.1 Hides and skins 91.9 108.4 99.1 115.7 115.3 Plumbing and heating 80.4 84.8 80.5 89.1 93.6 Leather. 02.5 97.9 944 101.3 101 4 Structural steel 107 3 107 3 107 3 1073 107 3 Other leather products... 39.9 104.7 99.7 112.I 113.3 Other building materials... 93.3 98.3 94.9 102.5 103.1 Textile Products: Chemicals and Allied Products: Clothing 35 2 92 6 866 98 1 101.1 Chemicals 85 1 87 2 85 6 88 95 3 Cotton goods... .... 71.4 94.2 75.8 107.5 110.5 Drugs and Pharmaceuticals 88.9 105.1 96.5 123!3 126.3 Hosiery and underwear... fO 1 63.1 9 67.ft 69.0 Fertilizer materials 69.4 73 5 70 7 77 78.6 Silk . . .. £6.8 42s Mixed fertilizers 73 8 76 0 75 2 81 2 81 8 Rayon ?Q S 29.5 ?9 s 30.3 30.3 Oils and fats 44.3 77 6 46 2 101 0 106 4 Woolen and worsted goods 85.7 96.6 89.2 102.7 103.0 Housefurn ishing Goods: Other textile products 74.5 90.7 74.8 96.2 97.5 Furnishings „.-. — . 94.7 99.9 95.2 105.6 107.2 Fuel A a n n t d h r L a i c g i h t t e ing Materials: 78 Q 82.7 811 85. 85 3 Misc F el u la r n n e iture .. „ « „.«. 81.8 88.4 82.6 96.6 97.4 Bituminous coal 97 6 104.3 1004 108.ft 108.4 Auto tires and tubes 57 8 61 0 58 2 67 71 0 Coice 100.2 119-3 m 8 122.7 122 2 Cattle feed 87 8 101 2 89 1 124 A 135 2 Electricity 74 S 72S Paper and pulp 91.7 98.2 93 1 102 * 102 8 Gas . . K? 0 77«> Rubber, crude 41 5 46 1 41 0 46 46 3 Petroleum products 50.0 57.0 50.0 59.8 59.5 Other miscellanec)US 84.1 87.8 82.8 92.4 92.5 Back figures.—'F rf monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). MARCH 1941 x6 7 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 Chart 1941 1942 book book Jan. Jan. Feb. Feb. Feb. page Nov. Dec, Jan. 21 28 4 11 18 MONTHLY FIGURES In billions of dollars WEEKLY FIGURES i In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2,7 2.31 2.40 2.40 Rese U rv . e S B . G an o k v ' c t r s e e d c it u , ri t t o ie ta s l , by maturi- 3 2.38 2.34 2.32 2.33 2.40 B U i . ll S s . d G is o c v o ' u t n s t e e c d u rities 7 7 2. . 1 0 8 1 2. . 2 0 2 1 2 (7 .2 ) 5 ties, total 5 2.25 2.24 2.24 2.24 2.25 Gold stock 2 22.79 22.76 22.74 Within 1 yr 5 .10 .10 .10 .10 .10 Money in circulation 2 10.50 10.99 11.10 Within 5 yrs 5 .83 .82 .82 .82 .82 Treasury cash 2 2.19 2.19 2.21 Gold sto A ck f ter 5 yrs ,. 5 3 22 1 . .4 75 2 22 1 . .4 74 2 22 1 . .4 74 2 2 1 2 . . 4 74 2 22 1. . 4 71 3 T R r e e s a e s rv u e ry b d al e a p n o c s e i s ts 2, 8 2 12. . 9 67 0 12. . 8 5 1 9 12. . 9 4 4 7 M Tr o e n a e s y u r i y n c c u ir r c re u n la c t y i on ..„ 3, 1 3 1 1 3 1 . . 2 0 6 8 1 3 1 . . 2 1 6 0 1 3 1 . . 2 2 6 3 1 3 1 . . 2 3 6 2 1 3 1 . . 2 3 6 4 E R x e c q e u s i s r e r d e s r e e r s v e e r s v es 8 8 3 9 . .2 6 9 1 3 9 . . 3 4 9 2 9 3 . . 4 4 9 5 T T N r r o e e n a a m s s u u e r r m y y b c d e a e r s p h d o e s h p i o t o s l s d i i t n s gs ,.. , . . . 3 3 3 2 1 . . . 2 3 2 0 8 9 2 1 . . . 2 3 3 0 8 0 2 1 . . . 2 3 3 0 7 8 2 1 . . . 1 3 3 9 2 1 2 1 . . . 1 2 2 8 6 5 Mon B C ey i o l i l i n s n s o c a f i n r $ c d 5 u 0 b l a i a l t l n i s o d n u o , n v d t e o e r t r a l $ 50 1 1 1 0 0 0 1 2 7 0 . . . 8 7 6 7 7 4 1 3 8 1 . . . 1 0 1 2 4 6 1 8 3 1 . . . 0 1 1 5 3 7 M Ex e c m e N R C C s b s e h e o e w s i u r r c e e n a r b s Y t v g a r e e o y o n r v r k c k b e i a s t r y C e n — s k i b e t s t y r o a * v n t a e k s l s 6 „ ... . , , « . . . 9 9 9 9 9 3 1 3 1 1 3 . . . . . . 5 1 3 8 1 2 9 2 5 4 8 5 1 3 1 1 3 . . . . . . 4 3 1 7 0 2 9 7 7 5 8 1 P 1 1 1 3 2 . . . . . 1 3 3 1 8 5 7 5 1 0 P 1 P 3 1 1 2 . . . . . . 7 3 1 3 9 1 7 5 0 1 2 6 P 1 3 1 1 3 . . . . . 3 0 4 2 0 3 2 6 2 9 U. S D . G ire o T B N B c v R t i o o e l E n r l t o s A n e d b s S m s l U i e g R n a Y t t io F d n I e N s b , A t: N to C t E al 1 1 1 1 9 9 9 9 5 3 8 1 4 7 . . . . 1 7 5 8 5 4 8 0 - 5 4 8 2 0 7 . . . . 4 0 0 4 7 0 0 5 5 4 8 9 2 2 . . . . 2 1 5 0 9 0 3 8 Total, 101 ci M ti E e M s: BER BANKS Guar S a p n e t c e i e a d l i o ss b u li e g s a tions 1 1 9 9 6 6 . . 3 8 2 1 6 6 . . 9 3 8 2 5 7 . . 6 0 9 6 Loans and investments 16 30.21 30.34 30.35 30.45 30.53 Balances due to domestic banks.... 16 9.24 9.09 9.17 9.02 9.24 Per cent per annum Demand deposits adjusted 16 24.43 24.75 24.46 24.73 24.96 MONEY RATES, ETC. Time deposits 16 5.25 5.24 5.21 5.20 5.19 F. R. Bank discount New York City: rate, N. Y 23 1.00 1.00 1.00 B C r o o m k m er e s r ' c l i o al a n l s o ans 1 1 7 7 2. . 6 3 0 1 2. . 6 3 3 1 2. . 6 2 5 9 2. . 7 3 0 2 2. . 7 3 1 3 T T r r e e a a s s u u r r y y b n i o l t l e s s2 ( new issues) • 2 2 3 3 0 0 .2 .5 4 7 2 0 0 .2 .6 9 4 8 0 0 . . 4 2 7 14 U. S. Gov't obligations 17 6.97 6.97 6.93 6.92 6.94 U. S. Gov't bonds3 29 1.85 1.97 2.01 100 cities outside New York: Commercial paper 25 .50 .56 .56 Commercial loans '..., 17 4.12 4.15 4.14 4.18 Corporate Aaa bonds 25, 29 2.72 2.80 2.83 U. S. Gov't obligations 17 8.37 8.50 8.52 8.51 Corporate Baa bonds „ 29 4.28 4.38 4.29 In unit indicated Per cent per annum Stock prices MONEY RATES, ETC. (1935-39 = 100): T T U C C r r . o o e e r r S a a p p s s . o o u u G r r r r a a y y o t t e e v n b 't B A i o l t b l a a s e o a a s n 2 ( b b n d o o e s n n 3 w d d s s i ssues) 21, 2 2 2 2 2 9 9 1 9 1 2 2 4 .2 . . . . 0 2 8 4 3 1 6 8 3 1 0 2 2 4 .2 . . . . 4 0 2 8 2 6 4 7 4 0 0 2 2 4 2 . . . . 4 0 8 2 5 5 5 4 8 0 0 2 2 4 .2 . . . . 6 4 0 8 2 3 9 3 4 9 0 2 2 4 .2 . . . . 4 1 8 3 6 3 2 5 0 6 V Br o o lu k T R P I m e n u o a r d e b i t s l u a ' l r o l i s o b c f t a a r u t d i l r a a t a l i n l d c i i t e n y s g (m (m il i l l , l , d s . o : h l a la r r e s s ) ) : ... 3 3 3 3 3 1 1 1 1 1 6 7 7 7 8 7 4 8 .7 . . . . 4 5 6 4 9 6 6 7 1 7 6 1 . 1 3 5 . . . . 4 2 0 8 8 6 6 7 7 6 9 4 2 . . . . . 1 3 0 6 57 Credit extended customers.... 33 625 600 547 Money borrowed 33 409 368 308 In unit indicated Customers' free credit balances 33 264 274 Stock prices (1935-39 = 100): BUSINESS CONDITIONS Total 31 71.6 72.4 72.6 69.6 68.5 Wholesale prices: Industrial 31 73.2 74.0 74.0 71.0 69.5 All commodities (1926 = 100): Railroad 31 68.8 70.7 71.0 67.0 67.4 Totals 35, 65 92.5 93.6 96.0 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 65 .4 .0 9 65 .4 .6 9 66 .4 .0 3 64 .4 .0 4 64 .3 .1 7 O Fa th rm er 4 product . s .m 3 3 5 5 9 93 0 . . 5 6 9 9 3 4 . . 7 7 1 9 0 4 0 . . 6 8 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 117.9 118.5 p120.5 All commodities (1926=100): Finished 37 114.4 114.4 |P115.9 Total 35 95.5 95.9 95.7 96.2 96.5 Raw and semifinished 37 125.1 126.6 p129.4 Farm products 35 100.3 101.3 100.1 100.7 101.9 Cost of living (1935-39 = 100): Other4 35 94.5 94.7 94.5 94.9 94.8 All items 39 110.2 110.5 111.9 Basic commodities Rent 39 r107.8 108.2 108.4 (Aug. 1939 = 100), total 36 164.2 164.8 165.3 165.2 165.2 Clothing 39 r113.8 114.8 115.7 12 foodstuffs 36 180.3 181.4 182.2 182.1 182.1 Food 39 113.1 113.1 116.2 16 industrial materials 36 153.0 153.2 153.5 153.4 153.3 Steel production * Estimated. p Preliminary. (per cent of capacity)5 44 95.0 94.6 95.0 95.5 96.2 1 Figures for other than Wednesday dates are shown under the Automobile production (thous. cars)6.. 44 79.9 73.3 37.1 29.8 Wednesday included in the weekly period. Freight-car loadings (thous. cars): 2 Tax-exempt issues only. Total 45 817.8 815.6 784.1 782.7 774.6 3 Partially tax-exempt issues only. Miscellaneous 45 370.4 372.4 352.9 351.9 347.3 4 Other than farm products and foods. Electric power production (mill. kw. 5 Revised figures based on capacity as of Jan. 1, 1942. hrs.) 46 3,440 3,468 3,475 3,422 3,424 6 Publication of figures stopped after last date shown. Department store sales (1935-39 = 100) 46 119 121 114 116 110 7Less than $5,000,000. F.H.A. home mortgages, new constr. 8 Estimate for February is shown on page 255. (thous.) 47 4.75 6.45 6.65 7.66 7.68 * Copies of this Chart Book may be obtained at a price of 50 cents each. z68 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 1942 Chart 1941 1942 book book page Nov. I Dec. Jan page Nov. Dec. Jan. MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:1 2 Wholesale prices: Total (1935-39 = 100) 41, 42 166 167 Canada 65 94.0 93.6 Durable manufactures 41 r79.3 81.3 P84.7 Germany 65 Iron and steel 42 21.0 21.6 21.0 Japan 65 Machinery, etc 42 42.1 43.2 P46.2 Sweden 65 Other durable 42 r16.1 16.5 P17.6 Switzerland 65 Nondurable manufactures 41 r67.2 66.0 P66.8 United Kingdom 65 125.3 125.8 Textiles and leather 42 20.5 20.2 P20.8 P F O o a t p h o e e d r r s , n a l o n i d q n u d p o u r r r i s a n , b t a l i e n n g d tobacco ... 4 4 4 2 2 2 r1 1 1 3 4 9 . . . 6 1 0 1 1 18 3 4 . . . 6 2 0 P P 1 1 2 9 . . 8 0 In f or c e e i n g t n s pe c r u r u re n n it c y of Minerals 41, 42 19.9 19.7 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inv N e e n w to o ri r e d s e : rs, total (Jan. 1939 =100). 43 212 232 J C a a p n a a n d a ( ye (d n o )5 ll ar) 6 6 7 6 88.60 87.39 87.83 Durable 43 265 332 Switzerland (franc)6 66 Nondurable 43 178 167 United Kingdom (pound)...«..__ 67 403.42 403.50 403.50 Shipments, total (Jan. 1939 = 100). 43 203 207 Durable 43 242 252 Nondurable 43 168 168 1941 Inventories, total (1939 = 100) .... 43 153 159 Durable 43 170 176 Nondurable 43 137 144 Sept. Oct. Nov. Freight-car loadings:! 2 Total (1935-39 = 100)3 57 135 137 140. In billions of dollars Coal 57 25.8 23.5 25.3 Miscellaneous 57 78.8 81.7 83.0 Increase in U. S. gold stock:? All other 57 30.2 31.8 31.7 Total ,.... 63 15.74 15.78 15.76 Net capital inflow: Total 62, 63 5.92 5.91 5.79 1923-25 = 100 Inflow of foreign capital 62 3.83 3.83 3.69 Return of domestic capital 62 1.99 1.99 1.99 Factory employment „.....,.: 51, 134.8 134.3 ^132.5 Merchandise export surplus 63 5.28 5.64 5.86 Factory payrolls 51, 165.4 170.2 ^173.2 Other factors 63 4.54 4.22 4.12 Average hourly earnings Short-term foreign liabilities and (cents per hour) 78.1 78.7 assets of banks: Average hours worked Due to foreigners 64 3.77 3.77 3.63 (hours per week) 40.3 41.2 Due from foreigners 64 .35 .36 .36 Department store sales! 3 116 Ill 138 Net due to foreigners «-.««.„ 64 3.41 3.40 3.27 Department store stocks! 95 92 P93 1941 In millions of dollars Resi T d o en ta t l i al contracts awarded:1 47 126 131 137 A Ju p n r e .- J S u e l p y t - . O D c e t c .- . Public 47 18 21 25 Priv 1 a - t e a , n t d o t 2 a - l family dwellings 4 4 7 7 1 10 0 5 8 1 10 1 2 0 1 11 0 2 1 QUARTERLY FIGURES In billions of dollars Other 47 3 9 11 Cash income and outgo of U. S. Treas.: Construction contracts awarded:4 Cash income 18 2.62 2.55 2.86 Total 49 564 504 H33 Cash outgo 18 4.46 5.31' 7.19 Residential 49 136 127 p125 Excess of cash outgo 18 1.84 2.76 4.33 Other 49 428 378 p309 Domestic corporation security issues: Nonagricultural employment1 Total 32 .61 .73 .44 (mill, persons): New 32 .19 .41 .25 Total 50 40.60 40.89 Refunding 32 .42 .32 .19 Manufacturing and mining 50 13.63 13.68 p13.73 Trade 50 7.04 7.01 Government 50 4.29 4.31 H.39 Per cent per annum Transportation and utilities 50 3.31 3.32 p3.33 Inco C m o e n p st a r y u m ct e io n n t s:1 50 1.92 2.16 Bank T o ra ta te l, s 1 o 9 n c c it u i s e t s o mers' loans: 25 2.55 260 2.41 Total 54 8,024 8,321 New York City 27 1.95 1.98 1.88 O Sa th la e r r i es and wages 5 5 4 4 5 2 , , 2 7 7 4 5 9 5 2, , 8 4 5 7 1 0 7 c o it t i h es e r Northern and Eastern 27 2.58 262 2.45 Cash farm income: 11 Southern and Western cities 27 3.23 329 2.99 Total 55 1,301 1,235 ^1,097 Crops 55 611 500 P346 p Preliminary. r Revised. Livestock and products 55 622 651 1 Adjusted for seasonal variation. Gov't payments 55 68 84 2 In points in total index. Expo E r x ts p o a r n ts d imports: 61 492 P652 4 3 T E h st r i e m e- a m te o n fo th r F m e o b v r i u n a g r y a v i e s r s a h g o e w , n a d o ju n s p te . d 2 5 f 5 o . r seasonal variation. Imports 61 281 ?344 5 No rate certified since July 25, 1941. Excess of exports 61 211 ^308 6 No rate certified since June 14, 1941. 7 Cumulated from Jan. 31, 1934. MARCH 1941 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 30 24 31 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 12 59.11 60.95 62.87 64.10 64.88 66.96 70.75 72.43 74.15 p76.09 Demand deposits adjusted 12 26.04 27.35 29.09 29.79 30.54 31.96 34.94 36.10 37.32 p38.65 Time deposits 12 26.56 26.80 26.81 27.06 27.28 27.47 27.74 27.90 27.88 p27.93 Currency outside banks 12 5.63 6.01 6.19 6.40 6.23 6.70 7.32 7.78 8.20 PS. 56 Loans and investments, total 13 48.93 49.62 49.95 50.89 51.14 51.34 54.19 56.15 57.95 59.31 Loans. 13 21.15 21.32 21.63 22.17 22.19 22.34 23.74 24.32 25.31 26.20 Investments. -.-.., 13 27.78 28.30 28.32 28.72 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 '25.49 U. S. Government obligations: Direct 14 10.69 10.95 10.89 11.18 11.31 11.60 12.34 13.50 14.24 Guaranteed 14 2.66 2.83 2.92 3.14 3.11 3.12 3.49 3.49 3.84 State and local government obligations 14 2.56 2.55 2.76 2.69 2.91 2.89 3.01 3.21 2.98 p3.09 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 1 1 4 4 2. . 9 1 6 8 2. . 9 1 4 9 $ 2. . 7 1 ' 9 ( 02) 2. . 7 1 0 7 2. . 8 1 0 7 ( (2 ) 2. . 7 1 2 5 Loan C s o , m to m ta e l rcial loans (incl. open-market paper) ( 1 * 5 ) 1 5 3 . . 9 0 6 5 1 5 3 . . 9 1 9 4 13.4 2 7 1 6 3 . . 5 9 7 6 13. ( 9 2 4 1 6 3 . . 7 9 2 7 1 7 5 . . 5 3 2 2 15. ( 8 ? 8 ) 1 8 6 . . 5 7 5 3 '18.06* Street loans (brokers' loans) 15 .67 .56 8 .61 () .32 .47 i .42 Other security loans3 15 .90 .91 .88 8 .80 .83 .79 Real estate loans 15 2.75 2.83 8 2.96 3.07 3.23 3.37 All other loans C1) 2.77 2.85 2.94 3.06 3.27 3.61 SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding... 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 2.55 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 *>3.7O Insurance companies 20 5.90 46.30 6.50 46.80 6.90 *>7.90 Other investors 20 12.20 412.30 12.20 412.80 13.70 '18.50 p Preliminary. 1 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. Z70 FEDERAI RESERVE BUULETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 272 Gold production 273 Gold movements 273 International capital transactions of the United States 274-278 Central banks 2.79-2.82. Money rates in foreign countries 283 Commercial banks 284 Foreign exchange rates 285 Price movements: Wholesale prices 286 Retail food prices and cost of living 287 Security prices 287 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November ix, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to tnose wishing them. Other data on the following pages are not regularly released prior to publication. MARCH 1942 2.71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A 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 Chile lom Co b - ia "z S e l c o h - o- D m e a n rk - Egypt France m G a e n r- y Greece 1936—Dec... 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec... 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec... 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec... 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec... 21,995 2 353 3 734 51 274 24 47 30 17 58 52 52 2,000 28 1941—Feb... 22,232 353 734 55 274 24 30 18 59 49 52 2,000 28 Mar... 22, 367 353 734 56 274 24 30 18 59 48 52 2,000 28 Apr... 22, 506 353 57 274 24 30 17 59 48 52 2,000 May.. 22,575 353 58 274 24 30 16 59 48 52 2,000 June.. 22, 624 353 62 274 30 18 61 47 52 2,000 July.. 22, 675 353 63 274 30 18 45 52 2,000 Aug... 22,719 352 65 274 30 17 45 52 2,000 Sept.. 22, 761 352 66 274 30 17 44 52 Oct... 22,800 354 68 274 30 17 44 Nov. . 22,785 354 69 30 17 Dec... 22,737 70 30 16 1942—Jan... 22,747 18 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- Z N ea e l w and 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 98 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 1137 164 140 47 617 23 20 59 158 367 1941—Feb... 24 26 164 171 52 614 23 20 59 158 388 Mar... 24 26 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 Aug... 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... 235 47 1942—Jan... 42 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o i i n 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 U St n a i t t e e s d U K n i i n t g e - d France2 g B iu e m ldom 1936—Dec 240 657 26 2,584 77 59 48 11 183 1937—June ... 169 3 934 1937—Dec 244 650 29 2,689 74 52 51 5 185 Dec 4 1,395 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Mar.... 1,489 1939—Dec 308 549 29 «1 68 52 59 7 149 June.. . "44" 1940—Dec 160 502 90 <»29 82 12 145 Sept. 759 Dec. ... 80 331 1941—Feb 171 524 87 97 37 83 13 145 1939—Mar. ... 154 i,732 559 Mar 172 527 89 100 40 13 145 May.... 477 Apr 174 528 95 105 40 12 145 June... 85 May 180 530 96 108 40 9 145 Sept.... 164 June 192 528 96 108 40 10 144 Dec 156 July 189 533 95 108 40 9 144 1940—Mar. ... 145 Aug 191 525 93 108 41 9 144 June... 86 Sept 191 543 106 41 9 146 Sept.... 105 Oct 192 560 102 41 10 146 Dec. ... 48 Nov 196 602 41 10 146 1941—Mar. ... 88 Dec 41 146 June... 89 1942—Jan 49 146 Sept.... 24 T-lOO •« 44 17 17 17 17 1 Figures relate to last official report dates for the respective countries, as follows: Germany 1 Reported at infrequent intervals or on de- —Ju 2 n e B e 1 g 5 i , n 1 n 9 i 3 n 9 g ; I A ta p l r y . — 19 l 4 a 0 t , e r i e n p M or a ts r . o 1 n 9 4 c 0 e ; r t N a o in r w A a r y g — en M tin a e r. g 3 o 0 l , d 1 9 r 4 e 0 s ; e r P v o e l s a n n d o — lo J n u g ly er 3 a 1 v , a 1 i 9 l 3 a 9 b . le. layed basis: U. S.—Exchange Stabilization Fund 3 Change from previous December due largely to inclusion of gold formerly not reported. (Special A/c No. 1); U. K.—Exchange Equali- 4 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- zation Account; France—Exchange Stabilization trol Board. Gold reported since that time is gold held by Minister of Finance. Fund and Rentes Fund; Belgium—Treasury. 5 Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1, 1936, and Apr. 30 2 For complete monthly series from Oct. 1938- 1938, respectively. May 1939, see BULLETIN for February 1941, p. 170. Congo, 3 Figure for end of Mar. 1937, first date reported. Guater____., , , , . . . .. 4 Figure for end of Sept. 1937. of these countries have been carried forward from last previous official report. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE.—For details regarding special gold Exchange Equalization Account during 1939. transfers in 1939-40 between the British E. E. A. 9 Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only. and the Bank of England, and between the French 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 E. S. F. and the Bank of France, see BULLETIN figures through April 1940 appear on p. 926 in that issue. for September 1940, p. 926. 7.-J-L FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Africa North and South America Other U o . u S t . s S i . d R e .1 Total A So fr u ic th a d R e h s o i - a iX_« Tctt" !__» I Canada^] Mexico | <*«.- | C hi!eI | Nicara-Au l s ia t ra-1 I B In r d it i i a s 7 h ?2 = /5jfi grains of gold £$ ./me; i.e., aw o«wce of fine gold = $35 1934 823,003 708,453 24,264 12,153 6,549 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 25,477 13,625 7,159 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 28,053 16,295 7,386 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 28,296 20,784 8,018 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 28,532 24,670 8,470 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 28,009 28,564 8,759 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,279,455 1,094,264 29,155 32,163 38,862 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 2*1,086,262 ^27,947 *»31,383 P186,279 '29,046 P22,938 P9,343 p5, 712 50964 9,940 1941- -Jan... 106,015 r90,890 2,326 2,618 15,199 2,945 2,137 784 591 4,544 840 Feb... 100,450 r84,490 2,237 2,566 14,446 2,670 1,844 695 474 3,812 805 Mar.. 106,365 r89,944 2,318 2,696 15,629 2,702 1,891 1,313 492 4,040 840 Apr... 105,525 r88,966 2,355 22,580 15,384 2,491 2,071 896 553 4,133 805 May.. 105,140 r88,525 2,355 2,615 15,721 1,448 1,872 528 485 4,136 700 June. 105,875 PS9,308 2,353 {2,615 15,890 2,845 1,777 1,023 445 3,939 840 July.. 109,970 P93,165 2,319 '2,615 15,983 2,485 2,072 628 '445 4,185 875 N A S O o u e c g v p t . . . . . t . . . . H r1 U 1 0 0 8 9 , , , 2 5 9 6 3 3 5 5 5 ^ P p P 9 9 9 9 3 2 4 2 , , , , 1 4 6 0 0 4 4 9 9 2 3 0 ' / P 2 2 2 2 , , , , 3 3 3 3 4 1 4 2 8 2 8 9 { { ' ' 2 2 2 2 , , , , 6 6 6 6 1 1 1 1 5 5 5 5 1 1 1 1 5 6 6 5 , , , , 4 1 3 5 9 4 5 7 9 1 3 8 ' ? ^ 2 2 2 1 , , , , 2 2 5 9 9 9 8 7 9 9 4 9 2 1 1 1 , , , , 7 7 0 9 2 3 8 9 6 9 4 8 ' 5 7 8 7 0 0 6 0 4 3 0 3 ' ' ' ' 4 4 4 4 4 4 4 4 5 5 5 5 ^4 4 5 4 , , , , 0 3 3 2 8 7 5 7 6 6 7 1 8 8 8 8 7 0 4 4 5 5 0 0 Dec. ^88,691 '^2,348 '2,615 ^14,456 '^2,299 '1,726 '703 '445 '?4,086 875 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. P Preliminary. r Revised. ' Figure carried forward. 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 figuref or 1940 estimated at three times production for first four months of the year. * Includes Philippine Islands production received in United States. Monthly figures for 1941 represent estimates of American Bureau of Metal Statistics revised by deducting from each monthly figure $73,585 so that aggregate for 1941 is equal to preliminary 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. 6 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 figureso f world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1940, p. 101, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES __________ ^ [In thousands of dollars at approximately $35 a fine ounce] Y m e o a n r t o h r T n o e t t al U K d n o i m i n t g e - d France g B i e u l 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 r u a s 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 co t A h u l e n l r imports tries 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 12038 1,029 12 4 76820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13667 10, 899 153SS 3498 65 75768 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39, 966 11,911 21513 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 25427 34, 713 181 246,464 50 762 29,998 1938 1,973,569 1,208,728 81,135 15,488 163,049 60, 146 1,363 76,315 36, 472 10, 557 27880 39, 162 401 168740 16159 267,975 1939 3,574,151 1,826,403 3,798 165, 122 341,618 28, 715 86, 987 612,949 33, 610 23, 239 35 636 74, 250 22, 862 165605 50956 3102,404 1940 4,744,472 633,083 241,778 977 63,260 161, 489 90, 3202,622,330 29, 880 23, 999 38627 103, 777 184, 756 111739 49, 989 4388,468 1940 Nov 330,107 936 7 262,718 283 14, 441 6 ?40 1? 186 ? 170 27,580 Dec 137,176 99 80,389 347 7,814 268 14, 994 1,7S1 n 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 81 529 811 11 9 772 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 9 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 54? 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 3,694 511,045 Oct 40,440 SS 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 69,041 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 countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, 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. 236. MARCH 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 UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total 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 Dec. 4 5,758.0 3,177.8 1,209.1 1,968.7 763.0 800.2 917.4 99.6 Dec. 11 5,718.2 3,146.5 1,186.3 1,960.2 757.6 801.3 913.5 99.3 Dec. 18 5,763.7 3,182.1 1,209.7 1,972.4 771.1 802.9 907.5 100.2 Dec. 25 5,733.0 3,160.9 1,182.4 1,978.5 771.6 802.8 896.3 101.3 1941—Jan. 1 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 Jan. 8 5,704.0 3,152.9 1,198.8 1,954.1 775.8 804.6 869.4 101.3 Jan. 15 5,781.3 3,257.6 1,301.3 1,956.4 772.2 806.4 843.3 101.7 Jan. 22 5,747.5 3,255.2 1,303.3 1,951.9 757.1 807.6 827.8 99.8 Jan. 29 5,694.5 3,215.9 1,288.2 1,927.7 759.9 808.1 811.9 Feb. 5 5,644.3 3,175.9 1,269.0 1,906.9 763.1 809.0 799.3 97.0 Feb. 12 5,609.9 3,156.9 1,255.0 1,901.8 754.6 810.5 792.1 95.9 Feb. 19 5,563.8 3,108.1 1,228.8 1,879.4 764.6 811.5 783.1 96.5 Feb. 26 5,564.5 3,102.6 1,243.4 1,859.2 776.1 812.7 775.8 97.2 Mar. 5 5,560.8 3,128.1 1,249.6 1,878.5 764.9 814.0 757.3 96.6 Mar. 12 5,592.9 3,188.0 1,300.1 1,887.9 752.1 814.1 741.9 96.9 Mar. 19 5,598.8 3,202.4 1,346.2 1,856.2 756.2 814.8 726.9 98.4 Mar. 26 5,567.0 3,185.2 1,325.6 1,859.6 755.4 815.8 714.7 95.8 Apr. 2 5,526.5 3,148.8 1,307.7 1,841.0 767 A 812.7 701.8 95.9 Apr. 9 5,647.5 3,273.6 1,416.6 1,857.0 7 66 A 815.6 694.7 97.1 Apr. 16 5,678.3 3,299.2 1,434.7 1,864.5 772.4 816.2 691.9 98.7 Apr. 23 5,666.3 3,279.2 1,424.0 1,855.2 785.0 816.7 686.8 98.5 Apr. 30 5,652.5 3,257.3 1,406.4 1,850.9 798.9 815.7 682.4 98.2 May 7 5,639.1 3,243.5 1,400.4 1,843.1 791.6 832.9 673.8 97.2 May 14 5,602.2 3,224.2 1,414.8 1,809.4 792.4 833.5 655.2 96.8 May 21 5,627.8 3,252.0 1,421.2 1,830.9 794.6 834.5 649.6 97.0 May 28 5,635.8 3,266.4 1,417.5 1,848.9 794.9 835.4 641.6 97.5 June 4 5,608 9 3,235.2 1,418.6 1,816.6 803.6 836.3 637.1 96.8 June 11 5,602.7 3,226.9 1,401.3 1,825.6 811.6 832.6 634.4 97.2 June 18 5,627.8 3,249.3 1,407.9 1,841.4 815.7 831.6 634.4 96.7 June 25 5,620.7 3,240.9 1,410.3 1,830.7 817.8 833.1 632.4 96.5 July 2 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 July 9 5,584.6 3,194.6 1,366.2 1,828.4 826.2 835.5 630.0 98.3 July 16 5,561.8 3,171.5 1,362.8 1,808.7 826.2 837.8 628.2 98.2 July 23 5,534.0 3,153.6 1,342.7 1,810.9 819.4 838.3 624.8 97.9 July 30 5,506.9 3,141.4 1,320.3 1,821.1 803.5 838.9 623.6 99.5 Aug. 6 5,556.1 3,185.5 1,378.9 1,806.6 807.3 839.7 624.8 Aug. 13 5,535.8 3,166.9 1,369.7 1,797.3 805.7 841.0 623.1 99.1 Aug. 20 5,521.2 3,156.2 1,374.2 1,782.0 803.7 842.0 619.7 99.6 Aug. 27 5,467.2 3,105.5 1,318.1 1,787.4 801.8 841.4 617.3 101.0 Sept. 3 5,478.3 3,113.2 1,313.3 1,799.9 805.6 841.7 616.5 101.2 Sept. 10 5,448.3 3,073.2 1,292.0 1,781.1 814.9 842.0 617.0 101.2 Sept. 17 5,397.3 3,022.1 1,262.4 1,759.7 814.8 841.8 618.2 100.5 Sept. 24 5,422.7 3,050.9 1,255.2 1,795.6 810.1 839.8 622.1 99.9 Oct. 1 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Oct. 8 5,494.3 3,123.0 1,309.3 1,813.7 804.6 841.7 623.9 101.1 Oct. 15 5,478.1 3,108.0 1,337.2 1,770.8 802.1 843.3 623.2 101.5 Oct. 22 5,460.2 3,091.1 1,291.6 1,799.5 803.4 843.2 621.2 101.3 Oct. 29 5,503.2 3,138.3 1,334.1 1,804.2 797.7 845.2 621.3 100.6 Nov. 5 5,429.2 3,074.3 1,266.7 1,807.5 785.5 846.9 621.6 100.9 Nov. 12 5,428.7 3,062.2 1,262.8 1,799.4 796.1 847.6 622.1 100.8 Nov. 19 5,382.3 3,020.7 1,208.4 1,812.3 792 A 846.7 621.7 100.8 Nov. 26 5,381.0 3,015.5 1,195.2 1,820.3 795.8 847.7 621.3 100.7 Dec. 3 5,374.3 3,006.6 1,192.2 1,814.4 795.2 851.0 620.5 101.0 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. 394-131. 2-74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935-Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro an 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).... 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—-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. 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 Nov. 5 5,429.2 703.2 652.5 451.4 798.5 178.9 50.3 912.2 3,747.0 381.4 602.7 572.0 126.1 Nov. 12 5,428.7 690.1 650.4 449.7- 800.0 178.9 50.3 906.0 3,725.3 380.5 596.0 595.3 131.5 Nov. 19 5,382.3 681.0 648.0 448.9 780.5 178.8 50.4 911.5 3,699.1 374.5 590.5 586.6 131.6 Nov. 26 5,381.0 675.4 645.3 458.3 781.3 179.0 50.6 904.9 3,694.8 383.2 592.3 580.1 130.5 Dec. 3 5,374.3 699.3 643.5 459.9 763.5 179.0 50.6 909.2 3,705.0 374.7 592.8 571.1 130.7 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES United From th J ro an u . g h 2 — , 1935, Total K d i o n m g- 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 ro ta 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 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168.5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. (Jan. 4, 1939) 1,425.4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 163.3 22.2 1939—Dec. (Jan. 3, 1940) 2,430.8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1,655.4 174.5 215.1 325.4 60.5 1940—Dec. (Jan. 1, 1941) 3,159.0 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 450.9 61.3 1941—Mar. (Apr. 2) 3,148.8 297.3 452.8 173.4 484.2 -24.0 -3.5 576.9 1,957.1 321.4 349.3 446.9 74.1 Apr. 30 3,257.3 382.8 455.6 165.8 475.4 -23.9 -3.8 576.7 2,028.7 333.9 358.0 446.9 89.9 May 28 3,266.4 389.9 456.1 159.8 493.5 -24.2 -4.1 560.6 2,031.7 312.0 367.2 462.5 93.0 June (July 2) 3,193.3 334.4 451.0 157.3 500.5 -24.0 -4.4 559.6 1,974.4 317.8 371.9 433.7 95.5 July 30 3,141.4 297.7 447.6 157.5 488.5 -23.4 -4.3 557.3 1,920.8 324.5 353.7 442.3 100.0 Aug. (Sept. 3) 3,113.2 287.0 440.1 152.8 485.3 -22.8 -1.6 556.1 1,896.8 336.1 345.7 425.3 109.4 Sept. (Oct. 1) 3,139.5 345.0 432.0 150.0 443.9 -23.1 -3.6 608.5 1,952.7 338.3 318.2 437.9 92.4 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 Nov. 5 3,074.3 360.7 429.5 150.4 403.5 -23.0 -3.5 583.4 1,901.0 319.7 324.9 429.2 99.6 Nov. 12 3,062.2 347.0 427.1 148.5 404.8 -23.0 -3.5 577.0 1,877.9 317.3 314.7 447.5 104.7 Nov. 19 3,020.7 340.4 424.8 147.5 384.2 -23.1 -3.5 582.2 1,852.5 313.1 311.7 438.9 104.6 Nov. 26 3,015.5 335.9 422.4 156.9 384.8 -22.9 -3.3 575.5 1,849.5 312.0 318.2 431.6 104.3 Dec. 3 3,006.6 359.2 420.3 158.6 367.1 -22.9 -3.2 578.9 1,857.9 301.2 319.6 424.0 103.9 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th J ro an u . g h 2 — , 1935, Total U K d n i o i n t m g ed - France N l e a t n h d e s r- Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A . m La 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 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—T)ec 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 I937—j)ec 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—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 g 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 Tune fTulv 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 Auff (SeDt 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. 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 —1.4 Nov. 5 785.5 265.3 76.9 17.8 5.5 195.9 25.8 53.1 640.3 59.1 30.3 57.0 -1.2 Nov. 12 796.1 266.6 77.1 17.8 5.5 195.9 25.8 52.9 641.6 60.4 33.1 62.0 -1.1 Nov 19 792.4 265.6 76.9 17.8 5.5 195.9 25.8 53.3 640.7 60.7 29.9 62 A — .9 Nov. 26 795.8 265.5 76.9 17.7 5.2 195.9 25.8 53.2 640.1 69.6 25.1 62.8 -1.8 Dec 3 795.2 266.3 76.9 17.5 5.5 195.9 25.8 53.7 641.5 69.6 23.5 61.6 -1.1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Inflow less than $50,000. 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. MARCH 194Z 2-75 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 i o i n m t g ed - France N l e a t n h d e s r-Sw la i n tz d er-Germany Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L i m a c t a e in r- Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17 0 3.5 1937—Dec. 29 . 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec (Jan 4 1939) 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33 8 9.7 1939—Dec (jan# 3^ 1940) 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941)...,... 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Mar. (Apr. 2) , 812.7 128.3 43.7 31.0 45.2 36.5 28.1 198.9 511.8 26.5 203.0 57.6 13.9 Apr 30 ..,«..... 815.7 127.8 43.8 31.0 45.2 36.5 28.1 199.1 511.5 25.9 206.0 58.2 14.2 May 28 .„.„.„... 835.4 127.7 43.8 31.0 44.8 36.5 28.1 199.5 511.4 42.7 208.1 59.0 14.2 June (July 2) -.«. 834.1 127.2 49.1 31.0 44.7 36.5 28. 199.6 516.2 37.0 210.5 60.1 10.4 July 30 „.„.„..,. 838.9 127.7 50.8 31.2 44.5 36.5 28.1 199.8 518.5 36.8 212.3 60.8 10.5 Aug. (Sept. 3) «. 841.7 127.7 51.2 31.2 44.5 36.5 28. 200.0 519.2 37.0 214.0 60.6 10.9 Sept. (Oct. 1)............ 841.1 127.3 51.2 31.2 44.4 36.5 28. 200.3 519.0 32.8 214.6 60.7 14.1 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 Nov 5 846.9 127.7 51.3 31.2 44.3 36:5 ?,8 201.1 520.0 33.2 216.5 61.0 16.2 Nov. 12 847.6 127.5 51.3 31.2 44.3 36.5 28. 201.2 520.1 32.9 217.3 61.0 16.3 Nov. 19 . 846.7 127.5 51.3 31.3 44.3 36.5 28. 201.3 520.3 31.1 217.8 61.1 16.4 Nov. 26 847.7 127.7 51.3 31.4 44.4 36.5 28.1 201.3 520.7 31.2 218.1 61.2 16.5 Dec. 3 851.0 127.7 51.4 31.5 44.4 36.5 28.1 201.4 521.0 33.9 218.6 61.1 16.4 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a ou n g . h 2 — , 1935, Total U K d n i o i n m te g d - France N l e a t n h d e s r-Sw la it n z 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 m i a c t a e in r- Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 -5.4 — .1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 2C0.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7 1 1937—Dec 29 . ... 1,162.0 448.7 70.3 213.8 275.3 — 17.4 —4.9 55.7 1,041.6 37.6 18.2 54 7 9 8 1938—Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133.7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Mar. (Apr. 2).....,.,. „. „. 701.8 6.2 74.2 234.9 334.7 -30.3 -3.0 64.8 681.5 -28.9 20.9 16.9 11.3 Apr. 30 682.4 -7.5 74.3 234.8 332.1 -30.3 -3.0 64.9 665.3 -31.8 20.6 17.0 11.3 May 28 ,....„... 641.6 -41.0 74.5 234.7 324.1 —30.4 -2.5 64.8 624.2 -31.3 19.5 17.9 11.3 June (July 2) «... 631.2 -50.5 74.6 236.1 321.7 -30.4 -2.5 64.8 613.8 -34.4 19.3 21.1 11.4 A JUu ly e 3 ( 0 S eDt 3) . „ 6 6 2 16 3 . . 5 6 — -6 5 3 6 .0 .6 7 75 4 . . 1 8 2 23 3 6 5 . . 0 8 3 3 2 2 2 6 . . 2 0 - - 3 3 0 0 . . 4 4 - — 2 2 .4 .4 6 6 5 4 . . 3 5 6 6 C 07 6 . . 9 6 — —4 3 0 7 . . 0 8 2 1 0 9. . 2 8 2 1 2 7 .8 9 1 1 1 1 . 4 4 Sept. (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. 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 8 Nov. 5 -.. 621.6 -67.0 75.3 236.7 331.1 -30.3 -.2 66.6 612.2 —44.5 24.9 18 2 10 8 Nov 12 , ..... 622.1 -67.6 75.3 236.7 331.4 -30.3 — .2 66.5 611.9 —44.0 25.2 18 1 10 8 Nov. 19 621.7 -68.9 75.2 236.7 332.8 —30.3 -.2 66.6 611.8 —44.4 25.6 17 9 10 8 Nov 26 •.„... 621.3 -70.0 74.9 236.7 333.0 —30.3 — .2 66.8 610.9 —43.9 25.6 17 8 10 8 Dec 3 620.5 -70.3 74.9 236.7 332.8 -30.3 -.2 66.9 610.4 -44.3 25.9 17.6 10.9 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From t h J ro an u . g h 2 — , 1935, Total U K d n i o 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)., 6.0 () 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 — .9 1936—Dec. 30 12.9 4.0 10.4 — .9 9.1 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 "<*) .1 5.0 44.0 3.5 -.5 .5 8 1938—Dec. (Jan. 4, 1939). 47.6 13.4 12.9 6.8 9.6 -.2 .2 5.2 47.9 1.8 -.9 -1.5 1 1 9 9 3 4 9 0 — — D D e e c c . . ( ( J J a a n n . . 3 1 , , 1 1 9 9 4 4 0 1 ). ). 1 8 0 0 0 . . 6 9 1 1 7 9. . 4 0 2 1 0 9 . . 1 9 1 9 3 . . 3 4 1 1 7 6 . . 8 2 - -. . 2 1 . . 2 1 5 7. . 9 0 7 7 4 1 . . 3 6 1 8 0 . . 7 7 9 1 . . 2 6 -3 6 . . 4 0 2. . 1 3 1941— M A J J A S M u u e p u a n l a p r g y y e r . t . . . 3 3 2 ( ( ( ( 0 0 8 J S A O u e p l c p y r t t . . . 2 2 1 3 ) ) ) ) . . . . . . . 1 1 9 9 9 9 9 0 0 8 5 7 8 9 1 0 . . . . . . . 2 9 5 2 5 2 9 1 1 1 1 1 1 1 6 6 6 6 6 6 6 . . . . . . . 7 7 4 6 4 0 6 1 1 1 1 1 1 1 8 9 9 9 9 9 9 . . . . . . . 7 4 2 0 6 6 3 1 1 1 1 1 1 1 4 4 3 4 4 5 5 . . . . . . . 0 5 9 7 3 5 0 1 1 1 1 1 1 1 4 4 3 4 3 4 4 . . . . . . . 5 2 6 5 8 2 3 - - - - - - -. . . . . . . 2 2 2 2 2 2 2 . . . . . . . 2 2 2 2 2 2 2 8 8 8 9 8 7 7 . . . . . . . 3 4 9 8 5 4 0 7 7 7 7 7 7 7 3 1 3 3 1 3 2 . . . . . . . 4 7 7 4 8 3 1 1 1 1 1 1 1 1 3 1 0 2 2 1 3 . . . . . . . 7 4 6 1 0 6 6 6 6 5 6 5 5 7 . . . . . . . 3 0 5 8 8 7 1 6 6 6 6 7 7 7 . . . . . . . 7 4 2 7 7 4 1 1. . . . . . . 1 7 7 7 7 8 8 Oct. 29 100.6 16.6 19.5 15.3 13.8 -.2 .2 8.3 73.5 13.8 6.1 6.6 Nov. 5... 100.9 16.6 19.5 15.3 14.0 -.2 .2 8.2 73.5 13.9 6.1 6.7 .7 Nov. 12.. 100.8 16.5 19.6 15.5 14.0 -.2 .2 8.3 73.9 13.8 5.8 6.6 .7 Nov. 19., 100.8 16.4 19.9 15.6 13.7 -.2 .2 8.2 73.8 14.0 5.5 6.7 .7 Nov. 26.. 100.7 16.3 19.9 15.6 13.9 -.2 .2 8.0 73.6 14.2 5.4 6.7 .7 Dec. 3... 101.0 16.4 19.9 15.7 13.9 -.2 .2 8.3 74.1 14.3 5.2 6.8 .7 1 Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 For explanation see BULLETIN for May 1937, pp. 395-396. 3 Inflow less than $50,000. 4 Outflow less, than $50,000. z 6 7 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- S er w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia1 ot A he ll r1 Reported by Banks in New York City 1929—Dec. 31 2,672.7 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 48.3 24.9 8.3 11.9 16.3 9.9 30.1 149.7 88.7 96.4 43.1 10.4 1934—Nov. 282 466.7 | 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 53 584.8 1 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—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. 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 Nov. 5 „«.„.,... 3,700.5 432.9 461.6 164.3 417.2 6.6 15.2 630.3 2,128.1 419.8 445.8 595.2 111.6 Nov. 12 „.„.„...... 3,688.4 419.2 459.2 162.4 418.4 6.6 15.3 623.9 2,105.1 417.5 435.6 613.5 116.7 Nov. 19 ,.., 3,646.9 412.5 456.9 161.5 397.8 6.6 15.3 629.1 2,079.7 413.2 432.6 604.8 116.6 Nov. 26 ... 3,641.7 408.1 454.5 170.9 398.5 6.8 15.5 622.4 2,076.7 412.1 439.1 597.6 116.3 Dec. 3 „., 3,632.8 431.3 452.4 172.5 380.7 6.8 15.6 625.8 2,085.1 401.4 440.5 590.0 115.8 Additional Detail Available from January 3, 19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu el m - 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 M ic e o x- C P a a . m a n Z n d a - . Total ^hina H K o o n n g g Japan P l p h a I i n i s n l - d e ip s - 1940—Mar. (Apr. 3) 475.1 184.3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 455.1 178.5 75.2 169.4 32.0 June (July 3) 457.0 161.3 19.5 29.6 59.0 187.6 326.5 88.7 '39.0 30.2 49.7 65.3 53.5 448.4 181.8 78.4 152.6 35.6 Sept. (Oct. 2) 470.3 147.9 16.8 29.1 51.2 225.3 338.8 110.1 33.4 26.1 48.7 63.2 57.3 431.6 192.7 87.0 106.8 45.2 1940—Nov. 27 466. 145.7 16.1 22.0 50.1 232.4 353.8 115.1 26.9 46.4 62.6 58.6 475.2 218.6 92.2 45.1 Dec. (Jan. 1, 1941) 462. 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. 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. 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. 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. 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. 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. 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. 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. 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. 29 ,..„ : 449. 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 Nov. 5 «... 448.5 120.1 18.5 5.9 65.5 238.4 330.3 91.2 45.0 32.0 74.0 38.0 50.0 346.7 146.2 88.4 76.8 35.3 Nov. 12 : ...... 444.2 119.8 18.5 5.6 65.4 234.9 320.4 92.3 39.8 30.2 73.5 38.9 45.7 342.7 142.5 89.6 74.1 36.5 Nov. 19 444.2 119.5 18.5 5.6 65.4 235.1 316.3 87.4 42.8 29.4 74.1 39.9 42.7 336.6 139.4 90.0 71.9 35.3 Nov. 26 440.6 119.5 18.5 5.5 65.3 231.8 320.4 87.4 43.3 29.7 73.5 39.9 46.6 333.2 136.1 91.3 71.8 34.0 Dec. 3 437.0 119.8 18.3 5.5 65.0 228.5 322.0 87.9 41.3 30.2 74.0 41.4 47.2 333.1 133.6 92.0 71.5 36.1 1 Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18,1939, and May 7,1941 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; April 1-940, p. 362; and September 1941, p. 947). MARCH 1941 2-77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n i o i n m t g e - d France N l e a t n h d e s r- S er 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 18.7 149.2 864.3 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.g 83.9 652.3 34.7 159.2 54.6 6.3 1934—Nov. 282 827.1 I 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks inUnited 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—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 .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 L.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 L.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 .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 1.1 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 ~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 L.5 28.4 92.9 31.7 123.0 95.7 10.5 Oct. 29 361.4 26.9 1.8 .8 2.6 35.5 L.3 26.7 95.7 35.2 126.1 94.5 9.9 Nov. 5 373.6 26.8 1.8 .8 2.6 35.3 .5 26.7 95.5 37.2 135.6 95.6 9.7 Nov. 12 363.0 25.6 1.7 .8 2.6 35.3 .5 26.8 94.2 35.8 132.9 90.6 9.6 Nov 19 366.7 26.6 1.8 .8 2.6 35.3 .5 26.5 95.1 35.6 136.0 90.5 9.4 Nov. 26 363.3 26.7 1.8 1.0 2.8 35.3 .5 26.6 95.6 26.7 140.9 89.8 10.3 Dec. 3 363.9 25.9 1.8 1.1 2.6 35.3 .5 26.1 94.2 26.7 142.4 91.0 9.6 Additional Detail Available from January 3, 19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu e m l- m De a n rk - l F a i n n d - N w o a r y - S d w en e- Total g t A i e n r n a - - B z r il a- Chile Cuba M ic e o x- C P a a m . n a d n Z a - . Total China H K o o n n g g Japan P l p h a I i i n s 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—Nov. 27 6.1 2.1 .3 1.9 1.0 .8 82.9 13.5 39.0 11.7 11.5 5.3 1.9 113.9 24.0 1.5 62.8 25.6 Dec. (Jan. 1, 1941) 5.5 1.5 .3 1.8 .9 1.0 78.4 11.9 33.1 13.4 11.7 6.1 2.1 103.8 23.7 1.7 55.8 22.6 1941—Jan. 29 5.6 1.4 .3 1.9 .8 1.2 80.0 11.1 34.0 14.9 11.8 6.1 2.1 117.9 24.2 1.1 71.8 20 7 Feb. 26 5.6 1.5 .3 1.9 .8 1.2 68.3 10.0 24.4 14.3 11.3 5.9 2.4 114.2 23.5 .9 68.3 21.5 Mar. (Apr. 2) 4.8 1.3 .1 1.9 .7 .9 71.1 10.4 30.0 12.2 10.7 5.4 2.5 115.2 26.5 .9 67.3 20.4 Apr 30 4.4 1.3 .1 1.9 .7 .6 69.0 10.8 28.1 12.0 10.3 5.4 2.5 97.0 26.1 1.0 46.9 23 0 May 28 4.2 1.0 (?) 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 J Ju u l n y e 3 ( 0 July 2) 4 4 . . 4 4 1 1 . . 1 1 (5) 2 2 . . 0 0 . . 6 6 . . 6 6 6 7 9 2 . . 5 4 1 1 2 3 . . 6 8 2 2 5 7 . . 4 3 1 1 3 3 . . 2 5 1 9 0 . . 8 0 5 5 . . 9 6 2 2 . . 7 3 9 7 0 8 . . 6 2 3 3 1 4 . . 1 1 3 2 . . 0 7 2 1 7 7 . . 1 3 2 2 6 7 . . 4 1 Aug. (Sept. 3) 4.3 1.1 (*) 2.0 .6 .6 73.3 14.3 27.8 12.7 9.5 6.8 2.2 84.6 30.7 3.4 22.5 28.0 Sept. (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. 29 4.1 1.0 ((55)) 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 Nov. 5 4.3 1.1 (5) 1.9 .5 .8 81.9 14.2 34.4 15.2 9.1 7.0 2.2 81.2 29.0 2.9 22.5 26.9 Nov 12 4.3 1.1 («) 1.9 .5 .8 80.3 14.9 33.5 13.8 8.9 7.0 2.2 75.3 26.8 2.9 20.0 25.6 Nov. 19 4.3 1.1 (5) 1.9 .5 .8 81.4 14.6 34.4 14.5 9.0 6.7 2.2 76.2 26.9. 3.5 19.9 25 9 Nov 26 4.2 1.1 (*) 1.9 .5 .7 85.7 16.0 35.7 14.9 9.8 7.0 2.2 75.7 26.9 3.0 19.8 26.1 Dec. 3 4.0 1.1 (6) 1.9 .5 .6 86.9 15.9 37.9 14.7 9.2 6.8 2.4 77.0 27.0 3.1 20.0 27.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, and Asia. 6 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). 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of Assets of banking department Liabilities of banking department issue dept. Bank of England Note (Fi p g o u u re n s d s i n s t m er il l l i i n o g n ) s of Gold1 a O ss th e e ts r 2 Cash reserves a c n o D d u i s n - a t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits l O i t a i t b h e i s e l r i- Coin Notes vances Bankers' Public Other 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930—Dec. 31. 147.6 260.0 .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 1939—Dec. 27. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—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 5 680.0 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 1942—Jan. 28P 780.0 37.8 8.2 184.5 742.4 145.5 10.2 57.4 17.9 Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t 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 x e n - i g g e n m O a p r e k n et7 Special7 Other c F u c o p o r s a t t o s i c 8 o - n Other7 a O s t s h e e ts r ci N r ti c o o u t n l e a- G m ro e v n e t rn- C.A.R.9 Other l O ia t t i b h e i e s l r i- 1929—Dec. 27 41,668 25,942 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 3,971 11,500 83,412 3 718 15,359 1,907 1935—Dec. 27 66,296 1,328 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 1,379 8,465 17,698 12,642 89,342 2 089 13,655 2,557 1937—Dec. 30 58,933 911 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 1,797 7,880 20,627 18,498 110,935 5 061 25,595 2,718 1939—Dec. 28 10 97,267 112 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Jan. 25 97,268 111 2,235 5,011 35,673 19,636 151,738 1,834 14,965 3,259 Feb. 29 97,275 109 1,810 4,630 40,523 20,785 156,150 1,203 17,128 3,156 Mar. 28 10 84,614 111 1,870 5,005 20,550 19,666 156,032 1,154 14,262 3,014 Apr. 25 84,615 112 1,781 5,769 20,900 19,305 156,285 1,171 14,681 3,038 May 30 84,616 102 1,889 14,473 32,600 22,729 170,853 1,046 25,782 2,811 June 10 84,616 108 1,518 11,885 36,250 25,221 174,469 1,049 25,405 2,84& A Se u p g t . . 2 2 9 6 U 1 . 1 . . . . . . . 8 84 4 , , 6 6 1 1 6 6 ( ( 1 1 2 2 ) ) ( ( 1 1 2 2 ) ) <!? 3 2 9 7 , , 2 2 0 0 0 0 6 6 4 9 , , 1 3 9 4 5 0 ( (1 1 2 2 ) ) 2 1 0 9 5 8 , , 4 5 3 7 9 8 9 9 9 9 5 0 ' ' 3 2 4 7, , ' 9 i 3 6o 0 " 2 2 8 5 , ,7 2 0 2 0 6 (> Oct. 31" 84,616 (12) (12) 56,806 65,250 12 213,131 1,097 38,932 25,075 Nov. 2811.... 84,616 (12) (12) (12) 64,397 61,200 h 214,176 748 39,107 24,941 (12) Dec. 2611 84,616 42 661 3,646 72,317 63,900 218,383 984 41,400 27,202 (12> 3,586 1941— A Ju u l g y . 3 2 1 8 8 84 4 , , 5 5 9 9 8 8 3 3 7 7 4 4 0 0 , , 7 7 2 7 0 6 -6 6, , 1 4 3 1 9 9 1 1 1 1 7 7 , , 7 5 1 5 5 5 6 6 9 7 , , 5 7 0 0 0 0 2 22 3 , , 6 1 0 7 5 9 2 24 4 4 2 , , 0 0 9 0 9 0 1 1 , , 3 3 1 4 8 1 6 6 0 0 , , 6 1 1 9 2 3 3 2 3 9, , 1 9 7 7 9 8 3,741 Dec. 31^ 84,598 12 (12) (12) • (12) 142,507 (12) 21,826 270,144 (12) 61,500 (12) 3,7 (1 6 2 3 ) p Preliminary. (12) Thpug*1 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. 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; Sept 7 e m Fo b r e r e x 1 p 9 l 3 a 7 n , a p t;i 8 o 5 n 3 ; o f a n th d i s N i o te v m em , s b e e e r B 1 U 9 L 36 L , E p T p IN . 8 f 7 o 8 r - J 8 u 8 l 0 y . 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Dec. 31, 1941, advances of 150 000 million francs were authorized to meet the costs of the German army of occupation. Central Administration of the Reichskreditkassen. imn we io e k I n e n e d a i c n h g o M f a th r. e 7 w , e 1 e 9 k 40 s , e 3 n 0 d ,0 in 0 g 0 m A i p ll r i . o 2 n 0 f a ra n n d c A s u o g f . g 3 o , l d 1 9 t 3 r 9 an , 5 s , f 0 e 0 r 0 re m d i f l r l o io m n f B ra a n n c k s o o f f F g r o a l n d c e tr t a o n s S f t e a r b re il d i z f a r t o io m n E F x u c n h d a . nge Stabilization Fund to Bank of France* J1 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. MARCH 1941 I79 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 liabili- Total Treasury loans as note Other assets tion ties reserves Gold bills cover 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5 044 - 755 736 1930—Dec. 31 2 685 2 216 2 572 256 102 638 4 778 652 822 1931—Dec. 31 1,156 984 4 242 245 161 1 065 4 776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3 226 183 259 322 735 3 645 640 836 1934—Dec. 31 .. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4 285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6 131 60 106 286 861 5 493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 (1) 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 L,215 July 31 78 16,754 27 12 359 2 302 16,031 2,243 L,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 L357 Oct. 31p 77 18,456 26 20 (2) 17,432 2,470 ' (2) Nov. 22? 77 17,669 15 55 (2) (2) 16,645 2,399 p Preliminary. 1 Gold 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 1942 1941 Central Bank 1942 1941 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan date of month) Jan. Dec. Nov. Jan Central Bank of the Argentine Re- National Bank of Bohemia and Mopublic (millions of pesos): ravia (millions of koruny): (June): Gold reported separately ,. 1,075 1,071 Gold 1,503 1,459 Other gold and foreign exchange... 456 271 Foreign exchange 788 786 Negotiable Government bonds....- 364 332 Discounts 660 16 Rediscounted paper — 15 Loans (2) Other assets ... 209 237 Other assets (3) () Note circulation 1,281 1,213 Note circulation 7,101 6,662 Deposits—Member bank 502 496 Demand deposits 2,091 1,374 Government 207 147 Other liabilities (3) (3) Other 26 2 Central Bank of Bolivia (thousands Foreign exchange sold forward 7 7 of bolivianos): (Apr.)l Other liabilities 81 55 Gold at home and abroad 104,959 102,433 Commonwealth Bank of Australia Foreign exchange 42,607 136,695 (th I B s o a s u n u s e k a G S L C i n e o n o o d d c g n l i e s d u n d p , r o d o i a a b t n f e n r i u e p t d b m p l s a l a o E i r e l o t u n a n m n n n g t , : d e c li a e s n s s n ) t h : : d s c t a e s rl h i . n . g .. .. .„ .; « ;, 3 5 1 3 2 8 9 , , , , 8 8 7 9 6 4 5 5 5 0 1 5 4 5 1 3 9 9 7 , , , , 9 8 2 7 1 1 1 0 0 1 7 5 N O L D O Se o t e o t h h c a p t u e e e n o r r r s s i c i t l a a i t i i r s s e n a c s s b d u e — i t l l d s a i O G t i t i s i t o e o c h s v n o e e u r r n n t m s ent 4 4 5 2 2 2 9 0 4 0 2 2 2 8 0 2 8 4 , , , , , , , 4 3 2 5 3 1 4 6 4 1 4 8 4 5 3 8 8 2 4 4 3 4 4 4 2 8 1 7 3 6 2 2 4 1 0 7 3 7 , , , , , , , 9 1 0 4 8 0 6 6 3 8 5 6 8 4 1 9 7 7 6 9 8 Loans and discounts , '20,980 27,130 National Bank of Bulgaria (millions Securities 66,934 42\076 of leva): (May)l Deposits. 114,649 122,592 Gold „ 2,006 2,006 Note circulation 75,364 62,369 Net foreign exchange in reserve 40 4 Foreign exchange 5,807 2,414 National Bank of Belgium (millions Loans and discounts 905 2,158 of belgas): (Mar.)l Government debt „ 2,593 3,353 Gold , ™- 4,331 4,331 Other assets ; 3,684 2,762 Foreign exchange „ 543 354 Note circulation 8,610 6,444 Credits to State and public bodies. 2,186 1,842 Deposits 3,522 3,347 Credits to private economy , 125 237 Other liabilities 2,902 2,906 Due from Bank of Issue, Brussels. 373 392 Bank of Canada (thousands of Cana- Other assets 491 499 dian dollars): Note circulation 7,596 7,222 Gold4 , Demand deposits 296 280 Sterling and United States ex- Other liabilities 157 153 change 299,104 200,861 113,828 31,796 1 Latest month for which report is available for this institution. 2 Less than 500,000. 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). FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1942 1941 Central Bank 1942 1941 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan, date of month) Jan. Dec. Nov. Jan. Bank of Canada—Cont. Bank of Finland (millions of mark- Canadian Gov't. securities: kaa): (May)1 2 years or less , 245,735 391,783 428,664 439,501 Gold .......,....,„ 556 604 Over 2 years 203,796 216,688 228,459 132,762 Foreign assets .,-....*..... 1,182 1,521 Other assets , 14,926 33,529 20,309 20,686 Loans and discounts .............. 5,610 5,423 Note circulation 479,052 495,956 462,996 343,503 Domestic securities ...™.......„..» 414 367 Deposits—Chartered banks.. 200,593 232,031 247,154 225,556 Other assets ................ 2,212 1,179 Dominion Gov't.. 46,600 73,848 53,180 26,821 Note circulation , 5,659 5,268 Other 18,667 5,970 7,220 8,624 Deposits 796 745 Other liabilities 18,650 35,057 20,711 20,241 Other liabilities 3,520 3,080 Ce p n e N D G L t O O s r o o o i o t t a s h s h a l t l c ) d e e e n : o r r s B c u l a i t a n o r o s n t c a s s u n k e G l t s f s a o o o t a v r i f n o e m r d n C n e m d h m i i e s b l c n e e o t r u ( b m n a t i s n l l k io s ns o - f « « > . , 1, 3 6 4 1 7 8 1 7 3 4 4 3 2 4 3 8 9 1, 5 2 2 7 1 1 1 2 3 3 3 4 2 7 8 6 7 3 1, 4 1 1 1 7 1 5 4 2 9 4 5 6 2 2 7 8 Ban N O L D G O G k o o t o e t o o h h a p l t v f d e e e n o e G r r s s r a c n i l r a i a n t i m r e s s a n d c s e b e d u e c f i n l t o l e d a s t i r t t i e ( i i o s m e o i c b g s n o i l n l i u l g i n e o a t x n t s i c s o h o n a s f n d g r e a c ( h n m et a ) s . ) .. ( 2 1 1 1 M 2 3 3 0 9 6 8 a , , , , , , , r 3 5 9 3 9 5 4 . 7 0 8 4 0 8 6 ) 1 8 6 9 7 5 5 1 1 1 1 1 2 3 4 6 7 8 0 , , , , , , , 6 2 0 1 2 4 2 2 7 7 4 2 1 9 7 5 5 6 9 3 1 D O e th p e o r s i l t i s a — bi B O li a t t i h n e e k s r « 1 1 1 4 6 9 1 8 2 2 1 1 2 9 0 9 6 2 1 1 4 8 9 5 1 9 Na o t f i F G o p o o n e r l n a e d i g l s g o B n ) a : e n x k c h o a f n H ge u r n e g se a r r v y e (millions (Oct 1 . 0 1 )1 0 8 1 3 2 6 4 Bank of the Republic of Colombia Discounts 1,029 692 (thousands of pesos): Loans—To Treasury .... 801 573 Gold 31,863 28,256 29,102 34,322 To foreign countries ... 140 Foreign exchange 9,786 10,903 10,449 16,325 Other 35 50 Loans and discounts 41,109 46,855 42,621 22,404 Other assets 398 373 Government loans and securities... 54,244 54,593 54,586 53,779 Note circulation 1,941 1,345 Other assets 31,487 31,335 34,612 32,816 Demand deposits 337 187 Note circulation 70,853 74,441 68,009 58,708 Consolidated foreign credits of 1931. 26 (4) Deposits 52,354 50,394 53,786 56,487 Other liabilities 217 315 Other liabilities 45,282 47,107 49,574 44,450 Reserve Bank of India (millions of Na o t f i L F D G C o k o o l o i n r e s r a l o a e c a d n n i l o r s g i e — u B n n r n g a ) T t : e s n a o x k c c c G h o o a o f u n v D n g e t e e r s n n ( m m n e e a n t r ) t k a g (m en il c li i o es n . s . . . , (Oct 7 . 3 1 5 9 ) 9 2 6 8 8 1 4 1 3 1 1 1 1 7 0 7 3 2 ru I p s e s e u s e N R G I S ) n : t u o o d e d p l t e r i d e e l a p i e n n a c a g i r t c r G t o c m h s o u i o e n e v l c m a n . ' u . t t e t . . i r : o it s a n i e n e c s d u r a i b ti r e o s ad [O 2 1 c , , t 4 3 9 6 5 . 8 3 8 4 5 ) 8 5 4 5 1 7 2 1 , ,3 4 4 4 3 5 5 4 9 1 5 0 4 6 0 N O Se o th c t u e e r r i c t a i i r s e O c s s u e th t l s a e t r ion 8 7 1 5 2 9 8 7 6 2 0 5 7 1 5 5 0 5 2 5 3 4 Bank N B T i r a n o e l g t a a e n s s d u c e o e ry p s f a i a b r s b t i s m l r u l o s e e a n d d d t i : s e c p o a u r n tm ted ent..... 1 7 3 5 2 9 4 6 1 7 5 5 0 5 D Ot e h p e o r s i l t i s abilities 9 2 8 0 0 4 4 1 5 9 7 0 O D Lo t e h p a e n o r s s i a t t s s o s e G ts overnment ,. 8 9 6 8 8 7 8 7 6 1 Central Bank of Ecuador (thousands Other liabilities 125 141 of sucres): (July)1 Bank of Japan (millions of yen): Sept.)1 Gold r. 68,453 62,023 Cash, bullion, and foreign accounts. 572 6518 Foreign exchange (net) .,. 12,175 15,399 Special foreign exchange fund 300 300 Loans and discounts ,. 73,117 55,532 Advances—To Government 2 3 Other assets .r. 27,585 22,490 Other? 517 438 Note circulation 95,556 75,046 Government bonds 4,118 3,837 Demand deposits 42,260 49,443 Other assets 561 6 526 Other liabilities 43,514 30,955 Note circulation 4,484 4,107 Na o t f i N L D F B O O G o p o o r e o t o t n e o h i h r a p l t t r e a u d e n e e i o n i l s n r r s g s m h c d B i n l a a t , i e i s s r a s a n ) n E c — e s : b n d t u x e g i k l t c O G l y s d s a i h e o t p i t t o a i s i c h f t e v o n c u e i s e n E o g a r r r i n e u g n t , n i m y e t a s p s e n t n d 2 t ( o , t t h h o e u r s G an o d v s - , ( 8 4 3 S 1 1 4 5 4 2 6 6 7 0 3 e , , , , , , , , , p 2 7 7 9 3 6 1 6 5 4 t 2 7 4 8 6 6 6 6 . 1 2 8 ) 5 5 4 6 8 0 1 3 6 2 1 5 6 4 6 6 1 9 0 1 , , , , , , , , , 6 2 2 7 3 2 2 8 7 5 1 4 5 7 0 8 5 1 2 8 1 7 4 0 2 6 4 N Ba e d t n e h N O F O D L D O G k r e s o o t o t e t e o ) r o h h h r a p p : t e l l e e e e f n o o a d i r r r s g s s J n . c i i n . l a l a i a t d t i . i r s s s v a n a . s c — b s . b b a d u . e i i i B l l O t G l l l d a ( s i s i a m t t . t t i o i i i h s n e v e o i c e l k s s e n o l r i r u o n ( n n m m t s s e il o n li f t o g n u s il o d f e r g s u ) — i : l- 4 3 3 1 1 2 3 4 5 1 1 1 1 6 4 5 1 9 9 Sep 3 t 8 3 8 7 2 . 9 7 ) 1 1 1,0 3 2 3 1 1 2 1 1 8 8 1 2 1 1 1 0 0 6 6 8 t 6 7 8 0 1 Ce d n o t r r a ( l t h R ou e s s a e n r d v s e o B f a c n o k l o o n f e s E ): l Salva- G Si o lv ld e . r . ._ (i nclud m in g subsi . d .# iary coin).. 1,02 8 3 l,09 2 9 0 > » Gold 13,233 13,246 13,239 Foreign bills 590 15 Foreign exchange 4,538 1,616 1,269 Discounts 68 223 Loans and discounts 1,572 1,307 2,480 Loans 176 206 Government debt and securities.... 7,080 6,801 6,766 Other assets 277 194 Other assets .» 1,630 1,801 1,370 Note circulation 1,894 1,536 Note circulation...,.-.-.... 19,447 16,976 14,466 Deposits—Government Deposits «. 4,848 4,140 4,338 Other 190 163 Other liabilities. «..«-.„ 3,759 3,655 6,320 Other liabilities 58 58 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 gold per pengo, an increase in gold value of the pengo of approximately 24 per cent, 4 Included in "Other liabilities". 6 Less than 500,000 rupees. 6 Figure for "Cash, bullion, and foreign accounts" on this date excludes foreign accounts, which are presumably included in figure for "Other assets". 7 Includes bills discounted, no longer shown separately beginning Mar. 29, 1941. MARCH 1941 z8i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1942 1941 Central bank 1942 1941 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 Gold 2,606 2,251 Sterling exchange reserve 11,045 Foreign exchange 937 1,076 Advances to State or State under- Loans and discounts 135 197 takings 22,587 Other assets 230 256 Investments 3,842 Note circulation 2,212 2,130 Other assets 1,666 Other sight liabilities 1,405 1,400 Note circulation 22,294 Other liabilities 290 249 Demand deposits 17,076 Central Bank of the Republic of Other liabilities 2,571 Turkey (thousands of pounds): (Aug.)1 Gold. 115,679 109,170 Bank of Norway (millions of kroner): Foreign clearing accounts 48,359 29,125 Gold Loans and discounts 444,880 382,070 Foreign assets Securities 190,822 192,431 Total domestic credits and securi- Other assets 28,096 28,428 ties .. Note circulation 498,066 418,599 Discounts Deposits—Gold 79,358 79,357 Loans Other 113,375 113,063 Securities Other liabilities 137,038 130,204 Other assets Bank of the Republic of Uruguay Note circulation (thousands of pesos): Demand deposits—Government Issue department: (Oct.)1 Other Gold and silver 86,235 86,235 Other liabilities Note circulation , 107,621 104,054 Ce s n an tr d a s l o R f e s s o e l r e v s e ) : Bank of Peru (thou- (Oct.)1 Bank G in o g ld department: 74,449 63,659 Gold and foreign exchange 55,142 48,557 Notes and coin 30,136 37,537 Discounts 15,822 27,498 Advances to State and to Government loans 183,222 129,959 government bodies.. 24,178 38,476 . Other assets 8,135 10,355 O)tthheerr loans and discounts 91,601 93,908 O N D t o e h p t e e o r s c i l i t i r s a c b u i l l a it t i i e o s n 1 5 2 8 8 2 1, , , 1 2 8 9 8 4 1 2 8 1 5 2 4 0 2 3 , , , 4 7 1 3 8 4 7 7 4 O O D t t e h h p e e o r r s i a l t i s s a s b e i t l s ities 2 1 1 3 3 1 1 0 9 , , , 3 6 6 6 2 2 5 7 6 1 19 7 1 5 5 4 , , , 1 6 1 3 5 0 1 9 7 Bank of Portugal (millions of es L N O c G G u o o t o o d h a n v l o e n d - e r s s r 3 r ) e n : r a s m e e n s r d e e v n r e v d t e i e s d s x c e o c ( b h u n t a n e n t t s ) ge (S 1 1 1 1 e , , , , p 3 3 9 3 0 t 3 0 1 3 5 . 2 9 9 ) 1 1 1 1 1 , , 4 7 8 0 2 3 9 0 5 2 1 8 7 1 2 Ce s n an F t G O C r d o r o t a s h r e l l e d d e o i r i g B f ts n a a b s n t o e s o k e x l i t c n v s h a o a a t f r n i e o g s V n e ): a e l n ( n e b e z a t u n ) k e s la (thou- 1 3 4 1 1 5 7 9 3 , , , , 7 0 2 9 9 3 1 3 1 1 8 0 1 3 3 2 8 9 4 6 , , , , 3 9 4 2 1 0 2 3 1 3 0 2 1 3 3 2 8 4 4 7 , , , , 9 8 4 3 9 7 6 0 7 2 9 4 Other assets. 875 1,072 Note circulation— Note circulation 3,501 2,754 Central Bank 114,990 95,695 94,067 Nati O O o t t n h h a e e l r r B s li i a a g n b h k i t l i o l t i i f a e s b R i u lit m ie a s nia (millions 2,6 6 1 9 7 8 1,6 9 3 9 3 4 • O D t e N h p e a o r t s i i o l t i s n ab al i li b ti a e n s ks 5 3 1 6 4 0 , , , 3 1 5 3 0 4 8 2 0 4 6 2 0 9 , , , 6 7 7 6 3 7 3 8 0 3 6 1 7 3 0 , , , 3 9 2 4 3 9 3 9 2 of G le o i l ) d : 4 ( 3 S 3 e , p 7 t 1 . 5 )1 32,204 Na Y t u io g n o a s l l a B vi a a n k (m o il f l io t n h s e o K f i d n i g n d ar o s m ) : of (Feb.)1 Special exchange accounts 17,667 6,927 Gold 2,790 2,791 Loans and discounts 31,102 28,406 Foreign exchange 909 809 Special loans (in liquidation) 574 730 Loans and discounts 1,686 1,749 Government debt 9,628 9,785 Government debt 3,061 3,061 Other assets 37,532 15,631 National defense bills 7,128 7,070 Note circulation 89,691 64,863 Other assets 3,465 3,054 Demand deposits 28,281 17,643 Note circulation 13,973 13,717 Sout O h t h A er f r l i i c a a b n il it R ie e s serve Bank (thou- 12,246 11,177 O O t t h h e e r r s li i a g b h i t l i l t i i a e b s ilities 3 1 , ,5 5 5 1 5 0 4, 8 0 1 0 2 4 sands of pounds): Bank for International Settlements Gold 48,533 45,582 (thousands of Swiss gold francs5): Foreign bills 19,604 475 Gold in bars 31,959 41,087 Other bills and loans 2 2,603 Cash on hand and on current Other assets 40,650 35,581 account with banks 40,950 45,303 Note circulation 28,488 23,674 Sight funds at interest 15,626 15,188 Deposits 76,321 55,076 Rediscountable bills and accept- Other liabilities. t 3,980 5,491 ances (at cost) 142,162 142,706 Bank of Sweden (millions of kronor): Time funds at interest 21,004 23,844 Gold 433 364 Sundry bills and investments 223,364 235,213 Foreign assets (net) 875 769 Other assets 107 2,319 Domestic loans and investments.. 859 850 Demand deposits (gold) 26,241 33,875 Other assets 919 740 Short-term deposits (various Note circulation , 1,551 1,417 currencies): Demand deposits -... ............ 842 602 Central banks for own account.. 21,734 46,570 Other liabilities _«...„.... 692 704 Other m 4,277 2,949 Long-term deposits: Special accounts 229,001 229,001 Other liabilities 193,918 193,266 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu el m - 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- b C an e k n tr o a f— l R F 2 e a b 8 te . ef D fe a c t t e ive ba C n e k n t o r f a — l R F 2 e a b 8 te . ef D fe a c t t e ive In effect Oct. 2, 1936 2 h 4 2 3 2K 2 Albania Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct 9 Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 Belgium 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 2K Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 IK Moravia.... Oct. 1, 1940 Mexico 4 Jan. 2, 1941 Dec 3 2 Jan 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands 2K June 27, 1941 Aug 4 4 British India.. 3 Nov. 28, 1935 New Zea- Sept 3 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Nov 13 3 2 Canada Mar. 11, 1935 Norway May 13, 1940 May 10 1938 4 Chile 3-4K Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 2K Colombia 4 July 18, 1933 Portugal.... 4 Mar. 31, 1941 May 30 3 Sept. 28 3 Oct 27 2K Nov. 25 2K Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan 4 1939 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr 17 4 El Salvador.., 3 Mar. 30, 1939 Spain 4 IMar. 29, 1939 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 2K Finland 4 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug 24 4 Aug 29 3 Sept. 28 3 Oct. 26 2 France Mar: 17, 1941 Turkey 4 July 1, 1938 Dec 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece 5 July 14, 1941 dom 2 Oct. 26, 1939 Apr 9 Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 M M a a y r. 1 1 7 7, 1941 ••«' sy 2 Italy May 18, 1936 Yugoslavia. 5 Feb. 1, 1935 May 29 3 June 27 "2K" In effect Feb. 28, 1 Not officially confirmed. 1942 2 IK 2 2K 3 IK NOTE.—Changes since Jan. 31: none. OPEN MARKET RATES I Per cent per annum] United Kingdom Germany Netherlands Sweden Switzerland Month ac B 3 c a e m n p o k ta n e n t r h c s' s es 3 T r m e b a i o l s 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 o d n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y o -t n o e - y day d P is r r i 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 i r s r i c a v o te a u t n e t 1929—Dec 4.76 4.75 4.23 6.98 8.14 3.52 3.87 3.15 1930—Dec 2.30 2.34 1.60 4.82 5.54 1.39 1.86 1.18 1931—Dec 5.85 5.60 4.27 7.33 8.45 1.57 1.59 1.75 1932—Dec 1.02 1.04 .81 °3.88 4.91 .37 1.00 1.50 1933—Dec 1.06 1.15 .77 C3.88 4.97 .52 1.00 1.50 1934—Dec .57 .47 .70 3.50 4.28 .60 1.00 1.50 1935—Dec .71 .68 .75 3.00 3.15 3.20 3.08 2.50 1936—Dec .83 .84 .78 3.00 3.05 .76 1.48 1.25 1937—Dec .75 .75 .75 2.88 2.96 .13 .50 1.00 1938—Dec .96 .93 .80 2.88 2.86 .13 .50 1.00 1939—Dec 1.23 1.24 1.03 2.63 2.39 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 1.25 Dec 1.03 1.01 1.03 c Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s l o h n l t o e i a y r c n t e d at B co il u ls n t d e 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 t r s 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) (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. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—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 December. 366 141 171 758 999 ( 3,329 (6) (6) 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 a c n o d u d n i t s s - fo b r a e n i k g s n Total Demand Time 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 I 1941—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 1,356 1,708 877 May 321 29 1,132 183 1,812 537 80 3,045 1,350 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 1,482 1,555 938 October... 325 37 1,233 199 1,643 594 80 3,012 1,420 1,592 939 November. 342 36 1,218 182 1,690 593 76 3,041 1,402 1,639 944 December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 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 ra m n 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 l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s 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 M Fe a b r r c u h a 7 ry .. . . 4 4 , , 1 2 1 9 0 3 3 3 , , 9 9 2 9 0 3 3 3 4 0 , , 1 8 2 1 3 0 7 7 , , 4 5 9 7 9 9 1 1 , , 9 8 6 4 1 9 4 4 6 3 , , 6 7 0 3 8 7 4 4 6 3 , , 0 19 6 5 4 • 5 5 4 4 4 2 1 1 , , 1 0 0 3 5 4 3 3 , , 9 7 0 5 1 3 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at If 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. 4 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. 5 District Bank included beginning in 1936. 6 Figure not available. 7 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, D. 699: Tune 1935 pp. 388-390; and October 1933, pp. 641-646. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so ti ) na A ( u p s o t u ra n l d i ) a 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 i i - a Canada(dollar) Chile(peso) C (y h u in an a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a an i) g- 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1 2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 X5.8788 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 14.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5.1248 33.279 11.2111 96.018 5.1727 4.0000 11.879 1940 29.773 "1322.86' 305.16 116.880 6.0562 5.0214 30.155 196! 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 X5.1664 ^.OOOO 1941—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 1942—Jan. 29.773 23.704 322.80 321.50 6.0580 5.1331 30.123 90.909 87.833 ........... Year or month C ( o p b l e i o s a m o) -C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr e a o n r n k - e) ( F l m k a i a a n n r ) d - k- F (f r r a a n n c c e ) ( m m G re a a e ic r n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n l n a g g r) ( H p g e u a n r n g y - o) I (l t i a ra ly ) 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 u a 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 57.085 119.308 ^.8710 12.0827 40.021 1.6715 22.958 18.475 5.0407 23.436 18.546 153.128 306.38 1941 „ ,. 57.004 139.968 124.592 119.770 15.0703 123.439 20.538 322.54 1941—Feb.is s:... 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 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 1942—Jan 56.987 20.564 322.78 United Kingdom Uruguay Year or month N ( o kr r o w n a e y ) P ( o z l lo a t n y d ) ( P e o s g c r a u t l d u o - ) R ( n u le i m u a ) a- ( A S po o fr u u i n c th d a )( S p p es a e i t n a) S m S (d e t o e r t l n a t l l a i t e t r s - ) s S ( w kr e o d n e a) n S e (f r w r l a a i n t n c z d ) - (pound) Con- (peso N ) on- Y ( s d l u a in g v a i o r a - ) Official Free trolled controlled 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 *9.130 47.133 123.829 x23.210 403.50 403.18 65.830 43 380 *2 2397 1941—Feb.; ;;;::;.... 4.0069 398.00 9.130 47.094 23.829 23.217 403.50 402.97 65.830 39 649 Mar 4.0039 398.00 9.130 47.106 23.824 23.210 403.50 403.19 65 830 39 566 Apr 4.0009 398.00 9.130 47.107 23.825 23.201 403.50 402.48 65.830 40 065 May 4.0017 398.00 9.130 47.107 23.839 23.203 403.50 403.10 65.830 41 161 June 4.0026 398.00 9.130 47.138 23.836 23.206 403.50 403.16 65.830 42.706 July 398.00 47.160 403.50 403.23 65.830 43.789 Ausr. .... 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 1942—Jan 398.00 47.007 403.50 403.50 65.830 52.571 * Average of daily rates for that part of the year during which quotations were available. 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: Yugoslavian—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. MARCH 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (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 1124 695 134 237 106 1 126 144 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 97 278 115 111 1940 79 83 137 110 311 4A 7488 146 143 1941 87 90 153 1941—January 81 85 150 111 313 162 167 February 81 85 150 112 317 165 168 March 82 86 151 112 322 169 170 April 83 87 151 112 324 170 175 May 85 89 151 112 326 171 181 June 87 90 152 112 331 173 184 July 89 91 153 112 329 173 188 August .... 90 92 153 113 330 174 189 September 92 93 154 113 330 175 191 October 92 94 155 337 176 November 93 94 155 December 94 94 156 1942—January . 96 p Preliminary. 1 Approximate figure, derived from old index (1913 = 100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was'674. 3 Average based on figures for 7 months; no data available since July 1939, when figure was 96. 4 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month pr F o a d r u m cts Foods co O m it t i h m e e s o r d- Foods p I ro n tr d d i u u al c s- ts p an r F o d a d r f u m o c o t d s 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 t l s - P s r i o on v s i- a t f n r I i i n d n a i d l s s h u e r e a s m d - w i- tr I i i n s a d h l e u f d i s n - products products 1926 100 100 100 581 793 129 132 130 150 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 1 1 9 9 3 3 9 8 . . « 6 6 9 5 7 7 4 0 8 8 2 1 9 9 7 7 1 1 0 0 4 6 i 641 t 1 6 7 6 0 3 7 1 1 0 0 6 8 I91 9 9 4 5 1 1 2 2 6 6 1940 68 71 83 133 138 (2) 111 (2) 99 129 1941 82 83 89 146 156 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 91 89 94 149 158 December „...... „..... 95 91 94 151 158 1942—January ,.... 101 94 95 1 Average based on figures for 8 months. 2 No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. zS6 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 u i n 0 1 t m l 0 g e 4 y ) d - F = ( r 1 J 1 a 9 u 0 1 n l 0 y 4 c ) e ( = 1 m G 9 1 a 1 e 0 3 n r 0 - - y ) 14 N (1 l = e a 9 1 t n 1 0 h 1 d 0 e - ) 1 s r 3 ,S e = r ( w 1 1 J 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 u n i 0 1 t m l 0 g 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 1 J l 9 u 0 a i 1 t n 0 n 4 z ) e d - 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933 84 120 491 113 120 117 1933 92 140 87 118 139 131 1934 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 78 123 136 128 1936 101 130 470 122 120 120 1936 99 147 86 125 1 132 130 1937 105 139 601 122 127 130 1937 103 154 102 125 137 137 1938 98 141 702 122 130 130 1938 101 156 117 126 139 137 1939 95 141 2 742 123 130 132 1939 . . 99 158 3 122 126 140 138 1940 97 164 128 4 140 146 1940 100 184 130 5 148 151 1941 106 168 1941. .... 105 199 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 ^182 November 113 165 November. 110 200 December. 113 165 December. 111 201 1942—January... 116 1942-January 112 p200 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 749. 3 Average based on two quarterly quotations; no data available since May 1939, when figure was 123. 4 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 5 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U St n a i t t e e s d K U in n g i d te o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c iv e) e 1 d ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic ra e g )2 e lands3 (1 = 9 1 3 0 5 0 -3 ) 9 K U in n g it d e o d m France Germany (19 la 30 n = d 1 s 00) Number of issues 15 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 88.6 667.1 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 1 110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104 2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 84.7 100.7 7 77.9 88.1 70.8 114.6 8 95.0 1941 117.8 | 123.8 80.0 72.5 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 Tune 117.7 122.9 103.3 79.5 70.7 138.1 Tulv 118.7 124.7 103.1 83.2 72.5 142.6 118 5 124 5 103.1 83.2 73.8 144 0 SeDtember 118.1 125.9 103.1 83.6 75.1 146.4 October 118 8 125 5 80.4 74.8 119 2 125 7 77.4 76.0 December 117.5 125.5 71.8 74.8 1942—January 117.5 72.6 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 corpon ate bonds fo>rr tthe 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 bbootthh 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 th 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 beginni.n1ing Jan. 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was do\down to 287. so/. 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. z8 MARCH 1941 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 WALTER WYATT, General Counsel J. R. VAN FOSSEN, Assistant Chief J. P. DREIBELBIS, Assistant General Counsel J. E. HORBETT, Assistant Chief GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel DIVISION OF SECURITY LOANS CARL E. PARRY, Chief DIVISION OF RESEARCH AND STATISTICS FISCAL AGENT E. A. GOLDENWEISER, Director WOODLIEF THOMAS, Assistant Director 0. E. FOULK, Fiscal Agent WALTER R. STARK, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS, E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman GEORGE L. HARRISON, NEW YORK DISTRICT C. S. YOUNG Vice President ERNEST G. DRAPER WILLIAM F. KURTZ, PHILADELPHIA DISTRICT ALFRED H. WILLIAMS R. R. GILBERT B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE ROBERT V. FLEMING, RICHMOND DISTRICT H. G. LEEDY H. LANE YOUNG, ATLANTA DISTRICT RONALD RANSOM M. S. SZYMCZAK EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. E. RAGLAND, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel W. DALE CLARK, KANSAS CITY DISTRICT E. A. GOLDENWEISER, Economist NATHAN ADAMS, DALLAS DISTRICT JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open MarketGEORGE M. WALLACE, SAN FRANCISCO DISTRICT 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 Vice Presidents Bank of Agent Boston A. M. Creighton. . . . Henry S. Dennison... R. A. Young W. W. Paddock William Wiilett1 New York.... Beardsley Ruml Edmund E. Day Allan Sproul L. R. Rounds R. M. Gidney T W Vnr\\rr 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 F 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. Taylor2 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 A. W. Mills1 Harry I. Ziemer Kansas City... R. B. Caldwell. Robert L. Mehornay.. H. G. Leedy Henry O. Koppang. J. W. Helm2 D. W. Woolley Dallas lay 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 W AA W^IP R. B. West 1 Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch .. R. 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: Detroit Branch H J. Chalfont San Francisco: St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch C. A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch W. H. Glasgow Seattle Branch C. R. Shaw 189 MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS jL. - DALLAS® aso-1 J11 •H BOUNDARIES OF FEDERAL RESERVE DISTRICTS ._-. BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) @ FEDERAL RESERVE SANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RE5ERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis