Federal Reserve Bulletin, 1942-04

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

^CONTENTS- PAGE Review of the Month—Corporate Earnings and Dividends X9i-i98 Financing of Contracts for War Production 2.98 From a Legal Standpoint: War Financing Contracts i99~3ox Purchase of Government Obligations—Amendment to Section i4(b) 301 Advances on Government Obligations—Amendment to Regulation A 3Oi~3O3 Reserves 302. Consumer Credit—Interpretations of Regulation W 3°3~3°4 Censorship 304 Government Contracts 304-305 War Relocation Authority 305-306 Alien Property Custodian 306-307 Foreign Funds Control 308-311 Recent Changes in the Demand for Currency 3ix~3i6 Durable Goods Expenditures in 1941 by Frederick Dirks 317-318 United States Government Corporations and Credit Agencies in 1941 319-3x0 Protection of Evacuee's Interests by the Federal Reserve Bank of San Francisco.... ^-LI-^TL Banks Participating in Sale of Defense Savings Bonds 3x3 Department Store Inventories 3x4-3x5 Current Events •. 3x6-3x7 National Summary of Business Conditions 3x8-3x9 Financial, Industrial, Commercial Statistics, U. S. (See p. 331 for list of tables).... 331-378 International Financial Statistics (See p. 379 for list of tables) 379-395 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 396 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 397 Federal Reserve Publications (jee 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. Tt 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 April 1942 NUMBER 4 CORPORATE EARNINGS AND DIVIDENDS Expanding activity in civilian and war dollars was considerably higher than for industries in 1941 was reflected in a sub- any year in the past decade. Among stantial growth in income of all economic public utility companies, such as electric groups. Volume of business transacted power, telephone, and transit, net income by corporations was larger than in any after taxes in 1941 showed small declines. previous year and, according to data Manufacturing corporations and railrecently compiled by the Board, corporate roads retained substantial parts of their net income after all costs, charges, and expanded income, as dividend payments taxes showed a further increase. Costs of increased less than net income. For all materials and wage rates were higher in corporations in the United States retained 1941 than in 1940, but prices of many net income has been estimated by the finished products were also higher. As is Department of Commerce at 2..6 billion usual when volume of output expands, the dollars in 1941, which is about double the growth in depreciation charges and other 1940 amount. The moderate size of diviexpenses of an overhead character did not dend increases was generally attributed keep pace with the increase in gross income. to the need for larger working capital. Some companies made deductions for accel- In addition to retained net income, corerated amortization of plant and equipment porations have other undistributed income installed for war production and also for available for such purposes as expenditures large special reserves for contingencies. for plant, equipment, and expansion of in- Earnings after all costs and charges and ventories. In fact, for all corporations before income taxes increased sharply over as a group, the part of gross income that 1940, but a substantial part of the increase is set aside for depreciation generally was absorbed by higher Federal income and exceeds retained net income. In 1941 this excess profits taxes. was true especially of manufacturing and Summaries of published earnings reports public utility corporations, which made of large corporations tabulated by the deductions for depreciation, and in some Board indicate that manufacturing and instances also set aside reserves for special mining profits in 1941, after all costs, contingencies, that amounted in the charges, and taxes, were about one-fifth aggregate to several times their retained net above 1940. Net income of railroads, income. For railroads, on the other hand, which in 1940 was relatively low, increased charges for depreciation were exceeded in one and one-half times in 1941. In fact, 1941 by their retained net income. Manurailroad income in 1941 of 500 million facturing corporations expanded their APRIL 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH short-term notes and accounts payable in for all manufacturing and mining corpora- 1941, but railroads, with net income much tions taken as a whole, and the 1938 decline better than in other recent years, retired and the 1939 recovery were also slightly outstanding short-term debt. The larger less pronounced. volume of business borrowing during the Increases in profits from 1940 to 1941 year was reflected in an increase of about were general in all major industrial groups 2. billion dollars in commercial and in-and ranged from 6 per cent for producers of dustrial loans of banks. industrial chemicals to 60 per cent for com- Capital needs of corporations in 1941 were panies in the oil group. Quarterly earnings financed in varying degree through the new figures by industrial groups are shown on securities market. Telephone companies the chart and in the regular BULLETIN table obtained from this source more than one- NET PROFITS OF half of their gross needs for fixed capital MANUFACTURING AND MINING CORPORATIONS investment, railroads over one-third, and 1935-39* 100 I 3 C 0 EN 0 T electric power companies about one-fifth. Although individual manufacturing companies obtained additional capital through new security offerings, the aggregate amount was small and total new issues of \ all industrial companies during the year [\ 432 ^t \ LARGE CORPORATIONS did not exceed retirements of long-term \v •- -yr V V . Vk / debt. The relatively small amount of new \ \ security financing by industrial corporations \ \ \ / is partly explained by the fact that the V I Federal Government is financing a major r ALL CORFORATONS part of the new construction and equipment needed for the defense program. EARNINGS OF INDUSTRIAL CORPORATIONS Indexes for all manufacturing and mining corporations are based on "compiled net profit" less total income and excess profits taxes, as shown in Statistics of Income, published by U. S. Treasury Depart- For large manufacturing and mining ment; for 432 large companies, on net profits shown on page 214 of the March BULLETIN. Latest figures for all companies are for 1939; corporations net profits in 1941 were about for large companies 1940 and 1941 indexes are based on figures for 555 companies shown on page 354 of this BULLETIN. xo per cent above the level of 1940, following an increase of about X5 per cent from on page 354. Those durable groups—such 1939 to 1940. The accompanying chart as iron and steel, aircraft and railway shows that during the period 192.9-193 9 the equipment—whose profits had increased annual profits of large manufacturing and most sharply from 1939 to 1940 showed mining corporations which publish earn- much smaller increases from 1940 to 1941. ings quarterly have generally moved in the In most nondurable goods groups changes same direction but have fluctuated less in earnings during the past two years have widely than the profits of all manufacturing not been large. Operations in most inand mining corporations as reported on dustries were at a much higher level during income tax returns. The decline for large 1941 than during 1940, but earnings incorporations from 192-9 to 1932. and thecreases were dampened by Federal taxes subsequent recovery were less sharp than and in some cases, especially in the fourth z 9 z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH quarter, by accelerated depreciation on In the machinery group as a whole, defense plants and by reserves for war aggregate earnings rose nearly 2.5 per cent contingencies. from 1940 to 1941; in one important sub- Profits of the major iron and steel com- group, electrical industrial machinery, earnpanies were 19 per cent larger in 1941 than ings increased only slightly. Profits of in 1940, compared with an increase of 90 the major automobile manufacturers have per cent from 1939 to 1940. In this in- shown only small year-to-year increases dustry, output rose sharply in 1939 and since 1939. The small independent pro- 1940 as operations expanded from about 55 ducers, whose production for war purposes NET PROFITS OF LARGE MANUFACTURING CORPORATIONS far exceeded their normal peacetime output, reported much larger increases. In each of the other transportation equipment subgroups—automobile accessories, railway equipment, and aircraft—increases of about 2.5 per cent were reported. Many companies in these groups actively entered armament production during 1941. In nondurable goods industries, 1940-to- 1941 changes were mixed. Aggregate earnings of companies in the oil producing and refining group were very much larger than in 1940, and smaller increases occurred in the drugs group and in the paper, printing, and publishing group. In other groups, earnings of which are generally fairly stable, changes were small. Profits of the foods, beverages, and tobacco group as a whole were 11 per cent larger than in 1940, but in certain subgroups, such as baking and packaging of foods, earnings decreased slightly. In the industrial chemicals group, profits increased only 1939 1940 1941 slightly. Figures and sources are shown on page 354 of this BULLETIN per cent of capacity in early 1939 to virtual QUARTERLY CHANGES IN PROFITS capacity by the end of 1940. In 1941 out- Aggregate profits of large manufacturing put showed smaller increases reflecting corporations for the year were considerably mainly further additions to capacity. In affected by unusual changes in the fourth addition, most of these companies paid no quarter earnings in the steel and automobile excess profits taxes in 1940, whereas, in industries. In other recent years profits in 1941, under the new method of applying excess profits rates to income before normal these industries have risen sharply from tax, they were subject to fairly heavy the third to the fourth quarter, but in 1941, excess profits taxes. as shown by the chart, earnings in these APRIL 1942. 2-93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH two groups declined somewhat from the and steel industry 48 per cent of earnings third to the fourth quarter. was retained, compared with zj per cent Quarterly changes in profits reported by in the machinery and other durable goods corporations reflect not only changes in group, and 2.5 per cent in industries producactual operating income and costs but also ing nondurable goods. various special accounting adjustments, which may relate to income of several DIVIDENDS AND RETAINED NET INCOME 152 LARGE INDUSTRIAL COMPANIES quarters but be charged off against income [In millions of dollars] of a single quarter. Such special adjust- Industrial groups 1939 1940 1941 ments occur most frequently in the fourth quarter of the calendar year because this is Iron and steel Dividends 49 92 116 the last quarter of the accounting year for Retained net income 46 107 109 Transportation equipment most corporations and includes all year- Dividends 199 228 235 Retained net income 49 52 73 Machinery and other durable goods end adjustments made in preparing the Dividends 118 141 135 annual report. The third-to-fourth quarter No R n e d t u ai r n a e b d le n g e o t o i d n s come 27 34 51 Dividends 261 271 286 decline in earnings of iron and steel com- Retained net income 62 64 93 * Miscellaneous services panies reflected large year-end appropria- Dividends 26 28 29 Retained net income 9 11 22 tions to reserves for post-war adjustments Total, 152 companies and for added depreciation on plants and Dividends 654 759 801 Retained net income 193 269 347 equipment being used for war production and subject to unusual obsolesence. In the PROFITS AND INCOME TAXES automobile group, fourth quarter earnings In 1941 a substantial proportion of inreflected the declining production of pascome after manufacturing costs and charges senger automobiles and the conversion of was set aside for the Federal Government as plants to war production. income and excess profits taxes. Neverthe- DIVIDENDS AND RETAINED EARNINGS less, the balance after taxes was substan- While retained net income for the i^z tially higher for many large companies large industrial companies shown in the than in 1939, the last predefense year. table was nearly 30 per cent larger in 1941 Profits and Federal tax reserves are than in the preceding year, dividend shown on the chart for 245 industrial payments increased by less than 6 per companies for which annual data on tax cent. Requirements for funds to carry reserves are available for the three years additional inventories and to provide other 1939 to 1941 and whose 1941 incomes were working capital have been much greater subject to the tax provisions of the Revenue than in earlier years, especially for cor-Act of 1941, that is, whose accounting porations with large war orders. years did not end before December 31. For In such industries as iron and steel, these companies, reserves for Federal taxes, petroleum, and transportation equipment which amounted to 17 per cent of income other than autos, the proportion of net before taxes in 1939 and 33 per cent in 1940, income retained in 1941 was much greater increased to 56 per cent in 1941. The two than in such industries as foods, beverages 1940 revenue acts increased the normal tax and tobacco, industrial chemicals, nonfer- rate on corporate incomes, in general, from rous metals, and automobiles. In the iron 18 to X4 per cent and imposed an excess 2-94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH profits tax. In 1941 a 7 per cent surtax was and steel and machinery, the high level of imposed, and excess profits tax rates were 1941 profits as compared with 1939 reflects raised and were applied to income before greatly increased production to meet derather than after deduction of the normal fense requirements and also the fact that tax. the rise in 1939 started from a fairly low Net income of the 2.45 companies after all level. charges and before Federal taxes showed Changes in net profits from the 1939 level an increase of 160 per cent from 1939 to varied considerably among companies in 1941, as compared with an increase in different industries and of different sizes, as profits after Federal taxes of about 40 per shown in the table. It should be noted, cent. The increase in net profits after however, that these companies are pretaxes from 1939 to 1941 is somewhat dominantly large in size. Those in the top smaller for this group than for the entire group are very large, and even the lowest quarterly reporting group which includes size class shown—with assets under 10 some companies whose 1941 tax reserves million dollars—represents companies that were based on the 1940 rates. may be called moderately large; it includes no small companies and relatively few PROFITS AND INCOME TAXES 245 LARGE INDUSTRIAL CORPORATIONS medium-size companies. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 3 3 CHANGES IN PROFITS • AFTER TAXES, 1939 TO 1941, BY INDUSTRY AND BY SIZE OI' COMPANY Number of companies — RESERVES FOR - FEDERAL INCOME AND EXCESS PROFITS TAXES Industry and size'of company Show- Showing increase in ing earnings of (total assets in millions deof dollars) Total c e r i a n e i r n a g n s s - e 50 0 % - 1 5 0 0 0 - %2 1 0 0 0 0 % - 2 o 0 v & 0 e % r1 All companies 245 49 73 41 33 49 Iron and steel Under 10 9 1 3 3 10-50 9 3 3 1 2 1939 1940 1941 Tran 5 s 0 p o a r n t d a ti o o v n e r equipment 10 4 1 3 r i q e t n h e n u g p e u e s o e F n e y r t i t e g l A e y a m u d r c r a t e n i . y e n s o n t d t d f a s r i x s o f f u m b e r b e r e j f t e o p u c f r u r r e t o n b m s l D t i . o s e h c t e T t a e h d x h m e a i s b i b n h e l g c i e r g r o o h m 3 n u e 1 e e p r t a e r t n x i e a n d c x p c l e o u o w s r d m t h e s i o e s ; m s c e p f a o o o n m 1 r s d 9 e p 4 i d n a i 1 n n d c b p i i e o v y r s o m i d f w t e i u h t h s a e l o t a w s 1 x e c e 9 o r 4 a e l m 1 c i a c p c b o R o a i u n n e l n i v s i t e t e - y - s - Mach 5 5 U U 1 1 0 0 0 i 0 n n n - - 5 d d 5 e a a 0 e r e n 0 n y r r d d 1 1 a o o 0 0 n v v d e e r r other durable 4 2 1 1 1 4 7 5 1 2 0 9 4 2 1 1 2 3 2 7 1 3 4 3 2 7 2 1 4 4 2 7 1 1 1 8 7 5 5 Nondurable goods In general, companies whose income before Under 10 34' 9 15 4 3 3 10-50 32 12 8 9 1 7 taxes increased the most from the 1939 level 50 and over 16 5 8 1 2 Miscellaneous services . . 26 7 6 6 1 6 also showed the largest increases in profits 1 Includes companies which reported deficits in 1939 and profits after taxes. In the iron and steel group in- in 1941. come before taxes increased 315 per cent and For many companies in the durable goods income after taxes, izo per cent, as compared groups where most of the armament prowith increases of 2.2.0 per cent and 60 per duction has occurred, net profits in 1941 were cent in the machinery and other durable at least double those of 1939; these sharp goods group and of 75 per cent and 10 per increases occurred most frequently in the cent respectively in the nondurable 'goods smallest size group shown, that is, among group. In some industries, especially iron moderately large companies. Among the APRIL 1942. 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Commerce Commission figures, the 1941 net nondurable goods industries the level of income of Class I roads was equivalent to a earnings in 1941 for a large proportion of return of 6.1 per cent on the total common the companies was either not much above and preferred stock outstanding, compared or actually below that of 1939. with a return of 2.-3 per cent for 1940. In the transportation equipment group very large gains were most frequent among The gain in net operating income was the moderately large companies; these are nearly three times as large in percentage producers of auto accessories, railway terms for roads in receivership or trusteeequipment, and aircraft whose business has ship as for other roads. The larger Class I been greatly increased by the defense roads had percentage increases about double program. The very large companies in those of the smaller Class I roads. this group include major auto producers, NET INCOME OF PUBLIC UTILITY CORPORATIONS whose output has not yet increased rela- MILLIONS OF DOLLARS JONS OF DOLLARS tively as much as that of other equipment producers. In the machinery industry the very large companies are for the most part producers of electrical equipment, while the moderately large companies are primarily producers of general industrial machinery 100 and machine tools and similar equipment, whose volume of work on defense orders far exceeds their normal peacetime production. EARNINGS OF RAILROADS Railroad earnings increased sharply last year with the larger volume of traffic. Carloadings were about 16 per cent larger than in 1940, and this, combined with 1939 1940 1941 heavier loadings per car, longer hauls, and Figures and sources are shown on page 354 of this BULLETIN. higher average classification of freight, Railroads in the New England, Southern, raised operating revenues by 2.4 per cent to and Southwestern regions showed the more than 5 billion dollars. Increases in largest increases in net operating income taxes, as well as in wage rates and fuel costs, over 1940, averaging 80 per cent, in comwere more than offset by the spreading out parison with a 38 per cent increase for the of overhead costs over the larger volume of rest of the country. business, with the result that net operating Dividend payments of railroads in 1941 income increased about 45 per cent. Most were only 17 per cent larger than in 1940, of the dollar increase was carried through with the result that the bulk of the larger to net income for stockholders since non- net income was retained for reinvestment operating charges showed no appreciable and appropriations for special purposes. rise. This meant that net income increased In conjunction with revenues set aside for about one and one-half times and approached depreciation, these funds were used to the 1930 level. According to Interstate finance about two-thirds of the 800 million Z96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH dollars used for road and equipment ex- EARNINGS AND DIVIDENDS OF PUBLIC UTILITY COMPANIES1 [In millions of dollars] penditures and expansion of inventory and receivables. New security offerings, main- 1939 1940 1941 ly in the form of equipment trust issues, Railroads (Class I) Operating revenue 3,995 4,297 5,347 were another important source of funds. Income before Federal income taxes . 126 249 672 Net income 93 189 502 There was some liquidation of investments. Dividends 126 159 186 Retained net income -33 32 316 Funds from various sources were used Electric power companies (28 cos.) to retire loans from the Reconstruction Operating revenue 692 735 799 Income before Federal income taxes 160 177 203 Finance Corporation and from banks. N D e iv t id in e c n o d m s e 1 1 3 1 8 6 1 1 4 1 3 8 2 1 1 3 2 4 0 Retained net income 22 25 14 Substantial increases in cash balances by Telephone companies (33 cos.) the end of the year were partly offset by Operating revenue 1,179 1,250 1,382 Net income 198 202 196 increases in accrued tax liability. Dividends 178 167 172 Retained net income 20 35 24 Transit companies OTHER PUBLIC UTILITIES Operating revenue 763 785 853 Net revenue3 before taxes.... 169 180 179 Net revenue after taxes 92 94 81 Revenues of other public utilities generally showed smaller gains last year J Figures for railroad, electric power, and telephone companies are as shown in the regular BULLETIN table on page 354. Data on transit than those of manufacturing and railroad companies represent entire industry, including municipal systems, as published in Transit Journal. 2 Partly estimated. companies; net income declined slightly. 3 After operating expenses, and before interest charges. As shown in the table, operating revenue of were larger for companies in which sales electric power, telephone, and transit com- were chiefly to manufacturing industries or panies in 1941 averaged from 8 to 10 per which otherwise reflected the rapidly growcent above 1940. The gains over 1940 ing war effort. Thus, revenue from sale of were limited partly by the fact that the electricity to large industrial users inrates for services are regulated and also creased zo per cent, in contrast to a 5 per by the fact that sales did not rise so rapidly cent increase in small commercial and as industrial activity. Operating expenses residential sales. Telephone toll service were also generally higher than in 1940. showed larger gains over 1940 than did In the case of electric power and telephone domestic service, and transit revenues incompanies, economies from utilizing ca- creased more rapidly in the smaller compacity more fully appear to have offset munities where plants for defense producincreases in some operating costs with the tion are located. result that income before taxes was about Available information on dividend pay- 15 per cent above the prior year. In the ments indicates that public utility comcase of transit companies, however, ex- panies in general maintained dividends at penses increased so that operating income about the 1940 level. Since net income before taxes was slightly lower than in was less than in 1940, the amount retained 1940. After Federal income and excessfor reinvestment was also somewhat less profits taxes, which averaged for these than in the prior year. To meet increased industries about 70 per cent heavier than expenditures for plant and equipment, as in the prior year, net income available for well as for slightly increased inventories dividends was generally a little below and receivables, the electric power and the 1940 figures. private transit industries relied principally In comparison with average results for on revenue set aside for depreciation. This these utility industries, increases in revenue source was relatively less important for APRIL 1942. 2-97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH telephone companies, which financed over substantial part of the national income half their capital needs of the year through and of Federal revenues. Last year's recthe security markets. Electric power and ords indicate that corporate earnings before transit companies did little public bor- taxes were larger in the aggregate than in rowing. 1940 by an amount more than sufficient to absorb the considerable increase in income and excess profits taxes. In fact, the Earnings records of corporations reflect amount of net income available for disa variety of forces at work in the economy, tribution or use by the corporations was and for this reason have an important substantially larger than in the year before. significance in the formulation of economic The course of profits, as determined by policy. The figures in this review cover prices, wage rates, the volume and efficiency only the published reports of relatively of operation, and taxes, will continue to large companies. These companies, how- have an important bearing on fiscal and ever, constitute an important segment of other economic problems of the war and American business and are the source of a post-war period. FINANCING OF CONTRACTS FOR WAR PRODUCTION For the purpose of expediting war partment, and Maritime Commission would production, the President on March x6, not be subject to peacetime credit rules i94x, issued an Executive Order authoriz- but would be "made by production men, ing the War Department, the Navy Depart- wherever additional financing is essential ment, and the United States Maritime for additional production. Peacetime re- Commission to guarantee loans, discounts, strictions on credits cannot hold up proadvances, or commitments made by the duction of war supplies needed by the Federal Reserve Banks, the Reconstruction armed forces." Finance Corporation, or other financing The Federal Reserve Banks are authorized institutions for the purpose of financing to act as agents of the War Department, contractors, subcontractors, or others "en- Navy Department, or Maritime Commission gaged in any business or operation which in carrying out the provisions of the Execuis deemed by the War Department, Navy tive Order. It will be the purpose of the Department, or Maritime Commission to Federal Reserve System to cooperate in be necessary, appropriate, or convenient every way possible in connection with the for the prosecution of the war." The administration of the Executive Order Executive Order also gave authority to and in the accomplishment of its objecthe War Department, Navy Department tives. With this end in view, representaand Maritime Commission to make, or to tives of the Federal Reserve Banks met participate with the Federal Reserve Banks, at the offices of the Board of Governors in the Reconstruction Finance Corporation, Washington on April 1, 1941, for a disor other financing institutions in making cussion of the procedure necessary to give loans, discounts, advances or commit- effect to the program with the least possible ments for such purpose. The press state- delay. ment released by The White House in The texts of the Executive Order and of connection with the Executive Order indi- the press statement issued by The White cated that the guaranties and loans to be House are set forth at page 1.^ of this made by the War Department, Navy De- issue of the Federal Reserve BULLETIN. 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. War Financing Contracts EXECUTIVE ORDER NO. 9112. The President of the United States on March Authorizing Financing Contracts to Facilitate the 2.6, 1942., issued an Executive Order authorizing Prosecution of the War the War and Navy Departments and the Mari- WHEREAS in order that contracts of the War time Commission to enter into financing con- Department, the Navy Department, and the tracts to facilitate the prosecution of the war. United States Maritime Commission (herein- There is published below the text of this Order after referred to as Maritime Commission) which together with a statement by the White are now outstanding or may hereafter be entered House. into for war production, including the obtaining or conversion of facilities, may be promptly The White House, Washington, D. C. and effectively performed, it is essential that March 2.6, 1941 additional facilities be provided through gov- The Executive Order authorizing the financing of con- ernmental agencies to supply necessary funds to tracts to facilitate the prosecution of the war is aimed at contractors, subcontractors and others engaged curing a situation which has interfered with the all-out in such war production pursuant to such conparticipation of many small business enterprises in war protracts; duction. Senators Murray, Mead and Capper have been particularly anxious to bring about this participation. Full WHEREAS the War Department, the Navy production of the nation's smaller businesses is essential to Department, and the Maritime Commission victory. have available to them amounts appropriated The Order was prepared by the War Production Board, by Congress which may be used for the purpose the War and Navy Departments and the Maritime Commisof making or guaranteeing loans, discounts or sion. It is the opinion of Messrs. Nelson, Patterson, Forrestal and. Admiral Land that this order will greatly speed advances or commitments in connection therethe war production of small business and subcontractors with for the purpose of financing contractors, generally. subcontractors and others engaged in such pro- The basic purpose of the Order is to put working capital duction or otherwise to expedite war production; financing on a war basis. Up to now peacetime restrictions on banks and credit agencies have made it difficult for them WHEREAS the guaranteeing or making of such to finance war production although the banks have been loans, discounts, advances and commitments anxious to use their resources for prosecution of the war. by the War Department, Navy Department and Under the Order, the War Department, the Navy Depart- Maritime Commission will be expedited and ment, and the Maritime Commission may guarantee or make loans when they are needed for war production. These facilitated by utilizing in this connection the guarantees will support the operations of the banks, the Federal Reserve Banks and the Board of Gover- Federal Reserve System, the Reconstruction Finance Corporanors of the Federal Reserve System, which are tion, and other credit agencies. They will not be made agencies of the Government exercising functions under peacetime credit rules. They will be made by production men, wherever additional financing is essential for addi- in connection with the prosecution of the war tional production. Peacetime restrictions on credits cannot effort and which have offices and other facilities, hold up production of war supplies needed by the armed including experienced personnel, located conforces. veniently throughout the country and are in The text of the order follows: APRIL 1941 2-99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT close and frequent contact with banking and ment, Navy Department or Maritime Commisother financing institutions; and sion to be necessary, appropriate or convenient WHEREAS the guaranteeing or making of such for the prosecution of the war, and to pay out loans, discounts, advances and commitments funds in accordance with the terms of any such will greatly facilitate the participation of small contract so entered into. business enterprises in war production; (X) The authority above conferred may be Now, THEREFORE, by virtue of the authority exercised by the Secretary of War, the Secretary vested in me by the various provisions of the of the Navy or the Maritime Commission respec- First War Powers Act, 1941, approved Decem- tively or may also be exercised, in their discreber 18, 1941, by all other Acts of Congress and tion and by their direction respectively, through by the Constitution of the United States, and as any other officer or officers or civilian officials President of the United States and Commander- of the War or Navy Departments or the Maritime in-Chief of the Army and Navy of the United Commission. The Secretary of War, the Secre- States, and deeming that such action will facili- tary of the Navy, and the Maritime Commission tate the prosecution of the war, I do hereby may confer upon any officer or officers in their order as follows: respective departments or civilian officials (1) The War Department, Navy Department thereof the power to make further delegations and the Maritime Commission are hereby respec- of such powers within the War and Navy Detively authorized, without regard to the provi- partments and the Maritime Commission. sions of law relating to the making, perform- (3) Any Federal Reserve Bank or any officer ance, amendment or modification of contracts, thereof may be utilized, and is hereby authorized (a) to enter into contracts with any Federal to act, as agent of the War Department, the Reserve Bank, the Reconstruction Finance Cor- Navy Department, or the Maritime Commission, poration, or with any other financing institution respectively, in carrying out any of the proviguaranteeing such Reserve Bank, Reconstruction sions of this executive order, and the Secretary Finance Corporation, or other financing institu- of the Treasury is hereby directed to designate tion against loss of principal or interest on loans, each Federal Reserve Bank to act as fiscal agent discounts or advances, or on commitments in of the United States pursuant to the provisions connection therewith, which may be made by of section 15 of the Federal Reserve Act in such Reserve Bank, Reconstruction Finance carrying out any authority granted to it by or Corporation, or other financing institution for pursuant to this executive order. In any case the purpose of financing any contractor, sub- in which any Federal Reserve Bank shall make contractor or others engaged in any business or or participate in making any loan, discount or operation which is deemed by the War Depart- advance or commitment as agent of the War ment, Navy Department or Maritime Commis- Department, Navy Department or Maritime sion to be necessary, appropriate or convenient Commission under authority of this order, all for the prosecution of the war, and to pay out such funds as may be necessary therefor shall be funds in accordance with the terms of any such supplied and disbursed by or under authority contract so entered into; and (b) to enter into from the War Department, Navy Department or contracts to make, or to participate with any Maritime Commission in accordance with such Federal Reserve Bank, the Reconstruction Fi- procedure as they may respectively require. nance Corporation, or other financing institution Any amounts now or hereafter available under in making loans, discounts or advances, or any appropriation act to the War Department, commitments in connection therewith, for the the Navy Department, or the Maritime Compurpose of financing any contractor, subcon- mission for the purpose of procuring materials, tractor or others engaged in any business or equipment or supplies, or of expediting producoperation which is deemed by the War Depart- tion thereof, may be expended through the 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT agency of the respective Federal Reserve Banks Purchase of Government Obligations in accordance with the provisions of this execu- Amendment to Section I4(b), Federal tive order. In taking any action under any Reserve Act designation or authority given by or pursuant The President of the United States on March to this paragraph no Federal Reserve Bank 2.7, 1941, approved an Act of Congress known shall have any responsibility or accountability as the "Second War Powers Act, 1942.," Title except as agent of the War Department, Navy IV of which amended subsection (b) of section Department, or Maritime Commission, as the 14 of the Federal Reserve Act so as to authorize case may be. the purchase or sale by the Federal Reserve (4) All actions and operations of any Federal Banks either in the open market or directly from Reserve Bank under authority of or pursuant to or to the United States, in accordance with the the terms of this executive order shall be sub- provisions of section i2_A of the Federal Reserve ject to the supervision of the Board of Governors Act, of bonds, notes, or other obligations which of the Federal Reserve System and to such direc- are direct obligations of the United States or tions and conditions as the Board of Governors which are fully guaranteed by the United States of the Federal Reserve System may prescribe, by as to principal and interest, but limiting the regulation or otherwise, after consultation aggregate amount acquired directly from the with the Secretary of War, the Secretary of the United States held at any one time by the twelve Navy, or the Maritime Commission, or their Federal Reserve Banks at not exceeding authorized representatives. $5,000,000,000. A time limit is placed upon (5) The War Department, the Navy Depart- this amendment to the Federal Reserve Act by ment and the Maritime Commission shall make another provision of the Second War Powers reports of all contracts entered into by them Act which provides that certain provisions of respectively pursuant to the terms of this execu- the latter Act shall remain in force only until tive order, in accordance with the provisions of December 31, 1944, or until such earlier time as paragraph 1 of the regulations prescribed in Congress by concurrent resolution, or the Title II of Executive Order No. 9001 dated President, may designate, and thereafter any December 2.7, 1941. provision of law amended thereby shall be in (6) Interest, fees and other charges derived full force and effect as though this Act had not by the War Department, Navy Department and been enacted. Subsection (b) of section 14, as Maritime Commission, respectively, from opera- thus amended, reads as follows: tions pursuant to the terms of this executive (b) To buy and sell, at home or abroad, order may be held by the Federal Reserve Banks bonds and notes of the United States, bonds of and shall first be used for the purpose of meeting the Federal Farm Mortgage Corporation expenses and losses (including but not limited having maturities from date of purchase of to attorneys' fees and expenses of litigation) not exceeding six months, bonds issued under incurred by the Federal Reserve Banks in acting the provisions of subsection (c) of section 4 as agents under or pursuant to the provisions of of the Home Owners' Loan Act of 1933, as this executive order; and to the extent that the amended, and having maturities from date of amount of such interest, fees or other charges purchase of not exceeding six months, and is insufficient for this purpose the Federal Reserve bills, notes, revenue bonds, and warrants with Banks shall be reimbursed for such expenses and a maturity from date of purchase of not exlosses by the War Department, the Navy De- ceeding six months, issued in anticipation of partment or the Maritime Commission, as the the collection of taxes or in anticipation of case may be. the receipt of assured revenues by any State, FRANKLIN D. ROOSEVELT county, district, political subdivision, or THE WHITE HOUSE, municipality in the continental United States, March z6, 1942.. including irrigation, drainage and reclama- APRIL 1941 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT tion districts, such purchases to be made in the advance, or (2.) by the deposit or pledge of accordance with rules and regulations pre- Federal Farm Mortgage Corporation bonds scribed by the Board of Governors of the issued under the Federal Farm Mortgage Federal Reserve System: Provided, That any Corporation Act and guaranteed both as to bonds, notes, or other obligations which are principal and interest by the United States, or direct obligations of the United States or (3) by the deposit or pledge of Home Owners' which are fully guaranteed by the United Loan Corporation bonds issued under the pro- States as to principal and interest may be visions of subsection (c) of section 4 of the bought and sold without regard to maturities Home Owners' Loan Act of 1933, as amended, either in the open market or directly from or and guaranteed both as to principal and to the United States; but all such purchases interest by the United States. and sales shall be made in accordance with the provisions of section 12.A of this Act and 6 The eighth paragraph of section 13 of the Federal Reserve Act authorizes advances to member banks for periods not exceeding fifteen the aggregate amount of such obligations days secured by bonds, notes, certificates of indebtedness, or Treasury bills of the United States. However, the last paragraph of section 13 acquired directly from the United States authorizes any Federal Reserve Bank to make advances for periods not exceeding ninety days "to any individual, partnership or corporawhich is held at any one time by the twelve tion" on the promissory notes of such individual, partnership or corporation secured by "direct obligations of the United States"; Federal Reserve banks shall not exceed and the term "corporation" includes an incorporated bank. $5,000,000,000; Reserves Advances on Government Obligations Balance in "Differential Account" Set Up Amendment to Regulation A Upon Purchase of Instalment Paper The Board of Governors, effective March xo, The Board's opinion has been requested as to 1941, amended subsection (b) of section 2. of whether the balance in a "differential account" Regulation A entitled Discounts for and Ad- set up in connection with certain proposed convances to Member Banks by Federal Reserve tracts for the purchase of instalment paper by a Banks. This amendment makes no change of member bank gives rise to a deposit liability substance in the regulation, its sole purpose against which reserves must be carried with the being to rephrase one paragraph of the regula- Federal Reserve Bank. tion in order to make it clear that under the It appears that under these contracts the bank law the Federal Reserve Banks are authorized would purchase instalment paper at a price less to make advances to their member banks for than the face amount of the paper and that at periods not exceeding 90 days on the promissory the time of the purchase the dealer would be notes of such member banks secured by direct credited with the amount of the purchase price obligations of the United States. The section and full title to the paper would pass to the as amended reads as follows: bank. Under the agreement, no further (b) Advances on Government obligations.—Any amounts would be credited to the dealer until Federal Reserve Bank may make advances, "an amount in excess of the purchase price, under authority of section 13 of the Federal plus ... % per annum computed monthly of the Reserve Act, to any of its member banks for unpaid balance of the amount paid by the bank periods not exceeding ninety days6 on the for such paper, is realized by the bank"; and promissory note of such member bank secured any excess so realized would be applied first to by direct obligations of the United States, satisfy any past due indebtedness of the dealer and for periods not exceeding fifteen days on to the bank arising under the contract or otherthe promissory note of such member bank wise, and any balance then remaining would be secured (1) by the deposit or pledge of deben- paid or credited to the dealer. tures or other such obligations of Federal In practice, it is understood that the transac- Intermediate Credit banks having maturities tion is handled in the following manner. At of not exceeding six months from the date of the time of the purchase, in order to maintain FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT a record of payments, the bank sets up what is present case may be distinguished from the case termed a "differential account" representing the above mentioned. difference between the face amount of the paper On the basis of the facts as outlined above, and the purchase price. As monthly collections and without undertaking to approve specific are made on the face amount of the paper, any forms of contracts, the Board has reached the amount realized in excess of the proportionate following conclusions: monthly part of the purchase price (plus the 1. If the purchase price of the paper is credited agreed interest or discount) is paid over to the to the dealer's account, the resulting credit dealer; and at the same time the differential ac- obviously is a deposit against which reserves count is reduced by the amount of such ad- must be maintained. ditional payment. As a result, the differential 2.. The uncollected difference between the puraccount at all times represents a certain per- chase price and the face amount of the paper is in practical effect a potential margin of security centage of the unpaid balance. and does not constitute a deposit against which The Board had under consideration in 1938 a reserves must be maintained. case involving somewhat similar facts. In that 3. Where, however, an instalment payment case it appeared that a national bank, in conhas been received and a portion of such payment nection with its purchase of instalment paper (say 90 per cent) has been credited against the from dealers, required each dealer to set aside purchase price and the remainder (say 10 per out of the proceeds of the paper and carry with cent) has not been credited against the purchase the bank in a "special reserve account" a cerprice, the 90 per cent of the payment which has tain percentage of the face amount of the paper been applied against the purchase price does or of the unpaid balance thereon. The bank not constitute a deposit balance, but the remainwas authorized to charge this account with any ing 10 per cent of the payment does constitute a losses sustained in the collection of the paper deposit unless and until it is paid over to the discounted for the dealer or as the result of any dealer or applied against his indebtedness. other indebtedness incurred by the dealer. The 4. Whenever the payments received on any Board ruled that the amounts held in such a paper purchased aggregate an amount in excess special reserve account, not being segregated of the purchase price plus interest or discount, from the other assets of the bank, should be reany such excess which is not paid over to the garded as deposits against which reserves must dealer or credited against his indebtedness likebe carried with the Federal Reserve Bank. wise constitutes a deposit against which re- In the case now under consideration it appears serves must be maintained. that the so-called differential account constitutes Consumer Credit merely a current record of the excess of the unpaid balance of the face amount of the paper over Interpretations of Regulation W the unpaid balance of the agreed purchase price. Since the publication of the March 194.x Fed- Under the terms of the contract, the bank is eral Reserve BULLETIN, the Board of Governors under no liability to the dealer for the amounts of the Federal Reserve System has issued the credited to the differential account until ac- following interpretations of Regulation W retually collected. In the case considered by the lating to consumer credit: Board in 1938, it was understood that the bank "FIRST LIEN"—SECOND MORTGAGE HELD BY at the time it acquired the notes gave the dealer SAME MORTGAGEE credit for the full face amount thereof but set aside an agreed percentage of this amount as a Interpretation No. 128 of Regulation W special reserve fund which was not available to If a lender who has made a loan secured by a the dealer until after full payment of the paper. first mortgage makes another loan to the same In this respect, therefore, it is believed that the borrower secured by another mortgage on the APRIL 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT same property, and if there are no intervening authority of the Executive Order of December liens, the second mortgage is a "first lien" 19, 1941, and Treasury decision of December X4, within the meaning of section 6(a), as long as 1941, published at page 103 of the February both notes are held by the same lender. 1942. Federal Reserve BULLETIN: This supersedes Interpretation W-30. March 18, 1941 Communications Ruling No. i EFFECT OF AMENDMENT NO. 3 UPON EXISTING Issued under the Authority Vested in the Office of Censorship INTERPRETATIONS Pursuant to the Trading with the Enemy Act, as Amended, Interpretation No. 12g of Regulation W and the First War Powers Act, 1941* (1) By virtue of the authority vested in me by Executive Amendment No. 3 to Regulation W will affect Order No. 8985 (Fed. Reg. Doc. 41-9600) and T.D. 50536 certain interpretations previously issued by the (Fed. Reg. Doc. 41-9799), the sending or transmitting out Board, and the following comments will be per- of the United States in the ordinary course of the mail of tinent to the interpretations indicated, begin- any letter or other writing, book, or other paper, or through ning March X3, 1942.: any public telegraph or cable service of any telegram, cablegram or wireless message of any communication is permitted, W-4, W-73, W-76 and W-88 will be obsolete. provided that both of the following conditions are satisfied: W-55 will be obsolete only to the extent that (a) Such communication complies with all regulations it refers to ' 'Items 1 through 4 of Part 3(a) of the issued by the Office of Censorship; and Supplement." (b) Such communication is not addressed to or in- W-69. This interpretation relates to the pro- tended for, or to be delivered, directly or indirectly, to visions contained in section 6(j) before amend- an enemy national. (2.) Nothing contained in this Ruling shall be deemed to ment. limit the authority of the Office of Censorship to cause to be W-84. Paragraph numbered 4 will be obsocensored in its absolute discretion, communication by mail, lete. cable, radio or other means of transmission passing between W-90 will be obsolete only to the extent that the United States and any foreign country. All communicait refers to the old provision "seven heating sur- tions permitted by this Ruling shall be subject to censorship as fully as if this Ruling had not been issued. v faces" instead of the new provision "designed (3) As used in this Ruling the term "United States" and for household use." the term "person" shall have the meaning prescribed in W-115. Superseded by amendment in Option Executive Order No. 8389, as amended, and the term "enemy 1 of section 8(b). national" shall have the meaning prescribed in General W-10. Note new provisions in Supplement Ruling No. 11, issued by the Secretary of the Treasury thereunder. regarding suction cleaners. (4) This Ruling may be amended or modified at any time; W-14. Note that clocks are now listed in and the right is reserved to exclude from the operation hereof, Group C in the Supplement. or from the privileges hereby conferred, and to restrict the W-17. Note that silverware is now listed in applicability hereof with respect to, particular persons or Group C in the Supplement. communications or classes thereof. BYRON PRICE, W-38, W-43, W-49, W- , W- 6, W-63, W- o, 5i 5 7 Director of Censorship. W-95, W-102.. Note changes in maximum ma- * Sec. 3, 40 Stat. 412, as amended, and Sec. 303, Title III of the Act turities in Supplement. of December 18, 1941, Public Law 354, 77th Congress, 1st Session, 55 W-63 and w"77- Note Part 3O) of Supple- 5 S 0 t 5 a 3 t. 6 , 8 D 38 e ; c E em x. b O er r d 2 e 4 r , N 19 o 4 . 1 8 . 985, December 19, 1941; Treasury Decision ment, as amended. Government Contracts W-71 and W-116. Note new provisions in Executive Order Dealing with War Contracts Supplement regarding radios. There is set forth below the text of an Execu- Censorship tive Order issued by the President on February Communications Ruling Issued by Director 10, 1942-, extending the provisions of the Order of Censorship of December z.j, 1941, so as to authorize the The following Communications Ruling has Interior Department to perform the functinos been issued by the Director of Censorship under and exercise the powers described in Title II of 304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT the Act of December 18, 1941, pertaining to as President of the United States and Com- Government contracts. The Order of Decem- mander in Chief of the Army and Navy, and in ber 2.7, 1941, is published at page 105 of the order to provide for the removal from designated February 1942. Federal Reserve BULLETIN. areas of persons whose removal is necessary in the interests of national security, it is ordered as EXECUTIVE ORDER NO. 9055 follows: Extension of the Provisions of Executive Order 1. There is established in the Office for Emer- No. pooi of December 27, 1941, to Contracts of the gency Management of the Executive Office of Interior Department the President the War Relocation Authority, at the head of which shall be a Director appointed By virtue of the authority vested in me by the by and responsible to the President. act of Congress entitled "An Act to expedite the -L. The Director of the War Relocation Auprosecution of the war effort'' approved Decemthority is authorized and directed to formulate ber 18, 1941, and as President of the United and effectuate a program for the removal, from States, and deeming that such action will facilithe areas designated from time to time by the tate the prosecution of the war, I hereby extend Secretary of War or appropriate military comthe provisions of Executive Order No. 9001 of mander under the authority of Executive Order December 2.7, 1941 to the Department of the No. 9066 of February 19, 1942., of the persons or Interior, with respect to all contracts made or classes of persons designated under such Executo be made by that Department; and subject to tive Order, and for their relocation, maintethe limitations and regulations contained in such nance, and supervision. Executive Order, I hereby authorize the Secre- 3. In effectuating such program the Director tary of the Interior, and such officers, employees, shall have authority to— and agencies as he may designate, to perform (a) Accomplish all necessary evacuation not and exercise, as to their respective agencies, all undertaken by the Secretary of War or approof the functions and powers vested in and priate military commander, provide for the granted to the Secretary of War, the Secretary relocation of such persons in appropriate places, of the Navy, and the Chairman of the United provide for their needs in such manner as may States Maritime Commission by such Executive be appropriate, and supervise their activities. Order. (b) Provide, insofar as feasible and desirable, for the employment of such persons at useful FRANKLIN D. ROOSEVELT work in industry, commerce, agriculture, or THE WHITE HOUSE, February 10, 1942.. public projects, prescribe the terms and conditions of such public employment, and safe- War Relocation Authority guard the public interest in the private employ- Executive Order Establishing Office ment of such persons. (c) Secure the cooperation, assistance, or serv- There is set forth below the text of an Execuices of any governmental agency. tive Order issued by the President on March 18, (d) Prescribe regulations necessary or de- 1942., establishing the War Relocation Authority sirable to promote effective execution of such and defining its functions and duties. program, and, as a means of coordinating evacuation and relocation activities, consult with the EXECUTIVE ORDER NO. 9102. Secretary of War with respect to regulations Establishing the War Relocation Authority in the issued and measures taken by him. Executive Office of the President and Defining Its (e) Make such delegations of authority as he Functions and Duties may deem necessary. By virtue of the authority vested in me by the (f) Employ necessary personnel, and make Constitution and statutes of the United States, such expenditures, including the making of APRIL 1942. 3°5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT loans and grants and the purchase of real prop- the Director may designate. The Liaison Comerty, as may be necessary, within the limits of mittee shall meet at the call of the Director and such funds as may be made available to the shall assist him in his duties. Authority. 9. The Director shall keep the President in- 4. The Director shall consult with the United formed with regard to the progress made in States Employment Service and other agencies carrying out this order, and perform such related on employment and other problems incident to duties as the President may from time to time activities under this order. assign to him. 5. The Director shall cooperate with the 10. In order to avoid duplication of evacua- Alien Property Custodian appointed pursuant tion activities under this order and Executive to Executive Order No. 9095 of March 11, 1942., Order No. 9066 of February 19, 1942., the Direcin formulating policies to govern the custody, tor shall not undertake any evacuation activities management, and disposal by the Alien Property within military areas designated under said Custodian of property belonging to foreign Executive Order No. 9066, without the prior nationals removed under this order or under approval of the Secretary of War or the appro- Executive Order No. 9066 of February 19, 1942.; priate military commander. and may assist all other persons removed under 11. This order does not limit the authority either of such Executive Orders in the manage- granted in Executive Order No. ^72. of Dement and disposal of their property. cember ix, 1941; Executive Order No. 9066 of 6. Departments and agencies of the United February 19, 1942.; Executive Order No. 9095 of States are directed to cooperate with and assist March 11, 1942.; Executive Proclamation No. the Director in his activities hereunder. The 2.52.5 of December 7, 1941; Executive Proclama- Departments of War and Justice, under the direc- tion No. 2.52.6 of December 8, 1941; Executive tion of the Secretary of War and the Attorney Proclamation No. 2.52.J of December 8, 1941; General, respectively, shall insofar as consistent Executive Proclamation No. 1533 of December with the national interest provide such protec- X9, 1941; or Executive Proclamation No. 2.537 tive, police and investigational services as the of January 14, 1942.; nor does it limit the func- Director shall find necessary in connection with tions of the Federal Bureau of Investigation. activities under this order. FRANKLIN D. ROOSEVELT 7. There is established within the War Relo- THE WHITE HOUSE, cation Authority the War Relocation Work March 18, 1942.. Corps. The Director shall provide, by general regulations, for the enlistment in such Corps, for Alien Property Custodian the duration of the present war, of persons re- Executive Order Establishing Office moved under this order or under Executive There is set forth belpw the text of an Execu- Order No. 9066 of February 19, 1942., and shall tive Order issued by the President on March 11, prescribe the terms and conditions of the work 194X5 establishing the Office of Alien Property to be performed by such Corps, and the compen- Custodian and defining its functions. sation to be paid. 8. There is established within the War Relo- EXECUTIVE ORDER NO. 9095 cation Authority a Liaison Committee on War Relocation, which shall consist of the Secretary Establishing the Office of Alien Property Custodian of War, the Secretary of the Treasury, the Attor- and Defining Its Functions and Duties ney General, the Secretary of Agriculture, the By virtue of the authority vested in me by the Secretary of Labor, the Federal Security Ad- Constitution, by the Trading with the Enemy ministrator, the Director of Civilian Defense, Act of October 6, 1917, as amended, by the First and the Alien Property Custodian, or their War Powers Act, 1941, and as President of the deputies, and such other persons or agencies as United States, it is hereby ordered as follows: 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT i. There is hereby established in the Office for in the Alien Property Custodian whenever the Emergency Management of the Executive Office Alien Property Custodian shall so direct; and, of the President the Office of Alien Property in the case of any property, or interest therein, Custodian, at the head of which shall be an subject to the control of the Secretary of the Alien Property Custodian appointed by the Treasury, when the Alien Property Custodian President. The Alien Property Custodian shall shall notify the Secretary of the Treasury in receive compensation at such rate as the Presi- writing that he has so directed, the Secretary of dent shall approve and in addition shall be en- the Treasury shall release all control of any titled to actual and necessary transportation, such property, or interest therein, to the Alien subsistence, and other expenses incidental to the Property Custodian. performance of his duties. Within the limita- 4. Any outstanding order, proclamation, tion of such funds as may be made available for regulation, ruling, license, or instruction issued that purpose, the Alien Property Custodian may pursuant to, or relating to the administration of, appoint assistants and other personnel and dele- any power or authority vested in the Alien gate to them such functions as he may deem Property Custodian by this Order shall remain necessary to carry out the provisions of this in effect unless and until amended or revoked by Order. the Alien Property Custodian. z. All power and authority conferred on the FRANKLIN D. ROOSEVELT President by Sections 3 (a) and 5(b) of the Trad- THE WHITE HOUSE, ing with the Enemy Act of October 6, 1917, as March 11, 194Z. amended, and by Sections 301 and 30Z of Title Temporary Delegation of Powers to the III of the First War Powers Act, 1941, approved Secretary of the Treasury December 18, 1941, except such powers and There is set forth below the text of a memoauthority as were delegated to the Secretary of randum issued by the Alien Property Custodian the Treasury by Executive Orders issued prior to under date of March 11, 194Z, delegating all of February iz, 194Z, and to the Board of Goverhis powers and authority to the Secretary of nors of the Federal Reserve System by Executive the Treasury pending the staffing and organiza- Order No. 8843 of August 9, 1941 (which powers tion of the Office of Alien Property Custodian. and authority shall continue to be vested in and exercised by the Secretary of the Treasury and Washington, D. C. the Board of Governors respectively), are hereby March 11, 194Z delegated to and vested in the Alien Property Custodian. The memorandum of February iz, Memorandum for the Secretary of the Treasury: 194Z, delegating to the Secretary of the Treasury There is hereby delegated to the Secretary of certain powers and authority under said sections, the Treasury all power and authority under Secis hereby revoked and canceled. Any and all tions 3(a) and 5(b) of the Trading with the action heretofore taken by the Board of Gover- enemy Act, as amended, conferred upon me by nors of the Federal Reserve System after Febru- the President by Executive Order dated March ary 11, 194Z, in pursuance of Executive Order 11, 194Z. This delegation is temporary, pend- No. 8843 of August 9, 1941, is hereby confirmed ing the staffing and organization of the Office of and ratified. In the exercise of the authority the Alien Property Custodian, and shall conherein delegated, the Alien Property Custodian tinue until revoked in writing in whole or in shall be subject to the provisions of Executive part at any time by me. This delegation shall Order No. 8839 of July 30, 1941, and shall desig- not be construed as a limitation upon my aunate a representative to the Board of Economic thority to exercise such power and authority at Warfare in accordance with section 6 thereof. any time. 3. Any property, or interest therein, of any LEO T. CROWLEY foreign country or a national thereof shall vest Alien Property Custodian APRIL 194Z 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Foreign Funds Control specified zones in other military areas prescribed in or pursuant to public proclamations issued by Special Regulation Issued by the Federal Lieutenant General J. L. DeWitt, Commanding Reserve Bank of San Francisco as General of the Western Defense Command and Fiscal Agent of the United States Fourth Army. For the purpose of this regulation There is set forth below Special Regulation all evacuee nationals are nationals of a foreign No. i issued on March 18, 1942., by the Federal country. Reserve Bank of San Francisco as Fiscal Agent of (b) the term "Special Blocked Property" shall mean property in which an evacuee national has the United States and confirmed by the Secretary an interest and which has been designated as speof the Treasury, which provides for the blockcial blocked property by the Federal Reserve Bank ing of transactions in property of persons evacu- of San Francisco in one or more of the following ated from the military areas on the Pacific Coast. ways: (i) there is posted on or reasonably near San Francisco, California such property an official Federal Reserve Bank March 18, 1941. of San Francisco notice that such property is special blocked property. Special Regulation No. 1 (ii) the person holding such property or Under Executive Order No. 8589, April 10, 1940, as Amended, and having possession or custody thereof has been Section $(ti) of the Trading with the Enemy Act, as Amended notified by the Federal Reserve Bank of San by the First War Powers Act, 1941, Relating to Francisco that such property is special blocked Transactions in Special Blocked Property* property. (iii) one or more persons having an interest By virtue of the authority vested in the Federal Reserve in such property have been notified by the Bank of San Francisco, Fiscal Agent of the United States, Federal Reserve Bank of San Francisco that pursuant to section 5(b) of the Trading with the enemy Act such property is special blocked property. as amended by the First War Powers Act, by virtue of the authority vested in such bank by the Commanding General FEDERAL RESERVE BANK OF SAN FRANCISCO of the Western Defense Command and Fourth Army, and by (Fiscal Agent of the United States) virtue of all other authority vested in such bank, the follow- By (sgd) WILLIAM A. DAY, President. ing special regulations are hereby prescribed: CONFIRMED : (1) The acquisition, disposition or transfer of, or other dealing in, or exercising any right, power, or Secretary of the Treasury privilege with respect to, any property hereafter designated as special blocked property is prohibited except General Rulings, General Licenses, Public as authorized by license expressly referring to this regulation. Circulars and Public Interpretations QL) Applications for any such license may be filed on Issued by the Secretary of the Form TFE-i by any person with the nearest office of the Federal Reserve Bank of San Francisco- Such applica- Treasury tions should set forth (a) the interest, if any, of the There are published below the following adapplicant in the property; (b) the details of the transaction for which a license is requested including the terms ditional General Rulings, General Licenses, of any proposed settlement; (c) the manner in which the Public Circular and Public Interpretations issued interest of the evacuee national in the property is being by the Office of the Secretary of the Treasury protected; and (d) whether or not the evacuee national under the authority of the Executive Order of is in agreement with the proposed settlement. April 10, 1940, as amended, and the Regulations (3) As used in this Special Regulation and in any ruling, license, instruction, etc.: issued pursuant thereto relating to transactions (a) the term "evacuee national" shall mean in foreign exchange, etc.: any Japanese, German or Italian alien, or any person of Japanese ancestry, resident on or since December 7, 1941 in Military Area No. 1 or in Treasury Department, Office of the Secretary, March 13, 1942 * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; GENERAL RULING NO. 6A Public No. 354, 77th Congress; Ex. Order No. 8389, April 10, 1940, as amended by Ex. Order No. 8785, June 14, 1941, Ex. Order No. 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, Ex. Order 8998, Dec. 26, Under Executive Order No. 8389, April 10, 1940, as Amended, and 1941, Ex. Order No. 9066, Feb. 19, 1942, Ex. Order No. 9095, Mar. 11, 1942. Regulations Issued Pursuant Thereto, Relating to Transactions 3O8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT in Foreign Exchange, Etc., and Section /(£) of the Trading (b) The term "enemy territory" shall mean the With the Enemy Act, as Amended, by the First War Powers Act* following: (i) The territory of Germany, Italy and Japan; and United States and foreign currency sent, mailed, imported (ii) The territory controlled or occupied by the or otherwise brought into the United States from any blocked military, naval or police forces or other authority country not within the generally licensed trade area, or of Germany, Italy or Japan. from, by, or on behalf of any person whose name appears on The territory so controlled or occupied shall be "The Proclaimed List of Certain Blocked Nationals," and deemed to be the territory of Albania; Austria; that the receiving or holding in the United States of such curportion of Belgium within continental Europe; rency so brought into the United States shall be subject to Bulgaria; that portion of Burma occupied by Japan; the provisions of General Rulings Nos. 5 and 6 in the same manner as if such currency were securities. that portion of China occupied by Japan; Czechoslovakia; Danzig; that portion of Denmark within E. H. FOLEY, JR., Acting Secretary of the Treasury. continental Europe; Estonia; that portion of France within continental Europe occupied by Germany or Treasury Department, Office of the Secretary, Italy; French Indo-China; Greece; Hong Kong; March 18, 1942. Hungary; Latvia; Lithuania; Luxembourg; British Malaya; that portion of the Netherlands within GENERAL RULING NO. II continental Europe; that portion of the Netherlands Under Executive Order No. 8389, as Amended, and Regulations East Indies occupied by Japan; Norway; that por- Issued Pursuant Thereto, Relating to Foreign Funds Control tion of the Philippine Islands occupied by Japan; Poland; Rumania; San Marino; Thailand; that por- (1) No license or other authorization now outstanding tion of the Union of Soviet Socialist Republics or hereafter issued, unless expressly referring to this general occupied by Germany; Yugoslavia; and any other ruling, shall be deemed to authorize any transaction which, territory controlled or occupied by Germany, Italy directly or indirectly, involves any trade or communication or Japan. with an enemy national. (c) The term "The Proclaimed List of Certain Blocked (Y) As used in this general ruling and in any other rulings, Nationals" shall mean "The Proclaimed List of Certain licenses, instructions, etc.: (a) The term "enemy national" shall mean the Blocked Nationals" as amended and supplemented, following: promulgated pursuant to the President's Proclamation (i) The Government of any country against which of July 17, 1941. the United States has declared war (Germany, Italy (d) The term "trade or communication with an enemy and Japan) and the Governments of Bulgaria, national" shall mean the sending, taking, bringing, Hungary and Rumania and any agent, instrumen- transportation, importation, exportation, or transtality or representative of the foregoing Govern- mission of, or the attempt to send, take, bring, transments, or other person acting therefor, wherever port, import, export or transmit situated (including the accredited representatives of (i) any letter, writing, paper, telegram, cableother Governments to the extent, and only to the gram, wireless message, telephone message or other extent, that they are actually representing the communication of any nature whatsoever, or interests of the Governments of Germany, Italy and (ii) any property of any nature whatsoever, in- Japan and Bulgaria, Hungary and Rumania); and cluding any goods, wares, merchandise, securities, (ii) The government of any other blocked country currency, stamps, coin, bullion, money, checks, having its seat within enemy territory, and any drafts, proxies, powers of attorney, evidences of agent, instrumentality, or representative thereof, or ownership, evidences of indebtedness, evidences of other person acting therefor, actually situated property, or contracts within enemy territory; and directly or indirectly to or from an enemy national after (iii) Any individual within enemy territory and March 18, 1942.. any partnership, association, corporation or other (3) This general ruling shall not be deemed to affect any organization to the extent that it is actually situated outstanding specific license in so far as such license expressly within enemy territory; and authorizes any transaction which involves trade or commu- (iv) Any person whose name appears on The nication with any person whose name appears on The Pro- Proclaimed List of Certain Blocked Nationals and claimed List of Certain Blocked Nationals. any other person acting therefor. (4) Any transaction prohibited by section 3(a) of the Trading with the enemy Act, as amended, is licensed there- * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public, No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, under unless such transaction is prohibited pursuant to sec- 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, Decem- tion 5(b) of that Act and not licensed by the Secretary of the ber 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, Treasury. In this connection, attention is directed to the and July 26, 1941. APRIL 1941 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT General License under section 3(a) of the Trading with the (3) This general license shall not be deemed to license as a enemy Act, issued by the President on December 13, 1941. generally licensed national: E. H. FOLEY,JR. (a) Any individual who on or since the effective date of Acting Secretary of the Treasury the Order has acted or purported to act directly or indirectly for the benefit or on behalf of any blocked Treasury Department, Office of the Secretary, country, including the government thereof; February Z3, 1941 (b) Any individual who is a national of a blocked country by reason of any fact other than that such AMENDMENT OF GENERAL LICENSE NO. 42. individual has been domiciled in, or a subject, citizen, Under Executive Order No. 8389, April iot 1940, as Amended, or resident of a blocked country at any time on or since and Regulations Issued Pursuant Thereto, Relating to the effective date of the Order; Transactions in Foreign Exchange, Etc.* (c) Any individual who enters a blocked country after February Z3, 1941; or General License No. 41 is amended to read as follows: (d) Any national of Japan. Nationals of Japan shall (1) A general license is hereby granted: continue to be governed by the provisions of General (a) Licensing as a generally licensed national any License No. 68A in so far as General License No. 68A individual residing in the United States on February may be applicable. 13, 1942., and E. H. FOLEY, JR. (b) Licensing as a generally licensed national any Acting Secretary of the Treasury. partnership, association, corporation or other organization which is a national of a foreign country designated Treasury Department, Office of the Secretary, in the Order solely by reason of the interest therein of a February 2.3, 1942. person or persons licensed as generally licensed nationals pursuant to this general license. REVOCATION OF GENERAL LICENSES NOS. 41A AND 68 (2) The following provisions shall govern the riling of reports under this general license: Under Executive Order No. 8389, April 10, 1940, as Amended, and (a) Before effecting any transaction pursuant to this Regulations Issued Pursuant Thereto, Relating to general license, the following persons licensed herein as Transactions in Foreign Exchange, Etc.* generally licensed nationals shall file a report in triplicate General Licenses Nos. 41A and 68 are hereby revoked. on Form TFR-4i with the appropriate Federal Reserve E. H. FOLEY, JR. Bank: Acting Secretary of the Treasury. (i) Every individual who was not residing in the United States on June 17, 1940; and Treasury Department, Office of the Secretary, (ii) Every partnership, association, corporation March 10, 1941 or other organization which prior to February Z3, 1941, was not a generally licensed national solely by AMENDMENT OF GENERAL LICENSE NO. 68A reason of the interest of an individual or individuals referred to in (i) above. As Amended, Under Executive Order No. 8389, April 10, 1940, as Any person failing to comply with this reporting re- Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* quirement is not authorized to engage in any transaction pursuant to this general license. General License No. 68A is hereby amended by deleting (b) Individuals and other persons licensed herein as paragraph (6) and renumbering paragraph (7) as paragenerally licensed nationals and not falling within classes graph (6). referred to in i(a) need not file reports on Form TFR-41. E. H. FOLEY, JR., (c) This general license shall not be deemed to suspend, Acting Secretary of the Treasury. cancel, or otherwise modify in any way the requirements of the Order and regulations relating to reports on Form Treasury Department, Office of the Secretary, TFR-300 with respect to the property interests of certain March 13, 1942. persons licensed herein as generally licensed nationals; •provided, however, that if reports on TFR-300 were not, PUBLIC CIRCULAR NO. 17 prior to February 23, 1941, required to be filed in any Under Executive Order No. 8389, April 10, 1940, as Amended, and case or class of cases, such reports are not required to be Regulations Issued Pursuant Thereto, Relating to filed pursuant to this general license. Transactions in Foreign Exchange, Etc.* * 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, 55 Stat. 838; Ex. Order 8389, April 10, Public, No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 1940, as amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, Decem- 26,1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, ber 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. and July 26, 1941. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (i) General License No. 13 is hereby amended as follows: General License No. 17 authorizes the crediting of A's (a) By deleting the work "Java" from subdivisions blocked account under the above circumstances. (a) and (b) of paragraph (1) thereof; and J. W. PEHLE, (b) By deleting subdivisions (c) and (d) from para- Assistant to the Secretary graph (1) thereof. (z) General License No. 15 is hereby amended as follows: Treasury Department, Office of the Secretary, (a) By deleting the words "between the United States Foreign Funds Control, and the Netherlands East Indies and" from para- January 13, 1942. graph (1) thereof; and (b) By deleting the words "such areas" from sub- PUBLIC INTERPRETATION NO. 2. divisions (a) and (b) of paragraph (i) thereof and Under Executive Order No. 8389, April 10, 1940, as Amended and substituting therefor the words "the Netherlands Regulations Issued Pursuant Thereto, Relating West Indies". to Foreign Funds Control (3) General License No. 2.0 is hereby amended by deleting the words "the Netherlands East Indies or" from the first Subject: General License No. 53 paragraph thereof. Inquiry has been made as to whether a trade transaction (4) General License No. 2.1 is hereby amended by deleting with a concern in the generally licensed trade area is excluded the words "the Netherlands East Indies or" from paragraph from General License No. 53 solely because such concern is a (1) thereof. branch or subsidiary of a concern organized under the laws of (5) For the purpose of administering the Order and coma country not within the generally licensed trade area or plying with the provisions thereof, the Netherlands East because a substantial portion of the stock is held by a person Indies shall continue to be regarded as a part of the Netherdomiciled or resident outside of the generally licensed trade lands and not as a part of the territory of any other blocked area. country. A trade transaction with a concern doing business within (6) Attention is directed to the fact that, by reason of the generally licensed trade area is not excluded from General temporary control and occupation by the military, naval, License No. 53 for these reasons. and police forces and other authority of Japan, the Nether- J. W. PEHLE, lands East Indies is no longer included within the generally Assistant to the Secretary licensed trade area as defined in General License No. 53. General License No. 53 is hereby amended by deleting the words "the Netherlands East Indies" from subdivision (a) Treasury Department, Office of the Secretary, of paragraph (3) thereof. Foreign Funds Control, February 2.7, 1941 E. H. FOLEY, JR. Acting Secretary of the Treasury. PUBLIC INTERPRETATION NO. 3 Under Executive Order No. 8389, April 10, 1940, as Amended, and Treasury Department, Office of the Secretary, Regulations Issued Pursuant Thereto, Relating Foreign Funds Control, to Foreign Funds Control January 13, 1942. Subject: General Licenses Nos. 49, 50, 52., and 70, and PUBLIC INTERPRETATION NO. I Public Circular No. 15. Inquiry has been made as to whether banking institutions Under Executive Order No. 8389, April 10, 1940, as Amended, and within the United States are authorized under General Regulations Issued Pursuant Thereto, Relating to Licenses Nos. 49, 50, 52., and 70, as amended by Public Foreign Funds Control Circular No. 15, to effect transactions concerning which Subject: General License No. 2.7 reports on Form TFR-149 must be filed before they have obtained the information required by Form TFR-149. Inquiry has been made as to whether, under General Banking institutions are not authorized to effect such License No. 2.7, a blocked account in the name of A may be transactions unless they are in possession of the information credited with dividends on stock held in such blocked ac- required by Form TFR-149. count, such stock being owned of record by B who is also a J. W. PEHLE, blocked national. Assistant to the Secretary APRIL 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGENT CHANGES IN DEMAND FOR CURRENCY Since a year ago currency outstanding has in- that the growth of cash held in hoards has accreased by 2.-7 billion dollars to a total of 11.5 counted for a part but not a major part of the billion dollars, which is double the volume of total. the 192.0's. This rapid growth in the public's It is a well established and familiar fact that demand for currency raises a number of impor- the amount of currency that flows in and out of tant questions as to its causes, character, and the banks is governed entirely by the public's possible significance in relation to the position requirements. Anyone who possesses a deof the banks and to monetary policy. posit in a bank or is able to get one by Some discussion of these matters is presented borrowing or otherwise may obtain curin this article. Though complete or conclusive rency, and anyone with currency may deposit reports are not available on what the public it in a bank. The amount of currency, theredoes with its currency, there is some evidence on fore, fluctuates with changes in the people's which to base rough estimates. On the basis of needs and preferences. The chart shows changes available information it appears that the bulk of in currency in circulation since 1914.1 the growth in currency has been due to an ex- BUSINESS NEEDS pansion of payrolls, retail trade, and services Nearly three-quarters of the 7-billion-dollar that are habitually settled in cash, that a part increase in currency circulation since the 192.0's of it has been due to increases in service charges by banks and other developments that have en- 1 "Currency in circulation" is the name given to all currency outside couraged the use of cash in place of checks, and the Federal Reserve Banks.and Treasury, whether it is held inactive or is actually "circulating". The figure, therefore, includes vault cash of commercial and savings banks, which comprises about 14 per cent of the total. For a more complete discussion of why the public alone de- NOTE: The material in this article was prepared in the Division of termines the amount of currency in circulation see Money System of Research and Statistics. The views expressed in it are not necessarily United States, by Woodlief Thomas, in Banking Studies, Board of those of the Board of Governors. Governors of the Federal Reserve System, 1941, pp. 308-312. CURRENCY IN CIRCULATION BILLONS CF DOLLARS ENDOF hONTh FIGJRES BILLK)NS 0-DOLL 12 I 10 10 8 J M— y J f [1 *^ y 6 TOTAL y t **> /y K w / / * A/ COlf\ ANDBILLS UNCER %50 2 / ^ • .—«— — in 3ILLS$50 AN0()VER 0 1914 1916 1918 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 211. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN THE DEMAND FOR CURRENCY appears to have been due to increased business Growth of currency since the 192.0's (outside needs, principally to meet wage payments and of hoards), however, has been larger than can consumers' expenditures. Such needs have re- be accounted for entirely by increased volume of sulted in a rapid rise in the circulation of coin business that used to be settled in cash. There and bills in denominations of $xo and under. have been, in addition, certain developments Probably no great amount of the rise in coin that have encouraged the use of cash in place and small bills represents hoarding because large of checks. Some of these developments may be bills are much more convenient for hoarding. briefly mentioned. (1) Banks now impose serv- The following chart indicates that business ice charges on checking accounts and no longer needs for currency have been increasing rapidly. pay interest on them. Business firms have thus This chart compares changes in circulation of been encouraged to pay more wages and salaries currency over the past decade with an index of in currency and consumers have also tended to the most important uses of currency, including buy more and settle more of their bills in curpayment of wages and salaries and retail pur- rency, (x) A larger proportion of the national chases.2 Since 1934 currency in circulation and income now than in the Twenties is paid to the the index measuring the uses of currency have low-income groups which make more of their generally moved together, and both have payments by currency rather than by check. doubled since the low point of 1933. In 1931 (3) The country has been passing through a and 1932L, when large-scale hoarding prevailed, period of considerable shifting in the population and in 1933 and 1934, when a return flow from from one part of the country to another. The process began in the depression and has been DEMAND FOR CURRENCY furthered by recovery from the depression, MONTHLY FIGURES PER C C E U N RBTil935 39>lO( by the establishment of war industries, and by 200 the mobilization of military forces. A shifting 150 population requires more currency because INDEX 3F CURRE.NCY PAYMENTS people take time to establish banking con- A y 100 nections in new neighborhoods. (4) There 80 may be some increase in the use of cash for the Wi ——< 60 purpose of concealing illegal transactions.3 %•— ^CURRENCY IN CIRCULATION 40 MAGNITUDE OF HOARDS In addition to various kinds of business uses, 20 however, currency is also used for hoarding. Active currency may be defined as cash that is hoards appears to have assumed substantial proeither in actual use or is about to be used in portions, the two curves generally moved in settling transactions of a kind that can be opposite directions. handled more conveniently and cheaply by cur- 2 The composition of this index, which has been developed by Louise rency rather than by check. When currency is Sissman, formerly with the Division of Research and Statistics, and the relative magnitude of each component for the year 1941 are shown in the held indefinitely or for purposes that can be following table. All items except totals of salaries, wages, and relief and Social Security payments have been adjusted to represent more conveniently or cheaply handled by check estimated amounts paid in currency. (In millions of dollars; some of it may be called hoarded currency. Holders of the figures are preliminary.) Store sales 11,536 currency in these circumstances are influenced Grocery chain stores 7,602 Department stores 2,919 by considerations other than economy or Variety chain stores 1,015 Transportation 6,468 convenience. They may wish to hold their Retail gasoline sales 5,154 Street car and bus fares 737 property or transact their business in a manner Liqu R or a i s lr a o le a s d and Pullman fares 577 3,538 that leaves no record in a bank, they may be Rent payments 4,973 Hotel and restaurant receipts 3,722 Cigarette sales 1,539 3 Increased demands for currency have had some effect on the Industrial insurance collections 722 nature of our monetary system and the volume of the banking business. Postage stamp sales 566 Currency hoards or payments are a substitute for the deposit services Amusement receipts subject to tax * 265 of banks. The tendency for the public to rely on currency in place of Public telephone revenues 51 bank deposits may be considered something of a backward step in our Salary and wage payments 59,919 development, which from the middle of the Nineteenth Century until Social security payments 1,813 the early 1930's had been in the direction of settling an increasingly Relief payments 1,113 larger proportion of the country's business through checks drawn on 96,225 bank deposits. APRIL 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANQES IN THE DEMAND FOR CURRENCY thinking of the soundness of banks, or they Dishoarding of small bills following the may, because of their general fears and un- reopening of banks is evidenced by the fact certainty, want to have more cash on hand.4 that the amount of the smaller denominations In estimating the volume of currency held in outstanding failed to increase at a time when a hoards, it has been assumed that such currency recovery of general business activity from the consists of large denomination bills of $50 and low point of the depression was necessitating over, which are most convenient for hoarding. larger amounts of these bills for wage payments It is assumed that bills of smaller denomina- and retail buying. This additional need for tions, that is $2.0 and under, are not now hoarded small denomination currency during the early in sufficient volume to affect the analysis of the period of business recovery is indicated by the situation. preceding chart. Business needs for currency, Reported circulation of large denomination as shown by the index of currency payments, bills of $50 and over is shown in the chart on declined sharply from 1931 through early in the first page. Aside from illegal or other con- 1933. This decline was offset to some extent cealed transactions, there is only limited use for by greater need of currency for regular business them as means of payment, because checks are in communities deprived of adequate checking safer and more convenient, and when used such facilities because of bank failures. In the bills are not likely to remain long in circulation. latter half of 1933 and in 1934, though business Nevertheless about 3,100 million dollars of such needs rose sharply, circulation of small bills bills are now in circulation as compared with showed but a slight increase. Failure of the about 700 million dollars before the hoarding supply of small bills to expand in line with these movement began at the end of 1930. It is additional demands probably indicates that a probable that the demand for large bills for substantial amount of the small bills that purposes other than hoarding is greater now previously went into hoards was being restored than in the Twenties but probably does not to active use. exceed a billion dollars. The remainder of the The large denomination currency that went large denomination bills, roughly 2. billion into hoards prior to the banking holiday, howdollars, may be taken as a fair measure of the ever, did not come back. At the end of 1935, amount of hoards. nearly three years after the banking holiday, large denomination currency of $50 and over DOMESTIC HOARDING amounted to about 500 million dollars more than prior to the hoarding movement. This figure Who is hoarding this estimated 2. billion dolcan be taken as a rough measure of the net lars of large denomination currency? Oneaddition to hoards held by our own citizens quarter to one-half of it appears to be in the at that time. It is not unlikely that these possession of Americans. Practically all hoardhoards are still held. ing prior to 1936 can be considered as domestic Whether there was net hoarding or dishoardhoarding and there has been some further ing by Americans in the years 1936 through the domestic hoarding in the past year or so. Most early part of 1940 is unknown, but it is not of the domestic hoards were built up prior to probable that such a movement could have been the banking holiday of March 1933. Hoards at on £ large scale. There was no apparent reason that time probably included small as well as for Americans to increase their hoards substanlarge denomination bills, but the small bills tially in this period because banks were being hoarded must have declined sharply in the two strengthened and the fear of "general uncerand a half years after the reopening of the tainty" in connection with the war did not arise banks while large bills continued to remain until later. It is probable, however, that many in hoards. depositors who had hoarded currency at the 4 For those who are interested in definitions, it might be pointed out time of the banking holiday in order to avoid that the one used here includes under hoards funds held in the form of currency for working purposes whenever bank deposits would be more losses through bank failures continued to retain convenient or cheaper to use than the currency. Under this definition most of these hoards, because there was no a small amount of currency was probably hoarded in the 1920's. It would be more accurate, therefore, to say that the figure of 2 billion strong incentive for them to redeposit the curdollars subsequently given as a rough indication of hoards represents, rather the increase in hoards since the 1920's than the present volume of rency in banks. No interest was paid on dehoards. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN THE DEMAND FOR CURRENCY mand deposits and very low rates on time ing, because there is no way of measuring the deposits. Also there was a growing reluctance amounts. The unusually rapid rise in incomes on the part of banks to accept large time de- and business activity probably accounts for a posits. part of the increased demand for large denomi- Since the latter part of 1940 it appears that nations since June. domestic hoards have increased. This is indicated by replies from a number of member HOARDING BY NATIONALS OF FOREIGN COUNTRIES banks to a recent inquiry conducted by the Most of the hoarding of United States cur- Federal Reserve Banks.5 Many commercial rency in recent years appears to have been by banks report that some of their depositors have nationals of foreign countries, either for retenbeen hoarding currency because of "general tion in the United States or for transfer abroad, uncertainty" in connection with the war. Foreign hoarding has probably amounted to There are some reports of persons holding money between i billion and 1.5 billion dollars. in currency rather than on deposit because they An indication of the general magnitude of have heard somewhere that deposits will be foreign hoarding is given by the increase in investigated and their holders required to sub- demand for large-denomination currency since scribe to Government bonds. That this is 1935, when the foreign political situation first false has recently been stated officially by the began to look uncertain and capital started Secretary of the Treasury.6 It reflects, more- flowing into this country from abroad. over, a curious misunderstanding. People do From the end of 1935 until the end of June not seem to realize that currency and Govern- 1941, the circulation of large denomination bills ment bonds are both based on the credit of the increased by about 1.4 billion dollars. Some of Government, that Defense bonds are convertible these large bills were probably required by the into cash without market risk; and that the public because of the expansion of business main difference is that bonds earn interest for needs. There are good reasons for believing, the holder, while currency does not. however, that foreign hoarding was substantial It is possible that increased domestic hoarding in this period. With the growing political of currency in the past year has been in the tension in Europe there was a large flow of neighborhood of several hundred million dol- foreign funds into the United States. Some of lars, in addition to the domestic hoards pre- these funds were used to purchase American viously outstanding. From the end of June securities, some were placed on deposit in banks, 1941 through February 1942 the circulation of and some were converted into currency. In large denomination bills increased by about 400 some cases, currency was preferred to bank demillion dollars. To the extent that some posits because it could be held with less risk of hoarding is reflected in this figure, it is likely detection by the United States Government or that it has been on the part of Americans. The by foreign governments. In the spring of 1940 tightening of the Treasury's "freezing" regula- the Government began to "freeze** or restrict tions in the first half of 1941 severely restricted the use of funds held by citizens of countries the withdrawals of funds held in the United controlled by the enemy. States by citizens of enemy countries and those occupied by the enemy, so that it has become in- SIGNIFICANCE OF THE DEMAND FOR CURRENCY creasingly difficult since then for citizens of The extraordinary increase of currency in foreign countries to increase their hoards of circulation has caused no difficulty. Commer- American currency. Domestic hoarding over cial banks have been in a position to meet the the past year or so has probably been at a smaller withdrawal of funds readily out of excess rerate than the recent increase of 50 million dolserves and the Federal Reserve Banks have easily lars a month in large denomination bills. This supplied all of the currency the banks deis a rough estimate, as are all figures on hoardmanded. 6 Another survey by the Board of Governors indicates that State The chief significance of an increase in the and 6 lo S c e a c l r e G ta o r v y e M rnm or e g n e t n s t h a a r u e n sa o id t h o o n ld J i a n n g u u ar n y u s 1 u 2 a : l " a T m h o e u F nt e s d e o r f a l c u G r o re v n e c rn y - volume of currency is that it lowers the amount ment does not have under consideration any proposal involving the of bank reserves. This in turn may reduce the confiscation of savviinigs deposits of this country for any purpose." APRIL 1941 3*5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN THE DEMAND FOR CURRENCY power of banks to lend and invest. To meet absorbs bank reserves. While an increase in currency demands of their customers and those of the currency demand for spending could at times correspondent banks who maintain balances be an indication of an inflationary development, with them, member banks must draw upon their it would be a symptom and not a cause. balances with the Federal Reserve Banks; con- During most of the Twenties the public's sequently an increase in currency circulation demand for currency had little more than a reduces reserves of member banks by an equal temporary seasonal influence on the banking amount. This in turn reduces their capacity to situation. Year after year the amount of curextend credit without resorting to the Federal rency in circulation on the average showed little Reserve Banks. On the other hand, when bank change. About as much money flowed back customers redeposit currency, the banks are able into the banks as flowed out, with no net effect to add these funds to their reserve balances at on their reserves. Currency was used almost the Reserve banks and thus increase their lend- entirely for making cash purchases, for payments ing capacity. of wages, and for pocket and till cash. Changes Withdrawal of currency has been the prin- in the public demand for currency under these cipal cause of the decline in member bank re- conditions were fairly predictable. Policies serve balances during the past year. It has of the banking and monetary authorities, which contributed to bringing the reserve position of must be formulated in anticipation of events, banks more nearly within the range of the con- could be determined with some degree of astrols of Federal Reserve authorities. In theory surance as to what currency demand was likely currency withdrawals could be carried to the to be. Substantial and sudden changes in curpoint where the reduction in excess reserves rency practices of the people such as we have would tend to prevent banks from extending witnessed in recent years and which may underadequate credits to war producers and from buy- go further significant changes as the war proing Government securities in amounts sufficient ceeds, have added another factor of uncertainty for financing the war effort. But as a practical to the formulation of long-range monetary matter Federal Reserve authorities are in a posi- policies. tion effectively to prevent this by the use of To summarize, currency should be viewed as their powers to provide the banking system one of two principal types of money—cash and with such reserve funds as may be needed. bank deposits. The flow of currency into and There is no reason to expect withdrawals of out of circulation is in response to the choice of currency so to reduce excess reserves as to depress individuals as to the form in which they wish security markets and complicate the Govern- to hold or spend their money. The principal ment's financing of the war. The Federal Re- monetary significance and consequence of serve authorities have all the power needed to changes in the volume of currency in circulation prevent that. is in their effects on bank reserves. These effects Just as the authorities can provide the neces- can be largely offset by appropriate monetary sary amount of bank reserves, the Federal Re- policies, provided the authorities have adequate serve Banks can supply whatever volume of powers. While present powers to prevent concurrency may be demanded, since they are in a traction of bank reserves are adequate, powers position to issue currency on the basis of vir- to prevent overexpansion are limited. Contually all the assets they may acquire. This sequently, currency withdrawals do not repreelasticity of the currency supply under the sent a danger to the economy but they may lay mechanism provided by the Federal Reserve the foundation for a dangerous situation in the System prevents an absolute shortage of cur- future. This would arise if redundant currency rency from developing. began to flow back and to expand bank reserves Some people think that the increased demand beyond the powers of the Federal Reserve Sysfor currency is inflationary. But it has an effect tem to absorb them at a time when a policy of that is the exact opposite of inflationary. It credit restraint was in the public interest. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOODS EXPENDITURES IN 1941 by FREDERICK C. DIRKS Division of Research and Statistics Total expenditures on durable goods in the expenditures for equipment are not complete, United States during 1941 amounted to about 1.9 however, since it has not been possible to sepabillion dollars, an increase of about 6.5 billion rate Government expenditures for ordinary or 30 per cent over 1940. About half of the commercial equipment, such as office equipment increase represented expansion on Government and motor trucks, from private expenditures for account of strategic industries and of military such equipment except in the case of industrial and naval posts. The remainder represented facilities for the war program in 1940 and 1941. largely private expenditures by consumers for After showing little change from 1939 to 1940, household goods and passenger automobiles. Government expenditures for durable goods Preliminary estimates for 1941, together with increased by about 3.5 billion dollars in 1941. comparable figures for earlier years, are pre- More than half of this increase went into expansented in the accompanying table, which consion of industrial plants for producing war tinues the series published in the Bulletin for materials and into Government-owned equip- September 1939 and February 1941.1 Revisions ment for such plants. Most of the remaining have been made in many of the component series increase went into construction on military and on the basis of preliminary material from the naval posts. These amounts do not include 1939 Census of Manufactures and of research by Federal Government commitments outstanding various Government departments. at the end of 1941 for more than 3 billion As in prior estimates, the figures represent of industrial plant and equipment. Nearly all gross expenditures for capital account, that is, of the facilities completed and proposed under for goods on which depreciation is usually Government ownership were for manufacturing accrued or which have an expected life of at least' industries. three years. Accordingly, expenditures for mili- Expenditures for publicly owned utility plants tary and naval equipment generally are not totalled slightly less than in the last pre-war included, nor are expenditures for repairs and year, 1939, and continued small relative to the maintenance. total public expenditures for durable goods. A breakdown of public expenditures is pre- Other public construction expenditures, includsented for the first time this year. Public ing defense and other public housing projects, 1 The definitions and sources of the several series are mainly as were somewhat larger in 1941 than in 1940. described in the September 1939 Bulletin, pages 731-36, with the exception of (1) residential housing, which is a new series estimated by the Private expenditures for plant, that is, pro- Bureau of Labor Statistics, and (2) Government expenditures for industrial facilities which are explained in footnotes to the present ducers' expenditures under private ownership table. As before, estimates cover only expenditures for domestic use. Not included in the figures are about 1.4 billion dollars of exported in- including amounts financed by Federal Governdustrial, commercial, and agricultural equipment, part of which was financed by British funds and by the Federal Government under the ment loans, showed about the same increase in Lend-Lease Program. Although merchant ships constructed for official British account have been excluded, no deduction has been made for 1941 over 1940 as that year did over 1939. Total ships transferred to private owners under foreign registry, since it is assumed that most of such ships have continued to serve American equipment expenditures of producers, however, shippers and trade. In comparison with preliminary data from the 1939 Census of Manu- increased little in 1941 over 1940; a substantial factures, the present estimates for plant construction by manufacturing companies appear to be somewhat low. The difference, which expansion in most non-manufacturing indusamounted to about 160 million dollars in 1939, is explained by the fact that the series for manufacturing plant consists of factory construction tries was offset by contraction in private as estimated by the Department of Commerce, whereas manufacturers' reports to the Census on plant construction include also fixed installa- expenditures of manufacturing and mining tions of equipment. Our figures for value of manufacturing equipment are considerably higher than the Census reports for this industry, partly companies as they relied increasingly on Federal because they include fixed installations of equipment, and partly because they include considerable public expenditures for equipment funds to provide specialized equipment. Thus, which cannot be segregated from private purchases in all years. Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. APRIL 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS EXPENDITURES IN I94I estimated additions of privately owned equip- Industries other than manufacturing and ment in the latter industries were about 500 mining spent about 750 million more for equipmillion smaller than in 1940, while Government- ment last year than in 1940, with virtually no owned manufacturing equipment was about 850 assistance from Government funds. In several million larger. The relatively small increase fields, larger programs which had been budgeted in the combined total of private and Govern- at the beginning of the year could not be carried ment expenditures for manufacturing equipment out because of difficulties in securing materials reflects the limited capacity of equipment manu- and equipment. Similar difficulties were also facturers, much of whose facilities were con- experienced in some lines of consumer durables, verted to producing military equipment. particularly housing. ESTIMATED EXPENDITURES FOR NEW DURABLE GOODS 1935-1941* [In millions of dollars] Plant and Equipment Plant2 Equipments a 19 ve 3 r 5 a -3 g 9 e 1939 1940 1941 a 19 ve 3 r 5 a -3 g 9 e 1939 1940 1941 a 1 v 9 e 3 r 5 a -3 g 9 e 1939 1940 1941 Public and private* 17,340 19,070 22,300 28,840 6,670 7,890 8,600 12,170 10,680 11,180 13,710 16,670 Public*—total . . 2,960 3,530 3,630 7,180 2,960 3,530 3,480 6,190 Military and naval^ 60 120 470 1 770 Factory and commercials 30 40 150 1,310 6 6 6 1506 1,000 Public utilities? 360 420 330 390 Other8 • 2,510 2,960 2,530 2,720 Private—total 14,380 15,540 18,670 21,660 3,710 4,360 5,110 5,980 10,680 11,180 13,560 15,680 Producers'—total . .. . . .... 5,840 6,100 7,710 8,470 1,810 1,890 2,390 2,850 4,030 4,200 5,320 5,620 Railroad 300 280 440 560 130 140 160 180 170 140 290 390 Electric power 330 400 540 590 130 160 230 260 190 240 320 330 Telephone 290 330 400 560 80 90 120 180 220 240 290 380 Transit 100 110 110 110 40 50 50 30 60 50 60 80 Other utilities 130 120 130 190 90 80 90 140 40 40 40 60 Manufacturing and mining 2, .s40 2,310 3,140 2,890 830 820 1,120 1,350 1,510 1,490 2,020 1,550 Agriculture 760 770 970 1,150 200 230 260 300 560 540 710 850 Commercial and miscellaneous.. ... 1,580 770 1,980 2,420 300 320 380 420 1,280 1,460 1,600 2,000 Consumers'—total 8,550 >,450 10,960 13,190 1,900 2,470 2,720 3,130 6,640 6,980 8,250 10,060 Housings) 1,730 2,240 2,530 2,920 Non-profit institutions 170 220 190 210 Passenger automobiles 2,240 2,230 2,950 3,490 4,400 4,750 5,300 6,570 1 All figures subject to revision. Several series have been revised since publication in BULLETIN for February 1941. * In addition to buildings and some fixed installations, "plant" includes oil well drilling and construction activities such as building roads and air bases 3 Figures exclude equipment to be used in direct war operations, but include equipment for producing war goods, as well as other non-war equipment and consumer goods. * Division between public and private is on basis of ownership of goods, not source of funds for financing. Public represents Federal, State, and local governments. Public expenditures for equipment of the ordinary commercial type (except for industrial equipment referred to in note 6) have not been segregated from private expenditures for such equipment. 6 Figures represent construction in cantonments and navy yards; they exclude expendiiures for military and navai equipment, and also for merchant ships for army or navy use. 6 Includes mainly expenditures for industrial facilities to produce war goods; also army and navy warehouses not part of the cantonment program. Prior to 1940 public expenditures for industrial equipment are all included with private, mainly under Manufacturing and mining and Commercial and miscellaneous. Equipment figures shown foi 1940 and 1941 represent facilities provided in connection with war program, including merchant shipbuilding by Maritime Commission net of sales. Other public expenditures for equipment of the ordinary commercial type, such as motor trucks and office equipment, continue to be represented under private equipment. 7 Represents only fixed plant construction. 8 Includes such items as highways, housing, educational and other public buildings, etc., and WPA construction. » Includes farm dwellings but not public housing activities. 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1941 Activities of Government corporations veloping the resources and stabilizing the and credit agencies in 1941 were influenced economies of countries of the Western principally by the rapid development of the Hemisphere. Other increases included national defense program. An even sharper loans by the Rural Electrification Adexpansion in their activities in the future is ministration to facilitate the use of elecindicated by the President's recent Budget tricity in rural areas and by the Farm Message. As is shown by the following Security Administration to farm tenants and table, assets of Government corporations and credit agencies, other than interagency UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES items, increased by 2.,i6o million dollars [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars.] in 1941 to a total of 14,660 million dollars. Liabilities expanded by 1,240 million dol- De 1 c 9 . 4 3 1 1, De 1 c 9 . 4 0 31, Change lars and net assets by 9x0 million dollars. Government interests increased by 905 ASSETS Loans and preferred stock: • million dollars. Loans to financial institutions 434 485 -51 Preferred stock, etc 680 736 -56 Loans to railroads 498 516 -18 The largest increase in assets during the Home and housing mortgage loans: Home Owners' Loan Corporation 1,777 1,956 -179 year was in property held by the national U. S. Housing Authority 367 186 +181 Other 279 248 +31 defense corporations. These include the Farm mortgage loans 2,361 2,500 -139 Other agricultural loans 773 757 +16 Metals Reserve Company, the Rubber Loans to Great Britain by Reconstruction Finance Corporation 345 +345 Reserve Company, the Defense Supplies All other loans 1,651 1,298 +353 Total loans and preferred stock.., 9,167 8,682 +485 Corporation, the Defense Homes Corpora- Cash 496 533 -37 U. S. Government direct securities 884 701 +183 tions, and the Defense Plant Corporation. Securities of Government corporations and credit agencies: These corporations, as their names imply, Fully guaranteed by U. S 115 128 -13 Otheri , 46 22 +24 are engaged in obtaining strategic and Accounts and other receivables 574 491 +83 Business property , 714 593 +121 critical materials needed in the war, in Property held for sale: Commodity Credit Corporation 749 570 +179 constructing homes in congested defense N Ot a h ti e o r nal defense corporations 4 7 3 0 9 3 5 4 2 2 9 + — 66 9 1 0 Other assets: areas, and in building plants necessary to U. S. Maritime Commission 672 155 +517 Other , 102 55 +47 the war. The increase in their property Total assets other than interholdings amounted to 660 million dollars agency2 14,660 12,500 +2,160 to a total of 705 million dollars, and there LIABILITIES Bonds, notes, and debentures: was some increase in their loans. They Home Owners' Loan Corporation 2,416 2,615 -199 Reconstruction Finance Corporation... 1,802 1,097 +705 are financed through the Reconstruction U. S. Housing Authority 114 226 -112 Other fully guaranteed by United States 1,992 1,979 +13 Finance Corporation. Other!..... 1,392 1,395 -3 Other liabilities: The Reconstruction Finance Corporation Commodity Credit Corporation 308 129 +179 U.S. Maritime Commission 489 82 +407 also advanced 345 million dollars on a loan Other 1,251 1,003 +248 to Great Britain. Increases in other loans Total liabilities other than interagency2 .•••.••..• 9,765 8,526 +1,239 include those made by the Reconstruction Excess of assets over liabilities, excluding interagency transactions 4,895 3,974 +921 Finance Corporation to industrial and U. S. Government interests.. 4,464 3,559 +905 Privately owned interests. .. 431 415 +16 commercial businesses for national defense. The Export-Import Bank made loans to 1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. aid in financing foreign trade and in de- 2 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. APRIL 1942. 3*9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1941 for rural rehabilitation. These agencies bilities of the Commodity Credit Corporaare financed through the Reconstruction tion increased by 180 million dollars, Finance Corporation. reflecting forward commitments for the There was also a large increase in assets Surplus Marketing Administration and cerof the U. S. Maritime Commission, and a tificates issued in connection with the 1941 similar increase in liabilities. The princi- cotton loans. pal activities of the Commission consist of Holdings of business property by Governthe construction and repair of merchant ment corporations increased by 12.0 million vessels under both a long-range and an dollars with the principal expansion by the emergency program. Tennessee Valley Authority. Holdings of Loans by the U. S. Housing Authority direct Government securities increased by increased by 180 million dollars. The 185 million dollars. The largest increases Housing Authority is engaged not only in were by the Federal land banks and the financing the eradication of slums but also Federal Deposit Insurance Corporation. in defense housing activities. The Home The guaranteed debt increased by 405 Owners' Loan Corporation showed declines million dollars. Outstanding obligations of 180 millions in loans and of 70 millions of the Reconstruction Finance Corporation in property held for sale. • Farm mortgage increased, while those of the housing loans under the Farm Credit Administration agencies declined. There was a rapid declined by 140 million dollars. Other increase in the total guaranteed debt in the agricultural loans showed a seasonal in- first part of the year to a peak of 6,940 crease in the spring and a decline in the million dollars outstanding in July. The fall with little net change for the year as a outstanding debt declined in November, as whole. maturing issues were redeemed or were Commodities owned by the Commodity refunded into direct securities. This is the Credit Corporation, reported as property result of a new policy inaugurated by the held for sale, increased by 180 million Treasury of replacing guaranteed by direct dollars. Commodity loans held by the securities and of raising funds required by Corporation showed no important change Government corporations and credit agenfor the year. Loans on cotton made by cies through the sale of direct securities. commercial banks under Commodity Credit This change is reflected in' the increase Corporation contracts declined by 155 mil- shown in the amount of United States lion dollars, while those on wheat increased Government interest in these corporations by 130 million dollars, during 1941. Lia- and agencies. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

9 PROTECTION OF EVACUEES INTERESTS BY THE FEDERAL RESERVE BANK OF SAN FRANCISCO Under instructions from the Secretary of the Public Proclamation No. i*, issued under date Treasury and the Headquarters of the Western of March z, i94i, in arranging for the protec- Defense Command and Fourth Army, the Fed- tion, preservation and equitable disposition of eral Reserve Bank of San Francisco has under- the property holdings of such evacuees. In taken to assist Japanese, German, and Italian this operation, the Federal Reserve Bank of aliens and persons of Japanese ancestry who are San Francisco is subject to the general direction evacuated from military areas on the Pacific of the military authorities. Coast by arranging for the protection and equi- The following general outline of procedure table disposition of their property holdings. has been established for the administration of The Reserve Bank has set up an Evacuee Prop- this program: erty Department, with offices in San Francisco, 1. The Federal Reserve Bank of San Fran- Seattle, Portland, and Los Angeles, as well as cisco will not take possession of property some fifty sub-offices in local communities from of an evacuee as an alien property custowhich evacuees will be moved. dian, but will serve largely as an advisor On March n, 1941, the Evacuee Property to the evacuee in the matter of disposition Department issued a memorandum explaining of his property. its functions, the text of which is given below. x. All dealings with the evacuee will be on Paragraph 13 of this memorandum, which envis- a purely voluntary basis, and he will have aged measures to forestall action by unscrupu- complete freedom in disposing of his lous creditors, was implemented on March 18 property. by the issuance of Special Regulation No. 1*, 3. The evacuee will be encouraged in his which provides a; procedure whereby the Re- own interest to make private arrangeserve Bank may prohibit dealing in property of ments for the disposition of his property an evacuee which it designates as "Special by sale, lease, or other appropriate means Blocked Property." by either: (a) Independent action of the evacuee FEDERAL RESERVE BANK OF SAN FRANCISCO— on his own account, or FISCAL AGENT OF THE UNITED STATES (b) Through an agent of the evacuee's Evacuee Property Department own selection. March 11, 1941 4. In the selection of an agent the Federal Memorandum of Functions and Operations of the Reserve Bank of San Francisco will recom- Evacuee Property Department of the Federal Re- mend the appointment by the evacuee of serve Bank of San Francisco as Fiscal Agent of the some person or institution in which the United States, and Suggested Procedure for Coopera- evacuee reposes confidence to represent his tion of Other Banks in Administration of Evacua- interests such as his bank, his attorney, or tion Program his real estate agent. In its operations as Fiscal Agent of the United 5. If an evacuee is unable to otherwise ar- States the Federal Reserve Bank of San Franciso range for the equitable disposal of his prophas been delegated the duty of assisting Japa- erty or for an agent acceptable to the evacnese, German and Italian aliens and persons of uee to represent him, the Federal Reserve Japanese ancestry evacuating from the Military Bank of San Francisco will give considera- Areas which have been designated by Head- tion to accepting his power of attorney. quarters Western Defense Command and Fourth 6. Each case will be considered on its indi- Army, Presidio of San Francisco, California, in vidual merits and disposed of on that basis. * For the text of this special regulation, see p. 308. APRIL 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROTECTION OF EVACUEES INTERESTS 7. All advice and assistance possible will be nia; as well as such other offices as may provided the evacuee by the Federal Re- be established in the Areas for the efficient serve Bank of San Francisco, and it is ex- furtherance of its aims. The Federal pected that the banks and others within Reserve Bank of San Francisco has estabthe Areas involved who are approached lished its Evacuee Property Department by evacuees for assistance will likewise in San Francisco, California, at 500 Caliextend their full assistance and coopera- fornia Street in that city. tion to the end that the purpose of the 13.lt is intended to undertake to forestall program will be completely served. It is action by unscrupulous creditors which recognized that the assistance of the banks would be detrimental to the interest of in the field will make for greater speed in the evacuee and in all respects to minithe execution of the program. mize his losses to the greatest possible 8. The Federal Reserve Bank of San Francisco extent in connection with the disposition will endeavor to advise and assist banks of his property. It is anticipated that and others whom the evacuees select as this will be accomplished to a large their agents in the performance of their extent through appeal to the creditor's agencies. Obviously, if the banks and sense of fair play and the obvious necessity others within the Military Areas who are of complete cooperation in the adminisapproached by evacuees to act as agents tration of the evacuation program. Any will accept such agencies, the entire cases in which an equitable settlement is program will benefit. not agreed upon should be promptly 9. From time to time the Federal Reserve brought to the attention of the Federal Bank of San Francisco will disseminate -Reserve Bank of San Francisco. such information and instructions as will 14. No compulsion will be placed upon evacuassist in the administration of the plan. ees to utilize the facilities provided by the 10. Assistance will be provided by govern- Federal Reserve Bank of San Francisco, mental agencies, both Federal and state, but they are invited to make use of them. in the administration of the evacuation The foregoing are intended to set forth cerplan, including those agencies handling tain basic principles which the Federal Reserve other aspects of the evacuee problem. Bank, acting in its capacity as Fiscal Agent of The evacuees and their representatives the United States, feels to be important in the including their agents should seek the efficient, speedy and proper execution of its help of such agencies for specific matters duties. In the conduct of the evacuation plan within their fields such as those arising it is particularly desired that the banks throughout of the treatment of growing crops and out the Areas will extend their full cooperation other specialized problems. in the knowledge that by widespread assistance 11. While emphasis is placed on the liquida- to the evacuees the problems incident to their tion of the property holdings of the removal from the Areas can be most readily and evacuee, he will be informed by the Fed- expeditiously solved. In their fulfillment of eral Reserve Bank of San Francisco that their places in this program, banks are requested he may retain ownership of property l#ft to give consideration to the procedure and prinbehind if appropriate arrangements can ciples enumerated above. As the program goes be made for its protection and preserva- forward the Federal Reserve Bank of San Frantion. cisco proposes to communicate to the banks ii. The program will be administered by the additional suggestions and outlines of proce- Federal Reserve Bank of San Francisco dure or changes in procedure calculated to imthrough its head office and through its prove its administration of the program and to branches in Seattle, Washington; Port- provide public circulation of data directed land, Oregon; and Los Angeles, Califor- toward its speedy accomplishment. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS PARTICIPATING IN SALE OF DEFENSE SAVINGS BONDS Latest reports received by the United States 100 per cent of its banks qualified. Since prac- Treasury Department show that of 14,708 tically all eligible banks in the country have now eligible banks, I4,xx8 have qualified 'as issuing become qualified as issuing agents for Defense agents for the sale and issue to the public of Bonds, it is understood that the February x8, United States Defense Savings Bonds of Series 1942. statement will be the last compiled by the E. The number of banks so qualified is shown Treasury showing the number of banks that by States in the accompanying tabulation. have qualified. On February x8, 1942., as shown by the table, In addition to cooperating with the State 96.7 per cent of the banks of the country had organizations of the Treasury's Defense Savings qualified. This compares with only 65.3 per Staff and with national and State banking cent on July 18, 1941 when these data were first authorities and others, in obtaining the qualifipublished. A breakdown by States as of July cation of banks as issuing agents, the Federal 18, 1941 will be found on page 732. of the August 1941 Federal Reserve BULLETIN. Reserve Banks have cooperated in obtaining the As the table shows, on February x8, 1942., all qualification of corporations, credit unions, banks in ix States (including the District of building and loan, and savings and loan asso- Columbia) had qualified to sell these bonds, ciations, etc., as issuing agents for Defense whereas on July 18, 1941 not a single State had Bonds. NUMBER OF BANKS ELIGIBLE* AND NUMBER QUALIFIED TO ACT AS ISSUING AGENTS FOR DEFENSE SAVING BONDS, SERIES E, AS OF FEBRUARY 28, 1942 [Source: U. S. Treasury Department] Number of Number of Number of Number of State e b l a ig n i k b s le qu b a a l n if k ie s d Pe q r u c a e li n f t ie a d ge State e b li a g n i k b s le qu b a a l n if k i s ed P q e u rc a e li n fi t e a d ge Alabama 217 215 99.1 Nebraska 416 408 98.1 Arizona 12 11 91.7 Nevada 11 11 100.0 Arkansas. 213 213 100.0 New Hampshire 106 106 100.0 California .. 200 200 100.0 New Jersey 381 381 100.0 Colorado 142- 142 100.0 New Mexico 42 40 95.2 Connecticut 195 189 96.9 New York 853 853 100.0 Delaware 46 46 100.0 North Carolina 228 225 98.7 District of Columbia 22 22 100.0 North Dakota 159 159 100.0 167 167 100.0 Ohio 697 675 96.8 Georgia 286 285 99.7 Oklahoma 390 390 100.0 Idaho SO 50 100.0 Oregon 72 72 100.0 Illinois ai? 783 95.8 Pennsylvania 1068 1017 95.2 Indiana 506 445 87.9 Rhode Island 28 28 100.0 Iowa*, 647 645 99.7 130 126 96.9 Kansas . . .. 653 623 95.4 South Dakota 162 162 100.0 Kentucky . 399 366 91.7 Tennessee 296 278 93.9 Louisiana 146 139 95.2 Texas -835 749 89.7 Maine 98 97 99.0 Utah 60 60 100.0 Maryland 185 183 98.9 Vermont 78 78 100.0 Massachusetts 384 • 383 99.7 Virginia 314 314 100.0 Michigan 451 447 99.1 Washington 139 136 97.8 Minnesota 674 673 99.9 West Virginia 180 180 100.0 Mississippi 206 201 97.6 Wisconsin 567 526 92.8 Missouri 611 560 91.7 Wyoming.. 58 58 100.0 Montana 111 111 100.0 Total 14,708 14,228 96.7 • Eligible to meet requirements of Treasury Circular No. 657, as amended; data furnished by State banking associations or authorities. APRIL 1941 32-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE INVENTORIES S TOCKS of goods at department stores DEPARTMENT STORE STOCKS AND SALES IN 1942 increased sharply in February, following [Percentage increase from a year ago] some decline in the previous three months. Federal Reserve District Stocks Sales—first February 28 2 months During that period sales had been large, reflecting an unusually active Christmas season and, Boston 39 30 New York 48 28 in January, a considerable amount of antici- Philadelphia.... 38 37 Cleveland 48 35 patory buying. The Board's seasonally ad- Richmond 40 40 Atlanta 34 20 justed index of stocks, based on value figures, Chicago 35 30 St. Louis 42 31 rose to 103 per cent of the i^z.^-^ average—a Minneapolis 24 26 Kansas City.... 29 26 level 41 per cent higher than a year ago. Out- Dallas.... 37 19 San Francisco... 32 30 standing orders also increased considerably in United States. 41 30 February and at the end of the month were more than twice as large as a year earlier. STOCKS BY DEPARTMENTS Increases in stocks, outstanding orders, and sales over the past year reflect to a considerable Data on changes in stocks by departments, extent price advances amounting on the average now collected at three-month intervals by the to about zo per cent. Federal Reserve System, are shown for January 31, 1942. in the table below. Corresponding DEPARTMENT STORE SALES AND STOCKS data for October 31, 1941 were published in the Federal Reserve BULLETIN for January 1941. The figures for January 31 indicate that over the past year the largest increases in value of stocks occurred in house furnishings—for the most part durable goods—in hosiery, in sporting equipment, and in basement store departments generally. The rise in the latter instance reflects chiefly sharp price advances. In most of these lines the increases in stocks reflect, in addition to price advances, extensive stocking by merchants of such products as sporting goods, bedding equipment, carpets, refrigerators, radios 1936 1938 1942 and other household appliances for which Federal Reserve monthly indexes of value of sales and stocks, adjusted for seasonal variation, 1923-25 average = 100. Latest figures Federal production curtailment orders have shown are for February 1942. been or are likely to be issued. Smaller in- Large increases in sales and stocks occurred creases in stocks were shown for men's and throughout the country, as is indicated in the women's coats and suits, piece goods, and following table. In the comparisons shown, domestics, blankets, and the like, reflecting in sales in the first two months of the year have part reductions in January, when there was been used as more representative than those for considerable anticipatory buying of these items February alone, owing to the sharp fluctuations by consumers owing to fears of shortages, style that occurred between January and February changes, and further price increases later on. this year. In many cases, particularly cotton textiles, 3M FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE INVENTORIES inventory increases over the past year reflect mately the October level. These ratios are mainly higher prices; cotton piece goods prices, influenced by the amount of sales, which showed for example, were about one-third higher in marked variations in the two periods for which January than a year previous. inventory data by departments are available— At the end of January stocks amounted to sales in October 1941 being relatively small and about 2.% months' supply at the prevailing those in January 19^ being unusually large; rate of sales as compared with about a 3^ consequently, changes in the ratios between months' supply last October. By the end of these periods overstate to some extent changes February the ratio had again risen to approxi- in the amount of stocks. DEPARTMENT STORE STOCKS AND SALES, BY MAJOR DEPARTMENTS January Percentage increase in value Ratio of stocks to sales Number of 1941-1942 (months supply) stores Stocks Sales 1941 1942 Grand Total—entire store , 275 32 37 2.8 2.7 Main Store—total 275 31 36 3.0 2.8 Women's apparel and accessories. 267 24 37 2.4 2.1 Coats and suits 260 15 55 1.4 1.0 Dresses 256 6 14 1.6 1.5 Blouses, skirts, sportswear, etc 247 24 32 2.1 2.0 Juniors' and girls' wear 229 21 40 2.3 2.0 Infants' wear 232 37 39 3.0 3.0 Aprons, housedresses, uniforms 224 27 17 1.5 1.6 Underwear, slips, negligees 249 23 42 3.0 2.6 Corsets, brassieres 246 17 111 2.5 1.4 Hosiery (women's and children's) 255 87 45 2.5 3.2 Gloves (women's and children's) 239 13 18 5.0 4.8 Shoes (women's and children's) 186 16 47 5.3 4.2 Furs 203 11 17 1.8 1.7 Men's and boys' wear 241 23 53 4.2 3.3 Men's clothing 175 19 75 3.6 2.4 Men's furnishings, hats, caps 231 27 33 4.2 4.0 Boys' clothing and furnishings 213 28 46 5.2 4.5 Men's and boys' shoes and slippers 135 14 54 6.0 4.5. Housefurnishings 234 42 36 3.3 3.4 Furniture, beds, mattresses, springs 185 47 21 3.8 4.6 Domestic floor coverings 202 33 32 4.4 4.4 Draperies, curtains, upholstery 224 29 28 4.8 4.9 Major household appliances 154 127 53 2.2 3.3 Domestics, blankets, linens, etc 222 24 49 1.9 1.6 Piece goods 218 29 43 3.5 3.2 Cotton wash goods 103 39 47 3.8 3.6 Small wares 224 26 29 3.4 3.3 Miscellaneous 200 35 20 3.6 4.1 Basement Store—total. 167 38 40 2.2 2.2 Women's apparel and accessories...... 160 38 39 1.5 1.5 Men's and boys' clothing and furnishings 135 40 48 3.2 3.0 Housefurnishings. 111 47 45 2.6 2.6 Piece goods 49 33 64 2.7 2.1 Shoes 106 23 40 3.6 3.2 NOTE:—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those fo>r r mmaaiinn ssttoorree o. wi.n wg chiefly to inclusion in basement of fewer _d.er.partments and somewhat different types of merchandise. Figures for stocks are as of end of month; those for sales are totals for entire month. APRIL 1942. 32-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Appointment of Mr. Evans to the Board William Willett, formerly Cashier of the Bank. of Governors The appointments of Messrs. Paddock and On February 17, 1942., the President nomin- Willett were for the unexpired portions of the ated R. M. Evans as a member of the Board of five year terms ending February 2.8, 1946. Governors for the unexpired portion of the term Mr. Young began his services with the Fedof fourteen years from February 1, 1940, which eral Reserve System in 1917 when he became was made vacant by the resignation of Mr. assistant to the Governor of the Federal Reserve Davis on April 15, 1941. Mr. Evans* appoint- Bank of Minneapolis. He became Deputy ment was approved by the Senate on March 9, Governor of that Bank on January 1, 1919, and and he assumed his duties as a member of the was appointed Governor on October 1 of the Board on March 14, 1942.. same year. On October 4, 192.7, he became a Mr. Evans was born in Cedar Rapids, Iowa, member and Governor of the Federal Reserve November 4, 1890. He studied Civil Engineer- Board in which position he served until Septeming at Iowa State College, graduating in 1913. ber 1, 1930, when he became Governor of the After working with a New York construction Federal Reserve Bank of Boston. On March 1, company for a short time, he became associated 1936, he was made President of the Bank. with the Allied Machinery Company of America After a brief period of service in 1918 as Chief in the export business. In 1918 he enlisted in of the Division of Examination of the Federal the Army and served 10 months in the A.E.F. Reserve Bank of Philadelphia, Mr. Paddock After leaving the Army he went to Australasia became a Federal Reserve examiner for the Fedin the interest of the Allied Machinery Comeral Reserve Board on August 16, 1918, and on pany. He remained there a little over one year September 1, 1919, was appointed Chief of the and then returned to Laurens, Iowa, where he Division of Operations and Examination of the engaged in the fanning and livestock business. Federal Reserve Board. On October 1, 192.0, From 1933 until 1936 he was actively connected he was appointed Deputy Governor of the Fedwith the State and regional administration of eral Reserve Bank of Boston, serving in that the Corn-Hog Program, for some time being capacity until March 1, 1936, when he was made State Chairman of Iowa. Late in 1936 Secretary First Vice President of the Bank. of Agriculture Wallace selected him as Special Mr. Willett has been with the Federal Reserve Assistant. He was appointed Administrator of Bank of Boston since November 1, 1914, having the Agricultural Adjustment Administration in served in various capacities in the Bank prior October 1938 and since December 1941 he has to his appointment as Cashier as of July 1, 1919. served as Administrator of the Agricult ral Conservation and Adjustment Administration. Meeting of the Federal Open Market Committee Change in Executive Officers at Federal Reserve The Federal Open Market Committee met in Bank of Boston Washington on February z8 and March z. At Effective as of March 31, 1941, R. A. Young the session on March 2. Marriner S. Eccles was resigned as President of the Federal Reserve Bank reelected as Chairman of the Committee and of Boston and was succeeded on April 1, 1941, Allan Sproul as Vice Chairman. by W. W. Paddock. Mr. Paddock was suc- The representative members of the Committee ceeded as First Vice President of the Bank by elected by the Federal Reserve Banks for the FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS period of one year beginning March i, 1942., are served as a director of the Los Angeles Branch Allan Sproul, Alfred H. Williams, C. S. Young, of the Federal Reserve Bank of San Francisco H. G. Leedy, and R. R. Gilbert, Presidents of since his appointment by the Board on July 2.6, the Federal Reserve Banks of New York, Phila- 1937, died on March 19, 1942.. delphia, Chicago, Kansas City, and Dallas, respectively. Admissions of State Banks to Membership in the Federal Reserve System The members of the executive committee are Marriner S. Eccles, Chairman; Allan Sproul, The following State banks were admitted to Vice Chairman; M. S. Szymczak, Ernest G. membership in the Federal Reserve System du- Draper, and Alfred H. Williams. ring the period February 16, 1942., to March 15, 1941, inclusive. Meeting of the Presidents' Conference A conference of the Presidents of the Federal Illinois Reserve Banks was held in Washington on February x8-March z, 1942.. Rock Island—Rock Island Bank and Trust Company Election of Class B Director Carle C. Conway, Chairman of the Board, Iowa Continental Can Company, New York, New York, was elected a Class B director of the Laurel—Peoples Savings Bank Federal Reserve* Bank of New York on March 6,1942., to fill the unexpired portion of the term Maryland ending December 31, 1941.. Mr. Conway Westminster—The Westminster Savings Bank succeeds Robert T. Stevens in this directorship, Mr. Stevens having resigned on January 8, 1942., Missouri to enter upon active service with the United States Army. Buffalo—O'Bannon Banking Company Death of Branch Director Wisconsin Carl V. Newman, President, Calavo Growers of California, Los Angeles, California, who had Menomonie -Bank of Menomonie APRIL 194Z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Corn-piled March 20 and released for -publication March 23. Figures shown on charts may differ from preliminary figures used in text. Industrial activity increased further in Feb- record levels in December and January, declined ruary and the firsth alf of March. Retail trade somewhat in the latter part of February and in was sustained at high levels and commodity the first half of March, reflecting transportation prices continued to advance. difficulties. INDUSTRIAL PRODUCTION PRODUCTION POINTS N TOTAL INDEX POINT5 IN TOTAL NDEX In February the Board's seasonally adjusted 200 TOTAL INDUSTRIAL PRODUCTION MANUFACTURES index of industrial production rose from 171 to 180 40 MACH NERY AND / 173 per cent of the 1935-39 average. As in 160 / 20 / other recent months, activity in the durable jl 0 140 goods manufacturing industries, where the / majority of military products are made, con- 120 —fJ OTHER DURABLE m • * 20 I 1 0 tinued to advance, while in industries making 100 V- 1 1 1 1 p nondurable goods and at mines activity was / yr FXTILFS AND LEATHER —1-^«^> 20 maintained at about the levels reached last 80 PAPER AND PRNTING 0 autumn. 20 MINERALS FOOD 1 . LIQUO 1 R , AND 1 TOBA 1 C CO | 1 ^^ 20 Steel production rose to 96 per cent of capacity ZZZ\ TII"^" • i -<*~ o J | OTHER NONDURABLE 0 in February and increased further to 98 per cent I94C 194? 1936 1938 1940 1942 in the third week of March—which corre- Federal Reserve monthly index of physical volume of production, sponded to an annual rate of nearly 87 million adjusted for seasonal variation, 1935-39 average = 100. Subgroups shown are expressed in terms of points in the total index. Latest net tons. Lumber production also increased, figures shown are for February 1942. following less than the usual seasonal decline CONSTRUCTION during the previous two months. In the machinery and transportation equipment indus- Value of construction contract awards intries, now engaged mainly in armament produc- creased considerably in February, according to tion, activity continued to advance rapidly as figures of the F. W. Dodge Corporation, owing plant utilization increased and capacity ex- mainly to a sharp rise in awards for public panded. Conversion to armament production projects. Total awards in February were half in the automobile industry, where output of again as large as last year, and public awards civilian products was discontinued in early were about three times as large. February, is apparently being effected much In nonresidential building, awards for public more rapidly than had been anticipated earlier. projects increased materially, while those for There were further increases in output at private projects continued to decline. There cotton textile mills and at chemical factories, was a slight rise in awards for public utility reflecting an increasing amount of work on construction. military orders. At meatpacking establish- In residential building, contracts for private ments activity was maintained near the high work changed little from January, while those rate reached in January. Shoe production for publicly-financed projects increased sharply increased by less than the usual seasonal amount. and amounted to about half of the total for the Anthracite production rose sharply in February first time on record. For the past six months and bituminous coal production was main- there has been a noticeable shift in privatelytained near the high rate of other recent months. financed housing activity from building for Output of crude petroleum, which had been at owner-occupancy to building for sale or rent; 32.8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS in February, awards for the former constituted They are effective for only 60 days and may be only about one-fifth of the small-homes total. replaced by regular schedules. This shift is attributable mainly to the activity TREASURY FINANCING AND BANK CREDIT in defense areas and to legislation enacted last spring making possible the insurance of mort- In March income tax receipts by the Treasury gages taken out by builders. for the first time reflected the higher schedule of rates. The effect of these receipts on the money DISTRIBUTION market was largely offset by redemption of Value of retail trade continued large in Treasury bills previously issued to mature February. Sales at general merchandise stores during the tax collection period, by tax-antiand variety stores increased more than seasoncipation notes turned in on payment of taxes, ally, while sales at department stores declined. and by continued heavy Treasury expenditures. In the first half of March department store sales As a consequence a record volume of Treasury increased by about the usual seasonal amount. operations was effected with little influence on Freight-car loadings, which in January had conditions in the market. Excess reserves of been unusually large for this time of year, member banks showed no large change and on declined somewhat in February owing to smaller March 18 amounted to about $3.1 billion. shipments of coal, grain, and miscellaneous MEMBER BANK RESERVES AND RELATED ITEMS freight. BILLIONS OF DOLLARS BILLIONS OF DOLLARS FACTORS SUPPLYING RESERVE FUNDS WHOLESALE PRICES GOLD ST OCK^-*"-1 " 20 IZO 22 no 110 20 J/ _ - 100 100 18 A | AAt A 16 90 90 OTHER* - / 14 J/ 80 4 vy IA ALL COMMODITIES TREASURYCURRENCY 70 70 2 "RESERVE BANK CREDI ^yA. FARM PRODUCTS 0 60 1940 1941 1942 1940 1941 1942 50 Wednesday figures. Latest figures shown are for March 25, 1942. Bureau of Labor Statistics' weekly indexes, 1926 average = 100* United States Government obligations held Latest figures shown are for week ending March 21, 1942. by member banks in leading cities showed little COMMODITY PRICES change during the first three weeks of March Wholesale prices continued to advance from following a sharp rise in February. Comthe middle of February to the middle of March, mercial loans increased further. particularly those for finished consumer goods UNITED STATES GOVERNMENT SECURITY PRICES such as meats, fruits and vegetables, shoes, clothing, and household items. Temporary Prices of United States Government bonds maximum price orders were issued covering advanced steadily from the middle of February wholesale prices of some of these products, to the middle of March. Long-term taxable including pork, canned fruits and vegetables, bonds yielded £.35 per cent compared with an finished cotton and rayon fabrics, cotton rugs, average of 1.39 per cent in February. Prices and bedding equipment. These orders, accord- of short-term securities have held steady since ing to statute, used as maximums the prices the first of the year, with Treasury bills selling prevailing within five days prior to issuance. at around .2.0 per cent. APRIL 3x9 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 333 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 334 Federal Reserve Bank statistics 335—339 Reserve position of member banks; deposits in larger and smaller centers 340 Money in circulation 341 Gold stock and gold movements; bank suspensions; bank debits 341 All banks in the United States, number, deposits, loans and investments 343 Condition of all member banks 344-345 Weekly reporting member banks ' 346-349 Commercial paper, bankers' acceptances, and brokers' balances. .• 350 Money rates and bond yields 351 Security markets 352.-353 Corporate profits 354 Treasury finance 355—357 Governmental corporations and credit agencies; Postal Savings System 358-360 Business indexes 361-371 Department store statistics 372. Wholesale prices 373 Current statistics for Federal Reserve chart book 374~37^ All member banks—Condition on Dec. 31, 1941, by Classes of banks. . 377-378 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or 01 the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. APRIL 1942. 331 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 TREASURY CASH AND DEPOSITS 10 1936 1937 1938 1939 1940 1941 1942 Latest figures for March 25. See page 333. 33^- 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 dollarsj Reserve Bank credit outstanding Member Treas- bank reserve Date c B o d e i i u s l d n l - s t- To U t . a l S. s e G t c w u M o u r i v r i t a i n h e t - i r g - e n s m t e a u M n f r t t i e n a r - g ot A he ll r1 Total s G to o c ld k T s r t o c r e 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 c n l n a i e r - y - T h c i u r o n a e r l g s y a d h s s - - u p s w r F e e o R y e r r i s e a t v d d i h - l t e - e s - p m N b o d e o e e s m r - n it - - s c O s F o e R 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 Monthly averages of daily figures: 1940—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 1,048 1,136 85 2,272 22,063 3,092 8,591 2,193 265 1,755 283 14,339 6,832 Feb 2,184 1,048 1,136 67 2,254 22,143 3,100 8,679 2,205 548 1,787 282 13,996 6,422 1941—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 Feb 2,249 821 1,428 136 2,389 22,729 3,263 11,328 2,189 377 1,292 288 12,908 3,309 End of month figures: 1940—Dec. 31 2,184 1,048 1,136 87 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 Feb. 28 2,184 1,048 1,136 78 2,265 22,232 3,102 8,781 2,187 343 1,805 281 14,203 6,534 1941—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 Feb. 28 2,262 821 1,441 144 2,412 22,705 3,268 11,485 2,172 567 1,255 287 12,619 2,969 Wednesday figures: 1941—May 7 1 2,184 1,008 1,177 43 2,229 22,525 3,125 9,151 2,292 804 1,905 288 13,440 5,711 May 14 2 2,184 1,008 1,177 53 2,239 22,538 3,129 9,155 2,283 762 1,961 287 13,458 5,689 May 21 2 2,184 1,008 1,177 50 2,237 22,565 3,131 9,186 2,280 477 1,972 286 13,732 5,855 May 28 4 2,184 1,008 1,177 43 2,231 22,573 3,133 9,294 2,221 462 1,926 286 13,749 5,824 2 2,184 951 1,234 54 2,240 22,579 3,136 9,394 2,229 993 1,852 285 13,201 5,407 2 2,184 951 1,234 63 2,249 22,593 3,138 9,393 2,240 941 1,809 285 13,312 5,488 2 2,184 951 1,234 55 2,241 22,612 3,142 9,433 2,258 1,024 1,855 295 13,131 5,314 2 2,184 951 1,234 63 2,249 22,620 3,148 9,490 2,275 1,081 1,891 295 12,985 5,145 July 2... 3 2,184 951 1,234 86 2,273 22,627 3,150 9,704 2,276 837 1,820 289 13,125 5,265 July 9... 3 2,184 951 1,234 61 2,249 22,640 3,152 9,695 2,291 1,039 1,756 289 12,971 5,124 July 16.. 2 2,184 951 1,234 108 2,294 22,655 3,157 9,645 2,309 849 1,792 288 13,223 5,336 July 23.. 3 2,184 951 1,234 61 2,248 22,664 '3,161 9,634 2,320 954 1,759 288 13,117 5,181 July 30.. 5 2,184 951 1,234 56 2,245 22,673 3,163 9,697 2,330 921 1,748 288 13,097 5,155 Aug. 6... 5 2,184 951 1,234 41 2,231 22,682 3,169 9,795 2,345 839 1,865 287 12,951 5,018 Aug. 13.. 10 2,184 951 1,234 53 2,247 22,703 3,172 9,792 2,361 919 1,816 287 12,948 5,027 Aug. 20.. 8 2,184 951 1,234 80 2,272 22,710 3,178 9,840 2,377 785 1,835 285 13,037 5,058 Aug. 27.. 10 2.184 951 1,234 87 2,281 22,716 3,178 9,899 2,378 in 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,Hi 3,188 10,046 2,408 334 1,836 293 13,328 5,249 Sept. 24.. 12 2,184 951 1,234 83 2,279 22,749 3,194 10,070 2,350 379 1,856 293 13,273 5,202 Oct. 1... 11 2,184 951 1,234 49 2,244 22,761 3,196 10,183 2,259 309 1,918 292 13,240 5,193 Oct. 8... 11 2,184 951 1,234 70 2,265 22,772 3,203 10,237 2,241 304 1,877 291 13,290 5,209 Oct. 15.. 8 2,184 951 1,234 121 2,313 22,778 3,207 10,283 2,222 259 1,920 292 13,321 5,234 Oct. 22.. 4 2,184 908 1,277 103 2,291 22,786 3,214 10,278 2,195 977 1,800 292 12,749 4,655 Oct. 29.. 5 2,184 908 1,277 61 2,250 22,796 3,219 10,307 2,209 915 1,910 292 12,632 4,602 Nov. 5... 6 2,184 908 1,277 57 2,247 22,788 3,221 10,421 2,195 933 1,821 291 12,594 3,409 Nov. 12.. 6 2,184 908 1,277 72 2,263 22,793 3,222 10,472 2,213 807 1,790 290 12,707 3,540 Nov. 19.. 5 2,184 908 1,277 118 2,307 22,778 3,228 10,535 2,184 598 1,764 290 12,942 3,692 Nov. 26.. 6 2,184 908 1,277 94 2,284 22,781 3,230 10,567 2,195 440 1,678 288 13,126 3,799 Dec. 3... 6 2,184 908 1,277 100 2,289 22,770 3,233 10,717 2,180 321 1,609 288 13,178 3,860 Dec. 10.. 4 2,196 918 1,278 85 2,286 22,774 3,236 10,834 2,185 157 1,614 287 13,219 3,842 Dec. 17.. 5 2,240 917 1,322 188 2,433 22.747 3,238 11,023 2,193 925 1,483 297 12,497 3,085 Dec. 24.. 7 2,243 917 1,326 249 2,499 22,750 3,244 11,224 2,195 908 1,422 297 12,447 3,056 Dec. 31.. 3 2.254 917 1,337 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 3,085 1942—Jan. 7... 4 2,254 917 1,337 128 2,386 22,742 3,248 11,109 2,220 663 1,376 291 12,717 3,385 Jan. 14 . 4 2,254 917 1,337 133 2,390 22,740 3,252 11,062 2,224 419 1,395 291 12,992 3,561 Jan.21 . 3 2,250 827 1,423 130 2,383 22,750 3,255 11,077 2,204 284 1,387 291 13,145 3,584 Jan. 28.. 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 Feb. 4... 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 Feb. 11.. 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 Feb. 18.. 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 Feb. 25.. 4 2,262 821 1,441 125 2,392 22,715 3,266 11,422 2,189 798 1,154 288 12,521 2,878 Mar. 4. . 6 2,262 821 1,441 134 2,402 22,705 3,269 11,518 2,180 i 287 1,270 286 12,835 3,208 Mar. 11. 6 2,253 821 1,432 88 2,347 22,709 3,271 11,520 2,176 60 1,317 286 12,968 3,266 Mar. 18. 6 2,249 821 1,428 96 2,351 22,686 3,273 11,474 2,168 59 1,373 297 12,939 3,161 Mar. 25. 6 2,244 821 1,423 76 2,326 22.684 3,274 11,462 2,175 472 1,352 296 12,527 2,847 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. APRIL 1942. 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 1, 1942. Per cent per annum.) Advances to individuals, partnerships, or Rediscounts for and advances to member banks corporations other than member banks secured by direct obligations of the U. S. Advances secured by Discounts of and ad- (maturities up to 90 days—last par. Sec. 13) direct obligations of vances secured by Other secured advances Federal Reserve Bank the U. S. (maturities eligible paper (matur- [maturities up to 4 up to 90 days—last ities up to 90 days- mos.—Sec. 10(b)] To nonmember banks To others par. Sec. 13 )x Sec. 13 and 13a)2 Rate be I g n i n e n f i f n e g c — t Rate be I g n in n ef in fe g c — t Rate be I g n i n e n f i f n e g ct — Rate be I g n i n e n f i f n e g c — t Rate be I g n i n e n ff in ec g t — Boston ........ 1 Sept. 1, 1939 Sept. 1, 1939 2 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York.... 1 Aug. 25, 1939 Aug. 27, 1937 2 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia ...„.„.... Mar. 21, 1942 Mar. 21, 1942 2 Sept. 4, 1937 Mar. 21, 1942 Sept. 1,1939 Cleveland „.......«„... IX Sept. 1, 1939 May 11, 1935 2 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Mar. 14, 1942 Mar. 14, 1942 2 Sept.10, 1937 Mar. 14, 1942 Feb. 19, 1934 Atlanta „.. 1 Sept.16, 1939 Mar. 21, 1942 2 Aug. 21, 1937 Sept.16, 1939 Apr. 23, 1938 Chicago »......«..-.. 1 Sept. 1, 1939 1 Feb. 28, 1942 2 Aug. 21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis. 1 Sept.16, 1939 1 Mar. 14, 1942 IX Mar. 14, 1942 Sept.16, 1939 Mar. 14, 1942 M K D Sa a a i n n n l n l s F a a e r s s a a . p n . C o . c . l i . i i t s s y co 1 1 I 1 X M S S S e e e a p p p r t t t . . . . 1 1 2 6 6 1 8 , , , , 1 1 1 1 9 9 9 9 3 4 3 3 9 2 9 9 • 1 l IX x M M S S e e a a p p r r t t . . . . 2 2 1 8 3 3 , , , , 1 1 1 1 9 9 9 9 4 4 3 3 2 2 7 7 2 2 2 2 A A S S e e u u p p g g t t . . . . 2 3 1 4 3 1 7 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 7 7 7 7 M S S S e a e e p p p r t t t . . . . 1 1 2 6 1 6 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 4 9 9 9 2 O A A O c p p c t t r r . . . . 1 1 1 8 6 6 9 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 8 8 8 3 1 Rates shown also apply to 15-day advances secured by obligations of the F.F.M.C. or the H.O.L.C. guaranteed as to principal and interest by the U. S. 2 Discounts of certain bankers' acceptances and of agricultural paper may have maturities up to six months and nine months, respectively. Rates shown also apply to 15-day advances secured by obligations of Federal Intermediate Credit Banks maturing within six months. 3 Two and one-half per cent to lenders other than banks. FEDERAL RESERVE BANK MINIMUM BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL BANKERS' ACCEPTANCES ADVANCES AND COMMITMENTS [Per cent per annum] Maturities up to five years—Sec. 13b [In effect April 1. Per cent per annum except as indicated by footnote]6 Maturity Rate on In effect be- Previous April 1 ginning— rate Advances to or in par- 1-15 days1.... Oct. 20, 1933 Advances ticipation with financ- 16-30 days.... do direct to ing institutions Commit- 31-45 days.... do Federal Reserve industrial ments 4 6 9 1 6 1 1 2 - - - 1 1 9 6 - 2 1 0 0 8 0 d d 0 d a a d a y y a y s s y s . . s . . . . . . . . . . . d d d d o o o o . Bank g m a o e n r r i c z c i a o a t l m i o o - n r s - f s O o o t r b i n t w l u i p g h t o i i a o c r t n t h e i d o i i n 1 n s - m p O o a n r in t i r i o e n - n g 1 a t d o v m an a c k e e s me 1 n T ts h , i w s h r i a c M t h e E a a M g ls r o B e e E a m p R e p n l B i t e s A s a N r to e K a a l c w R c a e E y p S s ta E f n R o c r V e a s E p b e o R r u i E o g d Q h t U o u f I n R 1 d 5 E e r d M a r y e E s p N u o r T r c S l h e a s s s e . agree- B N P C h o e le i w s l v t a o e d Y l n a e o n lp r d k hia S 3 S X X X 4 - - - - 6 6 5 6 2-3 3 1 3 2 X -5 H X 1 -2 - -2 i [Per cent of deposits] Richmond 4-6 (4)3 H-i Atlanta X-6 4 1-2 Aug. 16, Mar. 1, Mayl, Apr. 16, Effec- Chicago 3-6 3-6 4-6 £S Classes of deposits 1936- 1937- 1937- 1938- tive St. Louis 3XSX lfcr-2 (2) and banks Fe 1 b 9 . 3 7 28, Ap 19 r. 3 7 30, Ap 19 r. 3 8 1 2 5, Oc 1 t 9 . 4 3 1 1, N 1 o 9 v 41 . 2 1, K D M a a in n ll n s a a e s s a p C o i l t i y s 4 4 3 - - - 6 6 6 3-6 4 4 3-6 4 ( 1 6 - ) 2 1 On net demand San Francisco 4-6 3-4 4-6 (6)1 deposits:1 . 4-5 X-2 Central reserve city... 26 22H 26 1 The Fed. Res. Banks of New York, Philadelphia, Cleveland, Richmond , Reserve city 15 17X 20 17X 20 Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Dallas may Country IOM 12% 14 12 14 charge same rate as charged borrower by financing institution, if lower On time deposits: than rate shown. 2 Same as rate charged borrower by financing institution. All member banks 4H SH 6 5 J One per cent less than rate charged borrower by financing institution. 4 One per cent less than rate charged borrower by financing institution 1 See footnote to table on p. 340 for explanation of method of computing with minimum of three per cent (see note 1). net demand deposits. 6 One-half of one per cent less than rate charged borrower by financing 2 Percentages in this column are double the basic statutory requirements, institution with minimum of four per cent (see note 1). which were in effect June 21, 1917-Aug. 15, 1936. 6 Minimum charge one-fourth of one per cent. MARGIN REQUIREMENTS* MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by Prescribed by Board of Governors of the Federal Apr. 1, Nov. 1, the Board of Governors under provisions of Regulation Q Reserve System in accordance with Securities 1936- 1937 [Per cent per annum] 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 Fo l r i s s te h d o r s t e s c a u l r e i s ti , e u s n , d u e n r d e R r e R gu e l g a u ti l o a n ti o T n T 5»5 4 5 0 0 P Sa o v s i t n al g s s a d v e i p n o g s s i t d s eposits... For loans by banks on stocks, under Regulation U.... 41 40 Other deposits payable: In 6 months or more"... 1 Reg. T and U limit the amount of credit that may be extended on a In 90 days to 6 months. security by prescribing a maximum loan value, which is a specified In less than 90 days 2X 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. 334 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 1942 1941 Mar. 25 Mar. 18 Mar.11 Mar. 4 Feb. 25 Feb. 18 Feb. 11 Feb. 4 Feb. Jan. Feb. Assets Gold certificates on hand and due from U. S. Treasury 20,482,91120,493,913 20,513,911 20,501,912 20,502,517 20,503,515 20,529,518 203,,552211,,517 20,502,518 20,522,014 20,020,282 Redemption fund—F. R. notes.. 13,023 13,429 14,004 13,004 13,139 13,019 12,737 11,660 12,399 11,162 10,244 Other cash 343,708 338,557 327,920 320,918 333,291 352,419 342,320 350,186 331,502 369,320 335,765 Total reserves 20,839,642 20,845,899 20,855,835 20,835,834 20,848,947 20,868,953 20,884,575 20,883,363 20,846,419 20,902,496 20,366,291 Bills discounted: For member banks 6,308 6,439 6,339 5,763 3,881 3,144 3,092 3,738 4,974 3,646 2,762 For nonmember banks, etc.. 1 Total bills discounted .... 6,309 6,440 6,339 5,763 3,881 3,144 3,092 3,738 4,974 3,646 2,762 Industrial advances 8,607 8,554 8,686 8,634 8,499 8,553 8,877 9,001 8,538 8,968 7,828 U. S. Government securities: Direct Bonds 1,548,136 1,552,886 1,557,136 1,566,386 1,566,386 1,553,960 1,546,555 1,546,555 1,566,386 1,546,555 1,280,000 Notes 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 899,500 Guaranteed 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 4,600 Total U. S. Government securities, direct and guaranteed 2,244,236 2,248,986 2,253,236 2,262,486 2,262,486 2,250,060 2,242,655 2,242,655 2,262,486 2,242,655 2,184,100 Other Reserve Bank credit outstanding 67,271 87,368 79,127 124,780 116,930 142,088 76,866 61,072 135,939 113,782 70,174 Total Reserve Bank credit outstanding 2,326,423 2,351,348 2,347,388 2,401,663 2,391,796 2,403,845 2,331,490 2,316,466 2,411,937 2,369,051 2,264,864 Liabilities F. R. notes in actual circulation . 8,545,263 8,556,873 8,597,386 8,584,676 8,505,938 8,438,100 8,422,164 8,351,642 8,558,920 8,302,935 6,022,032 Deposits: . Member bank — reserve account 12,526,755 12,939,32812,968,350 12,834,758 12,521,17313,057,722 12,905,279 12,848,808 12,618,700 12,926,838 14,203,074 U. S. Treasurer—general account 472,497 58,859 60,267 286,848 798,429 263,522 318,516 376,245 567,416 360,595 343,383 Foreign 726,755 741,539 743,729 715,809 649,887 626,097 680,744 682,406 697,822 710,465 1,164,353 Other deposits 625,040 631,647 573,026 554,517 504,342 625,385 628,823 684,551 557,303 717,078 640,172 Total deposits 14,351,04714,371,373 14,345,372 14,391,932 14,473,83114,572,726 14,533,36214,592,01014,441,24114,714,97616,350,982 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91,0 90.9 90.9 90.7 90.7 90.7 91.0 91.0 90.6 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 o d n a 6 t 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 2 5 y y t e o e a a r r s s 5 O y v e e a r rs Bills Discounted: '*. Feb. 25 3,881 3,406 30 211 84 112 38 Mar. 4 5,763 5,337 10 196 74 128 18 Mar. 11 6,339 6,014 28 100 56 129 12 Mar. 18 6,440 6,157 33 15 103 120 12 Mar. 25 6 309 6,090 11 18 60 126 4 Industrial Advances: Feb. 25 8,499 2,225 318 361 256 1,431 979 1,595 1,334 Mar. 4 8,634 2,199 373 387 953 1,029 946 1,569 1,178 Mar 11 8,686 2,140 372 483 967 1,041 938 1,569 1,176 Mar. 18 8,554 2,143 367 314 1,015 1,077 950 1,493 1 195 Mar. 25 8,607 2,171 582 296 888 1,067 918 1,526 1,159 U. S. Government Securities, direct and guaranteed: Feb. 25 2,262,486 97,000 247,200 477,000 1,441,286 Mar. 4 2,262,486 97,000 247,200 477,000 1,441,286 Mar 11 2,253,236 97,000 247,200 477,000 1,432,036 Mar. 18 2,248,986 66,200 70,100 317,800 367,100 1,427,786 Mar. 25 2,224,236 66,200 70,100 317,800 367,100 1,423,036 APRIL 1942. 335 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) San Total Boston N Y e o w rk d P el h p i h la ia - C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M p in o n li e s a- K C an it s y as Dallas F ci r s a c n o - Assets Gold certificates on hand and due from U. S. Treasury: Feb. 25 20,502:,,517 1,190,539 8,,040,046 1,155,789 1,653.828 809,023 580,336 31,500,365 634,822 368,996 544,678 399,7711,624,324 Mar. 4 20,501,912 1,180,2408,020,2281,164,3911,646,795 806,207 589,4783,511,657 646,443 370,398 550,190 401,324 11,614,561 Mar. 11 20,513,9111,162,743 8,136,' ,149,6671,627,450 807,644 589,0553,474,332 627,498 359,907 544,114 382,0571,652,508 Mar. 18 20,493,9131,171,284 8,227,2521,134,2311,590,122 775.339 563,510 3,490,728 599,288 352,939 532,114 378,852 '1,678,254 Mar. 25 20,482,9111,183,4118,110, 3"2•3 1,138,4071,585,698 797,577 566,8853,598,352 590,092 368,296 540,050 384,255 1,619,565 Redemption Fund—Federal Reserve notes: Feb. 25 13,139 3,742 1,487 336 440 637 508 331 637 485 1,107 Mar. 4 13,004 3,706 1,342 282 1,000 616 497 326 627 479 1,092 Mar. 11 14,004 3,706 1,342 1,282 1,000 616 497 326 627 479 1,092 Mar. 18 13,429 3,633 1,028 1,173 910 570 471 313 616 461 1,049 Mar. 25 13,023 3,528 1,770 1,088 815 511 427 287 579 443 976 Other cash: Feb. 25 333,301 28,184 65,145 27,847 28.784 18,281 20,866 58,814 20,008 6,412 15,381 11,856 31,723 Mar. 4 320,918 28,102 64,103 26,142 25,820 19,617 19,680 57,230 20,081 5,896 13,415 10,399 30,433 Mar. 11 327,920 28,641 68,539 24,930 26,591 17.096 20,090 58,824 19,152 5,999 13,615 12,513 31,930 Mar. 18 338,557 30,340 69,148 24,618 25,625 20,317 22,185 59,789 20,442 6,213 13,464 12,590 33,826 Mar. 25 343,708 30,523 73,396 25,124 26,968 18,321 20,349 60,540 19,611 6,091 14,925 13,850 34,010 Total reserves: Feb. 25 20,848,9571,222,465 8,,106,678 1,183,972 11,683.052 829.186 601,839 3,560,726 655,338 375,739 560,696 412,1121,657,154 Mar. 4 20,835,834 11,212,048 8,,085,6731,190,815 1,673,615 827.364 609,774 3,570,384 667,021 376,620 564,232 412,202 1,646,086 Mar. 11 20,855,8351,195i,,090 8,,206,8171,175,879 1.655,041 826,280 609,7613;,534,653 647,147 366,232 558,356 395,049 1,685,530 Mar. 18 20,845,899 1,205•,,257 8,,297,4 2—8 1,160,022 1,616,657 797.477 586,265 3,551,901 620,201 359,465 546,194 391,903 1,713,129 Mar. 25 20,839,642 1,217\,462 8,185,489 1,164,619 1.613,481 817,265 587,745 3,660,124 610,130 374,674 555,554 398,548 1,654,551 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Feb. 25 3,311 337 1,508 827 119 200 75 50 80 Mar. 4 5,165 395 3,767 737 106 75 25 Mar. 11 5,420 270 4,270 689 11 125 45 Mar. 18 6,114 227 4,830 590 311 125 15 Mar. 25 5,368 457 3,875 750 100 125 -35 Other bills discounted: Feb. 25 570 25 245 Mar. 4 598 100 111 187 Mar. 11 919 600 110 71 Mar. 18 326 100 103 36 Mar. 25 941 750 73 31 Total bills discounted: Feb. 25 3,881 337 1,533 924 199 200 75 290 157 80 Mar. 4 5,763 395 3,867 815 217 75 207 127 25 Mar. 11 6,339 270 4,870 739 121 125 81 45 Mar. 18 6,440 227 4,930 590 414 125 36 102 15 Mar. 25 6,309 457 4,625 750 173 125 31 112 35 Industrial advances: Feb. 25 ,499 1,097 1,097 3,491 215 757 510 366 518 239 120 Mar. 4 1,634 767 1,097 4,012 215 753 481 363 506 238 120 Mar. 11 1,686 637 1,097 4,167 215 752 484 378 515 238 120 Mar. 18 1,554 664 1,107 4,037 215 740 461 392 499 238 119 Mar. 25 1,607 662 1,104 4,019 215 728 449 380 613 235 119 U. S. Government securities, direct and guaranteed: Bonds: Feb. 25 1,569,986 115,515 433,522 124,012 155,286 93,795 66,778 190,934 74,146 47,409 71,809 61,171 135,609 Mar. 4 1,569,986 115,515 433,522 124,012 155,286 93,795 66,778 190,934 74,146 47,409 71,809 61,171 135,609 Mar. 11 1,560,736 114,838 430,879 123,256 154,366 93,287 66,387 189,868 73,720 47,127 71,369 60,814 134,825 Mar. 18 1,556,486 114,527 429,665 122,908 153,945 93,053 66,207 189,377 73,523 46,998 71,167 60,650 134,466 Mar. 25 1,551,736 114,180 428,309 122,520 153,471 92,792 66,006 188,831 73,304 46,852 70,940 60,467 134,064 Notes: Feb. 25 692,500 50,951 191,220 54,700 68,495 41,372 29,455 84,218 32,705 20,912 31,675 26,981 59,816 Mar/ 4 692,500 50,951 191,220 54,700 68,495 41,372 29,455 84,218 32,705 20,912 31,675 26,981 - 59,816 Mar. 11 692,500 50,954 191,181 54.689 68,492 41,391 29,456 84,245 32,709 20,911 31,666 26,983 59,823 Mar. 18 692,500 50,955 191,163 54,684 68,490 41,401 29,457 84,258 32,712 20,909 31,662 26,984 59,825 Mar. 25 692,500 50,955 191,143 54,678 68,490 41,411 29,457 84,271 32,715 20,909 31,659 26,984 59,828 Total U. S. Government securities, direct and guaranteed: Feb. 25 2,262,486 166,466 624,742 178,712 223,781 135,167 96,233 275,152 106,851 68,321 103,484 88,152 195,425 Mar. 4 2,262,486 166,466 624,742 178,712 223,781 135,167 96,233 275,152 106,851 68,321 103,484 88,152 195,425 Mar. 11 2,253,236 165,792 622,060 177,945 222.858 134,678 95,843 274,113 106,429 68,038 103,035 87,797 194,648 Mar. 18 2,248,986 165,482 620,828 177.592 222,435 134,454 95,664 273,635 106,235 67,907 102,829 87,634 194,291 Mar. 25 2,244,236 165,135 619,452 177,198 221,961 134,203 95,463 273,102 106,019 67,761 102,599 87,451 193,892 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp i h la 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 Assets—Continued Total bills and securities: Feb. 25 2,274,866 167,900 627,372 183,127 224,195 136,124 96,818 275,518 106,856 68,925 103,858 88,548 195,625 Mar. 4 2,276,883 167,628 629,706 183,539 224,213 135,920 96,789 275,515 106,856 68,862 103,768 88,517 195,570 Mar. 11 2,268,261 166,699 628,027 182,851 223,194 135,430 96,452 274,491 106,435 68,553 103,193 88,123 194,813 Mar. 18 2,263,980 166,373 626,865 182,219 223,064 135,194 96,250 274,027 106,240 68,407 102,942 87,974 194,425 Mar. 25 2,259,152 166,254 625,181 181,967 222,349 134,931 96,037 273,482 106,025 68,375 102, 707 87,798 194,046 Due from foreign banks: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Federal Reserve notes of other banks: Feb. 25 26,886 601 4,234 916 2,412 2,831 3,602 2,949 2,521 654 1,460 901 3,805 Mar. 4 25,062 736 2,429 1,450 1,717 2,388 3,448 3,443 2,093 607 2,095 934 3,722 Mar. 11 25,614 724 3,167 1,555 1.579 2,605 4,451 2,512 2,215 673 1,962 623 3,548 Mar. 18 27,737 856 1,7U 2,239 3,035 4,548 2,702 3,049 353 1,557 614 3,990 Mar. 25 26,579 756 2,'406 1,648 1,891 3,487 4,274 2,406 2,558 535 2,127 534 3,957 Uncollected items: Feb 25 1,171,571 111,819 277,776 71,589 149,922 92,220 47,449 178,945 48,106 26,491 51,538 43,455 72,261 Mar. 4 1,052,446 93,052 223,487 68,848 132,027 80,178 43,317 178,317 49,573 24,805 42,216 49,988 66,638 Mar. 11 1,017,994 86,861 230,393 70,455 122,812 86,928 41,576 161,776 46,383 24,013 42,263 36,679 67,855 Mar. 18 1,500,833 143,524 400,303 87,053 203,698 119,030 61,869 195,734 58,243 29,024 58,276 43,950 100,129 Mar. 25 1,052,232 96,647 232,684 69,207 131,195 101,424 50,537 155,377 45,948 22,694 36,159 40,316 70,044 Bank premises: Feb. 25 40,734 2,773 10,489 4,856 4,420 3,044 1,941 2,965 2,150 1,336 2,867 1,133 2,760 Mar. 4 40,669 2,768 10,470 4,845 4,420 3,044 1,941 2,960 2,146 1,333 2,861 1,126 2,755 Mar. 11 40,699 2,768 10,470 4,845 4,420 3,044 1,971 2,960 2,146 1,333 2,861 1,126 2,755 Mar. 18 40,706 2,768 10,470 4,845 4,420 3,047 1,971 2,962 2,146 1,333 2,861 1,128 2,755 Mar. 25 40,686 2,768 10,470 4,845 4,411 3,047 1,968 2,962 2,146 1,333 2,861 1,128 2,747 Other assets: Feb. 25 49,598 3,439 13,726 3,872 5,326 3,157 2,043 5,679 2,175 1,502 2,156 1,912 4,611 Mar. 4 51,114 3,550 13,988 4,073 5,497 3,210 2,075 5,847 2,264 1,571 2,244 1,957 4,838 Mar. 11 55,744 3,609 14,417 7,761 5,566 3,333 2,101 5,906 2,305 1,623 2,272 1,946 4,905 Mar. 18 42,058 2,863 11,497 3,306 4,607 2,756 1,687 4,729 1,897 1,275 1,810 1,618 4,013 Mar-25 42,790 2,945 11,922 3,385 4,671 2,821 1,715 4,739 1,846 1,298 1,832 1,624 3,992 Total assets: M Feb a . r. 4 25 2 24 4 , , 2 4 8 1 2 2 , , 0 6 5 5 5 91 1 , , 5 4 0 7 9 9 , , 0 78 0 5 0 9 8 , , 0 9 4 6 0 5 , , 2 77 9 1 3 1 1 , , 4 4 5 4 3 8 , , 55 3 7 3 75 7 5 2 2 , , 0 0 6 4 9 1 , , 3 4 3 9 1 3 1 1, , 0 0 5 6 2 6 , , 1 5 0 6 6 4 7 75 5 7 3 , ,6 3 9 4 4 6 4 4:: , , 0 0 2 3 6 6 , , 7 4 8 7 8 2 8 8 1 2 7 9 , , 1 9 4 5 7 4 4 4 7 7 4 3 , , 6 7 4 9 7 8 7 7 1 2 7 2 , , 4 5 1 7 7 6 * 5 5 4 5 8 4, , 7 0 2 6 5 21 1 , , 9 91 3 9 6 . , 6 2 1 2 3 0 Mar. 11 24,264,1941,455,754 9,093,3"0"9 11,443,3512,012, ,057,622 756,314 31,982,304 806,632 462,427 710,908 523,5471,959,410 Mar. 18 24,721,2601,521,644 9,349,6611,439,1642,054,689 1,060,541 752,592 4,032,061 791,777 459,857 713,641 527,188 2,018,445 Mar. 25 24,261,1281,486,835 9,,068,170 '1,425, 6-7~6 '1,978,,002 1,062,977 742,278 41,,099,096 768,654 468,909 701,241 529,949 1,929,341 Liabilities Federal Reserve notes in actual circulation: Feb. 25 8,505,938 696,309 21,170,213 602,014 812,252 440,044 •289,1441,789,754 332,597 215,964 273,959 139,084 744,604 Mar. 4 8,584,676 696,237 21,191,605 605,167 816,533 444,249 299,2"5"0 1,796,862 337,887 218,626 278,768 142,471 757,021 Mar. 11 8,597,386 697,159 2:!, 193,863606,396 819,955 447,954 301,099 1,796,062 337,629 218,868 278,531 141,494 758,376 Mar. 18 8,556,873 678,2612,189,519 605,623 816,525 445,409 300,166 1,791,403 337,381 218,981 278,964 140,059 754,582 Mar. 25 8,545,263 679, 32—8 2i,,190,004 604,296 816,359 443,547 302,569 1,781,739 336,637 218,688 278,190 140,171 753,735 Deposits: Member bank—reserve account: Feb. 25 12,521,173 577,064 5,611,850 587,537 934,000 442,431 339,154 1,880,901 365,551 171,172 337,942 295,601 977,970 Mar. 4 12,834,758 602,017 5i:, 703,317 631,497 959,939 458,614 360,1871,912,768 386,058 181,808 344*, 661311,569 982,323 Mar. 11 12,968,350 604, i, 763,006 641,990 947,190 472,384 369,836 1,904,307 377,883 187,943 356,759 311,: ,031,590 Mar. 18 12,939,328 640,788 51,,814,882 622,469 916,837 449,806 343,629 1,914,747 350,725 178,219 343,311 310,2491,053,666 Mar. 25 12,526,755 603,755 51;,617,824 618,406 863,494 434,973 325,905 1,926,034 331,536 180,837 335,637 300,403 987,951 U. S. Treasurergeneral account: ' Feb. 25 798,429 72,789 251,305 81,597 59,744 47,685 41,801 55,782 30,893 30,624 32,832 39,484 53,893 Mar. 4 286,848 25,335 36,010 30,865 23,290 23,162 17,265 41,771 15,752 15,324 20,328 19,198 18,548 Mar. 11 60,267 1,223 47,849 535 552 553 568 589 3,339 545 616 585 3,313 Mar. 18 58,859 584 42,910 150 440 513 518 177 523 535 543 129 11,837 Mar. 25 472,497 47,806 138,088 16,101 36,907 28,070 25,020 96,080 13,295 16,260 16,815 16,670 21,385 Foreign: Feb. 25 .'. 649,887 25,913 258,713 60,972 58,432 27,945 22,229 77,485 19,054 13,973 18,419 18,419 48,333 Mar. 4 715,809 25,779 285,156 67,594 64,778 30,981 24,644 85,901 21,123 15,490 20,419 20,419 53,525 Mar. 11 743,729 28,334 293,210 70,482 67,545 32,304 25,696 89,570 22,026 16,152 21,291 21,291 55,828 Mar. 18 741,539 29,562 291,023 70,276 67,348 32,210 25,622 89,309 21,961 16,105 21,229 21,229 55,665 Mar. 25 726,755 25,846 287,860 68,948 66,076 31,601 25,137 87,622 21,546 15,801 20,828 20,828 54,662 •Less than $500. APRIL 1942. 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m R o ic n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities—Continued Deposits1—Continued: Other deposits: Feb. 25 504,342 17,241 388,167 15,895 26,158 2,815 4,263 2,647 9,435 10,029 1,460 1,821 24,411 Mar. 4 554,51 18,437 433,410 15,399 25,242 4,254 3,272 2,812 11,817 9,814 1,592 3,437 25,031 Mar. 11 573,026 16,622 462,232 15,039 25,527 3,133 3,129 2,379 8,512 8,915 1,296 2,470 23,772 Mar. 18 631,647 13,092 517,840 13,061 33,306 2,810 2,974 3,016 9,676 8,846 950 2,521 23,555 Mar. 25 625,040 10,626 504,356 12,826 35,249 7,119 3,992 2,867 11,983 8,755 1,289 1,926 24,052 Total deposits: -Feb. 25 14,473,831 693,007 i,510,035 746,001 ,078,334 520,876 407,4472,016,815 424,933 225,798 390,653 355,325 ,104,607 Mar. 4 4,391,932 671,568 s457,893 745,355 ,073,249 517,011 405,3682,043,252 434,750 222,436 387,000 354,623 ,079,427 Mar. 11 14,345,372 650,372 i,566,297 728,046 ,040,814 508,374 399,2291,996,845 411,760 213,555 379,962 335,615 ,114,503 Mar. 18 14,371,373 684,026 .,666,655 705,956 ,017,931 485,339 372,7432,007,249 382,885 203,705 366,033 334,128 ,144,723 Mar. 25 14,351,047 688,0336,548,128 716,281 ,001,726 501,763 380,0542,112,603 378,360 221,653 374,569 339,827 ,088,050 Deferred availability items: Feb. 25 1,054,688 93,435 230,280 65,624 143,701 89,110 43,156 171,258 47,644 23,034 46,421 41,938 59,087 Mar. 4 927,713 85,915 186,627 68,382 116,674 74,350 38,796 147,464 45,360 22,884 40,106 45,948 55,207 Mar. 11 938,914 82,023 203,220 70,519 116,693 84,746 42,021 140,352 45,237 20,124 40,825 34,695 58,459 Mar. 18 1,413,512 132,544 363,490 92,847 185,056 113,237 65,715 184,365 59,523 27,304 57,081 41,237 91,113 Mar. 25 985,008 93,252 199,747 70,267 124,694 101,060 45,655 155,538 41,632 18,671 36,874 38,151 59,467 Other liabilities, including accrued dividends: Feb. 25 3,739 571 810 290 354 345 216 471 112 131 120 175 144 Mar. 4 3,340 409 751 246 349 331 198 400 97 129 105 144 181 Mar. 11 7,592 496 905 3,925 420 348 204 480 124 141 12' 163 259 Mar. 18 4,326 1,093 883 248 417 336 196 434 106 126 11 175 195 Mar. 25 4,197 458 1,078 315 438 361 207 526 119 143 124 199 229 Total liabilities: Feb. 25 24,038,196 ,483,322 8,911,3381,413,9292,034,641 ,050,375 739,963 3,,978,298 805,286 464,927 711,153 536,5221,908,442 Mar. 4 23,907,661 ,454,129 8;, 836,8716,419,1502,006,805 ,035,941 743,6123,987,978 818,094 464,075 705,979 543,1861,891,836 Mar. 11 23,889,264 ,430,0508,964,2851,408,8861,977,882 ,041,422 742,5533,933,739 794,750 452,688 699,445 511,9671,931,597 Mar. 18 24,346,084 ,495,924 99,220,5471,404,6'7~4' 2,,019,929 ,044,321 7388,2—0 3,!983,451 779,895 450.116 702,195 515,5991,990,613 Mar. 25 23*885,515 ,461,0718,938,9571,391,159 1,943,217 ,046,731 728,485 4,,050,406 756,748 459;155 689,757 518,3481,901,481 Capital accounts Capital paid in: Feb. 25 143,085 9,401 52,229 11,837 14,762 5,746 4,930 15,754 4,453 3,039 4,644 4,402 11,888 Mar. 4 143,115 9,401 52,230 11,844 14,765 5,746 4,931 15,767 4,455 3,039 4,64" 4,40: 11,888 Mar. 11 143,193 9,405 52,208 11,841 14,767 5,753 4,938 15,793 4,458 3,043 4,647 4,426 11,914 Mar. 18 143,223 9,406 52,208 11,839 14,769 5,753 4,945 15,803 4,465 3,045 4,648 4,425 11,917 Mar. 25 143,283 9,406 52,210 11,839 14,764 5,753 4,949 15,862 4,466 3,043 4,648 4,426 11,917 Surplus (section 7): Feb. 25 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,15: 3,613 3,976 10,792 Mar. 4 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,15: 3,613 3,976 10,792 Mar. 11 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,15: 3,613 3,976 10,792 Mar. 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 Mar. 25 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,15: 3,613 3,976 10,792 Surplus (section 13b): Feb. 25 26,78: 2,874 7,070 4,39; 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Mar. 4 26,78: 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Mar. 11 26,78: 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Mar. 18 26,78: 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Mar. 25 26,78: 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: Feb. 25 47,09. 2,454 13,005 3,007 4,575 1,963 2,363 8,382 1,912 2,529 2,029 1,899 2,977 Mar. 4 46,99( .2,432 12,944 3,01 4,570 1,939 2,365 8,373 1,909 2,532 2,041 1,898 2,976 Mar. 11 47,454 2,476 13,095 3,060 4,614 1,967 2,385 8,418 1,928 2,544 2,066 1,915 2,986 Mar. 18 47,671 2,491 13,18f 3,087 4,638 l,98f 2,389 8,453 1,921 2,544 2,048 1,925 3,002 Mar. 25 48,04' 2,535 13,282 3,114 4,668 2,013 2,406 8,474 1,944 2,559 2,086 1,936 3,030 Total liabilities and capital accounts: Feb. 25 24,412,65< 1,509,0009,040,293 448,3372,069,3311,066,564 753,694 4,026,788 817,14! 474,647 722,576 548,062 1,936,220 Mar. 4 24,282,05 1,479,7858,965,771 453,5752,041,4931,052,106 757,346 4,,036,472 829,954 473,798 717,417 554,7251,919,613 Mar. 11 24,264,19^ 1,455,7"54 99,,093,309 443,3512,012,6161,057,622 756,3143,982,304 806,632 462,427 710,908 523,5471,959,410 Mar. 18 24,721,26( 1,521,64 9,349,661 439,164 2!,054,68<1,060,541 752,5924,032,061 791,777 459,857 713,64 527,1882,018,445 Mar. 25 24,261,12? 1,486,835 "9,068,170 425,6761,978,002 1,062,97" 742, 27^8 4,,099,096 •768,654 468,909 701,24: 529,9491,929,341 Commitments to make industrial advances: Feb. 25 14,921 130 435 2,854 1,039 1,455 1,644 1,934 1,120 1,500 2,787 Mar. 4 13,54( 130 43 2,18f 1,03: 1,440 1,614 1,934 1,120 1,500 2,134 Mar. 11 13,37 128 43 2,109 1,028 1,932 1,61 1,934 1,056 1.50C 2,119 Mar. 18 14,2& 627 429 2,198 1,024 1,427 1,594 1,934 1,456 1,500 2,065 Mar. 25 14,36? 627 429 2,267 1,024 1,407 1,580 2,05 1,423 1,500 2,049 338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date ( e l a a c s h t W m e o d n n t e h s ) day of Num A b p r e p e r c li e c i a v t A e i d o m n o s unt N A u p c m p o l b i n c e s a r i t d io er n A a s t m i u o o n n u d n er t Num A b p ap e p r p li r c o a v t A i e o d m n o s unt A s ( t a d a m o v n 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 t o n e e t t d ) d a d o R e p r r x a p e e p w l p w i t i a n c c r i . i e a t d h d b n , - , y t ( s P a p ta m a a o n r t u o i t d o t i u i - c n n n i s g t - ) ? (amount) 1934—Dec. 26 4,386 146,972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26 6,325 237,581 68 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 314 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30 8,247 328,998 5 1,245 2,280 139,829 25,526 20,959 8,226 77,910 7,208 1937—Mar. 31 . . 8,344 333,300 9 1,322 2,323 141,545 23,059 18,611 7,898 85,210 6,767 June 30 8,430 339,509 10 1,263 2,361 145,758 23,019 16,331 1,470 97,663 7,275 Sept. 29 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102,588 7,304 Dec. 29 8,534 350,551 7 550 2,406 150,987 20,216 12,780 3,369 107,384 7,238 1938—Mar. 30 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111,193 7,825 June 29 8,976 369,853 8 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28 ?, 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 2,923 214,800 9,483 5,207 12,325 179,021 8,764 Feb. 26 9,659 442,712 1 600 2,945 223,226 9,451 . 5,066 20,424 179,569 8,716 Mar. 26 9,682 448, 506 3 823 2,959 228,732 9,526 7,315 19,986 180,989 10,916 Apr. 30 9,719 444,985 2 35 2,987 225,849 9,157 8,464 13,035 183,646 11,547 May 28 9,793 455,868 5 1,725 3,046 234,714 9,639 12,342 14,134 186,062 12,537 June 25 9,817 458, 092 2 35 3,067 238,505 10,549 13,072 8,090 192,783 14,011 July 3G 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. 25 10,056 525,432 1 600 3,241 292,905 9,227 14,921 15,751 233,082 19,924 Mar. 25 10,081 530,556 1 300 3,261 297,945 9,312 14,364 17,698 237,485 19,086 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 $744,000, Mar. 25, 1942. 4 Tuesday. 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 ra a n n cisco Federal Reserve Notes: Issued to F. R. Bank by F. R. agent: Feb. 25 8,886,489 716,364 2,266,338 626,960 844,376 474,849 316,000 1,822,313 348,483 221,227 282,962 154,318 812,299 Mar. 4 8,970,109 718,144 2,284,303 627,531 849,277 478,853 318,5641,840,016 355,897 223,856 288,426 155,991 829,251 Mar. 11 9,000,690 716,652 2!,295,212 629,166 852,524 483,288 322,7471,840,137 354,949 224,084 289.774 157,323 834,834 Mar. 18 9,014,445 698,187 2,311,982 628,493 855,215 484,314 323, 4•5"7 1,849,137 355,256 225,421 289,257 156,918 836,808 Mar. 25 9,023,343 704,494 2,306,016 626,442 859,171 483,935 328,952 1,849,797 354,879 224,810 290,410 156,948 837,489 Held by Federal Reserve J. Bank: Feb. 25 380,551 20,055 96,125 24,946 32,124 34,805 26,856 32,559 15,886 5,263 9,003 15,234 67,695 Mar. 4 385,433 21,907 92,698 22,364 32,744 34,604 19,314 43,154 18,010 5,230 9,658 13,520 72,230 Mar. 11 403,304 19,493 101,349 22,770 32,569 35,334 21,648 44,075 17,320 5,216 11,243 15,829 76,458 Mar. 18 457,572 19,926 122,463 22,870 38,690 38,905 23,291 57,734 17,875 6,440 10,293 16,859 82,226 Mar. 25 478,080 25,166 116,012 22,146 42,812 40,388 26,383 68,058 18,242 6,122 12,220 16,777 83,754 In actual circulation:1 Feb. 25 8,505,938 696,309 2,170,213 602,014 812,252 440,044 289,1441,789,754 332,597 215,964 273,959 139,084 744,604 Mar. 4 8,584,676 696,2372,191,605 605,167 816,533 444,249 299,250 1,796,862 337,887 218,626 278,768 142,471 757,021 Mar. 11 8,597,386 697, 1"59 2,193,863 606,396 819,955 447,954 301,0991,796,062 337,629 218,868 278,531 141,494 758,376 Mar. 18 8,556,873 678,2612,189,519 605,623 816,525 445,409 300,166 1,791,403 337,381 218,981 278,964 140,059 754,582 Mar. 25 8,545,263 679,328 ,190,004 604,296 816,359 443,547 302,569 1,781,739 336,637 218,688 278,190 140,171 753,735 Collateral held by agdnt as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Feb. 25 9,044,000 740,000 2,280,000 640,000 845,000 500,000 325,000 1,860,000360,000 222,000 285,000 158,000 829,000 Mar. 4 9,107,000 740,000 2,300,000 640,000 850,000 500,000 325,000 1,860,000370,000 227,000 290,000 161,000 844,000 Mar. 11 9,124,500 740,000 2,300,000 640,000 855,000 500,000 330,000 1,860,000 370,000 227,000 295,000 163,500 844,000 Mar. 18 9,179,500 740,000 2,:320,000 640,000 860,000 500,000 330,000 1,880,000370,000 227,000 295,000 163,500 854,000 Mar. 25 9,194,500 740,000 2,320,000 640,000 865,000 500,000 340,000 1,880,000370,000 227,000 295,000 163,500 854,000 Eligible paper: 3,309 337 1,534 874 200 86 278 Mar. 4.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'., 5,264 395 3,867 765 36 201 Mar. 11 , 5,905 270 4,870 690 75 Mar. 18. 5,777 227 4,930 590 30 Mar. 25 5,859 457 4,625 750 27 Total collateral: Feb. 25 9,047,309 740,337 2,,281,534 640,874 845,000 500,200 325,000 1,860,000360,000 222,086 285,278 158,000 829,000 Mar. 4 9,112,264 740,395 2,303,867 640,765 850,000 500,000 325,000 1,860,000 370,000 227,036 290,201 161,000 844,000 Mar. 11 9,130,405 740,270 2,304,870 640,690 855,000 500,000 330,000 1,860,000370,000 227,000 295,075 163,500 844,000 Mar. 18 9,185,277 740,227 2,324,930 640,590 860,000 500,000 330,000 1,880,000 370,000 227,000 295,030 163,500 854,000 Mar. 25 9,200,359 740,457 2,,324,625 640,750 865,000 500,000 340,000 1,880,000 370,000 227,000 295,027 163,500 854,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing banks. APRIL 1941 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, FEBRUARY, 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] Cl a a n ss d e s d i o s f t r b ic a t n s ks p m G o d d r a s e e o n - - i s t d s s p m N o d d a e s e . e n "i - t t d si1 p T o d i e s m - it e s Re F - R ed e e s r e B a r H l v a e e n R s l k d e s w se i r th v E e x- b m a b A e n e m l k r l s - 1 C Y N e c o n e i w r t t k r y a l ba re n C c s k a e h s g r i- o ve b s c ] e a E i r n t t v e y k - e s b C a o t n r u y k n s - 1 quired cess Total reserves held: All member banks 49,159 40,870 12,179 9,599 12,908 3,309 1941—February 13,996 6,807 1,033 4,258 1,898 Central reserve city banks: March 13,979 6,924 931 4,197 1,928 New York 16,699 15,948 808 4,195 5,266 1,071 April 13,600 6,518 966 4,204 1,912 Chicago 3,695 3,286 461 882 1,086 204 May 13,650 6,243 1,144 4,298 1,965 June 13,201 5,958 1,144 4,184 1,914 Reserve city banks: July 13,120 5,875 L,120 4,198 1,927 Boston district 1,437 1,293 78 263 386 123 August 13,004 5,600 1,140 4,287 1,978 New York district 306 252 144 59 68 9 September 13,184 5,554 1,218 4,335 2,076 Philadelphia district 1,689 1,435 160 297 431 135 October 13,097 5,314 1,243 4,391 2,149 November 12,900 5,053 1,210 4,424 2,213 Cleveland district 2,460 2,021 696 446 741 295 December 12,812 5,142 L,143 4,317 2,210 Richmond district 1,150 907 233 195 308 112 1942—January 12,936 5,248 1,085 4,365 2,238 Atlanta district 1,104 786 172 167 207 40 February 12,908 5,266 L,086 4,356 2,199 Week ending (Friday): Chicago district 2,072 1,534 682 348 509 161 1942—Feb. 6 12,897 5,291 1,044 4,366 2,196 St. Louis district 1,246 959 168 202 271 69 Feb. 13 12,916 5,309 L.034 4,378 2,195 Minneapolis district 516 419 80 89 98 9 Feb. 20 13,022 5,283 1,101 4,408 2,230 Feb. 27 12,840 5,210 1,148 4,300 2,182 Kansas City district 1,350 934 149 196 260 65 Mar. 6 12,737 5,117 1,162 4,265 2,194 Dallas district 1,034 684 126 144 190 46 Mar. 13 12,997 5,224 L.140 4.408 2,225 San Francisco district ... 3,304 2,744 2,051 672 888 216 Mar. 20 13,067 5,294 1,138 4,389 2,246 Excess reserves: Total 17,668 13,967 4,740 3,078 4,356 1,279 1941—February 6,422 3,166 347 2,004 906 March 6,304 3,203 252 ,923 927 April 5,883 2,812 295 ,885 891 Country banks: May 5,831 2,514 434 ,949 933 Boston district 1,237 947 546 165 250 1 85 June 5,351 2,238 424 ,820 870 New York district 2,002 1,582 1,463 309 467 158 July 5,193 2,150 388 ,789 866 Philadelphia district 893 658 848 143 212 69 August 5,017 1,898 403 1,824 892 September 5,116 1,834 478 1,836 968 Cleveland district 933 640 728 133 227 94 October 5,001 1,626 512 L,845 1,017 Richmond district 902 563 393 102 153 50 November 3,611 945 367 L,456 844 Atlanta district 850 521 253 88 132 44 December 3,390 989 295 ,303 804 1942—January 3,446 1,083 225 ,330 809 Chicago district 1,353 888 843 175 280 105 February 3,309 1,071 204 1,279 755 St. Louis district 595 375 256 68 100 33 Week ending (Friday): Minneapolis district 441 295 278 58 83 25 1942—Feb. 6 3,343 1,111 169 ,303 759 Feb. 13 3,337 1,118 162 ,300 757 Kansas City district 612 386 156 63 91 28 Feb. 20 3,409 1,090 218 L.317 783 Dallas district 771 486 101 74 116 42 Feb. 27 3,202 998 254 L,219 731 San Francisco district... 508 328 305 64 88 23 Mar. 6 ?3,093 901 262 1,187 P743 Mar. 13 P3,283 984 233 L.292 P774 Total 11,096 7,668 6,171 1,444 2,199 755 Mar. 20 P3.311 1,026 223 L.266 P796 1 Gross demand deposits minus demand. balances with domestic banks p Preliminary. (except private banks and American branches of foreign banks) and cash 1 Weekly figures of excess reserves of all member banks and of country items in process of collection. banks are estimates. NOTE.—See table on p. 334 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 Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Boston 2,674 2,663 624 629 2,516 2,504 506 511 157 159 118 118 New York 19,007 18,911 2,415 2,442 1l,907 11,852 ^,094 1l,106 401 393 514 517 Philadelphia 2,581 2,583 1,008 1,032 2,245 2,249 558 576 337 335 450 455 Cleveland 3,393 3,337 1,424 1,445 3,034 2,981 1,080 1,098 359 356 345 347 Richmond 2,052 2,055 626 629 1,780 1,782 422 424 272 272 204 205 Atlanta 1,953 1,921 426 430 1,752 1,723 341 346 202 198 84 84 Chicago 7,121 6,959 1,986 2,008 X2,914 12,827 h.ise 1l,202 511 500 339 339 St. Louis 1,841 1,841 424 429 1,484 1,480 299 302 357 361 125 126 Minneapolis 957 956 358 361 744 743 192 195 213 213 166 167 Kansas City 1,962 1,943 304 307 1,541 1,523 197 199 421 420 107 108 Dallas 1,806 1,801 228 232 1,386 1,379 184 186 420 422 44 46 San Francisco 3,811 3,798 2,356 2,385 3,651 3,636 2,252 2,281 160 163 105 105 Total 49,159 48,769 12,179 12,330 ^4,954 X24,679 18,311 X8,424 3,810 3,791 2,600 2,618 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 340 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 ce c 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 u r 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 d r i- M "o in in or U S n n o ta i t t t e e e s s d R F n e e o s d e t e e r r v s a e l R F n B e e o s d a e t e n e r r k v s a e l n t b i N o o a t n a n e a - k s l 1941—January... 8,593 64 50 1,595 1 403 183 278 5,842 21 156 February.. 8,781 64 50 1,635 1 406 184 278 5,985 21 155 March 8,924 64 51 1,651 1 413 186 277 6,106 21 154 April 9,071 63 51 1,654 1 418 189 274 6,247 21 153 May 9,357 63 52 1,697 1 426 191 286 6,468 20 152 June 9,612 63 53 1,714 1 434 194 300 6,684 20 150 July 9,732 63 54 1,691 1 438 196 307 6,813 20 149 August.... 9,995 62 55 1,723 1 445 199 313 7,027 20 148 September 10,163 62 56 1,724 1 455 202 314 7,181 20 147 October... 10,364 62 57 1,715 1 463 205 317 7,378 20 146 November. 10,640 61 59 1,737 1 474 208 321 7,615 20 145 December. 11,160 61 60 1,733 1 481 209 313 8,138 19 144 1942—January... 11,175 61 61 1,657 1 471 206 302 8,253 19 143 February.. 11,485 61 61 1,695 1 475 206 309 8,514 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 u c la 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 1941—January... 8,593 6,094 635 577 37 1,091 1,973 1,781 2,502 540 1,126 230 530 24 52 February . 8,781 6,243 641 582 38 1,116 2,041 1,826 2,541 551 1,144 232 535 24 55 March 8,924 6,342 650 590 38 1,132 2,074 1,858 2,583 560 1,163 238 543 24 56 April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 1,197 241 550 25 56 May 9,357 6,683 669 615 40 1,176 2,211 1,972 2,675 587 1,218 242 546 24 57 June 9,612 6,890 681 625 41 1,207 2,289 2,047 2.725 607 1,244 244 548 24 57 July 9,732 6,992 688 626 40 1,215 2,334 2,090 2,742 615 1.257 244 544 24 58 August 9,995 7,237 700 641 42 1,257 2,430 2,169 2,760 630 1,274 244 543 24 46 September 10,163 7,378 713 658 42 1,270 2,469 2,227 2,787 645 1,293 243 537 24 46 October... 10,364 7,537 725 663 41 1,287 2,527 2,293 2,830 658 1,316 245 539 25 47 November 10,640 7,769 738 675 43 1,318 2,610 2,383 2.874 674 1,343 248 538 24 47 December. 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942-!—January 11,175 8,053 738 656 42 1,309 2,713 2,595 3,126 745 1,481 265 566 24 46 February.. 11,485 8,326 743 668 42 1,344 2,825 2,704 3,163 767 1,511 266 565 21 33 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. IInncclluudes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destrrooyyeedd.. 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, CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars] Silver Fed- End of month Total d s o b i a l l u n v la l d e - r r s s S s a i i u l r d v b y i e - - r M co in in or U S n n t o a i t t t e e e s d s B s e R e a r r e a n v - l k e t n b i N o o a a t n n e - a k s l Year or month m E e S u n h r t o i s p p - t e o R E e f u r c o r e o m ip p t e s m s N h e i e n p t t - s rec N e e ip t ts lion1 coin notes 1937 21.5 47.6 26.1 1938 33.1 34.4 1.3 1941—January 3,097 1,953 427 191 347 22 158 1939 110.2 9.8 100.3 February... 3,102 1,959 428 192 347 21 156 1940 17.7 .7 17.0 March 3,109 1,965 429 193 347 21 155 1941 . „ .„. .3 .5 .2 April 3,122 1,971 434 194 347 21 154 1 May 3,134 1,977 440 196 347 21 153 1941 March C1) June 3,149 1,983 447 199 347 21 152 April (11 .1 July 3,166 1,991 455 202 347 20 151 May /i\ August 3,181 1,998 462 204 347 20 150 C1) September. 3,198 2,006 469 207 347 20 149 July ........ October 3,219 2,013 482 210 347 20 148 August November 3,231 2,017 489 212 347 20 146 September December .. 3,247 2,023 497 215 347 20 146 October f1) November 0") 1942—January 3,259 2,029 501 218 347 20 144 .2 2 February... 3,268 2,033 505 220 347 20 144 1942—January .,. .2 .1 .1 1 Includes silver held against silver certificates amounting to $1,962,- February (*) 000,000 on-jFeb. 28, 1942 and $1,882,000,000 on Feb. 28,1941. 1 Less than $50,000. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. APRIL 341 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 d k i d od I i n n s c to r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r 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 s ld - - From or to— p Im or - t N s ov. p 2 o E r x t - s3 p I o m rt - s Oct. p E o x r - ts3 p J I o a m n r - t . s -No p v E o . r x t - s , 3 crease (—) 19342 8,238 4,202.5 1,133.9 82.6 92.9 France .. 1 1 19 9 3 3 6 5 31 1 1 0 , , 2 1 5 2 8 5 1 1 , , 8 1 8 3 7 2 . . 2 5 1 1 , , 7 1 3 1 9 6 . . 0 6 -85. . 9 2 1 1 1 3 0 1 . . 7 6 P Sw or e t d u e g n al 24 34 1,7 3 4 7 7 8 1937 312,760 1,502.5 1,585.5 —200.4 143.9 Switzerland 899 1938 14,512 1,751.5 1,973.6 -333.5 148.6 United Kingdom 121 55 3,616 1 1 1 9 9 9 3 4 4 9 1 0 . . 2 2 1 2 1 7 , , , 7 9 6 3 9 4 7 5 4 4 3 , , 3 1 7 5 3 4 1 2 1 . . . 2 0 8 3 4 , , ( 5 7 4 7 4 ) 4 4 . . 2 5 - — - 5 6 4 3 4 0 4 4 7 . . . 4 7 7 1 1 1 6 7 6 1 0 7 . . . 7 2 8 C M U C . a e e n n x S a t i . r c d a o S a l . A R merica 2 5 6 4 , , , 6 3 9 9 1 3 2 3 5 1 6 9 1 5 6 1 , , , 5 0 0 9 2 5 7 6 0 0 4 0 3 3 9 1 9 1 1 5 , , , , 9 4 7 5 5 8 1 2 9 7 4 6 West Indies and Ber- 1940—September... 21,244 331.« 334.1 36.6 13.5 muda 77 66 814 October.. 21,506 261.1 326.0 -117.9 19.2 Argentina 18 10 177 November 21,801 295.2 330.1 -39.5 16.6 Bolivia 8 10 94 December 21,995 194.0 137.2 7.4 16.3 Brazil 5 22 Chile 441 323 7,627 1941--January 22,116 121.7 234.2 -52.8 13.6 Colombia 2,110 2,107 22,211 February 22,232 115.4 108.6 -46.2 12.7 Ecuador 218 253 2,822 March 22,367 135.4 118.6 .2 12.1 Peru 436 583 8,441 April 22,506 138.5 172.0 -10.5 12.9 Venezuela 227 608 4,212 May 22,575 69.1 34.8 -3.8 12 7 British Guiana 91 75 986 June 22,624 49.2 30.7 4.0 14.5 Australia 5,980 6,151 63,779 July 22,675 50.5 37.0 -27.7 13.7 New Zealand 156 77 2,364 August 22,719 44.7 37.0 -31.2 12.5 British Oceania 314 652 3,583 September... 22,761 41.5 65.7 -46.8 17.9 British India 2,327 8,954 October 22,800 38.8 40.4 -32.2 15.8 Netherlands Indies 25 855 November 22,785 -14.4 50.4 -60.9 18.1 China and Hong Kong.. 3,697 / December.... 22,737 —48.8 (4) -99.7 11.4 Japan 9,444 Philippine Islands 1,832 3,143 37,178 1942--January 22,747 10.6 -38.5 14.7 South Africa 40 200 292,703 February 22,705 -42.4 6-109.3 All other countries 473 140 4,255 1 Annual figures are estimates of the United States Mint. Monthly Total 50,382 8 40,444 3 929,545 63 figures are those published in table on page 381; adjusted to exclude Philippine 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 j 1936, and 1,228 million on Dec. 31, 1937. * 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. ,. NOTE.—For back figures for selected countries beginning in 1934, see 6 Gold held under earmark at Federal Reserve Banks for foreign account table on p. 381. amounted to 2,363.1 million dollars on February 28, 1942. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). BANK> SUSPENSIONS1 Member Nonmember BANK DEBITS Total, banks bank* Debits to deposit accounts except interbank accounts all banks ti N o a n - al State su I r n e - d2 in N su o i i ed [In millions of dollars] Total, 133 Num 1 b 9 e 3 r 4 of banks suspended: 57 1 8 48 Year and month rep a o ll rt- N Y e o w rk o 1 t 4 h 0 er re o p t o h r e ti r ng 1 1 9 9 3 3 5 6 3 44 4 4 1 4 2 0 2 8 3 ce i n ng ters City centers centers2 1937 59 4 2 47 6 1938 55 1 1 47 6 1929.. 982,531 603,089 331,938 47,504 1939 42 4 3 25 10 1936.. 461,889 208,936 219,670 33,283 1940 22 1 18 3 1937. 469,463 197,836 235,206 36,421 1941 8 4 3 1 1938. 405,929 168,778 204,745 32,406 1942—Jan.-Feb 2 2 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 1941—January 41,133 15.147 22,498 3,488 1935 10,015 5,313 3,763 939 February 35,783 13,268 19,457 3,057 1936 11,306 507 10,207 592 March 44,558 17,402 23,586 3,570 1937 19,723 7,379 1,708 10,156 480 April 42,237 15,657 23,074 3,505 1938 . . 13,012 36 211 11,721 1,044 May 43,665 16,124 23,795 3,746 1939 34,998 1,341 24,629 6,589 2,439 June 45,942 17,282 24,853 3,807 1940 5,943 256 5,341 346 July 44,808 16,288 24,660 3,861 1941 3,726 3,144 503 79 August 42,856 15,079 24,033 3,745 1942—Jan.-Feb 176 176 September... 43,870 15,654 24,310 3,907 October 50,875 19.148 27,315 4,411 o w (i r n h 1 o p s s e R o e r e m m d p e e a r p e n i s o n e e s s n n i t t t a t l s y n l i c b a o e b a n s n i l w a k it c s i i c t e w h o s u h w t n i h c e t e h r e o , a f i a d d s u f s i r o n u i f a n m n g F e c e d i t a d h l b e e y r d p a i o l f e f t r D i h i c o e e u r d p l s t b o i e a s s s h n i ; t o k s w I d n o n a s e t , u s t c r h n a lo e n o s c t t e e i d i m n C c e te l o o u m r t d p p e c o o l r o b r a a s a t i r i n n i o k l g n y s 1942— D N F J e a e o b n c v r e u e u m a m a r b y r b y e e r r... 4 4 4 5 8 1 5 6 , , , , 0 5 6 5 8 8 1 5 1 9 0 0 2 1 1 1 0 7 4 6 , , , , 5 0 2 2 9 7 4 4 8 7 7 2 2 2 3 2 3 5 1 7 , , , , 5 0 1 0 3 7 1 1 1 5 8 4 4 4 3 3 , , , , 7 3 8 9 7 4 7 3 9 7 3 0 loans). 2 Federal deposit insurance became operative January 1, 1934. 1 National series, for which bank debit figures are available beginning 3 Deposits of member banks and insured nonmember banks suspended are with 1919. as of dates of suspension, and deposits of noninsured nonmembet banks 2 Except that 1929 figure is for 128 centers only. are based on the latest data available at the time the suspensions weic 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. 342- 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. Unde'r 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 OFBANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Member banks2 Nonmember banks Member banks2 Nonmember banks Call date Total 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 O m n b t o e h e n m r e - r - Call date b A an ll ks Total ti N on a a - l State M sa u vi t n u g al s m O n e t o h m n e - - r banks banks ber 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—June 30 53,287 35,440 22,926 12,514 10,213 7,635 Dec. 31 52,440 34,810 22,655 12,155 10,257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 1938—June 30 : 52,195 34,745 22,553 12,193 10,296 7,153 Dec. 31 54,054 36,211 23,497 12,714 10,365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 Dec. 30 58,344 39,930 25,661 14,269 10,613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 1940—June 29 60,582 42,039 26,931 15,108 310,631 37,912 Dec. 31 65,021 46,007 29,214 16,793 10,658 8,356 1941—Apr. 4 14,871 6,528 5,138 1,390 550 7,,793 June 30 14,855 6,556 5,130 1,426 547 7,752 1941—Apr. 4 65,211 46,179 29,467 16,712 10,684 8,347 Sept. 24. 14,852 6,596 5,125 1,471 546 7,710 June 30 67,172 48,076 30,684 17,392 10,641 8,456 Dec. 31P 14,825 6,619 5,117 1,502 545 7,661 Sept. 24 68,449 49,160 31,500 17,660 10,643 8,646 Dec. 31*.... 70,792 51,192 32,672 18,520 10,525 9,075 For footnotes seetable below. For footnotes seetable beta(V. 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 Invest- Invest- Total Loans ments Total Loans ments 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,98f 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 r59,296 r26,187 33,109 41,943 17,546 24,397 r10,348 r4,949 5,399 7,005 3,692 3,313 Dec. 31*.... 61,096 26,616 34,480 43,521 18,021 25,500 10,372 4,902 5,470 7,203 3,693 3,510 * Preliminary figures. r Revised figures. i 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. ; in Indiana. d investments of $96,000,000 on Dec. 30, 1939) which, prior to ivicnuu i»tu, was v.iiis5iucu cts O. mutual savings uau*., is nuw mtiuucu in ±igui.cs m LUC V_/LHCI nonmember banks column. 4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000I and $100,000,000, respec- Back figures.—See Annual Report for 1937 (tables 48-49). APRIL 1942 343 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 Investments* Loans for U. S. Government obligations purchasing Obli- T lo o a t n a s l Com- or carrying Direct gat o i f ons Call date i m n a v e n e n d s t t s - Total1 in m a c d n e i u a r d - l s- A t c a u g u l2 r r l - i - - p O m a k p p a e e e r t n - r b T s ro e o c k u - rlu T ic o s 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 G a u n a - r- S p a o t c a n l a i t d l t e i s - O r s i e t t c h ie u e s - r trial2 ers oth- Bills5 Notes Bonds teed suband divideal- ers sions ers Total—All Member Banks IOOQ—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 L [9 7i 3 <7 3 — -1 J — u r\* n ** e » 3 tsx 0 < • • • • 24,786 12', 858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1938—June 30 30,721 12,938 492 701 2,614 2,613 120 6,397 17,783 12,343 316 3,653 6,246 2,128 '2,143 3,296 Dec. 31 32,070 13,208 'i\ 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. 31..!''I 43,521 18^021 8,064 972 607 594 598 3,494 39 3,653 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 New York City'1 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 M56 ""s 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. 31 12,896 4,072 2,716* 8 91 412 169 123 32 522 8,823 7,265 *3il' 1,623 3J652 1,679 729 830 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—June 30 1,806 525 15 29 109 10 361 1,281 981 12 313 535 ""122" 140 159 Dec. 31 1,969 539 "319' "17" 16 43 70 12 " "i" 62 1,430 1,114 59 291 655 109 141 176 1939— D j eucn. e 3 3 0 0 2 2 , , 0 1 5 0 2 5 5 5 4 6 4 9 3 3 2 6 9 5 1 6 9 1 1 5 7 3 4 9 1 6 7 6 1 1 1 2 3 6 5 0 9 1 1 , , 5 5 0 3 7 6 1 1 , , 1 2 7 0 5 3 1 1 8 5 5 3 2 1 3 7 4 6 6 7 2 0 1 1 1 1 7 3 2 5 1 16 5 2 4 1 1 7 7 0 9 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 s 17 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 5 21 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Sept. 246... 2,573 918 1,655 1,304 159 175 176 Dec. 31 2,760 954 711 6 21 48 52 22 1 95 1,806 1,430 256 153 903 119 182 193 Reserve City Banks 1929—Dec. 31 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 30 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30 11,150 4,853 163 95 998 1,201 26 2,369 6,298 4,658 69 1,268 2,603 *7i8* 732 908 Dec. 31 11,654 4,963 l,9U 207 149 119 242 1,230 20 ,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 ,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 ,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 ,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 ,307 7,081 5,204 103 771 3,281 1,049 984 893 1941—June 30 14,013 6,498 2,879 175 202 100 198 1,477 9 ,457 7,515 5,700 73 606 3,858 1,162 979 836 Sept. 246... 14,588 6,861 7,727 5,914 1,246 975 838 Dec. 31 15,347 7,105 3,206 300 250 114 194 1,527 4 1,508 8,243 6,467 295 751 4,248 1,173 956 820 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 L.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 L.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 1^04 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 12,518 5,890 1,431 659 245 20 183 1,823 2 1,528 6,628 4,377 lib' "481' 2,926 861 1,222 1,028 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. 1 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. 6 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 'Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 344 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- Bal- De- except interbank except interbank deposits F s B w e s e R e d a r i r v e n e t v h - e r k e a s s l v C a i a u n s l h t b m a w a n d e n i c o s t k e t - h i s s c 1 j m p u a o s d a d t s e n e - i - d t d s 2 v p an i a s p I t d d h r i n o u t o i r d n p c n a a i e o s s - l - , s r r - , - p v s S o i u a l t s i b a i n t o t d i d e c n i s - a s l c C c e h f a o e i e t e f n e c r f r c d d i t . s - k 3 i ' - s m U G e e r o . n n S v - t . - 4 v p an i a s p t I d d h r i o n o t u i r d n p c n a a e i o s s - l - , r s r - - , v S s p i u i a s t o c a b i n l o a t d d i l e n t i s - s - P i s o n a s g v t s a - 4 l m D a D e n - o b d m an e k s T s 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 - t t a s l Call date Total—All Member Banks 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1929—Dec. 31 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 8,004 712 4,084 20,893 19,816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 1938—June 30 8.694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 10,011 712 4,674 23,587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 1939—June 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 1940—June 29 13.992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 Dec. 31 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 12,396 1,087 6,246 33,754 33,061 3,066 1,009 1,709 11,878 418 50 9,714 133 678 4 5,886 Dec. 31 New York City5 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 1938—June 30 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 ,593 Dec. 31 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 ,586 I939—June 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 ""'i 695 ,592 Dec. 30 7,072 88 119 10,235 10,283 258 147 67 732 29 3,840 650 ,599 1940—June 29 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 ,615 Dec. 31 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 ,625 1941—June 30 5,534 96 6114 11,506 11,595 300 342 135 810 29 64,040 6563 io . fttf Sept. 24 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1^648 Dec. 31 City of t Chicago* 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1929—Dec. 31 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1933—June 30 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 1938—June 30 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 1939—June 30 993 42 283 1,739 1,676 167 24 80 483 10 879 9 250 Dec. 30 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 1940—June 29 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 Dec. 31 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 1941—June 30 1,278 39 6271 2,228 2,112 228 29 95 469 22 6l,081 68 279 Sept. 24 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 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 1J948 Sept. 24 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 1,967 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 L,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 L,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 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 1,982 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). APRIL 1941 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S, Government obligations Com- purchasing Total mer- or carrying Date or month i m n l a o v e n a e n d n s t s s t- Total in t c a r a c d i g i n u a a u r d l l i l s - , - , - p O m a k p p a e e r e t - n r b a T e r n s o r o s e d k curi o ti t e T h s o ers e R lo s e t a a a n l t s e L ba o t n o an k s s O lo t a h n e s r Total Total Bills Notes Bonds G t a e u n e a - d r- O r s i e t t h i c e e u s r tural deal ers Total—101 Cities 1941—February 26,316 9,408 5,186 317 440 458 1,231 35 1,741 16,908 13,138 729 2,565 7,085 2,759 3,770 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 February 30,570 11,331 6,860 423 451 1,250 35 1,904 19,239 15,542 1,247 2,335 9,243 2,717 3,697 1941- 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 Feb. 25 30,943 11,392 6,902 422 471 410 1,250 37 1,900 19,551 15,855 1.2Q6 2,337 9,589 2,723 3,696 Mar. 4 30,918 11,374 6,902 429 460 410 1,248 32 1,893 19,544 15,874 1,199 2,337 9,615 2,723 3,670 Mar. 11 31,034 11,411 6,959 424 455 410 1,246 29 1,888 19,623 15,935 1,238 2,346 9,631 2,720 3,688 Mar. 18 31,031 11,446 7,035 424 417 408 1,246 27 1,889 19,585 15,759 1,067 2,352 9,639 2,701 3,826 Mar. 25 30,781 11,402 7,008 426 408 407 1,245 27 1,881 19,379 15,644 923 2,357 9,662 2,702 3,735 New York City 1941—February... 10,712 3,063 1,983 90 300 166 112 23 389 7,649 6,183 149 1,498 2,947 1,589 1,466 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 12,267 3,830 2,697 79 317 149 103 32 453 8,437 6,981 413 1,447 3,642 1,479 1,456 February 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 1941—Dec. 31 „ 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 1942—Jan. 7 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 tan. 14 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. 21 12,192 3,755 2,639 79 310 146 102 33 456 8,437 6,966 468 1,468 3,569 1,461 1,471 Jan. 28 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 Feb. 25 12,470 3,878 2,734 79 329 150 103 33 450 8,592 7,137 400 1,448 3,800 1,489 1,455 Mar. 4 12,471 3,876 2,734 80 327 148 103 29 455 8,595 7,157 388 1,449 3,825 1,495 1,438 Mar. 11 12,505 3,913 2,774 79 328 149 103 26 454 8,592 7,152 401 1,453 3,809 1,489 1,440 Mar. 18 12,503 3,901 2,804 77 292 148 103 25 452 8,602 7,046 289 1,462 3,817 1,478 1,556 Mar. 25 12,404 3,882 2,788 286 148 103 25 452. 8,522 7,031 256 1,465 3,831 1,479 1,491 Outside New York City 1941—February 15,604 6,345 3,203 227 140 292 1,119 12 1,352 9,259 6,955 580 1,067 4,138 1,170 2,304 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 February. 18,303 7,501 4,163 344 134 259 1,147 3 1,451 10,802 8,561 834 5,601 1,238 2,241 1941—Dec. 31... 17,926 7,598 4,149 338 171 272 1,155 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 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 1,471 10,440 8,243 663 5,250 1,350 2,197 Jan. 21... 18,050 7,474 4,122 347 137 261 1,146 1,457 10,576. 8,367 733 5,487 1,249 2,209 Jan. 28... 18,150 7,500 4,149 345 138 263 1,146 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 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 1,450 10,756 8,517 854 5,533 1,241 2,239 Feb. 18.. 18,274 7,513 4,179 347 128 259 1,148 1,449 10,761 8,507 840 882 5,551 1,234 2,254 Feb. 25.. 18,473 7,514 4,168 343 142 260 1,147 1,450 10,959 8,718 806 889 5,789 1,234 2,241 Mar. 4... 18,447 7,498 4,168 349 133 262 1,145 1,438 10,949 8,717 811 5,790 1,228 2,232 Mar. 11.. 18,529 7,498 4.185 345 127 261 1,143 1,434 11,031 8,783 837 893 5,822 1,231 2,248 Mar. 18.. 18,528 7,545 4,231 347 125 260 1,143 1,437 10,983 8,713 778 890 5,822 1,223 2,270 Mar. 25.. 18,377 7,520 4,220 346 122 259 1,142 1,429 10,857 8,613 667 892 5,831 1,223 2,244 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Re- B s s F w e R e e a e r r i r n e v d t v a - h k e - e l s s v C i a a n u s h lt « m a b B w n a d e a c i n s o t e l 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 u I p v n c h a n o a a o i e n i d d r l p r r r d s a - - - t i s , - - - , S p s d s a i i t o i u c o a n v l a n b t d i i e l t - s - - s c C h c a f o e e e e i n f t e r c f r c d i d s t k . - ' i s - U m G e . e r S o n n . v t - 2 - s p I u p c v n h a n o a a o i e i n r d d l p r r r d a s t - - - i s , - - - , S p d s s i a t i c o u i a o n v a l b t n d i l i e - t - s - s P i o n s g t s a 2 l m D a D e n b - o d a m n e k s s T ti i c me b e F a i o g n r n k - s B r i o n o w g r s - - co C i a u t a c a n p - l t - s Date or month tions tions Total 101 Cities 11,765 520 3,381 23,092 22,511 1,673 484 331 5,262 193 24 9,005 117 630 3,834 1941—February 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 3,917 1942—January 10,223 540 3,280 24,714 24,343 1,799 552 1,460 5,010 185 20 9,017 97 637 3,927 February 9,825 555 3,255 23,650 23,993 1,721 727 1,475 5,172 173 23 8,934 106 656 3,913 1941—Dec. 31 10,053 568 3,190 23,884 23,384 1,651 520 1,492 5,130 186 22 8,938 106 650 3,922 1942—Jan. 7 10,285 571 3,364 24,169 24,046 1,620 563 1,580 5,097 181 23 9,174 100 646 3,916 Jan. 14 10,507 539 3,366 24,426 24,132 1,712 535 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 L,451 5,058 181 20 8,988 100 640 3,920 Jan. 28 10,229 531 3,282 r24,453 23,883 1,826 490 1,464 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 10,001 547 3,267 24,712 24,595 1,804 766 1,671 5,005 180 20 8,937 96 653 3,929 Feb. 25 10,233 526 3,260 24,815 24,313 1,773 493 1,784 5,006 179 20 8,933 93 627 3,939 Mar. 4 10,301 556 3,263 25,129 24,777 1,768 529 1,792 4,977 173 20 8,851 93 640 3,930 Mar. 11 10,287 523 3,312 25,010 24,577 1,835 630 1,835 4,964 162 20 8,911 92 636 '. 3,930 Mar. 18 9,957 515 3,300 24,574 23,933 1,876 501 1,850 4,957 165 20 8,690 93 637 1[ 3,931 Mar. 25 New York City 6,514 84 93 10,765 10,758 345 290 14 707 49 3,839 574 1,507 1941—February 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 88 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 4,955 78 84 10,430 10,627 249 320 736 699 28 3,461 572 1,538 February 4,843 81 92 10,040 10,549 299 393 831 708 22 3,486 593 1 535 1941—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 4,826 80 84 10,404 10,745 250 521 833 695 28 3,441 587 1 537 Feb 25 4,884 74 83 10,517 10,668 201 260 857 698 27 3,373 567 1 542 Mar 4 4,922 79 89 10,633 10,858 196 304 860 691 20 3,342 577 1,539 Mar. 11 4,924 75 107 10,578 10,804 295 270 879 685 19 3,382 575 1,538 Mar. 18 4,786 77 160 10,509 10,576 271 269 890 684 20 3,257 574 1,538 Mar. 25 Outside New York City 5,251 436 3,288 12,327 11,753 1,328 194 317 4,555 144 24 5,166 117 56 2,327 1941—February 5,558 473 3,453 13,791 13,239 1,557 249 313 4,541 131 21 5,607 112 61 2,374 October 5,497 479 3,237 13,858 13,399 1,509 256 363 4,548 129 21 5,528 110 61 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 5,268 462 3,196 14,284 13,716 1,550 232 724 4,311 157 20 5,556 97 65 1 2,389 February 4,982 474 3,163 13,610 13,444 1,422 334 644 4,464 151 23 5,448 106 63 1 2,378 1941—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 r14,147 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 5,175 467 3,183 14,308 13,850 1,554 245 838 4,310 152 20 5,496 96 66 1 2,392 Feb. 25 5,349 452 3,177 14,298 13,645 1,572 233 927 4,308 152 20 5,560 93 60 1 2,397 Mar. 4 5,379 477 3,174 14,496 13,919 1,572 225 932 4,286 153 20 5,509 93 63 1 2,391 Mar. 11 5,363 448 3,205 14,432 13,773 1,540 360 956 4,279 143 20 5,529 92 61 1 2,392 Mar. 18 5,171 438 3,140 14,065 13,357 1,605 232 960 4,273 145 20 5,433 93 63 1 2,393 Mar. 25 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. APRIL 194Z 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations d F i e s d t e 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 T l v o a i o e e a n n s n t n - d t a t s - s l Total C t m d c r a i o u i i n n e a a s m - d r l l - - , , - p O m k a p a e p e r t e n - r br o p T s o u r o e k r c c c - u a h r r a i r t s y i i i e n n s g g e l R s o e t a a a n t l s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- O s ri e t t c h i u e e s - r agri- ers To teed cul- and others tural dealers Boston (6 cities) Feb. 25 1,557 795 433 112 15 14 76 1 144 762 632 60 41 477 54 130 Mar. 4 1,561 801 436 116 14 15 76 1 143 760 629 57 42 476 54 131 Mar. 11 1,562 804 441 115 13 15 76 1 143 758 625 51 42 478 54 133 Mar. 18 1,569 816 451 116 13 14 76 1 145 753 618 44 42 478 54 135 Mar. 25 1,565 816 452 115 14 14 76 1 144 749 616 39 42 481 54 133 New York (8 cities)* Feb. 25 13,610 4,294 2,897 93 334 193 191 33 553 9,316 7,707 456 1,518 4,148 1,585 1,609 Mar. 4 13.600 4,287 2,896 93 331 191 191 29 556 9,313 7,723 441 1,518 4,173 1,591 1,590 Mar. 11 13,640 4,328 2,938 92 333 192 192 26 555 9,312 7,722 454 1,522 4,158 1,588 1,590 Mar. 18 13,615 4,315 2,970 89 296 191 191 25 553 9,300 7,585 313 1,530 4,166 1,576 1,715 Mar. 25 13,494 4,295 2,954 92 290 191 191 25 552 9,199 7,566 278 1,534 4,178 1,576 1,633 Philadelphia (4 cities) Feb. 25 1,436 559 295 42 27 34 49 111 877 610 18 26 463 103 267 Mar. 4 1,432 561 299 42 27 34 49 110 871 605 17 26 468 94 266 Mar. 11 1,437 563 303 41 26 33 49 110 874 607 15 26 472 94 267 Mar. 18 1,427 564 307 41 26 32 49 109 863 597 26 471 92 266 Mar. 25 1,419 559 305 40 26 32 49 107 860 596 27 470 92 264 Cleveland (10 cities) Feb. 25 2,426 882 427 33 16 17 184 205 1,544 1,268 29 188 886 165 276 Mar. 4 2,416 876 420 33 15 17 184 206 1,540 1,263 27 188 883 165 277 Mar. 11 2,434 879 425 33 15 17 183 206 1,555 1,276 28 200 883 165 279 Mar. 18 '... 2,434 886 431 34 14 17 182 208 1,548 1,269 26 198 886 159 279 Mar. 25 2,429 881 429 34 14 16 181 207 1,548 1,269 21 202 887 159 279 Richmond (12 cities) Feb. 25 918 341 169 20 4 12 52 577 511 7 75 328 101 66 Mar. 4 923 342 169 21 4 12 52 84 581 515 5 76 332 102 66 Mar. 11., 922 340 167 21 4 12 52 84 582 515 5 73 335 102 67 Mar. 18 926 342 169 20 4 12 52 85 584 518 5 79 332 102 66 Mar. 25 928 344 170 21 4 12 52 85 584 518 3 75 338 102 66 Atlanta (8 cities) Feb. 25 840 414 233 7 7 33 125 426 316 26 45 183 62 110 Mar. 4 832 406 228 6 9 32 122 426 316 26 46 183 61 110 Mar. 11 836 404 227 5 9 32 122 432 321 29 46 185 61 111 Mar. 18 833 404 227 4 9 32 123 429 318 27 46 184 61 111 Mar. 25 835 404 227 4 9 31 124 431 321 28 47 186 60 110 Chicago (12 cities)* Feb. 25 4,460 1,420 968 40 46 56 146 164 3,040 2,466 454 235 1,484 293 574 Mar. 4 4,486 1,411 968 41 39 56 145 162 3,075 2,491 485 232 1,480 294 584 Mar. 11 4,531 1,416 975 40 37 58 145 161 3,115 2,524 517 228 1,485 294 591 Mar. 18.... 4,548 1,431 987 40 39 59 146 160 3,117 2,513 510 222 1,486 295 604 " Mar. 25 4,468 1,422 985 39 34 59 146 159 3,046 2,444 445 221 1,482 296 602 St. Louis (5 cities) Feb. 25 950 461 286 24 11 59 76 489 376 11 42 266 57 113 Mar. 4 953 459 285 24 10 60 76 494 381 21 42 260 58 113 Mar. 11 954 453 281 24 4 10 59 75 501 387 27 42 260 58 114 Mar. 18 962 452 279 24 4 10 60 75 510 396 34 43 261 58 114 Mar. 25 956 449 275 24 5 10 60 75 507 393 31 42 261 59 114 Minneapolis (8 cities) Feb. 25 534 267 148 2 1 6 16 94 267 225 30 15 150 30 42 Mar. 4 529 265 147 2 1 6 16 93 264 223 '28 15 150 30 41 Mar. 11 530 266 147 2 1 6 16 94 264 223 27 15 151 30 41 Mar. 18 530 267 147 3 1 6 16 94 263 223 27 15 151 30 40 Mar. 25 505 267 147 3 1 6 16 94 238 197 2 15 150 30 41 Kansas City (12 cities) Feb. 25 873 463 302 30 3 10 33 85 410 288 18 42 148 122 Mar. 4 875 462 301 30 3 10 33 85 413 291 21 42 147 122 Mar. 11 871 460 300 30 3 10 32 85 411 289 19 42 148 122 Mar. 18 869 457 297 30 3 10 33 84 412 289 19 41 149 80 123 Mar. 25 870 457 297 30 3 10 33 84 413 290 19 41 149 81 123 Dallas (9 cities) Feb. 25 697 360 253 2 4 14 22 65 337 274 35 42 158 39 63 Mar. 4 690 359 252 2 4 14 22 65 331 267 29 42 158 38 64 Mar. 11 696 359 256 2 5 12 22 62 337 272 29 42 163 38 65 Mar. 18 688 358 255 3 4 12 21 63 330 265 22 42 163 38 65 Mar. 25 684 357 254 3 4 12 22 62 327 263 24 43 158 38 64 San Francisco(7 cities) Feb. 25 2,642 1,136 491 16 10 36 389 194 1,506 1,182 62 68 898 154 324 Mar. 4 2,621 1,145 501 17 12 36 388 191 1,476 1,170 42 68 905 155 306 Mar. 11 2,621 1,139 499 16 9 36 388 191 1,482 1,174 37 68 913 156 308 Mar. 18 2,630 1,154 515 16 9 36 388 190 1,476 1,168 32 68 912 156 308 Mar. 25 2,628 1,151 513 17 9 36 388 188 1,477 1,171 26 68 922 155 306 City of Chicago* Feb. 25 2,911 936 730 14 42 49 23 78 1,975 1,603 396 140 962 105 372 Mar. 4 2,927 924 724 15 35 49 23 78 2,003 1,623 425 137 956 105 380 Mar. 11 2,963 929 731 14 33 51 23 77 2,034 1,650 453 138 954 105 384 Mar. 18 2,976 938 738 14 34 52 23 77 2,038 1,643 452 134 952 105 395 : Mar. 25 2,907 931 736 13 31 52 23 76 1,976 1,582 396 133 948 105 394 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago inthis table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 8 34 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 w s F e e R a e i r r n t a e d v h k l - - e s C v a a in s u h lt m a b w d n a e i o c n s t e h - t k i s c s j p m u o d a s a s d t e n i e - - t d d s 1 s u p p v n h a c a a o i n i e o d l r p r r s d r t a - s - - , - - , S s p d s i a i t c o i u o a n v a l b n t d i i l e - - t s - s c C c h f e o a i e e e f t n e f r c r c i d d t s . - k i ' - s m G U e e r o . n n S v t - . - * s p p u v n c h a a o a i e o n i d r r l p r r d s a t - - - s - , - , S p s d i t s a o i c a i u o n a v l t b n i d e l i t - s - s - P in o g s s ta 2 l m D a e n b - d aiik T s ime b F e a i n o g k r n - s B r i o n o w g r s - - c C o i a t a u a c p n l - - ts F d e is d t e ri r ( c a 1 t l 9 a 4 R n 2 e d ) s d er a v te e tions tions Boston (6 cities) 449 136 177 1,504 1,489 99 30 28 216 1 1 345 21 1 251 Feb. 25 465 136 172 1,529 1,492 99 28 28 216 1 1 334 20 1 252 Mar. 4 469 137 176 1,544 1,506 108 22 28 215 1 1 330 22 1 252 Mar. 11 469 118 178 1,553 1,523 106 24 28 215 1 1 340 20 1 252 Mar. 18 469 118 177 1,526 1,482 110 27 29 215 1 1 332 19 1 252 Mar. 25 New York (8 cities)* 5,023 107 214 11,365 11,454 538 542 872 1,048 35 7 3,518 10 588 1,662 Feb. 25 5,090 100 218 11,481 11,363 496 283 897 1,051 34 7 3,452 10 568 1,667 Mar. 4 5,123 108 218 11,602 11,578 485 323 901 1,042 28 7 3,420 10 578 1,664 Mar. 11 5,200 103 237 11,607 11,519 545 382 920 1,036 21 7 3,459 9 576 1,663 Mar. 18 5,005 104 291 11,438 11,270 526 291 931 1,034 22 7 3,331 10 575 1,663 Mar. 25 Philadelphia (4 cities) 402 26 190 1,249 1,274 74 12 40 186 2 405 7 6 217 Feb. 25 438 25 216 1,290 1,290 81 12 40 186 2 420 7 5 218 Mar. 4 446 27 190 1,281 1,281 85 14 40 184 2 419 7 6 218 Mar! 11 431 26 190 1,253 1,260 89 14 40 184 2 420 7 6 217 Mar. 18 431 26 199 1,270 1,246 111 10 40 182 2 405 7 6 217 Mar. 25 Cleveland (10 cities) 728 58 344 1,909 1,933 109 34 74 687 22 501 31 2 396 Feb. 25 761 57 348 1,929 1,913 112 29 74 683 23 511 29 2 396 Mar. 4 740 61 339 1,940 1,948 110 31 75 681 22 495 29 1 395 Mar. 11 709 61 329 1 896 1,902 108 36 75 679 22 497 28 1 396 Mar. 18 656 60 342 1,877 1,869 109 30 75 678 22 471 28 2 396 Mar. 25 Richmond (12 cities) 285 30 - 242 735 713 81 17 47 197 2 2 388 5 103 Feb. 25 288 28 235 724 699 79 13 49 197 2 2 394 5 102 Mar. 4 300 30 241 735 713 78 16 49 196 2 2 403 5 102 Mar. 11 288 29 245 732 698 82 24 49 196 2 2 399 6 103 Mar. 18 278 29 230 722 690 83 15 49 196 2 2 383 6 103 Mar. 25 Atlanta (8 cities) 212 19 252 579 552 104 7 61 184 3 2 418 3 2 100 Feb. 25 221 17 249 568 544 101 5 63 185 3 2 423 2 2 100 Mar. 4 227 19 265 587 559 102 7 64 184 4 2 432 2 2 99 Mar. 11 216 18 276 583 556 100 8 64 184 3 2 432 2 2 100 Mar. 18 198 20 258 569 534 107 6 63 184 3 2 414 2 2 100 Mar. 25 Chicago (12 cities)* 1,522 87 630 3,571 3,410 400 53 314 947 3 4 1,460 9 10 432 Feb. 25 1,539 82 609 3,529 3,340 388 49 348 944 3 4 1,487 9 9 434 Mar. 4 1,533 85 592 3,585 3,411 383 50 348 940 3 4 1,461 9 10 434 Mar. 11 1,532 81 588 3,556 3,360 385 70 361 937 3 4 1,478 9 9 433 Mar. 18 1,569 70 575 3,427 3,194 410 57 362 937 3 4 1,537 9 10 433 Mar. 25 St. Louis (5 cities) 262 15 205 643 663 64 7 26 181 3 1 494 1 100 Feb. 25 281 14 206 645 647 66 7 46 180 3 1 493 1 101 Mar. 4 273 16 221 655 664 66 7 46 180 3 1 492 1 101 Mar. 11 245 15 223 646 655 63 8 47 180 3 1 481 1 101 Mar. 18 226 15 219 631 639 65 7 47 180 3 1 467 1 101 Mar. 25 Minneapolis (8 cities) 105 8 82 356 332 59 7 8 107 1 196 3 1 64 Feb. 25 114 8 88 361 322 70 7 8 106 1 201 3 1 65 Mar. 4 117 8 90 367 332 68 7 8 106 1 201 3 1 65 Mar. 11 107 9 82 351 316 67 7 10 106 1 198 3 1 65 Mar. 18 111 9 98 351 316 69 6 11 106 1 192 3 1 65 Mar. 25 Kansas City (12 cities) 242 16 323 671 661 97 12 30 133 2 1 516 6 112 Feb. 25 246 15 311 669 645 102 12 34 133 1 1 507 6 112 Mar. 4 258 17 308 684 656 105 11 34 133 1 1 499 6 112 Mar. 11 242 16 319 670 649 106 11 35 133 1 1 504 6 112 Mar. 18 236 16 294 658 628 101 10 35 133 1 1 485 6 112 Mar. 25 Dallas (9 cities) 188 15 302 635 611 70 15 44 120 8 1 327 1 93 Feb. 25 193 15 301 630 613 75 12 44 120 8 1 329 1 93 Mar. 4 190 16 303 646 622 76 9 44 119 9 1 318 1 93 Mar. 11 190 15 311 638 619 72 12 47 119 9 1 322 1 93 Mar. 18 185 16 293 623 595 72 12 48 118 11 1 309 1 93 Mar. 25 San Francisco (7 cities) 583 30 306 1,495 1,503 109 30 127 999 99 369 21 22 399 Feb. 25 597 29 307 1,460 1,445 104 36 153 1,005 99 382 21 19 399 Mar. 4 625 32 320 1,503 1,507 102 32 155 997 98 381 21 19 395 Mar. 11 628 32 334 1,525 1 520 112 34 159 995 95 381 21 20 395 Mar. 18 593 32 324 1,482 l,'470 113 30 160 994 95 364 21 21 396 Mar. 25 City of Chicago* 1,124 42 273 2,287 2,240 200 28 260 464 1,072 8 281 Feb. 25 1! 147 40 264 2,262 2,184 201 25 290 463 1,095 8 283 Mar. 4 1,119 41 267 2,289 2,227 195 24 290 462 1,083 8 283 Mar. 11 1,116 37 265 2,256 2,180 190 36 301 461 1,101 8 282 Mar. 18 1,182 27 256 2,156 2,064 203 28 301 460 1,177 9 j 282 Mar. 25 * 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. APRIL 1942. 349 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 End of month paper Total Accepting banks Goods stcred in or sta o n u d t i - ng1 sta o n u d t i - ng Total b O i w lls n b B ou il g ls ht Others2 I U m S i n t p n a i o t t t o e e r d s ts E U S x f n t r p a o i o t t m e e r s d ts ex D c o h l a l n ar ge U sh n i i p te p p d o e i d n b s e i F n tw or e e e i n gn States countries 1940—November 232 197 159 99 60 38 98 20 9 41 29 December 218 209 167 100 67 42 109 18 10 44 27 1941—January 232 213 168 103 65 45 115 16 11 44 26 February. . ... 241 212 164 99 65 48 119 18 7 42 26 March 263 .217 170 107 63 47 120 24 8 41 25 April 275 220 170 105 66 49 126 25 7 38 23 May 295 215 164 105 60 51 125 24 3 41 22 June .. 299 213 161 101 59 52 123 24 3 43 20 July 330 210 161 106 55 49 121 22 3 47 16 August ... 354 197 148 100 47 50 114 21 3 49 11 September 371 177 131 85 46 46 105 13 4 45 9 October 378 185 138 90 47 47 109 12 4 48 11 November 387 194 144 93 51 50 116 14 5 48 12 December 375 194 146 92 54 49 116 15 4 48 11 1942—January 381 197 154 103 52 43 116 17 3 51 11 February 388 190 144 92 53 46 112 18 2 44 13 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 End of month Debit Customers' balances in debit partners' balances investment (net)1 and trading accounts 1936—June 1,267 67 December 1,395 64 1937—June 1,489 55 December 985 34 1938—June 774 27 December 991 32 1939—June 834 25 December ... 906 16 1940—June 653 December 677 1941—February. 634 March 633 April 606 May 622 June 616 July 628 August 628 September 633 October 628 . November 625 December 600 1942—January 547 February 534 ot ot *• Credit balances Customers' Debit credit balances1 Other credit balances balances in Cash on firm hand Money a in n v d e t s r t a m d e in n g t a b n a d n k in s borrowed Free Other I i n n v p e a s r tm tn e e n r t s' accounts (net) and trading accounts 164 219 985 276 86 24 164 249 1,048 342 103 30 161 214 1,217 266 92 25 108 232 688 278 85 26 88 215 495 258 89 22 106 190 754 247 60 22 73 178 570 230 70 21 78 207 637 266 69 23 58 223 376 267 62 99 204 427 281 54 78 199 375 267 53 9 81 199 387 268 56 10 86 199 368 265 60 10 102 185 403 262 61 11 89 186 395 255 65 10 87 189 388 266 70 10 160 189 460 262 72 10 83 196 396 260 78 9 102 186 414 255 74 9 100 195 409 264 72 8 86 211 368 289 63 8 74 219 308 274 72 8 74 203 307 262 66 ot ot o In firm In capital investment accounts and trading (net) accounts 14 420 12 424 13 397 10 355 11 298 5 305 6 280 7 277 5 269 5 247 6 237 21 6 231 20 g 227 17 7 223 17 7 222 17 8 221 16 7 221 16 8 219 16 7 217 15 8 217 17 5 213 18 6 209 18 5 206 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. method by 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). 350 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 mo Y w n e e th e a , k r , or m m p P 4 c a e r o o t i p r n m o m c e t i h r - 6 e a , s l a a b P c d n a e r c 9 a c i r n e m s 0 y e k p ' s s e - t , - c S h l n a c o e t r a e l o a e x a s n w l - c - * n l g k - e m T U b u r o i 3 . e r l S n - l y a s . t s 3 h - e T e m a x T p x - r t U n e o a . t s e S u s . T r a y b a l x e - 1 1 1 9 9 9 3 3 3 4 6 5 a a a v v v e e r r e a a r g g a e e 1 1 g . e .. } . . . „ „ . . . . . „ „ „ . . . „ . . . . . „ . . . . . . . „ . 1 T 9 3 2 2 o . . . c 4 6 9 t i a 5 8 3 t l ies Y N 2 C 1 1 . . . o e i 7 7 4 t w r 6 2 5 y k e E 7 N r c a 3 3 3 n o i o s . . . t r t 0 3 7 i t a h t e e 4 9 1 n h s e r - d n r 1 W e 1 r c 4 3 3 e n S i . . . s t o 7 3 4 i t a e e 6 2 0 u n s r t d n h- 1937 average1 ..„„.«..... 2.59 1.73 2.88 3.25 1939 average .44 1.00 .023 .59 1938 average1...... .„ „. „. „.. 2.53 1.69 2.75 3.26 1940 average .44 1.00 .014 .50 1939 average ,. .„ m... „. 2.78 2.07 2.87 3.51 1941 average .44 1.00 .103 .46 .76 1940 average........ „. „. „.. 2.63 2.04 2.56 3.38 1941 average 2.54 1.97 2.55 3.19 1941—Jan .44 1.00 .43 .76 Monthly figures* A J J M M A F S u u e e u p a a l n p b g y r y r e t i . l . . . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 1 1 . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . 0 0 0 0 0 0 0 1 9 8 9 3 8 5 8 0 2 9 7 4 2 5 9 8 . . . . . . . . 3 3 5 4 3 3 5 5 7 4 2 4 8 3 5 0 . . . . . . . . 6 6 7 6 8 6 8 8 7 2 2 2 4 8 1 1 1938— A J N O D S J u u e u o c e l n p t g y c v o e t e u e e b m m s m e t r b b b e e e r r r . .. , . . „ „ „ „ . . . „ . . . „ „ . . . r „ „ . . J . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 . . . . . . . 5 5 5 5 4 5 6 7 2 7 6 9 3 0 1 1 1 1 1 1 1 . . . . . . . 6 7 7 7 7 7 7 7 0 0 0 0 0 0 2 2 2 2 2 2 2 . . . . . . . 7 9 9 7 6 7 7 4 5 0 8 8 1 8 3 3 3 3 3 3 3 . . . . . . . 2 2 2 2 3 3 2 6 3 S 0 5 1 1 | ! Oct .44 1.00 .049 .41 .72 1939—January .- 2.64 1.73 2.97 3.32 Nov .44 1.00 .242 .57 .90 February 2.52 1.70 2.69 3.26 Dec .44 1.00 .298 .64 1.02 Quarterly figures 1942— F Ja e n b . . 4 4 4 4 1 1 . . 0 0 0 0 . . 2 2 1 5 4 0 . . 4 4 7 4 . . 9 9 6 3 1939— J S M u e n a p e r t c e h mber 2 2 2 . . . 9 9 6 1 5 8 2 2 2 . . . 1 0 1 5 4 3 3 3 2 . . . 0 0 7 5 5 8 3 3 3 . . . 6 7 3 2 7 1 Week ending: December 2.59 1.96 2.59 3.32 Feb. 28 56 1.00 .222 .44 .94 1940—March ,. 2.65 2.03 2.67 3.35 Mar. 7 1.00 .229 .43 .93 June „ 2.59 2.00 2.49 3.38 Mar. 14 1.00 .195 .44 .94 September 2.68 2.14 2.56 3.43 Mar. 21 1.00 .203 .94 December 2.59 2.00 2.53 3.36 Mar. 28 1.00 .221 .93 1941—March 2.58 2.06 2.53 3.25 June 2.55 1.95 2.58 3.23 1 Monthly figures are averages of weekly prevailing rates. September 2.60 1.98 2.62 3.29 2 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 rjeriod. 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 tax 4 a R b a le te b i n ll e s g a t t h i e v r e e . after. comparable with the current quarterly series. 5 No tax-exempt notes outstanding within maturity range. 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 J [Per cent per annum] Corporate (Moody's)* Year, month, or week G m U ov e . n e S r t2 n . - M i u p n al i 8 c- C H g S r i a g 3 d h ? e - Total By ratings By groups Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 15 5 120 30 30 30 30 40 40 40 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—February 2.10 2.27 2.71 3.40 2.78 3.00 3.38 4.42 3.00 4.00 3.19 March . .. 2.01 2.28 2.73 3.39 2.80 3.01 3.37 4.38 3.02 3.98 3.17 April 1.96 2.20 2.76 3.39 2.82 3.04 3.38 4.33 3.06 3.96 3.16 May 1.92 2.14 2.75 3.37 2.81 2.99 3.34 4.32 3.02 3.95 3.13 J une 1.91 2.08 2.70 3.34 2.77 2.95 3.31 4.31 2.96 3.95 3.10 July L.90 2.03 2.66 3.30 2.74 2.90 3.26 4.28 2.90 3.92 3.07 August L.94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 September . L.94 1.99 2.64 3.30 2.75 2.91 3.24 4.30 2.88 3.95 3.07 October L.88 1.91 2.61 3.27 2.73 2.87 3.21 4.28 2.85 3.93 3.05 November L.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 February 2.09 2.55 2.80 3.35 2.85 2.98 3.29 4.29 2.98 3.94 3.15 Week ending: Feb. 28 2.10 2.58 2.81 3.37 2.86 2.99 3.30 4.30 2.99 3.95 3.16 Mar. 7 2.05 2.59 2.80 3.37 2.87 3.00 3.31 4.30 2.99 3.95 3.17 Mar. 14 2.02 2.60 2.80 3.3S 2.87 3.01 3.32 4.31 3.01 3.95 3.18 Mar. 21. 2.00 2.59 2.80 3.38 2.87 3.01 3.33 4.32 3.01 3.95 3.19 Mar. 28 1.96 2.52 2.79 3.36 2.85 2.99 3.31 4.29 3.00 3.94 3.16 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. Back figures—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages 21-24. Figures for U. S. Government bonds available on request. APRIL 1942. 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices8 Volume Corporate4 Common (index 1935-39 = 100) of trad- Year, month, or week m U G er e . o n n S v - t - . M i u p n a i l3 c- H gr i a g d h e - Medi I u n m d u a s n - d lo R w a e i r l- -grad P e ublic fau D l 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 o s) u f - Total trial road utility 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 1941 average 111.0 129.0 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1941—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—Janru,ry 110.1 124.4 117.5 99.2 106.7 86.9 104.1 24.1 166.3 73 74 69 66 565 February 108.9 120.1 117.1 99.6 106.9 87.7 104.4 25.6 165.1 70 71 68 65 404 Week ending: Feb. 28 108.8 119.5 116.8 99.2 106.3 87.7 103.6 26.4 164.3 69 69 68 64 383 Mar. 7 109.5 119.4 116.8 99.1 106.6 87.8 103.0 26.6 163.6 69 70 68 64 458 Mar. 14 109.9 119.2 116.5 98.5 106.0 88.1 101.2 27.5 160.2 64 65. 64 60 376 Mar. 21 110.2 119.4 116.4 98.6 105.6 89.0 101.3 27.9 158.0 66 67 65 60 340 Mar. 28 110.8 120.7 117.1 99.2 106.2 89.4 101.9 28.2 157.3 65 67 63 59 316 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 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 and (do- (dof i u r n n e g - d ) - m e a f e i o n g s r d n t - i ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks F ei o g r n - 2 m e f a i e o g n s r d n t - ) ic 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 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 3,242 3,216 365 987 1,864 1,782 " 81 ' 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3 465 195 1,537 1,733 1 596 137 88 1940 4,804 1,956 1,954 757 461 736 601 135 2 2,848 2,848 478 344 2,026 1,834 193 1941 5,506 2,826 2,825 516 1,272 1,037 869 168 1 2,679 2,675 433 698 1,545 1,419 126 4 1941—February ... 362 92 92 37 8 47 40 6 270 270 26 17 227 210 17 March 406 182 182 86 9 87 56 31 223 219 93 11 115 84 32 4- April 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 August 471 360 360 33 327 324 4 110 110 11 25 74 73 2 September .. 273 65 65 31 34 22 12 209 209 20 27 161 156 6 October 299 132 132 29 103 50 54 167 167 35 35 97 96 1 November .. 238 111 110 21 89 83 6 127 127 53 32 42 29 13 December... 216 121 121 42 20 59 46 13 95 95 18 25 52 50 2 1942—January 333 182 182 83 11 87 32 55 151 151 35 34 83 82 1 February... 178 122 122 30 37 55 36 19 57 57 11 27 19 19 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). 352- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUESi 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 proceeds* 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 a s nd Pr s e t f o e c r k red other debt purposes 1934 530 515 57 32 26 362 362 84 11 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—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 1 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 October 227 224 91 64 26 118 117 1 11 5 November 140 137 80 60 20 38 37 1 19 December 128 125 51 34 17 54 44 10 3 17 1942—January 164 161 71 38 33 80 80 9 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 poses* ceeds ties poses4 ceeds ties poses 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—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 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 1 4 18 1 16 1 37 4 32 1 64 39 24 D ecember 12 12 365 144 219 2 171 26 141 4 19 12 7 1941—January 32 27 5 122 15 105" 2 108 6 98 5 2 I I February 71 21 50 37 1 36 20 7 13 20 1 4 15 March g 3 5 184 46 136 2 71 17 37 16 1 1 April 2 2 71 17 53 66 7 56 3 4 3 1 May 45 45 144 6 138 1 69 15 50 3 June . . 58 51 7 110 9 97 4 61 20 28 13 July 23 23 33 7 26 54 9 35- 10 5 1 4 August 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 November 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 1942—January 10 10 107 18 80 9 43 43 1 1 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 flotation, 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 the March 1942 BULLETIN. APRIL 1941 353 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 d e n l c M e h r i a y n - - t b o A i m l u e - o s - p e tr t q o i a u o r n t i n a p s - - - f m p e a r r e n r o t o d a d u l - s s O g d b o u t l o h r e a d e - r s F b a a e o g n v o e d e d s r s - , p r a e O r n f o i i d d n l , - c I h n c tr e a d i m l u a s l s i- - O d n u b t o h r l n e a e - - r n c s M e e e l o r i l v u s a - - s - pr N of e i t ts1 P D re i - viden C d o s mment ucts tobacco ing goods ices ferred mon 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 90 669 1941 . r2,177 r326 r193 r271 r227 r154 111 165 180 r207 188 155 1,148 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—i 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 r39 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 r558 r73 r55 r59 r62 r41 r30 r42 r53 r52 r48 r44 r280 24 221 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroadz Electric power Telephone1 Year or quarter O re p v i e n e r g n a u t e - i I b n n e c c f o o o m r m e e e All r N o e a t d s inc I o n m r 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 inc N o e m t e1 d D en iv d i s - 5 r O e p v i e n e r g n a u t e - i # n c N o e m t e1 d D e i n v 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 r249 189 -71 159 735 177 143 118 1,250 202 167 1941 5,347 672 502 24 186 r799 r203 134 1,382 196 172 Quarterly 1939—1 898 -37 -43 21 175 46 39 19 287 46 21 2 906 -43 -47 23 166 37 32 19 295 50 20 3 1,058 69 58 21 167 34 30 19 295 50 16 4 1,133 140 127 4 61 184 43 36 22 303 52 15 1940—i 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 1,171 147 130 4 88 194 47 37 20 326 53 10 1941—i 1,152 94 69 -4 22 201 59 43 18 330 48 16 2 L,272 144 101 2 . 36 191 48 33 24 345 50 15 3 1,468 268 190 25 31 196 46 25 18 347 46 15 4 1,454 167 142 1 97 r211 r51 r34 19 359 51 20 r Revised. 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. 7 Not available. 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 the March 1942 BULLETIN. 354 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 ot dollarsi Marketable public issues1 Nonmarketable public issues Special issues Noninterest bearing debt Total End of month T g d r o e o t b s a t s l b in e d t a e e r b r i e n t s g t Total T b r u i e r l a y ls s- T n u r o e r t y a e s s - T bo r u e n r a y d s s2 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 v S d s - s T n u r t o e a ry a t x e s s - j b u s A o e i s c n r d te e v d - d - s Total s S e i o t c c y u i 4 a r- l Other5 t M ur a e - d Other 1932-June 19,487 19,161 618,852 616 1,261 13,460 790 309 309 60 266 1933—June 22,539 22,158 621,834 954 4,548 13,417 806 323 323 66 315 1934—Tune 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 i9* 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 1,258 142 411 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—]Feb 46,090 45,535 36,275 1,306 6,813 27,960 196 3.727 3,480 247 5,534 4,174 1,359 180 374 1tfar 47,173 46,581 37,054 1,604 5,722 29,532 196 3.844 3,599 245 5,683 4,324 1,359 220 372 1^pr 47,231 46,673 37,075 1,603 5,721 29,554 196 3,891 3,647 244 5,707 4,354 1,353 186 372 May 47,721 47,160 37,075 1,603 5,721 29,554 196 4,251 4,008 243 5,834 4,485 1,349 190 370 ;Fune 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 ruly 49,513 48,965 37,713 1,603 5,698 30,215 196 4,929 4,649 239 6,324 4,811 1,512 180 368 \ug 50,921 50,371 37,667 1,604 5,698 30,169 196 6,234 4.908 'i,'037 237 6,470 4,941 1,528 184 367 cSept 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 (3ct 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 I"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 ]Dec „. 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—:ran. - 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 ?eb 62,381 61,895 43,700 2,002 5,591 35,912 196 11,004 7,893 2,807 231 7,190 5,741 1,449 126 360 1 Including amounts held by Government agencies and trust funds which aggregated $2,269,000,000 on Jan. 31, and $2,332,000,000 (preliminary) on Feb. 28, 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 $72,000,000 on Feb. 28. 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 tund, adjusred 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 dollarsi 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 t r i 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 a s' - s C F t R r o i u t e n r i c c p o a o t o n n i n o r c - a e n - C m C o C t o r r i p o e o d m o d n it r i y - t a- A H u U o th u o s S i r n i . t g y A H F t d r o e a m u d t s i e i o i n r n a n i g s l - N m o b n d a e i e a t n u b r t i r e t n 2 e 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 (°) 1937—june 4 665 1,422 2,987 255 (3) December 4.645 1,410 2,937 297 («) 1938— D jU e n c e ember 4 4, , 9 8 9 5 2 3 1 1 . , 3 4 8 1 8 0 2 2 , , 8 93 8 7 8 5 2 0 9 9 9 2 2 0 0 6 6 1 1 1939—June 5,450 1,379 2.928 820 206 114 3 December 5,704 5,621 1,269 2,731 1,096 407 114 4 83 1940—June 5,529 5,498 1,269 2,603 1,096 407 114 8 31 December 5,917 5,901 1,269 2,600 1,097 696 226 13 15 1941—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 r5,7O5 r5.673 937 2,409 1,492 701 114 r20 r33 February 5,697 5,673 937 2,409 1 492 701 114 21 13 r Revised. 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. 2 Figures on matured debt were not published prior to September 1939. 3 Less than $500,000. APRIL 1941 355 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, FEBRUARY 28, 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 d P r s a o e n - s w d ta a l r c T a d b l u u r 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 d a a r i o e r p g o r m r o e n t a r l - O C H a w L o t r o i o n p o m a e o n n r e r s - ' C F R s a i o t t e n t i r r c i o a u p o o n n c o n n c - r - e -C m C C a o o t r r o i e d p o m d i o n t i - y r t - A H u o U i u t t . h y s S o in . r g - c d a s a g e n u l t u c l t e i a e u e a b o e s r r - l i d r - e1 Savings Within 1 year 2,596 2,002 594 (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 8 623 8,599 23 14,812 1,590 835 755 10 to 20 vears 18 875 18,732 142 9,875 779 779 Over 20 vears 5,120 5 120 2,716 95 95 Total 43,700 2,002 5,591 35,912 196 35,912 5,653 937 2,409 1,492 701 114 5,653 1942—Before Apr. 1 971 951 20 7 7 7 Apr. 1-June 30 1,051 1,051 July 1-Sept. 30 342 342 (3) 276 276 1,151 Oct. 1-Dec. 31 232 232 320 320 320 1 1 9 9 4 4 3 4 1 1, , 8 3 4 9 9 6 1 1 , , 3 8 9 4 6 9 8 ( 3 ) 2 1 , ,8 5 5 5 5 5 1,5 6 6 1 1 4 875 3 5 2 7 4 1 289 "iii" 2,3 6 9 1 4 4 1945 3 191 1,249 1,941 1,755 412 412 1,167 1946 2,038 503 1,519 2,344 1947 2 384 2,370 16 1,460 755 755 1948 1,489 1,487 14 3,361 1949 821 819 2 3,291 835 835 1950 1 689 1,687 2 1,186 1951 2 244 2,237 2 4,013 1952 2 454 2,436 7 2,524 779 779 1953 2 932 2,904 18 725 1954 3 709 3,687 27 681 1955 3 529 3,494 22 2,611 1956 1 170 1 170 35 2 431 1958 1 449 1,449 919 1959 982 982 1960 2 611 2,611 1,485 1961 50 ••56' 1963 919 919 1964 95 95 1965 1,485 1,485 1967 . .' 2,716 1972 2 716 7 71fi 1 Securities not callable prior to maturity are shown as of date of maturity. 2 Excluding debentures of Federal Housing Administration, which amounted to $20,000,000 on February 28. 3 Less than $500,000, OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 agencies and trust funds Other investors2 Total Held 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 b O c e a o t r n h c m k e ia - r s l ] M sa b v u 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 L,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 32,360 2,184 44,083 18,078 2,020 3,430 6,900 9,400 4,300 December 63,768 6,982 32,547 2,254 51,985 19,539 K2,300 *>3,7OO P7.900 P9.900 p8,600 v Preliminary. 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. 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Increase or de- Trust crease during ac- period Receipts Expenditures (excl. debt retirements) counts etc.,2 Excess excess Agri- of re- of re- Period c ta I o x n m e - e s i n r M n n e e n t u v o i a e s e e u l r - - - s S s t e a o i c t x c y u e ia r s - l o A th l e l r c T e r o e ip t - a ts l c N e r i e e p - t ts I d n e e o t s e b n t r t - t f i N e d o n e n a s - - a e l m g t j P c A u u r u r e a r s d o l a n m - t - - - l t p m r U e e l m o e l n i n y e - - t - f T c f t e o e r r a r a t u u s c c n n s - . t s 1 t t o - s o A th l e l r Totall d e c ( i + x e t p i u ) p e r o t n e s r s - p ( c t + e e u e n ) i r x p d o e - t i s r s - a f G e u n r e n c a n d e l - 2 d G e r b o t s 3 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 -338 +740 June 1939 2,189 2,232 740 507 5,668 5,165 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 -947 +2,528 June 1941 3,470 2,967 932 8,269 7,607 1,111 6,080 877 1,741 325 2,577 12,711 -5,103 -148 +742 +5,994 8 months ending Feb. 1941 1,208 1,931 658 485 4,281 3,806 536 2,920 677 1,153 253 1,787 7,327 —3,521 +209 —190 +3,122 Feb. 1942 2,240 2,610 838 442 6,130 5,502 569 2,516 549 852 303 1,950 16,739 -11,238 -1,252 +929+13,419 1941—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 +' 4—03 -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 94 42 254 2,628 -2,050 -633 -610 +2,073 Feb 283 340 257 58 937 758 12 2,201 97 92 9 217 2,629 -1,871 +114 +612 +2,369 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age insurance Unemployment Net expenditures in checking trust fund and railroad trust fund accounts of Government All other retirement account agencies Period Inc N e r i e e p - t ts m v I e e n s n - t t - s m B p e f e a i n n y t e t - s - ce R ip e t - s m v I e e n s n - t t - s p O t e u e t n h x r d e e - s i r - F C 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 C o a o r r o t e d p i m o d o it n i - r y t - i t U n h S H g o n t o a r i A u i t t t e e s y u s d - - o A th l e l r ce R ip e- ts p t e E u n r x e d - s i- Total m g c o o r e n e l n d - t S io e r ig ag n e - Work- Fiscal year ending June 1938 550 461 85 560 191 •9 •184 1 •12 414 327 2,216 142 446 1,628 June 1939 639 516 120 838 395 442 •658 136 •60 •186 440 324 2,838 142 536 2,160 June 1940.... 703 573 129 959 443 514 •234 10 17 174 458 358 1,891 143 585 June 1941 844 637 186 1,114 563 555 80 58 121 •41 674 622 2,633 143 605 1,885 8 months ending: Feb. 1941 582 269 116 377 423 254 •54 15 •197 399 366 1,701 143 601 957 Feb. 1942 740 408 152 887 650 231 1,222 28 149 116 538 462 3,562 143 617 2,802 1941—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 Feb 180 25 20 203 152 39 140 •34 •25 •47 50 49 3,562 143 617 2,802 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 355. * 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. APRIL 1941 357 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] 1941 1942 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Assets Loans and preferred stock: Loans to financial institutions „. 445 425 409 400 397 417 408 407 409 409 408 434 404 Preferred stock, etc 729 711 706 703 702 698 693 669 666 665 664 680 675 Loans to railroads 523 518 523 523 505 505 497 497 497 484 483 498 497 Home and housing mortgage loans 2,424 2,395 2,406 2,427 2,436 2,445 2,413 2,413 2,427 2,413 2,401 2,424 2,430 Farm mortgage loans 2,481 2,485 2,475 2,467 2,458 2,448 2,437 2,426 2,411 2,396 2,380 2,361 2,343 Other agricultural loans 728 727 776 867 830 779 754 726 717 709 732 773 780 All other loans 1,309 1,352 1,386 1,409 1,472 1,511 1,553 1,690 1,738 1,957 1,933 1,996 1,934 Total loans and preferred stock 8,639 8,614 8,681 8,796 8,800 8,804 8,756 8,826 8,864 9,033 9,001 9,167 9,063 Cash 580 595 620 771 464 376 771 594 523 489 502 496 560 U. S. Govt. direct securities 723 736 756 771 780 802 824 844 846 895 906 884 915 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 127 127 124 126 125 123 123 123 122 120 115 115 112 Other1 '. 21 22 20 21 17 18 17 18 17 20 26 46 52 Accounts and other receivables2 552 524 551 555 549 598 707 671 759 810 751 574 604 Business property 599 600 602 608 623 636 653 664 671 689 698 714 751 Property held for sale 1,190 1,206 1,245 1,297 1,392 1,497 1,567 1,625 1,710 1,805 1,879 1,891 1,964 Other assets 214 251 310 338 359 423 435 517 563 592 701 773 Total assets other than interagency3 12,645 12,676 12,909 13,282 13,108 13,277 13,853 13,882 14,076 14,452 14,580 14,660 14,908 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S 5,915 5,914 5,916 6,560 6,371 6,370 6,939 6,937 6,937 6,938 6,324 6,324 5,705 Other1 1,389 1,386 1,390 1,385 1,434 1,443 1,442 1,445 1,434 1,416 1,393 1,392 1,402 Other liabilities 1,294 1,292 1,391 1,432 1,492 1,604 1,761 1,741 1,859 1,952 1,974 2,049 2,111 Total liabilities other than interagency3.... 8,599 8,592 8,696 9,377 9,297 9,417 10,142 10,123 10,231 10,306 9,690 9,765 9,219 Excess of assets over liabilities, excluding interagency transactions 4,046 4,084 4,213 3,906 3,811 3,860 3,711 3,759 3,845 4,146 4,889 4,895 5,689 U. S. Govt. interests 3,629 3,666 3,792 3,484 3,388 3,436 3,286 3,333 3,418 3,718 4,459 4,464 5,256 Privately owned interests 417 418 421 422 423 424 425 426 427 428 430 431 432 1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. 2 Excluding 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. 3 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1942 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and pr T l s e o a t f o o a n e t n c d r a k r s l ed Cash d s G U e i i t r c o i . e u e S v c r s . t t - . G s i u e t t e c a i e e u ra d s r n - - A r c o e a c a c t b h n o e l d e u i e v r n s - ts B pr u o s p in e e rt s y s P h r e o l s d p a e l f e r o t r y an U G te n u e i a d d t r e e - d b b y entur O es ther States Reconstruction Finance Corporation 1,815 17 53 28 1 45 1,494 National defense corporations 55 (i) 48 (1) 789 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,931 255 5 3 286 2,416 C1) Federal Home Loan Banks 206 33 54 1 91 RFC Mortgage Company 74 2 1 F U e n d i e te r d a l S N ta a t t e io s n H al o u M si o n r g t g A ag u e t h A o s ri s t o y ciation 3 2 8 1 8 0 7 7 4 4 127 1 iii" 85 Farm credit agencies: Federal Farm Mortgage Corporation 590 31 2 49 9 960 Federal land banks 1,753 51 170 167 6 52 2951 Federal intermediate credit banks 238 37 36 2 ....?.... 254 B Pr a o n d k u s c f t o io r n co cr o e p d e i r t a t c i o v r e p s orations 1 8 1 2 1 1 1 3 3 1 1 2 3"" P) C1) Regional agricultural credit corporations 5 18 Commodity Credit Corporation 240 1 65 740 701 Farm Credit Administration 249 27 C1) Farm Security Administration 398 31 1 1 Insurance agencies: Federal Crop Insurance Corporation 2 14 Federal Deposit Insurance Corporation 48 18 482 37 .......... 29 Federal Savings and Loan Insurance Corporation 3 23 100 8 Federal Housing Administration 17 39 34 10 20 2 Export-Import Bank of Washington 140 W 49 Tennessee Valley Authority 15 7 458 8 U S Maritime Commission 29 21 80 Rural Electrification Administration 327 7 Public Works Administration 87 Other 88 13 7 17 67 2 12 Total 9,063 560 915 112 604 751 1 964 5 705 1,402 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 358 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Loans to financial institutions . . .. 162 158 154 149 145 139 134 131 127 124 118 106 107 Loans on preferred stock of banks and insurance companies 49 49 49 48 48 48 48 48 48 48 48 44 44 Preferred stock, capital notes, and debentures 442 437 434 432 429 425 410 407 405 404 401 398 393 Loans to railroads (including receivers) 482 487 487 470 470 462 461 461 448 448 462 462 462 Loans for self-liquidating projects 35 35 36 37 37 81 81 81 81 51 51 53 54 Loans to industrial and commercial businesses: For national defense 11 17 21 61 65 70 71 82 93 101 106 111 119 Other 117 115 114 113 111 109 108 106 100 103 110 106 104 Loan to Great Britain 100 125 299 299 345 345 385 Loans to drainage, levee, and irrigation districts.. 83 83 76 74 79 79 77 77 74 74 73 72 72 Other loans 5 5 5 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration 113 113 113 111 122 120 117 117 117 116 114 114 111 Total loans and investments, other than interagency 1,499 1,499 1,488 1,503 1,511 1,538 1,613 1,640 1,798 1,772 1,833 1,815 1,857 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.... 157 164 168 175 182 190 195 202 207 211 214 211 215 Capital stock of, and loans to RFC Mortgage Company 68 69 71 71 73 75 76 77 80 79 79 81 82 Capital stock of, and loans to Federal National Mortgage Association 96 99 99 101 102 103 105 107 109 111 112 114 115 Loans to Tennessee Valley Authority 8 8 8 8 8 8 8 8 8 8 8 8 8 Capital stock of, and loans to national defense companies1 83 121 168 219 282 327 380 527 643 727 721 785 916 Loans to Farm Securitv Administration 33 60 81 97 116 89 96 101 110 117 133 114 145 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments 2,244 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 3,400 3,428 3,638 1 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans Short-term credit Loans to cooperatives End of year or month rotal Total F b e l a a d n n e k d r s al s B L C m io a a o i n n n s m - e d k r - Total1 m F b c i e e a n r d d n e te e d i k a r r i s - a t t 2 e l a P c s r t s r t o i i o e o d o d c n u n i i s a c t - - c d r E r g r l o o e o e m p l a u n i e e a n g c r f y s n h - t d ' Total3 c a B o t f a i o o v n p r e k e s s r- i A M r n in e g g t a g v u r r o f i r k A c u a l u v e n l c - t l d t - - 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—February.. 2,970 2,485 1,842 643 393 36 182 169 91 74 16 March 2,976 2,475 L,836 640 413 37 195 175 88 70 16 April 2,982 2,467 1,830 637 431 39 207 179 85 68 16 May 2,988 2,458 1,824 634 440 40 215 179 90 74 16 June 2,988 2,448 1,818 630 450 42 221 179 90 74 16 July 2,986 2,437 1,811 626 453 44 224 179 96 80 16 August 2,975 2,426 1,804 622 450 45 221 177 99 83 16 September 2,954 2,411 L.795 616 431 43 208 174 111 94 16 October... 2,924 2,395 1,786 610 410 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 [,764 597 397 39 188 165 133 113 17 1942—January... 2,873 2,343 1,753 590 400 40 191 165 130 111 16 February.. 2,878 2,332 1,746 586 417 41 203 169 129 110 17 1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $4,000,000-$8,000,000 since 1939. 2 Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives, amounting to a total of $235,000,000 in February 1942. These loans and discounts are included in the columns for the institutions concerned. 3 Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 in 1935, and a negligible amount since 1935. APRIL 1941 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME MORTGAGE AND HOUSING AGENCIES POSTAL SAVINGS SYSTEM LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [In millions of dollars] Assets Fed- End of month O C H r L w a o o t o r n i m a p o e n o n e rs - ' B H L F a e o o e n r m a d a k n - l e s1 s a a a F s l t a e v s o 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 o a o F n g m r C y e t - - A M t a g i N e s t o a s o r i a n o o g a r - l a n e c t- l i- t U S H h A i n t o o n a i r u u g t t i - e e s ty s d - End of month D a i b n e t a c p o l e o r - s s s 1 - Total i b p C n t a o o a n d r s s y k i e h - s - T U o . t a S l . s e G c o u r D e v r i i c e - t t r ie n s m G e t a e n u n e t - a d r- s C e u e r t n a c r e d s v - . h 2 e s, 1933—June 47 1934—June 1,198 1,225 695 453 418 35 76 1934— D Ju e n c e 1,2 1 1 3 7 2 8 8 5 5 1935— D Ju ec ne 1 1 , 2 2 0 0 5 7 1 1 , 2 2 3 3 6 7 5 3 4 8 0 5 5 7 9 7 7 7 4 6 6 3 7 0 1 14 3 7 0 10 7 0 4 Dec 2,379 87 81 Dec 1,201 1,237 287 853 706 147 98 1935—June 2,658 79 186 1936—June 1,232 1,265 203 967 800 167 95 2,897 103 348 6 Dec. 1,260 1,296 145 1,058 891 167 93 1936—June 2,945 119 474 18 1937—June 1,268 1,307 136 1,100 933 167 71 Dec 2,765 145 587 36 Dec. 1 270 1,308 130 1,097 930 167 80 1937—June 2 -SSfi 167 742 49 1938—June 1,252 1,290 115 1,103 936 167 73 1 1 9 9 3 3 9 8 — — D D J J u u e e n c c n e e. J J M 2 ', . . , 0 3 2 0 6 3 9 6 8 9 8 8 5 1 2 1 1 1 1 8 9 6 0 9 1 9 9 0 6 1 1 , , , 2 0 1 8 9 3 3 7 5 4 4 6 1 4 8 5 6 5 5 4 7 8 4 7 1 1 1 8 4 3 2 0 7 8 5 1 3 2 6 1 1 2 3 8 0 3 1 1 9 9 4 3 0 9 — — D D D J J u u e e e n n c c c e e . 1 1 1 1 1 , , , 3 2 2 2 2 0 6 7 5 9 4 2 9 2 3 1 1 1 1 1 , , , 3 3 3 3 2 4 1 0 3 9 8 9 4 7 1 8 4 3 6 5 6 6 3 8 3 1 1 1 1 1 , , , , , 1 2 1 1 2 3 2 9 5 2 2 4 2 7 4 1 1 1 1 , , , , 0 0 0 0 9 7 7 4 1 6 8 8 6 1 5 1 1 1 1 1 6 4 4 4 4 7 6 6 6 6 6 8 7 7 7 9 8 3 8 4 1940— D Ju e n c e : ' 1 , , 0 9 1 5 3 6 2 1 0 5 1 7 1 1 , , 4 5 0 4 5 6 6 6 0 7 1 1 6 8 3 1 1 8 8 7 6 1941— M Fe a b r . . 1 1 ,3 3 2 1 0 8 1 1 , , 3 36 6 4 1 3 3 3 1 1 1 , , 2 2 4 5 5 9 1 1 , . 0 1 9 1 8 3 1 1 4 4 6 6 8 7 3 4 1941— M A F p e a b r r 1 1 1 , , , 9 9 9 1 0 2 4 0 9 1 1 14 5 4 2 7 6 1 , , , 6 6 57 2 0 9 8 0 6 6 7 8 9 0 1 1 1 8 9 9 7 0 0 2 2 2 3 1 6 3 1 6 J A M u p a n r y e . 1 1 1 , , 3 3 3 0 1 1 4 0 7 1 1 1 , , 3 3 3 5 5 6 9 6 2 3 3 3 0 0 0 1 1 1 , , , 2 2 2 5 5 5 9 4 1 , , , 1 1 1 0 1 0 8 3 4 1 1 1 4 4 4 6 6 6 7 7 7 3 5 5 May 1,885 145 ,658 70 192 288 July 1 307 1 359 29 1,251 ,104 146 80 June ,870 170 1,688 65 194 316 Aug 1,309 1,365 28 1,250 ,104 146 86 July ,855 168 1,718 67 196 296 Sept. 1,311 1,366 28 1,250 1,104 146 89 Aug ,841 173 ,751 69 198 306 Oct 1,317 1,377 27 1,250 1,104 146 100 Sept ,825 178 ,775 70 200 332 Nov. 1,323 1,388 27 1,250 104 146 111 Oct ,809 184 ,803 73 203 328 Dec 1,314 1,396 26 1,274 1,128 146 95 Nov 1,794 187 L.816 72 205 329 Dec L.777 219 1,825 72 207 367 1942—Jan. . pl 309 Feb.... pl,307 1942—Jan 1,758 206 ,825 74 210 389 Feb 1,742 197 1,830 75 211 352 p 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. Back figures.—See BULLETIN for August 1935, pp. 501-502. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION1 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] Year or month Total p ( P m T r e i r o m r e i o v t t n p y f - e e t - - s ( s h N c t T t m o i o r e o i m u n a t w n c l - l e e l - m ( H g T I a o o I i g m ) t r e l t e - s e h g o a M r g ( e g u T a r n e o o s n i s i t t d u r n l a t p o e - g l n ( h f V T D e i o n n u i 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 s M i t a n u a n g v a u k s l - - a a s S l t i a s o i n a n o o a g v d c n n s - i s - p I c a n a o n s n m c u i e e r - - s a F e g e r e d a n - l -Other3 I) ID 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 4 3 3 3 3 4 5 4 0 7 6 9 8 1 . ^ . . 1 1 , , 0 1 3 5 4 6 9 2 8 2 5 9 9 5 3 6 6 0 7 5 4 4 0 2 2 2 2 2 1 3 2 4 0 6 5 6 6 0 4 6 8 0 1 2 0 '"13 2 2 2 5 6 1 " "" 8 3 4 4 6 7 9 7 0 7 6 2 3 4 7 9 3 9 4 6 " "'"2 4 5 1 1 1 " 2 8 1 3 3 1 13 1 1 1 1 9 9 9 9 3 3 3 3 9 7 8 6 — — — — J J D S S M D M D u u e e e e e n a n a p p c c c r e r e t t 1 1 1 1 1 , , , , , 6 3 4 1 0 3 8 9 7 2 4 7 9 4 5 3 6 7 2 9 8 9 9 6 3 5 1 8 4 4 5 5 2 6 6 7 2 0 7 2 6 3 9 3 5 4 9 2 8 5 0 9 4 9 2 3 3 4 5 2 2 5 7 2 8 4 7 6 8 0 8 1 1 1 1 1 1 1 1 5 1 4 5 7 6 1 3 2 6 9 9 9 8 7 0 7 7 1 3 2 2 2 1 1 1 1 0 4 4 7 1 6 4 8 1 2 1 1 1 2 5 6 7 8 1 1 1 4 3 4 4 5 3 1 7 5 4 2 2 8 6 7 4 7 1 5 9 9 9 1 2 5 6 7 3 0 2 4 3 7 1 0 2 1941— M A M J J A O N S D F u u e p e u c o e a a l n p b t r g c y v r y e t ... 1 1 1 1 1 1 8 8 8 0 0 9 0 2 0 7 1 4 4 9 5 5 1 7 5 7 5 2 2 2 3 3 2 2 1 1 1 1 1 6 0 1 4 2 4 7 8 9 1 8 3 3 2 2 2 1 2 * 1 1 2 8 8 8 6 6 6 7 6 7 7 7 2 5 8 2 0 5 5 1 0 3 7 3 2 2 2 2 1 * * * * 2 4 5 1 * 1 1 1 9 9 1 4 4 0 1 G — — ro D J D J D S S M M u u s e e e e e s n n a a p p c c c r r e e t t a .. mount of m 2 3 2 2 2 2 2 1 1 o , , , , , , , , , 1 7 4 2 9 r 9 5 0 7 t 9 0 4 3 4 0 9 7 5 g 3 7 9 2 2 9 8 5 5 ages 1 1 1 1 1 1 1 , , , , , , , 4 3 0 1 4 0 2 h 9 9 6 1 9 6 0 2 4 0 e 7 2 8 3 2 0 6 6 2 1 ld, do 1 1 1 1 1 1 1 9 0 3 4 8 5 1 7 e 7 0 0 0 6 9 7 1 1 1 s not 2 2 2 2 2 1 2 2 2 i 0 0 1 3 2 9 3 5 4 n 1 8 6 0 4 2 7 4 6 clude 3 4 4 3 5 6 6 7 7 t 4 3 8 4 0 9 6 8 2 e 2 2 0 2 6 2 8 9 2 rmina 2 2 2 2 2 1 1 1 1 t 0 1 2 5 3 2 7 9 8 e 1 0 5 3 4 0 1 d 0 2 mo 1 1 1 1 1 1 1 1 1 3 r 4 5 6 2 2 5 7 7 t 3 1 4 0 4 7 0 9 8 - 1942— F Ja e n b 1 9 1 3 1 1 1 6 2 2 1 8 7 7 1 * 7 8 A ga d g 22 < m ; T1 e — s im h n e a i s n R t d r F a C t c i a o s M n e . s o r i t n g a t g r e a n C s o it m t p o a n o y r , b t e h i e n g F e a d u e d r i a t l e d N a a t t i o t n h a e l M Fe o d rt e g r a a g l e H A o s u so si c n ia g ion, the Federal Deposit Insurance Corporation, and the United States - Figures represent gross insurance written during the period and do not Housing Corporation. take account of principal repayments on previously insured loans. 3 Including mortgage companies, finance companies, industrial banks, * Less than $500,000. endowed institutions, private and State benefit funds, etc. 36O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r nt a h nd ( I 1 m v n « p 9 a = c 3 a e l o 5 y n u 1 m - - 0 t e 3 s 0 ) e 9 1 Tot I a n ( l p d h u y 1 s 9 s tr i 3 i c 5 a a - l l 3 9 p v f M a r o = o c l a u t d u 1 n u m r 0 u N c e e 0 - t s o ) i 2 o n * n - M era in ls - To a t w a 1 l 9 a 2 r c d 3 o e - R d n 2 d t e e 5 i t r a s n ( a l i = - v - c a ts 1 lu 0 o e 0 A t ) h 3 ll er t N a u c g u r o r a l n - i l E - - 5 mp 1 l 9 o 2 y F 3 m a -2 c e 5 t n o = t r 4 y 100 1 = 9 F t 2 o a 3 1 r c - y 0 - 2 0 5 F 1 = r 9 l i e o n c 3 i g a a 5 1 g d r s - 0 h 3 * - 0 t 9 - D 19 m = u e s s ( 2 a v t e p 3 e o l ) a 1 a - e n * r l 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 2 1 l e i e l 0 6 - t s e y 0 4 - C 1 li = 9 o v 3 s i 5 t 1 n - 0 g 3 o 0 4 9 f Dur- dur- 1935-39 able able 100 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.1 117.2 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.0 75.6 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.7 81.2 121 96.7 119.7 1923 88 103 72 98 84 81 86 103.8 102.9 142 100.6 121.9 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.8 101.1 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.7 104.2 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.5 102.4 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 103.5 148 108 96.7 122.6 1929 122.3 110 132 93 107 117 87 142 107.1 106.0 110.4 152 111 95.3 122.5 1930 110.9 91 98 84 93 92 50 125 100.3 92.4 89.4 131 102 86.4 119.4 1931 94.3 75 67 79 80 63 37 84 91.6 78.1 67.8 105 92 73.0 108.7 1932 73.2 58 41 70 67 28 13 40 82.2 66.3 46.7 78 69 64.8 97.6 1933 69.5 69 54 79 76 25 11 37 82.9 73.4 50.1 82 67 65.9 92.4 1934 80.2 75 65 81 80 32 12 48 90.1 85.7 64.5 89 75 74.9 95.7 1935 87.2 87 83 90 86 37 21 50 93.8 91.3 74.1 92 79 80.0 98.1 1936 101.2 103 108 100 99 55 37 70 99.8 99.0 85.8 107 88 80.8 99.1 1937 107.2 113 122 106 112 59 41 74 105.0 108.6 102.5 111 92 86.3 102.7 1938 98.9 89 78 95 97 64 45 80 98.6 90.9 78.5 89 85 78.6 100.8 1939...... 105.5 108 109 108 106 72 60 81 102.8 99.9 92.2 101 90 77.1 99.4 1940 112.5 123 138 113 117 81 72 89 106.4 107.5 105.4 109 94 78.6 100.2 1941 132.9 156 193 135 125 122 89 149 115.6 127.7 148.8 130 110 87.3 105.2 1939 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 88 76.2 May 103.6 98 99 93 104 97 63 55 68 101.1 96.3 95.9 86.3 90 87 76.2 June 104.8 103 102 99 106 104 63 58 67 102.2 97.3 96.4 87.9 97 86 75.6 98.6 July 104.6 105 102 102 106 107 67 62 71 102.6 98.4 96.6 85.8 99 87 75.4 August 106.5 106 106 108 108 92 73 67 78 103.0 99.0 99.5 91.2 101 88 75.0 September. . 107.8 114 119 118 111 114 73 68 76 103.7 100.8 103.7 95.4 111 90 79.1 ibb'.6 October 109.1 121 126 129 115 119 76 68 82 105.0 104.8 107.3 103.2 114 92 79.4 November 109.9 124 126 134 117 120 83 61 101 105.7 107.0 107.5 103.2 114 93 79.2 December 111.2 125 122 138 117 114 86 60 107 106.3 108.2 107.8 105.4 110 95 79.2 1940 January 110.6 122 117 134 113 118 75 53 93 105.6 107.6 105.0 99.8 111 92 79.4 February. . 110.1 116 113 124 110 114 63 56 68 104.9 105.8 105.0 99.3 105 90 78.7 March 108.8 113 112 118 107 117 62 57 66 104.7 104.0 104.4 99.8 100 89 78.4 99.8 April 109.1 112 112 116 107 119 64 62 66 104.0 102.8 103.2 97.9 103 89 78.6 May 110.1 116 117 123 110 117 64 64 65 104.5 102.8 102.5 97.8 106 89 78.4 June 110.2 122 121 133 114 119 74 69 77 105.0 103.9 103.1 99.5 111 91 77.5 100.5 July 111.7 122 120 136 113 119 85 77 91 105.4 105.1 103.2 98.2 110 92 77.7 August.... 113.3 124 124 143 112 114 90 82 98 106.3 107.4 107.4 105.5 112 98 77.4 September. 114.6 127 132 151 112 117 93 82 101 106.9 108.9 111.4 111.6 112 97 78.0 100.4 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 r168 207 r139 130 145 87 192 118.0 132.8 135.4 167.0 127 105 92.4 109.3 November.. 143.0 166 167 209 r144 131 138 74 189 119.2 134.4 134.8 165.4 135 116 92.5 110.2 December.. 148.3 167 163 214 141 130 123 69 167 120.1 134.9 134.3 170.2 137 111 93.6 110.5 1942 January... 171 165 222 143 131 118 82 147 120.1 135.6 132.4 173.5 140 138 96.0 111.9 February., 173 168 227 142 130 *>96 P135 119.6 P134.2 >132.9 176.9 136 126 96.7 112.6 March e174 e170 6235 e139 e126 e136 e97.7 v Preliminary. * Average per working day. r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 362-365, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. J Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 370. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 366-369 for employment and payrolls and p. 373 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 372 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, and January 1941, p. 65; for freight-car loadings, June 1941, pp. 529-533. APRIL 1942. 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 1001 1941 1942 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total1 140 144 147 144 154 159 160 160 161 163 166 167 171 P173 Manufactures—Total1 144 148 151 153 160 164 165 166 r167 169 173 174 175 P180 Durable1 ....„.., 171 176 180 180 190 195 199 199 203 207 209 214 222 P227 123 126 128 131 135 139 138 139 137 r139 r144 141 143 P142 Iron and Steel , 179 179 184 181 184 184 185 185 192 191 191 196 191 193 Pig iron . . . .. . .. 177 176 178 170 175 179 181 182 185 184 184 190 189 187 Steel 186 187 193 193 196 196 197 198 207 206 207 212 208 210 Open hearth and Bessemer 172 171 177 172 174 173 174 172 179 178 176 181 174 177 Electric 291 300 305 340 355 359 365 382 405 410 425 432 445 444 Machinery 168 177 185 194 206 214 216 224 227 231 229 241 248 P257 Transportation Equipment 190 203 207 196 228 243 •255 241 245 269 280 275 302 P314 Aircraft 685 741 768 818 876 930 997 1,113 1,204 1,290 1,340 * * * Automobile bodies, parts, and assembly 134 143* 142 124 152 161 168 141 134 146 142 120 118 PI 13 Automobile factory sales 144 152 143 122 151 148 154 93 74 110 123 85 75 46 Railroad cars 178 182 178 196 218 233 233 236 249 278 264 * * * Locomotives 189 204 216 237 256 280 307 306 319 335 338 * * Shipbuilding (private yards) 282 307 335 353 381 428 467 485 560 634 645 * * Nonferrous Metals and Products 167 173 179 183 189 186 192 189 192 185 190 r193 193 P191 Nonferrous metal smelting^ 137 142 142 147 148 144 142 145 145 147 150 151 153 157 Copper smelting 133 140 136 145 144 136 131 135 135 137 139 141 140 141 Zinc smelting 153 158 163 164 170 170 173 175 175 177 r179 182 184 189 Copper deliveries 201 209 219 221 233 229 244 231 233 217 226 230 235 224 Lead shipments 161 165 172 186 205 210 200 199 209 T Zi i n n c c s o h n i s p u m m e p n t t i s on . 1 1 4 1 9 9 1 1 4 3 8 0 1 1 4 4 6 3 1 1 4 4 7 7 1 1 4 4 4 7 1 1 4 4 1 4 1 1 4 5 2 5 1 1 4 6 3 1 1 1 4 6 6 6 1 1 5 4 3 3 1 1 5 4 5 7 1 17 4 1 6 152 151 Lumber and Products 137 135 128 132 132 135 141 140 136 135 135 138 143 P145 Lumber 139 139 125 128 122 125 131 134 129 129 128 132 138 P144 Furniture 132 129 132 139 152 155 161 149 146 148 149 153 PW 152 Stone, Clay and Glass Products* 154 158 150 142 141 150 151 156 158 161 166 197 P190 154 Cement 181 183 156 139 134 138 143 154 159 164 191 r249 236 Glass containers 123 131 139 135 148 155 154 115488 163 168 168 165 184. 178 Polished plate glass 137 138 142 142 152 146 133 120 102 105 67 65 49 135 Textiles and Products 138 143 150 157 156 155 154 151 150 156 154 158 P159 146 Textile fabrics 133 140 146 152 151 151 149 145 143 148 r146 148 P149 Cotton consumption 144 152 114536 160 164 160 162 160 156 161 167 155 169 174 Rayon deliveries 156 148 150 158 169 173 173 170 168 172 179 178 180 P174 Silk deliveries 69 67 71 74 71 73 77 56 34 10 15 * * Wool textiles 136 149 152 152 165 163 157 166 169 164 166 r178 161 Carpet wool consumption. . . 119 143 146 139 148 149 126 148 142 133 133 r164 81 Apparel wool consumption... 149 165 179 171 196 190 177 181 205 199 200 209 204 Woolen yarn 125 134 135 140 153 151 153 162 163 157 156 159 162 Worsted yarn 150 163 163 166 178 178 174 179 185 185 184 r195 173 Woolen and worsted cloth 142 153 154 156 167 165 160 166 169 164 170 182 182 Leather and Products 107 108 114 114 123 130 129 121 120 125 134 127 126 P122 Leather tanning 102 103 113 109 118 121 124 123 124 129 133 r123 130 Cattle hide leathers 115 112 119 118 129 131 136 140 135 138 145 r135 146 Calf and kip leathers 88 92 112 97 99 98 93 103 101 107 106 89 87 Goat and kid leathers 79 87 98 97 105 113 116 97 115 121 123 r117 121 Shoes 110 112 115 117 126 136 132 120 117 123 134 r131 124 P117 Manufactured Food Products................ 117 120 121 123 123 227 126 132 P130 P134 p141 P137 P139 Wheat flour 98 105 105 110 110 107 103 98 99 101 103 109 108 110 M Ca a n n e u f s a u c g t a u r r e m d e d lt a in ir g y s products 1 1 2 3 4 1 1 1 0 2 7 7 1 1 2 2 2 5 1 13 2 5 3 1 1 1 2 9 9 1 1 2 2 9 4 1 1 0 2 2 6 1 1 2 2 9 7 111 112 *> 1 1 3 4 9 6 P156 p1 * 54 P1 * 53 Ice cream 138 132 129 144 134 130 129 124 Butter 119 118 118 119 117 111 113 109 109 108 105 104 106 107 Cheese 123 124 131 138 134 121 128 134 145 148 163 176 172 182 Canned and dried milk 136 129 124 135 139 132 141 165 183 197 224 240 229 214 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. J Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. • Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals." 4 Includes also brick production series now in process of revision. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Jan Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan/ Feb. Manufactured Food Products—Continued Meat packing 114 126 134 126 132 124 125 134 126 133 135 142 148 141 Pork and lard 121 145 159 143 147 134 132 149 139 148 148 161 165 151 Beef 110 109 110 110 120 120 123 124 118 123 124 127 138 139 Veal 86 94 91 96 97 91 96 94 101 108 114 98 96 96 Lamb and mutton 112 112 111 108 109 101 110 105 99 103 111 117 113 113 Other manufactured foods 117 119 120 122 122 129 128 135 132 135 144 137 139 P141 Alcoholic Beverages 105 108 104 107 114 122 130 128 131 129 109 116 139 133 Malt liquor 106 r107 100 102 106 107 115 110 118 127 110 123 120 128 Whiskey r77 81 80 82 90 r95 108 93 94 107 81 91 77 74 Other distilled spirits 112 132 132 140 129 153 206 206 262 178 139 121 250 75 Rectified spirits 126 r132 131 146 171 r207 190 219 170 138 120 102 243 241 Tobacco Products 113 116 117 120 119 118 114 118 121 128 132 129 132 130 Cigars 111 110 109 117 109 106 106 109 104 112 115 139 129 126 Cigarettes 118 125 127 127 131 131 123 129 137 144 149 136 144 144 Manufactured tobacco and snuff 101 96 97 101 100 97 97 96 99 104 106 95 99 93 Paper and Paper Products1 129 128 132 134 142 145 146 147 144 146 153 155 153 Paper and pulp 129 128 133 136 145 149 150 152 149 150 159 162 160 Pulp 153 153 160 161 162 175 167 172 170 172 183 177 181 Groundwood pulp 119 122 119 121 120 121 122 128 129 130 141 129 135 Soda pulp.. 128 129 137 135 141 151 149 151 140 145 167 153 153 Sulphate pulp 190 193 199 199 203 216 203 215 210 210 220 221 220 Sulphite pulp 144 144 153 156 155 170 163 164 163 166 176 169 177 Paper 126 124 129 132 142 145 148 149 145 147 156 160 157 Paperboard 138 134 138 143 158 154 162 161 158 158 167 186 175 163 Fine paper. . . . 110 110 114 115 127 134 140 147 152 147 160 157 151 Newsprint production 113 115 115 114 114 114 112 113 107 110 110 106 107 lio Printing paper 119 123 126 131 138 149 149 150 146 149 161 145 151 Tissue and absorbent paper... 132 125 133 132 137 144 142 143 130 140 153 152 156 Wrapping paper 120 119 124 129 139 140 138 139 136 138 140 147 147 Printing and Publishing* HI 114 116 118 122 128 127 129 125 127 136 130 127 P127 Newsprint consumption 103 105 106 106 107 106 106 109 105 105 111 115 104 103 Petroleum and Coal Products 122 122 123 121 125 127 128 130 132 133 135 139 135 Petroleum refining 117 117 118 119 122 123 124 126 128 129 133 135. 131 Gasoline 117 118 120 120 124 123 123 126 130 131 134 139 134 Fuel oil 120 122 121 120 119 122 124 127 124 129 129 130 123 Lubricating oil 112 104 105 118 118 134 133 132 130 129 137 132 133 Kerosene 120 123 113 117 115 104 108 116 119 121 123 126 120 Coke 150 152 154 133 148 154 154 154 152 153 153 160 161 i(51 Byproduct coke . ... 143 145 145 134 141 145 146 146 144 145 145 151 152 152 Beehive coke 367 398 434 69 386 435 429 453 425 437 410 r482 462 489 Chemicals 123 124 125 133 136 144 146 145 146 148 149 152 154 ?156 Rubber products 141 153 155 158 162 192 153 130 131 134 * * * * Rubber consumption 143 156 158 161 164 196 156 132 134 137 * * * * Tires and tubes 123 128 134 131 144 152 126 117 108 103 103 67 r33 28 Pneumatic tires 124 128 135 132 144 151 126 118 108 104 104 67 r32 28 Inner tubes 121 127 132 130 145 155 125 110 103 94 102 64 r33 27 Minerals—Total •..-..».. 119 118 125 95 126 132 131 132 131 130 131 130 131 P130 Fuels T 114 113 121 86 121 129 127 129 128 127 128 127 128 P126 Bituminous coal 117 114 149 22 149 153 146 147 139 127 125 124 129 P120 Anthracite 98 102 102 71 80 126 137 162 127 116 97 89 89 ^109 Crude petroleum 114 113 112 113 114 120 119 119 124 128 132 • 132 132 P\3l Metals 148 148 148 149 152 151 151 148 145 145 146 147 149 P149 Iron ore shipments 187 189 191 199 195 198 205 202 192 181 200 199 200 201 CoDDer 148 153 148 152 159 155 156 155 154 151 152 157 161 158 Lead 116 116 118 119 115 117 114 116 120 119 127 122 131 140 Zinc 125 126 125 133 127 136 125 131 135 134 131 138 138 P146 Gold 132 126 127 121 132 126 121 114 114 130 116 Silver 128 126 127 129 122 128 124 129 116 108 106 105 r Revised. p Preliminary. * 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." KHA anr ooo 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. 363 APRIL 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Industrial Production— Total* 135 140 144 144 155 160 159 162 167 r168 167 163 165 *>168 Manufactures—Total*. 139 144 149 153 160 165 164 167 172 173 173 171 172 P175 Durablei 166 171 178 182 192 198 197 199 206 210 209 211 215 P220 I Nondurable .. 118 122 126 ISO 135 138 138 142 145 143 r144 137 137 P138 Iron and Steel. 179 179 184 181 184 184 185 185 192 191 191 196 191 193 Pig iron 177 176 178 170 175 179 181 182 185 184 184 190 189 187 Steel 186 187 193 193 196 196 197 198 207 206 207 212 208 210 Open hearth and Bessemer 172 171 177 172 174 173 174 172 179 178 176 181 174 177 Electric 291 300 305 340 355 359 365 382 405 410 425 432 445 444 Machinery 168 177 185 194 206 214 216 224 227 231 229 241 248 P257 Transportation Equipment*.. 193 207 214 206 229 229 221 245 269 280 275 302 P314 Aircraft 685 741 768 818 876 930 997 1,113 1,204 1,290 1,340 Automobile bodies, parts, and assembly 138 148 150 136 152 161 135 120 134 146 142 120 118 PI 13 Automobile factory sales 151 161 160 139 164 164 134 47 74 110 123 85 75 46 Railroad cars 178 182 178 196 218 233 233 236 249 278 264 Locomotives 189 204 216 237 256 280 307 306 319 335 338 Shipbuilding (private yards) . 282 307 335 353 381 428 467 485 560 634 645 Nonferrous Metals and Products.. 166 173 179 184 191 187 191 189 192 185 190 192 192 Nonferrous metal smelting3 .. 137 142 142 147 148 144 141 145 145 147 151 152 153 157 Copper smelting 133 140 136 145 144 136 131 135 135 137 139 141 140 141 Zinc smelting 153 158 163 164 170 170 173 175 175 177 r179 182 184 189 Copper deliveries 200 209 219 221 233 229 244 231 233 217 226 230 235 224 Lead shipments 166 165 172 186 205 210 200 199 209 * * * T Zi in n c c s o h n i s p u m m e p n t t i s on 1 1 4 1 9 4 1 13 4 0 8 1 1 4 4 6 6 1 15 4 1 7 1 15 4 3 4 1 1 4 4 8 4 1 1 4 5 2 4 1 1 4 5 3 9 1 1 4 5 6 9 1 15 4 1 3 1 1 4 5 7 5 1 1 4 6 6 5 152 151 Lumber and Products. 116 119 123 130 140 144 151 148 145 134 128 122 P128 Lumber 113 115 118 128 130 135 142 148 144 138 124 113 112 PI 19 Furniture 123 129 133 135 143 150 149 157 156 159 154 155 142 P147 Stone, Clay and Glass Products* ... 110 112 125 142 164 172 166 172 174 176 167 145 137 P131 C Gl e a m ss e c n o t n — ta ; iners 1 11 0 0 0 1 1 0 2 2 0 1 1 1 3 7 0 1 1 3 3 9 5 1 1 6 5 3 9 1 1 7 6 4 3 1 1 7 6 7 0 1 1 8 7 1 2 1 1 8 6 4 6 1 17 8 3 5 1 1 7 7 1 0 1 15 5 4 3 1 1 3 6 7 5 1 1 3 6 2 4 Polished plate glass 144 131 141 142 142 149 96 109 120 117 120 80 68 47 Textiles and Products 138 143 147 150 157 155 155 154 151 150 156 154 158 P159 Text C il o e tt f o a n b ri c c o s n sumpt ; ion 1 1 3 4 3 4 1 15 4 2 0 1 1 4 5 3 6 1 1 4 6 6 0 1 1 5 6 2 4 1 1 5 6 0 0 1 1 5 6 0 2 1 16 4 0 8 1 1 4 5 5 6 1 16 4 1 3 1 1 4 6 8 7 r1 1 4 5 6 5 1 1 6 4 9 8 P1 1 4 7 9 4 Rayon deliveries 154 148 150 158 169 173 173 170 168 172 179 178 180 P174 Silk deliveries 72 68 74 73 66 66 69 50 32 10 15 * Wool textiles 136 149 152 152 165 163 157 166 169 164 166 161 Carpet wooFconsump- r178 tion 119 143 146 139 148 149 126 148 133 133 81 Apparel wool con- r164 sumption 149 165 179 171 196 190 177 181 205 199 200 r209 204 Woolen yarn 125 134 135 140 153 151 153 162 163 157 156 159 162 Worsted yarn 150 163 163 166 178 178 174 179 185 185 184 195 173 Woolen and worsted cloth 142 153 154 156 167 165 160 166 169 170 182 182 Leather and Products... 104 117 122 118 119 125 129 128 127 123 rU6 124 P133 Leather tanning...... 103 112 112 110 115 118 120 120 123 129 135 r125 131 G C Ca a o l t a f t t l e a a n n h d i d d k e k i p i l d e l a l e t e h a a t e t h r h s e e r rs s.... 1 8 1 7 7 6 9 1 9 9 2 7 1 5 r 1 1 2 0 97 1 5 1 9 9 1 6 9 8 1 1 9 0 2 4 3 6 1 1 1 2 1 0 5 3 0 1 1 11 2 0 5 7 2 1 1 9 3 0 5 3 8 • 1 9 1 1 9 6 34 1 1 1 0 3 2 3 9 0 1 1 1 0 1 5 1 9 1 r1 1 1 9 3 9 1 7 1 1 8 4 2 6 8 1 Shoes 106 121 128 123 124 119 128 135 131 125 115 r110 119 P126 Manufactured Food Products 104 104 107 112 119 128 137 152 P159 *>143 P139 P130 p124 P121 Wheat flour 99 104 102 103 100 101 102 99 114 110 107 104 109 109 Cane sugar meltings 103 105 135 135 117 132 117 136 132 109 114 Manufactured dairy products 84 92 105 134 175 188 181 167 vgg P99 Ice cream 69 78 99 138 182 208 216 200 Butter 95 101 105 118 151 155 137 120 108 95 83 82 85 92 Cheese 89 96 107 133 177 186 165 151 150 139 124 123 124 142 Canned and dried milk.. 103 110 121 152 200 195 172 169 168 158 156 166 174 182 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. 2 Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals." 4 Includes also brick production series now in process of revision. 364 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 oE Governors, 1935-39 average == 100] 1941 Industry Jan. Feb. Manufactured Food Products- Continued Meat packing 133 122 Pork and lard 157 145 Beef 110 98 Veal... 83 83 Lamb and mutton 118 112 Other manufactured foods.... 103 103 Alcoholic Beverages 87 r95 Malt liquor r85 Whiskey... r101 106 Other distilled spirits 73 79 Rectified spirits 92 113 Tobacco Products 108 108 Cigars 90 96 Cigarettes 119 118 Manufactured tobacco and snuff.... 98 95 Paper and Paper Products* 126 131 Paper and pulp 128 133 Pulp 154 159 Groundwood pulp 124 127 Soda pulp 128 133 Sulphate pulp 192 199 Sulphite pulp 144 148 Paper 124 129 Paperboard . .. 132 138 Fine paper 111 118 Newsprint production 113 113 Printing paper 119 126 Tissue and absorbent paper 128 130 Wrapping paper 120 124 Printing and Publishing2 109 115 Newsprint consumption 98 104 Petroleum and Coal Products 120 120 Petroleum refining 115 115 Gasoline 113 114 Fuel oil 123 123 Lubricating oil 108 103 Kerosene 126 124 Coke .. 150 152 Byproduct coke 143 145 Beehive coke 367 398 Chemicals 122 124 Rubber Products 145 151 Rubber consumption 148 153 Tires and tubes 123 128 Pneumatic tires . .. 124 128 Inner tubes 121 127 Minerals—Total . 113 114 Fuels 117 118 Bituminous coal 130 134 Anthracite 114 Crude petroleum 111 Metals 95 Iron ore shipments Copper 145 Lead 116 Zinc 125 Gold 126 Silver 129 SS 2 1942 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 122 119 132 121 119 116 119 134 152 165 173 135 143 135 147 130 119 112 111 139 178 208 214 151 100 102 120 118 125 126 132 134 130 127 138 125 86 95 101 92 95 95 111 119 116 93 93 84 107 105 111 96 104 104 111 109 108 111 118 113 105 107 111 123 137 159 170 151 146 131 123 P122 100 r110 120 r130 131 122 137 137 118 106 112 117 96 111 124 137 142 128 120 104 90 96 96 109 r99 91 90 r76 59 51 75 102 101 104 102 96 86 84 77 r90 97 99 359 472 292 150 163 45 124 r130 r150 165 160 171 •180 180 190 135 C177 207 110 113 121 128 123 122 132 133 134 no 126 121 100 111 108 113 111 113 120 135 137 107 104 109 119 118 133 144 138 136 146 141 143 * 121 146 136 99 100 100 99 99 96 107 106 105 S3 96 92 136 137 141 143 139 146 149 151 152 146 150 137 140 145 147 143 150 151 155 159 153 158 164 165 165 173 159 170 168 173 184 172 182 128 136 133 124 109 109 112 121 144 134 140 141 139 141 150 141 151 142 145 167 148 153 203 199 203 214 199 215 210 214 220 210 222 156 159 155 167 155 164 163 169 178 164 177 133 136 142 143 140 147 148 152 155 151 154 144 146 155 154 154 163 167 167 167 166 168 168 122 126 130 131 128 139 144 147 155 154 152 115 114 115 115 109 110 107 110 113 107 107 108 132 136 140 146 140 145 145 r151 160 144 151 134 135 136 143 135 143 136 145 151 146 151 126 130 136 137 133 138 138 143 140 143 147 121 124 126 127 116 121 125 131 138 131 125 P129 110 113 111 107 92 96 106 112 117 117 99 102 119 120 126 128 129 131 134 135 136 r138 132 114 119 122 124 125 128 131 132 134 134 128 114 118 124 126 127 130 134 134 135 136 129 118 117 119 121 122 124 125 130 130 132 127 104 122 122 134 131 131 130 129 137 131 129 115 119 115 102 103 111 117 121 126 127 126 154 133 148 154 154 154 152 153 153 r160 161 161 145 134 141 145 146 146 144 145 145 151 152 152 434 69 386 435 429 453 425 437 410 r482 462 489 129 136 135 138 139 142 148 r153 151 153 153 P156 155 157 162 192 153 130 131 134 * * * 158 160 164 196 156 132 134 137 * * • * 134 131 144 152 126 117 108 103 103 67 r33 28 135 132 144 151 126 118 108 104 104 67 r32 28 132 130 145 155 125 110 103 94 102 64 r33 27 117 96 127 131 130 134 137 138 135 124 126 P126 121 87 118 123 121 125 129 131 130 129 131 P132 143 18 126 132 128 135 144 142 143 138 144 P141 105 76 88 116 107 120 122 123 99 94 104 PI 20 114 116 118 120 119 122 124 127 128 129 129 P129 92 149 181 181 184 187 182 r181 161 95 92 P91 210 323 326 344 335 311 281 231 P160 155 151 156 159 152 147 152 152 156 157 159 158 160 116 116 121 117 116 110 116 120 119 128 124 131 140 126 125 133 127 136 125 131 135 134 r131 138 r138 P146 113 112 107 114 • 116 116 126 131 152 132 129 131 130 121 123 122 126 117 107 106 105 r Revised. v Preliminary. c Corrected * Included in total and group indexes but not available for publication separately. ^ s 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. APRIL 194Z 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] 1941 1942 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Totan 118.3 118.6 119.4 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134,4 134.9 135.6 134.2 121.1 122.1 123.0 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143.7 144.4 146.8 145.3 Durable goods* 115.6 115.2 115.9 118.0 120.5 123.7 126.3 125.5 123.8 123.8 U125.6 125.9 124.9 123.6 Nondurable goodsi Iron and Steel and Products 124.8 125.5 126.2 128.3 132.0 136.0 139.1 140.2 139.7 138.2 138.3 139.5 139.8 136.9 Blast furnaces, steel works, etc 133 133 133 136 140 145 149 150 149 148 148 149 150 149 Bolts, nuts, washers, and rivets 139 145 151 153 160 166 169 173 172 170 169 170 170 167 Cast-iron pipe 88 92 92 93 94 95 95 94 97 98 101 100 98 99 Cutlery and edge tools 110 108 111 114 117 122 130 130 128 129 130 134 436 133 Forgings 90 94 96 100 102 105 112 112 113 115 r115 r117 119 122 Hardware 113 114 116 115 116 118 105 116 117 115 113 114 U0 103 Plumbers' supplies 99 98 100 101 102 102 102 103 100 98 98 98 96 91 Stamped_and enameled ware 194 •201 203 204 214 220 228 231 231 225 225 220 217 206 Steam and hot-water heating 106 106 107 109 111 114 123 126 125 125 123 125 127 124 Stoves 113 106 106 107 110 114 121 115 109 105 104 108 109 99 Structural and ornamental metal work 96 100 100 101 103 104 105 107 106 107 107 107 108 111 Tin cans and tinware 109 112 113 113 122 129 131 132 132 127 138 141 147 140 Tools 121 126 128 133 135 139 142 146 147 145 146 148 152 153 Wirework 206 208 208 203 207 214 218 198 214 203 r201 199 184 180 Machinery ; 141.2 144.2 148.1 155.8 161.6 167.3 173.0 177.7 177.8 179.3 181.2 r183.5 187.4 190.6 Agricultural implements 147 140 126 158 166 170 175 182 181 180 172 167 161 161 Cash registers, etc 137 140 146 151 150 163 168 170 173 175 177 178 176 173 Electrical machinery 131 137 142 147 153 159 164 168 168 168 168 * * * Engines, turbines, etc 237 239 243 245 259 275 294 315 323 348 371 * « * Foundry and machine-shop products. 118 120 124 129 134 139 143 146 147 148 149 150 153 154 Machine tools 286 296 304 315 326 337 349 366 355 360 365 • * * Radios and phonographs 155 165 178 189 197 184 191 187 183 179 194 207 222 232 Textile machinery 89 92 95 98 101 104 107 108 110 110 109 109 110 109 Typewriters 131 110 134 138 143 150 155 157 158 160 159 159 157 157 Transportation Equipment 150.4 152.9 154.1 158.7 164.6 174.2 196.1 193.1 195.2 204.5 208.9 205.1 209.8 206.1 Aircraft.. 5,089 5,398 5,509 5,813 6,121 6,522 7,160 7,897 8,779 9,453 9,794 * • * Automobiles 124 123 123 125 128 132 149 139 128 129 127 111 96 75 Cars, electric- and steam-railroad .... 75 71 70 70 74 81 89 87 98 100 100 * * * Locomotives 49 51 52 54 58 61 67 70 73 74 77 * • * Shipbuilding 244 262 268 285 301 341 387 398 440 490 533 * * * Nonferrous Metals and Products 133.3 135.1 136.2 138.9 140.7 144.1 147.8 147.9 144.8 143.1 r142.2 rl43.9 146.8 145.9 Aluminumi 229 224 220 229 234 230 240 246 247 240 r244 * * * Brass, bronze, and copper 173 176 179 181 182 190 193 195 194 191 192 * * 0 Clocks and watches 107 109 111 115 118 121 125 121 110 114 110 108 111 109 Jewelry 102 105 107 111 113 115 120 119 110 105 106 113 116 111 Lighting equipment 110 112 110 112 112 115 118 118 119 119 114 110 110 104 Silverware and plated ware 77 79 79 81 82 84 94 87 85 84 82 83 82 77 Smelting and refining 98 100 101 101 102 102 103 105 103 100 99 100 102 102 Lumber and Products 76.3 75.5 74.0 74.2 74.6 75.9 78.9 78.4 77.3 76.4 76.9 78.1 79.1 77.2 Furniture. 97 98 98 101 104 106 108 107 103 101 104 105 105 103 Lumber, millwork 74 72 71 70 69 71 75 76 75 76 75 75 75 73 Lumber, sawmills 68 67 65 65 64 65 68 68 68 67 67 68 70 68 Stone, Clay and Glass Products 94.6 92. 92.3 92.3 92.1 93.7 98.6 98.4 98.7 98.9 100.9 101.6 104.5 99.1 Brick, tile, and terra cotta 75 74 71 70 69 69 73 74 74 73 76 77 80 76 Cement 75 76 75 74 73 74 77 78 79 79 82 85 88 87 Glass 120 116 118 121 122 124 131 130 130 131 133 132 134 126 Marble, granite, and slate 46 47 46 45 45 44 43 42 43 45 45 45 48 43 Pottery 108 108 108 109 109 116 126 123 122 121 121 121 124 120 Textiles and Products 107.3 107. 107.6 109.8 112.9 116.1 120.0 117.1 114.7 112.9 113.3 rU3.3 111.7 109.7 Fabrics 98.8 99. 100.4 103.3 105.9 109.0 111.1 109.6 107.2 105.4 105.1 104.4 103.7 102.1 Carpets and rugs 85 84 83 86 89 90 89 91 91 90 90 90 85 81 Cotton goods 99 100 101 103 106 111 113 115 112 112 111 110 110 110 Cotton small wares 92 93 94 97 103 107 110 110 110 108 109 109 106 106 Dyeing and finishing textiles 132 134 136 138 141 144 149 143 140 135 130 133 131 131 Hats, fur-felt 83 83 83 80 83 86 86 79 77 78 78 76 73 72 Hosiery 144 142 142 141 144 146 149 144 135 133 132 133 129 126 Knitted outerwear 69 69 68 71 76 81 85 83 78 77 78 81 78 79 Knitted underwear 81 78 78 79 81 79 90 88 88 87 87 86 90 86 Knitted cloth 144 141 143 141 155 163 162 161 158 147 147 147 149 149 Silk and rayon goods 63 64 66 69 74 75 72 67 61 60 61 60 59 59 Woolen and worsted goods 98 98 102 109 109 110 112 108 112 109 110 107 107 99 Wearing apparel . 122.0 120.5 119.3 119.8 124.0 127.0 135.0 128.8 126.6 124.7 r126.9 r128.3 124.9 122.4 Clothing, men's 114 111 110 114 122 124 124 120 119 120 125 128 122 118 Clothing, women's 166 166 164 159 161 170 193 176 171 165 167 169 161 162 Corsets and allied garments 114 113 114 114 116 119 119 122 123 112 122 115 112 110 Men's furnishings 116 118 118 119 121 124 137 137 134 127 121 113 115 113 Millinery 76 82 78 78 73 68 75 79 77 75 68 68 72 77 Shirts and collars 131 126 125 128 131 133 135 135 134 131 132 135 144 133 Leather and Manufactures . „. „.... „..,. 93.3 93.2 94.3 95.5 96.8 101.0 100.2 97.9 98.0 99.6 104.2 103.1 98.7 97.5 Boots and shoes 91 91 92 93 94 98 97 94 94 96 101 100 95 94 Leather 85 86 88 90 90 95 97 96 98 97 98 97 96 95 r Revised. * Included in total and group indexes but not available for publication separately. l Indexes adjusted to Census of Manufactures througli 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569. NOTE.—Figures for February 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. 366 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] 1941 1942 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Food and Kindred Products 133.3 131.0 131.3 132.5 135.0 137.3 138.4 140.9 138.6 140.7 r146.9 r147.3 148.1 146.8 Baking 143 145 146 148 149 151 149 152 151 152 152 152 153 152 Beverages 281 279 278 277 287 286 289 298 295 303 311 316 310 309 Butter 98 99 102 105 107 105 102 104 102 102 106 106 105 104 Canning and preserving 149 144 139 140 147 156 161 169 155 164 200 187 181 188 Confectionery 89 88 91 92 89 90 97 100 91 90 96 95 94 92 Flour 78 77 78 79 78 80 79 77 79 78 78 79 80 80 Ice Cream 80 81 79 82 79 78 78 79 78 83 83 83 83 82 Slaughtering and meat packing . 112 111 113 114 119 121 123 124 125 126 127 133 139 137 Sugar, beet. 240 144 111 97 99 93 89 76 98 91 98 141 168 115 Sugar refining, cane 92 89 97 103 102 101 94 93 103 103 98 101 97 87 Tobacco Manufactures 66.3 64.9 64.0 65.0 65.8 65.8 65.7 64.4 62.0 64.1 65.0 66.3 69.2 66.8 Tobacco and snuff.... 57 54 54 54 54 53 53 53 54 54 54 56 54 53 Cigars and cigarettes . 68 66 65 66 67 68 67 66 63 65 66 68 71 69 Paper and Printing 117.1 117.2 118.5 119.8 121.2 122.9 124.8 125.1 124.4 124.9 124.8 r125.9 125.2 123.9 Boxes, paper 123 122 125 129 132 139 142 143 141 138 139 140 142 138 Paper and pulp 116 117 119 120 123 125 126 128 128 128 129 129 130 130 Book and job printing 103 101 103 104 104 104 108 106 105 108 107 107 107 104 Newspaper and periodical printing ... 116 116 117 117 117 117 117 118 117 117 116 120 116 116 Chemicals, Petroleum, and Coal Products.... 126.8 128.1 129.0 133.6 136.9 140.7 143.0 145.2 144.7 145.9 147.0 148.0 150.0 152.6 Petroleum refining 120 120 121 121 123 125 127 127 127 129 "128 129 130 132 Other than petroleum refining 128.5 130.0 13.1.1 136.6 140.4 144.7 146.9 149.6 148.9 150.1 "151.4 r152.6 155.0 157.7 Chemicals 154 157 161 163 168 172 173 179 180 181 184 187 189 191 D Co ru tt g o g n i s s e t e s' d p o r i e l p , a c r a a k t e i o a n n s d meal 1 1 1 0 6 2 * 1 11 0 8 0 1 9 1 4 9 * 1 1 2 1 - 2 0 * 1 1 2 0 9 6 * 1 1 3 0 2 7 1 1 3 0 6 9 * 1 1 3 0 * 8 1 1 8 4 8 1 1 9 4 5 1 * 1 9 4 * 3 4 1 9 4 3 6 1 9 5 3 2 1 9 5 5 2 Explosives * * * Fertilizers 104 103 95 112 118 124 129 124 124 115 118 115 125 149 Paints and varnishes 130 130 134 135 136 140 145 148 145 144 144 144 145 143 Rayon and allied products 310 306 308 324 330 337 326 328 324 323 320 320 313 308 Soap 90 89 91 93 94 98 99 96 94 94 95 94 91 Rubber. Products 99.0 100.4 102.0 103.9 106.1 111.7 113.0 113.3 111.6 110.1 '110.1 r109.6 99.9 Rubber boots and shoes 67 69 69 74 78 82 82 79 75 78 80 78 73 76 Rubber tires and inner tubes . 78 79 80 82 83 86 87 87 87 86 86 85 76 75 Rubber goods, other 171 174 177 176 179 192 194 200 196 189 187 190 175 171 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 e t r 2 n- forces utilities cellaneous SEASONALLY ADJUSTED 1941—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 L,662 Tune 39,296 33,153 12,221 889 1,644 3,220 6,865 4,204 4,110 L,74O 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 40,191 34,048 12,598 892 1,776 3,292 6,989 4,251 4,250 2,014 November 40,604 34,461 12,736 892 1,924 3,310 7,043 4,266 4,290 December r40,904 r34,761 12,788 892 2,156 3,322 r7,O17 4,274 4,312 1942—January 40,896 34,753 12.854 873 2,061 3,325 6,907 4,272 4,461 ? February 40,754 34,611 12,743 851 2,073 3,310 6,869 4,266 4,499 UNADJUSTED 1941—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 ,546 May 38,902 32,759 11,886 869 1,782 3,185 6,753 4,235 4,049 L,662 June . .. 39,475 33,332 12,154 876 1,816 3,239 6,861 4,260 4,126 ,740 July 39,908 33,765 12,391 888 1,895 3,290 6,837 4,300 4,164 ,857 August 40,292 34,149 12,595 900 1,921 3,326 6,897 4,300 4,210 ,944 September 40,710 34,567 12,777 906 1,936 • 3,367 7,008 4,325 4,248 .992 October 40,783 34,640 12,805 915 1,960 3,365 7,070 4,256 4,269 2,014 November 40,756 34,613 12,763 911 1,961 3,322 7,146 4,229 4,281 December r41,036 r34,893 12,739 908 1,874 3,296 r7,511 4,227 4,387 1942—January : 39,871 33,728 12,598 876 1,658 3,255 6,757 4,180 4,404 * February 39,842 33,699 12,641 859 1,632 3,246 6,692 4,180 4,449 \ * 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 February 1942 are preliminary. Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. APRIL 1942. 367 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 1942 1941 1942 Jan. Feb Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. Total* 115.5 117.8 135.4 134.8 134.3 132 4 132.9 120.7 126.8 167.0 165.4 170.2 173.5 176.9 Durable goods1 118.3 121.0 144.0 144.6 144.3 143.4 143.6 132.0 139.3 191.4 190.3 195.9 204.7 208.5 Nondurable goods1 112.7 114 7 127.3 125.4 r124.8 121.8 122.7 108.1 112.9 139.6 137.4 141.3 138.7 141.5 Iron and Steel and Products 122.3 125.0 139.4 138.8 138.5 137.0 136.4 130.8 137.0 173.4 171.9 175.0 174.8 179.0 Blast furnaces, steel works, etc 131 133 148 148 149 149 149 140 145 181 183 185 185 191 Bolts, nuts, washers and rivets 139 146 170 169 170 170 169 171 193 256 253 260 261 269 W H T T P S S S F C C S t t l t o o i t a a u i n e o a u r r o r s r t u a m v m g e l d t l m c c e s - e w i w p b i a n t s r r u y o e n e g a a o r d r s r s r n n k a e s a - d l a ' a n p n n a s d h i d d u n p o p d e e t t d e p - i o n n g w l r i e a w e n a m s a t a t e o m e r r e o l e e l h d s n e ta a w l t a i m n re g etal work 2 1 1 1 1 1 1 9 9 9 8 9 0 9 1 0 2 0 0 8 1 5 8 4 6 1 3 3 1 8 2 2 1 2 1 1 1 1 9 9 9 1 0 8 9 0 0 2 0 0 5 9 9 5 2 9 6 8 9 6 6 4 1 2 2 1 1 1 1 1 1 1 0 1 0 2 9 1 9 4 2 1 3 3 5 4 9 7 9 5 8 6 8 4 0 2 2 2 1 1 1 1 1 1 1 1 9 0 2 2 4 3 9 1 1 0 1 3 8 4 5 5 7 5 8 0 5 8 3 3 2 1 1 1 1 1 1 1 1 1 9 9 9 5 2 1 3 0 0 2 1 3 7 9 8 0 0 8 4 6 4 4 4 4 1 2 1 1 1 1 1 1 1 9 5 3 2 9 0 8 1 9 1 3 2 2 2 7 2 5 6 4 3 7 0 3 1 2 1 1 1 1 1 1 1 1 9 9 9 5 0 8 2 0 0 3 2 3 3 6 2 3 7 0 3 3 6 0 3 4 2 2 1 1 1 1 1 1 3 8 4 9 9 8 1 0 1 0 2 3 8 9 1 3 2 7 5 5 4 7 4 0 2 2 1 1 1 1 1 1 9 5 9 9 9 3 5 1 3 1 1 3 4 3 7 7 4 3 3 6 5 0 5 0 r2 2 2 1 1 1 1 1 1 1 1 1 7 0 9 7 2 5 1 2 8 5 1 5 5 2 6 2 9 8 3 7 2 2 9 8 r r 2 1 2 1 2 1 1 1 1 1 1 1 7 0 8 8 6 4 1 0 6 5 1 1 8 5 1 8 6 8 5 6 1 0 8 6 , r r 1 2 2 2 1 1 1 1 1 1 1 1 2 1 6 9 6 6 9 5 1 7 1 2 1 1 4 8 1 5 6 3 2 4 0 0 2 2 2 2 1 1 1 1 1 1 9 6 9 9 1 0 1 6 8 2 4 7 4 5 9 4 8 9 7 9 1 5 8 1 2 2 2 2 1 1 1 1 1 1 1 1 2 5 1 9 6 3 8 4 0 6 0 1 6 6 7 9 2 1 2 3 4 8 3 8 Machinery 139.7 143.4 180.1 181.4r183.5 185.2 189.5 167.5 176.9 255.7 255.3 r271.2 285.0 294.8 Agricultural implements 150 144 170 168 167 164 166 181 174 232 224 219 229 241 Cash registers, etc 136 140 175 177 176 175 173 152 166 233 223 239 250 245 Electrical machinery 129 136 169 169 163 176 245 242 Engines, turbines, etc 222 236 340 353 330 345 616 676 Foundry and machine-shop products. 117 120 148 149 150 152 154 129 136 195 191 203 211 219 M T T R e y a a x p d c t i e h i o w l i s e n r e a i m t n e t a d o r c s o h p l i s h n o e n ry ographs 2 1 1 8 8 3 4 9 6 1 8 2 1 1 9 0 9 4 3 9 7 5 3 2 1 1 6 0 1 6 1 9 8 2 1 3 2 1 6 1 6 0 2 8 7 9 2 1 1 1 0 6 9 9 2 2 1 1 1 5 1 * 1 7 0 2 1 15 1 0 * 5 0 4 4 1 1 9 1 4 4 8 5 1 5 4 1 1 1 4 2 0 4 8 2 5 6 2 5 2 1 3 9 6 4 3 6 2 2 2 2 5 1 6 3 4 9 8 6 1 9 2 2 1 8 3 5 * 8 5 0 2 2 1 7 2 5 * 9 6 4 2 2 1 7 2 5 7 6 4 Transportation Equipment 152.8 157.2 203.2 210.4 r208.6 209.9 206.8 176.3 191.0 282.0 287.8 290.0 328.6 324.4 A A C i a u r r t c s o r , m a e f o l t e b .. c il t e r s ic- and steam-railroad 5,0 1 3 6 2 9 9 8 5,3 1 4 6 3 9 4 0 9,1 1 7 9 2 7 0 9 9,6 1 9 9 3 7 0 6 1 * 16 .100 8 * 0 5,9 1 6 2 4 4 8 0 6,4 1 4 6 6 1 0 7 12 1 1 1 7 ,2 5 7 96 13 1 1 , 7 1 1 6 2 83 148 154 123 Locomotives 46 49 75 77 53 58 103 106 Shipbuilding 240 257 495 533 308 338 803 829 Nonferrous Metals and Products „ „. „ 131.1 134.7 r147.4 H46.1 r145.7 144.3 145.4 146.0 151.2 185.9 r182.0 T1Q3.2 197.6 201.1 Aluminum^ ...„ — . 225 •225 244 247 281 285 359 371 B J C e r l w o as c e s k l , r s y b a ro n n d z w e a a t n ch d e c s opper j ... , . . — „. „ „ 1 1 9 7 0 6 2 6 1 1 1 7 0 0 6 9 2 1 1 1 9 2 1 3 1 8 1 1 1 9 1 2 2 6 0 1 1 1 1 3 6 n 10 o 9 1 1 0 0 9 9 2 1 8 2 1 2 0 5 2 1 9 2 2 0 4 5 2 1 1 6 6 2 8 1 2 r1 2 1 6 1 5 1 5 5 1 1 5 2 1 1 1 1 4 0 9 2 1 10 5 5 3 L Si i l g v h e t r i w ng a re e q a u n i d p m p e la n t t ed ware 1 7 0 5 8 1 7 1 8 1 12 8 3 7 1 8 2 7 0 1 8 1 6 4 10 7 8 9 1 7 0 7 4 99 1 7 0 7 5 1 1 0 3 3 6 1 1 0 2 2 4 1 1 0 2 1 3 1 8 2 7 3 1 9 1 0 5 Smelting and refining ,....«- 100 101 100 101 102 102 1 7 0 1 2 105 120 121 124 126 127 Lumber and Products 71.3 72.0 79.8 77.9 76.6 74.0 73.6 68.1 70.6 92.3 86.4 85.8 81.8 84.8 Furniture. 94 96 107 108 107 102 101 84 90 121 119 121 111 115 Lumber, millwork „ 70 70 77 76 74 71 70 58 58 75 71 72 66 67 Lumber, sawmills 63 63 r70 66 65 64 64 59 61 78 70 68 68 71 Stone, Clay and Glass Products 85.9 86.9• 102.0101.5 99.7 95.1 93.1 79.6 82.0 109.5 r105.8 r106.6 99.5 103.6 B M P G C o r e l a a i t m c r s t b k e 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 te ta „.„ 1 1 3 6 6 0 1 9 5 5 5 4 1 1 4 6 6 1 0 2 4 6 6 8 1 1 4 8 2 3 7 7 2 4 2 8 1 1 8 4 2 3 7 2 6 4 3 6 1 1 4 8 3 2 7 4 1 2 2 4 1 1 6 7 4 2 2 9 8 0 1 8 1 1 6 3 7 2 2 6 8 6 6 0 1 9 5 6 3 2 6 5 1 1 7 1 1 6 3 5 3 0 2 0 5 5 0 r 1 1 3 9 3 7 7 8 3 2 6 4 r1 1 r9 6 3 7 2 1 8 5 3 9 r1 1 8 3 7 3 7 9 5 1 1 3 1 1 8 6 3 2 6 4 5 0 0 6 1 1 3 7 8 6 2 9 1 5 9 6 Textiles and Products ........... 106. 110.1 114.9 113.4 113.0 110.8 112.8 95.0 103.8 122.4 r118.3 r122.2 119.8 127.1 Fabrics 99.7 101.7 106.4 106.1 106.2 104.8 104.8 93.1 98.5 120.2 118.9 r123.7 122.0 124.2 Carpets and rugs 82 84 91 90 90 82 81 75 79 94 94 95 82 85 Cotton goods 101 103 112 112 112 112 113 97 102 136 135 140 142 145 Cotton small wares 92 95 109 109 109 106 109 93 101 128 128 129 129 143 Dyeing and finishing textiles 135 140 135 133 135 134 137 120 129 136 r133 141 142 150 Hats, fur-felt 83 84 78 76 76 73 73 82 89 75 76 80 78 Hosiery 143 143 135 135 135 128 127 149 156 161 160 164 153 158 Knitted outerwear 66 68 83 77 75 78 56 60 80 77 74 73 79 K K Si n n lk i i t t t t a e e n d d d u c r l n a o d y t e h o r n w e g a o r o ds ,.. 1 6 7 4 5 7 0 1 6 7 4 7 8 2 1 8 6 5 8 2 1 1 6 4 1 6 1 6 8 4 1 6 6 1 8 6 4 5 0 4 1 8 6 5 6 2 0 1 5 2 7 3 5 3 1 5 7 2 6 7 9 1 9 6 4 9 2 8 r1 r6 3 9 1 9 7 1 9 6 4 8 2 4 1 9 6 4 9 2 3 1 1 6 5 0 6 7 2 W W ea o ri o n l g e n a a p n p d a r w el orsted goods 1 1 0 16 0 .7 1 1 0 24 3 .2 ' 1 1 1 29 0 .0 r1 1 2 0 4 9 .9 r1 1 2 1 3 1 .3 1 1 0 19 9 .5 1 12 0 6 4 .1 9 93 4 .1 1 10 0 7 0 .9 1 1 2 19 7 .2 r1 1 0 2 9 5 .8 r134 1 1 3 0 0 8.3 1 1 2 2 3 5.2 Clothing, men's 109 114 123 121 121 117 122 87 96 113 109 112* 109 117 Clothing, women's 162 173 173 r165 163 156 168 120 143 145 r127 r134 128 159 Corsets and allied garments 112 115 112 r122 113 110 111 116 127 144 150 138 136 154 Men's furnishings 108 119 133 130 120 107 113 103 124 167 157 133 119 139 Millinery 75 89 77 61 60 71 84 55 76 60 40 40* 51 76 Shirts and collars. ... 119 126 137 137 135 131 133 104 118 157 156 153 141 148 r Revised. * Included in total and group indexes but not available for publication separately. 1 Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 368 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 1941 1942 1941 1942 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. Leather and Manufactures. . 93.4 96.9 98.5 96.7 99.2 98.8 101.4 83.3 91.5 100.5 97.0 106.7 107.2 114.7 Boots, and shoes ,.„.., 91 95 95 92 95 95 98 80 89 93 88 100 101 109 Leather ...„„.„... 86 88 97 98 98 96 97 87 92 116 118 122 119 123 Food and Kindred Products..... „.«. „...... 121.4 119.1 152.4 r145.8 r140.8 135.2 132.8 120.2 119.6 r163.0 157.7 r157.2 154.6 149.6 Baking 141 143 155 154 152 150 150 135 138 158 160 158 158 160 Beverages .,... 256 255 303 291 289 282 283 289 295 382 351 r358 349 356 Butter 92 91 102 r104 101 98 97 80 81 97 97 96 94 97 Canning and preserving 91 85 218 162 123 110 111 79 76 244 173 129 121 126 Confectionery 87 86 106 110 106 92 90 87 89 122 126 123 105 102 Flour 77 77 80 79 79 79 80 72 73 r89 83 89 90 91 Ice cream 68 68 78 73 71 70 69 59 60 71 67 67 65 66 Slaughtering and meat packing 116 111 126 130 138 144 137 120 114 151 154 169 182 160 Sugar, beet. 103 53 245 265 228 72 43 96 57 229 308 255 76 54 Sugar refining, cane 88 89 103 97 99 93 86 70 73 94 r89 98 91 80 Tobacco Manufactures 60.8 63.7 67.3 68.4 67.4 63.4 65.6 59.3 61.7 75.6 77.1 76.7 72.7 72.4 58 57 54 55 57 55 55 67 64 71 72 74 73 72 Cigars and cigarettes 61 65 69 70 69 64 67 58 61 76 78 77 73 72 Paper and Printing . . 116.6 117.1 126.5 126.7 128.3 124.7 123.7 115.4 117.1 135.9 137.5 r144.2 136.5 135.5 Boxes, paper 118 119 147 147 145 137 135 132 136 195 194 193 179 176 Paper and pulp 116 117 128 129 129 130 130 128 133 165 167 170 172 174 Book and job printing 104 103 108 108 110 108 106 95 93 103 105 110 105 100 Newspaper and periodical printing 115 116 118 118 122 115 115 108 110 115 116 129 113 114 Chemicals, Petroleum, and Coal Products... 126.3 128.5 r148.6 148.4 r148.5 149.4 152.9 142.1 144.8 194.3 195.6 200.9 202.0 208.0 Petroleum refining 119 119 129 129 129 129 130 132 132 168 168 174 . 171 180 Other than petroleum refining 128.1 130.8 r153.4 153.2 153.2 154.3 158.4 145.2 148.7 202.4 204.2 r209.3 211.5 216.8 Chemicals . . . . 152 155 r184 185 186 186 188 188 194 261 265 r272 276 277 Cottonseed oil, cake and meal 114 112 135 123 117 104 106 111 105 143 131 126 107 112 Druggists' preparations 116 119 146 148 149 152 155 131 136 184 188 r185 187 186 Explosives Fertilizers 104 113 104 101 106 125 164 86 93 103 99 106 121 160 Paints and varnishes 126 129 144 143 142 141 142 137 142 174 172 176 173 177 Rayon and allied products 314 311 325 323 321 316 313 336 328 386 385 391 392 392 Soap 86 90 98 97 92 92 91 108 113 142 139 134 133 136 Rubber Products 98.8 100.7 111.6 r110.3 99.7 98.9 111.6 115.3 r138.0 r140.6 r136.9 126.0 123.5 Rubber boots and shoes. 68 68 80 82 81 74 75 79 79 107 110 r110 97 96 Rubber tires and inner tubes 78 79 86 r86 85 76 75 98 100 112 118 r109 104 102 Rubber goods, other 169 175 193 190 190 173 171 174 185 234 r227 r236 210 203 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for February 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 vveek Average hourly earnings (cents per hour Industry and group 1940 1941 1942 1940 1941 1942 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. Total 39.8 39.0 40.9 41.1 40.3 41.2 41.5 68.3 68.9 75.8 77.0 78.1 78.7 80.1 Durable goods 41.2 40.6 42.3 42.9 41.8 42.8 43.7 74.9 75.8 84.3 85.3 86.5 87.1 88.9 Iron and Steel and "Products 41.0 39.8 40.7 41.5 40.9 41.4 41.3 78.0 78.6 87.5 87.7 88.6 89.4 90.4 Machinery 43.6 43.2 45.1 45.4 44.6 46.3 47.1 76.1 76.8 85.0 86.1 86.8 87.9 89.9 Transportation Equipment 40.2 40.4 41.7 43.0 41.4 42.2 46.0 90.0 91.1 100.3 101.9 104.2 103.5 106.9 Nonferrous Metals and Products 42.7 41'. 4 43.1 42.7 41.6 43.4 43.8 73.8 74.0 82.1 82.2 83.1 84.8 86.5 Lumber and Products 39.5 38.9 41.1 41.5 39.5 39.7 38.9 52.8 52.9 59.0 59.8 60.2 60.2 60.7 Stone, Clay and Glass Products 38.2 36.5 38.2 39.2 37.8 38.6 37.9 68.0 68.2 73.6 74.4 74.9 75.3 75.1 Nondurable goods . . 38.4 37.3 39.5 39.1 38.6 39.4 39.1 61.7 62.0 66.8 68.0 68.8 69.5 70.1 Textiles and Products 36.7 35.7 38.3 37.6 37.1 38.1 37.7 50.7 51.2 56.9 58.1 57.9 58.3 58.9 Fabrics 37.9 36.9 39.1 38.8 38.4 39.6 39.3 48.8 49.2 55.1 56.6 56.7 57.1 57.4 Wearing apparel 34.3 33.3 36.7 35.4 34.4 35.1 34.4 54.4 55.2 60.2 61.1 60.4 60.9 62.0 Leather and Manufactures 36.5 37.3 38.0 37.7 36.4 38.7 38.8 55.2 55.5 63.0 63.5 64.4 64.9 64.9 Food and Kindred Products 40.6 39.0 41.6 40.9 40.2 40.7 40.8 64.1 64.9 65.7 67.9 69.5 70.3 71.8 Tobacco Manufactures 38.1 35.7 38.3 38.7 38.5 39.1 37.9 49.0 49.8 52.5 52.7 53.2 53.0 54.9 Paper and Printing 39.3 38.8 40.1 40.3 40.4 41.0 40.1 79.9 80.2 83.0 83.4 84.1 85.5 85.2 Chemicals, Petroleum, and Coal Products 39.6 38.9 39.9 40.2 40.0 40.5 40.2 76.6 77.0 84.5 86.1 87.5 88.1 88.6 Petroleum refining 37.3 35.7 37.2 36.9 36.6 r38.0 37.3 96.8 97.0 108.3 109.7 r110.9 r110.6 110.7 Other than petroleum refining 40.4 39.9 40.7 41.2 40.9 41.2 40.9 70.1 70.6 77.6 79.4 80.6 81.5 82.2 Rubber Products 39.7 39.0 38.5 39.1 39.3 38.8 38.9 78.4 78.8 85.9 86.5 r87.0 r87.5 88.6 r Revised. 369 APRIL 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 Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational1 Other1 a u n t d i l p it u ie b s l 1 ic 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 January 305.2 316.8 111.3 102.8 55.9 75.4 26.9 17.7 11.6 9.1 24.2 21.0 •75.1 90.9 February... 270.4 433 6 116.5 168.0 37.8 84.5 20.9 21.8 7.9 9.2 23.5 54.2 63.9 95.9 March 479.9 147 9 121 8 33.1 10.4 36.1 130.6 April 406.7 166.5 66.2 36.2 11.2 29.7 96.9 May 548.7 201.3 81.1 50.8 17.1 53.5 144.9 June 539.1 205.6 102.3 35.7 13.5 49.0 133.0 July 577 4 205 0 109 8 37.2 19 1 54.5 151 7 August 760.2 231.5 135.7 69.8 11.7 69.4 242.0 September 623.3 175.7 113.5 51.9 8.2 44.7 229.3 October 606.3 171.8 118.6 48.6 13.9 88.5 165.0 November 458.6 116.5 122.7 29.3 7.3 33.6 149.2 December 431.6 104.3 116.1 30.7 8.8 15.3 156.3 Year 6,007.5 1,953.8 1,181.5 471.2 140.9 522.1 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 .142 154 220 240 207 301 323 348 623 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 I Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures 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 Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. N B Ph o ew i s l t a o d Y n e o lp rk hia 2 2 5 9 6 0 , , , 0 6 3 9 5 0 1 3 1 4 1 1 2 9 8 , , , 8 0 4 6 5 6 0 8 1 3 2 1 9 0 0 , , , 4 2 8 7 2 7 4 7 1 N P C B h l e o e i w s l v t a o e d n l Y e an o lp d rk hia 2 9 4 9 4 4 6 7 1 34 5 7 5 8 5 6 2 3 9 9 8 6 6 9 9 7 2,6 8 4 3 4 7 1 2 6 5 5 3 3,8 3 7 7 9 4 2 1 7 0 2 3 4 1 1 , , , 5 0 1 9 6 6 0 3 7 8 6 9 A Cl t e la v n el ta and ........ 3 8 2 2 0 7 , , , 7 8 9 7 2 2 2 1 8 3 3 5 4 4 2 , , , 0 6 0 2 0 3 0 9 0 2 3 3 7 4 3 , , , 9 8 3 9 1 2 4 5 3 A C R St h t i . l c i a c h L n a m o g t u a o o i n s d 1 3 3 3 3 1 6 4 2 1 3 4 3 4 7 9 2 5 1 4 4 4 2 7 0 2 0 1,6 3 2 5 2 3 4 7 4 6 4 5 3 8 3 6 7 9 1 1 5 6 1 8 1,7 9 3 4 8 9 3 0 9 7 1 1 M S C t h in ic L n a o e g a u o p i s olis . ... >...... 4 7 6 9 2 , , , 5 5 8 9 4 7 7 5 6 5 2 2 5 7 , , , 4 1 9 7 7 5 2 7 1 4 2 3 5 1 , , , 2 8 0 9 8 3 4 3 8 M D S K a a a i n n l n l n s a F a e s r s a a p n C o c i l i t i s y s co 1 5 1 1 1 9 4 3 9 4 9 2 1 0 7 1 0 1 4 3 4 1 3 3 1 2 1,3 3 6 2 5 6 2 5 3 1 6 3 1,2 4 2 1 6 2 3 1 9 0 8 7 1,2 4 4 8 8 9 1 7 7 6 5 K D a a n ll s a a s s City 4 1 2 3 , ,9 3 9 3 2 1 2 6 3 , , 9 2 9 0 9 9 2 9 3 , , 8 5 7 8 3 1 Total 916 962 1,129 9,631 9,916 13,483 Total (11 districts) 433,557 316,846 270,373 New series. Includes cases of discontinuances where loss to creditors was involved even though actual legal formalities were not invoked. Back figures, available for 1939 only, may be obtained from Dun and Bradstreet, Inc. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 January , 223 289 213 370 325 240 171 178 242 229 -18 118 35 128 96 February 233 262 219 347 303 278 163 158 200 234 -45 99 61 147 69 March 257 275 268 351 357 307 173 190 217 268 -51 102 77 134 89 April 269 274 231 323 387 287 160 186 212 287 -18 115 45 111 100 May 290 257 249 324 385 285 148 202 211 297 5 109 47 112 88 June 265 233 236 350 330 286 146 179 211 280 -21 87 57 138 50 July 268 228 230 317 364 265 141 169 232 278 3 87 61 84 86 August 277 231 250 351 460 246 166 176 221N 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 323 269 368 322 652 209 171 247 253 344 115 98 121 69 308 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 1,798 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months. Source.—Department of Commerce. Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 193.1, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUES, EXPENSES,__ANP INCOME OF CLASS I [Index numbers; 1935-39 average=100] KA1LKUAJDS fin million*1 ^ Hnllarcl For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u r e c o s t t d 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 p T a e i o r l a w ta t a i l n y g e r x a T p i o l e w t n a a s l y es o r p a e N i r lw a e t t a in y g i m n c N o e m t e revenues income SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941—January 122 109 145 102 88 138 180 130 99 1940—December ' . 401 316 85 43 February 124 113 1,49 102 93 133 181 131 101 1941—January 389 316 73 32 March 126 128 168 113 93 127 192 128 100 February .... 402 319 84 43 April 112 45 137 113 93 130 266 130 102 March 417 334 83 41 May 135 138 182 124 91 130 266 136 102 382 323 59 17 June 139 156 189 126 88 136 152 139 102 May 439 346 93 50 July 138 150 200 112. 83 149 156 140 100 June 474 363 110 68 August 139 158 199 103 84 152 155 141 99 July 471 370 100 58 September 130 133 176 111 84 138 149 135 97 August 485 377 108 65 October 127 121 165 97 95 140 204 133 97 September 464 379 85 42 November 135 121 159 118 93 146 204 144 99 October 453 403 49 H December 137 111 167 124 101 145 246 149 100 November 476 403 73 33 December 486 410 76 37 1942—January 140 119 153 142 99 156 186 152 97 February 136 114 147 129 93 156 183 148 98 1942—January 495 413 82 UNADJUSTED UNADJUSTED 1940—December. 382 303 79 51 1941—January 113 124 174 90 84 124 45 115 94 February 115 129 183 85 75 128 45 118 98 1941—January 377 315 62 20 March 120 132 175 97 74 127 50 124 101 February 358 300 58 15 April 108 38 120 96 82 130 203 131 103 March 416 336 81 35 May . .. 131 117 167 107 82 135 276 138 102 April 375 322 53 7 tJ J i"u u "•n l * y e 1 13 3 8 6 1 12 3 7 1 1 17 7 2 0 1 1 6 2 3 3 6 7 9 0 1 14 4 9 1 2 2 8 6 3 5 1 13 4 9 1 1 9 0 9 1 M t J . u a n J y e 4 4 4 5 2 5 3 3 6 5 2 4 8 9 9 3 4 5 3 3 August 140 139 167 125 80 160 271 141 99 July 485 379 106 64 September 145 140 172 122 111 149 261 150 102 August 494 382 111 66 October 144 138 165 104 146 147 232 151 101 September 489 385 104 59 November 141 135 168 115 117 143 199 150 101 October 518 424 94 54 December 128 125 182 113 97 129 69 138 96 November 457 388 69 29 December 480 399 81 55 1942— F J e a b nu ru a a ry ry 1 1 2 2 9 6 1 1 3 3 6 0 1 1 8 8 4 0 1 1 2 0 5 8 9 7 5 5 1 1 4 5 0 0 4 4 6 6 1 1 3 3 4 3 9 9 3 4 1942—January 481 412 69 »26 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for p Preliminary. 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 derivedfrom revenue data of the Interstate Commerce Commission. from the Division of Research and Statistics. APRIL 1941 371 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 February Two months 1939 1940 1941 1942 1939 1940 1941 1942 1942* 1942 NET SALES—entire store , ,........, +21 +29 J F a e n b u ru a a r S y ry A . LES 8 8 8 8 9 9 2 0 1 1 0 0 1 3 1 1 3 2 8 6 6 6 9 9 7 7 1 1 8 7 2 9 1 9 0 9 8 B M a a s i e n m S e t n o t r e Store + +2 2 5 0 + +2 3 9 3 March 88 89 103 82 86 93 Women's, girls', and infants' apparel and April ... . 88 89 104 88 86 106 accessories +22 +30 May 87 89 105 87 89 105 Main store1 +21 +29 j une 86 91 104 83 87 100 Women's and misses' coats and suits.. +46 +51 July 87 92 115 60 64 79 Women's and misses' dresses +4 +9 August 88 98 134 69 77 106 Blouses, skirts, sportswear, sweaters, September 90 97 116 97 105 125 knit apparel +28 +30 October 92 94 105 99 101 112 Juniors' and girls' wear +29 +34 November 93 100 116 106 114 133 Aprons, housedresses, uniforms +11 +14 December 95 101 111 ..... 168 179 197 W Inf o a m n e ts n ' ' s w u e n a d r erwear, slips, negligees.... + + 2 2 5 1 + + 3 3 2 2 Year 90 94 110 Women's and^children's shoes. +24 +35 Furs. ...„„.... +3 +11 STOCKS Basement2 „.«........... +26 +32 January . 67 68 71 93 60 61 64 83 Men's and boys' wear. „ „..... +31 +42 February 68 71 73 3*103 65 68 70 Main store1 ,..,..„... +32 +43 March 68 70 74 69 71 75 Men's clothing ,.„.„.... +41 +60 April 67 69 74 69 71 76 Men's furnishings, hats^ caps „ .„...... +21 +28 May 66 68 74 68 70 76 Boys' clothing and furnishings....«....... +34 +40 June 67 67 77 64 64 73 Basement2 ,.....,..„.. +29 +38 J O A N S D u e c u o e l p t c y g v o t e u e e b m m s m e t b r b b e e e r r r. 6 6 6 6 6 7 8 7 1 7 8 9 6 6 7 7 7 7 9 8 0 1 2 1 8 9 8 9 9 9 7 7 2 2 5 2 . . . . . . . . . . 6 6 8 7 7 6 0 5 2 7 1 4 6 6 7 7 8 6 1 6 3 9 3 6 1 1 8 9 8 7 0 1 4 5 6 3 8 0 " Hom M e ai n f F D D M u u r o r s a t a r n m o j n p o r i i e e e r s t 1 s r u h i t a r e i i p c e n s p , , f g l l b c i s o a e u o n d r r c t s a e c , i s o m n v s ( a e , r t r e t u i r n f p e r g i h s g s s o e e l r s s a t , t e o s r p y rs r , i n w gs ash- + + + 1 1 4 7 6 + + 1 1 8 8 + + + 1 2 2 2 5 2 + +2 2 8 7 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 . e ) ts, comforters, lin- +41 +46 ens, towels +26 +42 P Preliminary. 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 ar 3 t 8 m , e p n . t 91 s 8 t , o r a e n d s a f l o es r , Ja s n e u e a B r U y 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 i e n m en e s n , t tow {i e n ls c ) l 2 uding domestics, blankets, +24 +35 store stocks, see BULLETIN for March 1938, p. 232. Piece goods (dress and coat yard goods, all materials) +32 +39 WEEKLY INDEX OF SALES Main store +32 +38 [Weeks ending on dates shown. 1935-39 average = 100.] Basement +33 +51 Shoes (basement only) +17 +28 1939 1940 1941 1942 * Based on reports from 242 stores. Reports of total sales from a larger Feb. 11 80 Feb. 10...... 80 Feb. 8 . 95 Feb. 7... .114 number of stores, including many stores not reporting sales by depart- 18 80 17.... .. 82 15 . 97 14... .116 ments, showed an increase of 22 per cent for February and 30 per cent for Mar. 25 4 9 7 0 8 Mar. 2 2 4 . . . . . . . .. . . . 8 9 2 5 Mar. 22 1 . . 1 8 0 8 1 2 2 1 8 . . .. .. . . 1 1 1 1 9 0 tw 1 o G m r o o n u t p h s t o o t f a l 1 s 9 4 f 2 o , r a m s a i i n n d i s c t a o t r e e d i i n n c t lu he d e t a s b a l l e e s b e i l n o w d . epartments not shown 11 89 8.... .. 98 8 . 97 Mar. 7.....125 separately. 18 93 16...... 99 15 .105 14... ..131 2 Group totals for basement are not strictly comparable with those shown 25 102 23......113 22 .111 21... ..140 for main store owing chiefly to inclusion in basement of fewer departments Apr. 1 110 30...... 88 29 .117 28... and somewhat different types of merchandise. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year.] Feb. Jan. Two Feb. Jan Two! Feb. Jan. Two Feb. Jan. Two 1942 1942 m 19 o 4 s 2 . 1942 m 19 o 4 s 2 . 1942 1942 m 19 o 4 s 2 . 1942 1942 m 19 o 4 s 2 . B U o n sto it n ed States... + + 2 1 2 8 + + 3 4 8 2 + + 3 3 0 0 Cl Y ev o el u a n nd g sto (c w o n nt'd) +15 +44 +29 C F hi o c r a t g W o a (c y o n n e t . 'd .. ) . +37 +60 +48 Da S ll h a r s eveport + +1 1 8 0 + + 2 4 8 4 + +3 1 1 9 New Haven +21 +34 +27 Erie +31 +56 +43 Indianapolis.... +27 +40 +34 Dallas +6 +19 +12 Portland +29 +56 +43 Pittsburgh +17 +50 +32 Des Moines +17 +39 +28 Fort Worth +19 +33 +27 Boston +15 +39 +28 Wheeling +14 +54 +33 Sioux City +11 +22 +16 Houston +7 +34 +21 S P p ro ri v n i g d f e ie n l c d e + + 2 7 3 + + 4 4 9 3 + + 2 3 8 3 Ric W hm a o s n h d ington + +3 3 4 2 r r+ +4 5 7 5 + + 4 4 0 4 D Fl e i t n r t oit + - 2 9 8 + + 4 1 5 4 + + 3 1 6 Sa S n an F ra A n n ci t s o c n o io + + 2 2 0 9 + + 3 3 7 2 + + 2 3 8 0 New York +20 +35 +28 Baltimore +37 +44 +41 Grand Rapids.. +12 +48 +26 Phoenix +37 +46 +42 Bridgeport +32 +42 +38 Winston-Salem... +5 +30 +16 Lansing +12 +43 +27 Bakersfield +15 +21 +18 Newark +21 +37 +29 Charleston, S. C +37 +103 +65 Milwaukee +31 +40 +36 Fresno +17 +27 +22 Albany +18 +41 +29 Lynchburg +22 +39 +30St. Louis +23 +39 +31 Long Beach +45 +50 +48 Binghamton +28 +52 +40 Norfolk +43 +56 +4" Fort Smith +38 +57 +47 Los Angeles +21 +27 +24 Buffalo +30 +51 +41 Richmond +26 +37 +32 Little Rock.... +26 +24 +25 Oakland and Elmira +36 +56 +45 Charleston,W.Va +24 +39 +32 Quincy +19 +47 +32 Berkeley +41 +41 +41 Niagara Falls... +4 +59 +52 Hun ting ton +16 +42 +29 Evansville +22 +46 +34 Sacramento +34 +32 +33 New York City.. +18 +31 +25 Atlanta +10 r+26 +18 Louisville +19 +28 +24 San Diego +42 +44 +43 Poughkeepsie +9 +47 +27 Birmingham +41 +57 +4! St. Louis +25 +43 +34 San Francisco.... +20 +16 +18 Rochester +19 +40 +30 Montgomery + 15 r+35 +2- Springfield.... +10 +30 +19 San Jose +26 +26 +26 Syracuse +21 +46 +33 Jacksonville +10 +23 +17 Memphis +24 +38 +31 Santa Rosa... +34 +35 +34 Ph T il r a e d n e t l o p n hia + + 2 2 5 9 + + 4 4 8 5 + +3 3 6 7 M Ta i m am pa i + — 1 6 12 '+ - 2 8 4 - + 1 2 0 0 M Ka in n n sa ea s po C l i i t s y + + 2 1 1 5 + + 3 3 1 7 + + 2 2 6 6 V St a o l c le k j t o o n and Napa + + 3 6 2 5 + + 2 7 7 1 + + 2 6 9 8 Lancaster.. +38 +52 +45 Atlanta r+24 v+1z1 Denver +11 +33 +22 Boise and Cle P A T Y C W C C R v h e o k i l o o e l i e n i l a a r r l l l e v c u o k k n d a d e i d n m e i d n o n l s e a n b - g l n B a u p d t s a h i r i r a e + + + + + + + + + + 3 3 2 2 1 3 3 2 1 2 0 1 8 8 2 1 0 2 8 2 r+ + + + + + + + + + 6 4 4 4 4 6 6 4 4 4 1 < - 3 2 2 0 2 6 9 + + + + + + + + + + 3 4 3 4 4 2 4 3 3 3 7 5 5 4 5 8 0 4 1 5 Ch M B N N J K C P C ic a e a e a h a h n a c o g t w s i o a c k o c o r h o t x s i n a t v a n o v O a g i n i n o R l r l l o l l e e e o o a u g n g a s e.... + + + + + + + + + 1 1 2 2 1 1 1 1 2 5 7 3 4 0 4 7 9 1 r r + + + + + + + + + + 3 3 3 2 5 4 4 2 3 3 1 2 8 0 2 7 7 8 3 8 + + + + + + + + 3 1 2 2 3 3 3 2 ' 7 8 5 6 1 t H T W J K O O T S o o t u u m k a . p i p l t c n l l a s c J a e h i s a o h n h h k a i a s t i o a s a n e m p s C o a h n it C y i . t . y . + + + + + + + - 3 1 2 1 2 2 1 8 9 1 0 9 3 5 + + + + + + + + + 4 3 5 6 4 3 4 1 4 0 0 0 3 5 9 3 9 3 + + + + + + + + + 2 4 1 4 3 3 2 1 3 5 5 3 0 2 2 5 1 3 P B S E T W S S Y o a p e a v e N a a l r a c o e l k t l t a o t l k l r l i t i a m m m e a a L l n e n t n a g W p a t a e d k a h e a a l m l C a . i . t . y .. . + + + + + + + + + 3 3 3 3 4 3 3 1 8 2 0 4 9 8 3 1 5 + + + + + + + + + + 4 3 4 5 3 2 4 3 3 2 5 8 3 9 3 8 1 5 4 1 + + + + + + + + + 3 3 2 3 3 5 3 3 1 8 7 2 5 4 4 4 2 4 " Revised. • Not available. 372- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n 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 c C a a l h l s l e i a m ed n i d - i f n H u g r o n g u i o s s o h e- - ds l M an is e c o e u l s products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 .... 64.8 48.2 61.0 70.2 72.9 54.9 4 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 L04.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 . . . 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 LOO.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 L08.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1941—January 80.8 71.6 73.7 84.3 102.4 75.2 72.1 97.7 99.6 78.6 89.0 77.1 February . 80.6 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78.5 89.1 76.9 March 81.5 71.6 75.2 84.9 102.6 78.4 72.0 97.7 99.5 79.8 89.5 77.6 April 83.2 74.4 77.9 85.9 103.9 81.0 72.9 97.9 100.1 81.8 90.4 78.6 May 84.9 76.4 79.5 87.4 L06.4 83.0 75.6 98.1 100.4 83.6 91.4 79.6 June 87.1 82.1 83.1 88.6 107.8 84.5 77.9 98.3 101.0 83.8 93.1 80.6 July 88.8 85.8 84.7 89.7 109.4 86.2 78.5 98.5 103.1 85.2 94.4 82.0 August . 90.3 87.4 87.2 90.8 L10.2 88.3 79.0 98.6 105.5 86.0 95.4 83.7 September 91.8 91.0 89.5 91.6 111.3 89.7 79.2 98.6 106.4 87.4 97.2 85.1 October 92.4 90.0 88.9 93.4 L12.6 90.9 79.6 103.1 107.3 89.7 99.5 86.4 November 92.5 90.6 89.3 93.5 114.1 91.1 78.8 103.3 107.5 89.8 100.6 87.3 December 93.6 94.7 90.5 93.7 114.8 91.8 78.4 103.3 107.8 91.3 101.1 87.6 1942—January . 96.0 100.8 93.7 94.6 L14.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 February 96.7 101.3 94.6 94.9 15.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 Week ending 1941—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 L15.4 90.7 79.2 103.3 107.4 89.7 101.9 87.2 December 13 93.1 92.8 90.4 93.8 L15.4 91.0 79.0 103.4 107.8 91.5 102.3 87.5 December 20 94.0 96.0 91.6 93.9 L15.5 91.4 79.0 103.4 107.5 91.7 102.3 87.5 December 27 93.8 95.5 91.2 93.9 L15.6 91.5 79.0 103.4 108.1 91.7 102.3 87.4 1942—January 3 94.3 96.9 91.9 94.1 115.7 91.6 79.0 103.4 108.3 95.1 102.5 87.5 January 10 95.0 98.8 92.5 94.3 115.7 92.4 78.9 103.5 108.9 95.3 102.4 87.7 January 17 95.6 100.8 94.1 94.4 L15.6 92.6 78.9 103.5 109.1 95.6 102.7 87.9 January 24 95.5 100.3 93.6 94.5 L15.7 92.7 78.9 103.6 109.5 96.5 102.7 88.1 January 31 95.9 101.3 93.9 94.7 1L15.7 93.6 78.8 103.6 109.6 96.7 102.9 88.4 February 7 95.7 100.1 93.7 94.5 L15.8 93.5 78.4 103.6 109.4 96.6 102.9 88.2 February 14 96.2 100.7 94.0 94.9 L16.1 93.6 78.7 103.6 109.8 96.9 104.0 89.0 February 21 96.5 101.9 94.8 94.8 L16.1 93.7 78.5 103.6 109.7 96.9 104.1 89.1 February 28 96.8 102.0 95.5 95.0 116.3 94.9 78.4 103.7 109.9 97.1 104.1 89.1 March 7 96.9 101.5 95.8 95.1 116.4 95.1 78.5 103.7 109.9 97.1 104.1 89.2 March 14 97.1 102.3 95.8 95.2 16.4 95.9 78.2 103.7 110.2 97.1 104.1 89.4 March 21 97.2 103.1 95.5 95.3 116.6 95.9 78.2 103.7 110.4 '97.1 104.1 89.7 March 28 97.4 103.4 95.9 95.3 L17.6 95.9 78.1 103.7 110.6 97.1 104.1 89.7 1941 1942 1941 1942 Subgroups Subgroups Feb. Nov. Dec. Jai] Feb. Feb. Nov. Dec. Jan. Feb. Farm Products: Metals and Metal Products: Grains 64.5 84.3 91.0 95 9 95.3 Agricultural implements.... 92.8 96.3 96.4 96.7 96.9 Livestock and poultry 82 4 90.6 9? 4 105 7 109.3 Farm machinery 94.0 97.4 97.5 97 8 98.0 Other farm Droducts 64 2 91.7 qi 4 98 4 97.4 Iron and steel 95 5 97.1 97.0 97 n 97.0 Food D s: airy products 79.7 96.3 9e ,5 96.0 95.0 N M o o n to fe r rr v o e u h s i c m le e s t . a .j- •••-» ..„. 9 84 9 . . 0 8 1 8 1 4 2 . . 8 3 1 8 1 4 2 . . 8 4 1 8 1 5 2 . . 4 4 1 8 1 5 2 . . 6 4 Cereal products 73.8 85.9 8?.3 91 1 91.1 Plumbing and heating . ...„.„. 82.2 87.9 89.1 93 6 97.9 Fruits and vegetables.. 59.4 77.9 V 8 783 85.2 Building Materials: Meats 83.6 90.8 9C 101 6 104.0 Brick and tile... 91.4 96.6 96.7 969 97.0 Other foods 64.2 89.0 85 2 91 0 89.4 Cement 90.8 93.1 93.4 93 4 93.4 Hides and Leather Products: Lumber 117.2 128.7 129 A 131.6 132.7 Shoes 107.4 120.5 120.7 1211 121.8 Paint and paint materials.. 86.6 95.3 96.5 99 1 99.9 Hides and skins 94.8 114.0 115.9 1153 115.5 Plumt)ine and heatine 82.2 87.9 89.1 93 6 97.9 Leather 94.5 101.1 101 101 4 101.4 Structural steel. 107.3 107.3 107.3 107 107.3 Other|leatherjproducts..,. 99.7 111.5 115.8 1133 113.5 Other building materials... 94.9 103.2 102.5. 103.1 103.5 Textile Products: Chemicals and Allied Products: Clothing 87.2 97.9 91? 4 101 1 105.3 Chemicals 85.7 88.3 88.6 95 96.3 Cotton goods 77.5 105.4 107.5 110 S 111.4 Drugs and pharmaceuticals 96.9 123.2 123.0 3 126.5 Hosiery and underwear 60.3 67.0 6'1 0 69 o 69.6 Fertilizer materials 70.4 77.3 77.8 78 6 97.3 Silk 43.3 Mixed fertilizers 73.8 79.6 81.2 81 8 82.7 Rayon 29.5 30.3 30.3 30.3 30.3 Oils and fats. .. 46.8 92.9 101.9 106.4 108.2 Woolen and worsted goods 91.2 102.6 102.7 1030 104.3 Housefurnishing Goods: Other textile products 76.8 96.0 96.2 975 98.1 Furnishings „...... „. 95.3 105.2 105.6 107.2 107.4 Fuel and Lighting Materials: Furniture 82.6 95.8 96.6 97.4 97.4 Anthracite „ 81.1 85.3 85.3 85.3 85.3 Miscellaneous: Bituminous coal 100.3 108.2 108.0 108 4 108.4 Auto tires and tubes 58.2 67.4 67.4 71 0 71.0 Coke 113.8 122.2 122.2 1?? 122.1 Cattle feed 81.2 120.7 124.4 135.2 132.8 Electricity 72.5 68.2 67.4 Paper and pulp 93.3 102.2 102.5 10? 8 102.9 Gas.... . . 77.6 77.5 77.4 764 Rubber, crude 42.2 46.3 46.3 46 46.3 Petroleum products . 50.0 i0 4 59.8 595 58.9 Other miscellaneous 82.9 92.2 92.4 92.5 92.9 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). APRIL 1942 373 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 1942 Chart 1941 1942 book book page Feb. Mar. Mar. Mar. Mar. page Dec. Jan. Feb 25 4 11 18 25 MONTHLY FIGURES In billions of dollars WEEKLY FIGURES* In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2,7 2.40 2.40 2.39 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 2.39 2.40 2.35 2.35 B U i . l l S s . d G is o c v o ' u t n s t e e c d u rities 7 7 2. . 2 0 2 1 2 ( . 7 2 ) 5 ( 2 7 . ) 25 ties, total 5 2.26 2.26 2.25 2.25 2.24 Gold stock., 2 22.76 22.74 22.73 M T T N T G r r r o o o e e e l n n a a d a m e s s s y u u u s e t r r r m o y y y i W W A n c b k c d c f e i i c t u a r t e t e i h h s r r p r h c r d i i o n n e u e 5 s n h l p i 5 a 1 c y o t o s t y l r y y s i d s o i r r i t n s s n gs ., „ ,. . ., , . . 3, 1 5 5 5 3 3 3 3 3 1 2 1 3 2 2 1 1 1 . . . . . . . . . 2 4 1 1 7 4 8 8 1 2 7 5 2 9 4 0 2 0 2 1 3 2 2 1 1 1 . . . . . . . . . 7 2 5 2 1 4 2 8 1 1 2 7 7 8 4 9 2 0 2 1 3 2 2 1 1 1 . . . . . . . . . 7 3 5 2 1 4 6 8 1 1 2 2 7 8 3 0 2 0 2 1 3 2 2 1 1 1 . . . . . . . . . 3 2 4 1 4 6 6 8 1 7 7 7 7 9 3 0 2 4 2 1 3 2 1 2 1 1 . . . . . . . . . 2 3 1 4 4 6 4 8 1 7 8 7 8 5 6 2 2 4 M T R R E M T x r r e e o o e e c s q n n a a e e u B C e e s s s r i y y s v u u i o r l e e r r i l r y i i n y s d n e n b s s o d c a r e c c a f e a l e r i i a n s s r r p v $ n e h d c c o e 5 r c u u s s 0 v b e l l i e a a s i t a l s s t t n l i i s o o d n n u o , n v d t e o e r r t a $ l 50 2, 1 1 1 2 2 8 2 0 0 8 8 0 1 1 1 3 9 3 8 2 2 1 0 . . . . . . . . . 8 4 0 1 3 1 1 9 5 1 6 2 4 2 9 9 9 9 1 1 1 3 9 8 3 1 2 2 1 . . . . . . . . . 4 1 0 4 1 9 2 1 4 9 3 7 5 4 5 0 1 7 1 1 1 9 3 8 3 2 2 1 1 . . . . . . . . . 3 6 1 3 9 1 4 3 3 3 0 6 1 1 9 8 8 3 Member bank reserves 3 12.52 12.84 12.97 12.94 12.53 TREASURY FINANCE Excess reserves—total* 9 3.20 3.08 3.27 ^3.29 ^3.01 U. S Government debt: N R C C e e h o w s i u c e n a r Y t v g r e o y o r c k b i a ty C n k i b t s y a * n ks . „ „ . . . _ . , . . . 9 9 9 9 1 1 . . . . 2 0 7 2 2 0 3 5 1. . . . 1 7 2 9 9 3 6 0 1. . . . 2 2 7 9 9 3 6 8 * 1 1 \ . . . 7 2 0 2 8 7 3 2 p 1 . . . . n 0 9 26 9 5 Dire B N B ct o o i l n t o l e d b s s s l . i . g . ations, , total 1 1 1 1 9 9 9 9 4 5 0 8 7 2 . . . . 4 4 0 0 7 5 0 0 4 5 2 8 9 2 . . . . 2 0 5 1 9 8 3 0 4 6 8 2 4 1 . . . . 4 0 3 8 0 0 1 9 MEMBER BANKS Special issues 19 6.98 7.06 7.19 Total, 101 cities: Guaranteed obligations 19 6.32 5.67 5.67 Loans and investments 16 30.94 30.92 31.03 31.03 30.78 Balances due to domestic banks.... 16 9.03 9.03 8.94 9.00 8.78 Per cent per annum " Demand deposits adjusted 16 24.71 24.82 25.13 25.01 24.57 MONEY RATES, ETC. Time deposits. 16 5.19 5.19 5.15 5.13 5.13 F. R Bank discount New York City: rate, N. Y. 23 1.00 1.00 1.00 B U C . r o o m S k . m e G r e s r o ' c v l i o a 't l a o n l s b o l a i n g s a tions „ 1 1 1 7 7 7 2 7 . . . 7 1 3 3 4 3 2 7 . . . 7 1 3 3 6 3 2 7 . . . 1 7 3 5 7 3 2 7. . . 0 8 2 5 0 9 2 7 . . . 7 0 2 9 3 9 T U T r r . e e S a a s su u G r r y y o v n b 't i o l t l b e s o s n 2 ( n d e s4 w issues) 2 2 2 9 3 3 0. 0 1 . 2 . 6 9 9 4 7 8 0 0 2 . . . 4 0 21 7 1 4 0 0 2 .2 . . 0 4 5 9 4 0 100 cities outside New York: Commercial paper 25 .56 .56 .63 Commercial loans 17 4.17 4.17 4.19 4.23 4.22 Corporate Aaa bonds 25, 29 2.80 2.83 2.85 U. S. Gov't obligations „. 17 8.72 8.72 8.78 8.71 8.61 Corporate Baa .bonds 29 4.38 4.29 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 b t l a a s e o a a s n 2 ( b b n d o o e s n n 4 w d d s s i ssues , ) . -.. , - -.« „ . -. ;. — .,. 21, 2 2 2 2 2 9 9 9 1 1 0 0 . 4 2 2 2 . . . . 4 2 1 3 4 2 0 0 0 0 4 2 2 .2 . . . . 2 4 8 3 0 9 3 7 0 5 0 0 4 2 2 .1 . . . . 9 4 8 0 3 5 4 7 2 1 0 ( 4 . 2 2 3 . 2 . . 3 ) 0 8 0 2 7 3 0 0 ( 4 . 2 1 3 2 . . . ) 2 8 9 2 9 5 1 6 V B o ro 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 d t 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 6 1 7 7 6 1 . 3 1 . . 5 . . 2 0 8 8 4 6 6 7 7 6 9 4 2 . . . . . 5 1 3 0 6 7 6 6 6 7 4 9 8 1 . . . . . 4 5 8 4 0 0 Credit extended customers.... 33 600 547 534 Money borrowed 33 368 308 307 In unit indicated Customers' free credit balances 33 289 274 262 Stock prices (1935-39 = 100): BUSINESS CONDITIONS Total ..,. 31 68.5 68.8 64.4 65.7 65.2 Wholesale prices: Industrial 31 69.4 69.8 65.4 66.9 66.7 All commodities (1926 = 100): Railroad 31 68.2 67.9 64.3 64.7 63.1 Totals 35, 65 93.6 96.0 96.7 Public utility 31 64.0 63.9 59.8 59.7 58.6 Farm products 35 94.7 100.8 101.3 Volume of trading (mill, shares).., 31 .38 .46 .38 .34 .32 Others 35 93.7 94.6 94.9 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 118.5 120.2 120.6 All commodities (1926=100): Finished 37 114.4 115.6 116.0 Total .„.. 35 96.8 96.9 97.1 97.2 97.4 Raw and semifinished 37 126.6 129.4 129.5 Farm products 35 102.0 101.5 102.3 103.1 103.4 Cost of living (1935-39 = 100): Others 35 95.0 95.1 95.2 95.3 95.3 All items 39 110.5 111.9 112.6 Basic commodities Rent 39 108.2 108.4 108.6 (Aug. 1939 = 100), total 36 165.2 165.7 166.1 165.8 166.4 Clothing 39 114.8 115.7 118.7 12 foodstuffs 36 182.4 183.1 183.4 183.0 183.4 Food .. 39 113.1 116.2 116.8 16 industrial materials 36 153.2 153.6 154.1 153.9 154.6 Steel production * Estimated. p Preliminary. (per cent of capacity) 44 96.3 97.2 97.4 97.9 99.0 1 Figures for other than Wednesday dates are shown under the Automobile production (thous. cars)6.. 44 Wednesday included in the weekly period. Freight-car loadings (thous. cars): 2 Tax-exempt issues only. Total 45 781.4 770.7 799.4 796.6 804.7 3 To tax-exempt notes outstanding within maturity range. Miscellaneous 45 354.9 357.5 373.9 375.1 370.7 * Partially tax-exempt issues only. Electric power production (mill. kw. 6 Other than farm products and foods. hrs.) 46 3,410 3,392 3,357 3,357 3,346 6 Data no longer published. Department store sales (1935-39 = 100) 46 119 125 131 140 148 7 Less than $5,000,000. F.H.A. home mortgages, new constr. 8 Estimate for March is shown on page 361. (thous.) 47 7.78 7.66 8.4 7.41 10.97 * Copies of this Chart Book may be obtained at a price of 50 cents each. 374 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 Dec. Jan ! Feb. page Dec. Jan. Feb. 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, 42 167 171 I| P173 Canada 65 93.6 94.3 Durable manufactures 41 81 3 84.2 P86.1 Germany 65 Iron and steel 42 21 6 21.0 21.2 Japan » ... 65 Machinery, etc 42 43 2 45.5 P47.5 Sweden 65 Other durable 42 165 17.6 P17.4 Switzerland 65 Nondurable manufactures 41 r66.2 66.9 P66.7 United Kingdom 65 125.8 126.2 *>127.9 Textiles and leather 42 20 2 20.6 P20.6 P F O o a th p o e e d r r s , n a l n o i d q n u d p o u r r r i s a n , b t a i le n n g d tobacco ... 4 4 4 2 2 2 r1 1 1 8 3 4 2 0 7 1 1 1 3 9 3 . . . 0 4 9 ^ ^ » 1 1 1 9 2 4 . . . 2 9 0 In f or c e e i n g t n s p c e u r rr u e n n i c t y of Minerals 41", 42 197 19.9 27 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 87.39 87.83 88.42 New orders, total (Jan. 1939 = 100). 43 232 268 Japan (yen)5 66 Durable 43 332 414 Switzerland (franc)6 66 Nondurable 43 167 174 United Kingdom (pound) 67 403.50 403.50 403.50 Shipments, total (Jan. 1939 = 100). 43 207 201 Durable 43 252 232 Nondurable 43 168 174 1941 Inventories, total (1939 = 100) .... 43 158 162 Durable 43 176 179 Nondurable ,.... 43 144 147 Oct. Nov. Dec. Freight-car loadings:i 2 Total (1935-39 = 100)3 57 137 140 136 In billions of dollars Coal , 57 235 25.3 24.2 Miscellaneous ,..« «... 57 81 7 83.0 81.2 Increase in U. S. gold stock:? All other 57 318 31.7 30.8 Total 63 15.78 15.76 15.71 Net capital inflow: 1923-25 = 100 To I t n a f l l ow of foreign capital 62, 6 6 3 2 5 3. . 8 9 3 1 3 5 . . 6 7 9 9 3 5 . . 5 6 4 3 Return of domestic capital.... 62 1.99 1.99 1.99 Factory employment... .„ «. «.51, 53 134.3 132.4 P132.9 Merchandise export surplus 63 5.64 5.86 6.16 Factory payrolls. 51, 53 170.2 173.5 *>176.9 Other factors 63 4.22 4.12 3.92 Average hourly earnings Short-term foreign liabilities and (cents per hour) «... 51 78.7 80.1 assets of banks: Average hours worked Due to foreigners „ 64 3.77 3.63 3.47 (hours per week) 51 41.2 41.5 Due from foreigners 64 .36 .36 .37 Department store sales* 3 59 111 138 126 Net due to foreigners 64 3.40 3.27 3.10 Department store stocksl r. 59 92 93 P103 1941 In millions oj dollars Resi T d o en ta ti l a l contracts awarded:1 47 131 137 197 A Ju p n r e .- J S u e l p y t - . O D c e t c . . - Public. 47 21 25 84 Private, total 47 110 112 113 QUARTERLY FIGURES In billions of dollars 1- and 2-family dwellings 47 102 101 101 Other . 47 9 11 13 Cash income and outgo of U. S. Treas.: Construction contracts awarded:4 Cash income 18 2.62 2.55 2.86 Total 49 504 483 »482 Cash outgo -... 18 4.46 5.31 7.19 Residential , 49 127 151 p176 Excess of cash outgo 18 1.84 2.76 4.33 Other , ..- 49 378 332 *>306 Domestic corporation security issues: Nonagricultural employment1 Total 32 .61 .73 .44 (mill, persons): New 32 .19 .41 .25 Total - 50 40. 40.90 ^40.75 Refunding 32 .42 .32 .19 Manufacturtng and mining 50 13.68i 13.73 *>13.59 Trade 50 7.02 6.91 ^6.87 Government ,. 50 4.31 4.46 P4.50 Per cent•per annum Transportation and utilities 50 3.32 3.33 P3.31 I C n a c s o h T O C S m a o f o t e a h l t n a r a e p s m r l r i t a e r y u s i m n c a t c e i n o o n d m n t s . w e . : ages , 5 5 5 5 4 4 4 0 8 5 2 , , , 3 8 4 2 5 7 1 1 0 2.16 2.06 *>2.07 Bank T N 7 1 1 o e r c w a t o S i a t t t o i l e h e Y , u s e s 1 t o r o h 9 r n e k c r N i c n C t u o i a e i s r t s t t n y o h d m e r W e n r e s s ' a t l e n o r d a n n c s E : it a i s e t s e . r . n . „ . 2 2 2 2 7 5 7 7 3 2 2 1 . . . . 9 5 2 5 5 5 3 8 2 2 3 1 . . . . 6 6 2 9 2 0 9 8 2 2 2 1 . . . . 9 4 4 8 9 5 1 8 Total 55 1,235 1,098 *>887 Crops 55 500 344 *>260 v Preliminary. r Revised. Livestock and products 55 651 643 P549 1 Adjusted for seasonal variation. Gov't payments 55 84 111 P79 2 In points in total index. Exports and imports: 3 Estimate for March is shown on p. 361. Exports 61 652 4 Three-month moving average, adjusted for seasonal variation. Imports 61 344 5 No rate certified since July 25, 1941. Excess of exports 61 308 JNO rate certified since June 14, 1941. » Cumulated from Jan. 31, 1934. APRIL 1941 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued Hn billions of dollars] 1939 1940 1941 Chart L. l 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 P78.16 Demand deposits adjusted... .. 12 26.04 27.35 29.09 29.79 30.54 31.96 34.94 36.10 37.32 p38.65 p38.92 Time deposits 12 26.56 26.80 26.81 27.06 27.28 27.47 27.74 27.90 27.88 p27.93 p27.74 Currency outside banks .. 12 5.63 6.01 6.19 6.40 6.23 6.70 7.32 7.78 8.20 p8.56 P9.61 13 48.93 49.62 49.95 50.89 51". 14 51.34 54.19 56.15 57.95 59.31 p61.10 Loans 13 21 15 21.32 21.63 22.17 22.19 22.34 23.74 24.32 25.31 26.20 p26.62 Investments 13 27.78 28.30 28.32 28.72 28.95 29.00 30.45 31.83 32.63 33.11 p34.48 MEMBER BANKS Investments, total <l> 19.05 19.46 19.61 19.98 20.22 20.48 21.81 23.10 23.93 24.40 25.50 U. S. Government obligations: Direct ... 14 10.69 10.95 10.89 11.18 11.31 11.60 12.34 13.50 14.24 14.09 15.71 Guaranteed 14 2.66 2.83 2.92 3.14 3.11 3.12 3.49 3.49 3.84 4.24 3.83 State and local government obligations .. . 14 2.56 2.55 2.76 2.69 2.91 2.89 3.01 3.21 2.98 3.16 3.09 Other domestic securities 14 2.96 2.94 8 2.77 2.70 2.80 2.72 2.73 Foreign securities 14 .18 .19 .19 (2) .17 .17 .15 .14 Loan C s, o m to m ta e l r cial loan . s . .. ( inch open-market paper). .... ( 1 *) 5 1 5 3 . . 9 0 6 5 1 5 3 . . 9 1 9 4 13. 8 47 1 6 3 . . 5 9 7 6 13.94 1 6 3 . . 7 9 2 7 1 7 5 . . 5 3 2 2 15. 0 88 1 8 6 . . 5 7 5 3 17. 0 55 1 9 8 . . 6 0 4 2 O St t r h e e e r t s l e o c a u n r s i t ( y b r l o o k an e s r s ^ ' loans) 1 1 5 5 . . 6 9 7 0 . . 5 9 6 1 8 . . 6 8 1 8 (2) . . 3 8 2 0 . . 4 8 7 3 (2) . . 4 7 2 9 8 (2) . . 7 4 8 1 Real estate loans 15 2.75 2.83 2.96 (2) 3.07 3.23 (2) 3.37 3.49 All other loans. .. C1) 2.77 2.85 2.94 3.06 3.27 3.61 3.69 SEMI-ANHUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding 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 P21 80 Mutual savings banks 20 3.04 3.10 3.11 3.22 3.43 p3.7O Insurance companies . 20 5.90 46.30 6.50 46 80 6 90 P7 90 20 12 20 412.30 12.20 412.80 13.70 p18.50 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. 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1941 BY CLASSES OF BANKS [Amounts in thousands of dollars] All b m an e k m s ber Al m l b e n a m a n t k b io s e n r al A m b l e l a m n S k b ta s e t r e Ce m n e tr m al b e r r e s b e a rv n e k s c 1 ity m Re e c s m i e ty b rv e e r C m b o e a u m n n k b t s r e l y r New York Chicago banksl ASSETS Loans (including overdrafts) 18,020,904 11,725,496 6,295,408 4,072,172 954,288 7,104,682 5,889,762 United States Government direct obligations 15,706,687 9,755,221 5,951,466 5,585,248 1,311,338 5,293,564 3,516,537 Obligations guaranteed by United States Government 3,832,035 2,283,760 1,548,275 1,679,444 118,811 1,172,961 860,819 Obligations of States and political subdivisions ; 3,089,606 2,020,413 1,069,193 728,696 182,344 956,473 1,222,093 Obligations of Government corporations and agencies, not guaranteed by United States 557,231 331,566 225,665 217,157 51,340 175,943 112,791 Other bonds, notes, and debentures 1,921,852 1,252,670 669,182 471,271 117,941 504,057 828,583 Corporate stocks (including Federal Reserve Bank stock)... 392,244 201,728 190,516 141,625 23,928 139,748 86,943 Total loans and investments 43,520,559 27,570,854 15,949,705 12,895,613 2,759,990 15,347,428 12,517,528 Reserve with Federal Reserve Banks 12,396,344 7,399,238 4,997,106 5,105,316 1,020,645 4,060,488 2,209,895 Cash in vault 1,086,752 779,420 307,332 93,061 42,727 425,150 525,814 Demand balances with banks in United States (except private banks and American branches of foreign banks) 6,147,354 4,656,120 1,491,234 139,764 294,423 2,559,516 3,153,651 Other balances with banks in United States 98,519 74,973 23,546 1,588 3,797 30,521 62,613 Balances with banks in foreign countries 11,134 7,582 3,552 6,485 284 3,193 1,172 Due from own foreign branches 4,215 4,078 137 137 4,078 Cash items in process of collection 3,382,586 2,060,017 1,322,569 1,290,434 204,149 1,439,492 448,511 Bank premises owned and furniture and fixtures 911,213 588,875 322,338 199,920 19,013 324,668 367,612 Other real estate owned 179,139 81,692 97,447 21,127 1,554 68,043 88,415 Investments and other assets indirectly representing bank premises or other real estate 98,449 54,036 44,413 10,169 718 65,648 21,914 Customers' liability on acceptances 72,427 40,112 32,315 43,558 1,675 23,772 3,422 Income accrued but not yet collected * 110,586 64,145 46,441 39,927 8,609 41,830 20,220 Other assets 101,579 51,885 49,694 15,330 5,440 35,740 45,069 Total assets. 68,120,856 43,433,027 24,687,829 19,862,429 4,363,024 24,429,567 19,465,836 LIABILITIES Demand deposits—Total 49,230,638 31,038,022 18,192,616 17,119,289 3,581,284 17,403,048 11,127,017 Individuals, partnerships, and corporations 33,061,264 20,445,710 12,615,554 11,282,381 2,152,174 11,126,938 8,499,771 United States Government2 1,709,333 1,088,443 620,890 866,272 127,186 490,642 225,233 States and political subdivisions 3,065,567 2,232,509 833,058 318,656 232,766 1,143,880 1,370,265 Banks in United States 9,713,951 6,356,435 3,357,516 3,594,756 1,026,999 4,302,130 790,066 Banks in foreign countries 671,186 331,113 340,073 607,150 8,264 53,509 2,263 Certified and officers' checks, cash letters of credit and travelers' checks, etc 1,009,337 583,812 425,525 450,074 33,895 285,949 239,419 Time deposits—Total 12,486,751 8,420,374 4,066,377 812,565 475,820 4,910,094 6,288,272 Individuals, partnerships, and corporations: Savings deposits 10,513,338 7,185,971v 3,327,367 407,729 424,868 4,148,305 5,532,436 Certificates of deposit 611,226 463,754' 147,472 9,030 25,982 135,630 440,584 Christmas savings and similar accounts 30,136 20,337 9,799 1,067 203 10,832 18,034 Open accounts 723,343 264,688 458,655 360,202 24,567 247,536 91,038 Postal savings2 50,473 36,347 14,126 19,896 30,577 States and political subdivisions 418,220 350,626 67,594 29,015 200 243,402 145,603 Banks in United States 132,923 93,339 39,584 180 102,743 30,000 Banks in foreign countries 7,092. 5,312 1,780 5,342 1,750 Total deposits.. 61,717,389. 39,458,396 22,258,993 17,931,854 4,057,104 22,313,142 17,415,289 Due to own foreign branches 148,921 114,088 34,833 148,921 Bills payable, rediscounts, and other liabilities for borrowed money '. , A,312 3,778 534 4,312 Acceptances outstanding 86,358 47,531 38,827 53,002 2,060 27,800 3,496 Dividends declared but not yet payable 37,902 23,459 14,443 17,338 980 11,594 7,990 Income collected but not yet earned 76,373 52,594 23,779 10,908 2,534 39,662 23,269 Expenses accrued and unpaid 98,807 62,497 36,310 26,062 10,217 42,820 19,708 Other liabilities 64,430 30,205 34,225 25,882 1,955 27,235 9,358 Total liabilities 62,234,492 39,792,548 22,441,944 18,213,967 4,074,850 22,462,253 17,483,422 CAPITAL ACCOUNTS Capital 2,362,185 1,511,994 850,191 548,091 101,600 789,581 922,913 Surplus 2,394,336 1,386,051 1,008,285 840,674 120,590 763,842 669,230 Undivided profits 775,145 498,624 276,521 212,908 29,089 259,901 273,247 Reserves for contingencies 312,467 210,177 102,290 43,594 36,658 139,338 92,877 Other capital accounts 42,231 33,633 8,598 3,195 237 14,652 24,147 Total capital accounts 5,886,364 3,640,479 2,245,885 1,648,462 288,174 1,967,314 1,982,414 Total liabilities and capital accounts. 68,120,856 43,433,027 24,687,829 19,862,429 4,363,024 24,429,567 19,465,836 Net demand deposits subject to reserve . 39,707,549 24,325,282 15,382,267 3,083,912 7,528,877 Demand deposits-adjusted3 33,753,582 21,202,014 12,551,568 2,214,686 9,660,944 Number of banks 6,619 5,117 1,502 13 6,219 1 Banks are classed according to the reserves which they are required to carry (see page 334). Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 8 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. APRIL 1942. 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE, AND CAPITAL ON DECEMBER 31, 1941 BY CLASSES OF BANKS [In thousands of dollars] m b e a A m n l b k l s er n m a b e t A a m i n o ll b k n e s a r l A m b ll e a m n S k b ta s e t r e Ne C w e m n Y e tr m o a r l b k e r r e s b e a r C v n e h k i s c c 1 a it g y o m R b e e a c s m n i e t k y r b v s e 1 e r C m b o e a u m n n k b t s r e l y r Loans—Total 18,020,904 11,725,496 6,295,408 4,072,172 954,288 7,104,682 5,889,762 Commercial and industrial loans 8,063,757 5,176,981 2,886,776 2,715,736 711,190 3,205,791 1,431,040 Agricultural loans 972,321 818,172 154,149 8,096 5,515 299,921 658,789 Commercial paper bought in open market 477,939 319,189 158,750 16,195 16,330 205,811 239,603 Bills, acceptances, etc. payable in foreign countries 6,930 5,964 966 38 1,652 4,071 1,169 Acceptances of other banks, payable in United States 44,888 21,016 23,872 38,802 94 3,652 2,340 Reporting banks' own acceptances 77,600 48,970 28,630 36,203 2,699 36,923 1,775 Loans to brokers and dealers in securities 594,193 253,949 340,244 411,944 48,120 114,416 J9.713 Other loans for purchasing or carrying securities 597,684" 336,202 261,482 168,594 51,930 194,330 182,830 Real estate loans: On farm land „ 294,962 222,466 72,496 30 323 79,824 214,785 On residential property „. 2,396,116 1,542,503 853,613 62,482 12,701 1,086,631 1,234,302 On other properties «. 802,831 479,517 323,314 60,034 8,478 360,842 373,477 Loans to banks 39,023 14,641 24,382 31,955 585 4,215 2,268 All other loans 3,642,364 2,478,136 1,164,228 520,041 92,523 1,504,760 1,525,040 Overdrafts 10,296 7,790 2,506 2,022 2,148 3,495 2,631 United States Government direct obligations—Total 15,706,687 9,755,221 5,951,466 5,585,248 1,311,338 5,293,564 3,516,537 Treasury bills 970,898 675,265 295,633 310,707 255,855 294,668 109,668 Treasury notes 3,007,041 1,886,439 1,120,602 1,622,670 152, 709 750,603 481,059 Bonds maturing in 5 years or less 1,452,292 736,185 716,107 804,147 60,563 359,255 228,327 Bonds maturing in 5 to 10 years 3,653,798 1,966,265 1,687,533 1,434,799 118,908 1,277,833 822,258 Bonds maturing in 10 to 20 years , 5,456,368 3,690,358 1,766,010 1,258,371 540,742 2,233,981 1,423,274 Bonds maturing after 20 years , 1,166,290 800,709 365,581 154,554 182,561 377,224 451,951 Obligations guaranteed by United States Government- Total 3,832,035 2,283,760 1,548,275 1,679,444 118,811 1,172,961 860,819 Total amount maturing in 5 years or less 2,602,315 1,384,251 1,218,064 1,202,241 114,827 744,557 540,690 Reconstruction Finance Corporation 1,338,847 612,017 726,830 703,002 84,219 330,286 221,340 Home Owners' Loan Corporation. 1,427,822 1,034,358 393,464 574,309 5,857 493,585 354,071 Federal Farm Mortgage Corporation. 499,986 294,890 205,096 196,421 1,008 166,713 135,844 Other Government corporations and agencies 565,380 342,495 222,885 205,712 27,727 182,377 149,564 Obligations of Government corporations and agencies, not guaranteed by United States—Total 557,231 331,566 225,665 217,157 51,340 175,943 112,791 Total amount maturing in 5 years or less.... 432,332 233,670 198,662 183,708 36,171 142,196 70,257 Federal Land Banks 167,471 110,840 56,631 56,865 16,349 42,318 51,939 Federal Intermediate Credit Banks 199,042 111,066 87,976 96,118 18,146 69,031 15,747 Other Government corporations and agencies 190,718 109,660 81,058 64,174 16,845 64,594 45,105 Obligations of States and political subdivisions—Total. 3,089,606 2,020,413 1,069,193 728,696 182,344 956,473 1,222,093 In default 2,872 2,457 415 303 728 1,841 Without specific maturity 190,054 148,994 41,060 8,221 66," 264' 55,304 60,265 Maturing in 5 years or less 1,827,730 1,059,891 767,839 579,275 78,654 514,189 655,612 Maturing after 5 years 1,068,950 809,071 259,879 140,897 37,426 386,252 504,375 Other bonds, notes, and debentures—Total 1,921,852 1,252,670 669,182 471,271 117,941 504,057 828,583 Total amount in default 35,660 22,789 15,871 9,737 854 14,073 13,996 Total amount maturing in 5 years or less— 625,572 339,636 285,936 238,571 60,499 169,277 157,225 Railroads 698,640 458,285 240,355 162,661 33,159 193,436 309,384 Public utilities 421,102 279,102 142,000 57,853 30,393 102,166 230,690 Industrials 527,938 352,529 175,409 159,679 41,202 132,228 194,829 Other domestic corporations ,. „. „ 137,312 73,415 63,897 62,402 5,107 35,088 34,715 Foreign-public and private „. „. „....., 136,860 89,339 47,521 28,676 8,080 41,139 58,965 Corporate stocks—Total ,.. 392,244 201,728 190,516 141,625 23,928 139,748 86,943 Federal Reserve Banks 142,117 86,562 55,555 41,303 6,660 46,531 47,623 Affiliates of reporting banks 98,174 45,928 52,246 40,801 276 51,767 5,330 Other domestic banks. 15,329 4,643 10,686 1,869 9 6,253 7,198 Other domestic corporations...' 135,583 64,153 71,430 57,036 16,983 34,969 26,595 Foreign corporations 1,041 442 599 616 228 197 Bank premises, furniture and fixtures, and other real estate—Total 1,090,352 670,567 419,785 221,047 20,567 392,711 456,027 Bank premises 839,503 534,309 305,194 199,198 18,819 295,504 325,982- Furniture and fixtures 71,710 54,566 17,144 722 194 29,164 41,630 Farm land (including improvements) 12,649 9,624 3,025 6 49 4,569 8,025 Residential properties 63,736 25,373 38,363 7,486 739 19,131 36,380 Other real properties 102,754 46,695 56,059 13,635 766 • 44,343 44,010 Assets indirectly representing bank premises or other real estate—Total 98,449 54,036 44,413 10,169 718 65,648 21,914 Investments 72,816 47,413 25,403 8,428 613 46,966 16,809 Other assets . „ 25,633 6,623 19,010 1,741 105 18,682 5,105 Capital: / Par or face value—Total ......... 2,364,456 1,513,564 850,892 548,091 101,600 789,581 925,184 Capital notes and debentures 38,512 38,512 261 22,584 15,667 First preferred stock 220,587 155^429 65,158 9,011 i,6oo 86,631 123,345 Second preferred stock ,.... 17,716 12,983 4,733 2,150 15,566 Common stock , 2,087,641 1,345,152 742,489 538,819 100,000 678,216 770,606 Retirable value of: First preferred stock .,..... 312,077 202,790 109,287 22,350 1,600 119,943 168,184 Second preferred stock ,.. 23,591 14,931 8,660 2,150 21,441 1 For footnotes see preceding page. 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 380 Gold production 381 Gold movements 381 International capital transactions of the United States 381-386 Central banks 387-390 Money rates in foreign countries 391 Commercial banks 391 Foreign exchange rates , 393 Price movements: Wholesale prices 394 Retail food prices and cost of living 395 Security prices .• 395 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad! The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures may in most cases be obtainedjfrom earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. APRIL 1941 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A i e n n r a - - g B iu e m l- Brazil B I r n i d ti i s a h g B a u r l i - a Canada Chile lom Co b - ia C v z s a e l k c o h i - a 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 2,709 129 28 1940—Dec 21,995 2 353 3 734 51 274 24 30 17 58 52 52 2,000 28 1941—Mar "... 22, 367 353 734 56 274 24 6 30 18 59 48 52 2,000 28 Apr 22, 506 353 57 274 24 7 30 17 59 48 52 2,000 May 22, 575 353 58 274 24 8 30 16 59 48 52 2,000 June 22, 624 353 62 274 6 30 18 61 47 52 2,000 July 22, 675 353 63 274 7 30 18 61 45 52 2,000 Aug 22, 719 352 65 274 11 30 17 61 45 52 2,000 Sept 22, 761 352 66 274 6 30 17 61 44 52 2,000 Oct 22,800 354 68 274 6 30 17 61 44 2,000 Nov 22, 785 354 69 274 8 30 17 61 2,000 Dec 22,737 354 70 274 5 30 16 61 2,000 1942—Jan >. 22,747 7 30 18 Feb. 22, 705 5 17 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A S f o r u ic t a h Spain 1936—Dec 25 25 208 463 60 46 491 23 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 U37 164 140 47 617 23 184 20 59 158 367 1941—Mar 24 26 178 54 614 23 20 158 401 Apr 24 26 174 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. 228 52 23 400 Dec. 235 47 23 366 1942—Jan. 42 Feb. 28 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u ey r- U K d n i o n i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i 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 in it 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 3 934 115 1937—Dec 244 650 29 2,689 74 52 51 5 185 Dec 4 1,395 81 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Mar. .. 1,489 1939—Dec 308 549 29 68 52 59 7 149 June... 44 62 1940—Dec 160 502 88 1 90 9 29 82 12 145 Sept 759 Dec. ... 80 331 44 1941—Mar 172 527 89 1 100 40 183 13 145 1939—Mar.... 154 1,732 559 Apr 174 528 95 1 105 40 12 145 May . 477 May 180 530 96 1 108 40 9 145 June... 85 17 June 192 528 96 1 108 40 10 144 Sept.... 164 July 189 533 95 1 108 40 9 144 Dec 156 17 Aug 191 525 93 1 108 41 9 144 1940—Mar. ... 145 Sept 191 543 1 106 41 9 146 June... 86 17 Oct 192 560 1 102 41 10 146 Sept.... 105 N D o ec v 2 1 2 9 3 6 602 92 1 1 101 4 4 1 1 10 1 1 4 4 6 6 1941—M De a c r . . . . . . . . 4 8 8 8 17 1942—Jan. 225 1 49 146 June... 89 Feb 1 52 146 Sept.... 24 1 Figures relate to last official report dates for the respective countries, as follows: Germany 1 Reported at infrequent intervals or on de- —June 15,1939; Italy—late in Mar. 1940; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugo- layed basis: U. S.—Exchange Stabilization Fund slavia—Feb. 28, 1941. 2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1); U. K.—Exchange Equali- 3 Change from previous December due largely to inclusion of gold formerly not reported. zation Account; France—Exchange Stabilization 4 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- Fund and Rentes Fund; Belgium—Treasury. trol Board. Gold reported since that time is gold held by Minister of Finance. 8 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, 6 Beginning Mar. 29, 1941. gold reserves no longer reported separately. p. 170. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 3 Figure for end of Mar. 1937, first date reported. Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain 4 Figure for end of Sept. 1937. of these countries have been carried forward from last previous official report. NOTE.—For details regarding special gold 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British transfers in 1939-40 between the British E. E. A. Exchange Equalization'Account during 1939. 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. E. S. F. and the Bank of France, see BULLETIW 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported fdr September 1940, p. 926. figures through April 1940 appear on p. 926 in that issue. 380 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 Year or month pro w d o u r c ld tion Africa North and South America Other U o . u S t . s S i . d R e .1 Total A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 B C e o l n g g ia o n 3 S U t n a i t t e ed s4 Canada5 Mexico Co b l i o a m- Chile Ni g c u a a r 6 a- Au l s ia tra- B In ri d ti i s a h 7 $1 = 15£\ grains o,f goId ft,fine;i.e., an ounce tif fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 6 549 108 191 104,023 23,135 12,045 8,350 1,166 30,559 11??^ 1935 882,533 752,847 377,090 25,477 13,625 7159 1763?.5 114,971 23,858 11,515 9,251 868 31,240 11468 1936 971,514 833,895 396,768 28,053 16,295 7386 15?.,509 131,181 26,465 13,632 9,018 807 40,118 1166^ 1937 1 041,576 893,384 410,710 28,296 20,784 8 018 168 159 143,367 29,591 15,478 9,544 848 46,982 11607 1938. 1,136 360 958,770 425,649 28,532 24,670 8470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11284 1939. :.:4::::::: 1,208,705 1,020,297 448,753 28,009 28,564 4759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11078 1940 1,279,4SS 1,094,264 491,628 29,155 32,163 86?, 7.10109 185,890 30,878 22,117 11,999 5,429 55,878 10 157 1941. PI, 085,143 504,268 p27,773 *>31,383 208,443 186,568 p27,789 P9,343 p5,712 p50,964 9 940 1941--Feb '-••• 100450 84,490 39,608 2,237 2,566 • 15,S34 14,446 2,670 1,844 695 474 3,812 SOS Mar 106365 89 944 42 075 2,318 2,696 15949 15,629 2 702 1 891 1 313 492 4 040 840 Apr 105525 88 966 41,357 2,355 22,580 16,S40 15,384 2,491 2,071 896 553 4 133 805 May 105 140 88,525 42,716 2,355 2,615 IS,948 15,721 1,448 1,872 528 485 4,136 700 June 105875 p89,308 41,186 2,353 '2,615 16,395 15,890 2,845 1,777 1,023 445 3,939 840 J A u u l g y 1 1 0 0 8 9 5 9 3 7 5 0 P p9 93 2 t , 0 1 4 6 3 5 4 4 3 2 , ,4 0 5 9 8 3 2 2 , , 3 3 2 1 9 9 ' ' 2 2 , , 6 6 1 1 5 5 1 1 8 7 , ,4 46 1 S 3 1 16 5 , , 3 9 5 8 3 3 2 2, , 5 4 7 8 9 5 2 1 , ,7 0 3 7 9 2 8 6 6 2 0 8 / '4 u 4 s 5 4 4 ,3 1 7 8 6 5 8 8 7 7 5 5 O Se c p t t. <. 1 10 1 9 1 9 2 3 6 5 5 P p9 9 4 3 ,6 4 9 4 1 2 4 4 2 3 , , 1 0 3 6 5 1 P2 2 , , 3 3 4 1 8 2 ' ' 2 2 , , 6 6 1 1 5 5 2 1 0 8 , , 8 7 0 8 7 1 1 1 6 5 , , 1 57 4 8 1 2 1, , 9 3 8 0 4 0 2 1 , ,9 0 8 9 4 8 5 7 0 0 4 3 ''444455 5 4 ,3 2 5 7 7 1 8 8 0 4 5 0 Nov..._ 107835 *91,375 41,807 P2.243 '2,615 19,740 15,499 pl,676 1,726 '703 '445 p4,086 840 Dec. .. p88,305 42,436 ?2,278 '2,615 16,700 14,746 1 749 '703 '445 'P4 086 875 1942—Jan ...... P86.485 42,556 'P2.278 '2,615 14,982 14,198 'pl',670 2,075 '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. ' 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 figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Monthly figures for 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. 5 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 explanation of table and sources see BULLETIN for February 1939, p. 151; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Y m e o a n r t o h r im To n p t e o a t r l ts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - Net imports from or net exports (—) to: ,131,994 499,870 12,402 30,270 16,944 12,038 1,029 12 32,304 ,739,019 315,727 968 13,667 10,899 15,335 3,498 65 46,989 ,116,584 174,093 7,511 39,966 11,911 21,513 23,280 8 39,735 ,585,503 891,531 54,452 38,482 18,397 25,427 34,713 181 246,464 29,998 1,973,556699 1,208,728 1,363 36,472 10,557 27,880 39,162 401 168,740 267,975 3,574,151 1,826,403 86,987 33,610 23,239 35,636 74,250 22,862 165,605 3102,404 4,744,472 633,083 90,332200 2 29,880 23,999 38,627 103,777 184,756 111,739 330,10 936 545 3,283 14,441 6,240 12,186 27,580 137,176 99 347 2,814 3,268 14,994 1,751 13,262 12,805 234,242 37 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 108,609 1,218 814 11 2,772 6,738 96 515,093 118,567 817 866 2,232 3,984 6,262 2,788 3,046 2,951 171,992 21 1,147 2,934 3,587 4,720 132,261 313 6,793 Gross imports from:6 May 34,830 2 16,309 969 2,794 3,384 4,194 3,594 3,589 June. 30,712 474 1 17 521 800 7 2 114 4 593 69 131 5,009 July 37,041 542 19,228 1,088 2,128 4,972 5,199 88 3,811 Aug 36,972 79 10,845 843 2,230 5,098 6,742 137 1,995 5 9,011 Sept 65,702 250 42,563 495 2,488 3,107 2,064 3,694 5ll,045 Oct 40,440 55 16,074 1,020 2,107 3,143 6,151 200 2,327 5 9,366 Nov.7.... 50,374 121 24,921 6,336 2,110 1,832 5,980 40 59,041 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $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. 342. 381 APRIL 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increas f e u n in d s f o in re i U g . n S b . anking 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 1».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 ,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 ,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 ,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 ,927,3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940).. 5,021.2 2,430.8 542.5 ,888 3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 ,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 .907 8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 ,112.3 .980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941)... 5,727.6 3,159.0 ,200.8 ,958.3 775.1 803.8 888.7 100.9 1941—-Jan. 8... 5,704.0 3,152.9 ,198.8 ,954.1 775.8 804.6 869.4 101.3 Jan. 15... 5,781.3 3,257.6 ,301.3 .956.4 772.2 806.4 843.3 101.7 Jan. 22.. 5,747.5 3,255.2 ,303.3 ,951.9 757.1 807.6 827.8 99.8 Jan. 29. 5,694.5- 3,215.9 ,288.2 ,927.7 759.9 808.1 811.9 Feb. 5 5,644.3 3,175.9 ,269.0 ,906.9 763.1 809.0 799.3 97.0 Feb. 12 5,609.9 3,156.9 ,255.0 ,901.8 754.6 810.5 792.1 95.9 Feb. 19 5,563.8 3,108.1 ,228.8 ,879.4 764.6 811.5 783.1 96.5 Feb. 26 5,564.5 3,102.6 ,243.4 ,859.2 776.1 812.7 775.8 97.2 Mar. 5.. 5,560.8 3,128.1 ,249.6 .878.5 764.9 814.0 757.3 96.6 Mar. 12.. 5,592.9 3,188.0 ,300.1 ,887.9 752.1 814.1 741.9 96.9 Mar. 19.. 5,598.8 3,202.4 ,346.2 ,856.2 756.2 814.8 726.9 98.4 Mar. 26.. 5,567.0 3,185.2 ,325.6 .859.6 755.4 815.8 714.7 95.8 Apr. 2... 5,526.5 3,148.8 ,307.7 ,841.0 767.4 812.7 701.8 95.9 Apr. 9 5,647.5 3,273.6 ,416.6 ,857.0 766.4 815.6 694.7 97.1 Apr. 16 5,678.3 3,299.2 ,434.7 .864.5 772.4 816.2 691.9 98.7 Apr. 23 5,666.3 3,279.2 ,424.0 ,855.2 785.0 816.7 686.8 98.5 Apr. 30 5,652.5 3,257.3 ,406.4 ,850 9 798.9 815.7 682.4 98.2 May 7... 5,639.1 3,243.5 ,400.4 .843.1 791.6 832.9 673.8 97.2 May 14 5,602.2 3,224.2 ,414.8 ,809 4 792.4 833.5 655.2 96.8 May 21.. 5,627.8 3,252.0 ,421.2 ,830.9 794.6 834.5 649.6 97.0 May 28.. 5,635.8 3,266.4 ,417.5 ,848.9 794.9 835.4 641.6 97.5 5,608 9 3,235.2 ,418.6 ,816.6 803.6 836.3 637.1 96.8 5,602.7 3,226.9 ,401.3 .825 6 811.6 832.6 634.4 97.2 5,627.8 3,249.3 ,407.9 ,841.4 815.7 831.6 634.4 96.7 5,620.7 3,240.9 ,410.3 ,830.7 817.8 833.1 632.4 96.5 5,575.4 3,193.3 ,375.1 ,818.2 818.6 834.1 631.2 98.2 July 9 5,584.6 3,194.6 ,366.2 ,828.4 826.2 835.5 630.0 98.3 July 16 5,561.8 3,171.5 ,362.8 ,808.7 826.2 837.8 628.2 98.2 July 23 5,534.0 3,153.6 ,342.7 ,810.9 819.4 838.3- 624.8 97.9 July 30 5,506.9 3,141.4 ,320.3 ,821.1 803.5 838.9 623.6 99.5 Aug. 6... 5,556.1 3,185.5 ,378.9 ,806.6 807.3 839.7 624.8 98.8 Aug. 13. 5,535.8 3,166.9 ,369.7 ,797.3 805.7 841.0 623.1 99.1 Aug. 20.. 5,521.2 3,156.2 ,374.2 .782.0 803.7 842.0 619.7 99.6 Aug. 27.. 5,467.2 3,105.5 ,318.1 ,787.4 801.8 841.4 617.3 101.0 Sept. 3.. 5,478.3 3,113.2 ,313.3 ,799.9 805.6 841.7 616.5 101.2 Sept. 10.... 5,448.3 3,073.2 ,292.0 ,781.1 814.9 842.0 617.0 101.2 Sept. 17.... 5,397.3 3,022.1 ,262.4 ,759.7 814.8 841.8 618.2 100.5 Sept. 24.... 5,422.7 3,050.9 ,255.2 ,795.6 810.1 839.8 622.1 99.9 Oct. 1 5,510.3 3,139.5 ,321.7 ,817.7 805.3 841.1 623.5 100.9 Oct. 8.... 5,494.3 3,123.0 ,309.3 ,813.7 804.6 841.7 623.9 101.1 Oct. 15... 5,478.1 3,108.0 ,337.2 ,770.8 802.1 843.3 623.2 101.5 Oct. 22... 5,460.2 3,091.1 ,291.6 ,799.5 803.4 843.2 621.2 101.3 Oct. 29... 5,503.2 3,138.3 ,334.1 ,804.2 797.7 845.2 621.3 100.6 Nov. 5 5,429.2 3,074.3 ,266.7 ,807.5 785.5 846.9 621.6 100.9 Nov. 12.... r5,429.7 r3,063.2 ,262.8 ,800.4 796.1 847.6 622.1 100.8 Nov. 19... r5,383.3 r3,021.7 ,208.4 ,813.3 792.4 846.7 621.7 100.8 Nov. 26.... r5,384.0 r3,018.5 ,195.2 ,823.3 795.8 847.7 621.3 100.7 Dec. 3 r5,379.3 r3,011.6 ,192.2 ,819.4 795.2 851.0 620.5 101.0 Dec. 10.. . 5,358.4 2,989.1 ,154.1 ,835.0 796.6 852.7 620.4 99.6 Dec. 17.. . 5,290.9 2,919.4 ,102.2 ,817.3 795.4 853.6 622.5 100.1 Dec. 24. .. 5,266.8 2,894.9 1,075.5 ,819.4 792.6 854.5 624.6 100.1 Dec. 31... 5,230.7 2,856.2 1,053.7 ,802.6 791.3 855.5 626.7 100.9 r Revised on basis of amended reports received from a reporting bank. 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 193 5-Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From t h J ro a u n g . h 2 — , 1935, Total U K d n i o i n t m g ed - France N l e a t n h d e s r - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) 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 1,101.3 470.3 773.0 165.9 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—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. 12 r5,429.7 690.1 650.4 449.7 800.0 178.9 50.3 r907.0 "3,726.3 380.5 596.0 595.3 131.5 Nov. 19 r5,383.3 681.0 648.0 448.9 780.5 178.8 50.4 r912.5 "3,700.1 374.5 590.5 586.6 131.6 Nov. 26 r5,384.0 675.4 645.3 458.3 781.3 179.0 50.6 r907.9 "3,697.8 383.2 592.3 580.1 130.5 Dec. 3 r5,379.3 699.3 643.5 459.9 763.5 179.0 50.6 r914.2 "3,710.0 374.7 592.8 571.1 130.7 Dec. 10. 5,358.4 685.6 640.8 460.4 761.6 179.2 50.5 921.5 3,699.7 360.7 583.5 582.9 131.7 Dec. 17 5,290.9 683.9 641.4 461.0 743.1 179.1 50.4 899.3 3,658.2 350.4 573.2 578.4 130.6 Dec. 24 5,266.8 681.4 640.5 463.6 744.8 178.9 50.4 897.5 3,657.1 345.6 562.9 570.4 130.8 Dec. 31 5,230.7 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 567.7 128.6 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES 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 e - d France N l e a t n h d e s r-Sw la it n z 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 h l e l 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—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. 12 r3,063.2 347.0 427.1 148.5 404.8 -23.0 -3.5 r578.0 1,878.9 317.3 314.7 447.5 104.7 Nov. 19 r3,O21.7 340.4 424.8 147.5 384.2 -23.1 -3.5 r583.2 rl,853.5 313.1 311.7 438.9 104.6 Nov. 26 r3,018.5 335.9 422.4 156.9 384.8 -22.9 -3.3 r578.5 r\, 852.5 312.0 318.2 431.6 104.3 Dec. 3 r3,011.6 359.2 420.3 158.6 367.1 -22.9 -3.2 r583.9 rl,862.9 301.2 319.6 424.0 103.9 Dec. 10 2,989.1 344.6 417.5 159.0 365.2 -23.4 -3.3 591.6 1,851.2 288.9 310.8 432.8 105.3 Dec. VI 2,919.4 341.4 418.0 159.1 344.2 -23.0 -3.5 569.1 1,805.2 279.6 302.4 428.5 103.7 Dec. 24 2,894.9 337.4 417.2 161.4 345.5 -23.2 -3.4 568.0 1,802.8 275.4 293.5 419.2 104.0 Dec. 31 2,856.2 328.6 416.5 161.0 ,326.2 -23.1 -3.4 561.1 1,766.9 273.1 296.7 418.0 101.6 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From t h J ro a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec 30 431.5 178.0 62.0 —3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 —4.4 1937—Dec 29 449.1 207.4 65.3 —4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 —8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 —7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Mar. (Apr. 2) 767.4 268.2 76.0 17.8 5.0 195.0 25.6 49.7 637.2 65.3 44.4 19.2 1.3 Apr 30 798.9 269.6 75.9 17.7 5.3 195.7 25.5 50.7 640.4 71.3 47.7 38.7 .8 May 28 794.9 267.4 76.4 17.8 5.2 195.9 25.5 51.4 639.5 68.3 49.8 37.6 -.3 Tune (Tulv 2) 818.6 268.6 76.6 17.8 5.2 195.7 25.6 51.2 640.8 68.5 52.1 57.7 — .4 July 30 803.5 265.3 76.8 17.9 5.2 196.0 25.1 51.7 638.0 71.3 49.2 46.7 -1.7 Aug. (Sept. 3) 805.6 268.8 76.8 17.8 5.3 195.9 25.7 51.8 • 642.2 68.7 44.1 52.6 -1.9 Sept. (Oct 1) 805.3 269.8 76.9 17.9 5.4 195.9 25.7 51.4 642.9 64.6 43.0 56.9 -2.0 Oct. 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. (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 Dec. 10 796.6 267.4 76.9 17.5 5.3 196.1 25.7 53.6 642.6 67.8 23.1 64.7 -1.6 Dec 17 795.4 268.6 76.9 17.5 5.3 195.9 25.7 53.8 643.8 67.1 20.5 65.1 -1.1 Dec. 24 792.6 270.1 76.9 17.6 5.4 195.9 25.7 53.0 644.7 65.5 17.7 66.1 -1.4 Dec. 31 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 —1.2 r Revised on basis of amended reports received from a reporting bank. » l 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. APRIL 194Z 383 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 ro a u n g . h 2 — , 1935, Total U K d n o i i n m te g d - France N l e a t n h d e s r-Sw la i n tz d er- Germany Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L i m a c t a e in r^ Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) 641.8 127.7 26.1 27.3 36.1 33.5 22.0 •167.8 440.6 *-9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940) 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941) 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Mar. (Apr. 2) 812.7 128.3 43.7 31.0 45.2 36.5 28. 198.9 511.8 26.5 203.0 57.6 13.9 Apr. 30 815.7 127.8 43.8 31.0 45.2 36.5 28. 199.1 511.5 25.9 206.0 58.2 14.2 May 28 835.4 127.7 43.8 31.0 44.8 36.5 28. 199.5 511.4 42.7 208.1 59.0 14.2 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. 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. (Dec. 3).. 851.0 127.7 51.4 31.5 44.4 36.5 28. 201.4 521.0 33.9 218.6 61.1 16.4 Dec. 10 852.7 127.7 51.5 31.5 44.3 36.5 28. 201.5 521.2 34.9 218.9 61.2 16.5 Dec. 17 853.6 127.5 51.5 31.5 44.3 36.5 28. 201.6 521.1 35.2 219.5 61.2 16.6 Dec. 24 854.5 12J.6 51.6 31.5 44.3 36.5 28.1 201.7 521.2 35.7 219.8 61.2 16.6 Dec. 31 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J ro a u n g . h 2 — , 1935, Total U K d n o i i n m te g d - France N l e a t n h d e s r-Sw la i n tz d er- Germany Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L 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 64.7 157.6 200.2 -7.5 —3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133.7 328.1 76.6 227.7 344.7 • -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Mar. (Apr. 2) 701.8 6.2 74.2 234.9 334.7 -30.3 -3.0 64.8 681.5 -28.9 20.9 16.9 11.3 Apr. 30 682.4 -7.5 74.3 234.8 332.1 —30.3 -3.0 64.9 665.3 -31.8 20.6 17.0 11.3 May 28 641.6 -41.0 74.5 234.7 324.1 -30.4 -2.5 64.8 624.2 -31.3 19.5 17.9 11.3 June (July 2) 631.2 -50.5 74.6 236.1 321.7 -30.4 -2.5 64.8 613.8 -34.4 19.3 21.1 11.4 July 30 623.6 -56.6 74.8 235.8 322.2 -30.4 -2.4 64.5 607.9 -37.8 19.2 22.9 11.4 Aug. (Sept. 3) 616.5 -63.0 75.1 236.0 326.0 -30.4 -2.4 65.3 6C6.6 -40.0 20.8 17.8 11.4 Sept. (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. (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 Dec. 10 620.4 -70.6 74.9 236.7 333.2 -29.8 -.1 66.8 611.1 -45.2 26.2 17.4 10.9 Dec. 17 622.5 -70.3 74.9 236.7 335.6 -30.1 -.1 67.0 613.7 -45.9 26.4 17.4 10.9 Dec. 24 624.6 -70.3 74.9 236.7 336.1 -30.1 -.1 67.1 614.2 -45.5 27.7 17.4 10.8 Dec. 31 626.7 -70.1 74.9 236.7 336.4 -30.1 — .1 67.3 615.0 -44.7 28.1 17.5 10.9 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From t h J ro an ug . h 2 — , 1935, Total U K d n o i i n m te g d - France N l e a t n h d e s r- land Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L i m a c t a e in r- Asia1 ot A h l e l r1 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 1 1 9 9 3 3 6 7 — — D D e e c c . . 3 2 0 9 4 1 7 2 . . 5 9 1 4 1 . . 0 5 1 1 0 1 . . 4 5 - 5 .9 .0 1 9 0 . . 1 8 7? . . 3 1 5. . 0 4 4 2 4 2 . . 0 6 -7 3 . . 6 5 — __ 4 .2 e 2. . 1 5 0 (4) 1938—Dec. (Jan. 4, 1939).. 47.6 13.4 12.9 6.8 9.6 .2 5.2 47.9 1.8 — .9 -1.5 1939—Dec. (Jan. 3, 1940).. 80.6 19.4 20.1 9.3 17.8 -.2 .1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Dec. (Jan. 1, 1941).. 100.9 17.0 19.9 13.4 16.2 - -. . 2 1 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Mar. (Apr. 2) 95.9 16.7 18.7 13.9 14.5 -.2 .2 7.9 71.7 10.6 6.1 6.4 1.1 Apr. 30 98.2 16.7 19.0 14.0 14.3 -.2 .2 7.8 71.8 11.4 7.0 7.2 May 28 97.5 16.6 19.4 14.3 13.6 -.2 .2 8.4 72.3 12.0 5.8 6.7 June (July 2) 98.2 16.4 19.2 14.5 14.5 -.2 .2 8.4 73.1 11.6 5.7 7.1 .7 July 30 99.5 16.0 19.6 14.7 14.2 -.2 .2 9.0 73.4 12.1 6.5 6.7 .7 Aug. (Sept. 3) 101.2 16.4 19.6 15.0 14.2 -.2 .2 8.5 73.7 13.6 5.8 7.4 .7 Sept. (Oct. 1) 100.9 16.6 19.3 15.5 13.8 -.2 .2 8.3 73.4 13.7 6.3 6.7 .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 .6 Nov. (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 Dec. 10 99.6 16.4 19.9 15.7 13.6 -.2 .2 8.0 73.6 14.2 4.4 6.7 .7 Dec. 17 100.1 16.7 20.0 16.2 13.6 -.2 .2 7.8 74.3 14.4 4.5 6.2 .7 Dec. 24 100.1 16.7 19.8 16.5 13.6 -.2 .2 7.8 74.3 14.5 4.2 6.5 .7 Dec. 31 100.9 16.8 19.9 17.6 13.5 -.2 .2 8.0 75.7 14.1 3.9 6.3 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. 384 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 rl 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 I 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 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 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—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 1941—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. 12 r3,689.4 419.2 459.2 162.4 418.4 6.6 15.3 r624.9 r2,106.1 417.5 435.6 613.5 116.7 Nov. 19 r3,647.9 412.5 456.9 161.5 397.8 6.6 15.3 r630.1 r2,080.7 413.2 432.6 604.8 116.6 Nov. 26 "3,644.7 408.1 454.5 170.9 398.5 6.8 15.5 r625.4 r2,079.7 412.1 439.1 597.6 116.3 Dec. 3 r3,637.8 431.3 452.4 172.5 380.7 6.8 15.6 r630.8 r2,090.1 401.4 440.5 590.0 115.8 Dec. 10 3,615.3 416.8 449.7 172.9 378.9 6.3 15.5 638.5 2,078.4 389.0 431.8 598.8 117.3 Dec. 17 3,545.6 413.5 450.1 173.1 357.9 6.6 15.3 616.0 2,032.4 379.8 423.3 594.5 115.7 Dec. 24 , 3,521.1 409.6 449.3 175.3 359.1- 6.4 15.3 614.9 2,030.0 375.6 414.4 585.2 116.0 Dec. 31 3,482.4 400.8 448.6 174.9 339.9 6.6 15.4 608.0 1,994.0 373.2 417.7 583.9 113.6 Additional Detail Available from January 3, 19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B i e u l- m m D a e r n k - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a . m a n n Z d a - . Total China H K o o n n g g Japan 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 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 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 Dec. (Jan. 1, 1941). 462.7 144.8 17.3 16.5 48.7 235.4 341.7 28.5 47.9 55.0 58.7 454.5 207.5 91.1 110.3 1941—Mar. (Apr. 2) 429.6 135.4 16.4 10.6 45.0 222.2 348.6 30.5 51.5 53.5 64.5 447.9 216.7 94.5 90.8 1941—June (July 2) 425.7 125.5 15.9 5.4 43.7 235.2 364.2 119.4 53.4 29.4 60.1 42.6 59.4 393.4 164.4 101.3 July 30 425.5 123.4 17.8 5.5 43.2 235.5 353.6 118.6 46.6 28.0 66.4 42.3 51.7 381.1 159.9 102.3 Aug. (Sept. 3) 424.2 121.2 18.0 6.1 42.2 236.6 348.0 104.9 47.3 27.7 73.3 42.0 52.9 365.0 161.7 86.6 Sept. (Oct. 1) 451.9 120.9 18.8 5.9 66.1 240.2 326.8 98.8 37.5 26.0 74.0 41.4 49.1 355.1 151.6 90.0 Oct. 29 449.7 119.8 18.7 5.9 65.5 239.7 323.5 93.5 37.5 30.1 73.8 41.2 47.4 345.2 145.6 Nov. 12 , r445.2 119.8 18.5 5.6 65.4 r235.9 320.4 92.3 39.8 30.2 73.5 38.9 45.7 342.7 142.5 89.6 Nov. 19 r445.2 119.5 18.5 5.6 65.4 r236.1 316.3 87.4 42.8 29.4 74.1 39.9 42.7 336.6 139.4 90.0 Nov. 26 „„.... r443.6 119.5 18.5 5.5 65.3 r234.8 320.4 87.4 43.3 29.7 73.5 39.9 46.6 333.2 136.1 91.3 Dec. 3 ,._„.... r442.0 119.8 18.3 5.5 65,0 r233.5 322.0 87.9 41.3 30.2 74.0 41.4 47.2 333.1 133.6 92.0 Dec. 10 ........ 440.2 118.1 18.3 5.5 65.3 232.9 314.4 84.9 40.9 30.1 72.3 41.6 44.7 329.5 131.8 91.6 69.8 Dec. 17 418.1 118.1 18.3 5.5 65.3 210.9 300.6 77.9 44.8 30.8 64.3 40.0 42.8 328.3 129.9 90.6 69.8 Dec. 24 417. 117.8 18.3 5.5 64.9 210.9 292.7 73.7 46.1 28.1 64.7 39.7 40.3 325.8 129.1 89.9 69.8 Dec. 31 417.0 117.3 18.1 5.7 65.2 210.7 295.9 75.7 50.5 27.3 62.5 37.7 42.1 319.0 156.8 61.6 69.9 30.7 I r Revised on basis of amended reports received from a reporting bank. 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; Aprl 1940, p. 362; and September 1941, p. 947). 385 APRIL 1941 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, B^ COUNTRIES Date Total U K d n i o n i m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o 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 16.8 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 in United States 1934—Dec. 53 1,137.8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Mar. 29 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 June 28 496.6 55.4 10.7 19.7 4.5 77.4 <?.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 :1.2 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 J.O 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 L.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 L.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 L.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 L.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 J.I 28.1 97.8 24.9 116.8 105.9 10.2 Aug. (Sept. 3) 353.5 23.4 L.9 .8 2.8 35.3 L.5 28.0 93.6 27.6 121.9 100.0 10.4 Sept. (Oct. 1) 353.8 22.4 L.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 L.8 .8 2.6 35.5 L.3 26.7 95.7 35.2 126.1 94.5 9.9 Nov. (Dec. 3) 363.9 25.9 L.8 1.1 2.6 35.3 L.5 26.1 94.2 26.7 142.4 91.0 9.6 Dec. 10 362.5 24.7 1.8 1.1 2.8 35.1 L.5 26.2 93.2 28.4 142.8 87.9 10.1 Dec. 17 363.7 23.6 L.8 1.1 2.8 35.2 L.5 26.0 92.0 29.2 145.4 87.5 9.6 Dec. 24 366.5 22.0 L.8 1.1 2.6 35.2 L.5 26.8 91.1 30.8 148.2 86.5 9.8 Dec. 31 367.8 20.9 L.8 1.1 2.6 34.4 L.5 26.2 88.4 33.6 148.3 87.9 9.7 Additional Detail Available from January 3, 1940* 5 European countries 6 Latin American countries 4 Asiatic countries Date Total Bel- m De a n rk - l F a i n n d - N w o a r y - S d w en e- Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a m . a n Z n d a - . Total China H K o o n n g g Japan P l p h a I i n i s n l - d i e p s - 1940—Mar. (Apr. 3) 19.4 7.9 2.2 .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 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 .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— F J e a b n . . 2 26 9 5 5 . . 6 6 . . 5 4 I.3 1 1 . . 9 9 1 1 . . 2 2 8 6 0 8 . . 0 3 1 1 1 0 . . 1 0 3 2 4 4 . . 0 4 1 1 4 4. . 9 3 1 1 1 1. . 8 3 6 5 . . 1 9. 2 2 . . 1 4 1 11 1 4 7 . . 2 9 2 2 4 3 . . 2 5 1. . 1 9 6 7 8 1 . . 3 8 2 2 0 1 . . 7 5 Mar. (Apr. 2) 4.8 .3 1.9 .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 .3 1.9 .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 .0 1.9 .6 67.4 12.7 24.1 12.2 9.7 6.0 2.7 98.0 29.2 2.7 41.1 25.0 June (July 2) 4.4 .1 2.0 .6 69.5 12.6 25.4 13.2 9.8 5.9 2.7 78.2 31.1 2.7 17.3 27.1 July 30 4.4 .1 2.0 .6 72.4 13.8 27.3 13.5 10.0 5.6 2.3 90.6 34.1 3.0 27.1 26.4 Aug. (Sept. 3) 4.3 .1 2.0 .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 2.0 .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 .0 8 2.0 .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. (Dec. 3) 4.0 .1 1.9 .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 Dec. 10 4.1 .1 1.9 .6 86.0 17.1 35.4 14.7 9.3 7.1 2.3 73.0 23.9 3.1 18.9 27.2 Dec. 17 4.1 .1 1.9 .6 87.9 16.2 36.6 14.6 10.9 7.2 2.4 72.9 23.6 3.1 18.9 27.2 Dec. 24 4.3 .1 1.9 .8 89.3 17.1 36.7 14.6 11.1 7.5 2.4 71.8 23.6 3.1 18.9 26.3 Dec. 31 4.1 .1 1.9 .6 90.9 16.8 38.0 14.9 11.3 7.6 2.4 68.4 23.5 3.1 18.9 23.0 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. 5 Less than $50,000. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). 386 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 in s m te i r l l l i i n o g n ) s of Gold1 a O ss th e e ts r C C oi a n sh rese N rv o e t s es a c v n o D a d u n i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e l r i- 1929_Dec. 25 . . 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275 0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 . . .. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec 25 200 1 260 0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200 0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—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 L.I 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Apr. 30 .2 5 680.0 L.5 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 May 28 .2 680.0 L.6 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 June 25 .2 680.0 L.7 41.3 6.9 156.2 639.0 112.5 25.3 50.4 17.8 July 30 .2 680 0 L.7 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 Aug. 27 .2 680.0 L.8 15.5 6.4 183.9 664.7 125.7 14.9 49.1 18.0 Sept. 24 .2 5 730 0 .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. 28 ,. .2 780.0 .4 37.8 8.2 184.5 742.4 145.5 10.2 57.4 17.9 Feb. 25 .2 780.0 .3 30.7 4.2 182.8 749.6 136.8 11.5 51.7 18.0 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r circ N ul o a t t e ion7 li O ab th il e it r ies dollars S t h e o rm rt S - Other Ch b a a r n te k r s ed D g o o m v i e n r i n o - n Other ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 . ... (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Feb 28 49.5 457.4 122.4 24.8 352.9 213.1 57.6 7.1 23.4 Mar. 31 69.5 411.1 114.5 17.0 365.3 208.0 17.1 8.3 13.4 Apr 30 134.0 372.5 118.2 12.8 372.6 228.9 18.2 3.8 14.0 May 31 216.3 375.5 126.5 9.9 379.4 239.8 88.6 5.4 15.0 June 30 .5 501.5 142.9 28.9 393.4 200.3 54.5 10.6 15.0 July 31 .5 522.3 138.0 14.9 404.7 216.3 33.3 4.7 16 7 Aug 30 40.6 519.7 141.4 21.3 422.2 212.9 60.7 10.0 17.2 Sept. 30 . 109.3 516.4 146.3 19.9 435.3 207.5 124.6 6.4 18.2 Oct. 31 .... 42.5 462.2 234.7 29.6 448.9 231.8 60.3 2.4 25.7 Nov 29 113.8 428.7 228.5 20.3 463.0 247.2 53.2 7.2 20.7 Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Jan. 31 299.1 245.7 203.8 14.9 479.1 200.6 46.6 18.7 18.7 Feb. 28 377.0 209.5 204.6 17.6 493.2 236.8 49.4 11.1 18.2 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. • 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. J~ ' ' ~ ' " " ' ** t; on Mar. 1, 1939, about from Exchange Account ^Fiduciary issue increased by 50 million pounds on June 12,1940, and Apr! 30, Aug. 30, and Dec. 3, 1941. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 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). NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of Canada correspond to the items in that Bank's statements, except that the headings Other assets and Other liabilities include certain small asset and liability items shown separately in the statements. APRIL 1941 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued 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 re f s f i r n a n m c i s l ) lions Gold1 Fo e re x i - gn Other ci N rc o u te la- l ( i D ab th i e li r change m O a p rk en et2 Special2 Other c F u c o p o r a s t t o i s c o 3 - n Other2 assets tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec 30 68 863 21 111 7 157 7,389 11 275 ' 85 725 5 898 22,183 1 989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2 041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 5 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Jan. 25 97,268 111 11,861 2,235 5,011 35,673 19,636 151,738 1,834 14,965 3,259 Feb. 29 97,275 109 12,505 1,810 4,630 40,523 20,785 156,150 1,203 17,128 3,156 Mar 28 6 84,614 111 42,645 1,870 5,005 20,550 19,666 156,032 1,154 14,262 3,014 Apr. 25 84,615 112 42,694 1,781 5,769 20,900 19,305 156,285 1,171 14,681 3,038 May 30 84,616 102 44,083 1,889 14,473 32,600 22,729 170,853 1,046 25,782 2,811 June 10 84,616 108 44,173 1,518 11,8I85 36,250 25,221 174,469 1,049 25,405 2,848 A Se u p g t . . 2 2 9 6 6 6 8 8 4 4 , , 6 6 1 1 6 6 8 (I) 3 2 9 7 , , 2 2 0 0 0 0 6 69 4 , , 3 1 4 9 0 5 2 1 0 9 5 8 , , 4 5 3 7 9 8 9 9 9 9 5 0 3 2 4 7 , , 9 20 3 0 0 2 2 8 5 , , 2 7 2 0 6 0 (7) Oct. 316 84,616 56,806 65,250 213,131 1,097 38,932 25,075 Nov. 286 84,616 (7) 64,397 61,200 214,176 748 39,107 24,941 (7) Dec. 266 84,616 42 661 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 43,194 3,646 1941_july 3i 84,598 37 40,776 •6,419 117,715 69,500 22,605 242,000 1,318 60,612 33,978 3,741 Aug. 28 84,598 37 40,720 6,139 117,555 67,700 21,826 244,099 1,341 60,193 29,179 3,763 Oct. 30 84,598 37 41,138 7,849 129,518 60,500 23,555 255,684 1,272 60,932 25,999 3,309 Dec. 3lp 84,598 (7> (7) (7) (7) 142,507 (7) (7) 270,144 (7) 61,500 (7) (7) Assets Liabilities Relchsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a i u l s d l u s i r n y g Se l c o u an ri s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec 3i 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 I939—Dec 30 78 (8) 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec 31 78 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—jan 31 77 14,503 28 28 349 1,834 13,694 1,726 1,399 Feb.28 77 15,284 34 24 351 1,445 13,976 1,935 1,305 Mar 31 78 15,367 23 32 352 1,672 14,188 2,127 1,210 Apr. 30 78 15,644 32 22 488 1,548 14,689 2,006 1,117 May 31 78 15,918 23 18 438 1,922 15,210 2,012 1,174 June 30 78 16,258 20 45 416 2,336 15,565 2,373 1,215 July 31 78 16,754 S- 12 359 2,302 16,031 2,243 1,259 Aug. 30 77 17,306 16 384 2,343 16,502 2,326 1,323 Sept. 30 77 18,016 24 383 2,260 16,918 2,511 1,357 Oct 31p 77 18,456 25 20 (7) CO 17,432 2,470 (7) Nov 29^ 77 18,899 2 2 6 4 58 (7) (7) 17,793 2,493 (7) p Preliminary. 1 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732.- 3 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. 4 Central Administration of the Reichskreditkassen. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Figures taken from annual report of Bank for 1940. 7 Figure not available. 8 Gold not shown separately on Reichsbank statement after Tune 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83 and July 1935, p. 463. 388 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) Feb. Jan Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine Re- National Bank of Denmark—Cont. (Oct.) public (millions of pesos): Other assets 85: 585 Gold reported separately 1,075 1,07: Note circulation , 792 703 Other gold and foreign exchange.. 467 277 Deposits 980 526 Negotiable Government bonds. 364 310 , Other liabilities 204 198 Rediscounted paper 36 Central Bank of Ecuador (thou- Other assets 206 23" sands of sucres): [Sept.)4 Note circulation 1,380 1,235 Gold. 69,881 63,427 Deposits—Member bank 561 446 Foreign exchange (net) 23,836 13,748 Government 56 184 Loans and discounts 82,353 58,242 Other 27 Other assets 26,593 22,608 Foreign exchange sold forward 7 Note circulation 110,82: 74,798 Other liabilities 81 Demand deposits 53,496 52,456 Commonwealth Bank of Australia Other liabilities 38,344 30,771 (thousands of pounds): National Bank of Egypt5 (thou- Issue department: sands of pounds): ;Sept.)4 Gold and English sterling 21,954 21,955 17,705 Gold. 6,241 Securities 64,717 68,213 49,809 Foreign exchange 2,722 Banking department: Loans and discounts 4,778 Coin, bullion, and cash 5,647 2,805 4,932 British, Egyptian, and other Gov- London balances 30,325 37,907 64,903 ernment securities 84,664 Loans and discounts 28,031 22,662 24,288 Other assets 7,660 Securities 88,940 81,766 40,256 Note circulation 45,945 Deposits 143,499 135,017 126,03: Deposits—Government 10,166 Note circulation. 81,364 84,864 62,369 Other 36,385 National Bank of Belgium1 Other liabilities 13,568 National Bank of Bohemia and Mo- Central Reserve Bank of El Salvaravia (millions of koruny): dor (thousands of colones): Gold '.' 1,513 1,465 Gold 13,233 13,244 Foreign exchange 787 766 Foreign exchange 4,538 2,430 Discounts 840 1 Loans and discounts 1,572 2,071 Loans (2) (3) Government debt and securities.. 7,080 6,699 Other assets (2) (*) Other assets 1,630 1,446 Note circulation 9,397 6,813 Note circulation 19,447 15,000 Demand deposits 2,800 1,826 Deposits 4,848 4,669 Cent O r t a h l e r B l a ia n b k i l o it f i e B s olivia (thousands ) (2) Ban O k th o e f r F li i a n b l i a li n t d ie s (millions of mark- 3,759 6,221 of bolivianos): (Apr.)4 (May) • Gold at home and abroad 104,959 102,935 Gold 556 604 Foreign exchange 42,607 66,795 Foreign assets 1,182 1,531 Loans and discounts 224,182 214,985 Loans and discounts 5,610 5,380 Securities—Government 440,344 429,924 Domestic securities 414 365 Other 8,513 7,643 Other assets 2,212 1,240 Other assets 202,454 158,260 Note circulation 5,659 5,551 Note circulation 508,348 492,408 Deposits 796 537 Deposits 422,463 397,788 Other liabilities 3,520 3,032 N B C a a e p n n t e i k N D O D L O O G O t s o r o o e o o t t i t t n a o h h s h s h a p l t l a c ) d f e e e e e n o : o l r r r r s s B t u c i B l l a l h t t i a n i i o s r o s a a a e t n c a — s s b b n u n k e G R i i k t s l B f O l l s o a o e i i o t t a t a v t p r o i i i h f n n e e e o f u e m k s s r d n C r b n B e d m l h m u i i c i e s l b l c g n e e o o t a r f u r ( b n i m C a a ts i 1 o n ll l k i o o s m ns b o ia f 1, 3 6 2 4 1 7 1 1 6 7 0 5 3 4 4 9 3 2 3 4 7 3 8 8 0 2 92 1 , ,4 3 2 6 1 7 1 1 1 4 7 4 8 4 1 9 3 6 4 9 4 1 3 2 2 3 8 8 8 90 1 , , 3 2 2 1 4 7 1 1 0 1 7 4 5 4 4 4 8 7 2 3 1 8 2 7 7 2 8 5 N Ba a o • n t f i O N k D L F D C G o p o o t o o i e n o e o h s r a m n t l n a e c f e e n d s g l i o r a s 6 o g G o c — u B n l n a i ) i n d r a r s d : T O T t c e e s n s a d u o o x e e t t k e h c t e l c s a p T f d e e h o o t o 1 r a r i f f r o s e n o e H i n a g i r t g e s s e u n i u g n r r n e y g c s o a c e u r r r e n v y d e tr i ( i t m s e s o il f l io 19 n 3 s 1. (O 1 1 c , , t 0 9 8 3 3 1 . 1 2 ) 4 9 0 3 3 0 4 1 2 4 9 1 8 1 7 5 0 0 8 6 " 1 " ,3 5 6 6 3 1 1 2 4 9 1 1 3 2 6 5 4 1 6 1 2 4 5 1 (thousands of pesos): Other liabilities 217 265 N L D O F O G G o o o e t t o o h h r a p l t v e d e e e n o e i r r s g s r c n i n a l a i t i m r s s a n c e s b d e u e x i n t l c l d s a t i h t i t a i s i l e o o n c s n a o g n u e s n t a s nd securities... 4 3 4 2 5 5 7 1 0 2 5 9 2 4 2 4 , , , , , , , , 5 8 2 8 9 1 7 8 1 4 3 0 7 2 6 9 7 2 6 9 8 6 2 6 3 4 4 5 3 5 7 9 1 1 5 1 4 2 0 , , , , , , , , 8 1 7 2 4 8 2 3 6 0 8 8 5 8 4 5 3 9 2 3 7 6 4 4 4 2 3 4 5 5 7 1 6 8 1 7 4 0 4 0 , , , , , , , , 8 2 3 5 1 9 4 3 5 5 3 9 0 4 0 9 6 5 5 3 3 1 7 4 3 3 3 5 5 6 2 1 2 9 4 7 9 1 1 6 , , , , , , , , 0 8 6 0 3 9 7 4 7 0 0 3 2 0 2 4 0 3 9 6 0 0 0 0 Re r s u e I B p r s e s a v e u n e s e k N G I R S ) B n i : t u o n d o e d a p l g t e r i d e n l e a p i e k n n d a a c g r e t i c G t r o p o m c h s f a o i u o e n e r v l m c I t n a ' m u n t t t e . r i : d e i o a s t i n n i a e n e t c : d s u ( m r a i i t b l i l e r io s o n a s d o .. f .. 2 3 , , 2 3 4 4 3 7 5 4 1 4 6 6 4 5 2 1 2 , , 4 4 4 4 3 0 9 4 9 2 5 4 5 6 4 Na o t f i F D L G C o k o o l i o n r e s r a l o e a c a d n n i r o l s g i e — u n B n r n g ) a O T t : e s n a o x t c k h c c e G h o o r a o u f n v n D g e t e s r e n n m ( m n e e a n t t r ) k a g ( e m J nc il i l e io s. ns (Oct. 7 ) 9 3 2 1 5 ^ 9 2 6 6 8 4 1 7 0 4 2 1 1 4 9 8 0 0 N T L B O D O o r a o t t e e h h a l p t a a e e e n o n s s r r s s u c i a o l e r t t i o y s s s f a s b i e G a b s i t b i l s s o l i r u l t v o s e i e e a r d s d d n i e s m p c e a o n r u t t n m te e d nt 4 1 1 5 1 7 1 2 6 4 1 2 1 1 3 " (3 " ) 8 6 1 7 1 6 7 7 8 4 2 5 6 6 Securities 180 165 Bank of Japan1 1 For last available reports from the central banks of Belgium (March 1941), Bulgaria (May 1941), Greece (March 1941), and Japan (September 1941), see BULLETIN for March 1942, pp. 280-281. 2 Figure not available. 3 Less than 500,000. 4 Latest month for which report is available for this institution. 5 Items for issue and banking departments consolidated. ^ 6 Gold revalued in week ending September 30, 1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengo of approximately 24 per cent. APRIL 1941 589 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Bank of Java (millions of guilders): South African Reserve Bank—Cont. Gold 444 322 Note circulation 28,631 23,784 Foreign bills 21 17 Deposits 71,741 58,861 Loans and discounts 119 88 Other liabilities 5,451 4,359 Other assets 119 123 Bank of Sweden (millions of kronor): Note circulation 311 213 Gold 497 492 376 Deposits 355 300 Foreign assets (net) 760 760 747 Other liabilities 36 37 Domestic loans and investments.. 843 810 824 Bank of Mexico (thousands of pesos): Other assets 926 828 744 Metallic reserve1 189,778 190,072 167,325 Note circulation . . . 1,607 1,700 1,425 "Authorized" holdings of securi- Demand deposits 897 587 545 ties, etc 491,934 515,860 476,635 Other liabilities 523 603 720 Bills and discounts 96,817 73,436 58,668 Swiss National Bank (millions of Other assets 85,316 85,874 56,984 francs) * (Nov.)2 Note circulation 546,309 563,133 426,011 Gold 2,606 2,267 Demand liabilities 212 781 197,974 243,289 Foreign exchange 937 1,131 Other liabilities 104,755 104,135 90,312 Loans and discounts 135 151 Netherlands Bank (millions of guil- Other assets 230 255 ders): (Sept.)2 Note circulation . . 2,212 2,129 Gold . . 1,023 1,097 Other signt liabilities 1,405 1,423 Silver (including subsidiary coin).. 8 19 Other liabilities 290 252 Foreign bills 590 23 Central Bank of the Republic of Discounts 68 67 Turkey (thousands of pounds): (Nov.)2 Loans 176 249 Gold .... 115,404 109,170 Other assets 277 "236 Foreign clearing accounts 55,815 37,846 Note circulation 1,894 1,508 Loans and discounts 474,471 382,469 Deposits—Government. Securities 191,570 192,357 Other 190 123 Other assets 25,916 18,121 Other liabilities 58 60 Note circulation 511,484 425,599 Reserve Bank of New Zealand (thou- Deposits—Gold 79,358 79,357 sands of pounds): Other 110,021 101,593 Gold.. ..... 2,802 2,802 Other liabilities 162,312 133,414 Sterling exchange reserve 13,294 16,647 Bank of jthe Republic of Uruguay Advances to State or State under- (thousands of pesos): (Nov.)2 takings 25,503 26,148 Issue department* Investments 3,842 3,778 Gold and silver . . 86,235 86,235 Other assets 1 759 1,432 Note circulation 107,592 105,910 Note circulation 24,615 21,382 Banking department: Demand deposits 19 956 26,835 72,924 66,690 Other liabilities 2,630 2,589 Notes and coin 34,082 34,842 Bank of Norway3 Advances to State and to Central Reserve Bank of Peru (thou- government bodies 25,150 39,982 sands of soles): (Nov.)2 Other loans and discounts 93,210 92,531 Gold and foreign exchange. 62,080 49,606 Other assets 129,770 88,819 Discounts 15,958 28,573 Deposits 119,987 116,844 Government loans 180,993 129,980 Other liabilities 235,149 206,018 Other assets 6,666 8,434 Central Bank of Venezuela (thou- Note circulation 183,990 144,391 sands of bolivares): Deposits 60,039 51,026 Gold ... 158,317 149,031 124,311 Other liabilities 21,667 21,174 Foreign exchange (net) 18,491 17,791 38,903 Bank of Portugal (millions of Credits to national banks 35,230 35,230 36,230 escudos): (Nov.)2 Other assets 14,510 13,918 9,422 Gold4 1,338 1,256 Note circulation— Other reserves (net) 1,432 775 Central Bank 138,071 114 990 95,695 Non-reserve exchange 2,826 991 National banks 54,394 56,338 60,738 Loans and discounts 340 365 Deposits 25,851 34,102 42,663 Government debt 1,031 1,031 Other liabilities 8 232 10 540 9,770 Other assets 935 937 National Bank of the Kingdom of Note circulation 3,911 2,720 Yugoslavia8 Other sight liabilities 3 192 1,767 Bank for International Settlements Other liabilities 798 867 (thousands of Swiss gold francs*): (Nov.)2 National Bank of Rumania (millions Gold in bars 31,959 40,072 of lei): (Sept.)2 Cash on hand and on current ac- Gold5 33,715 32,262 count with banks 40,950 48,573 Special exchange accounts 17,667 7,028 Sight funds at interest 15,626 15,102 Loans and discounts 31,102 29,715 Rediscountable bills and accept- Special loans (in liquidation) . 574 671 ances (at cost) 142 162 142 007 Government debt 9,628 9,783 Time funds at interest 21,004 22,387 Other assets 37,532 15,906 Sundry bills and investments 223,364 236 825 Note circulation 89 691 66 976 Other assets 107 2 310 Demand deposits 28,281 18 247 Demand deposits (gold) 26 241 35 570 Other liabilities 12,246 10,142 Short-term deposits (various cur- South African Reserve Bank (thou- rencies) : sands of pounds): Central banks for own account 21,734 45,510 Gold 44,431 47,110 Other 4 277 2 868 Foreign bills 322 603 Long-term deposits: Special ac- Other bills and loans 1 3 counts . 229 001 229,001 Other assets 61,069 39,287 Other liabilities 193,918 194,327 1 Includes gold, silver, and foreign exchange forming required reservei ((25 per cent) against notes and other demand liabilities. 2 Latest month for which report is available for this institution. 3 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 4 Valued at average cost. 5 Gold revalued April 1, 1941, at 0.0047 gram fine gold per leu. 6 See BULLETIN for December 1936, p. 1025. 390 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 r t 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 M R 3 a a 1 t r e . ef D fe a ct t i e ve ba C n e k n tr o a f— l R M 3 a a 1 t r e . ef D fe a c t ti e ve In effect Oct. 2, 1936 2 3 4 2 3 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 2y Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 2 1H Moravia.... Oct. 1, 1940 Mexico 4 Jan. 2, 1941 Dec. 3. 2 Jan. 28, 1937 s 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands 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 Canada Mar. 11, 1935 Norway .... 3 May 13, 1940 May 10, 1938 .... 4 Chile 3-4^ Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 2H Colombia July 18, 1933 Portugal.... 4 Mar. 31, 1941 May 30 3 Sept. 28 3 Oct. 27 2H Nov. 25 . . Denmark 4 Oct. 16, 1940 Rumania 3 Sept. 12, 1940 Jan. 4, 1939 2 Ecuador .. . 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 . 4 El Salvador... 3 Mar. 30, 1939 Spain ... 4 lMar. 29, 1939 May 11 3 Estonia Oct. 1, 1935 Sweden. 3 May 29, 1941 July 6 2H 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 2 July 14, 1941 dom 2 Oct. 26, 1939 Apr. 9 3M Hungary 3 Oct. 22, 1940 U S S. R,.. 4 July 1, 1936 May 17 Italy May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 Mar. 17, 1941. z A/fov OQ 3 June 27 In effect Mar. 31, 1 Not officially confirmed. 1942 2 3H 2 3 NOTE.—Changes since Feb. 28: none OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Switzerland Month ac 3 B c a e m p n o t k a n e n t r h c s' e s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a 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 te nt Da m y- o t n o e - y day d P i r s r i a c v o te a u t n e t 1 M m f o o o n r n ey th m u L p o o n a to t n h s s 3 d P i r s r i a c v o te a u t n e t 1929—Jan 4.32 4.29 3.41 5.80 5.13 4.20 4.46 3.28 1930—Jan 4.07 4.04 3.62 6.33 6.03 2.99 2.85 2.97 1931—Jan 2.25 2.24V 1.74 4.75 4.93 1.38 1.55 1.17 1932—Jan 5.52 4.94 4.20 6.94 7.86 2.24 2.37 1.68 1933—Jan .87 .76 .73 C3.88 4.98 .37 1.00 1.50 1934—Jan 1.01 .90 .86 C3.98 4.74 .50 1.00 1.50 1935—Jan .36 .26 .66 3.51 3.82 .59 1.00 1.50 1936—Jan .56 .53 .75 3.00 2.81 2.21 2.29 2.48 1937—Jan .56 .54 .75 3.00 2.54 .52 1.01 1.25 1938—Jan .54 .51 .75 2.88 2.98 .13 .50 1.00 1939—Jan .55 .53 .75 2.88 2.46 .13 .50 1.00 1940—Jan 1.10 1.09 .02 2.50 2.03 1.85 2.64 1.25 1941—Jan 1.03 1.01 .00 2.25 1.73 2.25 2.75 1.25 1941—Feb 1.03 1.02 .00 2.25 1.68 2.25 2.75 1.25 Mar 1.03 1.01 .00 2.25 1.83 2.07 2.75 1.25 Apr 1.03 1.01 .00 2.25 1.67 2.06' 2.75 1.25 May 1.03 1.00 .00 2.25 1.78 1.93 2.36 1.25 Tune 1.03 1.00 .00 2.13 1.93 1.88 2.25 1.25 July 1.03 1.00 .00 2.13 1.63 1.88 2.25 1.25 Aug 1.03 1.00 .00 2.13 1.88 2.25 1.25 Sept 1.03 1.01 .00 2.13 1.88 2.25 1,25 Oct 1.03 1.00 .00 1.25 Nov 1.03 1.00 .00 1.25 Dec 1.03 1.01 .03 1942—Jan 1.03 1.01 .04 c Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. APRIL 1942. 391 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 c r n t e d at B co il u ls n d te i d s- T r d e r e c e p e a i o 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 31 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 59* 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—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 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—January 330 118 157 739 1.008 832 288 3,222 2,088 1,134 249 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 chartered banks. End of abroad Note excluding interbank deposits mo of n t C h a f n ig a u d r i e a s n in d o m ll i a l r l s io ) ns Cash Security O lo t a h n e s r d a u n e d f n ro e m t Securities O as t s h e e t r s cir ti c o u n la- li O ab th il e i r ties reserves loans and dis- foreign Total Demand Time counts banks 1932—December.. 211 103 1,104 155 778 500 115 1,916 538 378 821 1933—December.. 197 106 1,036 134 861 482 121 1,920 563 ,357 775 1934—December.. 228 103 977 155 967 491 124 2,035 628 ,407 761 1935—December.. 228 83 945 141 1,155 529 111 2,180 694 ,486 789 1936—December.. 240 114 791 161 1,384 554 103 2,303 755 ,548 837 1937—December.. 255 76 862 102 1,411 575 96 2,335 752 ,583 850 1938—December.. 263 65 940 166 ,463 535 88 2,500 840 ,660 843 1939—December.. 292 53 1,088 132 ,646 612 85 2,774 1,033 ,741 963 1940—December.. 323 40 1,108 159 ,531 570 2,805 1,163 ,641 846 1941—March 296 35 1,115 178 ,766 521 2,972 1,270 ,703 858 April 325 31 1,109 189 ,820 544 79 3,064 1,356 ,708 877 May 321 29 1,132 183 ,812 537 80 3,045 1,350 ,695 889 June 288 33 1,292 191 ,688 575 80 3,075 1,608 ,467 913 July 314 34 1,279 188 ,681 559 80 3,068 1,579 ,489 907 August 299 35 1,255 190 ,698 553 81 3,031 1,509 ,522 919 September. 308 36 1,237 197 ,696 579 79 3,037 1,482 ,555 938 October.. .. 325 37 1,233 199 ,643 594 80 3,012 1,420 ,592 939 November.. 342 36 1,218 182 ,690 593 76 3,041 1,402 ,639 944 December. 356 32 1,169 168 ,759 653 71 3,105 1,436 ,669 962 1942—January 296 31 1,128 158 ,916 585 71 3,096 1,376 1,720 945 Assets Liabilities France (4 f i l g a u r r g e e s b in a n m k i s l . l io E ns n d o f o f f r m an o c n s) th re C se a r s v h es Du b e a n f k r s om B c i o ll u s n d te is d Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1932—December. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December. 5,836* 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—January... 4,066 4,080 29,808 7,756 1,745 42,850 42,302 548 938 3,667 February.. 4,293 3,993 30,810 7,579 1,849 43,737 43,195 542 1,034 3,753 Marche.... 4,110 3,920 34,123 7,499 1,961 46,608 46,064 544 1,105 3,901 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. ' J Represent six-month loans to the Treasury at 1J per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. * TThhrroouugghh DDeecceemmbbeerr 119, 37, excludes dpespotss iitsn ionf iocfefsic eosu tosuidtsei dEen Eglnagnlda nadn da nWd aWleasl ewsh wihich are included in total. 44 BBeeggiinnnniinngg 11993366, , ffiiggguurreess oonn tthhiiss bbaassiiss aavvaaiillaabbllee oonnllyy ffoorr aallll 1111 bbaannkks—ssseeee ffooottnoto te5 5, 5 District Bank iinncclluuddedd bbegiiin ningi i1n9 319636. « No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 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 r n a d li ) 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 l i - a Canada (dollar) Chile (peso) C (y h u in an a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a 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 15.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 14.0000 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 5AUS 33.279 11.2111 96.018 5.1727 4.0000 11.879 1940 29.773 1322'. SO 305.16 116.880 6.0562 5.0214 30.155 190.909 85.141 5.1668 4.0000 6.000 1941 ,. 29.773 123.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 15.1664 14.0000 15.313 1941—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 Feb 29.773 23.704 322.80 321.50 6.0580 5.1369 30.122 90.909 88.418 Year or month C ( o p b l e i o s a m o) -C s ( l k o z o e v r c a u h n k o a ia ) - ( m D kr e a o n r n - k e) ( F l m k a i a a n n ) r d - k- F (f r r a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e 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 1.8710 12.0827 40.021 1.6715 22.958 18.475 5.0407 23.436 18.546 153.128 306.38 1941 . .. 57.004 12.0101 J39.968 124.592 119.770 15.0703 123.439 20.538 322.54 1941—Mar 56.985 2.0100 39.960 24.421 19.770 5.0452 23.439 20.529 322.55 Apr. .... 57.011 2.0100 39.962 24.393 5.0475 23.439 20.538 321.96 May 57.022 2.0100 39.968 24.285 5.0805 23.439 20.537 322.45 June 56.982 2.0098 39.970 24.372 5.2621 23.439 20.533 322.51 July 56.981 24.524 23.439 20.542 322.57 Aug. 56.982 25.110 20.538 322.54 Sept 56.982 25.099 20.542 322.60 Oct 56.980 25.088 20 567 322.63 Nov 56.993 25.088 20.544 322.71 Dec 56 987 25.043 20 560 322.78 1942—Jan. 56.987 20.564 322.78 Feb 56.997 20.562 322.78 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 ( u n le m i u a ) a- ( A S p o o fr u u i n c th a d) ( S pe p s a e i t n a) S S m (d t e e o r t a n l t l l i a t e s t r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree Con- (peso) N co o n n - - Y ( s d l u a in g v a i o a r - ) trolled trolled 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 19.130 47.133 123.829 123.210 403.50 403.18 65.830 43.380 12.2397 1941 Mar. 4.0039 398.00 9.130 47.106 23.824 23.210 403.50 403.19 65.830 39.566 4.0009 398.00 9.130 47.107 23.825 23.201 403.50 402.48 65.830 40.065 May 4.0017 398.00 9.130 47.107 23.839 23.203 403.50 403.10 65.830 41.161 June 4.0026 398.00 9.130 47.138 23.836 23.206 403.50 403.16 65.830 42.706 July 398.00 47.160 403.50 403.23 65.830 43.789 Aug 398.00 47.160 403.50 403.18 65.830 43.745 Sept. .. 398.00 47.160 403.50 403.27 65.830 43.836 Oct 398.00 47.160 403.50 403.29 65.830 45.796 Nov. 398.00 47.160 403.50 403.42 65.830 48.125 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 Feb 398.00 46.710 403.50 403.50 65.830 52.785 1 Average of daily rates for that part of the year during which quotations were available. NOTE.—Developments affecting averages during 1942: No rates certified: Straits Settlements—since February 14. Changes in nominal status (noted only if affecting quotations for at least five days a month): none. For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1942, see BULLETIN for March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. APRIL 1941 393 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 ' 1 124 695 134 237 106 1 126 144 1930 86 87 100 554 125 85 181 90 1 103 126 1931 73 72 88 500 111 75 153 76 l 94 110 1932. . . 65 67 86 427 97 70 161 65 1 92 96 1933 66 67 86 398 93 63 180 63 l 90 91 1934 75 72 88 376 98 62 178 63 l 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 83 137 110 311 146 143 1941 87 90 153 8 326 1941— M F a eb rc r h uary 8 8 1 2 8 8 5 6 1 1 5 5 0 1 1 1 1 1 2 2 3 3 1 2 7 2 1 1 6 6 5 9 x 1 1 6 7 8 0 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 94 155 337 176 193 November 93 94 155 December 94 94 156 1942—January 96 94 156 February 97 P159 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. 8 Average based on figures for 10 months. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- Foods p I ro n tr d d i u u a c l s t - s 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 c l s t - s p A r t g o u r d r i 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 d n a i l s s h e ra m e w d i- tr I i i n s a d h l u e f d s in - 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 0 4 8 8 2 1 9 9 7 7 1 1 0 0 4 6 1X 6 6 5 4 3 1 1f 6 70 63 7 1 1 0 0 6 8 *l9 3 91 9 9 4 5 1 1 2 2 6 6 1940 68 71 83 133 138 (2) (2) 111 (2) 99 129 1941 82 83 89 146 156 1941—February 70 74 84 144 153 111 100 133 72 75 85 144 154 111 100 133 April 74 78 86 144 154 112 100 133 May 76 80 87 144 155 113 100 132 June 82 83 89 145 156 114 100 132 July 86 85 90 146 157 114 100 132 August .. 87 87 91 146 157 114 100 132 September 91 90 92 147 158 113 101 132 October 90 89 93 148 158 November 91 89 94 149 158 December 95 91 94 151 158 1942—January . . .. 101 94 95 152 159 February 101 95 95 J 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. 394 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 n t 1 a 3 i 0 5 t t e 0 e -3 d s ) 9 U K d ( n 1 J i o 9 i n u m t 1 l g e 4 y - d F = ( r 1 J 1 a 9 u 0 n 1 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 1 n h 0 1 d 0 e - s ) 1 r- 3 S e = r ( w 1 J l 1 9 a u i 0 1 t n n 0 z 4 e d ) - Year or month U ( S = 1 n 9 t 1 a 3 i 0 t 5 t 0 e e - ) d 3 s 9 U K d ( n 1 i J o 9 i n u m 1 t l g e 4 y - d F = r ( 1 1 a 9 0 n 3 0 c 0 ) e (1 m = G 9 1 a 1 e 0 3 n r 0 - y - ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s 1 ) r, 3 S e = ( r w 1 J 1 l 9 u a 0 i 1 n t n 0 4 z e d ) - =100) =100) 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 I 423 120 118 114 1935 98 143 78 123 136 128 1936 101 130 470 122 120 120 1936 99 147 86 125 X132 130 1937 105 139 601 122 127 130 1937 103 154 102 125 137 137 1 1 9 9 3 3 8 9 9 9 5 8 1 1 4 4 1 1 2 7 7 0 4 2 2 1 1 2 2 2 3 1 1 3 3 0 0 1 13 3 2 0 1 1 9 9 3 3 8 9 1 9 0 9 1 1 1 5 5 6 8 3 1 1 1 2 7 2 1 1 2 2 6 6 1 1 3 4 9 0 1 1 3 3 7 8 1940 97 164 128 4 140 146 1940 ... 100 184 130 5 148 151 1941 106 168 1941 105 199 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... 112 165 185 October 109 199 182 November. 113 165 November... 110 200 December . 113 165 December. .. 111 201 1942—January ... 116 163 1942-January 112 200 February.. 117 February.... 113 P200 v Preliminary. 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. 6 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for October 1939, p. 943| and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S p d r t e n i a r c i i t t v e e e ) e s d 1 d ( K 1 D 9 U i e 2 n n c 1 g e i = d t m 1 e o 0 d b m 0 e ) r (1 F 9 r 1 a 3 n =1 ce 00) G ( e a p v r r m e ic r a a e g ) n 2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t 1 3 a i 0 5 t t 0 e e -3 ) d s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) N umber 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 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 .... 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 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—February 116.7 121.9 102.8 74.3 80.1 70.5 133.0 113.4 March 116.9 122.5 102.8 73.2 80.3 69.9 228.3 131.1 115.1 April 116.8 121.7 100.5 103.0 78.5 77.9 69.7 269.5 131.0 126.5 May 117.0 122.7 98.4 103.2 82.1 " 77.1 70.4 274.6 133.2 121.6 June 117.7 122.9 103.3 79.5 70.7 138.1 July 118.7 124.7 103.1 83.2 72.5 142.6 August 118.5 124.5 103.1 83.2 73.8 144.0 September 118.1 125.9 103.1 83.6 75.1 146.4 October 118.8 125.5 80.4 74.8 November 119.2 125.7 77.4 76.0 December 117.5 125.5 71.8 74.8 1942—January 117.5 126.8 72.6 76.0 February 117.1 69.8 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 ccorporate bonds for the series beginning 1937 and for a varyyign g number of hgighg-garea deb boodn dfs for thse serieps priort to that date. They yye arly averagg e for 1973 7is the same for bothh sseerriieess.. SSoouurrccee:: SSttaannddaarrdd aanndd PPoooorr''ss CCoorrppoorraattiioonn.. 22 Sii nce AApirli l 1, 1935, hth e 139 bondsi inlcdludd edi in the calculation of the average price have all borne interest at 4^ per cent. TT he seriies prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 — 100; average yield in base year was 4.57 per cent. For new index beginning Jan. 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down to 287. 6 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 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. APRIL 194Z 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS 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 ERNEST G. DRAPER Vice President R. M. EVANS R. R. GILBERT WILLIAM F. KURTZ, PHILADELPHIA DISTRICT H. G. LEEDY B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE RONALD RANSOM ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK H. LANE YOUNG, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT C. S. YOUNG 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 396 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... W. W. Paddock William Wiilett New York.... Beardsley Ruml Edmund E. Day Allan Sproul L. R. Rounds R. M. Gidney T W lfnr»lri- Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe.. Warren F. Whittier.. Alfred H. Williams.. Frank J. Drinnen... W. J. Davis T7 C trill C. A. Mcllhenny* C. A. Sienkiewicfc Cleveland Geo. C. Brainard.... R. E. Klages M. J. Fleming F. J. Zurlindcn 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 Geo. H. Keesee1 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. Black1 J. H. Dillard Charles B. Dunn A. J. Mulroney Alfred T. Sihler 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. Shcpard.... J. N. Peyton O.S.Powell A. W. Mills1 Harry I. Zicmcr Kansas City... R. B. Caldwell. Robert L. Mehornay.. H. G. Lecdy Henry O. Koppang. J. W. Helm2 D. W. Woolley Dallas Tav Tavlor 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 \R Hil* R. B. West 1 Cashier. * Also Cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVEBANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch . R. B. Wiltse Helena Branch. R. E Towle Cleveland: Cincinnati Branch B. J. Lazar Kansas City: Pittsburgh Branch P. A. Brown Denver Branch Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch W. T. Clements Atlanta: Dallas: Birmingham Branch P. L. T. Beavers El Paso Branch J. L. Hermann Jacksonville Branch Geo. S. Vardeman, Jr. Houston Branch W. D. Gentry Nashville Branch Joel B. Fort, Jr. San Antonio Branch M. Crump New Orleans Branch E. P. Paris Chicago: 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 APRIL 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo FEDERAL RESERVE DISTRICTS DALLAS® J i TEXAS > r'V-z /-""Vy/ BOUNDARIES OF FEDERAL RESERVE DISTRICTS \{ { \ Ho ••••• BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH ClTIf S O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis