Federal Reserve Bulletin, 1942-05

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

PAGE Review of the Month—Regulation of Consumer Credit 399~4°9 From a Legal Standpoint: Consumer Credit: Revision of Regulation W 410-413 Interpretations of Regulation W 4x3-414 War Financing—Regulation V 414-417 Industrial Loans—Revision of Regulation S 4x7-430 Alien Property Custodian 430-431 Government Contracts „ 431 Foreign Funds Control 43I-433 Volume of Consumer Instalment Credit 434-437 Instalment Loans of Insured Banks—December 31, 1941 43£-440 General Maximum Price Regulation 441-449 Changes in Publication of Bank Debits 450 Canada—Publication of Additional Statistical Series 451 Current Events 451 Correspondence—Further Comment on Currency Hoarding 453-454 National Summary of Business Conditions 455-456 Financial, Industrial, Commercial Statistics, U. S. (See p. 457 for list of tables). .. . 457-508 International Financial Statistics (See p. 509 for list of tables) 509-511 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 5XX Senior Officers of Federal Reserve Banks; Managing Directors of Branches, 5x3 Map of Federal Reserve Districts 524 Federal Reserve Publications (see inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. 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, Repmblic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies,in the United States, 15 cents per copy per month,or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 2.8 May NUMBER 5 REGULATION OF CONSUMER CREDIT National economic policy for pre- explained in a statement issued by the venting an undue rise in the cost of living Office of Price Administration and pubwas outlined by the President in a message lished elsewhere in this BULLETIN. The new to Congress on April 2.7 and in a radio talk price regulations become effective May 18. on the following day. The program com- BROADENING OF CONSUMER CREDIT prises the following seven points: REGULATION 1. Tax heavily, and keep personal and Primary responsibility for dealing with corporate profits at a reasonable consumer debt was placed on the Board of rate. Governors of the Federal Reserve System z. Fix ceilings on all prices and on by Executive Order of the President dated rents for dwellings in areas af- August 9, 1941. The Board's Regulation fected by war industries. W dealing with this subject became effec- 3. Stabilize remunerations received by tive on September 1. Since then it has individuals for their work. been amended from time to time. On 4. Stabilize agricultural prices. May 6, 1942., the Board announced the 5. Encourage all citizens to purchase adoption of an amendment to Regulation War Bonds with their earnings W, effective immediately. The revised reginstead of using those earnings to buy unessential articles. ulation is reprinted in full in this BULLETIN. 6. Ration all essential commodities of Upon adoption of the amendment the which there is a scarcity. Board issued the following statement de- 7. Discourage credit and instalment scribing its main features: buying and encourage the paying "In conformity with the President's of debts, mortgages, and other Special Message to Congress of April 2.7 obligations. and under authority of Executive Order No. 8843 °^ August 9, 1941, the Board In conformity with this program, action of Governors of the Federal Reserve was taken promptly by the Office of Price System has adopted, effective May 6, Administration to fix maximum prices on 194X5 Amendment No. 4 of Regulation most commodities and by the Board of W relating to consumer credit. . Governors of the Federal Reserve System "As amended, the Regulation is exto broaden and tighten restrictions on tended to cover a comprehensive list consumer credit. The considerations in- of durable and semi-durable goods for volved in the adoption of a general maxi- civilian consumption, and contemplates mum price regulation at this time are fully that the volume of outstanding consumer MAY 1941 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH credit, already substantially diminished, addition to instalment sales and instalwill be further contracted in keeping with ment loans, charge-account sales of the Government's purpose to prevent listed articles and single-payment conthe rapid bidding up of prices. The sumer loans. The Regulation provides purpose of this revision is to help make with respect to charge accounts that effective the last point in the 7-point unless payment is made by the tenth day program which the President set forth of the second calendar month following in his Special Message to Congress of the purchase, no further credit may April 2.7, 194X5 as follows: be extended to purchase any listed article until the items in default have been 'To keep the cost of living from paid for in full or have been placed on spiraling upward, we must discourage an instalment basis for payment within credit and instalment buying, and en- 6 months. No down payments are recourage the paying off of debts, mortgages, quired on purchases in charge accounts. and other obligations; for this promotes "4. Single-payment loans of $1500 or savings, retards excessive buying and adds less are limited to a maturity of 90 days, to the amount available to the creditors and where such a loan is to purchase a for the purchase of War Bonds/ listed article costing $15.00 or more, a down payment is also required. If "The principal changes made in the not paid in 90 days, the loan must be Regulation are: placed on an instalment basis. "1. The list of consumers' goods to which the Regulation applies has been "5. The revised Regulation provides broadened to include automobile batter- that instalment payments shall not be ies and accessories, tires and tubes; less than $5.00 per month or $i.z5 per bedding; draperies; binoculars; house- week. hold electric appliances not hitherto "The exemption from down-payment listed; used furniture; jewelry; luggage; requirements of instalment sales maturing athletic equipment; table and kitchen- within 3 months has been repealed. ware; pottery, glassware; yard goods; "Provisions covering seasonal adjustand non-military clothing and furs, in- ments and so-called farmer plans are cluding shoes, hats and other haber- retained in the Regulation, together with dashery. various additional exceptions, such as "z. The maximum permissible maturity real estate loans; security loans subject of instalment sales has been reduced to to Regulations T and U; educational, iz months, and the required dpwn pay- hospital, medical, dental, and funeral ment for all listed articles has been expenses; aircraft; defense housing; credit increased to 33J per cent. Exceptions to dealers; fire and casualty insurance to this rule include instalment sales of premiums; agricultural production loans; automobiles, for which the down pay- business loans; insurance policy loans; ment of one-third and the maximum and extensions of credit to the Federal maturity of 15 months are retained, and Government, to local governments, or furniture and pianos, for which the re- to any hospital, school, college, or quired down payment, formerly 10 per other educational or charitable institucent, becomes zo per cent, the maximum tion. maturity being iz months. "Copies of the Regulation are being "3. The scope of the Regulation has printed at each of the Federal Reserve been broadened to make it cover, in Banks and will be distributed by them 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH throughout the country within a few down payments for a large number of artidays. Any inquiries with respect to cles were raised to 33^ per cent from 15 and the Regulation should be addressed to zo per cent previously prevailing. A few the Federal Reserve Bank of the district articles were also added to the list. The in which the inquiry originates." revised regulation, as already stated, substantially broadens the list of articles The Executive Order under which Regucovered by the regulation and provides for lation W was issued applied particularly to stricter credit terms. terms and conditions under which credit repayable in instalments may be extended AIM OF CONSUMER CREDIT REGULATION for purchasing or carrying consumers' At the time of the adoption of Regulation durable and semi-durable goods. Credit W last August, Chairman Eccles issued a against a residential building in its en- public statement as to its purpose, which tirety was not included in the Order, but included the following paragraph: credit for repairs and improvements on "Accordingly, it is of primary imresidences was covered. Cash instalment portance that restraints be placed upon loans made by lending institutions were the wholesale extension of credit, inalso made subject to regulation. cluding instalment buying. The volume In issuing its initial regulation on conof instalment credit has been expanding sumer credit, the aim of the Board was to very rapidly, as it always does in times of act promptly in adopting a regulation rising national income. Yet when inwhich would apply moderate restrictions comes are at high levels, that is the in a manner consistent where possible with time when people should reduce their prevailing trade standards. The regulation debts or get out of debt. Our people at first was directed principally at consumer can not spend their increased incomes and credit extended for the purchase of consumer go into debt for more and more things today without precipitating a price durable goods that use materials needed inflation that would recoil ruinously for armament production, and one of its upon all of us. Instead of an ever-exmost important purposes was to dampen panding volume of consumer credit, we the demand for such goods. Although need to bring about a substantial reduccurtailment of consumer credit in general tion in the total outstanding. Civilian was also an important aim of the regulademand for goods must be adjusted as tion, the original list of articles did not closely as possible to supplies available include some types of goods that are for* consumption. Regulation of instalcommonly bought on instalment credit ment credit is a necessary measure to this nor were restrictions imposed on all types end. By deferring civilian demand at of consumer credit. this time we can help avoid inflation, Amendments to the regulation adopted we. can aid in defense, and we can store up a backlog of buying power that will during the autumn were mainly of an adhelp offset a post-defense slump/' ministrative and technical nature, but in Amendment No. 3, which became effective Because most instalment credit stems March rj, 1942., the maximum maturity of from trade in consumer durable goods, the most credit subject to the regulation was supply of which is being drastically rereduced from 18 to 15 months, and required duced, there has been a substantial decline MAY 1942. 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH in the volume of consumer instalment debt penditures for goods and services increased since last summer and it is clear that this sharply during the first three quarters of decline will continue for some months. last year and have subsequently continued Subsequent sections of this Review contain at a high level. In a few lines—notably a discussion of current developments with automobiles and rubber products—purrespect to consumer incomes and buying chases have been sharply curtailed because and to changes in the cost of living and of the reduction in available supplies; in explain more fully the reasons for the many other lines buying has continued to recent and prospective decline in volume increase. In general, supplies of goods of consumer credit. available for purchase by consumers have Available information indicates that sub- not increased since last autumn, and the stantial amounts of consumer credit are large volume of buying has resulted in still being used and are adding to the upward pressure of buying power upon prices INCOME PAYMENTS of goods. Ordinarily in periods of ex- B M IL O L N IO T N H S L O Y F DOLLARS ADJUSTED FOR SEASONAL VARIATION ANNUA B L I L B LI A O S N IS S OF DOLLARS 10 panding income, consumer debt has tended 108 to increase because both buyers and sellers / were more willing to make such commit- J 96 / ments and there were increased supplies / 7 84 of goods available for purchase; but under TOTAL ^^/S existing conditions, with the supply of 6 72 N / goods limited and many goods not ob- 5 60 tainable except at rising prices, there ^""/ 48 should be less occasion to borrow and, in SALARIESAND WAGES fact, greater ability to reduce debt out of 3 36 increased income. Any increase in borrow- 2 24 ing, on instalments or otherwise, adds to consumer buying power and thus increases 1 12 the upward pressure on prices. Action by 0 0 the Board to broaden and tighten Regula- 1937 1938 1939 1940 1941 1942 Department of Commerce monthly estimates of the amount of intion W, accordingly, is for the purpose of come payments to individuals, adjusted for seasonal variation. discouraging an increase in any type of advancing prices. Accompanying charts consumer credit and of accelerating the show the continued growth in individual decline in the total volume of such credit. incomes and the rise in the cost of living; INCOME, CONSUMPTION, AND PRICES and the chart on page 406 indicates the high Buying power of consumers has continued level of retail trade. to expand with further growth in employ- Retail sales of goods other than automent and income arising out of the war mobiles during the first quarter of 1941 production program. The growth in con- were about 2.0 per cent larger in value than sumers' income has greatly exceeded the in the corresponding period last year, acgrowth in amounts used to pay off debt, cording to indexes of the Department of to buy Crovernment securities, and to meet Commerce. For the most part the increase enlarged tax payments. Consumer ex- in value of retail sales has reflected a con- 4CX2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH tinued rise in prices. Retail prices of substantially in the past year. This rise important articles of food, clothing, and has reflected principally higher prices and housefurnishings have advanced on the a considerable increase in the proportion average about xo per cent since early in of stocks destined for military use. In 1941, with the advance continuing in many lines manufacturers' stocks of finished recent months. Measured in physical vol- goods for civilian use are now declining. ume, the amount of goods sold this year As incomes continue to increase with exhas been little if any larger than last year, pansion of the war production program, and but considerably more money has been supplies become more restricted, the upward paid for these goods. pressure on prices is likely to become greater. Ordinarily goods produced are COST OF LIVING available for consumer purchase and use and PER CCMT 935-39 AVERAGE-IOC PER 120 they appear presently on the market for sale no / 110 to those who have earned an income in pro- TOTAL / ducing them. Now, however, a growing 100 —y^~ 100 proportion of the national output repre- 90 90 sents armaments, which do not appear on 130 130 the market. Consequently the supplies 120 / 120 available for purchase are not increasing A no f / 110 in proportion with income payments and, %>> CLOTHING if' - unless an unusually large part of consumer 00 ~ * 100 income is saved or paid out in taxes, the 90 FOOD 90 30 130 growth of buying power is reflected in a growing upward pressure on prices of such 120 120 goods as are available for purchase. 1(0 RENT 110 This situation has been developing for 100 —^ \y 100 some time and measures have been taken HOUSEFURNISHINGS 90 1 by various branches of the Government to 1935 1936 1937 1938 1939 1940 1941 1942 reduce the effect on prices. The measures Bureau of Labor Statistics data for the fifteenth of the month; already adopted or under consideration selected dates March 1935-July 1936, quarterly, through September 1940, and monthly October 1940-March 1942. In addition to the groups s w h h o i w ch n , g r t o h u e p s t o in ta c l r e i a n s d e e s x s <i n in ce c l e u a d r e l s y 1 fu 9 e 4 l 1 s h a a n v d e b m ee is n c e le ll s a s n t e h o a u n s 1 i 0 te p m er s , c e fo n r t. include the placing of maximum ceilings on specific prices, the rationing of par- In some lines where* shortages of supplies ticularly scarce goods, increases in taxes to are developing as a result of reductions in absorb a larger portion of current income, imports or in domestic output, sales have regulation of consumer credit, and cambeen maintained at a high level by drawing paigns to promote widespread investment upon stocks previously accumulated by by people generally in Government securidistributors. In many lines, however, ties. The new program of the President stocks of goods held by distributors have proposes further action to be taken along been further enlarged. The dollar value many lines toward the same objective. of department store inventories, for example, is about 45 per cent larger than a RECENT DECLINE IN CONSUMER CREDIT year ago. The value of inventories in the Since last summer the volume of conhands of manufacturers has also increased sumer instalment debt, which reached an MAY 1942. 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH all time peak, at that time, has declined. flects a substantial reduction in loans to In the last four months of 1941 the decline purchase automobiles, with little decrease was at the rate of nearly 12.5 million dollars in other loans. per month, and since the beginning of The volume of automobile paper out- 1942. it has been at about double this rate. standing, which last fall comprised about Altogether during the seven months Sep- two-fifths of all consumer instalment debt, tember to March the volume of consumer has declined by 35 per cent from the peak. instalment debt declined by nearly a billion The amount of outstanding instalment and a quarter dollars, or a fifth of the es- credit receivables based directly upon sales timated maximum total outstanding. of other goods has shown a considerably Although this decline has coincided with smaller decline—about 15 per cent. Cash the period of regulation of consumer credit, instalment loans to consumers, which include some made for the purchase of CONSUMER INSTALMENT DEBT automobiles, have declined by about 10 BILLIONS OF DOLLARS END OF MONTH FIGURES OF DOLLARS 7 7 per cent. Available statistics showing the extent of change in the amount of consumer credit receivables outstanding since last \ August and during the past year are sum- \ TOT marized in the following table. CHANGES IN CONSUMER CREDIT OUTSTANDING Percentage change from UTOMOTIVE \ Au 19 g 4 u 1 s t t 3 o 1, M 1 a 9 r 4 c 1 h 3 to 1, _^ March 31, March 31, 1942 1942 Department stores: Instalment accounts -4 +3 Open accounts +13 +18 Furniture stores -11 base N d o o te n : d M at o a n p th re ly p ar e e s d ti m by a te th s e o N f at t i o o t n al a l c B on u s r u e m au e r o f i n E s c t o a n lm om en ic t R de e b s t e ar a c r h e H Je o w u e s l e r h y o l s d t or a e p s pliance stores - + 21 4 + - — 1 64 and by the Department of Commerce. Figures for the last nine months f s e r i e u s v t t p e a i p m i k l l i i a e n o t d d e u s s t . l p e o a t f s r T , r t e l o u y t t n a a i r l b l e y g o c u o u D l n t a l s e e t u e p t m s d a r e a t l r n e m d n i e d n f n o e s t u r t s a r , l o m c f a a n e s C d n h t o F l m o . d H a m e n . b e A g t r c . r i e o T n u c i p a t l l u n s e , d d e e I s s p l , t o a im r a in t n a l y s t a . e d s b d y f i o t r io B o n o t a h r t e o d r P I C n e r d r e s u d o s i n t t r a i u l a n l l i o o b a n a n s n k c s ompanies. - - - 1 2 9 4 + - - 4 3 4 Sales finance companies: it has been largely due to other factors. Retail instalment paper: Automotive -35 -18 Probably as much as two-thirds of the Other -16* +4* Commercial banks: decline represents liquidation of automobile Retail instalment paper: paper, which has been due primarily to A Ot u h t e o r motive -3 -3 3 * * + -1 1 3 1 * * Personal instalment cash loans. -8* 0* restrictions on the production and sale of automobiles rather than to consumer credit * Rough estimates based on incomplete data for earlier dates. regulation. The amount of outstanding Reduction in the amount of loans outinstalment credit receivables based directly standing reflects the fact that the volume of upon sales of other goods and cash instal- new loans being made is less than the ment loans made to consumers have shown amount of repayments on past loans. considerably smaller declines. Some of When allowance is made for the sharp these cash loans are for the purpose of pur- decline in automobile sales, however, it chasing goods and the decline shown re- appears that the decline in the volume of 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH other instalment sales and loans has been details as to type of paper, are also shown slight. Instalment sales at department in call-report figures published on pages stores, for example, during the first quarter 438-440 of this BULLETIN. of this year were somewhat larger than in The extent to which merchants sell their the corresponding period last year, and paper or carry it on their own account sales on charge accounts showed an even varies considerably. Most department greater increase. The volume of new cash stores appear to have held most of their consumer loans made by various lending paper, while some mail-order-house paper agencies increased in March over February has been sold to commercial banks. Furniand was little smaller than a year ago. ture stores keep most of their paper and, \vhen necessary, borrow from banks and INSTALMENT CREDIT FOR GOODS finance companies on their notes, using the Most of the dealers and stores that sell instalment paper as collateral. Furniture goods on an instalment basis have used retailers are the third largest holders of this credit as a means of widening the sale instalment paper, ranking after finance of their commodities to those who are companies and commercial banks. Most unable or unwilling to make single large of the paper that has originated in the payments or do not have the credit neces- household appliance field has been dissary for purchasing on a charge-account counted or sold. Sales finance companies basis. In other words, instalment credit and commercial banks hflVe purchased some has been incidental to the merchandising of it, while some has been bought by light function. In most cases a large part of and power companies for purposes of prothe instalment paper created has been sold moting the use of their basic services. by the merchants to financing agencies. Many manufacturers of small, less well- This has been particularly true of automo- recognized commodities have purchased bile dealers. instalment paper from dealers selling their Last September the merchants them- product in order to promote sales. selves held more than a third of the retail instalment paper that had been extended DECLINE IN AUTOMOBILE PAPER directly in connection with the sale of Although the range of products sold goods. Finance companies, the most im- on an instalment basis has grown very portant of the agencies purchasing paper, broad, the automobile has in general held a somewhat larger amount of all such dominated this " credit field. As already credit outstanding. Commercial banks pointed out, automobile paper accounted held most of the remainder that had been for about two-fifths of all consumer insold, and small amounts had been bought stalment debt outstanding in the fall of by industrial banks and a few other types of 1941, but since that time the amount of financing institutions. These holdings by automobile credit has been reduced contypes of agencies are shown by data re- siderably, while other forms of commodity ported in registration statements under instalment credit have shown a much more Regulation W, which are summarized in moderate decline. The sales of new autotables shown in this issue of the BULLETIN, mobiles in the last four months of 1941 pages 434-437. Commercial bank holdings were considerably below the levels of prior for the end of the year, with additional months and the proportion sold on an MAY 1942. 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH instalment basis declined. Since January tember and again in October, sales declined sales of new automobiles have given rise moderately. to little instalment credit. Used car sales In the first quarter of 1942. retail sales have likewise been slow—slightly more of these products—i.e. durable goods than a fourth of the volume of last year— other than automobiles—on a seasonally so that the amount of instalment credit adjusted basis rose again to the high level added from this source has been small. of August 1941. Sales of household ap- The amount of instalment paper against pliances and furniture at department stores new automobiles purchased by finance showed similar changes. Much of this companies in the first quarter of 1942. was buying appears to have been induced by negligible, while that based on used car renewed demands because of the generally sales was about one-fourth of the volume anticipated dwindling and disappearance purchased in the same period last year. or freezing of the stocks of durable goods. Commercial bank acquisitions of automobile paper—by purchase or by direct loan— RETAIL SALES have also been far below earlier levels. BILLIONS OF DOLLARS BILLIONS OF DOLLARS In the meantime, the large outstanding volume of older automotive instalment TOTAL contracts is being paid off, so that there is currently a net decline in this form of debt - — •/ of about 175 million dollars a month. - NONOURABLE GOODS — — OTHER RETAIL INSTALMENT CREDIT In other fields, such as furniture, household appliances, and radios, retail sales have been maintained at a high level. AUTOMOTIVE v There has been some decline in the out- ' '"' " • 1 DURABLE GOODS OTHER THAN AUTOMOTIVE > standing amount of instalment paper based on these goods, but this decline probably Dollar figures derived from Department of Commerce indexes of retail trade, adjusted for seasonal variation. is more the result of a decrease in credits extended, in view of larger down payments, The extent of purchases on credit of than of a decrease in sales on an instalment durable goods other than automobiles in basis. Retail sales of consumer durable the last few months can not be accurately goods other than automobiles, according estimated from available data. It appears, to figures included in the Department of however, that there has been a reduction Commerce seasonally adjusted monthly es- in the proportion of instalment credit sales timates of retail sales and shown on the to total sales. In department stores, for chart, were nearly 150 per cent of the 1935- example, sales of household appliances, 1939 level during the early part of 1941, furniture, and housefurnishings during the and advanced to 170 per cent of that level first quarter of i94i were X4 per cent above in July and August. In these months there the same period last year, while at the same was widespread forward buying, which in stores instalment sales, which are largely August was induced at least in part by based on these items;, were 15 per cent anticipation of Regulation W. In Sep- larger than a year ago. Cash sales at 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH department stores increased by 33 per cent, sonal instalment cash loans 2.6 per cent. charge account sales by 2.5 per cent, and Small-loan companies, the next largest lendall sales by 2.8 per cent. The increase in ing group, are engaged primarily in making cash sales reflects in part the general growth cash loans and hold relatively small of consumer income and in part restrictions amounts of purchased or direct retail instalon instalment credit. ment paper. At industrial banks, purchased paper amounted to 30 per cent, direct CASH INSTALMENT CREDIT retail credit to 15 per cent, and personal In addition to instalment paper origi- cash loans to 55 per cent of total instalment nated by merchants, a considerable amount loans. At credit unions direct retail inof instalment credit is extended directly by stalment loans comprised about xo per cent lending agencies. Instalment loans made of the total, and personal cash loans made directly to consumers by these agencies may up practically all of the remainder. be of two general types: (1) loans made to Instalment loans to consumers of all types purchase goods and secured by the articles held by the cash lending agencies declined purchased and (2.) personal instalment cash by about 10 per cent in the seven months loans otherwise secured or unsecured. The following September 1, 1941. If allowance first of these types is similar to retail instal- is made for the substantial decline in loans ment credit originally extended by mer- for the purchase of automobiles, the decline chants. The difference is that customers go in other types of loans was probably not directly to the cash lending agencies and ar- over 5 per cent. Seasonal influences prevent range for an extension of funds, which are a precise estimate of the significance of this then used for the purchase of goods. Funds decline, because many cash-lending agencies obtained through personal instalment cash make a considerable amount of loans around loans—the second type mentioned—are used Christmas. Small-loan companies reached to some extent for the purchase of auto- their all-time peak of outstandings at the mobiles or other articles, but the proportion end of 1941, although it would appear that is not known. Credit extended for repair the increase in the last four months of the and modernization of housing, much of year was somewhat smaller than is usual at which is insured by the Federal Housing that season. Over the seven-month period Administration under Title I of the Na- declines in loans outstanding amounted to tional Housing Act, may also be considered 2. per cent at small-loan companies, to 9 as cash credit. per cent at industrial banks, and to 14 per The major institutions extending instal- cent at credit unions. At commercial ment credit directly to borrowers are com- banks, it is estimated that automobile mercial banks, small-loan companies, indus- loans, other than purchased paper, detrial or Morris Plan Banks, and credit clined by about a third and other instalment unions. According to registration statement cash loans by less than a tenth. In March data as of September 30, 1941, published the volume of new loans made by the cash on pages 434-437, of this BULLETIN, com- lending agencies showed some increase over mercial banks' holdings of instalment February; this appears to be partly seasonal paper were distributed as follows: pur- and may also be due in part to borrowing chased paper 46 per cent, direct retail for income tax purposes. Repayments, instalment loans 2.8 per cent, and per- however, continued to exceed new loans MAY 1942. 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and the amount of loans outstanding de- duction of many products has now clined further. been ordered—refrigerators, radios, phonographs, sewing machines, vacuum cleaners, PROSPECTIVE LEVELS OF CONSUMER DEBT washing machines, and small appliances. Some indication of prospective changes in Substantial curtailment has been ordered for volume of consumer debt is given by analy- stoves and other heating equipment and for sis of the situation in consumer durable many forms of plumbing supplies. goods. The retail value of consumer du- Durable goods are not the only kind in rable goods produced in 1941 has been esti- which supplies available to consumers will mated to be somewhat more than 10 billion soon be limited. In certain areas of the dollars, not including semi-durable goods country gasoline and heating-oil stocks are such as clothing. Such goods sold at retail already curtailed by transportation diffiinclude in addition used articles and, in a culties. Because of limited imports of few cases, imported goods, so that the gross wool, cessation of silk imports, and large volume of retail trade in such goods prob- military and lend-lease requirements for ably was between 11. and 13 billion. This textiles, many types of textile products will total will decline considerably in 194.x—per- be in short supply. Aggregate supplies of haps by as much as half. The rationed food will be ample but some goods in this sales of new automobiles and the dwindling field may be limited in amount. sales of used ones will themselves account Cash instalment credit for purposes other for a large part of the reduction. Nearly than the purchase of automobiles is declinthree-fifths of the sales of consumer durable ing slowly, notwithstanding the rapid exgoods, taken as a whole, have been on an pansion of incomes. Current incomes in instalment basis, including both direct the aggregate are sufficient to meet a growinstalment sales and sales made for cash ing proportion of needs without borrowing but ultimately financed by means of instal- and to provide funds for more rapid liquidament loans. tion of outstanding loans. So far there have been few consumer du- Non-instalment consumer credit, such as rable products in which shortages have charge accounts and bank accommodation already been felt—automobiles being the loans, so far as is known, have shown most important—but many other goods no tendency to decrease. Charge-account will soon be affected. One of the reasons credit at department stores, with rough that shortages have not as yet been felt adjustment for the post-Christmas peak, seriously at retail levels, despite curtail- appears to be at the highest point in the ment of production in many of these lines, last decade. At the end of March charge is that inventories, held mainly by retailers accounts outstanding were about 18 per but also by wholesalers and manufacturers, cent larger than a year ago. It has been have been considerably larger than in other estimated that charge accounts at retail periods. In October department store in- stores comprise between xo and Z5 per cent ventories of major household appliances, of all short-term consumer debt outstandvalued at selling price, were 85 per cent ing—including instalment debt of various above the level of the year before and in sorts, cash loans by banks, and credits for January these inventories were 12.7 per cent utilities and services. above last year. Complete cessation of pro- Because of disappearance from the market 408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of commodities that generally furnish the It is for the purpose of accelerating this basis for consumer credit, such credit in decline and of preventing expansion in the aggregate is declining and, as previother types of credit from offsetting it, that ously indicated, will continue to do so for the Board has imposed further restrictions some time. In view of the growth of on consumer credit. A possible decline in. current income and the decrease in outlets for expenditure, however, it would be the volume of such credit by three or four reasonable to expect a decline in consumer billion dollars in the next year would credit on a scale much larger than that absorb a substantial part of the additional caused by the decrease in the available buying power that will come into being supply of goods. It may be expected that and to that extent would reduce the upward the recent rate of decline in consumer inpressure on commodity prices. Such a stalment debt—about 2.50 million dollars decline would constitute a substantial a month—will continue for several months contribution to the Government's program on the, basis of the decrease in the supply of consumers' durable goods and that after to prevent an upward spiral in the cost that it may slacken. of living. MAY 1941 409 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. Consumer Credit REGULATION W Revision of Regulation W As revised effective May 6, 1942. There is set forth below the text of the re- CONSUMER CREDIT vision of Regulation W entitled Consumer SECTION I. SCOPE OF REGULATION Credit, which was adopted by the Board of Governors of the Federal Reserve System, This regulation is issued by the Board of Goveffective March 6, 1941. A brief statement as ernors of the Federal Reserve System (hereinafter to the purpose of this revision is published at called the "Board") under authority of section page 399 of the Review of the Month. 5(b) of the Act of October 6, 1917, as amended, and Executive Order No. 8843, dated August 9, FOREWORD 1941 (hereinafter called the "Executive Order")- (Not a part of the Regulation) The regulation applies, in general, to any Regulation W, issued under authority of the person who is engaged in the business of making President's Executive Order of August 9, 1941, extensions of instalment credit, extending credit has been revised, effective May 6, 1942L, in comin charge accounts, making single-payment pliance with that part of the President's Special ' loans in amounts of $1,500 or less, or discounting Message to Congress on April X7, 1942., which or purchasing obligations arising out of such reads: extensions of credit. It applies whether the "To keep the cost of living from spiraling person so engaged is acting as principal, agent, upward, we must discourage credit and in- broker or otherwise, and whether the person is stalment buying, and encourage the payment a bank, loan company, or finance company, or a of debts, mortgages, and other obligations, person who is so engaged in connection with any for this promotes savings, retards excessive other business, such as by making such extenbuying and adds to the amount available to sions of credit as a dealer, retailer, or other perthe creditors for the purchase of war bonds." son in connection with the selling of consumers' durable or semi-durable goods.1 As revised, Regulation W applies to a comprehensive list of durable and semi-durable goods SECTION X. DEFINITIONS for civilian consumption. The Regulation ex- For the purposes of this regulation, unless the tends to all types of consumer credit whether in context otherwise requires: the form of instalment sales and instalment loans (a) "Person" means an individual, partneror in the form of charge accounts and single- ship, association, or corporation. payment loans. (£) "Extension of Credit" means any loan or Any inquiry relating to this Regulation 1 Th6 Executive Order defines "consumers' durable good" as inshould be addressed to the Federal Reserve cluding "any good, whether new or used, which is durable or semi-durable and is used or usable for personal, family or household purposes, Bank or the Federal Reserve branch bank of and any service connected with the acquisition of any such good or of the district in which the inquiry arises. any interest therein." Section 13 (a) lists the consumers' durable and semi-durable goods within the scope of the regulation. 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT mortgage; any instalment purchase contract, credit, other than an instalment sale, in the form any conditional sales contract, or any sale or of a loan which is in a principal amount of contract of sale under which part or all of the $1,500 or less; but the definition does not include price is payable subsequent to the making of such any loan upon the security of any obligation which sale or contract; any rental-purchase contract, or arises out of any instalment sale or instalment any contract for the bailment or leasing of prop- loan. erty under which the bailee or lessee either has (0 "Single-payment loan" means an extenthe option of becoming the owner thereof or ob- sion of credit in the form of a loan to one or more ligates himself to pay as compensation a sum individuals (other than a partnership), which is substantially equal to or in excess of the value repayable in a single payment whether on dethereof; any contract creating any lien or similar mand or on a fixed or determinable future date, claim on property to be discharged by the pay- and which is in a principal amount of $1,500 or ment of money or its equivalent; any purchase, less; but the definition does not include (1) a discount, or other acquisition of, or any exten- loan made for business purposes to a business sion of credit upon the security of, any obliga- enterprise which is not for the purpose of purtion arising out of any of the foregoing; and any chasing a listed article, (2.) a loan for agricultural transaction or series of transactions having a purposes to a person engaged in agriculture similar purpose or effect. which is not for the purpose of purchasing a (Y) "Instalment Credit" means an extension listed article or (3) any loan upon the security of of credit which the obligor undertakes to repay any obligation which arises out of any instalin two or more scheduled payments or as to ment sale, instalment loan, charge account or which the obligor undertakes to make two or single-payment loan. more scheduled payments or deposits usable to (/) "Cash Price" means the bona fide cash purliquidate the credit, or which has a similar chase price of an article, including the bona fide purpose or effect. cash purchase price of any accessories, any bona (d) "Sale" means a transfer of property7or a fide delivery, installation and service charges price in money or its equivalent which the buyer (other than interest, finance or insurance pays or promises to pay to the seller for the charges), and any applicable sales taxes. thing bought or sold. It includes a lease, bail- (&) "Registrant" means a person who is liment, or other transaction which is similar in censed pursuant to section 3. purpose or effect to a sale. (j) "Instalment Sale" means an instalment SECTION 3. GENERAL REQUIREMENTS AND credit which is made, as principal, agent or REGISTRATION broker, by any seller of any consumers' durable 00 General Requirements.—No person enor semi-durable good listed in section 13(a) gaged in the business of making instalment (hereinafter called a 'listed article") and which sales,2 charge sales of listed articles, instalment arises out of a sale of such listed article. loans, or single-payment loans, or engaged in the (/) "Charge Sale" means an extension of credit business of lending on the security of or discount- (other than instalment credit) which is made, as ing or purchasing obligations arising out of such principal, agent or broker, by any seller and which arises out of a sale of any article, whether extensions 6i credit, shall make or receive any listed or unlisted. payment which constitutes or arises directly or indirectly out of any such extension of credit (g) "Charge Account" means the indebtedness made by him or out of any such obligation lent arising from charge sales between the same seller and purchaser. (J3) "Instalment Loan" means an instalment 2 It is to be noted that the term "instalment sale" includes only instalment credit arising out of the sale of listed articles. MAY 194Z 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT on or discounted or purchased by him, except on Any person whose license is not suspended the following conditions: may become licensed by registering in the man- (i) He must be licensed pursuant to this ner provided in section 3(c). section; (V) Registration.—Registration may be ac- (z) He must not make or receive any such complished by filing, with the Federal Reserve payment in connection with an extension of Bank or any branch thereof in the district in credit made by him if he knew or had reason which the main office of the Registrant is located, to know when he made such extension of a registration statement on forms obtainable credit any fact by reason of which it failed to from any Federal Reserve Bank or branch. comply with any requirement of this regula- (d) Suspension of License.3—The license of tion applicable thereto; any Registrant may, after reasonable notice and (3) He must not make or receive any such opportunity for hearing, be suspended by the payment in connection with any obligation Board, in its entirety or as to particular activiwhich he has purchased or discounted or has ties or particular offices or for specified periods, accepted as collateral if, at the time he pur- on any of the following grounds: chased or discounted such obligation or ac- (1) Any itnaterial misstatement or omission cepted it as collateral, it showed on its face a willfully or negligently made in the registrafailure to comply with such requirements or if tion statement; he knew any fact by reason of which the (2.) Any willful or negligent failure to comextension of credit giving rise to the obliga- ply with any provision of this regulation or tion failed to comply with such requirements; any requirement of the Board pursuant and thereto. (4) He must not make or receive any such A license which is suspended for a specified payment in connection with an obligation aris- period will again become effective upon the exing out of an extension of credit which he has piration of such period. A license which is susrenewed, revised or consolidated, if he knew pended indefinitely may be restored by the or had reason to know when he renewed, re- Board, in its discretion, if the Board is satisfied vised or consolidated it any fact by reason of that its restoration would not lead to further which such renewal, revision or consolidation violations of this regulation and would not be resulted in a failure to comply with such otherwise incompatible with the public interest. requirements. SECTION 4. INSTALMENT SALES (F) General License.—Whenever this regula- Except as otherwise permitted by this regulation is amended so that any person who was not tion, each instalment sale shall comply with the formerly subject to section 3(a) becomes subject following requirements: thereto, such person is hereby granted a general (V) Down Payment.—The down payment license; but such general license shall terminate shall not be less than one-third of the cash price at the end of the second full calendar month of the listed article, except that: after the month in which the amendment be- (1) In the case of pianos and furniture as comes effective unless such person has registered defined in Group B of section i3(a), the down in the manner provided in section 3(c) before payment need not be more than one-fifth of such termination, except that the general license the cash price; of a person who is required to be licensed solely because he makes charge sales of listed articles 3 In addition, any Registrant who willfully violates or knowingly participates in a violation of this regulation is subject to the penalties or makes single-payment loans shall not termi- prescribed in section 5(b) of the Act of October 6, 1917, as amended, which reads in part as follows: "Whoever willfully violates any of the nate until the expiration of the time within provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more which the Board shall, by public announcement, than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any correquire such person to register. poration who knowingly participates in such violation may be punished by a like fine, imprisonment, or both." FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (i) In the case of articles listed in Group C (4) The deferred balance, which is the of section i3(a), no down payment is required; difference between items (x) and (3); and (5) The amount of any insurance premium (3) In the case of articles the cash price of for which credit is extended and of any which is $6.00 or less, no down payment is finance charges or interest by way of discount required. included in the principal amount of the ob- In any case involving a used automobile, any ligation, or the sum of these amounts; article for which the Federal price authorities • (6) The time balance owed by the purhave prescribed a maximum retail price, or any chaser, which is the sum total of items (4) article on which there is a trade-in by the pur- and (5); and chaser, the amount of the down payment must (7) The terms of payment. be computed in accordance with the applicable provisions of section 13. SECTION 5. CHARGE ACCOUNTS (F) Maximum Maturity.—The maturity shall Except as otherwise permitted by this regulanot exceed ix months, except that, in the case tion, each charge sale and charge account shall of automobiles and motorcycles as defined in comply with the following requirements: Group D of section 13 (a), the maturity may (a) Maximum Maturity.—Except as permitted be not more than 15 months. by section 9, no listed article shall be sold in a (c) Amounts and Intervals of Instalments.— charge account with an agreement that payment Except as permitted by section 9, the instalments therefor may be deferred beyond the 10th day in which the time balance is payable (1) shall of the second calendar month following the not be less than $5.00 per month or $1.2.5 Per calendar month during which such article was week on the aggregate instalment indebtedness sold. of one debtor to the same creditor; (2.) shall be (b) Restriction.—When a charge account is substantially equal in amount or so arranged in default, the Registrant shall not extend credit that no instalment is substantially greater in to the obligor for any charge sale or instalment amount than any preceding instalment; and sale of any listed article until the default has (3) shall be payable at approximately equal been cured by one of the methods described intervals not exceeding one month. below. (*/) Statement of Transaction.—Unless the (c) Default.—A charge account shall be cash price of the article sold is $6.00 or less, the deemed to be in default if any article (whether instalment sale shall be evidenced by a written listed or unlisted) for which credit was exinstrument or record, and there shall be in- tended in such account has not been paid for corporated therein or attached thereto a written in full on or before the 10th day of the second statement, of which a copy shall be given to calendar month following the calendar month the obligor as promptly as circumstances will during which such article was sold, except that: permit, and which shall set forth (in any order) (1) A charge account shall not be deemed the following information: to be in default because of a failure to make (1) A brief description identifying the payment for any article purchased therein article purchased; prior to May 1, 1942., unless such article shall (2.) The cash price of the article; not have been paid for in full by July 10, (3) The amount of the purchaser's downpayment (i) in cash and (ii) in goods ac- (2.) If an article was sold in a charge account cepted in trade, together with a brief de- prior to May 1, 1942., under a definite agreescription identifying such goods and stating ment between the seller and purchaser (evithe monetary value assigned thereto in good denced in writing) that such article need not faith; be paid for until a specified date, the account MAY 1942. 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT shall not be deemed to be in default with sale on behalf of the Registrant acts in good respect to such article unless such article shall faith without knowledge that the customer's not have been paid for in full by the date so charge account is in default, and (z) the Regisagreed upon; and trant, upon discovery that such charge account (3) For persons with seasonal incomes, is in default, promptly requests the return of, adjustments are permitted in accordance with or the immediate payment in full for, the article section 9. sold. QP) Curing Defaults.—When a charge account is in default, the default may be cured either: SECTION 6. INSTALMENT LOANS (1) By payment in full of the amount in Except as otherwise permitted by this reguladefault; tion, each instalment loan shall comply with (2.) By the purchaser entering into a written the following requirements: agreement in good faith to pay the amount in (a) Instalment Loans to Purchase Listed default within a period of 6 months or less Articles.—If the Registrant knows or has reafrom the date of such agreement by sub-son to know that the proceeds of an instalment stantially equal instalment payments of not loan (defined to exclude loans of more than less than $5.00 per month or $1.15 per week $1,500) are to be used to purchase any listed artiat substantially equal intervals not exceeding cle having a cash price of $15.00 or more: one month4; or (1) The principal amount lent (excluding (3) By the purchaser filing with the creditor any interest or finance charges and the cost a Statement of Necessity in accordance with of any insurance) shall not exceed two-thirds section io(d) and entering into a written of the cash price of the listed article except agreement in good faith to pay the amount in that: default within a period of 12. months from the (i) This requirement does not apply in date of such agreement by substantially equal the case of articles listed in Group C of instalment payments at substantially equal section 13(a); and intervals not exceeding one month4. (ii) The principal amount lent may be not (£) Conversion of Charge Account into In- more than four-fifths of the cash price of a stalment Credit Prior to Default.—If the seller piano or furniture as defined in Group B and purchaser agree to convert into an instalment of section i3(a). credit4 the whole or any part of a charge ac- In any case involving a used automobile, count arising from the sale of a listed article the or any article on which there is a trade-in charge for which is not in default, the agreement by the purchaser, the maximum amount which^ shall be in writing and shall provide that the in- may be lent shall be computed in accordance stalment credit shall be retired within 6 months with the applicable provisions of section from the date of the agreement by substantially 13; and equal payments of not less than $5.00 per month (2) The maturity shall not exceed 12. or $1.2.5 Per week, at substantially equal inter- months, except that, in the case of automovals not exceeding one month. biles and motorcycles as defined in Group D (/) "Floor Authorizations".—A Registrant of section i3(a), the maturity may be not shall not be deemed to have violated section more than 15 months. 5(b) if he makes a charge sale of a listed article, (F) Instalment Loans Not to Purchase the cash price of which is $5.00 or less, for Listed Articles.—In the case of an instalment immediate delivery to the customer in person loan (defined to exclude loans of more than and (1) the person authorizing such charge $1,500) which is not subject to section 6(a), the maximum maturity shall not exceed 12. • Renewals, revisions, and additions of instalment credits growing months; except that, if the Registrant knows or out of charge accounts are subject to the provisions of section 10. 414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT has reason to know that the proceeds are to be has reason to know that the proceeds of a used to reduce or retire a charge account arising single-payment loan (defined to exclude loans in whole or in part from the sale of a listed of more than $1,500) are to be used to purchase article, or to reduce or retire a single-payment any listed article having a cash price of $15.00 loan which is subject to this regulation, the or more: maximum maturity shall not exceed 6 months. (1) The principal amount lent (excluding (c) Additional Requirements.—Whether sub- any interest or finance charges and the cost ject to section 6(a) or section 6(b), the instal- of any insurance) shall not exceed two-thirds ment loan shall comply with the following ad- of the cash price of the listed article, except ditional requirements: that: (i) It shall be evidenced by a written in- (i) This requirement does not apply in strument or record, and there shall be in- the case of articles listed in Group C of corporated therein or attached thereto a section 13(a); and written statement, of which a copy shall be (ii) The principal amount lent may be given to the obligor as promptly as circum- not more than four-fifths of the cash price stances will permit, and which shall set forth of a piano or furniture as defined in Group the terms of payment; B of section i3(a). (z) Except as permitted by section 9, the In any case involving a used automobile obligation shall be payable in instalments or any article on which there is a trade-in which (i) shall not be less than $5.00 per by the purchaser, the maximum amount month or $i.x5 per week, on the aggregate which may be lent shall be computed in instalment indebtedness of the debtor to the accordance with the applicable provisions of creditor, (ii) shall be substantially equal in section 13; and amount or be so arranged that no instalment (z) The maturity shall not exceed 90 days, is substantially greater in amount than any except as permitted by section 9. preceding instalment, and (iii) shall be pay- (i) Single-payment Loans Not to Purchase able at approximately equal intervals not Listed Articles.—In the case of a single-payexceeding one month. ment loan (defined to exclude loans of more than (d) Statement of the Borrower.—No Regis- $1,500) not subject to section 7(a), the maximum trant shall make any instalment loan, except maturity shall not exceed 90 days,, except as under the provisions of section io(a), unless he permitted by section 9. shall have accepted in good faith a signed State- (c) Renewals and Extensions.—A single-payment of the Borrower as to the purposes of the ment loan (defined to exclude loans of more loan in form prescribed by the Board. No obli- than $1,500) made originally on or after May 6, gor shall willfully make any material misstate- 1942., may not be renewed or extended except ment or omission in such a Statement. If the as follows: Registrant relies in good faith on the facts set (1) A single-payment loan made on or after out by the obligor in such Statement, it May 6, 1942. may be renewed or extended by means of an instalment loan complying with shall be deemed to be correct for the purposes the requirements of sections 6(b) and 6(c)(i) of the Registrant. with the maturity5 calculated from the date on which the original single-payment loan SECTION 7. SINGLE-PAYMENT LOANS was made; Except as otherwise permitted by this regulation, each single-payment loan shall comply 5 The maturity must not be later than twelve months from the date on which the original loan was made, except that (1) if the Registrant with the following requirements: know or have reason to know that the proceeds were used to reduce or retire a charge account, the maturity must not be later than six months (a) Single-payment Loans to Purchase from such date, and (2) if the borrower file, and the Registrant accept in good faith, a Statement of Necessity in accordance with the require- Listed Articles.—If the Registrant knows or ments of section 10 (d), the maturity may be not more than twelve months from the date of such renewal or extension. MAY 1941 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (i) A single-payment loan made on or reason to know will be used in whole or in part after May 6, 1942. may be renewed or ex-to retire any single-payment loan not held by tended by a series of obligations each of which such Registrant, shall be subject to the prohas a maturity of not in excess of 90 days if visions of this regulation to the same extent the last of such obligations matures not later as if the obligation being retired were held by than the date on which an instalment loan the Registrant. made for a similar purpose would have matured5 and the borrower pays at the time of SECTION 8. EXCEPTIONS each such renewal or extension enough to This regulation shall not apply to any of the reduce the unpaid balance to an amount not following: greater than would have been permitted if (a) Real Estate Loans.—Any extension of the loan had been an instalment loan subject credit which is secured by a bona fide first lien to the provisions of section 6(b); and on improved real estate duly recorded or which (3) Nothing in this regulation shall be is for the purpose of financing or refinancing the construed to prevent the Registrant from construction or purchase of an entire residential making any renewal or revision or taking any building or other entire structure. action that he shall deem necessary in good (F) Security Loans and Credits.—Any extenfaith (i) with respect to any obligation of any sion of credit on securities which is subject to the member of the armed forces of the United Board's Regulation T (relating to Extension and States incurred prior to his induction into such Maintenance of Credit by Brokers, Dealers, and service, or (ii) for the Registrant's own pro- Members of National Securities Exchanges), tection in connection with any obligation or subject to the Board's Regulation U (relating which is in default and is the subject of to Loans by Banks for the Purpose of Purchasing bona fide collection effort by the Registrant. or Carrying Stocks Registered on a National (d) Statement of the Borrower.6—No Regis- Securities Exchange), or any other extension of trant shall make any single-payment loan, except credit for the purpose of purchasing or carrying under the provisions of section 7(0), unless he stocks, bonds or other investment securities. shall have accepted in good faith a signed State- (c) Educational, Hospital, Medical, Dental, ment of the Borrower as to the purpose of the and Funeral Expenses.—Any instalment loan loan in form prescribed by the Board. No as to which the Registrant accepts in good faith obligor shall willfully make any material mis- a written statement signed by the borrower statement or omission in such Statement. If certifying: a Registrant relies in good faith on the facts (1) That the proceeds are to be used for set out by the obligor in such Statement, it bona fide educational, medical, hospital, denshall be deemed to be correct for the purposes of tal, or funeral expenses, or to pay debts inthe Registrant. curred for such expenses; (i) Loans Payable on Demand.—A single- (2.) That his income available for the purpayment loan made on or after May 6, 1942., pose is such that he could not reasonably meet which is payable on demand shall be treated for the requirements of this regulation otherwise the purposes of this regulation as if it matured applicable; and 90 days after the date on which it was made. (3) That failure to obtain the extension of (f) Credit to Retire Obligations Held credit would cause undue hardship to him Elsewhere.—Any single-payment loan, the or his dependents. proceeds of which a Registrant knows or has Such a statement by the borrower must set 5 For footnote 5 see page 415. forth specifically the facts relied upon to bring 6 This requirement does not apply to a single-payment loan made for the loan within this exception; and the facts business purposes to a business enterprise or for agricultural purposes to a person engaged in agriculture, unless the proceeds are to be used recited therein shall be deemed to be correct to purchase a listed article. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT for the purposes of this regulation if the state- purchasing any listed article. In determining ment is accepted by the Registrant in good whether an extension of credit meets the defaith. scription of clause (3) above, a Registrant may (d) Aircraft Credits.—Any extension of credit accept in good faith a written statement signed to finance the purchase of aircraft for use in any by the obligor setting forth the facts relied upon activity in respect of which a preference rating to bring it within the description, and the of A-io or higher is in force for deliveries of facts set forth in such statement shall be deemed civil aircraft. to be correct for the purposes of this regulation. (/) Defense Housing.—Any extension of (j) Business Loans.—Any loan for business credit to remodel or rehabilitate any structure purposes to a business enterprise which is not which the Administrator of the National Housing fpr the purpose of purchasing a listed article. Agency, or his authorized agent, shall designate (K) Insurance Policy Loans.—Any loan made as being for "defense housing" as defined by by a life insurance company which is fully the Administrator. Information regarding the secured by the loan value or cash surrender value procedure for obtaining such a designation may of a life insurance policy issued by such combe obtained through any Federal Reserve Bank pany; any loan made by any Registrant on the or branch. security of the loan value or cash surrender (f) Credit to Dealers.—Any extension of value of a life insurance policy for the purpose credit to a dealer in any listed article (including of enabling the borrower to pay off a policy a wholesaler, retailer, and a plumbing, electrical, loan made by the insurer prior to May 6, 1941; heating or other contractor) to finance the and any renewal or extension of any such loan purchase of any such article for resale or in- which does not involve an increase in the stallation. amount of the loan. (g) Fire and Casualty Insurance Premiums.— (/) Credit to Governmental Agencies and Any loan which is made for the purpose of Religious, Educational or Charitable Institufinancing a premium in excess of one year on a tions.—Any extension of credit to the Federal fire or casualty insurance policy, if the proceeds Government, any State government, any political are paid directly to the insurance agent, broker, subdivision, or any department, agency or esor company issuing or underwriting the in- tablishment thereof, or to any church, hospital, surance and the extension of credit is fully clinic, sanitarium, school, college, or other secured by the unearned portion of the premium religious, educational, charitable, or eleemosso financed. ynary institution. (Jo) Disaster Loans.—Any loan made by the Disaster Loan Corporation. SECTION 9. SEASONAL ADJUSTMENTS (t) Agricultural Loans.—Any loan to a Notwithstanding any other provision of this person engaged in agriculture, or to a cooperative regulation, appropriate seasonal adjustments association of such persons, if it (i) is made by may be made in connection with the contractual the Land Bank Commissioner on behalf of the time of payment of any extension of credit, in Federal Farm Mortgage Corporation and is accordance with the following provisions: found, pursuant to regulations issued by the (a) Intervals of Payments.—When appro- Commissioner, to be necessary to maintain or priate for the purpose of facilitating payment in increase production of essential agricultural accordance with the obligor's main source of commodities, or (x) is approved by the Farm income, the payment schedule in connection Security Administrator or his authorized agent with any instalment credit may reduce or omit as being necessary for the rehabilitation of a payments over any period or periods totaling needy farm family, or (3) is for general agri- not more than 4 months, if the other payments cultural purposes and is not tor the purpose of are increased in such manner as to meet all the MAY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT other requirements of this regulation applicable account shall not be deemed to be in default to such instalment credit. unless the articles previously purchased in the (J) Farmers and Stock Raisers.—When ap- account shall not have been paid for in full propriate for the purpose of facilitating payment within 10 days after the end of the next calendar in accordance with the seasonal nature of the month during which most of his annual or obligor's main source of income, any instalmentsemi-annual income is customarily received, credit which is made to a person who is engaged (z) any single-payment loan made to him may in agriculture or stock raising and derives his be made to mature during the next calendar income principally therefrom may be payable month in which most of his annual or semiin any amounts and at any intervals, if: (i) annual income is customarily received, and (3) The instalment credit complies with the appli- the schedule of payments in connection with cable provisions of this regulation concerning any instalment credit extended to him may be the amount and maximum maturity of the arranged so that the instalment payments will credit, and (z) at least one-half of the credit is fall due during the calendar months in which to be repaid within the first half of the appli- most of his annual or semi-annual income is cable maximum maturity. customarily received; but each such extension of If the purchaser or borrower be known to the credit shall mature not later than ix months Registrant customarily to receive 75 per cent or from the date on which it was originally exmore of his income during one or two seasons tended. of the year from farming or stock raising, (1) SECTION IO. RENEWALS, REVISIONS, AND his charge account shall not be deemed to be in ADDITIONS OF INSTALMENT CREDIT default unless the articles previously purchased (a) Renewals or Revisions.—If any obligain the account shall not have been paid for in tion evidencing any instalment sale or instalment full within 10 days after the end of the next loan is renewed or revised by a Registrant, such calendar month during which most of his annual renewal or revision must not have the effect of or semi-annual income is customarily received, changing the terms of repayment to terms which (2.) any single-payment loan made to him may this regulation would not have permitted in be made to mature during the next calendar the first instance for such credit7; but nothing month in which most of his annual or semiin this regulation shall be construed to prevent annual income is customarily received, and (3) any Registrant from making any renewal or the schedule of payments in connection with revision, or taking any action that he shall deem any instalment credit extended to him may benecessary in good faith, (1) with respect to arranged so that the instalment payments will any obligation of any member of the armed fall due during the calendar months in which forces of the United States incurred prior to his most of his annual or semi-annual income is induction into such service, or (2.) for the customarily received; but each such extension of Registrant's own protection in connection with credit shall mature not later than VL months any obligation which is in default and is the from the date on which it was originally subject of bona fide collection effort by the extended. Registrant. (V) Other Persons with Seasonal Incomes.— (f) Additions to Outstanding Credit Held If the Registrant has accepted from the purchaser by Registrant.—An obligation evidencing any or borrower in good faith a written statement instalment sale8 or instalment loan shall not be to the effect that such purchaser or borrower 7 If there should be any arrearage under an instalment contract customarily receives 75 per cent or more of his which does not arise out of any prearrangement or plan to evade this regulation, the arrearage may be divided equally among and added to income during one or two specified seasons of the remaining payments scheduled for the liquidation of the credit to which such arrearage relates. This applies to any renewal, revision or the year from seasonal labor, investments, trust consolidation effected in accordance with any provision of section 10. 8 The term "instalment sale" as here used includes an instalment funds, or other seasonal sources, (1) his charge credit resulting from the conversion of a charge account to an instalment basis. 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT consolidated with any obligation or obligations in good faith a Statement of Necessity as proheld by the Registrant evidencing any prior vided in the following paragraph, the renewed, instalment sale or instalment loan to the same revised or consolidated obligation may provide obligor, unless the additional credit complies for a schedule of repayment as though it were with the down payment or maximum credit a new instalment loan subject to section 6(b), limitations applicable thereto (if any) and, in except that the payments need not be as large addition, the consolidated obligation complies as $5.00 per month or $1.25 per week, even though with one of the following options: such action results in the reduction of the rate Option J. The terms of the consolidated of repayment thereon. obligation shall be such as would have been The requirements of a Statement of Necessity necessary to meet the requirements of this will be complied with only if the Registrant regulation if the several obligations had not accepts in good faith a written statement signed been consolidated, except that, in order to by the obligor, in form and content prescribed schedule payments at approximately equal by the Board, that the contemplated renewal,, intervals, the consolidated obligation may revision or other action is necessary in order to combine payments that would otherwise have avoid undue hardship upon the obligor or his fallen due at different times within any dependents resulting from contingencies that monthly period, but the first of such combined were unforeseen by him at the time of obtaining payments shall fall due within one month the original extension of credit or which were after such consolidation; or beyond his control, which statement also sets Option 2. The consolidated obligation shall forth briefly the principal facts and circumprovide for a rate of payment (not less than stances with respect to such contingencies and $5.00 per month or $1.15 per week) through- specifically states that the renewal, revision, or out its term, which is (i) at least as large per other action is not pursuant to a preconceived month as the rate of payment or payments on plan or an intention to evade or circumvent the the outstanding obligation or obligations requirements of this regulation. being consolidated would have been for the month commencing on the date of consolida- SECTION II. EVASIVE DEVICES PROHIBITED tion,9 and (11) is larger to whatever extent (a) Evasive Side Agreements.—No extension may be necessary in order to repay the con- of credit complies with the requirements of this solidated obligation within 12. months. regulation if at the time it is made there is any 00 Credit to Retire Instalment Obliga- agreement, arrangement, or understanding by tions Held Elsewhere.—Any instalment loan, which the obligor is to be enabled to make rethe proceeds of which a Registrant knows or payment on conditions inconsistent with those has reason to know will be used in whole or in required by this regulation, or which would part to retire any instalment sale10 or instalment otherwise evade or circumvent, or conceal any loan not held by such Registrant, shall be sub- evasion or circumvention of, any requirement ject to the provisions of this regulation to the of this regulation. same extent as if the obligation being retired (&) Loans to Make Down Payments.—A were held by the Registrant. Registrant shall not make any instalment loan or (/) Statement of Necessity to Prevent Undue single-payment loan if he knows or has reason Hardship.—Notwithstanding any other pro- to know that any part of the proceeds thereof vision of this regulation, if a Registrant accepts is to be used to make a down payment on the purchase price of any listed article. 9 If any part of the consolidated obligation is used to reduce or retire (c) Side Loan to Make Down Payment on a charge account or single-payment loan, under the provisions of section 6 (b) or 7 (c) (1), such part shall be treated for the purpose of this Listed Article.—A Registrant shall not make an Option as if the charge account or single-payment loan were payable in six equal monthly instalments. extension of credit to finance the purchase of any ^The term "instalment sale" as here used includes an instalment credit resulting from the conversion of a charge account to an instal- listed article if he knows or has reason to know ment basis. MAY 1941 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT that there is, or that there is to be, any other (c) Calculating Maximum Maturity of Inextension of credit in connection with the pur- stalment ^Contract.—In calculating the maxichase of the listed article which would bring mum maturity of an instalment sale or instalment the total amount of credit extended in connec- loan, a Registrant may, at his option, use any tion with such purchase beyond the amount date not more than 15 days subsequent to the permitted by this regulation; but, if the Regis- actual date of the sale or loan. trant accepts in good faith a written statement 00 "Lay-away" Plans.—With respect to any signed by the obligor that no such other ex- extension of credit involving a bona fide "laytension exists or is to be made, such statement away" plan, or other similar plan by which a shall be deemed to be correct for the purposes purchaser makes one or more payments on an of this regulation. article before receiving delivery thereof, the 00 Purchase of Article in Lieu of Trade-in. Registrant may, for the purposes of this regula- —Anything which the seller of a listed article tion, treat the extension of credit as not having buys, or arranges to have bought, from the pur- been made until the date of the delivery of the chaser at or about the time of the purchase of article to the purchaser. the listed article shall be regarded as a trade-in (0 Contracts and Obligations Outstanding for purposes of this regulation. on September 1,1941.—Nothing in this regula- (/) Coupon Plans.—No coupon, ticket or tion shall prevent the performance of any valid similar medium of credit, whether paid for in contract or obligation entered into prior to Sepinstalments or otherwise, shall be accepted by tember 1, 1941; but, when any obligation arising any Registrant in payment, in whole or in part, out of any extension of credit made prior to for any listed article if such acceptance, in effect, September 1, 1941, has been combined with any would permit the article to be sold on terms not extension of credit made on or after September complying with the requirements of this regu- 1, 1941, or has been the subject of any renewal lation. or revision made on or after such date, such extension of credit shall thereafter be treated SECTION 12.. MISCELLANEOUS PROVISIONS for the purposes of this regulation as having 00 Clerical Errors.—Any failure to comply been made on the date of such consolidation, with this regulation resulting from a mistake renewal or revision. in determining, calculating, or recording any (f) Transactions Subjected to Regulation by price, down payment, or extension of credit, or Amendment.—Whenever this regulation is other similar matter, shall not be construed to amended to add any article to the list of articles be a violation of this regulation if the Registrant specified in section 13 (a) or so as to apply to establishes that such failure to comply was the any additional class of transactions, the amendresult of excusable error and was not occasioned ment shall not prevent the performance of by a regular course of dealing. any valid contract made prior to the effective (P) Extension of Credit for Mixed Purposes. date of the amendment; but any renewal, re- —In case an extension of credit arises partly out vision or consolidation of any obligation growof a sale of a listed article and partly out of ing out of an extension of credit covering such another sale, or is partly subject to one section newly added article or class of transactions shall of this regulation and partly subject to another be subject to the applicable requirements of section, or is partly subject to the regulation and this regulation, and, for the.purposes of the partly not subject to the regulation, the amount applicable provisions regarding renewals, reand terms of such extension of credit shall be visions and consolidations, the terms of resuch as would result if the credit were divided payment "permitted in the first instance" for into two or more parts and each part were such an obligation shall be deemed to be those treated in good faith as if it stood alone. 42.O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT applicable to such an extension of credit under Group A—One-third down and 12 months' maximum such amendment. maturity: CO Payments Arising out of Loans on 1. Air conditioners, room unit. Pledged Obligations.—With respect to any 2.. Air conditioning systems, home. loan on the security of an obligation which 3. Aircraft (including gliders). arises out of an extension of credit subject to this 4. Attic ventilating fans. regulation, the prohibitions of this regulation a5« Automobile batteries and accessories. shall be deemed to apply only to payments a6. Automobile tires and inner tubes, for arising out of the obligation rather than to passenger automobiles. payments arising out of the loan. a7. Bedding, blankets, curtains, draperies, (F) Records and Reports.—Every Registrant and household linens and towels. shall keep such records and make such reports b8. Bicycles. as the Board may from time to time require as a9. Binoculars, field glasses, opera glasses, necessary or appropriate for enabling it to per- and hand telescopes. form its functions under the Executive Order. cio. Boats, and inboard and outboard motors (f) Production of Records.—Every Registrant, designed for use therewith, other than as and when required by the Board, shall furnish boats or motors designed specifically complete information relative to any transaction for commercial use. within the scope of the Executive Order, in- bn. Clocks, electric or other, designed for cluding the production of any books of account, household or personal use. contracts, letters, or other papers in connection ii. Cooking stoves and ranges, designed therewith. for household use. (J) Transactions Outside United States.— 13. Dishwashers, electric, designed for Nothing in this regulation shall apply with respect household use. to any extension of credit made in Alaska, the ai4. Electric appliances, not elesewhere listed, Panama Canal Zone, or any territory or posses- designed for household or personal use. sion outside the continental United States. bi5. Floor coverings (including fabric and (k) Right of Registrant to Impose Stricter linoleum type rugs, carpets, mats, and Requirements.—Any Registrant has the right to other floor covering materials, whether refuse to extend credit, or to extend less credit or not designed to be affixed to the floor). than the amount permitted by this regulation, 16. Furnaces and heating units for furnaces, or to require that repayment be made within a household (including oil burners, gas shorter period than the maximum permitted by conversion burners, and stokers). this regulation. 17. Heating stoves and space heaters, de- (/) Sets and Groups of Articles.—For the signed for household use. purposes of this regulation, the word "article" 18. Ironers designed for household use. shall be deemed to include any set, group or ai9. Jewelry (including precious stones and assembly commonly considered, sold or used costume jewelry). as a single unit, if the component parts thereof d2.o. Lamps designed for household use. are sold or delivered at substantially the same e2.i. Lawn mowers, edgers, and trimmers time. (whether or not power-driven). a2.i. Lighting fixtures designed for house- SECTION 13. LISTED ARTICLES, DOWN PAYMENTS hold use. AND MAXIMUM CREDIT VALUES " Added effective May 6, 1942. 6 Added effective March 23, 1942. (a) Listed Articles.—The following are the c Boats other than power driven boats added effective May 6,1942. d Lamps previously classified as furniture. articles which are "listed articles" within the * Lawn mowers, mower-type edgers and trimmers added effective March 23, 1942. Edgers and trimmers other than mower-type, musical meaning of this regulation: instruments other than those composed principally of metal, and mechanical carpet sweepers added effective May 6, 1942. MAY 1942. 42-1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Luggage, purses, handbags, toilet cases, Group C—12 months* maximum maturity: and umbrellas. i. Materials and services (other than ar- Motion picture cameras, projectors, and ticles, whether or not designed for lenses, designed for film gauges less household use, which are of kinds than 35 mm.; still cameras, projecelewhere listed) in connection with tors, lenses and shutters, and enlargers. repairs, alterations, or improvements •2.5. Musical instruments not elsewhere listed. upon urban, suburban or rural real Organs, household electric. property in connection with existing 217. Plumbing and sanitary fixtures designed structures (other than a structure, or for household use. a distinct part thereof, which, as so B3L8. Portable lights, and portable or sta- repaired, altered or improved, is detionary flood-lighting equipment, designed exclusively for non-residential signed for household use. use), provided the deferred balance 2.9. Radio receiving sets, phonographs, or does not exceed $1,500. combinations. 30. Refrigerators, mechanical, of less than Group D—Maximum maturity if months; for down iz cubic feet rated Capacity. payment requirements see section 13 (c): 31. Sewing machines designed for house- 1. Automobiles (passenger cars designed for hold use. the purpose of transporting less than b32.. Silverware (including flatware and hol- 10 passengers, including taxicabs). low ware, whether solid or plated). i. Motorcycles (two- or three-wheel motor "33. Sports', athletic, outing, and games' vehicles, including motor bicycles). equipment. •34. Suction cleaners and mechanical, carpet (F) Trade-in.—If any article is traded in by sweepers, designed for household use. the purchaser on an article listed in Group A, •35. Tableware and kitchen ware, equipment, the cash down payment shall be one-third of and utensils, designed for household the net price of the article after deducting from use (including pottery, porcelain, the cash price the amount allowed for the tradechinaware, glassware, and cutlery). in, and such cash down payment shall be ob- 36. Washing machines designed for house- tained in addition to the trade-in. In the case hold use. of an article listed in Group B, the cash down b37. Watches. payment shall be one-fifth of such net price. 38. Water heaters designed for household use. In the case of automobiles and other articles 39. Water pumps designed for household use. listed in Group D, the down payment required ft4o. Wearing apparel and furs, non-military, by the regulation may be made in the form of (including footwear, head wear, and cash or in the form of a trade-in, or both. haberdashery). (0 Down Payment on Automobiles and a4i. Yard goods designed for making gar- Motorcycles.—For a new automobile or a new ments or for making articles of house- or used motorcycle, the down payment (which hold use. may be in cash or in the form of a trade-in or in both forms) shall be one-third of the cash Group B—20 per cent down and 12 months' maximum price. maturity: For a used automobile the down payment °i. Furniture, household (including ice re- (which may be in cash or in the form of a tradefrigerators, bed springs, and matin or in both forms) shall be: tresses), (1) One-third of the cash price if the cash i. Pianos. price is equal to or lower than the "appraisal For footnotes •• b> •• see page 421. guide value1'; or c ised furniture added effective MMsay 6, 1942. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (2.) The cash price minus two-thirds of the became effective September 10, 1941; Amend- "appraisal guide value" if the cash price is ment No. 2. became effective December 1, 19.41; higher than the "appraisal guide value." Amendment No. 3 became effective March 13, "Appraisal guide value" means the estimated 1942., except that the change made in Part 3 (b) average retail value as stated in such edition of of the Supplement by Amendment No. 3 became any regularly published automobile appraisal effective April 1, 1942.. This revised regulation guide as the Board may designate for this pur- shall become effective May 6, 1942.. pose for use in the territory in which such used Interpretations of Regulation W automobile is sold, -plus any applicable sales taxes. Information as to the guide or guides Since the publication of the April i94x designated for any given territory may be ob- Federal Reserve BULLETIN, the Board of Govertained from any Federal Reserve Bank or branch. nors of the Federal Reserve System has issued (d) Down Payment Where Price is Fixed by the following interpretations of Regulation W Federal Authorities.—In the case of any article prior to its revision: for which the Federal price authorities have prescribed a maximum retail price, the amount HOUSEHOLD FURNACES—STOKERS of credit extended pursuant to the provisions of section 4 shall in no event exceed the amount Interpret at ion No. i$o ofRegulation W which would have been permitted if the article The Board has received several inquiries had been sold at the maximum retail price. concerning the application of interpretation (V) Maximum Amount of Loan.—A loan to W-51 to the rating of coal stokers for purposes purchase an article listed in Group A in con- of Regulation W. The questions relate to the nection with which the seller has accepted a method of determining which stokers are trade-in shall not exceed two-thirds of the net included in the list of articles the credit sales of price of the listed article after deducting from which are subject to the regulation. the cash price the amount allowed for the trade- Interpretation W-51 states that the classificain, and, in the case of an article listed in Group tion "household furnaces and heating units for B, the loan shall not exceed four-fifths of such furnaces (including oil burners, gas conversion net price. burners, and stokers)" includes heat generating A loan to purchase a used automobile shall sources such as furnaces and boilers, and apnot exceed two-thirds of the cash price or two- purtenances which form a part of such sources, thirds of the "appraisal guide value" of the individually or collectively installed, when automobile, whichever is lower. such sources or appurtenances are designed for actual net output of £40,000 B.t.u. per hour or SECTION 14. ENFORCEABILITY OF CONTRACTS less. Except as may subsequently be otherwise How shall Registrants determine whether a provided, all provisions of this regulation are particular model of coal stoker falls within the designated, pursuant to section 2.(d) of the class described? The question to be answered Executive Order, as being "for administrative is what the particular model was designed to do, purposes" within the meaning of said section that is, what heating requirements the manui(d), which provides that noncompliance with facturer considers will be met by the model. provisions of the regulation so designated shall The Registrant, therefore, must depend upon not affect the right to enforce contracts. the rating made by the manufacturer rather than upon his own calculation of the net B.t.u SECTION 15. EFFECTIVE DATE OF REGULATION output based upon individual installations. This regulation became effective in its original In the past, coal stokers have been rated by form September 1, 1941; Amendment No. 1 the manufacturers on the basis of the coal MAY 1941 42-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT delivery rate, and it appears that a stoker deliver coal at the rate required of a 50-pound rated as capable of delivering 45 pounds of coal stoker. These are matters to be established by per hour was recommended for installations heating engineers, and up to the present time where the maximum net output required was the Board has been willing to rely upon the slightly less than £40,000 B.t.u. per hour and judgment of the manufacturer in rating his where average conditions existed. It should products provided this judgment is exercised in be noted that the maximum net output figure good faith. is a standard representing the heating capacity CAMERAS—PHOTOENGRAVING OR LITHOGRAPHING of a system of which the stoker is designed EQUIPMENT to be a part, it being assumed that the heating requirements are average, the equipment ap- Interpretation No. 131 of Regulation W propriate, and the coal of average heating value. The classification "still cameras" in Group Once the rating is determined for a particular C-15 of the Supplement does not include photomodel under average conditions, that rating is graphic equipment used for photoengraving or used in all cases for classifying the model for lithographing purposes. purposes of the regulation, and it does not matter that the conditions under which a given FLOOR COVERINGS—FLOOR TILE stoker is to be installed differ materially from Interpretation No. 132 of Regulation W the averages The classification "floor coverings" includes A special question relates to changes in rubber, asphalt, cork, plastic, and other similar models involving an increase in the coal delivery floor tile, but does not include ceramic, terrazzo, rate. A case has been brought to the attention or other similar floor tile. of the Board in which a stoker formerly rated as a 30-pound stoker was altered by the addition War Financing of an attachment which brought the theoretical Regulation V coal delivery rate up to 50 pounds per hour. Pursuant to the authority contained in Such a change would not conclusively change Executive Order No. 9111 of March 16, 1941, the status of the stoker under the regulation. published at page Z99 of the April 1^41. Federal The pound delivery rate has no significance in Reserve BULLETIN, the Board of Governors of itself. It has been used, in the past, as indicathe Federal Reserve System adopted, effective tive of the heating capacity of the stoker, but April 6, 1942., Regulation V entitled "War it cannot be so used unless the features of the Financing." The text of the Board's press stoker other than the coal delivery rate are release and of Regulation V is as follows: appropriate to a stoker which is actually to be used at the given rate. STATEMENT FOR THE PRESS The problem, therefore, is whether, after a April 10, 194Z change of the kind described, it can be main- The Board of Governors of the Federal Reserve tained in good faith that; the stoker is designed System announced today adoption of Regulation for a heating load of more than 2.40,000 B.t.u. V to carry out the President's Executive Order net output per hour under the average condi- No. 9112. of March x6, 1942., for the purpose of tions mentioned above. In this connection it facilitating and expediting the financing of war would have to be determined whether or not the production. The Regulation was adopted after other features of the converted stoker were consultation with the War Department, the such as to make it suitable and economic for Navy Department, and the United States the heavier heating requirements. Also, there Maritime Commission following conferences would be a question as to the ability of the in which representatives of the War Production converted stoker over its normal life actually to Board participated. 424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT The objective, as set forth in Regulation V, provisions of the President's Executive Order is to facilitate and expedite production for war and the instructions of the three military purposes by arranging for the financing of procurement agencies, to arrange loans and contractors, subcontractors and others engaged guarantees thereof wherever it is believed that in businesses or operations deemed by the armed they will contribute to the obtaining of maxiservices and the Maritime Commission to be mum war production expeditiously. necessary for the prosecution of the war. To assist in carrying out the provisions of the The War Department has sent initial instruc- President's Executive Order and to aid in tions to the Federal Reserve Banks covering the decentralizing operations under it as fully as authority and procedure to be followed by them possible, the War Department plans to have a in acting for the War Department under the liaison officer stationed at each Federal Reserve Board's Regulation. The program embraces Bank. Generally speaking, the liaison officer financial aid for contractors and subcontractors, will certify to the Reserve Bank that an appliboth large and small, and contemplates the cant for financing is qualified from the technical maximum participation of small business enter- or production standpoint to carry out a contract, prises in war production. subcontract or order for war supplies or Regulation V prescribes general rules and equipment. policies to govern the operations of the twelve It is expected that any applicant will first Federal Reserve Banks, which will act as fiscal take up his credit needs with his commercial agents of the armed services and the Maritime bank or other financing institution. When the Commission in carrying out the President's necessary credit cannot be arranged by the Executive Order. The utilization of the facili- financing institution without the assistance ties of the twelve Federal Reserve Banks and of the War Department, the financing institution their twenty-four branches throughout the will apply to the Federal Reserve Bank for a United States makes it possible to decentralize guarantee of a part or all of the proposed the war financing program to a large extent. financing. After certification by the liaison The program looks to the fullest possible officer, it will be the Reserve Bank's function to participation by the banks of the United States, analyze the financial aspects of the application, whether members or nonmembers of the Federal including the integrity of the management, and Reserve System, in the financing contemplated determine the type of financing best suited to under the authority of the President's Executive meet the situation. Order. Under the initial instructions of the War Under the Executive Order the three military Department, and upon appointment of liaison procurement agencies are authorized to guaran- officers, guarantees or loans up to a prescribed tee commercial banks, Federal Reserve Banks, maximum to be determined by the War Departthe Reconstruction Finance Corporation, or ment will be made at the Federal Reserve Bank other financial institutions against loss on without reference to Washington. loans made to concerns to finance the per- Attached is a copy of Regulation V. formance of war orders. The primary aim is to REGULATION V expand and expedite war production. Accordingly, peacetime credit rules or standards, Effective April 6, 1941 as the President stated at the time of signing WAR FINANCING the Executive Order, must not be permitted to hold up production of war supplies needed by SECTION I. AUTHORITY the armed forces. This regulation is based upon and issued The Board's Regulation authorizes the Federal pursuant to the Executive Order of the President, Reserve Banks, acting in accordance with the No. 91 ix, dated March x6, i94i (hereinafter MAY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT referred to as the Executive Order), and various terms of the Executive Order, will cooperate to provisions of the Federal Reserve Act, and has the fullest extent possible in carrying out been issued after consultation with the Secretary expeditiously and effectively the purposes of the of War, the Secretary of the Navy, and the Executive Order in accordance with the provi- United States Maritime Commission (herein- sions of this regulation and the instructions of after referred to as Maritime Commission), or the War Department, Navy Department or their authorized representatives. Maritime Commission. To this end the Federal Reserve Banks will arrange guarantees and SECTION X. OBJECTIVE OF THE FEDERAL loans in accordance with the provisions of the RESERVE SYSTEM Executive Order and of the instructions of the The objective of the Federal Reserve System War Department, Navy Department or Maritime in carrying out the purposes of the Executive Commission, respectively, wherever it is be- Order is to facilitate and expedite war production, lieved that they will contribute to the obtaining including the obtaining or conversion of facili- of maximum war production expeditiously. ties therefor, by arranging for the financing of While the Federal Reserve Banks will make contractors, subcontractors and others engaged reasonable efforts to afford the War Department, in businesses or operations deemed by the War Navy Department and Maritime Commission Department, Navy Department or Maritime the best available protection against possible Commission to be necessary, appropriate or financial loss consistent with this objective, convenient for the prosecution of the war. such guarantees or loans should not be denied or substantially delayed when they can be provided SECTION 3. BOARD OF GOVERNORS in accordance with the instructions of the War The Board of Governors of the Federal Reserve Department, Navy Department or Maritime System will cooperate and assist in every way Commission. possible in carrying out the provisions of the Each Federal Reserve Bank should arrange Executive Order. It will exercise general super- such financing, where practicable, without any vision and direction of the operations of the guarantee or loan or participation therein by Federal Reserve Banks under authority of the the War Department, the Navy Department or Executive Order and will prescribe from time to the Maritime Commission, through commercial time, after consultation with the Secretary of banks whether or not members of the Federal War, the Secretary of the Navy or the Maritime Reserve System or other financing institutions, Commission, or their authorized representatives, or through the Federal Reserve Bank under the such further direction of the Federal Reserve provisions of section 13 b of the Federal Reserve Banks as may be necessary to accomplish the Act. Where this is not feasible, guarantees by purposes of the Executive Order. All facilities the War Department, Navy Department or of the Board and of the Federal Reserve Banks Maritime Commission of loans made by such will be made available for the purpose of banks or financing institutions to the extent facilitating the financing of business enterprises, necessary should be used in preference to loans including smaller businesses, in order that they or participations therein by any of these agencies. may participate more fully in speeding up war production. SECTION 5. INSTRUCTIONS OF WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME SECTION 4. FEDERAL RESERVE BANKS AS COMMISSION FISCAL AGENTS The War Department, Navy Department, and Federal Reserve Banks, having been desig- Maritime Commission, after consultation with nated as fiscal agents of the United States by the Board of Governors of the Federal Reserve the Secretary of the Treasury pursuant to the System, will issue general instructions with 42.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT respect to the operations of the Federal Reserve SECTION 9. GENERAL Banks under the Executive Order, including The term "loan," as used in this regulation, provisions regarding the relationships of the shall be construed as referring to a loan, discount Federal Reserve Banks with liaison officers or or advance, including a participation therein, other field representatives of such agencies. and shall include a commitment to make or The operations of the Federal Reserve Banks purchase such a loan, discount or advance under the Executive Order shall be conducted in unless otherwise indicated by the context; accordance with such instructions. but such term shall not be construed to include any advance payments made by the War De- SECTION 6. RATES partment, Navy Department or Maritime Com- Rates of interest, fees and other charges on mission on a specific contract or on specific loans made or guaranteed in whole or in part contracts. by the War Department, Navy Department or The term "guarantee" as used in this regula- Maritime Commission through the agency of tion shall be construed as including a commitany Federal Reserve Bank will from time to ment to make such a guarantee unless otherwise time be prescribed, either specifically or by indicated by the context. maximum limits or otherwise, by the Board of Governors of the Federal Reserve System after Industrial Loans consultation with the War Department, Navy Revision of Regulation S Department or Maritime Commission, and with There is set forth below the text of the rethe Federal Reserve Banks. vision of Regulation S entitled Industrial Loans by Federal Reserve Banks, which was adopted SECTION 7. MATURITIES by the Board of Governors of the Federal Re- With respect to financing of production, serve System, effective April 30, 1942.. except as may be otherwise authorized specifically or by general instructions by the War FOREWORD Department, Navy Department or Maritime (Not a part of the Regulation) Commission, the maturity of any loan made or In order to facilitate the participation of Fedguaranteed in whole or in part by a Federal eral Reserve Banks in the program, of war financ- Reserve Bank on behalf of any such agency shall ing contemplated by the President's Executive be consistent with the needs of the borrower for Order No. 9112. of March 2.6, 1942., the Board of the fulfillment of the contracts or orders for Governors has revised its Regulation S relating which the financing is provided. With respect to loans by Federal Reserve Banks to industry to financing of facilities, the maturity of any and business under the provisions of section 13b loan made or guaranteed in whole or in part by a of the Federal Reserve Act. The changes which Federal Reserve Bank on behalf of any such have been made in the regulation are merely of a agency shall be as may be agreed upon between clarifying of technical character. the parties concerned but in no case shall such As heretofore, the regulation leaves the powmaturity be in excess of five years. ers granted by Congress to the Federal Reserve Banks unimpaired and prescribes no restrictions SECTION 8. REPORTS beyond those required by the law itself. Any Each Federal Reserve Bank shall make such attempt to prescribe technical definitions of such reports as the Board of Governors of the Federal terms as "working capital", "established indus- Reserve System shall require with respect to its trial or commercial business" and "financing operations pursuant to the terms of the Execu- institutions" has been avoided, lest it have the tive Order and of these regulations. effect of restricting or hampering the operations MAY 1942. 42-7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT of the Federal Reserve Banks under the statute. tered into for the purpose of obtaining work- The regulation, therefore, contains little except ing capital for an established industrial or an analysis of the law and an outline of the nec- commercial business; essary procedure. (x) Such obligations must have a maturity The law permits Federal Reserve Banks to of not exceeding five years; make direct loans to established industrial and (3) Each such financing institution shall— commerical businesses only when authorized by (A) Obligate itself to the satisfaction of the Board of Governors of the Federal Reserve the Federal Reserve Bank for at least 2.0 per System; but, in order to avoid the necessity of centum of any loss which may be sustained having applications for such accommodations by the Reserve Bank upon any such obligapassed on in Washington, the Board has con- tion acquired from such financing institutinued in the revised regulation the blanket tion, the existence and amount of any such authority to all Federal Reserve Banks to grant loss to be determined in accordance with such accommodations directly on their own re- subsection (c) of this section; or sponsibility without reference to Washington. (B) In lieu thereof, advance at least 2.0 per centum of such working capital and in REGULATION S such event the advances by both such financ- Revised Effective April 30, 1942. ing institution and the Federal Reserve Bank shall be considered as one advance and re- INDUSTRIAL LOANS BY FEDERAL payment shall be made on a pro rata basis. RESERVE BANKS (If) Applications by Financing Institutions.— An application1 by a financing institution for the INTRODUCTION discount or purchase of an obligation entered This regulation is based upon and issued purinto for the purpose of obtaining working capital suant to section 13 b of the Federal Reserve Act, for an established industrial or commercial busias amended, and other provisions of law. The ness located in any Federal Reserve district or for provisions of section 13 b and certain other rea loan or advance on the security of such an oblilated statutory provisions are set forth in the gation or for a commitment with regard to such Appendix to the regulation. discount, purchase, loan, or advance, may be transmitted to the Federal Reserve Bank of any SECTION I. TRANSACTIONS BY FEDERAL RESERVE district in which the applicant financing insti- BANKS WITH FINANCING INSTITUTIONS tution is operating and shall be Submitted by (a) Legal Requirements.—Under the provisuch Federal Reserve Bank to the Industrial Adsions of subsection (b) of section 13b of the Fedvisory Committee of such district. Such applieral Reserve Act, a Federal Reserve Bank is cation may be made on a form furnished for that authorized to discount obligations for, purchase purpose by the Federal Reserve Bank and must obligations from, and make loans or advances on contain or be accompanied by such information, the security of such obligations direct to, any agreements, and documents as the Federal bank, trust company, mortgage company, credit Reserve Bank may require. corporation for industry or other financing insti- (c) Existence and Amount of Losses.—The tution (hereinafter referred to as "financing Federal Reserve Bank shall be deemed to have institution") operating in its district and to sustained a loss upon any obligation acquired make commitments with regard to such disfrom a financing institution in accordance with counts, purchases, loans or advances, subject to the following requirements: 1 Attention is invited to the requirements of subsections (h) and (k) of section 22 of the Federal Reserve Act quoted in the Appendix to this (1) Obligations which are the subject of regulation, with regard to material statements or overvaluation of security in connection with applications of this kind and with regard to such discounts, purchases, loans, advances, or the giving or receiving of fees, commissions, bonuses, or things of value for procuring or endeavoring to procure from a Federal Reserve Bank commitments must have been or must be en- any credit accommodation, either directly from such Federal Reserve Bank or indirectly through any financing institution. 42.8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT the provisions of this section of this regulation Governors of the Federal Reserve System, purwhenever the board of directors of the Reserve suant to the provisions of subsection (a) of sec- Bank, after investigation, shall have determined tion 13b of the Federal Reserve Act, hereby that such obligation or any part thereof is a loss authorizes every Federal Reserve Bank, until and the Reserve Bank shall have charged off of such time as the Board of Governors may revoke its books the amount so determined to be a loss, or modify such authority, to make loans to and subject to review by the Board of Governors of purchase obligations of established industrial or the Federal Reserve System. The amount of loss commercial businesses, and to make commitin any such case shall be deemed to be the ments with respect thereto, subject to the proamount so charged off, together with unpaid visions of the law and this regulation. interest thereon. Such financing institution (Y) Applications by Established Industrial shall reimburse the Federal Reserve Bank for the or Commercial Businesses.—An application1 by portion of such loss for which such financing in- an established industrial or commercial business stitution shall have obligated itself, with for a loan to, or the purchase of the obligations interest on such portion of such loss until the of, such business, or a commitment with respect date of such reimbursement. If any recovery be to such a loan or purchase, may be transmitted realized on the amount of the loss ascertained to the Federal Reserve Bank of any district in in accordance with this subsection, such financ- which an office or place of business of the appliing institution and the Federal Reserve Bank cant is located and shall be submitted by such shall be entitled to share pro rata in the amount Federal Reserve Bank to the Industrial Advisory so recovered. Committee of such district. Such application may be made on a form furnished for that pur- SECTION 2.. DIRECT TRANSACTIONS BY FEDERAL RE- pose by the Federal Reserve Bank and must con- SERVE BANKS WITH ESTABLISHED INDUSTRIAL tain or be accompanied by such information, OR COMMERCIAL BUSINESSES agreements, and documents as the Federal Reserve Bank may require. (a) Legal Requirements.—A Federal Reserve Bank may exercise its authority to make loans SECTION 3. INDUSTRIAL ADVISORY COMMITTEES to or purchase obligations of an established in- (a) Membership of Committees.—The Industrial or commercial business having an office dustrial Advisory Committee established in each or place of business in its district or to make Federal Reserve district under the provisions of commitments with respect thereto under sub- subsection (d) of section 13b of the Federal section (a) of section 13 b of the Federal Reserve Reserve Act shall consist of five members actively Act: (1) in exceptional circumstances pursuant engaged in some industrial pursuit within the to the authority hereinafter granted by the Board Federal Reserve district in which the committee of Governors of the Federal Reserve System; (2.) is established. The membership of such comwhen it appears to the satisfaction of the Federal mittee shall consist of persons who are familiar Reserve Bank that such established industrial or with the problems and needs of industry and commercial business is unable to obtain requisite commerce in such district. financial assistance on a reasonable basis from On or before the 15 th day of February of each the usual sources; (3) for the purpose of provid- year, the board of directors of each Federal Reing such established industrial or commercial serve Bank shall submit to the Board of Governbusiness with working capital; (4) on a reason- ors of the Federal Reserve System the names of able and sound basis; and (5) with respect to the persons selected to serve for the ensuing year obligations which have maturities not exceeding as members of the Industrial Advisory Commitfive years. tee of the district of such Federal Reserve Bank, (V) Authorization by Board of Governors and, if approved by the Board of Governors, such of the Federal Reserve System.—The Board of 1 For footnote 1 see page 428. MAY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT persons shall serve for terms of one year com- Board of Governors of the Federal Reserve mencing on the ist day of March of such year. System. Vacancies that may occur in the membership of such committees shall be filled in like manner, SECTION 6. REPORTS BY FEDERAL RESERVE BANKS and persons appointed to fill such vacancies Each Federal Reserve Bank shall make a daily shall hold office for the unexpired terms of their report to the Board of Governors of the Federal predecessors. Reserve System of all transactions entered into Q?) Recommendations of Committees.—The pursuant to the authority conferred by section Industrial Advisory Committee, to which an 13b of the Federal Reserve Act on the Board's application for any such discount, purchase, form B D 4, prescribed for the reporting of disloan, advance, or commitment by the Federal count transactions. Reserve Bank of the district shall have been submitted, after an examination by it of the busi- SECTION 7. CHANGES IN REGULATIONS ness with respect to which the application is The Board of Governors of the Federal Reserve made and a consideration of the necessity and System, pursuant to the authority conferred upon advisability of granting the application and of it by section 13b of the Federal Reserve Act, may such other factors as it may deem appropriate, alter, modify, or amend the provisions of this shall transmit the application to the Federal regulation from time to time in its discretion. Reserve Bank together with the recommendation Alien Property Custodian of the committee. Appointment of Deputy Custodian SECTION 4. AGGREGATE AMOUNT OF ACCOMMODA- The Alien Property Custodian on March 19, TIONS WHICH MAY BE EXTENDED BY A 1942., appointed a Deputy Alien Property FEDERAL RESERVE BANK Custodian with authority to exercise all powers Except with the permission of the Board of conferred upon and vested in the Alien Property Governors of the Federal Reserve System, the Custodian during the absence of such Custodian aggregate amount of loans, advances, and com- or inability to act. The text of the certificate of mitments of each Federal Reserve Bank made appointment is as follows: pursuant to the provisions of section 13 b of the Federal Reserve Act and outstanding, plus the CERTIFICATE OF APPOINTMENT OF DEPUTY ALIEN amount of purchases and discounts acquired PROPERTY CUSTODIAN under that section and held at the same time, Know all men by these presents: That I do shall not exceed the surplus of such Federal Re- hereby designate and appoint James E. Markserve Bank as of July 1, 1934, plus all amounts ham, of Lowell, Massachusetts, Deputy Alien paid to such Federal Reserve Bank by the Secre- Property Custodian, and do hereby delegate to, tary of the Treasury under subsection (e) of confer upon and vest in the said Deputy Alien section 13b of the Federal Reserve Act. Property Custodian, in the absence of the Alien Property Custodian or in the event of his in- SECTION 5. RATES ability to act, to the extent permitted by law, All rates of interest and of discount established all of the powers and authority granted and by any Federal Reserve Bank with respect to delegated to, conferred upon and vested in, or loans, advances, discounts and purchases made which may be granted and delegated to, conunder authority of the provisions of section 13b ferred upon and vested in the Alien Property of the Federal Reserve Act, and all charges es- Custodian by the laws of the United States of tablished by any Reserve Bank with respect to America, orders of the President of the United commitments made under such authority, shall States, or regulations made or issued in pursuance be subject to review and determination of the of said laws or orders, including, without being 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT limited to, the power and authority to appoint the Trading with the enemy Act, as amended, and fix the compensation of attorneys, investi- shall be filed with the Alien Property Custodian gators, accountants, clerks and such other em- on Form APC-i in triplicate. Such claims ployees as may be deemed to be necessary for the shall be filed within such time, after the vesting due and proper administration of the provisions in the Alien Property Custodian of the property of said laws, orders of the President, and regula- to which they relate, as the Custodian shall pretions; and I do hereby further delegate to, confer scribe. Form APC-i may be obtained from the upon and vest in the said Deputy Alien Property Alien Property Custodian, Washington, D. C. Custodian full authority at all times to exercise The original of each claim shall be executed any and all of the powers granted and delegated under oath before an officer authorized to adto, conferred upon and vested in, or which may minister oaths, or if executed outside of the be granted and delegated to, conferred upon and United States, before a diplomatic or consular vested in the Alien Property Custodian by the officer of the United States. laws of the United States, orders of the Presi- (b) There shall be a committee to be known dent, and regulations made or issued pursuant as the Vested Property Claims Committee, to be to said laws or orders, to the extent that such composed of three members designated by the authority may be lawfully delegated by the Alien Property Custodian. The members of the Alien Property Custodian. Committee shall designate one of their number In testimony whereof, I have hereunto set my to be Chairman. The Committee is empowered hand this nineteenth day of March 1942.. to hear claims respecting property vested in the LEO T. CROWLEY, Alien Property Custodian pursuant to section Alien Property Custodian: 5 (b) of the Trading with the enemy Act, as amended, in accordance with rules and pro- Regulations cedures to be formulated by the Committee. The Alien Property Custodian on March 2.5, The Committee shall have all powers necessary 1942., issued regulations relating to the receipt to carry out its functions, including the power and disposition of claims to property vested in to call witnesses and to compel the production the Alien Property Custodian. The text of the of books of accounts, records, contracts, memoregulations is as follows: randa, and other papers. (c) The Alien Property Custodian shall trans- REGULATIONS RELATING TO PROPERTY VESTED IN mit to the Committee claims relating to property THE ALIEN PROPERTY CUSTODIAN vested in the Alien Property Custodian pursuant These regulations are prescribed and issued by to section 5 (b) of the Trading- with the enemy virtue of the authority vested in the Alien Act, as amended. Property Custodian by the President pursuant to (d) Appropriate notice of hearing shall be section 5 (b) of the Trading with the enemy given by the Committee at least 10 days before Act, as amended by section 301 of the First War the time set for the hearing. This requirement Powers Act, 1941. of notice may be waived by any claimant. Receipt and disposition of claims. The follow- (e) Claimants and the Alien Property Custoing procedure is hereby established for the re- dian shall be entitled to representation by ceipt and disposition of claims to property vested counsel, or otherwise, before the Committee. in the Alien Property Custodian pursuant to (f) The Committee shall have a seal which section 5 (b) of the Trading with the enemy Act, shall be affixed to all exemplifications of the as amended by section 301 of the First War records and such other documents, orders, or Powers Act, 1941: notices as the Committee may determine. (a) Claims to property vested in the Alien (g) A complete record, including a transcript Property Custodian pursuant to section 5 (b) of of the testimony, shall be made of any hearing MAY 1942. 431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT before the Committee. The Committee shall Aeronautics Administration of the Department transmit the record, including its findings and of Commerce, and the National Housing Agency, recommendations, to the Alien Property Cus- with respect to all contracts made or to be made todian. by such agencies, and to the Veterans' Admin- (h) The Alien Property Custodian, after the istration with respect to all contracts hereafter examination of the record, will issue a decision made by it; and subject to the limitations and and will give appropriate notice of the decision regulations contained in such Executive order, rendered. The Alien Property Custodian will I hereby authorize the Coordinator of Intertake appropriate action to effectuate any decision American Affairs, the Administrator of Civil so rendered. Aeronautics, the National Housing Administra- LEO T. CROWLEY, tor, and the Administrator of Veterans' Affairs, Alien Property Custodian. and such officers, employees, and agencies as each of them may designate, to perform and Government Contracts exercise, as to their respective agencies, all of Executive Order Dealing with War Contracts the functions and powers vested in and granted to the Secretary of War, the Secretary of the There is set forth below the text of an Execu- Navy, and the Chairman of the United States tive Order issued by the President on March 30, Maritime Commission by such Executive order; 1942., extending the provisions of Executive and I hereby extend to all contracts of the Order No. 9001 of December ty, I94I? so as to Federal Communications Commission those proauthorize certain specified governmental agencies visions of the said Executive Order No. 9001 to perform the functions and exercise the powers which relate to statutory requirements for adverdescribed in Title II of the Act of December 18, tising for bids, and I hereby authorize the 1941, pertaining to Government contracts. Ex- Federal Communications Commission, or such ecutive Order No. 9001 is published at page 105 officers or employees as it may designate, to enter of the February 1942. Federal Reserve BULLETIN, into contracts without prior advertising for bids, and the Act of December 18, 1941, is published under the regulations prescribed by that Execuat page iz of the January 1942. Federal Reserve tive order: Provided, however, that the provisions BULLETIN. of this order shall be applicable only to contracts relating to the prosecution of the war EXECUTIVE ORDER NO. 9116 effort. Extension of the Provisions of Executive Order No. FRANKLIN D. ROOSEVELT poo 1 of December zj 1941, to Contracts of the y THE WHITE HOUSE, Office of the Coordinator of Inter-American Affairsp, March 30, 1942.. the Civil Aeronautics Administration, the National Housing Agency, the Veterans' Administration, Foreign Funds Control and the Federal Communications Commission The Treasury Department has issued a pam- By virtue of the authority vested in me by phlet entitled "Documents Pertaining to Foreign the act of Congress entitled "An Act to expedite Funds Control" which contains all Executive' the prosecution of the war effort" approved Orders, Regulations, General Rulings, General December 18, 1941, and as President of the Licenses, and Public Circulars, together with United States, and deeming that such action will closely related papers and press releases dealing facilitate the prosecution of the war, I hereby with this subject, which were promulgated prior extend the provisions of Executive Order No. to March 31, 1942.. Copies of this publication 9001 of December 17, 1941, to the Office of the may be procured from the Treasury Department, Coordinator of Inter-American Affairs in the Washington, D. C, or from any Federal Re- Office for Emergency Management, the Civil serve Bank. 432- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Public Circular Issued by the Secretary specifically authorized by the Secretary of the Treasury, by of the Treasury means of regulations, rulings, instructions, licenses or otherwise. There is published below a Public Circular is- (3) As used herein, the term "person subject to the jurissued by the Office of the Secretary of the Treasdiction of the United States" shall include: ury under the authority of the Excutive Order (a) any citizen of the United States whether within of April 10, 1940, as amended, and the Regu- the United States or within any foreign country; lations issued pursuant thereto relating to trans- (b) any person within the United States; (c) any partnership, association, corporation, or other actions in foreign exchange, etc.: organization (i) which is organized under the laws of the Treasury Department, Office of the Secretary United States; or March 30, 1942. (ii) which has its principal place of business PUBLIC CIRCULAR NO. 18 within the United States; or (iii) which is owned or controlled by, directly Under Executive Order No. 8389, as Amended, and Regulations or indirectly, one or more persons subject Issued Pursuant Thereto, Relating to Foreign Funds to the jurisdiction of the United States as Control* herein defined; and (1) Reference is made to General Ruling No. 11, relating (d) any agent, subsidiary, affiliate or other person owned to transactions involving trade or communication with an or controlled, directly or indirectly, by any person enemy national. Inquiry has been made as to the standard of subject to the jurisdiction of the United States as conduct which United States concerns doing business within herein defined. Latin America are required to follow with respect to trans- (4) In appropriate cases, United States diplomatic and actions involving enemy nationals. consular officers in the other American Republics should be CO Any person within the Western Hemisphere who is consulted with respect to the matters referred to herein and subject to the jurisdiction of the United States shall not applications for licenses to engage in transactions referred engage in any financial, business, trade or other commercial to herein may be filed with such officers in lieu of filing such transaction which is directly or indirectly with, by, on applications in the United States. The Treasury Department behalf of, or for the benefit of an enemy national, except as has delegated authority to such officers through the State Department, and accordingly such officers are in a position * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; to take action on applications in certain cases without first Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as referring such applications to the Treasury Department. amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December E. H. FOLEY, JR., 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Acting Secretary of the Treasury. MAY 1942. 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME OF CONSUMER INSTALMENT CREDIT AS REPORTED BY REGULATION W REGISTRANTS Under the Board's Regulation W, as issued personal instalment cash loans—are, first, sales last summer, persons engaged in the business of finance companies and, second, commercial extending instalment credit were required to banks, which together had about half of the register with the Federal Reserve Banks by De- total outstanding. Third place is held by cember 31, 1941 and to submit a few basic statis- furniture stores, which retain most of their tics concerning amounts of instalment paper held instalment paper, and fourth by small-loan and volume of instalment sales. These statis- companies. As is well known, the largest tics have been tabulated, and the totals reveal volume of instalment sales was made by autoseveral new and significant facts about the nature mobile dealers—over half the total—with deof this business. The results are summarized in partment and general stores, including mailthe accompanying tables.1 order houses, a distant second, and furniture The total volume of retail instalment credit stores a close third. outstanding held by registrants at the end of September 1941 was 6.8 billion dollars. The TABLE 1 total number of registrants through January 15, REGISTRANTS INCLUDED IN ANALYSIS, I94X amounted to 163,745, distributed through- BY FEDERAL RESERVE DISTRICTS out the country. Of the 157,000 registrants which submitted figures, 37,000 were primarily Federal Reserve district Number P o e f r t c o e ta n l t engaged in lending or in purchasing instalment Boston 10,289 6.6 New York 15,862 10.1 contracts and held somewhat more than 5 bil- Philadelphia... 8,660 5.5 lion dollars of instalment receivables on Septem- Cleveland 13,883 Richmond 9,657 6.2 ber 30, 1941. The 12.0,000 registrants engaged Atlanta 10,114 6.4 primarily in selling held 1% billions of instal- Chicago 27,462 17.5 St. Louis 9,805 6.3 ment receivables on September 30 and had instal- Minneapolis.. 11,405 7.3 ment sales in the preceding 12. months of 6^ Kansas City... 14,426 9.2 Dallas 9,607 6.1 billion dollars. These sales represented 37 per San Francisco.. 15,645 10.0 cent of their total sales. Other credit sales, Total.. 156,815 100.0 presumably mainly charge accounts, amounted The registrants included in this table are only those which reported to 2.6 per cent. If retail sales financed by ex- in sufficient detail to permit tabulation of their figures as shown in Tables 2 and 3. Reserve Banks reported an additional 7,000 registrants tensions of instalment cash credit secured by the which submitted incomplete statements. Registrants are classified in this table by the Federal Reserve goods to be purchased are added to those made district in which their head offices are located. Some registrants such as sales finance companies and mail-order houses operate over wide directly on an instalment basis by vendors, the areas and in several Federal Reserve districts. total of such sales was in the neighborhood of NUMBER OF REGISTRANTS 8 billion dollars. The total amount of instalment credit based on retail sales outstanding on There were 163,745 registrants who submitted September 30, 1941 amounted to about 5.5 bil- registration statements. Of these 6,930 either lion or 80 per cent of all instalment receivables submitted no figures or had no instalment sales then outstanding. or instalment receivables. The latter presum- The largest holders of instalment receivables— ably registered in order to be able to engage in including paper purchased, credit extended di- such business if they wished. The analyses rectly to finance retail instalment sales, and presented in the following paragraphs are based on the remaining 156,815 registrants who were 1 Tables show tabulation of registration statements submitted to engaged in instalment business during the year the Reserve Banks through January 15, 1942. These figures are now in the process of being reviewed, revised, and analyzed. Detailed ending September 30,1941 and from whom comconclusions concerning their character have not yet been drawn. Observations in this article, therefore, are preliminary and limited to plete reports were received. the major points of analysis. 434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT Those registrants that may be generally desig- 1941, most of which have been much nearer to nated as instalment lenders, that is, the banks, 6 billion dollars. loan companies, credit unions, and sales finance Of the 6.8 billion of instalment receivables companies, amounted to 36,731. Of this num- reported, about Z5 per cent was held by the ber more than one-third were banks. Credit sellers of the goods, 43 per cent was purchased unions ranked second with nearly 9,000 regis- paper held mainly by sales finance companies and trants. Therq were 1x0,084 registrants engaged banks, iz per cent represented credit extended in selling articles financed by instalment credit. directly by lending agencies to purchasers of Of these almost one-third were automobile goods, and nearly zo per cent was personal instaldealers. ment cash loans of lending agencies. Most of The distribution of registrants by Federal Re- the classes of instalment vendors who registered serve districts is shown in Table 1. This distri- reported that they held more of their own bution, of course, does not reflect precisely the way in which the business is distributed among TABLE 2 Federal Reserve districts because some of the CASH INSTALMENT CREDIT, BY KIND OF BUSINESS classes of registrants, such as sales finance com- SEPTEMBER 30, 1941 panies and mail-order houses, operate on a (Amounts in millions of dollars) nation-wide basis. Retail Retail instal- Num- Total instal- ment Personal ber of instal- ment credit instal- INSTALMENT RECEIVABLES Kind of business t r r e a g n i t s s - 1 r m ec e e n iv t - p p a u p r e - r te e n x d - ed m ca e s n h t ables chased di- loans The figures from the registration statements rectly indicate a much larger volume of instalment Sales finance companies. 3,237 2,074.0 1,976.0 60.1 37.9 receivables than has usually been estimated. Commercial banks and trust companies 12,586 1,699.1 776.7 485.9 436.5 Registrants reported 6.8 billion dollars of instal- Industrial loan companies or banks 756 229.7 68.7 33.2 127.8 ment receivables outstanding as of September 30, State-licensed small-loan companies 2,6S2 495.7 26.2 34.1 435.4 1941. Since there were certain classes of instal- Credit unions 8,838 192.1 .4 40.3 151.3 Other financial busiment vendors, such as apparel stores and some nesses2 8,662 352.2 45.2 174.8 132.2 jewelry stores, which were not required to regis- All lenders 36,731 5,042.8 2,893.2 828.4 1,321.1 All vendors3 78.0 69.6 6.2 2.2 ter,2 it is reasonably clear that the aggregate of Total 5,120.8 2,962.8 834.6 1,323.3 instalment receivables outstanding on Septem- 1 Number reporting holdings of purchased paper or cash loans. ber 30,1941 was in the neighborhood of 7 billion 2 Remedial and other small-loan companies, not State-licensed; building and loan associations; mutual savings banks; agents, brokers, dollars. Although the instalment receivables and dealers in real estate; holding and investment companies; mortgage companies; miscellaneous financial companies. reported by registrants were based for the most 3 Of the vendor registrants shown in Table 3, 1041 reported purchased paper and cash loans shown in this line. part on the retail sale of consumers' durable goods, some of these receivables were based on receivables than had ordinarily been estimated.3 producers' goods, such as trucks, tractors, barber The amount reported for September 30, 1941 was shop and beauty parlor equipment, and small unusually high probably because most vendors, commercial and industrial installations. With especially automobile dealers, had invested some proper allowance for the amount of instalment of their large undistributed profits from increased credit based on these items, the remainder is sales in instalment receivables. There were nevertheless well in excess of previous estimates some types of vendors heretofore credited with of consumer instalment credit as of September 30, little importance in the instalment field who in the aggregate held rather substantial amounts. 2 The number of vendors required to register was increased by the addition of bicycles, lawn mowers, mower-type edgers and trimmers, 3 There is probably some overstatement in these figures because silverware, clocks and watches, motion picture and still cameras, some vendors may have reported instalment receivables which they projectors, lenses, shutters and enlargers, and floor coverings to the originated but had sold to discount agencies and which were accordlist of regulated articles by Amendment No. 3, which became effective, ingly reported by the latter. However, the amount of such over- March 23, 1942. statement is probably small. MAY 1942. 435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT For example, piano, organ, and music stores loans which, although the connection is obreported almost 32. million dollars of receivables scure, appear to be related to some extent to —a larger amount than had been expected. In building repair and modernization. addition there appeared to be a fairly large volume of instalment receivables arising from INSTALMENT SALES building repair and modernization held by mis- The 110,084 registered vendors had instalcellaneous lending agencies. ment sales of 6,761 million dollars out of total As shown in Table z, page 435, sales finance sales of 18,118 million dollars in the 12. months companies on September 30, 1941 reported nearly ending September 30, 1941. Other credit sales 100 million dollars of direct cash loans. The amounted to 4,665 million dollars. With alsmall-loan companies which are engaged pri- lowance for the vendors who were not required marily in making personal cash loans reported to register, it appears that the volume of instala relatively small amount of credit extended di- ment sales is greater than has commonly been rectly for retail purchases but somewhat more estimated. The registrants, of course, included purchased paper than had been thought. In- only those that did some instalment business. dustrial banks and commercial banks reported Even so, the proportions of instalment sales considerable amounts both of purchased paper were higher than anticipated in a number of and of direct loans secured by purchased com- retail lines. Instalment sales comprised more modities. A variety of financial institutions, than two-thirds of total sales reported by jewelry such as building and loan associations, savings stores, furniture stores, and utility companies banks, and other companies which appear to be and over half of the total for household appliassociated with the real estate business, made ance stores, music stores, motorcycle dealers, substantial amounts of consumer instalment and automobile dealers. About 10 per cent of TABLE 3 RETAIL SALES AND RECEIVABLES HELD BY KIND OF BUSINESS (Amounts in millions of dollars) Sales, Receivables held Number year ended September 30, 1941 September 30, 1941 Kind of business of registrants! Instal- Other Instal- Total ment credit ment Other Department and general stores2 5,589 4,859.2 963.1 1,481.5 361.0 298.6 Automobile dealers 36,827 7,081.4 3,603.9 808.7 277.1 137.0 Furniture and housefurnishing stores 15,187 1,291.3 874.3 192.2 555.3 65.2 Household appliance and radio stores 15,972 603.4 307.9 139.5 112.8 36.5 Electric and gas utility companies 1,031 123.7 36.8 107.0 181.5 10.4 Hardware and automobile accessory stores 15,120 162.5 296.0 50.6 Dealers and contractors in heating, plumbing, and air-condi- 837.8 80.4 tioning equipment 8,294 79.5 Dealers and contractors in other construction and repair ma- 386.2 50.2 terials 10,066 1,150.4 151.6 807.2 38.0 229.5 Manufacturers 1,046 598.9 166.6 275.4 62.4 61.5 Jewelry stores 2,391 191.4 139.2 11.6 67.0 3.9 Piano, organ, and music stores 1,765 85.1 50.3 14.7 31.8 3.8 Farm implement dealers 2,055 141.4 52.1 38.0 12.1 12.3 Motorcycle dealers 406 9.8 5.0 2.1 1.1 .4 Aircraft dealers 81 5.4 1.7 1.9 .3 Dealers in boats and marine engines 127 4.9 .9 1.8 .3 .3 Bicycle dealers 99 2.0 .6 .4 .2 .1 Business supply, equipment, and furniture dealers 425 37.9 7.9 23.5 2.9 5.5 Fuel, ice, and fuel-oil dealers 1,169 369.8 17.7 170.5 7.0 28.6 Miscellaneous dealers, contractors, etc 2,434 279.7 52.7 140.4 21.4 25.9 Total 120,084 18,117.5 6,761.2 4,664.7 1,723.1 1,050.4 1 Number reporting instalment sales. 2 Includes mail-order houses. 3 Less than $50,000. 43 6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT sales of department and general stores, including is not the same as the average initial maturity mail-order houses, were made on an instalment of the contracts, because "add-ons" and debasis and 30 per cent on open-book accounts. faults lengthen this period, while prepayments Although the instalment data reported by shorten it. vendors and those reported by financial institutions or lenders are not strictly comparable, the OTHER CREDIT SALES AND RECEIVABLES discrepancies are undoubtedly too small to Although the registrants presumably made a destroy the significance of certain relationships. very large proportion of all the instalment sales, In comparison with the 6,761 million dollars of they included only a fraction of the non-instalinstalment sales made during the preceding year, ment retail credit business—about three-eighths. a total of 4,686 million of instalment sale credits However, this rather large sample of such busiwas outstanding on September 30, 1941, of ness disclosed certain facts that had not heretowhich 1,72.3 million were reported as instalment fore been available. receivables held by vendors and 1,963 million "Other" credit is presumably charge-account were reported by financial institutions as puror open-book credit for the most part. The chased retail instalment paper. In addition average maturity of the other credit sales for all cash lending agencies also had outstanding 835 registrants was 81 days. Other credit of furnimillion dollars of loans extended to finance a ture stores and jewelry stores both averaged to somewhat larger amount of retail instalment sales. It would appear, therefore, that retail be outstanding more than 110 days or about sales financed directly by an extension of instal- 4 months. The average period of outstandings ment credit exceeded 8 billion dollars in the year for farm implement dealers was also nearly as ending September 31, and that 5.5 billion of such long as this. Department and general store credit were outstanding at the end of the period. credit averaged more than jx days. The short- The volume of instalment sale credits out- est credit terms were those of automobile dealers standing on September 30, 1941 was 69 per cent and fuel and ice dealers, both of whom averaged of the volume of instalment sales made during two months or slightly less. the preceding year. From this ratio it is pos- These terms are all substantially longer than sible to estimate roughly that the average period those estimated in prior studies of chargeof repayment of instalment sale contracts was account credit.4 The very long terms were typisomewhat more than 15 months. This is a very cal of smaller stores, particularly those located crude figure, however, because it assumes that in rural areas. Credits were largest in the South the amount of credit extended was equal to the and in the mid-West and Western agricultural volume of sales (instead of correcting for the states. excess of purchasers' down payments over the amount of financing and service charges added 4 The charge-account sales and receivables of registrants are not to the contracts) and because it assumes that wholly representative of the entire field of retailing since they include a larger than proportionate representation of dealers in durable goods of the sales were spread out evenly during the prior high unit value. If food stores and similar dealers with typically shorter terms were included, the average period of outstanding for year. It should also be noted that this average charge accounts shown might be somewhat shorter. On the other hand the registrants represented a greater proportion of urban than of rural period over which instalment credits are repaid retail trade. Credit terms in larger cities are somewhat shorter than those in rural and agricultural communities. MAY 1942. 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT LOANS OF INSURED BANKS Personal and retail instalment paper reported reported as of December 31 and June 30, 1941, by all insured commercial banks on December and December 31, 1940 : 31, 1941, amounted to over 1.7 billion dollars, or slightly less than that reported on June 30, PERSONAL AND RETAIL INSTALMENT PAPER HELD BY 1941. The total figures are not entirely com- INSURED COMMERCIAL BANKS [In millions of dollars 1 parable because on June 30 banks had been requested to report all FHA Title I loans, while Amount reported on December 31 they were requested to report Dec. 31, June 30, Dec. 31, FHA Title I class 1 loans which are for the 1941 1941 1940 purpose of financing alterations and improve- Retail instalment paper Paper purchased 673 675 519 ments to existing completed properties (classes 2. Direct loans 336 358 257 Personal instalment cash loans 447 455 417 and 3 are for the purpose of financing new con- Repair and modernization instalment loans 269 struction), and were also requested to report all F.H.A. Title I loans 278 275 other (non FHA) repair and modernization Total 1,725 1,766 1,469 instalment loans. This change apparently did not greatly affect the comparability of aggregate A comparison of June and December 1941 figures reported for June 30 and December 31. figures by major geographic regions, after de- Nearly three-fifths of the instalment paper ducting FHA and repair and modernization loans reported represented retail instalment loans on both dates to place the figures on a comeither in the form of paper purchased from parable basis, shows that there were increases dealers and finance companies or in the form of in the Middle Atlantic, South Atlantic, and East advances made directly by the banks to bor- South Central States, and decreases in all other rowers. Such loans arise from the retail sale of regions. The only sizable increase was in the and are secured by specific articles such as auto- Middle Atlantic region, amounting to 19 million motive vehicles and household goods. Over dollars. The larger decreases were in the East one-quarter of the total were personal instalment North Central, West North Central, and Pacific cash loans, and the remainder, less than one- States. The decreases in all regions amounted sixth, consisted of repair and modernization to only 2. per cent. A comparison by class of instalment loans. banks shows that central reserve city member The figures reported as of December 31, 1941, banks reported an increase of personal and retail are shown in detail by States in a table on page instalment paper held amounting to 19 million 440 of this BULLETIN. With the exception of dollars or 19 per cent; decreases were reported at repair and modernization instalment loans com- reserve city member banks, country member parable data had been obtained as of the end of banks, and insured nonmember banks. 1940 and on June 30, 1941; as of the end of 1939 These figures of bank holdings of retail instala report of retail instalment paper only was ment paper were obtained by the Comptroller secured. A comparison shows that there was a of the Currency for national banks, the Board decrease in each class of paper during the last of Governors for State member banks, and the six months of 1941, the largest being in retail Federal Deposit Insurance Corporation for ininstalment direct loans—xi. million dollars or sured nonmember banks. In reporting figures 6 per cent. The following table shows a com- for holdings of retail instalment paper, banks parison of the amounts of retail instalment paper were asked to include the unpaid balances of 438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT LOANS OF INSURED BANKS DECEMBER 3 I, 1941 instalment loans arising from the retail sale of 31, 1941, to include only FHA Title I class 1 and secured by automobiles, trucks, tractors, loans, which are for the purpose of financing other automotive vehicles, household appli- alterations and improvements to existing comances, furniture, clothing, jewelry, etc. Paper pleted properties, and to exclude class 2. and 3 purchased from or rediscounted for dealers and loans, which are for the purpose of financing finance companies was reported separately as new construction. Banks also were asked in "Paper purchased" and paper representing loans the 1940 and 1941 reports for personal instalmade directly to the borrowers was reported ment cash loans representing the unpaid balances separately as ''Direct loans.'' Banks were asked of all loans made to individuals which are not to include any loans made to dealers and repayable in instalments and the proceeds of finance companies on their own promissory which are ordinarily used for such purposes as notes even if secured by the pledge of instalment consolidation of debts, medical attention, and paper. Banks were asked in 1940 and in June personal expenditures. Personal loans not re- 1941 to report all FHA Title I loans representing payable in instalments were not to be included. the unpaid balances of property improvement Deposits accumulated for payment of personal loans insured under Title I of the National loans were to be deducted and the net figures Housing Act; this was changed as of December reported. MAY 1941 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT LOANS OF INSURED BANKS DECEMBER 31, 1941 PERSONAL AND RETAIL INSTALMENT PAPER HELD BY ALL INSURED COMMERCIAL BANKS DECEMBER 31, 1941 [Amounts in thousands of dollars] Repair and moderni- Number Retail instalment paper zation instalment r o e f p b o a rt n i k n s g Total loans Personal some per- personal instal- Classes of banks and Geographic Divisions sonal and retail Arising from sales Arising from other ment and retail instal- of automotive retail instalment F.H.A. cash i m ns e t n al t - p m a e p n e t r vehicles sales T cl i a tl s e s 1 I All other loans paper Paper Direct Paper Direct loans purchased loans purchased loans All insured commercial banks. 12,337 11,724,606 414,055 315,977 258,627 20,231 228,337 40,273 447,106 Member banks—Total 6,219 1,329,966 313,944 236,301 230,214 14,582 31,436 312,707 Central reserve city banks. 38 215,087 36,579 5,021 84,995 160 26,300 2,487 59,545 Other reserve city banks 331 567,357 139,088 116,630 94,788 6,516 90,370 11,674 108,291 Country banks 5,850 547,522 138,277 114,650 50,431 7,906 74,112 17,275 144,871 Insured nonmember banks. 6,118 394,640 100,111 79,676 28,413 5.649 37,555 8,837 134,399 New England 463 84,382 18,849 9,874 la ,094 1,109 11,01b 1,380 27,061 Maine 51 3,610 1,073 725 355 108 264 66 1,019 New Hampshire 53 2,637 501 564 200 80 211 44 1,037 Vermont 65 4,043 1,853 402 409 72 209 40 1,058 Massachusetts 183 54,326 13,284 5,943 11,206 548 7,772 743 14,830 Rhode Island 15 3,483 556 509 478 41 377 36 1,486 Connecticut 96 16,283 1,582 1,731 2,446 260 2,182 451 7,631 Middle Atlantic 1,871 473,704 77,440 36,330 103,241 3,391 77,157 8,119 168,026 New York 679 301,869 40,103 15,724 77,844 1,192 45,811 3,707 117,488 New Jersey. 332 67,711 15,651 5,475 10,109 196 16,631 300 19,349 Pennsylvania 860 104,124 21,686 15,131 15,288 2,003 14,715 4,112 31,189 East North Central 2,788 313,699 82,434 69,472 43,976 4,650 37,808 11,739 63,620 Ohio 635 86,045 16,760 24,119 9,813 1,667 4,962 6,242 22,482 Indiana 429 35,213 16,680 5,236 3,734 208 2,912 608 5,835 Illinois 776 89,023 26,133 9,555 24,137 614 10,797 1,846 15,941 Michigan 418 79,205 18,084 23,886 4,279 1,618 16,113 1,965 13,260 Wisconsin 530 24,213 4,777 6,676 2,013 543 3,024 1,078 6,102 West North Central 2,810 180,961 46,124 45,337 23,226 3,549 32,053 4,556 26,116 Minnesota 636 63,810 9,353 13,365 11,712 1,166 18,320 3,034 6,860 Iowa 576 27,840 9,693 7,713 2,098 618 3,116 414 4,188 Missouri 528 52,106 13,524 14,057 7,141 1,036 7,380 555 8,413 North Dakota 146 5,532 2,556 1,087 338 79 393 248 831 South Dakota 157 5,822 2,542 1,629 419 67 250 99 816 Nebraska 326 9,289 2,746 2,183 613 79 1,570 71 2,027 Kansas 441 16,562 5,710 5,303 905 504 1,024 135 2,981 South Atlantic 1,281 173,248 46,042 32,439 15,581 2,142 18,720 4,431 53,893 Delaware 29 3,811 453 500 152 20 580 52 2,054 Maryland 119 15,747 2,237 2,667 1,119 239 3,839 1,054 4,592 District of Columbia 21 19,152 2,309 7,039 606 135 1,802 117 7,144 Virginia..... 286 41,187 11,666 7,303 3,374 282 4,706 955 12,901 West Virginia 138 10,121 3,826 1,230 916 70 267 245 3,567 North Carolina 191 22,205 3,613 3,979 1,093 817 1,609 902 10,192 South Carolina 86 5,188 908 1,637 103 74 670 125 1,671 Georgia 254 39,697 16,102 5,489 6,668 263 3,686 446 7,043 Florida 157 16,140 4,928 2,595 1,550 242 1,561 535 4,729 East South Central 858 65,060 16,694 9,527 7,743 625 9,922 2,897 17,652 Kentucky 243 13,472 3,635 2,500 1,207 161 1,493 185 4,291 Tennessee 262 31,335 8,132 3,515 5,815 252 5,045 1,617 6,959 Alabama 184 13,407 3,216 2,762 495 153 2,094 557 4,130 Mississippi 169 6,846 1,711 750 226 , 59 1,290 538 2,272 West South Central 1,426 105,581 25,677 31,727 6,700 M93 5,805 3,410 30,769 Arkansas 186 8,220 3,781 1,753 511 101 544 105 1,425 Louisiana 134 12,690 3,541 1,869 735 50 1,635 302 4,558 Oklahoma 372 21,811 5,443 6,191 1,358 472 1,054 692, 6,601 Texas 734 62,860 12,912 21,914 4,096 870 2,572 2,311 18,185 Mountain 463 40,918 9,399 10,190 4,983 400 5,479 1,004 9,463 Montana 107 4,039 719 1,103 444 59 391 79 1,244 Idaho. 47 4,261 1,760 777 402 38 574 70 640 i Wyoming 56 2,622 604 933 83 54 185 69 694 Colorado 134 9,048 2,922 2,234 661 94 1,038 522 1,577 New Mexico 40 2,752 855 593 225 76 243 87 673 Arizona 9 8,736 434 1,828 2,214 20 1,375 38 2,827 Utah 59 6,568 1,154 2,496 512 27 1,241 74 1,064 Nevada 11 2,892 951 226 442 32 432 65 744 Pacific 377 287,053 91,396 71,081 38,083 2,872 30,378 2,737 50,506 Washington 130 41,618 13,186 10,818 2,810 2,131 5,724 517 6,432 Oregon 69 22,950 5,262 9,554 2,276 166 2,423 353 2,916 California 178 222,485 72,948 50,709 32,997 575 22,231 1,867 41,158 1 Includes approximately $158,000,000 held by insured Morris Plan and other "industrial" banks. 440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONSIDERATIONS INVOLVED IN THE ISSUANCE OF THE GENERAL MAXIMUM PRICE REGULATION This statement is reprinted from Bulletin No. 1 of the Office of Price ized. All of them are necessary in order that Administration, in which it followed the General Maximum Price Regulation, promulgated by the Administration April 28,1942. price stabilization may work. General price increases have become a grave This Regulation does not insure that the threat to the efficient production of war ma- standard of living of any individual or group terials and to the stability of the national or of the Nation as a whole will remain unimeconomy. It is now necessary to meet this paired. The loss of overseas supplies and the threat decisively. Accordingly, the Office of conversion of domestic manpower and facilities Price Administration is issuing a General Maxi- to war production make this impossible. The mum Price Regulation as the cornerstone for a material standard of living of the American comprehensive program to eliminate the danger people will fall. But this Regulation does help of inflation. to protect the Nation against inflationary mal- All prices of all commodities and services are adjustments as between different people and now subject to great inflationary pressure. classes of people. And it does help insure that Within the limits of present statutory authori- scarce goods will be allotted on a basis of zation, this Regulation establishes maximum equality. In the absence of this Regulation selling prices for all commodities and services many scarce items would come into the possesfor which maximum prices have not hitherto sion of those best able to pay high prices. This been fixed. By so doing, it brings all sellers Regulation is an indispensable prerequisite to and all buyers within the compass of wartime the allocation of scarce but essential goods to economic mobilization. It combats the danger the members of the community on the basis of of inflationary price advances at all places need rather than on the basis of ability to pay. where that danger exists. But in its larger context this Regulation is It is the immediate purpose of this Regulation necessitated by the danger of inflation. The to guarantee to the American people that their full implications of this danger for war producliving costs will remain stable. This is a tion and domestic stability are worthy of a comprerequisite to the further measures which are plete and careful statement. necessary to insure wartime stability in the economy. Stable living costs mean stability THE INFLATION CRISIS in the real wages of the worker. With price A gap has appeared between the supply of stability, wage stabilization, an important step goods and services which is available and the toward stabilization of the aggregate volume purchasing power or demand of the people who of purchasing power, becomes a practical goal wish to buy these goods and services. This of public policy. Every producer whose prices gap is widening. Both military and civilian are stabilized is assured that his costs, which demand have increased vastly in recent months. are based upon the stabilized prices of others, War expenditures, which totaled $1,000,000,000 will not rise. Stability in the price level means in March 1941 and $1,000,000,000 in Decemthat participants in war savings programs are ber 1941, rose to nearly $3,000,000,000 in March assured that the real value of their savings will 1942.. In December 1942., on the basis of present be maintained. Likewise, the taxpayer knows authorizations, these expenditures will exceed that his remaining untaxed income will have $6,000,000,000. an assured purchasing power. All of these Civilian demand has its source in income paymeasures become possible when prices are stabil- ments to individuals by the Government and MAY 1941 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL MAXIMUM PRICE REGULATION by industry. The rate of monthly increase in services and to all classes of goods, whether these payments has advanced from one-half of farm products or industrial commodities, raw one per cent in the months immediately follow- materials or merchandise in wholesalers' or ing the outbreak of the war in September 1939, retailers' stocks. to 1 per cent, to ij per cent, and since March The increasing momentum of this over-all 1941 to 2 per cent. There is evidence of a price advance is shown by the following comfurther acceleration in this rate of increase in parisons: since the outbreak of the war in the future. September 1939 the prices of basic raw materials The supply of civilian goods and services have risen by 66 per cent. One-half of this available for purchase from this income is increase has occurred during the past 12 months. diminishing. Manpower, materials, and ma- Wholesale prices since September 1939 have chinery are being devoted to the production of increased by 31 per cent. Two-thirds of this planes, ships, tanks, and guns instead of to the increase has occurred during the past 12 months. production of civilian goods and services. The Retail prices of foods, clothing and house fursupply of such civilian goods and services will nishings have risen, since September 1939, by be progressively reduced by approximately 1 25 per cent. More than three-fourths of this per cent per month for the balance of this year. increase has taken place during the past 12 During 1941, it is estimated, individual in- months. come totaled $91,000,000,000. Of this amount The $17,000,000,000 by which projected de- $18,000,000,000 was accounted for by personal mand will exceed the supply of goods available taxes and individual savings, and $74,000,- during 1942, if left to itself, would force an 000,000 was spent on consumers' goods and estimated increase of 25 per cent in the cost of services. living this year. But price increases build on During 1942., at the present Yate of increase of each other. Increases in the cost of*living income payments, individual income will total lead to wage adjustments. These in turn aug- $117,000,000,000. Of this amount, it is es- ment purchasing power at the same time that timated $31,000,000,000 will be saved or paid they increase industrial costs. Therefore, by to the Government in personal taxes and the time prices had risen the 25 per cent neces- $86,000,000,000 will be spent. sary to raise the value of the available supply The supply of goods and services available of goods up to the total dollar demand now forefor civilian use totaled $74,000,000,000 in 1941. cast, the total demand would itself have in- During 1941, the supply will total $65,000,- creased. Left to itself, the process has no defi- 000,000, computed on the basis of 1941 prices. nite end. It can be stopped only by measures Making allowance for the increase in prices which will eliminate the occasion for increased which took place prior to April 1, 1941, the income payments on one hand, and narrow the supply will total $69,000,000,000. gap by withdrawing excess purchasing power Thus, demand in 1942., unless limited, will on the other. The alternative is inflation. exceed supply by $17,000,000,000. THE CONSEQUENCES OF INFLATION THE EFFECT OF THE INFLATIONARY GAP ON PRICES The consequences of inflation are the conse- The gap between the total purchasing power quences of the stage which it is permitted to available for disposal by the people of the reach. We have already passed through a mild United States and the total supply of goods and stage of inflationary price advance. We are services available for them to purchase has entering, as the foregoing analysis shows, a caused, in recent months, a general advance in more severe and intensive stage—a stage where prices and an advance which is accelerating in the upward movement of prices will increase rate. It has made the advance common to both in magnitude and in tempo. Beyond that 44^ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL MAXIMUM PRICE REGULATION stage lies the fatal spiral which engulfed the duction is shackled and perhaps disrupted. It countries of central Europe following the first may be paralyzed. World War. In a sense, inflation is a substitute for pro- The first stage, that which we have already duction. Money is made not by producing experienced, is itself a warning of what is to commodities, but by withholding them from come. Many of our people with smaller in- use. Scarce materials find their way into incomes have already seen the necessaries of life ventories and hoards, and profit is derived from pass beyond the reach of their slender means. advancing markets. The speculator rather than They have already experienced the sense of the producer becomes the successful businesshopelessness and frustration which comes with man. Materials that might yield tanks and the change from subsistence to a deeper poverty. guns for the armed forces, or food and clothing They have already brought their children to a for our people at home, are surreptitiously table from which accustomed and necessary routed to the warehouse. foods have been removed by rising prices. Those whose incomes are small and fixed have already suffered. During the stage of inflation Suspicion of undue advantage and profiteering now ahead, their position will become desperate. has already been engendered between farmer The well-stocked store will become an empty and worker, and worker and employer. True fraud for our old people who live on annuities unity of purpose must rest on the conviction that and pensions, for dependents of our soldiers and reward and sacrifice are received and rendered sailors, and for the substandard wage groups in common. The irregular, uncertain, and whose bargaining position is weak. The prices manipulative advances in prices which characof necessaries will have passed beyond their terize all stages of inflation have already damreach. For during inflation goods are reserved aged that conviction. for the person with the longest pocketbook, the Tn a narrower sense, inflation has already mulperson who is able to protect himself during tiplied the cost of the war. The price rises the upward spiral, or the person who has turned which have occurred since September 1939 will the spiral to his selfish advantage. increase by 35 billions of dollars the money The pattern of disaster which attends the rost of the war program now authorized. The final stage of inflation is well known. In' this total cost of the first World War, by comparison stage prices are revised upward weekly and was 31 billions, and that 31 billions, it is esthen daily. Incomes enter into a crazy race timated, included 13\ billions of inflated prices. with prices. Money is something to be passed These things have already happened. They on as quickly as possible. It is no longer a are behind us. The next stage of inflation—the symbol of stability but a mark of social disinone that we now face—will extend this pattern. tegration. Thrift and saving become incom- And it will add to it a new and far more serious patible with self-preservation. Savings, investconfiguration. If unchecked, inflation will ments, life insurance policies, all the results of launch a race between the wages of the stronger past thrift, become worthless. Legitimate busibargaining groups and the cost of living. This ness disappears; speculation and profiteering means constant revision of wage contracts, conremain. Organized government itself is understant bargaining and negotiation, and the mined. certain prospect of interrupted production. The The hopelessness and frustration of the early normal collective bargaining processes are stages of inflation soon turn to anger and strained, perhaps broken. Business commitdespair. ments are placed on a month-to-month, perhaps To think of mobilization of resources for on a week-to-week basis. Business planning war in such an environment is the merest fancy. gives way to make-shift decision. War pro- Inflation does not always run its full course, MAY 1941 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL MAXIMUM PRICE REGULATION although between the present stage and the use of productive facilities and labor, and the final collapse there is no definite stopping place. transfer of labor and materials from less essential But the principle can be laid down that the to more essential employments, was aided by greater the period over which the process ex- flexibility in the price structure. As the prestends without complete and effective control, sure from excess demand and diminishing supply the more serious and the more painful is the grew during the past 6 months, selective contask of stopping it, and the more dangerous the trols were multipled. disorganization which must follow. The pres- Production in the United States has been ent inflationary movement may, of course, end, increased to such an extent that it cannot herenot with wild inflation, but with the end of after be greatly stimulated by additional price war and war-occasioned spending. Or it might rises. Further reorganization of the economy be brought to a halt by measures such as those for war must be accomplished through priorities, which are now being taken. In the first case, allocations, and rationing, rather than through the clear consequence would be a complete and price. The pressure toward higher prices is ruinous deflation. Those who were not de- now not merely on shortage commodities, but stroyed by the inflation would be ruined by the on all commodities. The same reason which ensuing collapse. And deflation, even more called for selective controls—the need for avoidthan inflation, has shown itself the cause of ing price increases beyond those reasonably social disorganization. It was more than a required to increase production—now calls for decade after the first World War before agri- the universal control over all commodities. culture and much of labor and industry in the This step accords with the experience of other United States recovered from the wreckage of countries as they reached the advanced stages of the 19x1 collapse. More serious still, there war mobilization. Such a state of mobilizawere wrecked lives and disbanded families for tion was reached in Germany in 1936. A uniwhom there was no recovery at all. versal price ceiling was proclaimed in that Inflation might also be checked sometime year. In the democracies, the point was not in the future by measures such as those now reached until after the outbreak of war. Both being taken. Of this it is necessary to say but Canada and Australia have preceded us in one thing. While the present measures are adopting the general price ceiling. As they painful, they are far less painful than those that reached the stage which the United States has would be required a year hence. It is never reached today, they, too, found that general easy to check an inflationary movement. But control of prices was necessary. there will never be a time when it will be less painful than now. THE COMPANION MEASURES TO THE UNIVERSAL PRICE CEILING THE UNIVERSAL PRICE CEILING The increased inflationary pressure and this Until 6 months ago, the main pressure on the Regulation serve as a setting for companion price system was wartime demand or wartime steps in wage, profits, and fiscal policy. When shortage of a relatively small number of com- pressure of prices was principally on shortage modities. Among those were metals, chem- commodities, governmental policies designed to icals, sugar, and lumber. Prices for many of limit the growth of consumer income were exerthese commodities quickly rose to levels higher cised with restraint. Demand was excessive than were required to bring out available pro- only in relation to certain shortage materials, duction. These price rises could be checked, and deflationary economic measures other than and were checked, by individual ceilings on the selective price control necessarily affect the enwholesale price. For other commodities, price tire economy. The removal of the purchasing control was not then desirable. In fact, full power which was causing the individual price 444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL MAXIMUM PRICE REGULATION rise could have been achieved only at the ex- of these companion policies for a further reason. pense of simultaneously reducing purchasing It takes time for such policies to be developed power throughout the economy. This pur- and put into execution, and still more time for chasing power was being advantageously used their impact to be felt. During this time prices to call forth added production. Therefore, would become further inflated. Unless the income-restraining policies were not necessary inflationary spiral is checked, no economic as an adjunct to price control and would have measures can close the resulting gap. On the been undesirable. other hand, by a prompt over-all ceiling, labor Today, on the other hand, it is important will be relieved from the pressure to demand that the excess of purchasing power be rigidly higher wages in order to keep up with the inconfined. Even if it were possible for this creased living costs. Those whose dollar in- Regulation to continue side by side with an come is to be curtailed by increased taxation excess of purchasing power the combination and savings will have a guaranty that their would present grave dangers. These dollars real income will not be further impaired by would find an outlet in extravagant purchases price increases and that the value of their savof goods not immediately needed by the pur- ings will not disappear. Businessmen whose chaser; they would lead to the burdensome prices are fixed will have the assurance that problems of administration and regulation in- their material costs are also stabilized. Such volved in unnecessarily widespread rationing; guaranties must be made before these economic they would lead to .wasteful use of goods which steps can successfully be taken. could not but impair national morale. Both the universal ceiling and these related But more important than these considerations economic measures are thus essential to overis the elemental fact that there can be no effec- come inflation. Without the ceiling, the ecotive price control while at the same time nomic measures might prove to be too little and there is so large an amount of excess purchasing too late. Without the economic measures, the power. Price regulations must not only be ceiling would in the long run become adpromulgated; they must be accepted and where ministratively unenforceable and socially harmnecessary enforced. The full pressure of excess ful. Together, they can abruptly and effectively purchasing power would insure the disregard stop the inflationary spiral. of law. The universal price ceiling serves as the frame- THE REGULATION AND THE STANDARDS work for other policies which will diminish OF THE ACT the inflationary gap. It makes possible an The Emergency Price Control Act of 1942. effective war labor policy, more stringent in- provides that whenever in the judgment of come and excess-profits taxes, and greatly en- the Price Administrator the prices of commodhanced savings. ities have risen or threaten to rise he may, by Just as the universal ceiling can operate only regulation, establish such maximum prices as when accompanied by these economic policies, in his judgment will be generally fair and so these policies can succeed only when accom- equitable and will effectuate the purposes of panied by the universal ceiling. These eco- the act. nomic controls other than price control can In the present situation the prices of comoperate only generally throughout the economy.* modities and services generally are rising and They do not check specific price rises in com- threatening further to rise and this regulation modities which, because of shortages and other prescribing maximum prices for commodities reasons, are subject to unusual pressures. For and services conforms to the statutory standards. this purpose a price ceiling is necessary. The underlying purpose of the act is to check, The universal ceiling is a necessary adjunct and so far as possible prevent, inflation. The MAY 1942. 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL MAXIMUM PRICE REGULATION purposes of the act, as set forth in section i (a), the concentration of men and materials in the include the avoidance of unwarranted price most important uses. In war, that concentraincreases, the assurance that defense appropri- tion is of vital importance. ations are not dissipated by excessive prices, 2. The base -period.—The core of the General and the protection of persons with relatively Maximum Price Regulation is its requirement limited incomes. Today it is clear not only that each seller charge no more than the prices that this over-all ceiling will effectuate these which he charged during the base period, purposes but in addition that, realistically, it is March 1-31, 1942.. The basic fairness of this the only price regulation which will achieve approach is that it catches hold of the price that result. It achieves that result directly and structure during a given period and holds it also indirectly by making possible the execution fast until a judgment can be made as to what of related wage and fiscal policies having that adjustments if any are needed. The Regulation effect. In face of the present grave crisis this accepts the level and relationships of prices provides the basic justification for the regula- worked out by the buyers and sellers of the tion. commodities at various economic levels. This i. Breadth of the Regulation.—The imminence is fair and reasonable. Certainly it is a suffiof price increases throughout the economy re- cient basis for a price stop which is offered as a quires price control which is likewise made general regulation subject to future refinements generally effective. There are inflationary pres- and allowances for gross inequities. sures on prices everywhere. And so everywhere The base period is the only competent techthat prices exist there must be controls to pre- nique which will assure fairness in general vent them from rising any further. without striving for the sort of fairness in Retail prices cannot be held down if costs to particulars which cannot practicably be achieved retailers are left free to rise without limit. in the first step. It is significant that Canada There must be control of manufacturers' and has used a similar base-period technique, and wholesalers' prices. And at all levels—retailer, has found that it works. wholesaler, and manufacturer—the control of The selection of one base period rather than the prices of cost-of-living items must be based another is a matter for reasonable administrative upon control of the prices of all the commodities determination. In general, the Price Administhat enter into the costs of those items. The trator is of the opinion that a period as near in interdependence of prices, when prices are rising time as possible to the date of issuance of the generally, prohibits any possibility of piecemeal Regulation provides the fewest administrative control. difficulties and is likely to cause the, least dis- Even where prices do not affect each other ruption. The issuance of this Regulation could directly, as costs, they affect each other indi- not be simultaneous with the determination that rectly. To control the price of more essential it should issue. There were technical consideraproducts and leave the price of less essential tions to be thought through and disposed of. products uncontrolled at best involves arbitrary There were meetings and consultation with distinctions. More important it prevents labor trade groups. Care had to be exercised and and materials from being used in more essential judgments checked lest the regulation by some uses and increases the cost of ingredients of the mishap, or faulty selection of time or conception, essential items. If a price is fixed on an essen- jeopardize rather than further the war program. tial item, and nonessentials remain uncontrolled, These deliberations were conducted with all manufacturers will switch from the essential to possible dispatch but nevertheless they took the nonessential. The transfer may be easier time. In the meanwhile, there was reason to in some instances than others, but the tendency believe that some merchants had been marking is plain. A limited Regulation would obstruct up their prices in anticipation of the possibility 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL MAXIMUM PRICE REGULATION of a large-scale program. Complaints of an for producers of a large number of groups of unusually precipitate increase in prices were commodities. In the case of other commodities, made on the floor of the Congress. The situa- some increase over October i prices may be tion was partially controlled by the fact that necessitated by cost increases too substantial some representatives of commerce and industry to be absorbed, in view of profit positions. were consulted with respect to various technical The Regulation establishes March 1942 prices considerations since an early date in April 1942.. as the lawful maxima but supplementary regula- Finally, the use of a single calendar month pre- tions, following analysis of individual comsented an advantage for the many persons whose modities which cannot practicably be analyzed records were so kept that such a base period separately at this time, may establish prices would present fewest problems in making ar- closer to October 1 prices as adjusted. rangements to comply. The prices of wholesalers and retailers may The favorable condition of profits gener lly not necessarily be brought back to their October strongly supports the Regulation. Sellers in 1-15 level even where manufacturers' maximum general earned profits in 1941 which compared prices are based on October 1 prices, for to a very favorably with profits earned in the period degree some distributors refrain under normal 1936-39, inclusive. The 1936-39 period offers circumstances from marking up their prices a fair criterion for the profitability of corporate so as fully to cover current replacement costs. operations before the disturbing effects of the In view of this factor, in view of the manuwar. It includes the 2. relatively prosperous facturers' prices permitted to remain above years 1936 and 1937, 1 poor year, 1938, and 1 October 1-15, 1941, prices, for the initial purfair year, 1939. Taking the 1936-39 average poses of this general regulation, and in view of of corporate profits as 100, the following table the general, though not necessarily immediate, indicates the percentage of increase of 1941 tendency of businessmen to raise their prices corporate profits at the various levels: as costs increase, the General Maximum Price Regulation considers, so far as practicable, the CORPORATE PROFITS BEFORE TAXES, 1936^41 [Index numbers, 1936-39 average = 100] subsidiary standards of the act. 5. Supplementary regulations; the lag.—It was Profits of consumers goods manufacturing, Profits of wholesale and retail trade corporations obviously not practicable to ascertain costs and Year all corporations fa M ct a u n ri u n - g sa W le h t o r l a e d - e R tr e a t d a e il Total profits of the sellers of each particular commodity and service, or the sellers of each particular 1936 114 127 117 126 126 commodity at each business level. To have 1937 115 98 97 103 99 1938 52 55 58 56 56 done so would have required so much time 1939 118 119 128 115 120 1940 159 141 167 165 149 as to mean the loss of the fight against 1941 319 244 392 288 274 inflation. But the considerations and data The act provides that maximum prices shall mentioned above and all other data available be fair and equitable and shall reflect, so far to the Office of Price Administration support as practicable, a due administrative considera- the general fairness and equity of the Regulation. tion of prices prevailing between October i and In large-scale affairs of practical importance 15, adjusted for prior and subsequent increases it is necessary to make a beginning. So long and decreases in costs and profits. as the broad outlines of the general regulation The general fairness and equity of the Regu- are fair, particular difficulties may be handled lation has been shown. It is, moreover, based upon subsequent prompt consideration. No upon the largest adherence to and consideration other course is possible or practicable. This is of the subsidiary standards which is practicable particularly true in the domain of price regulaat the present time. The adjusted October i tion where so much depends upon prediction to 15 base period has already been adopted and a sense of judgment, and where so much MAY 1942 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL MAXIMUM PRICE REGULATION must inevitably be a matter of trial and error upon deliveries made in March, and not upon and adjustment, with expectations tested in orders accepted in March for future delivery. actual experience. This is a measure which in effect establishes This general regulation will be subject to price relationships adjusted to a lag, since in many refinements and particular revisions. general such lag as exists is likely to be greatest Supplementary regulations will be issued. where turn-over is slow. Moreover, to the These will seek to cure difficulties of a technical extent that the lag is likely to accompany large nature. More important, they will change inventories, the existence of these inventories, prices and price margins. They will be issued received over a period and averaged by the reexpeditiously. Accordingly, the first supple- tailers, will mean that there will be no immementary regulations may themselves be of a diate hardship and that there will be time to relatively general approach subject to further work out adjustments. readjustments as time and experience point the The protection provided by large inventories is way. underscored by the following data on inventories The Regulation does not at this time make made available by the Department of Commerce: express provision by multiple base periods for the so-called lag in retail prices. Some re- Retail business inventories tailers have asserted that they determine prices End of Month : for their wares on the basis of the average Value (in millions of cost of their inventory rather than on the basis dollars) February 1940 5,041 of replacement costs. They further advise that February 1941 5,494 the Regulation should be so constructed as to February 1942. 6,875 enable them to acquire new stock below replacement costs in order to preserve their existing Corrected for the rise in prices, the physical percentage margins. inventory for February 1941 was 6.4 per cent But the difficulty is that the lag is by no means greater than it was for February 1941 and 14.7 of uniform or universal applicability. A sub- per cent greater than it was for February 1940. stantial percentage of the commodities pur- To some extent a lag does exist but such lag chased by retailers have been stabilized, at the as exists is uneven, depending upon the relative manufacturers' and wholesalers' levels, at prices movement of wholesale and retail prices. No not exceeding prices prevailing in October 1941. single formula to correct the lag can be found Other goods have been subject to control which would not itself provoke injustices. upon the basis of prices later in 1941. Retail Moreover, other costs of the retailers have not prices in March 1942. may fairly be assumed increased as rapidly as wholesalers' prices; into have taken account of such 1941 prices. deed, some are relatively low. The situation Further, there are many commodities of a low- calls for a carefully planned and properly exepriced fast-moving nature, and commodities cuted program, which will review the particular such as fresh meats, where retailers are virtually situations where the lag in fact exists. This on a replacement cost basis. program the Office of Price Administration has Attention should also be called to a number of already undertaken. items in which the retail prices have increased One thing should be clearly understood. Remore percentage-wise than have wholesale tail prices will not be increased. Any such prices. This is true of many house furnishings course of action would set in motion the rising and floor coverings. cost of living trends, the prevention of which is In appraising the position of the retailer it the very purpose of this Regulation. Adjustmust be borne in mind that the wholesalers' ments may be made in manufacturers' and wholeprices accepted by this- Regulation are prices salers' prices. Efforts will be made to foster 448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL MAXIMUM PRICE REGULATION economies in manufacturing and distribution, as tion where effective control may more feasibly by the standardization and simplification of be exercised. Such commodities include raw goods and by the elimination of unnecessary and unprocessed greenhouse or agricultural comfrills. If necessary, other forms of relief will modities (some of which would in any event be devised. But the ceiling will not be have been excepted in view of section 3); and punctured. ores and concentrates. 4. Exceptions.—Certain commodities and serv- Reference may also be made to a group of ices are excepted from the operation of the gen- exceptions not yet delineated representing comeral regulation. There are a variety of reasons modities almost exclusively purchased by Govfor these exceptions. One class of commodities ernment agencies for use in the war effort. The is wholly withdrawn from the Regulation by the principle of exclusion is intended to further the war effort, and to prevent any possibility of dis- Act itself. Section 301 (c) in defining comruption thereof and will be implemented by modity excludes books, magazines, motion picseparate exclusionary regulations and orders suptures, periodicals, newspapers, etc. It also plemental to the general regulation, to be issued excludes securities; these are excepted for the as the need may be indicated. additional reason that they do not affect the cost /. Records and Reports; Licensing and Registraof living. tion.—The Regulation provides for the keeping Another group of exceptions from this Regulaof records, a statement of base prices to be made tion consists of commodities which are eligible available for examination, the marking or postfor regulation under the Act but subject to coning of the maximum prices of stated cost-oftrol only at price levels higher than those preliving commodities, and the licensing and vailing in the March base period. Because of registration of retailers and wholesalers. The the limitations of Section 3 no maximum price content of these provisions is clearly set forth in limitations are being placed on butter and eggs, the Regulation itself and needs no further clarifipoultry, mutton and lamb, and other commodication in this statement. These are the minities. In some instances, although an agriculmum provisions necessary to make price control tural commodity is below 110 per cent of parity, effective and enforceable. While not containing it has been possible to include the commodity the substance of the general regulation, they are after it has left the han^s of the farmer and has in many respects the most important provisions reached the processor since the price at that from a practical point of view. stage, because of the extent of the intervening 6. Conclusion.—The rapid, erratic increases in margins or because of the nature of the market prices we call inflation is no longer a threat; and competitive conditions will not operate to to a painfully substantial degree it is a fact. prevent the agricultural commodity from reach- Today we have no choice left but burdensome ing the price required by section 3 (a). price controls on a Nationwide front, buttressed In addition, a number of commodities are exby complementary economic measures, or a bitcluded for reasons of administrative impracticater and disastrous defeat in an economic war bility, resulting from lack of standardization of which would destroy the fruits of the victory units, the frequency and small size and character which will ultimately be ours. We have chosen of the transactions involved, or some other fac- to meet the formidable enemy at home with the tors. Examples of commodities excepted at all total economic mobilization of universal price stages for administrative reasons include rare regulation. In this war and the other there will stamps, coins, and books; antique furniture; live be casualties. Neither mobilization will be animals, and the like. Other exceptions from easy. Our greatest strength remains the comthe Regulation are attributable to the fact that mon understanding of all our peoples that only the commodity involved is subject to regulation in this way can the future of our democracy be at a subsequent stage of production or distribu- insured. MAY 1942. 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN PUBLICATION OF STATISTICS OF BANK DEBITS On March 30 the Board announced that its Weekly figures for individual centers other than weekly "Bank Debits" press statement would be New York and Chicago will not be published. discontinued after issuance of the statement Back figures of this series beginning with Janucovering the week ended May 6. Beginning ary 1941 appear on page 503 of this BULLETIN; with the month of May, only monthly figures corresponding figures beginning with January will be collected from member and nonmember 1935 will be made available upon request. banks in the centers previously included in the The new weekly figures differ from those weekly bank debits statement. The collection heretofore collected and published weekly for of this series of bank debits began in August 2.74 cities, and now to be collected monthly, 1918, and the series is available on both a weekly because the latter series represents debits to and monthly basis for New York City and for both demand and time deposit accounts of all 140 other cities since the beginning of 1919. depositors except other banks, and the reporting The number of reporting centers was increased banks in the 174 centers include both member considerably in 19x2. and for some years Z74 and nonmember banks. Debits to demand decenters have been reporting debits weekly. The posit accounts, except interbank and United monthly figures heretofore have been derived States Government accounts, as shown in the from reports covering weeks ending on Wednes- new series for banks in New York City, amount day—figures for a week beginning in one month to approximately 98 per cent of the total debits and ending in another being prorated to the reported for New York City in the more comrespective months on the basis of the number of plete series. For all weekly reporting member business days of the week falling in each month. banks in the 100 other leading cities, bank The monthly figures are believed to be more debits as shown in the new series approximate significant than weekly figures for most pur- 92. per cent of total debits reported for the 140 poses, since they smooth out wide weekly centers (other than New York) included since variations. This is particularly true of the 1919 in the more complete series. The weekly figures for individual cities, which for any one fluctuations of the two series have shown a week may be seriously affected by seasonal and marked similarity as to both direction and unusual transactions. amount. Consequently the new series, with In addition to the regular series of bank debits minor adjustments, may be used to continue on which have been available since 1919, the Board a weekly basis the older series of debits for New has been collecting since September 1934 weekly York City and for 140 other cities. Moreover, statistics of debits to demand deposit accounts, the debits figures for weekly reporting member except interbank and United States Government banks together with the figures of demand accounts, as reported by member banks in 101 deposits-adjusted published in the weekly leading cities. These figures will be published member bank statement, can be used to compute hereafter in the weekly statement of condition measures of deposit turnover. It was not of reporting member banks in leading cities and possible to compute directly deposit turnover will also be published in the BULLETIN. Series from the older series of debits because deposit will be shown for reporting banks in New York figures were not available for the same set of City, Chicago, and each Federal Reserve district. reporting banks. 459 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADA PUBLICATION OF ADDITIONAL STATISTICAL SERIES In this issue of the BULLETIN there appear The base years 1935-1939 were chosen by the for the first time Canadian index numbers for Dominion Bureau because they "provided a base wholesale prices distributed by groups of com- which is representative of pre-war conditions and modities, as well as index numbers for cost of at the same time give a reference level for comliving and retail food prices in Canada. These parison with average conditions obtaining subseseries, prepared by the Dominion Bureau of quent to recovery from the depression from 19x9 Statistics in Canada, replace certain series form- to 1933''. Despite the outbreak of the war in erly shown for France and Germany which were September 1939, prices did not react sufficiently no longer made public after the outbreak of war during the rest of the year to affect materially in 1939. a five-year average. A further consideration The indexes for wholesale prices of groups of was that the United States Bureau of Labor commodities are weighted indexes based upon Statistics had also adopted 1935-1939 as the base 192.6 = 100. From 1934 to date, 70 items are for its cost of living series. included in the index for farm products, 145 The Dominion Bureau has described the conin that for raw and partly manufactured goods, struction of the cost of living index as follows: and 3x2. in that for fully and chiefly manufac- "Group indexes have been computed by multitured goods. For further information concernplying physical quantity weights by actual ing these indexes, see the Canada Year Book price averages, obtaining group aggregates, and for 1931, pp. 800-806. then comparing the percentage relationship of The cost of living index numbers, based upon these group aggregates with corresponding base 193 5-1939 = 100, were first issued by the Dominperiod aggregates. Group indexes are finally ion Bureau in 1940, replacing earlier indexes combined after applying a further system of issued by the Dominion Bureau and the Dominpercentage weights reflecting the importance of ion Department of Labour, and constituting the each budget group in annual family living exofficial Canadian cost of living figures. The penditures." The weights assigned to the index for retail food prices is a component of group indexes are shown below: the cost of living index. The general index reflects changes in the cost Weight of a fixed household budget based upon the (Per cent) Food 31 expenditures of 1,439 representative urban wage- Fuel 6 Shelter 19 earner families in the year ending September 30, Clothing 12 Home furnishings 9 1938. The families included in the Dominion Miscellaneous 23 Bureau's survey had earnings ranging from $450 Total 100 to $2.,500, incomes between $1,2.00 and $1,600 Additional information concerning the conbeing the most common. All the families lived struction of the index numbers and the nature in self-contained dwelling units and had from of the data they represent is contained in a pubone to five children. There were approximately two tenant families to every home-owning fam- lication of the Dominion Bureau issued in 1940 ily, and one family in three operated a motor entitled "An Official Cost of Living Index for car. Canada". MAY 1942. 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Designation of War Loans Committee and Appoint- ing been called to active duty with the United ment of Administrator States Army. For the purpose of supervising the activities of the Federal Reserve Banks under Executive Admissions of State Banks to Membership in the Federal Reserve System Order 9111, which authorizes the Banks to act The following State banks were admitted to as fiscal agents for the United States in connecmembership in the Federal Reserve System durtion with war production loans guaranteed or ing the period March 16, 1942., to April 15, 194Z, made by the War and Navy Departments and inclusive. the Maritime Commission, the Board of Governors has designated Messrs. Eccles, Draper, Illinois and McKee, members of the Board, as a War Chicago—Chicago City Bank and Trust Com- Loans Committee. To assist the committee in pany its work, an office of Administrator for the War Loans Committee was created on April 6, 1942., Iowa and Kenton R. Cravens, who is on leave of Ames—The Ames Trust and Savings Bank absence from the Cleveland Trust Company and Missouri who formerly served the Board of Governors as a consultant on consumer credit, was appointed Neosho—Bank of Neosho as Administrator. New York Resignation of Branch Director Cohoes—The Manufacturer's Bank of Cohoes The Board of Governors on April 18, 1942., Prattsburg—Prattsburgh State Bank accepted the resignation tendered by Howard Southold—Bank of Southold Phillips, Secretary-Treasurer, Dr. P. Phillips Yonkers—The Bank of Westchester & Sons, Inc., Orlando, Florida, as a director of the Jacksonville Branch of the Federal Re- Ohio serve Bank of Atlanta. Mr. Phillips had Warren—The Union Savings & Trust Co. served as a director of the Branch since his ap- Wisconsin pointment by the Board on February z8, 1938, and tendered his resignation because of his hav- Marathon—The State Bank of Marathon City FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE Further Comment on Currency Hoarding QUESTION: Some newspaper accounts Government securities or call loans to meet construed the article in the FEDERAL RE- the withdrawals.. Hoarding, therefore, may SERVE BULLETIN for April on Recent Changes not only diminish the banker's earnings in the Demand for Currency to mean that the but also his ability to serve the deposiauthors of the article considered the hoardtors, the business community, and the war ing of currency a desirable thing. Is that a correct interpretation? effort. ANSWER: No. Hoarding of money From the point of view of the Governdoes no one any good; neither the hoarder ment, hoarding indicates a non-cooperative nor the banker nor the Government. The attitude, an unwillingness to do all within hoarder gets no return on his money and one's power to help finance the war. runs the risk of theft, loss, or destruction. When money is hoarded, it is withheld If he rents a safe deposit box and places from Treasury borrowing. The Treasury his cash in it, his risks are less, but he is not being able to obtain as much from the spending money in order to hoard money. public, has to rely more heavily on borrow- Much more rational ways of holding one's ing from the banks, an inflationary method money are to deposit it in a bank or to buy of financing the war. War Savings Bonds. These bonds offer the The BULLETIN article was intended prisame guarantee of safety of principal as marily to present the facts about the indoes currency (if it is not lost or stolen) crease in the demand for currency and to since both are obligations of the Govern- point out its significance from the monetary ment. And in addition the bonds pay point of view. It stated that at present interest. Bank deposits up to $5,000 in there is 11 y% billion dollars of money in nearly all banks are insured by the Govern- circulation, nearly twice as much as in the ment; if the deposit is in a savings account, 192.0's, and that the increase for the past it draws interest; if it is in a checking year amounted to T.% billions. A large account, it may reduce or eliminate a serv- part of this increase was due to growth of ice charge. the kind of business payments that are From the point of view of the banker, usually settled in cash, particularly payhoarding is undesirable, because if deposi- rolls and retail trade. A part represents tors make substantial withdrawals of cur- changes in currency-using habits arising rency, the banker may be obliged to sell from service charges on use of checking MAY 1941 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE accounts, changes in the distribution of the ment, contrary to our historical trend tonational income, and shifts in population. ward settling an increasing proportion of Possibly as much as 2. billion dollars of the transactions more efficiently through the outstanding currency reflects an increase in use of checks on banking accounts rather hoarding. On account of the large volume than of currency. Hoarding also reflects of excess reserves held by member banks a non-cooperative spirit. If people would and our large stock of gold, hoarding now buy War Savings Bonds with their available presents no serious problem from the funds rather than hold them in hoards, monetary point of view. they would not only better serve their own Hoarding, however, as the article stated, interests but would also contribute more is a backward step in our financial develop- to the prosecution of the war. 454 FEDERAL EESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled April 21 and released for publication April 22. Figures shown on charts may differ from preliminary figures used in text. Industrial activity continued at a high rate in reflecting sharp curtailment in output of crude March and the first half of April. Distribution petroleum. Coal production, which usually deof commodities to consumers was maintained in clines at this season, was maintained in large large volume and commodity prices advanced volume. The Great Lakes shipping season further. opened in the latter part of March and the first boatload of iron ore reached lower Lake ports PRODUCTION 12. days earlier than the record set last year. Volume of industrial production increased Shipments during the coming season are expected seasonally in March and the Board's adjusted to exceed considerably the total of 80 million index remained at 172. per cent of the 1935-39 gross tons brought down the Lakes last year. average. Output of durable manufactured prod- Value of construction contract awards conucts, now mostly war materials, continued to tinued to increase in March, according to figures advance, reflecting mainly increased activity in of the F. W. Dodge Corporation, and the level the iron and steel, machinery, aviation, and of the first quarter of 19^ was the highest in shipbuilding industries. Production of lumber recent years, being some 30 per cent above that and cement, which had been maintained at unof the corresponding period last year. Awards usually high levels during the winter months, for public work amounted to close to 80 per increased less than seasonally in March. cent of the total and in the residential field In most industries manufacturing nondurable accounted for 52. per cent of the value of all goods activity was sustained at earlier high projects. Publicly-financed contracts for factory levels. In some, however, notably wool textiles construction showed a sharp increase, partly and petroleum refining, there were declines owoffset in the total by a decline in private factory ing to restrictions on production for civilian construction. use and, in the case of petroleum products, to On April 9 the War Production Board issued transportation difficulties. Mineral production an order which required explicit permission of declined in March and the first half of April, DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION 150 200 140 140 1 1 180 I80 130 130 160 V !60 120 120 / 1* 110 ! 110 140 J 100 100 SALES J20 \/ 90 w 90 y \ / V 80 80 100 v/ / \ \ J 70 —<"' J STOCKS A 70 Vs/ 60 80 50 1936 1937 1938 1939 1940 1941 1942 Federal Reserve monthly index of physical volume of production Federal Reserve monthly indexes of value of sales and stocks adjusted for seasonal variation, 1935-39 average = 100. Latest figures adjusted for seasonal variation, 1923-25 average = 100. Latest figures shown are for March 1942. shown are for March 1942. MAY 194Z 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS the Government for initiation of all new private tinued to show the largest price increases. construction involving expenditures in excess Prices of most raw materials were unchanged or of specified small amounts and not covered by showed increases, which in a number of cases specific priority ratings. reflected the raising of Federal maximum price levels. There were declines in prices of wheat DISTRIBUTION and of a few other commodities, including Value of retail trade in March continued at gasoline at Gulf ports and turpentine. the high level of other recent months, making In retail markets maximum prices were fixed allowance for customary seasonal changes. in this period for a number of electrical products, Sales at department and variety stores increased most of which will no longer be produced for by somewhat less than the usual seasonal amount civilian use after May 31. Prices of many other while sales by mail-order houses rose more than commodities and services advanced further. seasonally. On the railroads total loadings of revenue BANK CREDIT freight were maintained in large volume in During the four weeks ending April 15 hold- March and the first half of April. Shipments of ings of Government securities at banks in leadcoal and coke declined less than seasonally and ing cities increased by nearly 700 million dolore loadings increased sharply, while grain lars, while commercial loans declined somewhat, shipments declined further from the peak reached following a rise in previous weeks. Changes in in January. Loadings of miscellaneous mermember bank reserves and deposits reflected chandise, which had been unusually large in the principally the temporary effects of Treasury preceding three months, increased less than operations in connection with income tax collecseasonally. tion and the sale of certificates of indebtedness. COMMODITY PRICES Money in circulation continued to increase. The general level of wholesale commodity UNITED STATES GOVERNMENT SECURITY PRICES prices advanced i| per cent further from the middle of March to the middle of April. Among Following an advance from the mid-February manufactured products, finished consumers' low, prices of U. S. Government bonds remained goods, such as foods, clothing, and shoes, con- relatively steady in the first half of April. MEMBER BANK RESERVES MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS 16 BILLIONS OF DOLLARS BILLIONS OP DOLLARS 1936 1937 1938 1939 1940 1941 1942 Wednesday figures. Required and excess reserves, but not the Wednesday figures. Commercial loans, which include industrial total, are partly estimated. Latest figures shown are for April 22,1942. and agricultural loans, represent prior to May 19, 1937 so-called "Other loans" as then reported. Latest figures shown are for April 22, 1942. 456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 459 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 460 Federal Reserve Bank statistics.. 461-465 Reserve position of member banks; deposits in larger and smaller centers 466 Money in circulation 467 Gold stock and gold movements; bank suspensions; bank debits 468 All banks in the United States, number, deposits, loans and investments 469 Condition of all member banks 470-471 Weekly reporting member banks 471-475 Commercial paper, bankers' acceptances, and brokers' balances 476 Money rates and bond yields 477 Security markets 478-479 Corporate profits 480 Treasury finance * 481-483 Governmental corporations and credit agencies; Postal Savings System 484-486 Business indexes 487-497 Department store statistics 498 Wholesale prices 499 Current statistics for Federal Reserve chart book 500-501 Bank debits 503 Statistics of all banks in the United States 504-508 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. MAY 1942. 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 TREASURY- CASH AND DEPOSITS 0 t 1936 1937 1938 1939 1940 1941 1942 10 10 - / 8 - REQURED RESERVE - 6 ..r - A py/EXCESS RESERVES /^ J 2 - - 0 1936 1937 1938 1939 1940 1941 1942 Latest figures for April 22, 1942. See page 459. 8 45 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member Treas- bank reserve Date c B o di u i s l n - ls t- U. S. s e G t c u M o u r v r i a i n e - t g r ie n s m t e u M n r t i a n - g ot A he ll r Total s G to o c ld k T s r t o c e r u a e u n u r n a y r c t d - - s y - - M in c t i o u o c n l n i a e r - y - T h c i u r o n a e r l g s y a d h s s - - u p w F r e o R y e r i s e a t d - d i h l - t e s - p m N o b d e o e s e m - n i r t - - s O s F R e e a t e r r c e h d v - - a e - l e r i balances ed Total with- after ing serve counts Total cess in 5 5 Banks years years Monthly averages of daily figures: 1941—Jan 3 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 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 Mar 2 2,184 1,012 1,172 76 2,262 22,319 3,105 8,835 2,202 618 1,767 285 13,979 6,304 1942—Jan. -4 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 4 2,249 821 1,428 136 2,389 22,729 3,263 11,328 2,189 377 1,292 288 12,908 3,309 Mar 6 2,252 821 1,431 134 2,393 22,696 3,272 11,507 2,172 244 1,318 291 12,828 3,147 End of month figures: 1941—Jan. 31 2 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 3 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 Mar. 31 3 2,184 955 1,230 56 2,243 22,367 3,109 8,924 2,236 1,180 1,721 288 13,371 5,776 1942—Jan. 31 4 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 5 2,262 821 1,441 144 2,412 22,705 3,268 11,485 2,172 567 1,255 287 12,619 2,969 Mar. 31 9 2,244 821 1,423 102 2,355 22,687 3,277 11,566 2,190 289 1,405 296 12,575 3,073 Wednesday figures: 1941—June 4 2 2,184 951 1,234 54 2,240 22,579 3,136 9,394 2,229 993 1,852 285 13,201 5,407 June 11 2 2,184 951 1,234 63 2,249 22,593 3,138 9,393 2,240 941 1,809 285 13,312 5,488 June 18 2 2,184 951 1,234 55 2,241 22,612 3,142 9,433 2,258 1,024 1,855 295 13,131 5,314 June 25 2 2,184 951 1,234 63 2,249 22,620 3,148 9,490 2,275 1,081 1,891 295 12,985 5,145 July 2 3 2,184 951 1,234 86 2,273 22,627 3,150 9,704 2,276 837 1,820 289 13,125 5,265 July 9 3 2,184 951 1,234 61 2,249 22,640 3,152 9,695 2,291 1,039 1,756 289 12,971 5,124 July 16 2 2,184 951 1,234 108 2,294 22,655 3,157 9,645 2,309 849 1,792 288 13,223 5,336 July 23 3 2,184 951 1,234 61 2,248 22,664 3,161 9,634 2,320 954 1,759 288 13,117 5,181 July 30 5 2,184 951 1,234 56 2,245 22,673 3,163 9,697 2,330 921 1,748 288 13,097 5,155 Aug. 6 5 2,184 951 1,234 41 2,231 22,682 3,169 9,795 2,345 839 1,865 287 12,951 5,018 Aug. 13 10 2,184 951 1,234 53 2,247 22,703 3,172 9,792 2,361 919 1,816 287 12,948 5,027 Aug. 20 8 2,184 951 1,234 80 2,272 22,710 3,178 9,840 2,377 785 1,835 285 13,037 5,058 Aug. 27 10 2,184 951 1,234 87 2,281 22,716 3,178 9,899 2,378 772 1,843 285 12,998 4,994 Sept. 3 12 2,184 951 1,234 45 2,241 22,722 3,180 10,034 2,400 708 1,834 284 12,884 4,857 Sept. 10 14 2,184 951 1,234. 58 2,255 22,733 3,185 10,036 2,397 456 1,843 283 13,158 5,111 Sept. 17.... 11 2,184 951 1,234 121 2,316 22,741 3,188 10,046 2,408 334 1,836 293 13,328 5,249 Sept. 24 12 2,184 951 1,234 83 2,279 22,749 3,194 10,070 2,350 379 1,856 293 13,273 5,202 Oct. 1 11 2,184 951 1,234 49 2,244 22,761 3,196 10,183 2,259 309 1,918 292 13,240 5,193 Oct. 8 11 2,184 951 1,234 70 2,265 22,772 3,203 10,237 2,241 304 1,877 291 13,290 5,209 Oct. 15 8 2,184 951 1,234 121 2,313 22,778 3,207 10,283 2,222 259 1,920 292 13,321 5,234 Oct. 22 4 2,184 908 1,277 103 2,291 22,786 3,214 10,278 2,195 977 1,800 292 12,749 4,655 Oct. 29 5 2,184 908 1,277 61 2,250 22,796 3,219 10,307 2,209 915 1,910 292 12,632 4,602 Nov. 5 6 2,184 908 1,277 57 2,247 22,788 3,221 10,421 2,195 933 1,821 291 12,594 3,409 Nov. 12 6 2,184 908 1,277 72 2,263 22,793 3,222 10,472 2,213 807 1,790 290 12,707 3,540 Nov. 19 5 2,184 908 1,277 118 2,307 22,778 3,228 10,535 2,184 598 1,764 290 12,942 3,692 Nov. 26 6 2,184 908 1,277 94 2,284 22,781 3,230 10,567 2,195 440 1,678 288 13,126 3,799 Dec. 3 6 2,184 908 1,277 100 2,289 22,770 3,233 10,717 2,180 321 1,609 288 13,178 3,860 Dec. 10 4 2,196 918 1,278 85 2,286 22,774 3,236 10,834 2,185 157 1,614 287 13,219 3,842 Dec. 17 5 2,240 917 1,322 188 2,433 22,747 3,238 11,023 2,193 925 1,483 297 12,497 3,085 Dec. 24 7 2,243 917 1,326 249 2,499 22,750 3,244 11,224 2,195 908 1,422 297 12,447 3,056 Dec. 31 3 2,254 917 1,337 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 3,085 1942—Jan. 7 4 2,254 917 1,337 128 2,386 22,742 3,248 11,109 2,220 663 1,376 291 12,717 3,385 Jan.14 4 2,254 917 1,337 133 2,390 22,740 3,252 11,062 2,224 419 1,395 291 12,992 3,561 Jan.21 3 2,250 827 1,423 130 2,383 22,750 3,255 11,077 2,204 284 1,387 291 13,145 3,584 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 2,180 287 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 Apr. 1 9 2,244 821 1,423 86 2,339 22,672 3,277 11,593 2,187 362 1,354 295 12,496 2,999 Apr. 8 7 2,243 821 1,422 134 2,384 22,675 3,279 11,610 2,177 190 1,350 295 12,715 3,169 Apr. 15 9 2,254 831 1,423 152 2,415 22,678 3,280 11,624 2,166 301 1,485 295 12,502 2,886 Apr. 22 4 2,296 870 1,426 100 2,400 22,686 3,284 11,642 2,189 243 1,531 296 12,470 2,752 1 Includes industrial advances shown separately in subsequent tables. 22 EEnndd ooff mmoonntthh aanndd WWeeddnneessddaayy ffiigguurreess eessttiimmaatteedd.. NNFO TE.—Fdor idetis criptifo n offi figiu retsh iin tthbils tabdle danidi discufs stihoin ofi 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. MAY 1941 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 1,1942. Per cent per annum.] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member banks secured Advances secured by Discounts of and ad- by n d o i t r e e c x t c o ee b d li i g n a g t i 9 o 0 n d s a o y f s — the la U st . p S a . r. ( m Se a c tu . 1 r 3 it ) ies direct obligations of vances secured by eli- Other secured advances Federal Reserve Bank the U. S. (maturities gible paper (maturities [maturities not exceedn — ot l e a x st c e p e a d r i . n g S e 9 c 0 . 1 d 3 a ) y 1 s no — t S e e x c c . e 1 ed 3 i n an g d 9 1 0 3 d a) a 2 ys ing 4 mos.—Sec. 10 (b)] To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston 1 Sept. 1, 1939 1 Sept. 1, 1939 2 Sept. 2, 1937 L Sept. 1, 1939 Apr. 29, 1938 New York I Aug. 25, 1939 1 Aug. 27, 1937 2 Oct. 10, 1935 Aug. 25, 1939 3H Feb. 8, 1934 P C h le il v a e d l e a l n p d h ia .„ « m . — .. - „ .-..„.,... L . M Ap a r r . . 2 1 1 1 , , 1 1 9 9 4 4 2 2 1 1 M Ap a r r . . 2 1 1 1 , , 1 1 9 9 4 4 2 2 2 2 O Se c p t. t . 1 4 9 , , 1 1 9 9 3 3 7 5 L M Ap a r r . . 2 1 1 1 , , 1 1 9 9 4 4 2 2 ¥ M Se a p y t . 1 1 1 , , 1 19 9 3 3 5 9 Richmond — «.-.«..... Mar. 14, 1942 1 Mar. 14, 1942 2 Sept. 10, 1937 Mar. 14, 1942 Feb. 19, 1934 Atlanta ...„....„. Sept. 16, 1939 1 Mar. 21, 1942 2 Aug. 21, 1937 Sept. 16, 1939 Apr. 23, 1938 Chicago ...«..« Sept. 1, 1939 1 Feb. 28, 1942 2 Aug. 21, 1937 Sept. 1, 1939 2)4 Oct. 16, 1933 St. Louis „ Sept. 16, 1939 1 Mar. 14, 1942 ? Mar. 14, 1942 L Sept. 16, 1939 3 Mar. 14, 1942 Minneapolis «... 1 Mar. 28, 1942 1 Mar. 28, 1942 Aug. 24, 1937 :L Mar. 28, 1942 3 Oct. 8, 1938 Kansas City Sept. 16, 1939 1 Apr. 11, 1942 Sept. 3, 1937 1L Sept. 16, 1939 Apr. 16, 1938 Dallas „ 1', Sept. 16, 1939 1 Mar. 21, 1942 2 Aug. 31, 1937 1L Sept. 16, 1939 Apr. 16, 1938 San Francisco 1L Apr. 4, 1942 1 Apr. 4, 1942 2 Sept. 17, 1937 L Apr. 4, 1942 4 Oct. 19, 1933 2 1 Rates shown also apply to advances with maturities not exceeding 15 days secured by fully guaranteed obligations of the F.F.M.C. or the H.O.L.C. 2 Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively. Rates shown also apply to advances with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within six months. FEDERAL RESERVE BANK MINIMUM BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL BANKERS* ACCEPTANCES ADVANCES AND COMMITMENTS [Per cent per annum 1 Maturities not exceeding five years—Sec. 13b [In effect May 1. Per cent per annum except as indicated by footnote6] Rate on In effect be- Previous Maturity May 1 ginning— rate Advances to or in par- 1 1- 6 1 - 5 3 0 d d a a y y s1 s . . . . . . . . Oct. 2 d 0 o , 1933 A d d ir v e a c n t c t e o s ticip in a g ti o in n s w tit i u th ti f o i n n s anc- Commit- 31-45 days.... do Federal Reserve industrial ments 46-60 days do Bank or com- On portion to make 61-90 days.... do mercial or- for which in- On re- advances 9 1 1 2 - 1 1 - 2 18 0 0 d d a a y y s s .. . . dd d o o IX ganizations s o t b it l u ig ti a o t n e d i 1 s m po a r in ti i o n n g 1 1 This rate also applies to acceptances bought under repurchase agree- Boston 3H-6 3 34-1 ments, which agreements are always for a period of 15 days or less. New York 4-6 2-3 1-2 MEMBER BANK RESERVE REQUIREMENTS Philadelphia 2 Cleveland $1 [Per cent of deposits] Richmond 4-6 (6)4 1-2 Atlanta 4 4-6 Classes of deposits A 1 u 9 g 3 . 6 1 - 6, M 19 a 3 r. 7 - 1, M 19 a 3 y 7 l - , A 1 p 9 r 3 . 8 1 - 6, E t f i f v e e c- S C t h . ic L a o g u o is 3-6 3-6 326 4 (6 - ) 2 1 and banks Feb. 28, Apr.30, Apr. 15, Oct. 31, Nov. 1, Minneapolis 3-6 3-6 1-2 1937 1937 19382 1941 19412 Kansas City 4-6 4 4 Dallas 4-6 4 4-6 1 On net demand San Francisco 4-6 3-4 4-5 deposits:1 Central reserve city... 8* 26 26 1 The Fed. Res. Banks of New York, Philadelphia, Cleveland, Richmond, Reserve city 20 20 Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Dallas may Country 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 5 ^ One per cent less than rate charged borrower by financing institution. * One per cent less than rate charged borrower by financing institution 1 See footnote to table on p. 466 for explanation of method of computing with minimum of three per cent (see note 1). ne 2 t P d e e r m c a e n n d ta g d e e s p o in s it t s h . is column are double the basic statutory requirements, ins 6 ti O tu n t e i : o h n a lf w i o th f o m n i e n i p m e u r m ce o n f t f l o e u ss r t p h e a r n c e r n a t t e ( s c e h e a n rg o e t d e b ) o . rrower by financing 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 listed securities, under Regulation T — 55 40 Savings deposits 2H For short sales, under Regulation T ,(2) 50 Postal savings deposits... 2% For loans by banks on stocks, under Regulation U.... 3 55 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 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. 46O 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 Apr. 22 Apr. 15 Apr. 8 Apr. 1 Mar. 25 Mar. 18 Mar. 11 Mar. 4 Mar. Feb. Mar. Assets Gold certificates on hand and due from U. S. Treasury 20,478,413 20,494,409 20,473,91120,466,913 20,482,91120,493,913 20,513,91120,501,912 20,481,915 201,,502,518 20,102,282 Redemption fund—F. R. notes.. 15,561 13,189 14,018 12,946 13,023 13,429 14,004 13,004 12,947 12,399 9,829 Other cash 331,655 332,721 327,908 322,049 343,708 338,557 327,920 320,918 325,868 331,502 324,109 Total reserves...... .„... „.. 20,825,629 20,840,319 20,815,83720,801,908 20,839,642 20,845,899 20,855,835 20,835,834 20,820,730 20,846,419 20,436,220 Bills discounted: For member banks 3,890 9,261 6,847 9,049 6,308 6,439 6,339 5,763 8,850 4,974 2,950 For nonmember banks, etc.. 1 1 1 1 1 1 1 Total bills discounted 3,891 9,262 6,848 9,050 6,309 6,440 6,339 5,763 8,851 4,974 2,950 Industrial advances , 9,731 9,551 9,636 8,744 8,607 8,554 8,686 8,634 8,802 8,538 7,874 U. S. Government securities: Direct Bonds „., 1,551,006 1,547,906 1,547,136 1,548,136 1,548,136 1,552,886 1,557,136 1,566,386 1,548,136 1,566,386 1,359,200 Notes , 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 820,300 Bills 48,418 9,775 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 2,295,524 2,253,781 2,243,236 2,244,236 2,244,236 2,248,986 2,253,236 2,262,486 2,244,236 2,262,486 2,184,100 Other Reserve Bank credit outstanding 90,449 141,918 124,005 76,941 67,271 87,368 79,127 124,780 93,009 135,939 47,854 Total Reserve Bank credit outstanding 2,399,595 2,414,512 2,383,725 2,338,971 2,326,423 2,351,348 2,347,388 2,401,663 2,354,8 2,411,937 2,242,778 Liabilities F. R. notes in actual circulation . 8,714,386 8,699,285 8,674,317 8,655,870 8,545,263 8,556,873 8,597,386 8,584,676 8,634,683 8,558,920 6,143,059 Deposits: Member bank — reserve account 12,469,57712,501,97212,715,446 12,496,13512,526,75512,939,328 12,968,350 12,834,758 12,574,520 12,618,659 13,370,659 U. S. Treasurer—general account 242,777 300,952 190,478 362,308 472,497 58,859 60,267 286,848 289,193 567,416 1,180,082 Foreign 915,500 926,259 722,650 747,947 726,755 741,539 743,729 715,809 776,301 697,822 1,154,636 Other deposits ,.., 615,582 558,486 627,760 606,242 625,040 631,647 573,026 554,517 628,236 557,303 566,738 Total deposits 14,243,436 14,287,669 14,256,33414,212,63214,351,04714,371,373 14,345,372 14,391,932 14,268,250 14,441,24116,272,115 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.7 90.7 90.8 91.0 91.0 90.9 90.9 90.7 90.9 90.6 91.2 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 s 90 9 m 1 o t d o n a t 6 y h s s 6 l m y t o e o n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Bills Discounted: Apr. 1 9,050 6,097 2,751 12 68 118 Apr. 8 • 6,848 3,697 2,854 59 83 151 Apr. 15 9,262 8,733 128 55 204 142 Apr. 22 3,891 3,395 57 80 274 83 Industrial Advances Apr. 1 8,744 2,461 ' 602 477 528 1,114 911 1,518 1,133 Apr. 8 9,636 3,558 445 859 187 1,045 904 1,512 1,126 Apr. 15 9,551 3,474 443 868 185 1,065 884 1,506 1,126 Apr. 22 9,731 3,664 405 894 255 1,024 881 1,498 1,110 U. S. Government Securities, direct and guaranteed: Apr. 1 2,244,236 66,200 70,100 317,800 367,100 1,423,036 Apr. 8 2,243,236 66,200 70,100 317,800 367,100 1,422,036 Apr. 15 2,253,781 9,775 66,200 70,100 317,800 367,100 1,422,806 Apr. 22 2,295,524 7,032 9,775 11,508 86,303 70,100 317,800 367,100 1,425,906 MAY 1942. 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston N Y e o w 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 S ra an ncisco Assets Gold certificates on hand and due from U. S. Treasury: Apr. 1 20,466,9131,155,509 8!,, 196,2314,170,530 1,565,048 789,802 588,3233,469,597 603,876 361,093 559,952 392,9611,613,988 Apr. 8 20,473,9111,190,407 81,111,6 7'"6" "1,181,7251,573,573 805,682 584, ",472,299 629,471 360,225 555.406 386,890 1,622,298 Apr. IS 20,494,4091,163,167 8,028,148 1,214,1371,595,680 818,175 584,133 3,528,466 623,982 355,190 558,414 395,906 1,629,011 Apr. 22 20,478,4131,157,762 8(,008,215 1,203,1611,604,729 798,603 572,276 3,600,802 618,715 359,020 559,764 382,3101,613,056 Redemption Fund—Federal Reserve Notes: Apr. 1 12,946 3,477 1,559 1,013 762 1,853 481 1,161 405 281 566 432 956 Apr. 8 14,018 3,439 1,373 963 715 1,506 455 1,096 393 275 554 424 2,825 Apr. 15 13,189 3,399 1,189 906 666 1,140 429 1,043 386 269 544 417 2,801 Apr. 22 15,561 3,347 941 830 606 1,683 392 967 369 262 528 406 5,230 Other cash: Apr. 1... 322,049 27,549 68,223 22,393 25,144 17,293 19,665 58,605 18,414 5,722 12,856 13,479 32,706 Apr. 8... 327,908 28,546 72,688 22,313 29,273 15,449 18,437 58,965 17,550 5,756 12,679 13,673 32,579 Apr. IS.. 332,721 28,010 70,443 22,385 27,468 18,237 21,104 59,141 17,939 6,398 12,913 13,799 34,884 Apr. 22. 331,655 26,931 73,817 21,834 29,833 16,388 19,629 59,042 16,806 6,156 13,003 13,103 35,113 Total reserves: Apr. 1 20,801,9081,186,535 81,266,016 1,193,936 1,590,954 808,948 608,469 3,529,363 622,695 367,096 573,374 406,8721,647,650 Apr. 8 20,815,8371,222,392 8;, 185,7317,205,0011,603,561 822,637 603,151 3,532,360 647,414 366,256 568,639 400,9871,657,702 Apr. 15 20,840,3191,194,576 85,099,780 1,237,4281,623,814 837,552 605, ,588,650 642,307 361,857 571,871 410,1221,666,696 Apr. 22 20,825,6291,188,040 81,082,973 1,225,8251,635,168 816,674 592,297 3,660,811 635,890 365,438 573,295 395,8191,653,399 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Apr. 1 7,521 2,445 4,195 660 145 IS Apr. 8 5,406 255 4,285 630 145 30 Apr. 15 8,929 150 7,883 570 200 95 15 Apr. 22 3,597 170 2,641 560 100 20 40 Other bills discounted: Apr. 1 1,529 150 1,200 Apr. 8 1,442 1,250 Apr. IS 333 100 147 Apr. 22 294 18 182 Total bills discounted: Apr. 1 9,050 2,595 5,395 660 62 145 88 IS Apr. 8 6,848 255 5,535 630 51 145 30 Apr. 15 9,262 150 7,983 570 59 200 95 147 15 Apr. 22 3,891 170 2,659 560 167 20 182 40 Industrial advances: Apr. 1 8,744 663 1,102 4,249 173 727 449 359 596 234 115 Apr. 8 9,636 761 1,102 5,079 177 726 449 352 574 230 110 Apr. 15 9,551 756 1,102 4,900 176 724 495 341 646 231 110 Apr. 22 9,731 802 1,100 5,079 176 721 518 325 613 223 105 U. S. Government securities, direct and guaranteed: Bonds: Apr. 1 1,551,736 117,510 408,915 122,568 157,537 96,467 68,154 193,871 76,152 48,094 67,225 61,352 133,891 Apr. 8 1,550,736 117,442 408,582 122,488 157,434 96,420 68,116 193,755 76,115 48,069 67,189 61,319 133,807 Apr. 15 1,551,506 117,428 409,519 122,575 157,525 96,308 68,081 193,748 76,022 48,022 67,141 61,286 133,851 Apr. 22 1,554,606 117,378 413,183 122,926 157,884 95,882 67,950 193,729 75,667 47,843 66,967 61,165 134,032 Notes: Apr. 1.... 692,500 52,442 182,489 54,701 70,304 43,052 30,414 86,519 33,984 21,463 29,999 27,381 59,752 Apr. 8.... 692,500 52,445 182,457 54,698 70,305 43,058 30,418 86,524 33,990 21,467 30,002 27,383 59,753 Apr. 15... 692,500 52,411 182,785 54,712 70,309 42,987 30,387 86,476 33,932 21,434 29,969 27,355 59,743 Apr. 22... 692,500 52,285 184,053 54,759 70,330 42,710 30,269 86,297 33,706 21,311 29,830 27,245 59,705 Bills: Apr. 1.. Apr. 8.. Apr. 15. 9,77. 740 2,580 772 992 607 429 479 . 303 423 386 843 Apr. 22. 48,418 3,656 12,869 3,828 4,917 2,986 2,116 6^01 2,357 1,490 2,086 1,905 4,174 Total U. S. Government securities, direct and guaranteed: Apr. 1 2,244,236 169,952 591,404 177,269 227,841 139,519 98,568 280,390 110,136 69,557 97,224 88,733 193,643 Apr. 8 2,243,236 169,887 591,039 177,186 227,739 139,478 98,534 280,279 110,105 69,536 97,191 88,702 193,560 Apr. 15 2,253,781 170,579 594,884 178,059 228,826 139,902 98,897 281,445 110,433 69,759 97,533 89,027 194,437 Apr. 22 2,295,524 173,319 610,105 181,513 233,131 141,578 100,335 286,060 111,730 70,644 98,883 90,315 197,911 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 c S i r s a a c n n o - Assets—Continued Total bills and securities: Apr. 1 2,262,03C 173,210 597,901 182,178 228,076 140,246 99,162 280,795 110,142 70,154 97,334 89,055 193,773 Apr. 8 2,259,72( 170,903 597,676 182,895 227,96" 140,204 99,128 280,68 110,11 70,11 97,324 89,020 193,700 Apr. 15 2,272,59- 171,485 603,969 183,529 229,061 140,826 99,487 281,786 110,433 70,406 97,645 89,405 194,562 Apr. 22 2,309,14( 174,291 613,864 187,152 233,47- 142,299 100,873 286,385 111.73C 71,308 98,994 90,720 198,056 Due from foreign banks: Apr. 1 Apr. 8 Apr. 15... Apr. 22 Federal Reserve notes of other banks: Apr. 1 22,858 498 2,370 1,377 1,792 2,808 2,769 2,308 2,415 733 1,580 775 3,433 Apr. 8 25,so; 673 3,174 1,796 2,039 3,10J 3,394 3,120 2,602 667 1,914 700 2,627 A A p p r r . . 2 1 2 5 2 28 7 , , 0 4 8 7 : ; 8 7 3 6: 1 2 1 , ,4 6 3 8 6 5 1 1 , , 2 4 7 4 3 1 2 2 , , 0 3 9 2 8 8 4 3 , , 4 6 5 4 9 3 4 3 , , 6 7 8 4 0 1 3 3 , , 7 7 3 5 7 3 2 2 , ,9 0 7 7 2 1 8 66 4 9 5 2 1 , ,701 5 6 6 4 2 2 3 3, , 8 2 5 8 7 6 Uncollected items: Apr. 1 1,016,76: 102,131 255,501 75,331 123,736 80,772 38,636 146,185 44,037 22,129 35,774 33,784 58,745 Apr. 8 994,45" 88,550 227,220 73,373 109,278 84,746 44,817 158,071 44,663 23,297 41,419 33,738 65,287 Apr. 15 1,355,562 135,243 318,290 95,675 169,919 124,780 56,483 218,869 55,877 25,968 44,703 40,551 69,204 Apr. 22 1,087,376 111,543 258,304 74,407 130,450 86,262 46,343 160,215 46,802 22,550 43,275 38,466 68,759 Bank premises: Apr. 1 40,627 2,764 10,45: 4,834 4,411 3,045 1,968 2,957 2,143 1,331 2,855 1,120 2,747 Apr. 8 40,635 2,764 10,45: 4,834 4,411 3,052 1,968 2,957 2,144 ,331 2,855 1,120 2,747 Apr. 15 40,638 2,764 10,45: 4,834 4,411 3,055 1,968 2,957 2,144 ,331 2,855 1,120 2,747 Apr. 22 40,628 2,764 10,45: 4,834 4,401 3,055 1,968 2,957 2,144 ,331 2,855 1,120 2,747 Other assets: Apr. 1 43,957 3, 11,631 3,458 4,870 2,969 1,830 5,075 1,96: 1,842 1,668 4,180 Apr. 8 44,611 3,140 11,800 3,506 4,974 2,988 1,844 •5,105 1,98: 1,872 1,722 4.269 Apr. 15 44,000 3,061 11,735 3,391 4,892 2,873 1,853 5,034 1,901 1,82 1,792 4,254 Apr. 22 44,307 3,124 11,754 3,47: 4,984 2,879 1,813 5,128 1,89; 1,838 1,763 4,301 Total assets: Apr. 1 24,188,188 ,468,229 9,,143,8891,461,119 ,953,843 1,038,790 752,8363,966,693 783,394 462,828 712,760 533,2751,910,532 Apr. 8 54,181,116 ,488,4259,036,0771,471,410 ,952,234 ,056,730 754,304 3,;982,300 808,916 463,072 714,024 5272,8"8 11,926,336 Apr. 15 14,580,633 ,507,8949,045,6801,526,303 ,034,429 ,112,731 770, ,101,039 815,641 461,788 720,603 543,6331,940,753 Apr. 22 !4,335,214 ,480,596 8,980,0501,496,968 ,010,579 ,055,630 747,0374,119,255 800,535 462,650 722,340 528,4511,931,123 Liabilities Federal Reserve notes in actual circulation: Apr. 1 8,655,870 685,7272,223,571 609,635 818,992 452,542 314,414 ,797,843 341,177 219,976 282,104 145,253 764,636 Apr. 8 8,674,317 689,5822,221,321 610,947 822,570 454,516 316,287 ,802,107 341,291 220,734 282,433 143,542 768,987 Apr. 15 8,699,285 692,4112,230,011 612,198 825,483 456,727 316,179 ,810,737 341,588 220,494 281,803 142,441 769,213 Apr. 22 8,714,386 697,8992,225,248 614,998 829,787 455,301 316,837 ,817,380 341,546 221,311 282,230 143,432 768,417 Deposits: Member bank—reserve account: Apr. 1 2,496,135 605,726 ,671,597 619,562 875,268 438,793 335,745 ,841,818 334,415 170,180 340,569 303,612 958,850 Apr. 8 2,715,446 625,371 ,606,116 672,300 898,341 463,057 348,905 ,907,419 363,847 172,151 351,779 308,559 997,601 Apr. 15 2,501,972 595,775 ,451,569 677,651 885,875 457,561 347,682 ,918,390 357,841 168,927 348,789 307,934 983,978 Apr. 22 2,469,577 596,515 ,358,417 677,845 914,520 452,689 335,316 ,980,653 362,338 172,950 352,629 292,967 972,738 U. S. Treasurergeneral account: Apr. 1 362,308 20,512 104,645 34,109 22,073 13,919 23,121 42,051 18,014 20,274 19,242 17,725 26,623 Apr. 8 190,478 27,673 86,302 9,110 4,274 4,973 7,183 1,412 17,636 16,316 5,510 9,684 405 Apr. 15 300,952 40,318 18,871 35,280 44,095 21,863 14,582 36,603 18,594 16,492 13,268 19,752 21,234 Apr. 22 242,777 15,948 61,418 19,413 13,483 8,939 12,043 33,757 11,123 15,127 11,765 15,259 24,502 Foreign: Apr. 1 747,947 23,082 299,405 71,020 68,061 32,551 25,893 90,255 22,194 16,276 21,454 21,454 56,302 Apr. 8 722,650 24,537 282,997 69,302 66,414 31,763 25,266 88,071 21,657 15,882 20,935 20,935 54,891 Apr. 15 926,259 24,670 486,249 69,335 66,446 31,778 25,278 88,113 21,667 15,889 20,945 20,935 54,954 Apr. 22 915,500 24,083 483,594 68,078 65,242 31,203 24,820 86,516 21,274 15,601 20,565 20,565 53,959 • Less than $500. 463 MAY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk 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 Deposits—Continued: Other deposits: Apr. 1 606,242 13,276 496,763 8,633 25,382 6,815 2,907 3,031 11,022 8,702 2,085 2,214 25,412 Apr. 8 627,760 12,290 518,047 8,914 25,738 5,886 3,399 2,760 8,901 8,586 6,428 2,015 24,796 Apr. 15 558,486 10,521 457,565 8,082 21,589 7,""" 3,896 2,639 9,903 8,002 3,064 2,064 24,076 Apr. 22 615,582 11,676 506,028 8,005 26,693 8,600 3,616 3,435 9,312 8,281 3,244 2,267 24,425 Total deposits: Apr. 1 14,212,632 662,596 6,572,410 733,324 990,784 492,078 387,666 1,977,155 385,641 215,432 383,350 345,0051,067,187 Apr. 8 14,256,334 689,871 6,493,462 759,626 994,767 505,679 384,7531,999,662 412,04! 212,935 384,652 341,19f1,077,693 Apr. 15 14,287,669 671,284 6,,414,254 790,348 1,018,005 518,287 391,4382,045,745 408,00^ 209,310 386,066 350,6851,084,242 Apr. 22 14,243,436 648,222 6,,409,457 773,3411,019,938 501,431 375,7952,104,361 404,04: 211,959 388,203 331,0581,075,624 Deferred availability items: Apr. 1 939,867 93,704 217,765 83,365 108,859 77,236 36,765 142,557 44,569 17,519 35,663 31,260 50,605 Apr. 8 870,501 82,778 190,918 65,990 99,665 79,914 39,258 131,314 43,553 19,488 35,3h 30,778 51,531 Apr. 15 1,213,691 118,000 270,850 88,938 155,722 121,095 48,531 195,35" 54,051 22,088 41,143 38,724 59,192 Apr. 22 996,974 108,131 214,857 73,749 125,600 82,226 40,386 148,24! 42,910 19,451 40,294 42,151 58,972 Other liabilities, including accrued dividends: Apr. 1 4,227 464 936 268 405 710 210 460 108 138 156 15J 217 Apr. 8 4,317 456 1,117 316 436 370 228 546 138 153 140 173 244 Apr. 15 4,452 465 1,305 319 432 356 218 531 117 14! 146 183 233 Apr. 22 4,823 597 1,250 362 470 391 246 593 146 168 145 212 243 Total liabilities: Apr. 1 23,812,596 ,442,4919,014,6821,426,592 1,919,040 1,022,566 739,055 3,918,015 771,499 453,065 701,273 521,6731,882,645 Apr. 8 23,805,4691,462,6 "87^ 8,,906,8 1'8 1,436,879 1,917,438 11,040,479 740,526 3,,!933,629 797,023 453,310 702,539 515,6861,898,455 Apr. 15 24,205,0971,482,160 8,;916,420 1,491,803 1,999,642 1,096,465 7561,,3366 4,052,370 803,761 452,039 709,158 532,0331,912,880 Apr. 22 23,959,6191,454,849 8,,850,8121,462,450 1,975i,,795 1,039,349 7331,,2264 4070,581 788,649 452,889 710,87: 516,8531,903,256 Capital accounts Capital paid in: Apr. 1 143,328 9,412 52,211 11,833 14,788 5,758 4,949 15,867 4,465 3,043 4,652 4,428 11,922 Apr. 8 143,389 9,412 52,256 11,833 14,788 5,768 4,949 15,871 4,465 3,043 4,652 4,428 11,924 Apr. 15 143,392 9,413 52,264 11,815 14,788 5,771 4,949 15,873 4,465 3,043 4,659 4,428 11,924 Apr. 22 143,389 9,413 52,241 11,812 14,787 5,780 4,949 15,880 4,469 3,043 4,661 4,428 11,926 Surplus (section 7): Apr. 1 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Apr. 8 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Apr. 15 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Apr. 22 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Surplus (section 13b): Apr. 1 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Apr. 8 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Apr. 15 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Apr. 22 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Other capital accounts: Apr. 1 47,981 2,503 13,275 3,130 4,662 1,986 2,394 8,457 1,934 2,568 2,085 1,935 3,052 Apr. 8 47,975 2,503 13,282 3,134 4,655 2,003 2,391 8,446 1,932 2,567 2,083 1,935 3,044 Apr. 15 47,861 2,498 13,275 3,121 4,646 2,015 2,386 8,442 1,919 2,554 2,036 1,933 3,036 Apr. 22 47,923 2,511 13,276 3,142 4,644 2,021 2,386 8,440 1,921 2,566 2,057 1,931 3,028 Total liabilities and capital accounts: Apr. 1 24,188,1881,468,229 9,1431,,889 1,461,,119 1,953,843 1,038,790 752,836 3,966,693 783,394 462,828 712,760 533,275 ,910,532 Apr. 8 24,181,1161,488,425 9,036,077 1,4711,,410 1,952,234 1,056,730 754,304 3,982,300 808,916 463,072 714,024 527,288 ,926,336 Apr. 15 24,580,6331,507,894 9,045,680 1,526,303 2,034,429 1,112,731 770,139 4,101,039 815,641 461,788 720,603 543,633 ,940,753 Apr. 22 24,335,2141,480,596 8,980,050 1^496,968 2^010^579 1,055,630 747, ,119,255 800,535 462,650 722,340 528,451 ,931,123 Commitments to make industrial advances: Apr. 1 14,043 576 425 1,981 1,023 1,407 1,580 2,058 1,423 1,500 2,070 Apr. 8 13,522 476 423 1,192 1,087 1,406 1,560 2,058 1,773 1,500 2,047 Apr. 15 13,681 473 416 1,392 1,087 1,405 1,560 2,034 1,773 1,500 2,041 Apr. 22 11,982 421 413 1,151 1,087 1,501 1,555 2,034 1,695 97 2,028 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications Applications under Applications Repaid, Date ( e l a a c st h W m e o d n n t e h s ) day of Numb r e e r ceiv A ed mount Nu c m o b n e s r ider A at m io o n unt Numb ap er prov A ed mount A s ( t a d a m o n v u o a d t n u i - n c n g e t) s 1 m ( C s a e t o m n a m t n 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 n o u e v o t n e e t t d ) d 2 a d o e p r r x a p e p w l w t i i c n c r . i e a t b d h n , - y t, ( s P a p ta m a a o n r t u o i t d o i t u i - c n n n i s g - t) S (amount) 1934—Dec. 26 4,38o 146,972 71 2,955 984 49,634 13,589 8,225 20 966 5 558 1 296 1935—June 26 6,325 237,581 68 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 314 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11 548 44 025 8 778 1936—June 24 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30 8,247 328,998 5 1,245 2,280 139,829 25,526 20,959 8,226 77,910 7,208 1937—Mar. 31 8,344 333,300 9 1,322 2,323 141,545 23,059 18,611 7 898 85 210 6 767 June 30 8,430 339,509 10 1,263 2,361 145,758 23,019 16,331 1,470 97,663 7,275 Sept. 29 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102 588 7 304 Dec. 29 8,534 350,551 7 550 2,406 150,987 20,216 12,780 3,369 107,384 7,238 1938—Mar. 30 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3 419 111 193 7 825 June 29 8,976 369,853 8 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28 9,102 378,974 8 146 2,617 168,380 17,567 13,597 5,737 122,447 9,032 Dec. 28 9,188 387,490 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 L941—Jan. 29 9,633 435,474 4 1,929 2,923 214,800 9,483 5,207 12,325 179,021 8,764 Feb. 26 9,659 442,712 1 600 2,945 223,226 9,451 5,066 20 424 179,569 8,716 Mar. 26 9,682 448,506 3 823 2,959 228,732 9,526 7,315 19,986 180,989 10,916 Apr. 30 9,719 444,985 2 35 2,987 225,849 9,157 8,464 13 035 183,646 11,547 May 28 9,793 455,868 5 1,725 3,046 234,714 9,639 12,342 14,134 186,062 12,537 June 25 9,817 458,092 2 35 3,067 238,505 10,549 13,072 8,090 192,783 14,011 July 30 9,855 471, 035 3 145 3,096 248,867 10,761 11,697 11,626 202,287 12,496 Aug. 27 9,891 481, 255 2 70 3,120 258,154 10,359 12,928 11,520 208,279 15,068 Sept. 24. 9,912 498, 017 3 2,220 3,132 267,606 9,808 13,551 10,251 216,258 17,738 Oct. 29 9,950 504,144 1 5 3,161 274,739 10,612 13,238 12,317 219,598 18,974 Nov. 26 9,974 506,320 3 375 3,179 276,499 10,836 14,735 9,774 221,421 19,733 Dec. 31 10,007 510,443 4 150 3,202 279,860 10,337 14,597 8,294 227,032 19,600 1942—Jan. 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 Apr. 225 10,114 541,469 2 7 3,287 308,945 10,430 11,982 21,101 248,892 16,540 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 $844,000, Apr. 22, 1942. 4 Tuesday. 5 Latest date for which figures are available. FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Federal Reserve Notes: Issued to F.R. Bank by F.R. agent: Apr. 1 9,061,480 704,025 21,319,563 631,411 858,343 489,641 332,8771,850,612 357,259 225,201 290,675 159,313 842,560 Apr. 8 9,107,904 712!, ,26' 4 2-',331,631 635,341 859,683 493,518 336,^558 1,857,301 359,117 225,725 293,260 160,109 843,397 Apr. 15 9,132,529 2101,,582 2,340,943 633,488 862,562 498,543 337,3421,864,192 358,223 225,645 291,720 159,427 849,862 Apr. 22 9,167,483 719>,,850 2,347,560 635,917 868,865 500,885 340,9221,872,549 357,683 226,719 292,306 159,197 845,030 Held by Federal Reserve Bank: Apr. 1 405,610 18,298 95,992 21,776 39,351 37,099 18,463 52,769 16,082 5,225 8,571 14,060 77,924 Apr. 8 433,587 22,682 110,310 24,394 37,113 39,002 20,271 55,194 17,826 4,991 10,827 16,567 74,410 Apr. 15 433,244 18,171 110,932 21,290 37,079 41,816 21,163 53,455 16,635 5,151 9,917 16,986 80,649 Apr. 22 . 453,097 21,951 122,312 20,919 39,078 45,584 24,085 55,169 16,137 5,408 10,076 15,765 76,613 In actual circulation. Apr. 1 8,655,870 685,727 2,,223,571 609,635 818,992 452,542 314,414 1,797,843 341,177 219,976 282,104 145,253 764,636 Apr. 8 8,674,317 689,582 2,221,321 610,947 822,570 454,516 316,2871,802,107 341,291 220,734 282,433 143,542 768,987 Apr. 15 ",699,285 692,4112,230,011 612,198 825,483 456,727 316,1791,810,737 341,588 220,494 281,803 142,441 769,213 Apr. 22 8,714,386 697,899 2,225,248 614,998 829,78r 455,301 316,83 1,817,380 341,546 221,311 282,230 143,432 768,417 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Apr. 1 9,231,000 740),,000 25,330,000 640,000 865,000 525,000 340,0001,880,000 370,000 227,000 295,000 165,000 854,000 Apr. 8 9,242,000 740>, ,000 21., 340.,000 640,000 865,000 525,000 340,0001,880,000 370,000 227,000 295,000 166,000 854,000 Apr. 15 9,302,000 740,000 2,350,000 640,000 865,000 525,000 350,0001,900,000 370,000 227,000 295,000 166,000 874,000 Apr. 22 9,317,000 740,000 2,360,000 640,000 870,000 525,000 350,0001,900,000 370,000 227,000 295,000 166,000 874,000 Eligible paper: Apr. 1 8,53. 2,445 5,395 660 35 Apr. 8 6,479 255 5,535 630 59 Apr. 15 8,945 150 7,983 570 200 42 Apr. 22 3,308 2,656 560 50 42 Total collateral: Apr. 1 9,239,535 742,445 2,335,395 640,660 865,000 525,000 340,000 1,880,000 370,000 227,000 295,035 165,000 854,000 Apr. 8 9,248,479 740,255 2,345,535 640,630 865,000 525,000 340,000 1,880,000 370,000 227,000 295,059 166,000 854,000 Apr. 15 9,310,945 740,150 2,357,983 640,570 865,000 525,200 350,000 1,900,000 370,000 227,000 295,042 166,000 874,000 Apr. 22 j9,320,308 740,0002,362,656 640,560 870,000 525,000 350,0001,900,000 370,000 227,050 295,042 166,000 874,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank. 465 MAY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, MARCH, 1942 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Cl a a n ss d e s d i o s f t r b ic a t n s ks p m G o d d r a s e e o n - - i s t d s s p m N o d d a s e e e n - - i t t d s1 p T o d i s m e- i e ts R F e- eder B a H l a e n R l k d e s serv E e x- b m a b A e n e m l k r l s - 1 Y N c o e i r w t k y ban C c k a h s g i o - b sc K e a ir n t e vy k - e s b C a o n u k n s - 1 quired cess Total reserves held: All member banks 49,464 41,289 12,097 9,680 12,827 3,147 1941—March 13,979 6,924 931 4,197 1,928 Central reserve city banks: April 13,600 6,518 966 4,204 1,912 New York 16,834 16,072 787 4,226 5,188 962 May 13,650 6,243 1,144 4,298 1,965 Chicago 3,759 3,363 458 902 1,157 255 Tune 13,201 5,958 1,144 4,184 1,9U July 13,120 5,875 1,120 4,198 1,927 Reserve city banks: August 13,004 5,600 1,140 4,287 1,978 Boston district 1,433 1,293 78 263 366 103 September 13,184 5,554 1,218 4,335 2,076 New York district 304 255 142 59 68 8 October 13,097 5,314 1,243 4,391 2,149 Philadelphia district 1,685 1,435 157 296 419 123 November 12,900 5,053 1,210 4,424 2,213 December 12,812 5,142 1,143 4,317 2,210 Cleveland district 2,478 2,042 686 450 701 251 1942—January 12,936 5,248 1,085 4,365 2,238 Richmond district 1,158 918 232 198 304 106 February 12,908 5,266 L,086 4,356 2,199 Atlanta district „. 1,119 794 171 169 212 43 March 12,827 5,188 L.157 4,279 2,204 Week ending (Friday): Chicago district 2,102 1,582 683 357 490 132 1942—Mar. 6 12,737 5,117 L, 162 4,265 2,194 St. Louis district 1,246 962 167 202 262 59 Mar. 13 12,997 5,224 L,140 4.408 2,225 Minneapolis district 515 414 80 88 99 11 Mar. 20 13,067 5,294 1,138 4,389 2,246 Mar. 27 12,643 5,158 L,165 4,148 2,173 Kansas City district 1,336 934 148 196 253 57 Apr. 3 12,555 5,123 ,156 4,119 2,157 Dallas district 1,036 688 126 145 191 46 Apr. 10 12,750 5,159 1,116 4,277 2,199 San Francisco district... 3,280 2,713 666 916 250 Apr. 17 12,728 5,037 L,127 4,328 2,236 Excess reserves: Total „ «„. 17,691 14,029 4,717 3,089 4,279 1,190 1941—March 6,304 3,203 252 1,923 927 : i. : April 5,883 2,812 295 1,885 891 May 5,831 2,514 434 1,949 933 Country banks: June 5,351 2,238 424 1,820 870 Boston district 1,248 966 544 168 249 81 July 5,193 2,150 388 L.789 866 New York district 2,010 1,607 1,451 312 474 162 August 5,017 1,898 403 1,824 892 Philadelphia district 904 673 840 145 209 64 September 5,116 1,834 478 1,836 968 October 5,001 1,626 512 1,845 1,017 Cleveland district 946 660 724 136 223 87 November 3,611 945 367 1,456 844 Richmond district 916 576 393 104 152 47 December 3,390 989 295 1,303 804 Atlanta district . 866 535 253 90 138 48 1942—January 3,446 1,083 225 1,330 809 February 3,309 1,071 204 1,279 755 Chicago district 1,372 925 840 180 278 99 March 3,147 962 255 1,190 740 St. Louis district 593 385 255 69 99 30 Week ending (Friday): Minneapolis district 440 293 276 58 83 25 1942—Mar. 6 3,079 901 262 1,187 729 Mar. 13 3,266 984 233 L.292 757 Kansas City district 608 386 155 63 91 28 Mar. 20 3,300 1,026 223 1,266 785 Dallas district 768 492 101 75 117 42 Mar. 27 3,014 949 264 L,087 713 San Francisco district... 509 ,328 305 64 91 26 Apr. 3 3,006 936 303 1,070 697 Apr. 10 3,124 939 250 1,196 740 Total 11,180 7,825 6,135 1,464 2,204 740 Apr. 17 *>3,034 813 242 1,201 P777 1 Gross demand deposits minus demand-balances with domestic banks v 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. 460 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 Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Boston 2,681 2,674 621 624 2,525 2,516 , 504 , 506 156 157 117 118 New York 19,148 19,007 2,380 2,415 xl,914 1l,907 1l,094 401 401 510 514 Philadelphia 2,589 2,581 997 1,008 2,249 2,245 550 558 339 337 447 450 Cleveland 3,424 3,393 1,410 1,424 3,063 3,034 1,066 1,080 362 359 344 345 Richmond 2,074 2,052 624 626 1,798 1,780 420 422 275 272 204 204 Atlanta 1,984 1,953 423 426 1,776 1,752 340 341 208 202 84 84 Chicago 7,233 7,121 1,980 1,986 X2,955 ^U 11,186 519 511 337 339 St Louis 1,839 1,841 422 424 1,484 1,484 297 299 355 357 125 125 Minneapolis 955 957 356 358 741 744 191 • 192 214 213 165 166 Kansas City 1,944 1,962 302 304 1,527 1,541 196 197 417 421 107 107 Dallas 1 804 1,806 227 228 1,388 1,386 177 184 416 420 50 44 San Francisco 3,789 3,811 2,354 2,356 3,631 3,651 2,251 2,252 159 160 103 105 Total ,.„..„.,.„ 49,464 49,159 12,097 12,179 ^5,052 *24,954 18,259 ^ ll 3,820 3,810 2,593 2,600 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 466 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 r u o e 1 r t a 8 y e 9 s s - 0 S s u i c a l b o v r s y i e i n r di- M co in in or U S n n t o a i t t t e e e s d s R F n e e o d se t e e r r s v a e l R F n B e e s o d a e t e n e r r k v s a e l t n b i N o o a t a n n e - k a s l 1941—February . 8,781 64 50 1,635 406 184 278 5,985 21 155 March 8,924 64 51 1,651 413 186 277 6,106 21 154 April ....; 9,071 63 51 1,654 418 189 274 6,247 21 153 May 9,357 63 52 1,697 426 191 286 6,468 20 152 June. 9,612 63 53 1,714 434 194 300 6,684 20 150 July 9,732 63 54 1,691 438 196 307 6,813 20 149 August 9,995 62 55 1,723 445 199 313 7,027 20 148 10,163 62 56 1,724 455 202 314 7,181 20 147 October 10,364 62 57 1,715 463 205 317 7,378 20 146 November 10,640 61 59 1,737 474 208 321 7,615 20 145 December „ „«..„.«... ,. 11,160 61 60 1,733 481 209 313 8,138 19 144 [942—January „ „ .„...... 11,175 61 61 1,657 471 206 302 8,253 19 143 February 11,485 61 61 1,695 475 206 309 8,514 19 143 March 11,566 60 62 1,697 482 208 307 8,587 19 142 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 in cir- Unas- End of month cula- sorted2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1941—February 8,781 6,243 641 582 38 1,116 2,041 1,826 2,541 551 1,144 232 535 24 55 4 March 8,924 6,342 650 590 38 1,132 2,074 1,858 2,583 560 1,163 238 543 24 56 1 April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 1,197 241 550 25 56 2 May 9,357 6,683 669 615 40 1,176 2,211 1,972 2,675 587 1,218 242 546 24 57 2 June 9,612 6,890 681 625 41 1,207 2,289 2,047 2,725 607 1,244 244 548 24 57 2 July 9,732 6,992 688 626 40 1,215 2,334 2,090 2,742 615 1,257 244 544 24 58 3 August 9,995 7,237 700 641 42 1,257 * 2,430 2,169 2,760 630 1,274 244 543 24 46 3 September 10,163 7,378 713 658 42 1,270 2,469 2,227 2,787 645 1,293 243 537 24 46 3 October 10,364 7,537 725 663 41 1,287 2,527 2,293 2,830 658 1,316 245 539 25 47 3 November 10,640 7,769 738 675 43 1,318 2,610 2,383 2,874 674 1,343 248 538 24 47 4 December 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942—January 11,175 8,053 738 656 42 1,309 2,713 2,595 3,126 745 1,481 265 566 24 46 4 February 11,485 8,326 743 668 42 1,344 2,825 2,704 3,163 767 1,511 266 565 21 33 4 March 11,566 8,396 752 673 42 1,351 2,834 2,744 3,174 779 1,528 268 561 9 29 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by tthhee Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER [Held by Treasury and Federal Reserve Banks and in circulation. In CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars ] 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 y b i e - - r M co in in or U S n n t o a i t t t e e e s d s B s e R e a r r e n a v - l k e t n b i N o o a t a n n e - a k s l Year or month m E e S u n h r t o i s p p - e to R E e f u r c o r e o m ip 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—February... 3,102 1,959 428 192 347 21 156 1939. 110.2 9.8 iooii March 3,109 1,965 429 193 347 21 155 1940 17.7 .7 17.0 April 3,122 1,971 434 194 347 21 154 1941 .3 .5 .2 May 3,134 1,977 440 196 347 21 153 J J u u n ly e 3 3, , 1 1 6 4 6 9 1 1, , 9 9 8 9 3 1 4 4 5 4 5 7 2 1 0 9 2 9 3 3 4 4 7 7 2 2 1 0 1 1 5 5 1 2 1941— M A a p y ril .1 I C 1 1) ) .1 (*) August 3,181 1,998 462 204 347 20 150 June C1) /i\ September. 3,198 2,006 469 207 347 20 149 July /l\ October.... 3,219 2,013 482 210 347 20 148 August /1\ November 3,231 2,017 489 212 347 20 146 September December .. 3,247 2,023 497 215 347 20 146 October ft November . . . 1942—January...,. 3,259 2,029 501 218 347 20 144 December .2 .2 February... 3,268 2,033 505 220 347 20 144 March 3,277 2,038 509 221 347 19 143 1942—January .2 .1 February ft, 1 Includes silver held against silver certificates amounting to $1,963,- March 1 000,000 on Mar. 31,1942 and $1,890,000,000 on Mar. 31, 1941. i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. MAY 1941 467 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 dollarsl 1941 Ear- Period of a s G t t p o o e e c l n r k d i d od I i n n s c to r g e c o a k l s d e N im et p g o o rt ld c g r m o e c o a l r r a d e s r e : a i k n s d e - e ( d e - - ) p D ti r c t o o i o m d g n u o e 1 c l s d - - From or to— p I o m r - t N s ov. p 2 o E r x ts - 3 p I o m rt - s Oct. p E or x t - s'5 p J I o a m n rt - , s -No p v E o . x rt - s3 19342 . 8,238 4,202.5 1,133.9 82.6 92.9 France... 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 4 4 7 5 8 6 9 1 0 3 3 1 1 2 2 1 1 1 1 2 2 1 4 0 7 , , , , , , , 2 7 7 5 9 1 6 5 6 3 1 2 9 4 8 0 7 2 5 5 4 4 3 1 1 1 1 , , , , , , 3 8 1 1 7 5 7 5 8 3 3 5 0 4 1 7 1 2 2 2 1 . . . . . . . 2 2 8 5 0 5 5 3 4 1 1 1 1 , , , , , , 5 7 9 7 1 ( 5 4 7 4 7 3 1 8 ) 4 4 3 9 6 5 . . . . . . 2 5 6 0 5 6 - — - - - 4 2 6 5 -8 0 3 0 4 3 3 5 7 0 4 4 3 . . . . . . 9 . 7 4 7 4 2 5 1 1 1 1 1 1 1 1 3 4 4 6 7 6 0 1 3 8 7 0 1 . . . . . . . 7 6 9 2 7 6 8 P S M U U S C C w o w . e a n e r n n e i x i S t t t d a t i u e z . r c e d d e a g S o n a r l a . l K a l A R . n i . n m . . d g e d r o ic m a 2 5 6 4 , , 6 3 9 1 9 1 3 2 3 2 2 5 4 6 9 1 1 1 5 1 6 , , 0 5 9 0 2 5 3 5 6 7 0 0 4 0 5 4 3 3 9 1 3 1 9 1 1 5 , , , , , , 7 6 9 4 7 5 3 8 4 8 1 5 2 1 7 9 7 7 6 8 9 9 6 4 West Indies and Ber- 1940—October 21,506 261.1 326.0 -117.9 19.2 muda 77 66 814 November 21,801 295.2 330.1 -39.5 16.6 Argentina 18 10 177 December 21,995 194.0 137.2 7.4 16.3 Bolivia 8 10 94 Brazil 5 22 1941—January 22,116 121.7 234.2 -52.8 13.6 Chile 441 323 7,627 February 22,232 115.4 108.6 -46.2 12.7 Colombia 2 110 2,107 22,211 March 22,367 135.4 118.6 .2 12.1 Ecuador 218 253 2,822 April 22,506 138.5 172.0 -10.5 12.9 Peru . 436 583 8,441 May 22,575 69.1 34.8 -3.8 12.7 Venezuela.. . . 227 608 4,212 June 22,624 49.2 30.7 4.0 14.5 British Guiana 91 75 986 July 22,675 50.5 37.0 -27.7 13.7 Australia... . 5,980 6,151 63,779 August 22,719 44.7 37.0 -31.2 12.5 New Zealand 156 77 2,364 September... 22,761 41.5 65.7 —46.8 17.9 British Oceania 314 652 3,583 October 22,800 38.8 40.4 -32.2 15.8 British India 2,327 8,954 D N e o c v e e m m b b e e r r.... 2 2 2 2 , , 7 7 3 8 7 5 - - 4 1 8 4 . . 8 4 5 ( 0 4) .4 - - 6 9 0 9 . . 9 7 1 11 8 . . 4 1 N Ch et in h a e r a la n n d d H s o I n n g d i K es ong 25 3,6 8 9 5 7 5 1942—January 22,747 10.6 ? 4 -38.5 14.7 J P a h p il a i n ppine Islands 1,832 3,143 3 9 7 , , 4 1 4 7 4 8 February 22,705 -42.4 () -109.3 10.0 South Africa 40 200 292,703 March 22,687 -17.3 5-65.5 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 511, 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, 1936, and 1,228 million on Dec. 31, 1937. 3 Beginning May 1941, the Department of Commerce suspended publi- 4 Beginning December 4, 1941, the Department of Commerce suspended cation of export statistics by country of destination. publication of gold import and export statistics. NOTE.—For back figures for selected countries beginning in 1934, see 5 Gold held under earmark at Federal Reserve Banks for foreign account table on p. 511. amounted to 2,428.7 million dollars on March 31, 1942. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 Member Nonmember BANK DEBITS Total, banks banks Debits to deposit accounts except interbank accounts all banks ti N o a n - al State su I r n e - d2 in N su o r t ed [In millions of dollars] Num 1 1 1 b 9 9 9 e 3 3 3 r 4 5 6 of banks suspended: 5 4 3 7 4 4 4 1 1 2 4 8 2 0 4 8 3 8 Year and month r c T e e o i p a n n t o l t g a l e r l t r , - s N Y C e o it w r y k ce o n 1 t t 4 h e 0 e r r s1 r c e e o p n 1 t o h 3 t r e e 3 ti r r n s2 g 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.-Mar 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—February... 35,783 13,268 19,457 3,057 1935 10,015 5,313 3,763 939 March 44,558 17,402 23,586 3,570 1936 11,306 507 10,207 592 April 42,237 15,657 23,074 3,505 1937 19,723 7,379 1,708 10,156 480 May 43,665 16,124 23,795 3,746 1938 13,012 36 211 11,721 1,044 June 45,942 17,282 24,853 3,807 1939 34,998 1,341 24,629 6,589 2,439 July 44,808 16,288 24,660 3,861 1940 5,943 256 5,341 346 August 42,856 15,079 24,033 3,745 1941 3,726 3,144 503 79 September.. 43,870 15,654 24,310 3,907 1942—Jan.-Mar 176 176 October 50,875 19,148 27,315 4,411 November.. 45,081 16,077 25,075 3,930 1 Represents banks which, during the periods shown, closed temporarily 1942— D Ja e n c u e a m ry ber.. 4 5 8 6 , , 6 58 1 9 0 2 1 0 7 , , 5 24 9 7 8 3 2 1 7 , , 1 0 1 1 8 4 4 4 , , 3 8 4 7 9 3 or permanently on account of financial difficulties; does not include banks February... 41,550 14,242 23,531 3,777 whose deposit liabilities were assumed by other banks at the time of closing March 49,175 17,056 27,751 4,368 (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Federal deposit insurance became operative January 1, 1934. 1 National series, for which bank debit figures are available beginning 3 Deposits of member banks and insured nonmember banks suspended are with 1919. as of dates of suspension, and deposits of noninsured nonmember banks 2 Except that 1929 figure is for 128 centers only. are based on the latest data available at the time the suspensions were Back figures.—Annual report for 1937, page 157. Annual totals, beginreported. ning with 1919, by Federal Reserve districts and for individual centers, are Back figures.—See Annual Report for 1937 (table 76). available for distribution and will be furnished upon request. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OI BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Member banks2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Other Call date All Other Total ti N on a a - l State M s b a a v u n i t n u k g a s s l m n b o e e n m r - - banks Total ti N on a- al State M s b a a u v n t in u k g a s l s m n b e o e m n r - banks banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30 38,505 23,771 15,386 8,385 9,708 5,026 1937—June 30 15,527 6,357 5,293 1,064 564 8,606 1937—June 30 53,287 35,440 22,926 12,514 10,213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31 52,440 34,810 22,655 12,155 10,257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34,745 22,553 12,193 10,296 7,153 Dec. 31. 15,206 6,338 5,224 1,114 556 8,312 Dec. 31 54,054 36,211 23,497 12,714 10,365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 Dec. 30. 15,037 6,362 5,187 1,175 552 8,123 Dec. 30 58,344 39,930 25,661 14,269 10,613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—June 29 60,582 42,039 26,931 15,108 310,631 37,912 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 Dec. 31 65,021 46,007 29,214 16,793 10,658 8,356 1941—Apr. 4 14,871 6,528 5,138 1,390 550 7,793 1941—Apr. 4 65,211 46,179 29,467 16,712 10,684 8,347 June 30 14,855 6,556 5,130 1,426 547 7,752 June 30 67,172 48,076 30,684 17,392 10,641 8,456 Sept. 24 14,852 6,596 5,125 1,471 546 7,710 Sept. 24 68,449 49,160 31,500 17,660 10,643 8,646 Dec. 31 14,825 6,619 5,117 1,502 545 7,661 Dec. 31 70,792 51,192 32,672 18,520 10,525 9,075 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5; 115 3,238 1,877 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 61,098 26,616 34,483 43,521 18,021 25,500 10,372 4,903 5,470 7,205 3,692 3,513 1942—Apr. 4? 44,286 17,822 26,464 r Revised. p Preliminary. 1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Pripr to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Prior to December 1938 the figures include lqans 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 $50,000,000 and $100,000,000, respectively. Back figures.—See Annual Report for 1937 (tables 48-49). 469 MAY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments* Loans for U. S. Government obligations purchasing Obli- Total or carrying gations loans Com- securities Direct of Call date i m n a v e n e n d s t t s - Total1 in m a c d n i e u a d r l s - - A t c g a u u r l r l i 2 - - - p O m a k p a p e r e e t - n r To 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 t e t h c i u e e - r s trial2 oth- Bills1 Notes Bonds teed subers3 divisions Total—All Member Banks 1929—Dec. 31.... 35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30.... 24,786 12,858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1939—June 30.... 32,603 13,141 4,783 788 420 731 736 2,828 58 2,796 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30.... 33,941 13,962 5,386 730 455 790 700 2,957 56 2,888 19,979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940—June 29.... 34,451 13,969 5,538 736 450 447 668 3,069 42 3,020 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31.... 37,126 15,321 6,204 865 456 642 652 3,228 43 3,230 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—Apr. 46.... 38,983 15,878 23,104 16,988 3,487 3,206 2,911 June 30... 40,659 16,729 7,'27O '738 '537 '575 '635 3,365 "44" 3,'565 23,930 18,078 I,i27 2,'<53i l6,'48i 3,839 2,984 2,867 Sept. 246 .. 41,943 17,546 24,397 18,338 4,243 3,161 2,899 Dec. 31.... 43,521 18,021 8,064 972 607 594 598 3^494 39 3,653 25,500 19,539 97i 3,007 11^729 3,832 3,090 2,871 1942—Apr. 46P... 44,286 17,822 26,464 20,449 3,173 2,842 New York City1 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 1939—June 30.... 8,688 2,988 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 ,123 480 736 Dec. 30.... 9,339 3,296 1,768 120 611 188 133 44 425 6,043 4,772 315 797 2,385 ,275 579 693 1940—June 29.... 9,829 3,014 1,801 103 320 188 137 32 426 6,815 5,486 421 1,092 2,650 ,324 634 695 Dec. 31.... 10,910 3,384 2,025 100 465 190 130 25 443 7,527 6,044 207 1,245 2,977 ,615 695 788 1941—Apr. 46.... 11,696 3,502 8,194 6,625 ,620 771 798 Tune 30.... 12,493 3,778 2,405 97 422 186 129 503 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 91 412 169 123 522 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Apr. 46P... 13,121 4,161 8,960 7,381 773 807 City of Chicago1 1929—Dec. 31.... 1,757 1,448 251 533 535 309 116 3 19 94 96 96 1933—June 30.... 1,287 677 61 251 30 237 610 384 206 82 97 87 138 1939—June 30.... 2,052 544 329 39 71 59 1,507 1,175 185 234 621 135 154 179 Dec. 30.... 2,105 569 365 41 66 60 1,536 1,203 153 176 701 172 162 170 1940—June 29.... 2,205 603 417 23 61 62 1,602 1,258 254 161 710 134 177 167 Dec. 31.... 2,377 696 476 42 54 84 1.681 1,307 297 145 752 112 188 186 1941—Apr. 46.... 2,649 780 1,869 1,466 125 226 177 June 30.... 2,707 846 609 21 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 21 22 95 1,806 1,430 256 903 119 182 193 1942—Apr. 46P... 2,806 922 1,884 1,490 207 187 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 1939—June 30.... 11,756 5,004 1,884 234 138 115 221 1,284 12 1,116 6,751 4,991 78 1,014 3,010 889 895 866 Dec. 30.... 12,272 5,329 2,100 221 155 119 222 1,335 9 1,168 6,943 5,194 63 819 3,339 972 890 860 1940—June 29.... 12,160 5,365 2,134 176 156 87 210 1,372 6 1,224 6,795 4,947 87 839 3,052 969 981 868 Dec. 31.... 13,013 5,931 2,436 263 153 115 207 1,436 15 1,307 7,081 5; 204 103 771 3,281 1,049 984 893 1941—Apr. 46.... 13,494 6,165 7,328 5,440 1,047 1,034 855 June 30.... 14,013 6,498 2,879 175 202 100 198 1,477 1,457 7,515 5,700 73 606 3,858 1,162 979 836 Sept. 246.. 14,588 6,861 7,727 5,914 1,246 975 838 Dec. 31.... 15,347 7,105 3,206 300 250 "iii 194 1,527 i,'508 8,243 6,467 295 751 1,173 956 820 1942—Apr. 46P... 15,610 6,992 8,618 6,833 941 844 Country Banks 1929—Dec. 31.... 13,375 8,936 201 291 2,231 1,462 4,705 4,439 1,267 171 999 627 2,546 1933—June 30.... 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1939—June 30.... 10,109 4,605 1,095 531 140 22 229 1,402 1,180 5,504 3,127 563 1,870 683 1,025 1,351 Dec. 30.... 10,224 4,768 1,151 495 163 20 224 1,477 1,234 5,456 3,159 431 1,972 725 1,061 1,236 1940—June 29.... 10,257 4,987 1,187 546 174 17 208 1,544 1,308 5,270 3,030 451 1,849 695 1,097 1,144 Dec. 31.... 10,826 5,309 1,267 590 187 21 201 1,644 1,397 5,517 3,269 433 2,081 710 1,146 1,102 1941—Apr. 46.... 11,144 5,431 5,713 3,456 694 1,176 1,081 June 30... 11,446 5,607 1,377 555 216 195 1,739 1,504 5,839 3,627 60 374 2,404 788 1,165 1,047 S D e e p c. t . 3 2 1 4 . 6 . . . . . . 1 1 2 1 , , 5 8 1 5 8 2 5 5 , , 8 8 2 9 8 0 659 245 183 1^528 6 6 , , 0 6 2 2 4 8 4 3 , , 3 7 7 8 7 9 iio 48i 2^926' 9 8 1 6 9 1 1 1 , ,1 2 9 2 1 2 1 1 , , 0 0 4 2 4 8 1942—Apr. 46P... 12,749 5,747 7,002 4,746 1,252 1,004 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not shown in call reports prior to December, 1938, but the total amount of agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. 3 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 5 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). p Preliminary. 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re- Bal- De- Call date F w ed i e th ral C i a n sh a w n i c t e h s m d a e n - d Indi- Certi- Indi- Domestic B ro o w r- - Ca a p c- ital B s R e a r n e v - k e s vault ba d n o k - s1 j p u o st s e it d s 2 a p v n a s i p t d d h i r o o u t i r n p n c a a e o s s l - s , r r - , - p v s S o i u l a s t i b a i n t o i d t d c e n i a - s s l c e c h f a o t i e e n f e c f r c d i d . s - k 3 ' s m G U e e r o . n n v S - t - 4 . a p v n a s p i t d h d r i o o t i u r n p c n a a e s o s - l , r s r - - , v S s p i u i s t o c a b i l o a t d i l e n t i - s s - P i . o s n a s g v" t s a k4 l m D a e n - b d ank T s ime b F e a i o n g r n k - s ings counts Total—All Member Banks 1929—Dec. 31 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 1933—June 30 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1939—June 30 10,011 712 4,674 23,587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 Dec. 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 1940—June 29 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—Apr. 4 13,531 837 66,340 31,576 29,752 2,957 662 523 11,837 392 54 69,873 6137 6635 3 5,754 June 30 12.959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 Sept. 24 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 Dec. 31 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 New York Cityb 1929—Dec. 31 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1933—June 30 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1939—June 30 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 Dec. 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 1940—June 29 7,072 88 119 10,235 10,283 258 147 67 732 29 3,840 650 1,599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—Apr. 4 6,715 85 6154 11,645 11,629 302 302 29 806 38 64,021 6577 1,623 June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Sept. 24 5,534 96 6114 11,506 11,595 300 342 135 810 29 64,040 6563 10 1,635 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 City of Chicago^ 1929—Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1933—June 30 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1939—June 30 897 26 235 1,666 1,565 197 22 60 471 17 746 12 !!!!!!! 270 Dec. 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 1940—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 ...».«.. 8 .«.„.. 270 1941— J S A u e p n p r e t . . 3 4 2 0 4 1 1 , , 0 2 8 6 7 15 2 8 3 4 2 9 1 0 6 6 2 2 2 6 7 8 2 1 3 2 2 1 , , .7 2 2 5 0 2 5 5 8 2 2 1 , , , 1 1 6 1 8 0 2 5 9 2 2 1 2 1 8 8 3 1 3 2 2 3 9 6 1 9 9 0 5 5 8 4 4 4 6 8 8 9 0 6 2 1 1 2 7 0 5 4 6l 1 1 , , , 0 0 1 8 1 5 1 0 1 . . , . . . „ .. „ .. . . . 6 6 8 8 7 .. . • . > « . . -. . . . 2 2 2 7 7 7 9 9 0 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 Reserve City Banks 1929—Dec. 31 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1933—June 30 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1939—Tune 30 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 Dec. 30 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 ...... 1,828 1940—June 29 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 . .*. ... . 1,873 Dec. 31 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 1941—Apr. 4 4,107 361 62,859 10,137 9,552 1,206 171 273 4,540 202 19 64,023 6108 649 . .*. ... . 1,917 June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 Sept. 24 4,359 425 62,885 11,060 10,637 1,221 190 383 4,591 186 19 64,324 6108 655 1,948 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 '4,542 243 20 4,302 103 55 1,967 Country Banks 1929—Dec. 31 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1933—June 30 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1939—June 30 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 Dec. 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 1940—June 29 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 1941—Apr. 4 1,894 372 63,044 8,039 6,886 1,269 163 114 6,006 142 31 6677 629 62 3 1,943 June 30 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 Sept. 24 2,075 501 63.293 9,028 7,805 1,341 169 168 6,110 145 30 6732 632 62 3 1,990 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 1,982 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, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 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). MAY 194Z 471 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 loans cial, securities Date or month and indus- Open Real Loans C erti- Other i m nv e e n s t t s - Total t t a c a r u g i u n r a r l d a i l - l - , p m k a e p a t r e - r b d a T r e e n o r a o d s k l- - ot T h o ers e lo st a a n t s e ba t n o ks O lo t a h n e s r Total Total Bills f o d n i f e e c e d b a i s n - t t s e - - Notes Bonds G t a e u n e a - d r- r s i e t c ie u s ers Total—101 Cities 1941—March 26,793 9,69? 5,374 335 503 455 1,227 38 1,766 17,095 13,299 896 2,452 7,190 2,761 3,796 November.., 29,621 11,27 6,610 425 542 431 1,259 39 1,971 18,34 14,667 874 2,552 8,316 2,925 3,677 December.., 30,053 11,37 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 11,27 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 11,33 6,860 423 451 408 1,250 35 1,904 19,239 15,542 1,247 2,335 9,243 2,717 3,697 March 30,941 11,408 6,976 426 435 409 1,246 28 1,888 19,533 15,803 1,107 2,348 9,637 2,711 3,730 1942—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 1,27 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 15,44f 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 19,55: 15,855 1,206 2,337 9,589 2,723 3,696 Mar. 4 30,918 11,37' 6,902 429 460 410 1,248 32 1,893 19,544 15,87' 1,199 2,337 9,615 2,723 3,670 Mar. 11 31,034 11,41: 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 Apr. 1 30,494 11,394 7,003 424 408 407 1,245 29 1,878 19,100 15,389 680 2,354 9,671 2,684 3,711 Apr. 8 30,883 11,381 6,975 422 449 400 1,244 27 1,864 19,502 15,776 1,045 2,365 9,670 2,696 3,726 Apr. 15 31,502 11,332 6,948 419 438 408 1,244 25 1,850 20,170 16,446 1,113 606 2,364 9,681 2,682 3,724 Apr. 22 31,393 11,242 6,874 415 433 400 1,244 30 1,846 20,15: 16,435 1,103 609 2,361 9,695 2,667 3,716 New York City 1941—March 10,916 3,209 2,058 96 357 165 111 29 • 393 7,707 6,237 227 1,471 2,961 1,578 1,470 November... 12,189 3,780 2,552 84 392 153 106 32 461 8,409 6,955 41 1,602 3,336 1,603 1,454 December... 12,220 3,796 2,577 87 379 151 104 36 462 8,42- 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 February.... 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 March 12,471 3,893 2,775 79 308 148 103 26 454 8,578 7,097 334 1,457 3,821 1,485 1,481 1942—Jan. 28 12,192 3,755 2,629 79 310 146 102 33 456 8,437 6,966 468 1,468 3,569 1,461 1,471 Feb. 4 12,137 3,755 2,645 81 290 149 102 33 455 8,382 6,932 433 1,452 3,580 1,467 1,450 Feb. 11 12,203 3,829 2,700 78 317 148 103 30 453 8,374 6,916 420 1,444 3,577 1,475 1,458 Feb. 18 12,258 3,856 2,710 78 332 149 103 32 452 8,402 6,942 400 1,445 3,612 1,485 1,460 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 2,734 327 148 103 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 80 286 148 103 25 452 8,522 7,031 256 1,465 3,831 1,479 1,491 Apr. 1 12,402 3,895 2,793 81 291 147 103 27 453 8,507 7,033 259 1,462 3,845 1,467 1,474 Apr. 8 12,524 3,918 2,787 80 332 145 103 23 448 8,606 7,122 341 1,467 3,844 1,470 1,484 Apr. 15 12,749 3,880 2,755 77 321 154 103 23 447 8,869 7,396 378 269 1,466 3,834 1,449 1,473 Apr. 22 12,707 3,840 2,719 78 320 148 103 28 444 8,867 7,405 387 267 1,458 3,848 1,445 1,462 Outside New York City 1941—March 15,877 6,489 3,316 239 146 290 1,116 1,373 9,388 7,062 669 981 4,229 1,183 2,326 November .. 17,432 7,497 4,058 341 150 278 1,153 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 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 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 1,451 10,802 8,561 834 888 5,601 1,238 2,241 March 18,470 7,515 4,201 347 127 261 1,143 1,434 10,955 8,706 773 891 5,816 1,226 2,249 1942—Jan. 28 18,150 7,500 4,149 345 138 263 1,146 1,455 10,650 8,432 772 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 8,517 854 889 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 Apr. 1 18,092 7,499 4,210 343 117 260 1,142 1,425 10,593 8,356 421 892 5,826 1,217 2,237 Apr. 8 18,359 7,463 4,188 342 117 255 1,141 1,416 10,896 8,654 704 898 5,826 1,226 2,242 Apr. 15 18,753 7,452 4,193 342 117 254 1,141 1,403 11,301 9,050 735 337 898 5,847 1,233 2,251 Apr. 22 18,686 7,402 4,155 337 113 252 1,141 1,402 11,284 9,030 716 342 903 5,847 1,222 2,254 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. 472- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r i r n e a t d v h k - l - e s v C a i a n u s l h t m b a w n d a e n i o c s t e - t k h i s s c j m p u o a d s a d s t e n e i - - d t d s 1 s p u p v n c h a o a a i e o n i d r l r p r r d s a - t - - s , - - , S p s d s a t i o i u c a i n o v l a t b d n i e i l - t s - s - c C c h o a e f e e e i f n t e f r r c c d i d t s . - k i ' - s m U G e e r . o n n S v t - . * - s p u p v n c h a o a a i o e i n r l d r p r r d s a t - - - s , - - , S p s d s a i t i o u i c a o n v l b a t n d i i e - l t - s s - P i s o n a s g v t s a - 2 l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - c C o i a u t a c a n p - l t - s B b d i a t e n s - 3 k tions tions Total 101 Cities 1941—March 11,714 515 3,468 23,324 22,826 1,657 489 328 5,282 173 26 9,180 115 645 1 3,$33 8,724 November 10,273 564 3,328 24,168 23,890 1,822 581 705 5,290 153 21 9,178 110 647 4 3,915 9,452 December 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 10,820 1942—January 10,324 558 3,313 24,307 23,942 1,701 558 1,518 5,089 182 21 9,060 101 645 1 3,917 9,114 February- 10,223 540 3,280 24,714 24,343 1,799 552 1,460 5,010 185 20 9,017 97 637 1 3,927 8,713 March 10,195 530 3,283 24,882 24,400 1,813 538 1,815 4,976 170 20 8,846 93 635 1 3,932 9,679 Jan. 28 10,452 552 3,329 24,747 24,206 1,820 613 1,451 5,058 181 20 8,988 100 640 1 3,920 9,421 Feb. 4 10,229 531 3,282 24,453 23,883 1,826 490 1,464 5,025 186 20 9,066 99 626 1 3,925 9,724 Feb. 11 10,268 548 3,250 24,731 24,275 1,810 455 1,469 5,007 187 20 8,918 98 630 1 3,927 7,881 Feb.18 10,394 532 3,321 24,961 24,619 1,758 495 1,237 5,003 185 20 9,148 96 638 1 3,926 8,866 Feb. 25 10,001 547 3,267 24,712 24,595 1,804 766 1,671 5,005 180 20 8,937 96 653 1 3,929 8,380 Mar. 4 10,233 526 3,260 24,815 24,313 1,773 493 1,784 5,006 179 20 8,933 93 627 1 3,939 10,041 Mar. 11 10,301 556 3,263 25,129 24,777 1,768 529 1,792 4,977 173 20 8,851 93 640 1 3,930 8,724 Mar. 18 10,287 523 3,312 25,010 24,577 1,835 630 1,835 4,964 162 20 8,911 92 636 1 3,930 10,571 Mar. 25 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 9,382 Apr. 1 9,951 491 3,367 24,197 23,673 1,916 593 1,869 4,953 164 20 8,792 93 639 6 3,937 10,201 Apr. 8 10,049 520 3,265 24,799 24,093 1,888 471 1,720 4,945 169 20 8,781 92 630 3 3,936 7,962 Apr. 15 9,884 502 3,323 24,725 24,590 1,920 578 2,174 4,945 170 20 8,880 91 632 5 3,937 9,212 Apr. 22 9,896 519 3,214 25,145 24,526 1,995 480 1,780 4,940 172 20 8,643 90 643 6 3,936 9,083 New York City 1941—March 6,622 83 120 10,982 11,054 313 294 14 717 32 3,928 ....... 589 1,507 3,802 November 4,776 85 91 10,310 10,491 313 325 342 742 24 3,650 586 1,530 3,850 December 4,890 88 91 10,245 10,458 288 316 626 713 23 3,587 597 1,534 4,466 1942—January 4,991 80 93 10,300 10,428 254 313 811 714 23 3,465 581 1,533 3,699 February 4,955 78 84 10,430 10,627 249 320 736 699 28 3,461 572 ........ 1,538 3,466 March 4,879 76 109 10,559 10,727 241 276 872 690 21 3,338 573 1,539 3,863 Jan. 28 5,106 79 92 10,500 10,570 311 374 728 709 25 ........ 3,449 577 1,533 4,007 Feb. 4 5,007 75 87 10,306 10,434 267 259 751 706 27 3,508 563 1,539 4,033 Feb. 11 5,007 83 82 10,474 10,599 256 239 765 697 27 3,397 566 1,539 3,069 Feb. 18 4,978 75 83 10,535 10,730 224 262 595 697 28 3,496 573 ...,;... 1,539 3,389 Feb. 25 4,826 80 84 10,404 10,745 250 521 833 695 28 3,441 587 1,537 3,371 Mar. 4 4,884 74 83 10,517 10,668 201 260 857 698 27 3,373 567 1,542 3,910 Mar. 11 * 4,922 79 89 10,633 10,858 196 304 860 691 20 3,342 577 1,539 3,696 Mar. 18 4,924 75 107 10,578 10,804 295 270 879 685 19 3,382 575 1,538 4,232 Mar. 25 4,786 77 160 10,509 10,576 271 269 890 684 20 3,257 574 1,538 3,612 Apr. 1 4,871 73 194 10,612 10,792 286 331 907 685 20 3,255 576 ....... 1,541 3,935 Apr. 8 4,775 78 105 10,637 10,694 271 240 832 683 20 3,260 566 1,542 3,052 Apr. 15 4,627 75 89 10,284* 10,641 278 324 1,180 680 20 3,311 567 1,541 3,670 Apr. 22 4,565 78 84 10,490 10,608 277 239 931 680 20 3,231 576 5 1,542 3,415 Outside New York City 1941—March 5,092 432 3,348 12,342 11,772 1,344 195 314 4,565 141 26 5,252 115 56 2,326 4,922 November 5,497 479 3,237 13,858 13,399 1,509 256 363 4,548 129 21 5,528 110 61 2,385 5,602 December 5,281 486 3,222 13,897 13,539 1,427 283 539 4,475 159 23 5,503 109 63 2,387 6,354 1942—January 5,333 478 3,220 14,007 13,514 1,447 245 707 4,375 159 21 5,595 101 64 2,384 5,415 February 5,268 462 3,196 14,284 13,716 1,550 232 724 4,311 157 20 5,556 97 65 2,38*9 5,247 March 5,316 454 3,174 14,323 13,673 1,5Z2 262 943 4,286 149 20 5,508 93 62 2,393 5,816 1942—Jan. 28 5,346 473 3,237 14,247 13,636 1,509 239 723 4,349 156 20 5,539 100 63 2,387 5,414 Feb. 4 5,222 456 3,195 14,147 13,449 1,559 231 713 4,319 159 20 5,558 99 63 L 2,386 5,691 Feb. 11 5,261 465 3,168 14,257 13,676 1,554 216 704 4,310 160 20 5,521 98 64 2,388 4,812 Feb. 18 5,416 457 3,238 14,426 13,889 1,534 233 642 4,306 157 20 5,652 96 65 2,387 5,477 Feb. 25 5,175 467 3,183 14,308 13,850 1,554 245 838 4,310 152 20 5,496 96 66 L 2,392 5,009 Mar. 4 5,349 452 3,177 14,298 13,645 1,572 233 927 4,308 152 20 5,560 93 60 L 2,397 6,131 Mar. 11 5,379 477 3,174 14,496 13,919 1,572 225 932 4,286 153 20 5,509 93 63 2,391 5,028 Mar. 18 5,363 448 3,205 14,432 13,773 1,540 360 956 4,279 143 20 5,529 92 61 L 2,392 6,339 Mar. 25 5,171 438 3,140 14,065 13,357 1,605 232 960 4,273 145 20 5,433 93 63 :L 2,393 5,770 Apr. 1 5,080 418 3,173 13,585 12,881 1,630 262 962 4,268 144 20 5,537 93 63 6 2,396 6,266 Apr. 8 5,274 .442 3,160 14,162 13,399 1,617 231 888 4,262 149 20 5,521 92 64 3 2,394 4,910 Apr. 15 5,257 427 3,234 14,441 13,949 1,642 254 994 4,265 150 20 5,569 91 65 5 2,396 5,542 Apr. 22 5,331 441 3,130 14,655' 13,918 1.718 241 849 4,260 152 20 5,412 90 67 1 2,394 5,668 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. 3 Debits to demand deposit accounts except interbank and U. S. Government accounts, during week; for description and back figures see pages 450 and 503 of this BULLETIN. MAY 194Z 473 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 tr e i r c ( a t 1 l 9 a 4 R n 2 e d ) s e d r a v t e e m T l v o a o e i e n a n t n s n d - a t t s - l s Total C m t c d a r i o i u n i n e a m a s d - r l - l - , - , ? p O m k a p p a e e t r e n - r b o p T r r s o u o e k r c c c - a u h r r a r i s t y i i i e n n s g g e l R o st e a a a n t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills C fic i e o n a r f - t t e i- tfotes Bonds O r s i e t t c i h e u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Apr. 1 1,561 815 452 116 12 14 76 144 746 615 39 42 479 55 131 Apr. 8 1,569 814 454 116 11 14 76 142 755 622 44 43 480 55 133 Apr. 15 1,624 814 453 116 12 14 76 142 810 675 53 42 485 55 135 Apr. 22 . .; 1,630 809 451 115 11 14 76 141 821 685 58 46 487 55 136 New York (8 cities)* Apr. 1 13,496 4,301 2,956 92 295 189 191 551 9,195 7,579 291 1,531 4,193 1,564 1,616 Apr. 8 13,621 4,322 2,949 91 336 187 191 545 9,299 7,673 381 1,536 4,193 1,563 1,626 Apr. 15 13,874 4,284 2,918 87 325 196 191 544 9,590 7,972 422 283 1,536 4,184 1,54! 1,618 Apr. 22 13,831 4,240 2,879 87 324 190 191 541 9,591 7,981 431 280 1,530 4,198 1,542 1,610 Philadelphia (4 cities) Apr. 1 1,415 557 306 40 26 32 48 105 858 598 8 26 472 92 260 Apr.8 1,415 556 305 39 25 32 48 105 859 600 10 25 473 92 259 Apr. 15 1,433 555 305 39 27 32 48 104 878 619 12 25 475 92 259 Apr. 22 1,436 554 304 38 27 32 48 105 882 625 14 24 479 92 257 Cleveland (10 cities) Apr.l 2,434 881 425 34 14 16 182 210 1,553 1,273 22 206 885 160 280 Apr. 8 2,433 879 427 34 14 16 182 206 1,554 1,275 25 20' 160 279 Apr. 15 2,483 883 436 34 13 16 182 202 1,600 1,321 26 208 160 279 Apr. 22 2,483 881 434 34 13 16 182 202 1,602 1,323 29 208 886 is: 279 Richmond (12 cities) Apr. 1 931 342 170 21 3 12 53 83 589 523 4 77 340 102 * 66 Apr 8 930 341 170 20 3 12 53 83 589 523 4 77 340 102 66 Apr. 15 941 340 169 20 3 12 53 83 601 535 4 77 340 102 66 Apr. 22 929 335 166 20 3 11 53 82 594 528 4 74 34: 9! 66 Atlanta (8 cities) Apr. 1 840 404 226 8 6 9 31 123 436 326 33 49 185 59 110 Apr.8 845 404 225 8 6 8 31 125 441 331 35 4! 187 6C 110 Apr. 15 865 400 227 8 5 8 31 120 465 355 42 49 IS- 6C 110 Apr. 22 866 396 223 7 5 8 31 121 470 360 43 49 IS! 6C 110 Chicago (12 cities)* Apr. 1 4,170 1,418 983 36 31 61 146 161 2,752 2,148 159 2 1,478 29 604 Apr. 8 4,411 1,400 965 36 34 58 146 161 3,011 2,402 394 22 1,48: 306 609 Apr. 15 4,528 1,398 962 39 32 57 146 162 3,130 2,517 379 222 1,488 306 613 Apr. 22 4,462 1,382 951 37 29 57 146 162 3,080 2,465 334 22: 1,483 306 615 St. Louis (5 cities) Apr. 1 955 446 276 23 4 10 59 74 509 395 33 42 261 114 Apr. 8 967 442 272 24 4 10 59 73 525 412 51 4: 26C 113 Apr. 15 982 440 271 23 4 10 59 73 542 429 51 43 26 113 Apr.22 978 435 263 23 4 10 59 76 543 429 51 43 263 114 Minneapolis (8 cities) Apr. 1 500 266 145 3 1 6 16 95 234 194 1 1 15C 40 Apr. 8 497 264 145 3 1 5 16 94 233 193 1 15 145 40 Apr. 15 517 265 147 3 1 6 16 92 252 213 13 14 15C 39 Apr. 22 517 263 147 3 1 5 16 91 254 214 14 14 15C 40 Kansas City (12 cities) Apr. 1 865 455 295 31 3 10 33 83 410 290 4: 15! 7i 120 Apr.8 865 454 296 30 3 10 33 82 411 290 21 4: 145 7! 121 Apr. 15 883 451 293 30 3 9 33 83 432 310 82 40 15C 7 122 Apr. 22 885 449 290 31 3 9 33 83 436 314 28 43 15C 8C 122 Dallas (P cities) Apr. 1 693 359 256 3 4 12 22 62 334 269 33 4: 156 38 65 Apr. 8 691 357 255 3 3 12 22 62 334 269 33 4: 156 38 65 A A p p r r . . 2 1 2 5 7 7 0 0 1 1 3 35 5 1 4 2 2 5 5 2 0 3 3 4 4 1 1 2 2 2 2 2 2 6 6 1 0 3 3 4 5 7 0 2 2 8 8 3 6 3 3 4 6 4 42 156 3 3 8 8 6 6 4 4 San Francisco (7 cities] Apr. 1 2,634 1,150 513 17 9 36 388 187 1,484 1,179 37 6' 92: 154 305 Apr. 8 2,639 1,148 512 18 9 36 387 186 1,491 1,186 46 61 91( 154 305 Apr. 15 2,671 1,148 515 17 9 36 387 184 1,523 1,217 49 66 92: 154 306 Apr. 22 2,675 1,14 516 17 9 36 387 182 1,528 1,225 61 67 91 154 303 City of Chicago* Apr. 1 2,608 932 739 11 27 54 23 78 1,676 1,283 111 128 945 95 393 Apr. 8 2,85," 915 722 11 30 51 23 78 1,940 1,544 353 133 948 11 396 Apr. 15 2,924 911 . 719 13 28 50 23 78 2,013 1,613 337 133 95 IK 400 Apr. 22 2,855 898 708 13 26 50 23 78 1,957 1,555 285 134 95 IK 402 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown .in this table, include New York City and Chicago, respectively. 474 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 d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 2 e d ) s e d r a v t e e B s w F e R a e e r i n r e a t d v k h - l - e s v C a i a n u sh lt m b a w a n d e n i c o s t e k t - h i , s s c j p m u o a d s a d s t e n e i - - t d d s 1 s p u p h v n c a o a a i i o e n p d r l r r r d s a - t - s - , - - , S p d s s a i t o i i u c a o n v l a b t n i d i e l t - - s - s c C c h o e a f e e e i f t n e f r c r c i d d s t . - k ' i- s m U G e e r . o n n S v t - . * - s p p u h n v c a a o a o i e i n r p l r d r r d s t a - s - - - , - , S p d s s a t i i o i u c a o n v l b a t n d i i e - l t - s - s P i s o n a g s v s t - a '4 l m D a e n b - d ank T s ime b e F a i o n g r n k - s B r in o o g w r s - - c C o i a u t a c a p n - l - ts B d i a e ts n b 8 - k tions tions Boston (6 cities) Apr. 1 474 117 184 1,530 1,496 119 25 28 215 1 1 335 20 1 252 583 Apr. 8 488 118 174 1,538 1,491 112 23 26 215 1 343 20 1 252 517 Apr. 15 460 118 175 1,542 1,512 117 27 46 216 1 1 345 20 1 252 572 Apr. 22 457 119 161 1,546 1,511 115 26 41 216 1 1 336 22 1 252 526 New York (8 cities)* Apr. 1 5,069 99 325 11,510 11,494 525 350 948 1,035 22 7 3,332 10 577 1,667 4,279 Apr. 8 4,969 107 226 11,529 11,387 500 260 871 1,034 29 7 3,338 9 567 1,667 3,330 Apr. 15 4,817 101 225 11,194 11,356 505 350 1,230 1,030 29 3,390 9 569 4 1,666 3,956 Apr. 22 4,770 106 205 11,413 11,318 524 258 976 1,031 29 7 3,307 9 577 5 1,668 3,714 Philadelphia (4 cities) Apr. 1 428 24 213 1,271 1.232 134 20 40 182 2 408 7 7 1 218 488 Apr. 8 475 26 198 1,320 1,235 156 15 32 178 2 ........ 406 6 6 2 218 381 Apr. 15 485 24 196 1,316 1,255 162 14 42 178 2 427 6 6 218 403 Apr. 22 484 25 190 1,346 1,258 170 16 34 170 2 410 6 6 218 436 Cleveland- (10 cities) Apr. 1 668 57 347 1,886 1,877 114 36 75 677 22 484 28 1 397 693 Apr. 8 681 59 336 1,888 1,863 115 31 68 677 21 490 28 2 397 559 Apr. 15 667 57 343 1, 910 119 33 74 677 21 503 28 1 398 670 Apr. 22 695 58 339 1,968 1,956 127 30 52 678 20 492 28 2 398 690 Richmond (12 cities) Apr. 1 278 28 222 721 692 88 15 49 197 2 2 376 6 102 303 Apr. 8 294 31 230 742 710 85 15 43 197 2 2 388 6 103 265 Apr. IS 292 28 239 744 726 87 22 50 197 2 2 396 6 103 291 Apr. 22 294 31 236 754 718 93 14 36 197 2 2 389 6 103 317 Atlanta (8 cities) Apr. 1 204 17 251 571 536 100 8 63 184 4 2 414 2 2 100 274 Apr. 8 207 20 251 573 545 98 7 50 184 3 2 436 3 2 99 243 Apr. 15 207 18 256 577 567 98 7 60 185 3 2 445 2 2 99 266 Apr. 22 201 19 248 587 562 99 6 49 185 3 2 432 2 2 100 288 Chicago (12 cities)* Apr. 1 1,491 68 555 2,934 2,698 405 66 363 936 3 4 1,635 9 10 435 1,970 Apr. 8 1,543 72 587 3,396 3,175 398 55 347 937 3 4 1,514 9 10 '435 1,274 Apr. 15 1,560 72 601 3,564 3,386 424 55 374 937 3 4 1,469 9 11 435 1,425 Apr. 22 1,623 73 613 3,687 3,438 453 56 333 938 2 4 1,397 9 11 435 1,437 St. Louis (5 cities) Apr. 1 229 14 230 635 643 60 8 48 180 3 1 471 1 4 101 283 Apr. 8 256 15 218 655 662 60 8 44 180 3 1 484 1 101 252 Apr. 15 254 14 212 656 683 60 8 51 181 3 1 483 1 101 282 Apr. 22 255 16 208 661 669 60 7 45 181 3 1 479 1 101 285 Minneapolis (8 cities) Apr. 1 102 8 116 352 312 73 6 12 106 1 193 3 1 65 152 Apr. 8 101 9 119 355 315 71 6 9 106 1 194 3 1 64 135 Apr. 15 101 9 106 356 323 68 6 20 106 1 189 3 1 * 65 172 Apr. 22 105 9 78 337 302 67 6 21 105 1 184 3 1 65 176 Kansas City (12 cities) Apr. 1 240 15 294 658 628 101 11 35 133 1 1 484 6 112 325 Apr. 8 249 16 301 660 632 94 10 34 133 1 1 500 6 112 252 Apr. 15 248 15 326 684 673 93 12 36 133 1 1 514 6 112 279 Apr. 22 249 16 309 683 660 98 11 33 133 1 1 505 6 113 294 Dallas (9 cities) Apr. 1 188 14 280 628 592 76 10 48 118 11 1 302 1 93 222 Apr. 8 190 16 294 634 598 77 10 44 118 11 1 315 1 93 202 Apr. 15 191 15 311 643 629 69 11 52 118 11 1 326 1 93 250 Apr. 22 177 16 307 638 629 68 12 44 118 11 1 320 1 94 233 San Francisco (7cities) Apr. 1 580 30 350 1,501 1,473 121 38 160 990 93 358 21 20 395 629 Apr. 8 596 31 331 1,509 1,480 122 31 152 986 93 373 21 21 395 552 Apr. 15 602 31 333 1,539 1,539 118 33 139 987 94 393 21 21 395 646 Apr. 22 586 31 320 1,525 1,505 121 38 116 988 98 392 20 21 389 687 City of Chicago* Apr. 1 1,106 27 240 1,675 1,568 205 41 302 459 1,270 9 284 1,390 Apr. 8 1,133 28 275 2,119 2,025 200 30 291 459 1,146 9 284 797 Apr. 15 1,135 29 284 2,244 2,189 208 31 300 459 1,095 9 284 875 Apr. 22 1,213 29 290 2,349 2,248 225 33 268^ 459 1,035 9 ...... 284 880 * 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. 3 Debits to demand deposit accounts except interbank and U. S. Government accounts, during week; for description and back figures see pages 450 and 503 of this BULLETIN. MAY 194Z 475 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 ri'ai End of month paper Total Accepting banks Goods st(>red 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 t n r p a o i t o 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 nt b s e F in t o w r e e e ig n n States countries 1940—December 218 209 167 100 67 42 109 18 10 44 27 1941—January 232 213 168 103 65 45 115 16 11 44 26 February 241 212 164 99 65 48 119 18 7 42 26 March 263 217 170 107 63 47 120 24 8 41 25 April « 275 220 170 105 66 49 126 25 38 23 May 295 215 164 105 60 51 125 24 3 41 22 299 213 161 101 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 11 387 194 144 93 51 50 116 14 5 48 12 December ....«.«»_«.«» 375 194 146 92 54 49 116 15 4 48 11 1942— F J e a b n r u u a a ry ry w., 3 3 8 8 1 8 1 1 9 9 7 0 1 1 5 4 4 4 1 9 0 2 3 5 5 2 3 4 4 3 6 1 1 1 1 6 2 1 1 7 8 3 2 5 4 1 4 1 1 1 3 March . 384 183 146 89 57 37 103 17 2 45 16 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a I i n n n a v d c p e c a t s o r r t u a m t n d n e t i e s n n r g t s' a in n a v d I c n e c t f s o r i t u a r m m n d e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 , 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—March 633 9 81 199 387 268 56 21 6 231 April 606 10 86 199 368 265 60 20 8 227 May 622 10 102 185 403 262 61 17 7 223 June 616 11 89 186 395 255 65 17 222 July 628 10 87 189 388 266 70 17 8 221 August 628 10 160 189 460 262 72 16 7 221 September 633 10 83 196 396 260 78 16 8 219 October 628 9 102 186 414 255 74 16 7 217 November 625 9 100 195 409 264 72 15 8 217 December 600 8 86 211 368 289 63 17 5 213 1942—January 547 8 74 219 308 274 72 18 6 209 February 534 8 74 203 307 262 66 18 5 206 March..., 531 8 70 195 306 249 - 67 16 4 201 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. which 1 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). 476 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 Prevailing1 Average Average yield IN PRINCIPAL CITIES rate on— rate on- on 3-to-5 year [Per cent per annum] U. S. mo Y w n e e th a e , k r , or m p P c a e r o p i r m m c e i r - e a , l a a b P c n e a r c c i r n e m s e k p ' s - e t , - c S l h c o e t a o a x a n l c - n l g k e T u u r 3 e . r - y a s s . - Tr n e o a t s e u s ry 1 T 9 o c t i a t l ies Y N C o e it w r y k E e 7 N c r a n o i o s t r i t t a t e h e h n s r e - n d r 1 W e 1 r c e n S i s t o i t a e e u n s r t d n hm 4 o t n o t h 6 s d 9 a 0 ys n a r e l e w - - m b o il n ls t 3 h 1 19 9 3 3 5 4 a av v e e r r a a g g e e 1 1 , , 3 2 . . 4 9 5 3 2 1 . . 4 7 5 6 3 3 . . 3 7 9 1 3 4 . . 7 3 6 2 1936 average1 2.68 1.72 3.04 3.40 1 1 1 9 9 9 3 4 4 9 1 0 a a a v v v e e e r r r a a a g g g e e e . . . . . . 5 5 5 4 9 6 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 0 0 1 2 1 0 3 4 3 1 1 1 1 9 9 9 9 4 3 3 3 0 7 9 8 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 1 1 2 2 2 2 . . . . 5 5 6 7 9 3 3 8 2 2 1 1 . . . . 0 0 7 6 7 4 3 9 2 2 2 2 . . . . 8 5 8 7 8 6 7 5 3 3 3 3 . . . . 2 2 5 3 5 6 1 8 1941—Feb.. .. .56 .44 1.00 .034 1941 average 2.54 1.97 2.55 3.19 Mar.... .56 .44 1.00 .089 Monthly figures1 April.. .56 .44 1.00 .092 1938—September 2.53 1.70 2.74 3.26 May... .56 .44 1.00 .082 October 2.57 1.70 2.90 3.21 June... .56 .44 1.00 .089 November , - 2.49 1.70 2.68 3.20 July... .50 .44 1.00 .097 December 2.60 1.70 2.95 3.23 A O Se c u p t g . t . . — . . . . . . .5 5 5 0 0 0 . . . 4 4 4 4 4 4 1 1 1. . . 0 0 0 0 0 0 . . . 0 0 1 4 5 0 9 5 8 1939— F J e a b n r u u a a ry ry , 2 2 . . 5 6 2 4 1 1 . . 7 7 3 0 2 2 . . 9 6 7 9 3 3 . . 3 2 2 6 Nov .50 .44 1.00 .242 Quarterly figures Dec... .56 .44 1.00 .298 1939—March ...... 2.95 2.13 3.05 3.77 June 2.91 2.15 3.05 3.62 1942—Jan .56 .44 1.00 .214 September................. 2.68 2.04 2.78 3.31 Feb .63 .44 1.00 .250 December........... 2.59 1.96 2.59 3.32 Mar .63 .44 1.00 .212 1940—March .„ „ , 2.65 2.03 2.67 3.35 Week ending: June „....... .„..., 2.59 2.00 2.49 3.38 April 4 VB % 1.00 .264 September... „.........., 2.68 2.14 2.56 3.43 April 11 t 1.00 .281 December.... -............ 2.59 2.00 2.53 3.36 April 18 8 1.00 .317 1941—March. ................. 2.58 2.06 2.53 3.25 April 25 1.00 .335 (5) June 2.55 1.95 2.58 3.23 September ......, 2.60 1.98 2.62 3.29 1 Monthly figures are averages of weekly prevailing rates. December 2.41 1.88 2.45 2.99 2 The average rate on 90-day stock exchange time loans was 1.25 per 1942—March 2.48 1.85 2.48 3.20 cent during the entire period. 3 New issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. Bills in week of April 4 mature in 72 days. 1 Prior to March 1939 figures were reported monthly on a basis not strictly 4 Rate negative. comparable with the current quarterly series. 5 No tax-exempt notes outstanding within maturity range after March Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures or Treasury bills and Treasury notes available on request. BOND YIELDS l [Per cent.per annum] Corporate (Moody *s)5 High- Year, month, or week G m U ov e . n e S r t2 n . - M i u p n a i l c- c g r o r a r a t p d e o e 4 - Total By ratings By groups Aaa Aa 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 15 120 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—March 2.01 2.28 2.73 3.39 2.80 3.01 3.37 4.38 3.02 3.98 3.17 April 1.96 2.20 2.76 3.39 2.82 3.04 3.38 4.33 3.06 3.96 3.16 May 1.92 2.14 2.75 3.37 2.81 2.99 3.34 4.32 3.02 3.95 3.13 June 1.91 2.08 2.70 3.34 2.77 2.95 3.31 4.31 2.96 3.95 3.10 July 1.90 2.03 2.66 3.30 2.74 2.90 3.26 4.28 2.90 3.92 3.07 August 1.94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 September.. 1.94 1.99 2.64 3.30 2.75 2.91 3.24 4.30 2.88 3.95 3.07 October 1.88 1.91 2.61 3.27 2.73 2.87 3.21 4.28 2.85 3.93 3.05 November.. 1.85 1.90 2.57 3.26 2.72 2.86 3.19 4.28 2.85 3.91 3.04 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 March 2.00 2.58 2.80 3.37 2.86 3.00 3.32 4.30 3.00 3.94 3.17 Week ending: Apr. 4.... 1.97 2.49 2.78 3.35 2.84 2.97 3.30 4.26 2.96 3.93 3.14 Apr. 11... 1.97 2.43 2.77 3.34 2.83 2.97 3.30 4.25 2.95 3.93 3.13 Apr. 18... 1.96 2.43 2.76 3.34 2.83 2.97 3.30 4.26 2.96 3.94 3.13 Apr. 25... 1.98 2.41 2.76 3.34 2.83 2.98 3.30 4.26 2.96 3.95 3.13 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages 21-24. Figures for U. S. Government bonds available on request. MAY 1942. 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Volume Corporate4 Common (index,1935-39= 100) of trading7 Year, month, or week U.S. (in thoum G er e o n n - v t - 2 M ip u a n l i 3 c- H gr i a g d h e - Medi I u n m d u a s n - d lo R w a e i r l- -grad P e ublic fa D ul e te - d fe P r r r e e - d5 Total 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 sa s n h d ar s e o s f ) Total trial road utility Number of issues 2-6 IS 15 50 10 20 20 15 15 402 354 20 28 1939 average 105.2 116.3 113.8 89.5 91.2 78.1 99.3 13.8 167.5 94 95 75 99 977 1940 average 107.2 121.2 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 111.0 129.0 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1941—March 110.1 125.4 116.9 98.4 102.2 88.4 104.6 19.3 171.5 80 80 71 87 440 April 110.8 126.8 116.8 99.5 103.1 89.5 106.0 20.7 170.8 78 77 71 83 495 May 111.4 128.2 117.0 99.3 102.4 89.4 106.2 21.0 168.9 77 77 71 79 420 June 111.5 129.5 117.7 99.2 103.3 87.9 106.3 21.6 168.9 80 80 71 82 463 July- 111.7 130.4 118.7 99.9 104.8 87.8 107.1 23.9 173.1 83 84 74 82 757 August 111.1 131.0 118.5 99.6 104.9 86.8 107.3 24.9 174.3 83 84 74 81 473 September 111.1 131.2 118.1 98.0 105.1 84.5 107.2 24.4 173.4 84 85 73 81 599 October 112.0 133.0 118.8 99.2 105.3 85.0 107.2 25.1 172.1 80 82 70 79 557 November 112.4 133.4 119.2 99.4 105.9 84.9 107.4 24.8 170.5 77 79 68 75 792 December 110.7 125.9 117.5 97.4 105.0 82.4 104.7 21.9 168.7 72 74 61 66 1,542 1942—January 110.1 124.4 117.5 99.2 106.7 86.9 104.1 24.1 166.3 73 74 69 66 565 February 108.9 120.1 117.1 99.6 106.9 87.7 104.4 25.6 165.1 70 71 68 65 404 March 110.2 119.7 116.7 98.8 106.1 88.6 101.8 27.6 159.8 66 67 65 61 363 Week ending: Apr. 4 110.7 121 2 117.6 98,9 106.1 89.3 101.4 27.4 156.6 64 66 62 58 304 Apr 11 110.7 122.4 117.8 99.4 106.7 88.9 102.5 27.0 154.9 65 67 63 58 319 Apr. 18 110.8 122.4 118.0 99.2 107.1 88.0 102.7 26.0 155.6 63 65 60 57 372 Apr. 25 110.5 122.8 117.8 99.3 107.6 88.1 102.1 26.8 154.5 63 64 60 56 323 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 1% 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 i e o n g s r d n t - i ) c Total S n m a p t i n a u c a d - t i l - e a F c e g i r e 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 eign2 m e a f i e o n g s r n d t - i ) c Total S n m a p t i n a c a u d i t l - - e a F c e g i r e 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 e F i o g r n - 2 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 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 r4,803 rl,951 rl,948 r751 461 736 601 135 2 r2,852 r2,852 r482 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—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 March 191 104 104 22 9 73 56 18 88 88 27 21 39 39 r Revised. 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). 478 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUESl PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g im ro a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceedsz proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a rk p i i n ta g l Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934.... 530 515 57 32 26 362 362 84 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—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 Tune 234 229 80 69 11 132 127 5 16 1 Julv 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 February 78 76T 40 34 5 23 12 11 2 11 March 102 100 39' 35 4 46 41 5 15 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 poses4 ceeds ties poses* 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—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 December 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 1 1 February 71 21 50 37 1 36 20 7 13 20 1 4 15 March 8 3 5 184 46 136 2 71 17 37 16 1 1 April 2 2 71 17 53 66 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 35 102 6 96 1 24 17 6 li 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 3S 17 15 6 9 3 3 2 1942—Tanuary 10 10 107 18 80 9 43 43 1 1 February 4 4 34 25 10 38 11 14 13 March 6 .6 48 8 40 46 25 6 15 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. MAY 1942. 479 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 e n o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e t m r q t o i a u e r o n t i n n a p s t - - - f m p e u a r r e c r n o t o t d a d s u l - s s O d g b o u t l h o r e a d e - r s t F b o a a e o b g n v o a e d e d c s r c s - , o p r a e i O r n f n o i i g d d n l , - c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - r s c n s M e i e e c l o r e i l v u s a s - - s - pr N of e i t ts1 fe P D r r r e i e v - d iden C m d o o s m n - Number of companies.... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,177 326 193 271 227 154 111 165 180 207 188 155 1,148 92 709 Quarterly 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 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 4 558 73 55 59 62 41 30 42 53 52 48 44 280 24 221 1942—1* 415 67 36 33 C) (*) (*) 33 36 40 C) C) 202 23 134 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad^ Electric power Telephone'5 Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m r m 4 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 o x m m 4 re e e i . nc N om et e ,1 d D en iv d i s - 5 r O e p v i e e n r n g a u t e - in N co e m t e1 d D en iv d i s - 6 Number of companies.... 28 28 28 28 33 33 33 1939 3,995 126 93 —100 126 692 160 138 116 1,179 198 178 1940 4,297 249 189 —71 159 735 177 143 118 1,250 202 167 1941 5,347 672 502 24 186 799 203 134 1,382 196 172 Quarterly 1939_1 898 —37 -43 21 175 46 39 19 287 46 21 2 906 —43 —47 00 23 166 37 32 19 295 50 20 3 1,058 69 58 0) 21 167 34 30 19 295 50 16 4 1,133 140 127 4 61 184 43 36 22 303 52 15 1940—1 986 —4 —13 —27 20 187 48 41 19 304 52 16 2\ . 1,010 14 1 —32 27 176 42 34 19 310 52 16 3 1,130 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—1 1,152 94 69 —4 22 201 59 43 18 330 48 16 2 1,272 144 101 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 97 211 51 34 19 359 51 20 1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. 2 Class I line-haul railroads. 3 Net income and dividend figures exclude dividends received by the American Telephone and Telegraph"Company. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 Not available. * First quarter for industrials partly estimated; nonferrous metals, other transportation equipment and other durable goods combined: $103,000,000; other nondurable goods and miscellaneous services combined: $68,000,000. First quarter estimates for public utility corporations not yet 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. 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF DIRECT SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues Special issues Nonmterest 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 r b 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 s - 2 s p P b a r a o o v e n s n i w n d t d a a g s l r s Total3 b U i s o n . a n g S v d s . - s T n r u t o e a r a y t x e s s - j b u s A o i e s c n r t d e e v d - d - s Total s S e i o t c c y u i 4 a r- l Other5 t M ur a e - d Other 1932—June 19,487 19,161 618,852 616 1,261 13,460 790 309 309 60 266 1933—June 22,539 22,158 621,834 954 4,548 13,417 806 323 323 66 315 1934—June 27,053 26,480 626,084 1,404 6,653 15,679 831 396 396 54 518 1935—June 28,701 27,645 26,950 2.0.S3 10,023 14,019 855 62 62 633 Ml 231 825 1936—June 33,779 32,989 31,102 2,354 11,381 17,168 200 1,261 316 945 626 is>' 607 169 620 1937—June 36,425 35,800 33,054 '2,303 10,617 19,936 198 1,188 800 389 1,558 579 979 119 506 1938—June 37,165 36,576 32,344 ,154 9,147 21,846 197 1,556 1,238 319 2,676 1,601 L,O75 141 447 1939—June 40,440 39,886 33,965 L,308 7,243 25,218 196 2,151 1,868 283 3,770 2,511 L,258 142 411 1940—June 42,968 42,376 34,436 L.302 6,383 26,555 196 3,166 2,905 261 4,775 3,528 1,247 205 386 1 1941—Mar „ 47,173 46,581 37,054 1,604 5,722 29,532 196 3,844 3,599 245 5,683 4,324 1L,359 220 372 Apr 47,231 46,673 37,075 1,603 5,721 29,554 196 3,891 3,647 244 5,707 4,354 1,353 186 372 May 47,721 47,160 37,075 L,603 5,721 29,554 196 4,251 4,008 243 5,834 4,485 L.349 190 370 June 48,961 48,387 37,713 1,603 5,698 30,215 196 4,555 4,314 241 6,120 4,728 L,392 205 369 July 49,513 48,965 37,713 1,603 5,698 30,215 196 4,929 4,649 239 6,324 4,811 L.512 180 368 Aug 50,921 50,371 37,667 1,604 5,698 30,169 196 6,234 4,908 1,037 237 6,470 4,941 L,528 184 367 Sept 51,346 50,791 37,368 1,305 5,698 30,169 196 6,765 5,132 1,343 236 6,658 5,126 L.532 190 365 Oct 53,584 53,040 38,869 ,404 5,509 31,759 196 7,507 5,394 1,818 235 6,664 5,196 1,468 179 364 Nov 55,040 54,536 39,677 ,703 6,012 31,765 196 8,052 5,620 2,136 234 6,806 5,344 1,463 141 363 Dec....«.« 57,938 57,451 41,562 2,002 5,997 33,367 196 8,907 6,140 2,471 233 6,982 5,559 1,423 125 362 1942—Jan ... 60,012 59,531 42,271 rU01 5,591 34,383 196 10,196 7,198 2,697 232 7,063 5,609 1,454 120 360 Feb......... 62,381 61,895 43,700 5,002 5,591 35,912 196 11,004 7,893 2,807 231 7,190 5,741 1,449 126 360 Mar. 62,419 61,940 43,329 :,652 5,571 35,910 196 11,278 8,436 2,536 231 7,333 5,880 1,453 121 359 1 Including amounts held by Government agencies and trust funds which aggregated $2,347,000,000 on February 28, and $2,351,000,000 (preliminary) on March 31, 1942. These amounts exclude holdings by production credit associations and joint stock land banks. 2 Including Liberty bonds. 3 Beginning with July 1941 includes depositary bonds not shown separately which amounted to $75,000,000 on March 31. 5 4 I I n n c c l l u u d d i i n n g g s s p p e e c c i i a a l l i i s s s s u u e e s s t t o o F G e o d v er e a r l n m ol e d n -a t g l e if e a n i d n s s u u r r a v n i c v e o r f s u n in d s , u a ra d n ju c s e t e t d ru s s t e r f v u i n c d e , f u u n n e d m , n p a lo ti y o m n e a n l t s e tr r u vi s c t e f u l n if d e , # i n a s n u d r a ra n i c l e ro f a u d n d re , t G ire o m ve e r n n t m a e c n c t o e u m nt p . loyees' retirement funds, Postal Savings System, Federal Deposit Insurance Corporation, and Federal Savings and Loan Insurance Corporation. 6 Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000. SECURITIES FULLY GUARANTEED BY UNITED STATES GOVERNMENT, BY ISSUING AGENCIES* [In millions of dollars] Interest-bearing End of month out a s T m ta o o n t u d a n i l n t g2 Total M C F o F o e r r a d p t r e g o m r a r a a g l - e C O H o L w r o o p n m a o e n e r r a s' - s C F t R r o i u e n r c c p a o t o n i n r o c - a e n - C m C o C r o r p o e d o m d i r t i - y t a- A H u U o th u . o s S i r . n it g y A H F d o e m u d s e i i n r n a i g s l - N m o b n d e a i a e t n u r b t i r t e n e 2 r g d est tion tion tion tion tration 1935—June 4,123 1,226 2,647 250 December 4,494 1,387 2,855 252 1936—June 4,718 1,422 3,044 252 December 4 662 1,422 2,988 252 (3) 1937—June 4 665 1,422 2,987 255 (3) December 4,645 1,410 2,937 297 (3) 1938—June 4 853 1 410 2,937 299 206 1 December 4,992 1,388 2,888 509 206 1 1939_june 5,450 1,379 2,928 820 206 114 3 December . .. 5,704 5*621 1,269 2,731 1,096 407 114 4 83 1940—June 5,529 5,498 1,269 2,603 1,096 407 114 8 31 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. ....«.««„« 5,705 5,673 937 2,409 1,492 701 114 20 33 February 5 697 5 673 937 2,409 1,492 701 114 21 23 March 5,690 5,666 •930 2,409 1,492 701 114 21 24 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. MAY 1942., 481 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, MARCH 31, 1942 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total fully Maturing or callable Total T b u re i r l a y l s s - T n u r o e r t a y e s s - Tr u e r a y s B - on P S d P a r a s e v o n - i s n w d t g a a l s r c T a d b l u r u o l e e a r n a b y d o s l s - e r 1 Total2 F C M a F g e o t d a a r i o r e o p g r m r n e o t a - r l - O C H a L w o t o r i o n p o m a e o n n r e r s - ' F C R s a i o n t t e t r i r c a i o u p o o n n c o n n c r - e - -C m C a C o o t r r o i e d p o m d i o n t i - r y t - H Au U o i u t t . h s y S i o n . r g - c a d s a g e n u l t u c l t i e a u e e a b e r r s o i - l d - r e1 Within 1 year 2,293 1,652 640 (3) 596 596 1,471 1 to 5 years 8,420 4,930 3,460 30 "8,509" 2,586 875 896 "*70l" "**ii4* 4,174 5 to 10 years 8,623 8,599 23 14,333 1,590 835 755 10 to 20 years 18,872 18,730 142 10,352 779 779 Over 20 years 5,120 5,120 2,716 95 95' Total ... 43,329 1,652 5,571 35,910 196 35,910 5,645 930 2,409 1,492 701 114 5,645 1942—Before July 1 1,652 1,652 July 1-Sept. 30 342 342 (3) 276 276 1,151 Oct. l-Dec.31.. 232 232 320 320 320 1943—Jan. 1-Mar. 31 66 66 (8) Apr. 1-June 30 629 629 454 289 289 289 July 1-Dec. 31 700 700 (*) 1,401 324 324 324 1944 1,849 1 849 2,555 1,561 875 571 114 2,394 1945 3,191 1,249 1,941 1,755 412 412 1,167 1946 2,038 503 1,519 16 2,344 1947 2,384 2,370 14 1,460 755 755 1948 1,489 1,487 2 3,361 1949 821 819 2 3,292 835 835 1950 1,689 1,687 2 1,186 1951 2,244 2,238 7 4,011 1952 2,454 2,436 18 2,524 779 779 1953 2,932 2,904 27 725 1954 3,709 3,687 22 681 1955 3,526 3,491 35 2,611 1956 1,170 1,170 2,431 1958 1,449 1,449 919 1959 982 982 1960 2,611 2,611 1,485 1961 50 50 1963 , 919 919 1964 95 95 1965 1,485 1,485 1967 2,716 1972 2,716 2,716 1 Securities not callable prior to maturity are shown as of date of maturity. * Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on March 31. 8 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 n b 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 ia s. l P is u s b u l e ic s F R B e e a b d s n y 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 u v a t i n n u k a g s l s I c n a o n s m u ce r - - M is a a s r b u k l e e e s t , 2 - m i N s a a s r o b u k n l 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 32,292 2,466 38,341 14,722 1,830 3,110 6,500 9,300 2,900 50,360 5,370 32,250 2,184 40,556 15,823 1,940 3,220 6,800 9,600 3,200 1941—June .'.".' ~.".'.'" ZZ.' 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 2,250 3,700 7,900 10,000 *8,600 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. 8 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OB TREASURY OPERATIONS [Chi basis of daily statements of United States Treasury, In millions of dollars] General and special accounts Increase or de- Trust crease during ac- period Receipts Expenditures (excl. debt retirements) counts etc.,2 Excess excess Period t c a I o x n m e - e s i c n r M n n e e n e t u l v o i e a l s e e u a l r - - - - s s S t e a i o c t x c y u e i r a s - l o A th l e l r c T e r o e ip t - a t l s ce N r i e p e - t t s1 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 A m g t j P c A u u r u r g e a r s d o l r n a m - t - - i - l t - p m r U e e l m e o l n i n y e - - t f - T c f t o e e r r a r a t u u c s c n n - s .1 s t t t o s - o A th l e l r Totali d e c ( o i x + e ( f t p i ) u ) p e r r o t e n e s - r - s p ( c o t + e ( u e f e n ) i ) r x p d r e o - e t i s s r - - a f b G e u n a r n e c l a n - d e l - 2 d G e r b o t s s s Fiscal year ending: June 1939... 2,189 2,232 740 507 5,668 5,165 941 1,206 787 2,595 182 2,996 8,707 -3,542 +890 +622 +3,275 June 1940... 2,125 2,345 838 617 5,925 5,387 1,041 1,657 1,002 1,919 226 3,153 8,998 -3,611 +136 -947 +2,528 June 1941... 3,470 2,967 932 900 8,269 7,607 1,111 r6,301 877 1,694 325 r2,403 12,711 -5,103 -148 +742 +5,994 9 months ending: Mar. 1941 2,415 2,204 692 537 5,848 5,372 686 3,830 767 1,278 276 1,889 8,726 -3,354 -27 +824 +4,205 Mar. 1942 5,322 2,974 887 494 9,678 9,049 774 15,347 631 948 326 2,135 20,160-11,112 -1,487 +859+13,458- 1941—Mar 1,208 273 34 52 1,567 1,566 150 r769 90 r155 23 r212 1,399 +167 -236 +1,014 +1,083 Apr 75 244 43 240 602 565 73 r782 61 r144 28 r227 1,315 — 750 +"4 "0"3 -290 +58- May 63 254 165 58 541 394 12 r857 27 r142 12 r92 1,141 -747 -264 -521 +490. June 916 265 32 64 1,277 1,276 339 r832 22 r131 10 r194 1,528 —252 -259 +729 +1,241 July 84 268 48 56 456 413 25 r966 44 132 169 r262 1,598 -1,185 +599 -34 +551 Aug 59 269 173 54 554 397 9 rl,129 27 106 14 '245 1,529 -1,133 -2 +274 +1,408'. Sept 780 261 37 58 1,136 1,135 169 1,327 32 108 6 r230 1,874 -739 -293 -607 +425- Oct 68 314 49 57 489 445 75 rl,534 58 109 45 r262 2,083 -1,637 -225 +376 +2,238: Nov 66 436 181 47 730 564 15 1,446 72 95 10 r220 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 +2,07$ Feb 283 340 257 58 937 758 12 2,201 97 92 9 217 2,629 -1,871 +114 +612 +2,369- Mar 3,083 364 49 52 3,548 3,547 205 2,797 81 96 22 220 3,421 +126 —234 —69 +39 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Net ex- All other Assets Balance hi general fund accounts penditures Period c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- i c a G n i o g n m u o e c g n v h e n e t a n e c s r c c i t n e - o k - s f - ce R i e p - ts I m nv e e n s t t s - p t e E u n x r d e -# i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o e p h s c e o i i - i s t a s i l - a O s t s h e e ts r l T ia t o i b e t i a s l l i- Total I m n g o c e o n r n l e d t - S io e r i a g g n e - W a b n o a c f r - k e banks taries Fiscal year ending: June 1939 1,477 911 561 •768 440 115 209 3,087 1,022 776 1,288 248 2,838 142 536 2,160 June 1940 1,662 1,016 643 *33 458 98 260 2,038 254 805 979 147 1,891 143 585 1,163 June 1941 1,958 1,200 741 218 674 138 484 2,812 1,024 661 1,127 179 2,633 143 605 1,885 9 months ending: Mar. 1941... 1,419 797 593 87 457 79 348 2,885 1,245 566 ,074 170 2,715 143 602 1,970 Mar. 1942.., 1,657 1,197 450 1,590 622 131 399 3,857 525 2,231 ,101 365 3,493 143 618 2,732 1941—Mar 39 150 54 69 58 •*1 62 2,885 1,245 566 ,074 170 2,715 143 602 1,970 Apr 115 30 52 •361 67 (*) 46 2,599 910 550 ,139 173 2,425 143 603 1,679 May 315 131 48 411 55 4 44 2,079 470 543 ,067 175 1,904 143 604 1,157 June 109 243 48 80 96 47 46 2,812 1,024 661 ,127 179 2,633 143 605 1,885 July 171 84 46 •534 162 105 33 2,807 934 680 ,193 208 2,599 143 607 1,848 Aug 334 130 44 169 54 1 45 3,057 995 833 ,229 185 2,873 143 610 2,120 Sept 25 185 43 93 53 4 47 2,461 526 797 ,138 195 2,266 143 611 1,511 Oct 149 70 39 272 63 3 53 2,852 998 784 ,069 210 2,641 143 613 1,885 Nov 359 148 40 659 45 1 41 2,544 543 947 ,054 225 2,319 143 614 1,562 Dec 63 215 49 140 54 •*5 47 3,816 966 1,756 ,094 256 3,560 143 615 2,802 1942—Jan 144 50 64 681 57 9 30 3,232 391 1,750 ,090 282 2,950 143 616 2,191 Feb 383 177 59 35 50 5 44 3,867 748 2,054 ,064 305 3,562 143 617 2,802 Mar 31 139 67 75 84 9 59 3,857 525 2,231 1,101 365 3,493 143 618 2,732 r Revised for change in classification of Coast Guard and other accounts. 1 Beginning with July 1,19^0, 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 479. 4 Less than $500,000. * Excess of receipts. ** Excess of redemptions. NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054. MAY 1942 483 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Assets Loans and preferred stock: Loans to financial institutions 425 409 400 397 417 408 407 409 409 408 434 404 396 Preferred stock, etc 711 706 703 702 698 693 669 666 665 664 680 675 663 Loans to railroads 518 523 523 505 505 497 497 497 484 483 498 49' 498 Home and housing mortgage loans 2,395 2,406 2,427 2,436 2,445 2,413 2,413 2,427 2,413 2,401 2,424 2,430 2,380 Farm mortgage loans 2,485 2,475 2,467 2,458 2,448 2,437 2,426 2,411 2,396 2,380 2,361 2,343 2,332 Other agricultural loans 727 776 867 830 779 754 726 717 709 732 773 780 785 All other loans 1,352 1,386 1,409 1,472 1,511 1,553 1,690 1,738 1,957 1,933 1,996 1,934 2,004 Total loans and preferred stock 8,614 8,681 8,796 8,800 8,804 8,756 8,826 8,864 9,033 9,001 9,167 9,063 9,059 Cash 595 620 771 464 376 771 594 523 489 502 496 560 582 U. S. Govt. direct securities 736 756 771 780 802 824 844 846 895 906 884 915 947 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 127 124 126 125 123 123 123 122 120 115 115 112 112 Other1 22 20 21 17 18 17 18 17 20 26 46 52 53 Accounts and other receivables 524 551 555 549 598 r651 r600 r672 r725 r641 574 604 600 Business property 600 602 608 623 636 653 664 671 689 698 714 751 782 Property held for sale ,206 1,245 1,297 1,392 1,497 1,567 1,625 1,710 1,805 1,879 1,891 1,964 2,017 Other assets 251 310 338 359 423 435 517 563 592 701 773 888 1,073 Total assets other than interagency2 12,676 12,909 13,282 13,108 13,277 13,797 "13,810 13,989 14,368 '14,470 14,660 14,908 15,224 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S.. 5,914 5,916 6,560 6,371 6,370 6,939 6,937 6,937 6,938 6,324 6,324 5,705 5,697 Otthh.er1 1,386 1,390 1,385 1,434 1,443 1,442 1,445 1,434 1,416 1,393 1,392 1,402 1,396 Other liabilities.... 1,292 1,391 1,432 1,492 1,604 1,761 1,741 1,859 1,952 1,974 2,049 2,111 2,325 Total liabilities other than interagency2 8,592 8,696 9,377 9,297 9,417 10,142 10,123 10,231 10,306 9,690 9,765 9,219 9,418 Excess of assets over liabilities, excluding interagency transactions , 4,213 3,906 3,811 3,860 r3,655 r3,687 r3,758 r4,062 r4,779 4,895 5,689 5,806 U. S. Govt. interests 3,666 3,792 3,484 3,388 3,436 r3,230 r3,261 r3,331 r3,633 r4,349 4,464 5,256 5,372 Privately owned interests 418 421 422 423 424 425 426 427 428 430 431 432 434 r Revised to exclude amounts due to Commodity Credit Corporation from Surplus Marketing Administration. These amounts formerly classified as accounts and other receivables were reclassified as interagency assets. 1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. 2 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 28,1942 [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 d c r a k s r l ed Cash d s G U e i i t r c o . i e S u e v c . r s t t - . G s u i e t t e a c i e e r u a d s r n - - A r c o e a c a t c b h o n e l e u d i e v r n s - ts B pr u o s p in e e rt s y s P h r e o l s d p a l e 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 e y ntur O es ther States Reconstruction Finance Corporation 1,857 12 55 26 C1) 45 1,492 National defense corporations 56 (1) 48 (1) 934 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,909 283 6 3 284 2,415 C1) F R e F d C e r M al o H rt o g m ag e e L C o o a m n p B a a n n y ks 19 7 7 5 (* 2 ) 7 54 C 8 1) 2 1 i 76 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 tg A ag u e t h A o s ri s t o y ciation 3 2 5 1 2 1 45 7 4 4 127 l iu 85 Farm credit agencies: F F e e d d e e r r a a l l F la a n r d m b M an o k r s tgage Corporation... m „. 1,7 5 4 8 6 6 2 5 1 0 18 2 1 1 5 6 2 8 6 49 8 953 2947 B Fe a d n e k r s a l f o i r n t c e o rm op e e d r i a a t t i e v e c s redit banks 2 1 5 1 1 0 3 1 1 6 3 4 1 4 3*"' 2 ft c1) 267 P R r e o g d io u n ct a i l o n ag c ri r c e u d l i t t u c ra o l r p c o re ra d t i i t o n c s orporations 82 4 ( 1 » 8 ) 12 <i? p)- F C a o r m m m C od re it d y i t C A re d d m it i n C is o tr r a p t o i r o a n tion 2 2 5 3 3 0 9 1 C 5 1) 5 12 654 701 Farm Security Administration 420 C1) 1 1 31 Insurance agencies: Federal Crop Insurance Corporation 9 15 Federal Deposit Insurance Corporation 48 11 490 37 C1) 28 Federal Savings and Loan Insurance Corporation. 2 23 ""ioo"' 8 Federal Housing Administration 16 41 35 10 21 2 Export-Import Bank of Washington 141 (1) 49 ft1 Tennessee Vallev Authoritv 15 8 469 8 U S Maritime Commission 28 22 88 Rural Electrification Administration 330 7 Public Works Administration 88 Other 85 13 7 18 68 2 11 Total 9,059 582 947 112 600 782 2,017 5,697 1,396 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $756,000,000 held by Federal Farm Mortgage Corporation. 484 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Loans to financial institutions 158 154 149 145 139 134 131 127 124 118 106 107 105 Loans on preferred stock of banks and insurance companies 49 49 48 48 48 48 48 48 48 44 44 44, Preferred stock, capital notes, and debentures.... 437 434 432 429 425 410 407 405 404 401 398 393 388 Loans to railroads (including receivers) , 487 487 470 470 462 461 461 448 448 462 462 462 465 Loans for self-liquidating projects 35 36 37 37 81 81 81 81 51 51 53 54 55 Loans to industrial and commercial businesses: For national defense 17 21 61 65 70 71 82 93 101 106 111 119 127 Other 115 114 113 111 109 108 106 100 103 110 106 104 102 Loan to Great Britain 100 125 299 299 345 345 385 385 Loans to drainage, levee, and irrigation districts.. 77 77 74 74 73 72 72 72 Other loans 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration 113 113 111 122 120 117 117 117 116 114 114 111 110 Total loans and investments, other than interagency 1,499 1,488 1,503 1,511 1,613 1,640 1,798 1,772 1,833 1,815 1,857 1.859 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 164 168 175 182 190 195 202 207 211 214 211 215 218 Capital stock of, and loans to RFC Mortgage Company ; 71 73 75 76 77 80 79 79 81 82 82 Capital stock of, and loans to Federal National Mortgage Association 99 99 101 102 103 105 107 109 111 112 114 115 119 Loans to Tennessee Valley Authority 8 8 8 8 8 8 8 8 8 8 Capital stock of, and loans to national defense companies1 121 168 219 282 327 380 527 643 727 721 785 916 1.105 Loans to Farm Security Administration 60 81 97 116 89 96 101 110 117 133 114 145 179 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 3,400 3,428 3,638 | 3.869 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 Land Federal Produc- Emer- Agricul- End of year or month Total Federal Bank inter- tion gency Banks tural Total b l a a n n k d s C m o i m s- - Total1 m c e r d ed ia it te a c ss r o ed ci i a t - c d r r o o p u g a h n t d Total3 co f o o p r er- M ing a rk A e c t t sioner banks2 tions relief atives revolvloans ing fund 1934 . 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2,867 2,072 795 358 47 94 173 97 50 44 1936 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2,848 2,035 813 367 40 138 173 120 88 31 1938 3,211 2,735 1,982 753 364 34 148 171 112 87 24 1939 3,058 2,596 1,905 691 364 33 154 168 99 76 21 1940 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 1,836 640 413 37 195 175 88 70 16 April 2,982 2,467 1,830 637 431 39 207 179 85 68 16 May 2,988 2,458 1,824 '634 440 40 215 179 90 74 16 June 2,988 2,448 1,818 630 450 42 221 179 90 74 16 July .... 2,986 2,437 1,811 626 453 44 224 179 96 80 16 August 2,975 2,426 1,804 622 450 45 221 177 99 83 16 September . .. 2,954 2,411 1,795 616 431 43 208 174 111 94 16 October 2,924 2,395 1,786 610 410 39 194 170 119 101 16 November . .. 2,906 2,380 1,776 604 398 38 187 167 128 109 17 December 2,891 2,361 1,764 597 397 39 188 165 133 113 17 1942—January 2,873 2,343 1,753 590 400 40 191 165 130 111 16 February 2,878 2,332 1,746 586 417 41 203 169 129 110 17 March 2,876 2,311 1,731 580 440 43 219 174 125 106 16 1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $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 $247,000,000 in March 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. MAY 1941 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME MORTGAGE AND HOUSING AGENCIES POSTAL SAVINGS SYSTEM LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [In millions of dollars] Assets Fed- End of month O C H r L w a o o o t n r m i a p e o n r n o e s - ' B H L F a e o o e r n m a d a k n l - e s1 s a a a F s l t a e o v s i e r n o a i o d a n d n c n - l g i s - s 2 M C p g R a a o o F n g m r C e y t - - A M t a g i N s e o t a o s r i a n o g o a r - a c n e l t- l , i- t U S H h A n i t o o n a i u r u g t t - i e e s t d s - y End of month D a i b n e to p a ce r l o - s s s 1 - Total i b p C n t a o o a n d r s s k y i e h - - s T U o . t a S l s . e G cu o r D r v e i i c e - t t r ie n s m G e t a e n u n e t - a d r-f C s e u e r t n a r e c s d - v . h 2 e s, 1933—Tune 47 1934—Jung 1 198 1,225 695 453 418 35 76 Dec 132 85 Dec 1,207 1,237 540 597 467 130 100 1934—June 1,217 85 1935_jUne 1,205 1,236 385 777 630 147 74 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 1936— D D Ju e e c n c e. ... 2 2 2 , , , 7 9 8 6 4 9 5 5 7 1 1 14 1 0 5 9 3 3 4 58 4 7 7 8 4 3 1 6 6 8 1937_ D D ju e e c ne c. . . 1 1 1 , , , 2 2 2 6 7 6 8 0 0 1 1 1 , , , 3 3 2 0 0 9 7 8 6 1 1 1 3 3 4 0 6 5 J L 1 . , O , 0 1 9 5 0 7 0 8 8 9 93 9 3 0 1 3 1 1 16 6 6 7 7 7 9 8 7 0 3 1 1937—June 2,556 167 742 49 1938—June 1,252 1,290 115 L.103 936 167 73 1938— D Ju e n c e . . . . 2 2 , , 3 26 9 5 8 2 19 0 6 0 8 9 5 48 4 6 41 8 38 i 1 o 3 1939_ D ju e n c e . 1 1 , , 2 2 5 6 2 2 1 1 , , 2 3 9 0 1 4 8 6 6 8 , , 1 1 3 5 2 7 ,0 9 1 65 1 1 1 6 4 7 6 7 7 3 8 Dec. 2,169 199 1,034 54 80 32 Dec 1,279 1,319 53 1,192 ,046 146 74 1939—june 2,081 169 1.136 57 125 68 1940—June 1,293 1,337 43 1,224 ,078 146 69 Dec 2,038 181 1,271 57 147 123 Dec 1,304 1,348 36 L,224 ,078 146 88 1940— D j e u c ne 2 1 , ,9 0 5 1 6 3 2 1 0 5 1 7 1 1 , , 4 5 0 4 5 6 6 6 7 0 1 1 8 6 1 3 18 8 6 7 1941—Mar. 1,320 1,364 31 L,259 L,113 146 74 Apr. . . . 1,317 1,362 30 L,259 ,113 146 73 1941—Mar. . . 1,914 146 1,600 69 190 233 May 1,310 1,359 30 1,254 1,108 146 75 1,900 142 1,628 70 190 266 June 1,304 1,356 - 30 1,251 1,104 146 75 May 1,885 145 1,658 70 192 288 July . 1,307 1,359 29 1,251 ,104 146 80 June 1,870 170 1,688 65 194 316 Aug 1,309 1,365 28 1,250 L,104 146 86 July 1,855 168 718 67 196 296 Sept. 1,311 1,366 28 1,250 ,104 146 89 Aug. 1,841 173 ,751 69 198 306 Oct 1,317 1,377 27 1,250 L,104 146 100 Sept 1,825 178 77S 70 200 332 Nov. 1,323 1,388 27 L.25O 1,104 146 111 Oct. . 1,809 184 L,803 73 203 328 Dec. . . 1,314 1,396 26 .274 128 146 95 Nov 1,794 187 1,816 72 205 329 Dec. . 1,777 219 1,825 72 207 367 1942—Jan. .. . 1,310 1,421 25 1,274 1,128 146 122 Feb pl,307 1942—Jan. 1,758 206 1,825 74 210 389 Mar pl,305 Feb. . . 1,742 197 1,830 75 211 352 Mar 1,724 192 1,837 75 214 380 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 ADMINISTRATION! INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] Prop- New Mort- Year or month Total p ( m T e r i r o m e i t t v n - y l e t e - s ( s h c t t T m o o r io i n m u a t n - i c l e e l - m ( H g T a I o o I i g r m t ) e l t e s - e h ga o r g (T g e u r a n o e s n i s i t u t d n l a p o e g l n ( h f T V e D i o n n i u e I g t s - ) s l e . e - End of month Total b C m c a o i n e a m r k l - s - b s M i t a n a u n g v u a k s - l - s a a s S l i t a s o n i a n o o a g v d c n n s - i s - I p a c n a o n s n m u c i e e r - s - a F c e g i r e e e a d n s l 2 - - Other3 ID 1936—Dec.... 365 228 8 56 41 5 27 1934 30 30 1937—Dec 771 430 27 110 118 32 53 1935 .. 320 224 94 2 1938—Mar.. .. 856 472 26 119 146 42 51 1 1 9 9 3 3 7 6 . 4 5 9 5 5 7 24 6 6 0 3 4 0 2 9 4 11 2 J S u e n p e t. . . . .. . 1,0 9 4 3 9 3 5 56 0 5 9 3 2 2 8 1 1 3 2 7 7 1 18 6 7 5 4 5 4 6 6 7 0 2 1 1 9 9 3 3 8 9 6 9 9 5 4 4 2 1 0 6 8 0 2 1 5 3 4 66 7 9 3 4 5 8 1 1939— D M e a c r . . . . . .. 1 1 , , 1 3 9 4 9 9 6 69 3 9 4 3 4 8 4 1 1 4 5 9 9 2 2 4 1 1 2 11 7 4 7 9 9 0 2 1940 . . .. 1 026 251 26 736 13 June.. . 1,478 759 50 167 271 137 94 1941 1,186 262 21 877 13 13 Sept.... 1,622 824 57 178 302 148 113 1941— M J J A A O N S M u u e p u o c a a l n p r g t y v y r e t . . . . . . 1 1 1 1 1 0 0 0 8 8 9 2 0 7 5 5 7 4 9 1 5 7 5 2 3 3 2 2 2 1 1 1 6 1 4 2 0 4 8 1 7 2 3 3 * 1 2 2 2 1 8 6 6 7 8 6 7 7 7 2 2 0 5 5 3 5 0 7 3 2 2 2 1 • * * • 2 4 • • 1 1 1 1 9 9 4 4 1 0 — — D J D J D S S M M u u e e e e e c n p c n p c a a . . e r e t t . . r . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 2 2 2 2 2 1 1 , , , , , , , , , 1 2 7 4 9 5 7 0 9 0 9 3 5 0 4 4 7 9 7 3 2 5 9 9 2 5 8 rl 1 1 1 1 1 1 , , , , , , 4 , 0 3 1 4 0 2 9 9 6 9 1 6 0 2 4 7 0 5 3 8 2 0 6 1 6 2 r1 1 1 1 1 1 1 8 1 3 4 0 5 7 9 7 1 0 6 0 6 7 1 0 1 2 2 2 2 2 2 2 2 1 1 0 2 3 5 0 3 4 9 6 8 4 7 4 1 0 6 2 4 4 5 3 3 6 6 7 7 8 4 3 6 0 9 4 2 8 0 2 2 8 6 2 2 2 9 2 2 2 2 2 1 1 1 1 0 3 1 2 2 8 9 7 5 1 4 0 5 0 2 0 1 3 1 1 1 1 1 1 1 1 1 7 4 3 2 7 5 2 6 5 9 1 3 7 8 0 4 0 4 Dec. 112 18 2 88 5 1942— F Ja eb n. 11 9 1 3 1 1 6 2 2 1 8 7 7 1 • 7 8 ga 1 r g e G R s r e o a v s n i s s d e a d c m . a o se u s n t i n o f t r m an o s r it t ga to g e o s r h b e e ld in , g d o a e u s d i n te o d t i a n t c l t u h d e e F te e r d m er in al a te H d ou m s o in r g t- Mar 93 10 2 68 1 12 Administration. 2 The RFC Mortgage Company, the Federal National Mortgage Associa- 1 Figures represent gross insurance written during the period and do not tion, the Federal Deposit Insurance Corporation, and the United States take account of principal repayments on previously insured loans. Housing Corporation. * Less than $500,000. 3 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. 486 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 I Industrial production Construction Y m ea o r n a th nd ( I 1 v m « n p 9 a c 3 a e l o 1 5 u n y 0 m - e - t 3 0 s ) e 9 i Tota ( l ph 1 y 9 s 3 ic 5 a - D 3 l u 9 v f r a M o = - c lu a t u 1 n m 0 r N u d e e 0 - s o ) u 2 n r * - - M er i a n l - s To a t w a 1 l a 92 r c d 3 o - R e n d 2 d t t e e 5 i r a n s ( a i l = - v - c a t 1 l s u 0 o 0 e t A ) h 3 l e l r 1 t N 9 a u c 3 g o u r 5 r n a l - i - E - 3 l - 5 9 mp 1 l 9 o 2 y F 3 m - a 2 c e 5 t n o = t r 4 y 100 1 = 9 F t 2 o a 3 1 r c - y 0 - 2 0 5 F 1 r = l i 9 n o e c 3 a i g a 5 1 g d r s - 0 h * 3 - 0 t 9 - D 19 m u = e s s ( 2 p v a t e e 3 o a l ) a 1 n - e * r l r 2 0 s - t e 6 t 0 5 - W m p c - r 1 s o o h i 9 a c d m o 2 1 l e i e l 6 0 - t s e 0 y 4 - C 1 li = 9 o v > 3 s i 5 t n 1 - g 0 3 o 4 0 f 9 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 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.8 102.9 142 98 100.6 121 9 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.8 101.1 146 103 103.5 125 4 1926 96 114 79 100 129 121 135 101.7 104.2 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.5 102.4 147 107 95 4 124 0 1928 99 117 85 99 135 126 142 99.7 103.5 148 108 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 107.1 106 0 110 4 152 111 95 3 122 5 1930 109.1 91 98 84 93 92 50 125 100.3 92.4 89.4 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 91.6 78.1 67.8 105 92 73.0 108 7 1932 70.6 58 41 70 67 28 13 40 82.2 66.3 46.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 82.9 73.4 50.1 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 90.1 85.7 64.5 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 93.8 91.3 74.1 92 79 80.0 98.1 1936 . . 101.3 103 108 100 99 55 37 70 99.8 99.0 85.8 107 88 80 8 99 1 1937. .' 107.7 113 122 106 112 59 41 74 105.0 108.6 102.5 111 92 86.3 102 7 1938 98.5 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 113.8 123 138 113 117 81 72 89 106.4 107.5 105.4 109 94 78 6 100 2 1941 137.0 156 193 135 125 122 89 149 115.6 127.7 148.8 130 110 87.3 105.2 1939 March 102.6 101 100 96 104 104 69 55 80 101.2 96.7 97.0 88.8 94 88 76.7 99.1 April 101.4 97 98 93 103 91 67 58 74 100.5 96.6 96.9 86.8 87 88 76.2 May 103.7 98 99 93 104 97 63 55 68 101.1 96.3 95.9 86.3 90 87 76.2 June 105.1 103 102 99 106 104 63 58 67 102.2 97.3 96.4 87.9 97 86 75.6 98.6 July 104.8 105 102 102 106 107 67 62 71 102.6 98.4 96.6 85.8 99 87 75.4 August 106.1 106 106 108 108 92 73 67 78 103.0 99.0 99.5 91.2 101 88 75.0 September. .. 107.3 114 119 118 111 114 73 68 76 103.7 100.8 103.7 95.4 111 90 79.1 100.6 October 109.3 121 126 r130 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 111.3 125 122 138 117 114 86 60 107 106.3 108.2 107.8 105.4 110 95 79.2 *99.'6* 1940 January 110.7 122 117 134 113 118 75 53 93 105.6 107.6 105.0 99.8 111 92 79.4 February.... 110.7 116 113 r123 110 114 63 56 68 104.9 105.8 105.0 99.3 105 90 78.7 March 110.3 113 112 118 107 117 62 57 66 104.7 104.0 104.4 99.8 100 89 78.4 99.8 April . . .. 110.6 112 112 116 107 119 64 62 66 104.0 102.8 103.2 97.9 103 89 78.6 Mav 112.0 116 117 r124 110 117 64 64 65 104.5 102.8 102.5 97.8 106 89 78.4 June 112.1 122 121 133 114 119 74 69 77 105.0 103.9 103.1 99.5 111 91 77.5 100.5 July . . 112.8 122 120 136 113 119 85 77 91 105.4 105.1 103.2 98.2 110 92 77.7 August .... 113.9 124 124 143 112 114 90 82 98 106.3 107.4 107.4 105.5 112 98 77.4 September. .. 115.5 127 132 151 112 117 93 82 101 106.9 108.9 111.4 111.6 112 97 78.0 ioo.i October 117.2 r131 136 155 117 113 95 85 103 108.1 111.4 113.8 116.2 110 94 78.7 100.2 November 117.7 134 136 157 120 118 111 87 130 109.7 114.2 114.7 116.4 116 100 79.6 100.1 December 121.3 139 136 164 124 118 115 90 136 111.5 116.6 116.2 122.4 119 101 80.0 100.7 1941 January .... 123.4 140 135 171 123 119 103 84 117 111.8 118.3 115.5 120.7 122 101 80.8 100.8 February.... 125.4 144 140 176 126 118 99 76 118 112.5 118.6 117.8 126.8 124 103 80.6 100.8 March 127.2 147 144 180 128 125 94 74 109 112.3 119.4 119.9 131.2 126 103 81.5 101.2 April 129 4 144 144 180 131 95 103 80 121 112.5 122.0 122.6 134.7 112 104 83.2 102.2 May 133.6 154 155 190 135 126 101 88 111 114.0 124.9 124.9 144.1 135 105 84.9 102.9 June . . 137 0 159 160 195 139 132 117 101 129 115.4 128.7 127.9 152.2 139 104 87.1 104.6 July 138.9 160 159 199 138 131 139 115 158 117.1 133.3 130.6 152.7 138 115 88.8 105.3 August .... 141.1 160 162 199 139 132 152 112 184 117.7 133.3 133.1 158.1 139 134 90.3 106.2 September. .. 143.1 161 167 203 137 131 161 105 206 117.5 132.3 135.2 162.6 130 116 91.8 108.1 October 145.4 163 168 207 139 130 145 87 192 118.0 132.8 135.4 167.0 127 105 92.4 109.3 November 146.5 166 167 r208 144 131 138 74 189 119.2 134.4 134.8 165.4 135 116 92.5 110.2 December 154.7 167 164 r215 141 r131 123 69 167 120.1 134.9 r134.2 r169.9 137 111 93.6 110.5 1942 January 155.7 171 165 222 143 131 118 82 147 r120.0 r135.5 r132.3 r173.4 140 138 96.0 r112.0 February 156.9 172 167 226 142 129 128 100 151 r119.9 134.9 133.6 178.2 C139 126 96.7 r112.9 March 157.7 ^172 P168 ?229 P139 P127 125 95 149 P119.7 ^134.2 P134.5 P181.9 136 124 97.6 114.3 April «174 «173 e235 e140 e129 «143 P117 «98.8 p Preliminary. * Average per working day. r Revised. * Estimated. c Corrected. l Department of Commerce series on value of payments to individuals. Revised for the period from January 1929 to date. 2 For indexes by groups or industries, see pp. 486-489, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 496. 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. 492-495 for employment and payrolls and p. 499 for prices. s Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 498 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. 487 MAY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Jan. Feb. Mar. Apr. May [une July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 140 144 147 144 154 159 160 160 161 163 166 167 171 172 P172 Manufactures—Total .. .. 144 148 151 133 160 164 163 166 167 169 r172 174 178 180 H80 Durable 171 176 180 180 190 195 199 199 203 207 '208 r215 222 226 P229 Nondurable^ . 123 126 128 131 135 139 138 139 137 139 144 141 143 142 ^139 Iron and Steel 179 r178 184 181 r183 184 185 185 192 191 191 196 191 193 198 Pig iron 177 176 178 170 175 179 181 182 185 184 184 190 189 r189 194 Steel 186 r186 r192 r192 r195 195 r196 r197 r206 206 r206 r211 208 210 216 O El p e e c n t r h ic earth and Bessemer r2 1 8 7 5 2 r2 1 9 7 4 1 r3 1 0 7 0 7 r3 1 3 7 3 2 r3 1 4 7 7 4 r3 1 5 7 5 3 r r 1 3 7 5 3 8 r3 1 7 7 5 2 r3 1 9 7 9 9 r4 1 0 7 7 8 r4 1 1 7 7 6 r4 1 2 8 2 1 4 1 4 7 5 4 r1 4 7 4 6 4 4 1 7 8 3 0 Machinery 168 177 185 194 206 214 216 224 227 231 229 241 248 255 *265 Government Arsenals and Quarter- Tr m an a s s p te o r r ta D ti e o p n o ts Equipment 190 203 207 196 228 243 255 241 245 269 r275 r278 r304 313 P329 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 Automobile factory sales 144 152 143 122 151 148 154 93 74 110 123 2 2 2 Railroad cars 178 182 178 196 218 233 233 236 249 278 264 * * L Sh o i c p o b m u o il t d iv in e g s (private yards).. 2 1 8 8 2 9 3 2 0 0 7 4 3 2 3 1 5 6 3 2 5 3 3 7 2 3 5 8 6 1 4 2 2 8 8 0 4 3 6 0 7 7 4 3 8 0 5 6 3 5 1 6 9 0 3 6 3 3 5 4 3 6 3 4 8 5 * * * • * * * Shipbuilding (Govt. yards).... Nonjerrous Metals and Products... 167 173 179 183 189 186 192 189 192 185 190 193 r194 r190 P184 Nonferrous metal smelting.... 137 142 142 147' 148 144 142 145 145 Ul 150 151 153 157 157 Copper smelting 133 140 136 145 144 136 131 135 135 137 139 141 140 141 147 Zinc smelting 153 158 163 164 170 170 173 175 175 177 179 182 184 189 184 Lead production 116 116 118 119 115 117 114 116 120 119 127 122 131 140 134 Copper deliveries 201 209 219 221 233 229 244 231 233 217 226 230 235 224 208 Lead shipments 161 165 172 186 205 210 200 199 209 Zinc shipments 149 148 146 147 144 144 142 143 r145 143 147 r145 152 151 148 Tin consumption 119 130 143 147 147 141 155 161 166 153 155 171 Lumber and Products 137 135 128 132 132 135 141 140 136 135 135 138 143 144 P134 Lumber . ... 139 139 125 128 122 125 131 134 129 129 128 132 138 143 PU7 Furniture 132 129 132 139 152 155 161 152 149 146 148 149 153 146 Stone, Clay and Glass Products.... r155 r160 r149 T141 *143 r149 151 154 156 158 r162 r167 rm r190 P172 Cement 181 183 156 139 134 138 143 148 154 159 164 191 249 236 188 Unglazed brick** 143 155 136 130 128 133 136 146 144 145 153 152 160 Glass containers . .. 123 131 139 135 148 155 154 158 163 168 168 165 184 178 187 Polished plate glass 137 138 135 142 142 152 146 133 120 102 105 67 65 49 41 Textiles and Products 138 143 146 150 157 156 155 154 151 150 156 154 158 157 Textile fabrics 133 140 143 146 r153 151 151 149 145 143 148 146 148 148 P145 Cotton consumption 144 152 156 r161 r165 160 162 160 156 161 167 155 169 174 169 Rayon deliveries 156 148 150 158 169 173 173 170 168 172 179 179 180 174 *>175 Silk deliveries . . 69 67 71 74 71 73 77 56 34 10 15 * * * Wool textiles 136 149 152 152 165 163 157 166 169 164 166 178 161 155 Carpet wool consump tion 119 143 146 139 148 149 126 148 142 133 133 164 r78 82 Apparel wool consumption 149 165 179 171 196 190 177 181 205 199 200 209 r202 194 Woolen yarn 125 134 135 140 153 151 153 162 163 157 156 159 r163 167 Worsted yarn 150 163 163 166 178 178 174 179 185 185 195 173 149 Woolen and worsted 184 cloth . 142 153 154 156 167 165 160 166 169 164 182 r183 175 170 Leather and Products r108 '109 r115 r115 r124 r132 r130 r122 120 125 r128 r127 120 134 Leather tanning .... r103 103 113 109 P119 r122 r125 r124 r125 129 123 r129 126 Cattle hide leathers r116 r113 '120 r119 r130 r133 r137 r141 r136 138 r113445 135 146 138 Calf and kip leathers... 88 92 112 97 99 98 93 103 101 107 r108 89 r86 93 Goat and kid leathers r80 87 r97 r96 105 r112 116 97 115 121 123 117 r119 119 Shoes '113 •117 r119 r128 r138 r134 r121 r118 123 134 131 r125 117 Manufactured Food Products 117 120 121 123 123 127 126 132 mo Wheat flour. .. . 98 105 105 110 110 107 103 98 99 101 103 109 108 110 101 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 1 2 3 3 5 1 1 1 2 9 9 1 1 2 2 9 4 1 1 0 2 2 6 1 12 2 7 9 111 ^1 1 4 1 6 2 139 P156 P154 ^153 * Ice cream 138 132 129 144 134 130 129 124 Butter 119 118 118 119 117 111 113 109 109 108 105 104 106 107 108 Cheese . 123 124 131 138 134 121 128 134 145 148 163 176 172 182 192 Canned and dried milk.. 136 129 124 135 139 132 141 165 183 197 224 240 229 214 193 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. * Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 2 Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts, and assembly series, which is more representative of production by the automobile industry. 3 New series replacing former series on face brick and common brick beginning in Jan. 1940. Back figures for this series and revised figures for the stone, clay, and glass products index may be obtained from the Division of Research and Statistics. The durable manufactures index was not changed in any month by this revision. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 109] 1941 1942 Industry Jan Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products- Continued Meat packing 114 126 134 126 132 124 125 134 126 133 135 142 148 141 144 Pork and lard 121 145 159 143 147 134 132 149 139 148 148 161 165 151 161 Beef 110 109 110 110 120 120 123 124 118 123 124 127 138 139 132 Veal 86 94 91 96 97 91 96 94 101 108 114 98 96 96 98 Lamb and mutton 112 112 111 108 109 101 110 105 99 103 111 117 113 113 128 Other manufactured foods 117 119 120 122 122 129 128 135 132 135 144 137 r140 144 Alcoholic Beverages 105 108 104 114 122 130 128 131 129 109 116 139 133 116 Malt liquor 106 107 100 102 106 107 115 110 118 127 110 123 120 128 117 Whiskey 77 81 80 82 90 95 108 93 94 107 81 91 77 74 62 Other distilled spirits 112 132 132 140 129 153 206 206 262 178 139 121 250 75 44 Rectified spirits 126 132 131 146 171 207 190 219 170 138 120 102 243 241 201 Tobacco Products 113 116 117 120 119 118 114 118 121 128 132 129 132 130 125 Cigars 111 110 109 117 109 106 106 109 104 112 115 139 129 126 121 Cigarettes 118 125 127 127 131 131 123 129 137 149 136 137 Manufactured tobacco and 144 144 144 snuff 101 96 97 101 100 97 97 96 99 106 95 94 104 99 93 Paper and Paper Products1 129 128 132 134 142 145 146 147 144 153 155 146 153 149 Paper and pulp 129 128 133 136 145 149 150 152 149 150 159 162 160 154 Pulp 153 153 160 161 162 175 167 172 170 172 183 177 181 180 Groundwood pulp 119 122 119 121 120 121 122 128 129 130 141 129 135 131 Soda pulp 128 129 137 135 141 151 149 151 140 145 167 153 153 154 Sulphate pulp 190 193 199 199 203 216 203 215 210 210 r225 r225 220 223 Sulphite pulp 144 144 153 156 155 170 163 164 163 166 r178 r171 177 174 Paper 126 124 129 132 142 145 148 149 145 147 156 160 157 150 Paperboard 138 134 138 143 158 154 162 161 158 158 167 186 175 163 162 Fine paper 110 110 . 114 115 127 134 140 147 152 147 160 157 151 144 Newsprint production. 113 115 115 114 114 114 112 113 107 110 110 106 107 110 106' Printing paper 119 123 126 131 138 149 149 150 146 149 161 145 151 146 Tissue and absorbent paper 132 125 133 132 137 144 142 143 130 140 153 152 156 158 Wrapping paper 120 119 129 139 140 138 139 136 138 140 142 124 147 147 Printing and Publishing2 HI 114 118 122 128 127 129 125 127 136 125 116 130 r128 Newsprint consumption 103 105 106 107 106 106 109 105 105 111 103 103 106 115 104 Petroleum and Coal Products 122 122 121 125 127 128 130 132 133 135 131 123 139 135 Petroleum refining 117 117 118 119 122 123 124 126 128 129 133 135 131 126 Gasoline 117 118 120 120 124 123 123 126 130 131 134 139 134 125 Fuel oil.. 120 122 121 120 119 122 124 127 124 129 129 130 123 128 Lubricating oil 112 104 105 118 118 134 132 130 129 137 132 * 133 131 Kerosene 120 123 113 117 115 104 116 119 121 123 126 120 128 Coke 150 152 154 133 148 154 154 154 152 153 153 160 161 161 159 Byproduct coke 143 145 145 134 141 145 146 146 144 145 145 151 152 152 150 Beehive coke3 367 398 434 69 386 435 429 453 425 437 410 r474 r472 r493 P477 Chemicals 123 124 125 133 136 144 146 145 146 148 149 152 154 158 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 33 28 Pneumatic tires 124 128 135 132 144 151 126 118 108 104 104 67 32 28 26 Inner tubes 121 127 132 130 145 155 125 110 103 94 102 64 33 27 27 Minerals—Total 119 118 123 93 126 132 131 132 131 130 131 r131 131 129 P127 Fuels 114 113 121 86 121 129 127 129 128 127 128 127 128 125 P122 Bituminous coal 117 114 r148 22 149 153 146 147 139 127 125 124 129 120 Anthracite 98 102 102 71 80 126 137 162 127 116 97 89 89 110 114 113 112 113 114 120 119 119 124 128 132 132 132 128 Crude petroleum 148 148 148 149 152 151 151 148 145 r146 r147 r153 r150 r151 P152 Metals 187 189 191 199 195 198 205 202 192 182 r204 r209 r21! r212 215 Iron ore shipments 148 153 148 152 159 155 156 155 154 151 152 157 161 158 162 L C Z G e i o o n a p l c d d per 1 1 1 1 2 1 3 2 5 6 2 8 1 1 1 1 1 2 2 2 6 6 6 6 1 1 1 1 2 2 2 1 7 5 7 8 1 1 1 1 3 2 1 2 3 1 9 9 1 1 1 1 2 1 3 2 7 5 2 2 1 1 1 1 1 2 3 2 7 6 6 8 1 1 1 1 2 2 1 2 1 5 4 4 1 1 1 1 3 2 1 1 1 9 6 4 1 1 1 1 3 2 1 1 5 0 6 4 1 1 1 1 3 0 1 3 4 8 9 0 1 1 1 1 3 1 0 2 1 6 6 7 1 1 1 1 2 0 3 2 5 5 8 2 1 1 1 1 3 1 0 3 1 3 5 8 1 14 4 6 0 134 Silver 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." 3 The Bureau of Mines has changed its method of calculating daily average output of beehive coke from a 6-day week basis with two holidays a year, July 4, and December 25, to a,7-day week basis with no holiday allowances. Beginning in December 1941, computation of the Board's index has been changed accordingly. The daily average base now used is 4,420 net tons. 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. MAY 1941 489 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. Feb. Mar. Industrial Production— Total 135 140 144 144 155 160 159 162 167 168 167 r164 165 167 P168 Manufactures—Total 139 144 149 153 160 165 164 167 172 173 173 171 172 174 P177 Durable 166 171 178 rm 192 198 196 199 206 210 209 r212 215 220 p227 Nondurable1 118 122 126 130 r134 138 138 142 145 143 144 138 137 138 p137 Iron and Steel 179 r178 184 181 r183 184 185 185 192 191 191 196 191 193 198 Pig iron 177 176 178 170 175 179 181 182 185 184 184 190 189 189 194 Steelf 186 r186 r192 r192 r195 r195 r196 r197 r206 206 r206 r211 208 210 216 Open hearth and Bessemer 172 171 177 172 174 173 r173 172 179 178 176 181 174 176 180 Electricf r285 r294 r300 r333 r347 r355 r358 r375 r399 r407 r417 r422 445 444 473 Machinery 168 177 185 194 206 214 216 224 227 231 229 241 248 255 P265 Government Arsenals and Quartermaster Depots * * * Transportation Equipment 193 207 214 206 229 244 229 221 245 269 r275 r278 T304 313 P329 Aircraft ; 685 741 768 818 876 930 997 1,113 1,204 1,290 1,340 • * Automobile bodies, parts, and assembly 138 148 150 136 152 161 135 120 134 146 142 120 118 105 p105 Automobile factory sales 151 161 160 139 164 164 134 47 74 110 123 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 Shipbuilding (Govt. yards) * Nonferrous Metals and Products... 166 173 179 184 191 187 191 189 r191 185 190 192 r193 r190 P185 Nonferrous metal smelting 137 142 142 147 148 144 141 145 145 147 151 152 153 157 156 Copper smelting 133 140 136 145 144 136 131 135 135 137 139 141 140 141 147 Zinc smelting. 153 158 163 164 170 170 173 175 175 177 179 182 184 189 184 Lead production 116 116 116 121 117 116 110 116 120 119 128 124 131 140 131 L C e o a p d p e s r h i d p e m liv en er ts ies 2 1 0 6 0 6 2 1 0 6 9 5 2 1 1 7 9 2 2 1 2 8 1 6 2 2 0 3 5 3 2 2 2 1 9 0 2 20 4 0 4 2 1 3 9 1 9 2 2 0 3 9 3 21 * 7 22 * 6 230 23 * 5 224 20 * 8 Zinc shipments 149 148 146 147 144 144 142 143 r145 143 147 145 152 151 148 Tin consumption 114 130 146 151 153 148 154 159 159 151 155 165 Lumber and Products 116 119 123 130 134 140 144 151 148 145 134 122 128 p129 Lumber 113 115 118 128 130 135 142 148 144 138 124 113 112 118 123 129 133 135 143 150 149 157 156 159 154 155 142 146 Furniture 110 r113 125 r140 r161 r171 r165 r174 174 176 r169 r147 r138 r132 P142 Stone, Clay and Glass Products] ... 100 102 117 139 163 174 177 181 184 185 171 153 137 132 141 Cement 87 85 92 126 145 165 168 175 177 170 166 137 97 Unglazed brick^ 110 120 l$0 135 159 163 160 172 166 173 170 154 165 164' 176' Glass containers 144 131 141 142 142 149 96 109 120 117 120 80 68 47 43 Polished plate glass Textiles and Products 138 143 147 150 157 155 155 154 151 150 156 154 158 157 P152 Textile fabrics 133 140 143 146 152 150 150 148 145 143 148 146 148 148 *>145 Cotton consumption 144 152 156 r161 r165 160 162 160 156 161 167 155 169 174 169 Rayon deliveries 154 148 150 158 169 173 173 170 168 172 179 179 180 174 PI 75 Silk deliveries 72 68 74 73 66 66 69 50 32 10 15 * * Wool textiles 136 149 152 152 165 163 157 166 169 164 166 178 Carpet wool con- 161 155 sumption 119 143 146 139 148 126 148 142 133 133 164 Apparel wool con- r78 82 sumption 149 165 179 171 196 190 177 181 205 199 200 209 r202 194 Woolen yarn 125 134 135 140 153 151 153 162 163 157 156 159 163 167 Worsted yarn 150 163 163 166 178 178 174 179 185 185 184 195 173 149 Woolen and worsted cloth 142 153 154 156 167 165 160 166 169 164 170 182 183 175 Leather and Products r105 rU8 r123 r119 r122 r120 r126 r130 r129 127 123 116 124 131 P127 Leather tanning} 103 112 r113 110 r116 118 120 120 r124 129 135 125 130 137 Cattle hide leathersf 117 125 121 r119 r127 r126 r128 r134 r135 r140 151 137 147 153 Calf and kip leathers 87 97 105 96 94 100 102 108 99 103 102 91 r84 98 Goat and kid leathers r80 91 r96 99 103 r112 115 95 116 120 119 119 119 124 Shoesf r107 '122 r130 r125 r126 r122 r130 r137 r132 125 116 110 120 126 Manufactured Food Products 104 104 107 112 119 128 137 152 P159 *143 P139 P130 P124 *>123 Wheat flour 99 104 102 103 100 101 102 99 114 110 107 104 109 109 M Ca a n n e u f s a u c g t a u r r e m d el d t a in ir g y s products. 1 8 0 4 3 1 9 0 2 5 1 10 3 5 5 1 1 3 3 5 4 1 17 1 5 7 1 18 3 8 2 1 18 1 1 7 1 1 3 6 6 7 P1 1 4 3 2 2 109 114 mo 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 96 Cheese 89 96 107 133 177 186 165 151 150 139 124 123 124 142 157 Canned and dried milk. .. 103 110 121 152 200 195 172 169 168 158 156 166 174 182 189 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. f Revised annual indexes 1941: steel 197; electric 357; stone, clay, and glass products 152; unglazed brick 141; leather tanning 119; cattle hide leathers 130; shoes 123. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 2 Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts, and assembly series which is more representative of production by the automobile industry. 3 New series replacing former series on face brick and common brick beginning in Jan. 1940. Back figures for this series and revised figures for the stone, clay, and glass products index may be obtained from the Division of Research and Statistics. The durable manufactures index was not changed in any month by this revision. 49° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products— Continued Meat packing 133 122 122 119 132 121 119 116 119 134 152 165 173 135 131 Pork and lard 157 145 143 135 147 130 119 112 111 139 178 208 214 151 145 Beef 110 98 100 102 120 118 125 126 132 134 130 127 138 125 120 Veal 83 83 86 95 101 92 95 95 111 119 116 93 93 84 93 Lamb and mutton 118 112 107 105 111 96 104 104 111 109 108 111 118 113 124 Other manufactured foods.. 103 103 105 107 111 123 137 159 170 151 146 131 123 125 P124 Alcoholic Beverages 87 95 100 110 120 130 131 122 137 137 118 106 112 117 113 Malt liquor 85 91 96 111 124 137 142 128 120 104 90 96 96 109 112 Whiskey... 101 106 99 91 90 76 59 51 75 102 101 104 102 96 77 Other distilled spirits.. 73 79 86 84 77 90 97 99 359 472 292 150 163 45 %9 Rectified spirits 92 113 124 130 150 165 160 171 180 180 190 135 177 207 191 Tobacco Products. 108 108 110 113 121 128 123 122 132 133 134 110 126 121 117 Cigars 90 96 100 111 108 113 111 113 120 135 137 107 104 109 111 Cigarettes 119 118 119 118 133 144 138 136 146 141 143 121 146 136 127 Manufactured tobacco and snuff 95 99 100 99 96 107 105 83 96 92 Paper and Paper Products1.. 126 131 136 137 141 143 139 146 149 151 152 146 rl51 152 Paper and pulp 128 133 137 140 145 147 143 150 151 155 159 r154 158 159 Pulp 154 159 164 165 165 173 159 170 168 173 r186 r174 r183 186 Groundwood pulp 124 127 128 136 133 124 109 109 112 121 144 134 140 137 Soda pulp 128 133 141 139 141 150 141 151 142 145 167 148 153 158 Sulphate pulp 192 199 203 199 203 214 199 215 210 214 r225 r214 r223 229 Sulphite pulp 144 148 156 159 155 167 155 164 163 169 r179 r166 177 179 Paper 124 129 133 136 142 143 140 147 148 152 155 151 154 155 Paperboard 132 138 144 146 155 154 154 163 167 167 167 166 168 167 168 Fine paper 111 118 122 126 130 131 128 139 144 147 155 154 152 154 Newsprint production 113 113 115 114 115 115 109 110 107 110 113 107 107 108 Printing paper 119 126 132 136 140 146 140 145 145 151 160 144 151 151 Tissue and absorbent paper 128 130 134 135 136 143 135 143 136 145 151 146 151 165 Wrapping paper 120 124 126 130 136 137 133 138 138 143 140 143 147 147 Printing and Publishing2 109 115 121 124 126 127 116 121 125 131 138 131 125 126 p130 Newsprint consumption... 104 110 113 107 92 96 106 112 117 117 99 102 107 Petroleum and Coal Products.. 120 120 119 120 126 128 129 131 134 135 136 138 132 129 Petroleum refining 115 115 114 119 122 124 125 128 131 132 134 134 128 124 Gasoline 113 114 114 118 124 ' 126 127 130 134 134 135 136 129 121 Pill Fuel oil.. 123 123 118 117 119 121 122 124 125 130 130 132 127 129 Lubricating oil... 108 103 104 122 122 134 131 131 130 129 137 131 129 129 Kerosene 126 124 115 119 115 102 103 111 117 121 126 127 126 128 Coke 150 152 154 133 148 154 154 154 152 153 153 160 161 161 159 Byproduct coke... 143 145 145 134 141 145 146 146 144 145 145 151 152 152 150 Beehive coke3 367 398 434 69 435 429 453 425 437 410 r474 r472 r493 p477 386 Chemicals 122 124 129 136 138 139 142 148 153 151 153 153 158- p165 135 Rubber Products. 145 151 155 157 192 153 130 131 134 162 Rubber consumption. 148 153 158 160 164 196 156 132 134 137 Tires and tubes. 123 128 134 131 144 152 126 117 108 103 103 67 33 28 26 Pneumatic tires.. 124 128 135 132 144 151 126 118 108 104 104 67 32 28 26 Inner tubes 121 127 132 130 145 155 125 110 103 94 102 64 33 27 27 Minerals—Total. 113 114 r116 96 127 131 130 134 137 138 135 r125 r125 124 P118 Fuels 117 118 r120 87 118 123 121 125 129 131 130 129 131 130 ^122 Bituminous coal.... 130 134 r142 18 126 132 128 135 144 142 143 138 144 141 P140 Anthracite 114 112 105 76 88 116 107 120 122 123 99 94 104 121 Crude petroleum 111 112 114 116 118 120 119 122 124 127 128 129 129 127 Metals. 95 93 92 149 181 181 184 187 182 181 161 r91 90 *>97 Iron ore shipments.. 210 323 326 344 335 311 281 231 23 Copper 145 155 151 156 159 152 147 152 152 156 157 159 158 160 165 Lead 116 116 116 121 117 116 110 116 120 119 128 124 131 140 131 Zinc 125 126 125 133 127 136 125 131 135 134 131 138 138 146 Gold 126 113 112 107 114 116 116 126 131 152 132 130 107 Silver 129 129 131 130 121 123 122 126 117 107 106 105 106 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." 3 The Bureau of Mines has changed its method of calculating daily average output of beehive coke from a 6-day week basis with two holidays a year, July 4 and December 25, to a 7-day week basis with no holiday allowances. Beginning in December 1941, computation of the Board's index has been changed accordingly. The daily average base no,w used is 4,420 net tons. 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. MAY 1941 491 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 Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec Jan. Feb. Mar Totall 118.6 119.4 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134,4 134.9r135.5 134.9 134.2 Durable good si 122.1 123.0 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143.7 r144.3 146.6 146.8 146.5 Nondurable goods* . 115.2 115.9 118.0 120.5 123.7 126.3 125.5 123.8 123.8 125.6 126.0 124.9 123.5 122.5 Iron and Steel and Products 125.5 126.2 128.3 132.0 136.0 139.1 140.2 139.7 138.2 138.3 r138.9 r 139.0 136.5 135.1 Blast furnaces, steel works, etc 133 133 136 140 145 149 150 149 148 148 149 150 149 148 Bolts, nuts, washers, and rivets 145 151 153 160 166 169 173 172 170 169 170 170 167 168 Cast-iron pipe 92 92 93 94 95 95 94 97 98 101 100 98 100 99 Cutlery and edge tools 108 111 114 117 122 130 130 128 129 130 134 136 133 134 Forgings 94 96 100 102 105 112 112 113 115 115 117 119 122 124 Hardware 114 116 115 116 118 105 116 117 115 113 r106 r99 94 94 Plumbers' supplies 98 100 101 102 102 102 103 100 98 98 98 96 91 89 Stamped and enameled ware 201 203 204 214 220 228 231 231 225 225 220 217 208 205 Steam and hot-water heating 106 107 109 111 114 123 126 125 125 123 125 127 124 123 Stoves 106 106 107 110 114 121 115 109 105 104 108 109 100 93 Structural and ornamental metal work 100 100 101 103 104 105 107 106 107 107 107 108 112 113 Tin cans and tinware 112 113 113 122 129 131 132 132 127 138 141 147 141 128 Tools 126 128 133 135 139 142 146 147 145 146 148 r151 153 153 Wirework 208 203 207 214 218 198 214 203 201 199 184 175 166 Machinery 144.2 148.1 155. 161.6 167.3 173.0 177.7 177.8 179.3 181.2 r183.4 r187.2 190. < 193.8 Agricultural implements 140 126 158 166 170 175 182 181 180 172 167 161 161 159 Cash registers, etc 140 146 151 150 163 168 170 173 175 177 178 176 178 176 Electrical machinery 137 142 147 153 159 164 168 168 168 168 Engines, turbines, etc 239 243 245 259 275 294 315 323 348 371 Foundry and machine-shop products.. 120 124 129 134 139 143 146 147 148 149 150 153 155 157 M T R T y e a a x d p 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 ls i h n o e n r o y graphs 2 1 1 9 9 6 1 2 6 5 0 3 1 1 9 0 7 3 5 4 8 4 3 1 1 1 9 3 8 5 8 8 9 3 1 1 1 2 4 0 9 6 3 1 7 3 1 1 1 3 8 5 0 7 4 0 4 3 1 1 1 4 9 5 0 9 1 5 7 3 1 1 1 6 5 8 0 6 7 7 8 3 1 1 1 5 8 5 1 5 3 8 0 3 1 1 1 6 7 6 1 0 9 0 0 3 1 1 1 6 5 0 9 5 9 9 4 r2 1 1 0 * 0 5 6 9 9 r2 1 1 2 5 1 * 0 7 0 2 1 1 3 5 1 # 5 2 0 2 1 1 4 5 0 7 1 8 Transportation Equipment 152.9 154.1 158.7 164.6 174.2 196.1 193.1 195.2 204.5 208.9 r205.4 r210.1 214.6 216.8 Aircraft 5,398 5,509 5,813 6,121 6,522 7,160 7,897 8,779 9,453 9,794 * * * Automobiles 123 123 125 128 132 149 139 128 129 127 Cars, electric- and steam-railroad 71 70 70 74 81 89 87 98 100 100 111 96 81 Locomotives 51 52 54 58 61 67 70 73 74 77 Shipbuilding 262 268 285 301 341 387 398 440 490 533 Nonferrous Metals and Products . 135.1 136.2 138.9 140.7 144.1 147.8 147.9 144.8 143.1 142.2 rl43.4 r146.7 146.2 145.7 Aluminumi 224 220 229 234 230 240 246 247 240 244 Brass, bronze, and copper... 176 179 181 182 190 193 195 194 191 192 Clocks and watches 109 111 115 118 121 125 121 110 114 110 108 112 110 110 Jewelry 105 107 111 113 115 120 119 110 105 106 113 116 112 111 Lighting equipment 112 110 112 112 115 118 118 119 119 114 106 102 98 95 Silverware and plated ware . 79 79 81 82 84 94 87 85 84 82 83 82 78 77 Smelting and refining 100 101 101 102 102 103 105 103 100 99 100 102 102 102 Lumber and Products .. 75. 74.0 74., 74.6 75.9 78.9 78.4 77.3 76.4 76.9 78.1 79.1 77., 75.0 Furniture 98 98 101 104 106 108 107 103 101 104 105 105 104 102 Lumber, millwork. 72 71 70 69 71 75 76 75 76 75 75 75 73 72 Lumber, sawmills.. 67 65 65 64 65 68 68 68 67 67 68 70 68 65 Stone, Clay and Glass Products . 92.9 92.3 92.3 92.1 93.7 98.6 98.4 98.7 98.9 100.9 101.6 104.5 99.9 96.7 Brick, tile, and terra cotta. 74 71 70 69 69 73 74 74 73 76 77 80 78 75 M G P C o e l a a t m r t s b e s e l r n e y t , granite, and slate.. 1 1 4 1 0 7 7 6 8 6 1 1 4 7 0 1 6 5 8 8 1 1 4 2 0 7 5 1 9 4 1 1 4 0 2 7 5 9 2 3 1 1 4 1 7 2 4 6 4 4 1 1 4 3 2 7 3 1 6 7 1 1 4 7 2 3 2 8 3 0 1 1 4 7 2 3 3 9 2 0 1 1 4 3 2 7 5 1 1 9 1 1 4 3 2 8 5 3 1 2 1 1 4 8 2 3 5 5 1 2 1 1 2 8 4 3 5 8 8 4 1 1 4 8 2 2 3 7 6 0 1 1 8 4 1 2 4 1 6 3 Textiles and Products 107.1 107.6 109.8 112.9 116.1 120.0 117.1 114.7 112.9 113.3 r113.2 111.7 109.6 109.3 Fabrics 99.1 100. 103.3 105.9 109.0 111.1 109.6 107.2 105.4 105.1 104.4 103.7 101. 102.5 Carpets and rugs 84 83 86 89 90 89 91 91 90 90 90 85 81 75 Cotton goods 100 101 103 106 111 113 115 112 112 111 110 110 110 110 Cotton small wares 93 94 97 103 107 110 110 110 108 109 109 106 106 107 Dyeing and finishing textiles . 134 136 138 141 144 149 143 140 135 130 133 131 131 132 Hats, fur-felt 83 83 80 83 86 86 79 77 78 78 76 73 71 69 Hosiery 142 142 141 144 146 149 144 135 133 132 133 129 126 124 Knitted outerwear 69 68 71 76 81 85 83 78 77 78 81 78 79 79 Knitted underwear 78 78 79 81 79 90 88 88 87 87 86 90 86 86 Knitted cloth 141 143 141 155 163 162 161 158 147 147 147 149 149 151 Silk and rayon goods 64 66 69 74 75 72 67 61 60 61 60 59 59 61 Woolen and worsted goods ... 98 102 109 109 110 112 108 112 109 110 107 107 99 103 Wearing apparel 120.5 119.3 119.8 124.0 127.0 135.0 128.8 126.6 124.7 126.9 128.2 124.9 122.5 119.7 Clothing, men's 111 110 114 122 124 124 120 119 120 125 128 122 117 117 Clothing, women's 166 164 159 161 170 193 176 171 165 167 169 161 162 156 Corsets and allied garments .. 113 114 114 116 119 119 122 123 112 122 115 112 116 113 Men's furnishings 118 118 119 121 124 137 137 134 127 121 113 115 113 111 Millinery 82 78 78 73 68 75 79 77 75 68 68 72 78 74 Shirts and collars 126 125 128 131 133 135 135 134 131 132 135 144 133 129 Leather and Manufactures . 95.5 96.8 101.0 100.2 97.9 98.0 99.6 104.2 103.1 r98.8 96.3 96.4 Boots and shoes 92 93 94 98 97 94 94 96 101 100 95 92 92 Leather 88 90 90 95 97 96 98 97 98 97 96 95 96 r Revised. * Included in total and group indexes but not available for publication separately. l Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569. NOTE.—Figures for March 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. 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 Industry and group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Dec. Jan. Feb. Mar. Food and Kindred Products 131.0 131.3 132.5 135.0 137.3 138.4 140.9 r138.8 140.7 r 147.0 r147.5 r148.3 147.5 144.5 Baking 145 146 148 149 151 149 152 151 152 152 152 153 152 152 Beverages 279 278 277 287 286 289 298 295 303 311 316 310 310 304 Butter 99 102 105 107 105 102 104 102 102 106 106 r106 105 108 Canning and preserving ., 144 139 140 147 156 161 169 r157 164 r201 r188 r182 189 170 Confectionery 88 91 92 89 90 97 100 91 90 96 95 94 92 94 Flour 77 78 79 78 80 79 77 79 78 78 79 80 80 79 Ice Cream 81 79 82 79 78 78 79 78 83 83 83 r82 82 82 Slaughtering and meat packing . 111 113 114 119 121 123 124 125 126 127 133 139 138 13.7 Sugar, beet 144 111 97 99 93 89 76 98 91 98 141 168 115 104 Sugar refining, cane 89 97 103 102 101 94 93 103 103 98 101 97 90 93 Tobacco Manufactures 64.9 64.0 65.0 65.8 65.8 65.7 64.4 62.0 64.1 65.0 r66.5 69.2 66.7 66.2 Tobacco and snuff 54 54 54 54 53 53 53 54 54 54 56 54 53 52 Cigars and cigarettes . 66 65 66 67 68 67 66 63 65 66 68 71 69 68 Paper and Printing 117.2 118.5 119.8 121.2 122.9 124.8 125.1 124.4 124.9 124.8 125.9 125.2 123.4 122.1 Boxes, paper 122 125 129 132 139 142 143 141 138 139 140 142 139 135 Paper and pulp 117 119 120 123 125 126 128 128 128 129 129 130 130 129 Book and job printing 101 103 104 104 104 108 106 105 108 107 107 107 103 102 Newspaper and periodical printing ... 116 117 117 117 117 117 118 117 117 116 120 116 115 114 Chemicals, Petroleum, and Coal Products 128.1 129.0 133.6 136.9 140.7 143.0 145.2 144.7 145.9 147.0 148.0 150.0 152.7 150.9 Petroleum refining 120 121 121 123 125 127 127 127 129 128 129 130 131 131 Other than petroleum refining 130.0 131.1 136.6 140.4 144.7 146.9 149.6 148.9 150.1 151.4 152.6 154.9 158.0 155.7 Chemicals 157 161 163 168 172 173 179 180 181 184 187 189 191 188 Cottonseed oil, cake and meal 100 94 110 106 107 109 101 95 93 93 93 94 87 D Ex ru p g lo g s i i s v t e s s ' preparations 118 * 119 * 122 * 129 * 132 * 136 * 138 141 * 14 * 4 14 * 6 1 * 52 15 • 2 15 * 3 Fertilizers 103 95 112 118 124 129 124 124 115 118 115 r124 145 116 Paints and varnishes 130 134 135 136 140 145 148 145 144 144 144 145 143 142 Rayon and allied products 306 - 308 324 330 337 326 328 324 323 320 320 313 308 308 Soap 90 89 91 93 94 98 99 96 94 94 95 94 92 91 Rubber Products 100.4 102.0 103.9 106.1 111.7 113.0 113.3 111.6 110.1 110.1 109.6 r99.8 98.5 Rubber boots and shoes 69 69 74 n 82 82 79 75 78 80 78 73 76 75 Rubber tires and inner tubes 79 80 82 86 87 87 87 86 86 85 r75 74 75 Rubber goods, other 174 177 176 83 192 194 200 196 189 187 r189 175 173 171 179 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 ri u n 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 rv m ice is , - G m o e v n e t r 2 n- forces utilities cellaneous SEASONALLY ADJUSTED 1941—March 38,263 32,120 11,413 855 1,933 3,105 6,677 4,162 3,975 1,343 April 38,329 32,186 11,636 572 1,859 3,133 6,803 4,166 4,017 1,546 May 38,824 32,681 11,886 877 1,698 3,192 6,781 4,188 4,059 1,662 June 39,296 33,153 12,221 889 1,644 3,220 6,865 4,204 4,110 1,740 July 39,903 33,760 12,605 914 1,668 3,264 6,944 4,242 4,123 1,857 August r40,101 r33,958 r12,615 923 1,666 3,302 7,027 4,246 4,179 1,944 September r40,016 r33,873 r12,548 908 1,683 3,303 6,968 4,241 4,222 1,992 October r40,192 r34,049 r12,599 892 1,776 3,292 6,989 4,251 4,250 2,014 November r40,603 r34,460 r12,735 892 1,924 3,310 7,043 4,266 4,290 December r40,905 r34,762 r12,789 892 2,156 3,322 7,017 4,274 4,312 1942—January r40,891 r34,748 r12,848 873 2,061 3,325 6,907 r4,273 4,461 February 40,849 34,706 12,811 852 2,091 3,314 6,862 4,266 4,510 March 40,782 34,639 12,758 850 2,069 3,322 6,808 4,261 4,571 UNADJUSTED 1941—March 37,761 31,618 11,457 864 1,631 3,056 6,578 4,097 3,935 1,343 April 38,228 32,085 11,684 564 1,775 3,113 6,792 4,174 3,983 1,546 May 38,902 32,759 11,886 869 1,782 3,185 6,753 4,235 4,049 1,662 June 39,475 33,332 12,154 876 1,816 3,239 6,861 4,260 4,126 1,740 July 39,908 33,765 12,391 888 1,895 3,290 6,837 4,300 4,164 1,857 August , 40,292 34,149 12,595 900 1,921 3,326 6,897 4,300 4,210 1,944 September 40,710 34,567 12,777 906 1,936 3,367 7,008 4,325 4,248 1,992 October: 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 r41,080 r34,937 r12,734 908 1,874 3,296 7,511 4,227 4,387 1942—January , r39,865 r33,722 r12,592 876 1,658 3,255 6,757 4,180 4,404 February 39,933 33,790 12,710 860 1,645 3,250 6,686 4,180 4,459 March 40,298 34,155 12,784 859 1,747 3,274 6,707 4,195 4,589 * Adjusted to Census of Manufactures through 1939. r Revised. t1N Noot available for publication. 21 1 E ITnn x c, c l l u u d d e e s s s m elf i l e it m ar p y l oy an ed d p n e a r v s a o l n s f , o c rc a e su s. al workers, and domestic servants not included in total of employees in nonagricultural establishments. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for March 1942 are preliminary. Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. MAY 1941 493 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 1941 1942 1941 1942 Feb Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Total1 117.8 119.9 134.8 r134.2 r132.3 133.6 134.5 126.8 131.2 165.4 rl69.9 r173.4 178.2 181.9 Durable goods1 121.0 123.7 144.6 144.2 r143.2 145.1 147.0 139.3 144.6 190.3 r195.4 204.4 210. 216.3 Nondurable goods1. 114.7 116.3 125.4 124.8 121.8 122.7 122.6 112.9 116.3 137.4 141.3 138.7 141.8 143.4 Iron and Steel and Products 125.0 127.2 138.8 r138.0 136.3 136.0 136.1 137.0 141.2 171.9 r174.2 r173.7 178.4 181.6 Blast furnaces, steel works, etc 133 135 148 149 149 149 150 145 149 183 185 185 191 194 Bolts, nuts, washers and rivets , 146 151 169 170 170 169 168 193 199 253 260 261 270 270 Cast-iron pipe 89 91 98 98 97 97 98 97 99 118 120 117 125 127 Cutlery and edge tools. 109 113 133 134 133 134 136 115 123 161 165 171 179 181 Forgings 95 97 115 118 121 123 125 130 138 181 196 209 216 222 Hardware 115 117 113 r106 r99 94 95 135 138 r147 r138 r133 132 137 Plumbers' supplies 99 101 98 97 95 92 90 97 101 106 110 99 104 103 Stamped and enameled ware. 202 207 225 220 213 209 210 233 241 288 298 294 300 308 Steam and hot-water heating 106 107 125 124 122 124 123 110 112 150 161 169 169 173 Stoves 99 103 110 104 92 94 92 94 103 115 112 94 103 104 Structural and ornamental metal work 96 97 108 106 106 107 110 94 97 116 121 125 134 140 Tin cans and tinware 104 107 135 134 137 131 122 116 122 166 174 181 165 153 Tools 126 130 147 150 r151 153 156 153 161 205 211 218 224 234 Wirework 208 210 204 199 184 175 168 253 256 278 264 265 249 242 Machinery 143.4 147.7 181.4r183.4 r185.0 189.7 193.3 176.9 186.2 255.3 r269.6 r284.2 294.8 304.9 Agricultural implements 144 133 168 167 164 166 168 174 162 224 219 229 241 247 Cash registers, etc 140 146 177 176 175 178 176 166 179 223 239 250 260 265 Electrical machinery 136 142 169 176 186 242 Engines, turbines, etc 236 248 353 345 376 676 Foundry and machine-shop products. 120 124 149 150 152 155 157 136 144 191 203 211 219 228 M T R T e y a a x d p c t i e h i o w l i s e n r e a 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 9 9 0 4 3 7 9 5 3 1 1 9 0 3 4 6 7 4 9 3 2 1 1 6 1 6 0 7 8 2 9 2 1 1 1 0 * 6 9 9 2 r2 1 1 0 5 * 1 9 7 0 1 2 1 5 1 * 0 1 1 7 2 1 1 1 4 0 * 1 7 9 4 1 1 1 4 2 0 4 8 2 5 6 4 1 1 1 6 5 5 1 2 9 7 0 r2 2 5 1 3 6 9 4 6 7 9 1 r2 2 1 8 3 * 5 6 5 0 r2 2 1 7 2 * 5 7 6 4 2 2 1 2 7 5 * 2 9 4 2 2 1 1 9 5 * 1 0 3 Transportation Equipment 157.2 161.2 210.4 r208.9 r210.2 215.6 223.0 191.0 197.2 287.8 r290.6 r329.3 337.0 347.9 A A i u r t c o r m af o t biles 5,3 1 4 3 4 0 5,5 1 6 32 4 9,6 1 9 30 6 * 1 • 00 * 8 * 6 6,4 1 4 6 1 0 6 1 6 6 7 3 8 13 1 , 7 1 6 83 14 * 8 * 13 * 5 13 * 1 Cars, electric- and steam-railroad 69 71 97 116 89 67 66 112 154 Locomotives 49 52 77 58 61 106 Shipbuilding 257 272 533 338 365 829 Nonferrous Metals and Products 134.7 137.0 146.1r145.3 144.3 145.7 146.6 151.2 155.5 182.0 r193.3 r198.0 201.6 206.6 Aluminum1 225 224 247 285 258 371 Brass, bronze and copper 176 181 192 224 238 261 Clocks and watches 109 111 116 113 110 110 125 129 155 r150 149 154 159 Jewelry 102 104 120 116 109 109 108 90 94 115 121 102 106 115 Lighting equipment 111 112 120 r110 r100 97 96 105 106 124 r115 r113 108 109 Silverware and plated ware. 78 80 87 ' 86 79 78 78 77 82 102 101 87 90 96 Smelting and refining « 100 101 100 101 102 102 102 105 106 121 124 126 127 129 Lumber and Products 72.0 72.6 77.9 76.6 74.0 74.2 73.7 70.6 72.8 86.4 85.8 81.. 86.0 Furniture 96 97 108 107 102 102 101 90 94 119 121 Ill 116 115 Lumber, millwork....,....., 70 70 76 74 71 71 71 58 58 71 72 66 67 68 Lumber, sawmills 63 64 66 65 64 64 64 61 63 70 68 68 72 72 Stone, Clay and Glass Products 86.9 89.7 101.5 99.7 r95.2 93.7 94.1 82.0 85.2 105.8 106.6 r99.4 103.7 105.5 B M C G Po r e l a a i t m c r t s b e k s e l , r n e y t t , il g e r a a n n i d te te a r n r d a s c l o at t e ta .„ , 1 1 4 6 6 0 1 2 6 4 8 6 1 1 6 4 6 1 2 9 3 5 1 0 1 1 8 4 2 7 3 2 6 4 6 3 1 1 8 4 2 7 3 1 4 2 4 2 1 1 6 4 7 2 2 9 0 8 1 8 1 1 6 3 7 2 2 8 9 6 6 0 1 1 3 6 7 2 1 9 9 8 5 9 1 1 5 6 3 3 0 5 2 0 5 0 1 1 5 6 3 4 0 6 6 1 1 5 1 1 9 3 7 6 2 1 5 3 8 9 1 1 8 3 3 7 1 9 5 1 1 3 r1 1 6 8 1 3 6 5 4 9 0 6 1 1 6 8 3 7 3 7 5 0 1 6 1 1 6 8 3 3 7 9 8 1 7 3 Textiles and Products.... .„ .„ ... .x. .„ 110.1 111.6 113.4 113.0 110.8 112.7 113.3 103. 107.0 118.3 r 122.1 119.8 127.1 129.2 Fabrics 101.7 102.7 106.1 106.2 104.8 104.6 104.9 98.5 101.1 118.9 123.7 122.0 123.8 124.7 Carpets and rugs. „ « 84 86 90 90 82 80 77 79 83 94 95 82 85 81 Cotton goods 103 104 112 112 112 113 114 102 105 135 140 142 145 146 Cotton small wares 95 98 109 109 106 109 112 101 105 128 129 129 143 149 Dyeing and finishing textiles 140 142 133 135 134 137 138 129 133 133 141 142 149 151 Hats, fur-felt .., 84 85 76 76 73 73 71 89 90 76 83 80 80 71 Hosiery. ,..,.., 143 144 135 135 128 127 125 156 161 160 164 153 158 154 Knitted outerwear 68 68 80 77 75 79 80 60 61 77 74 73 79 83 Knitted underwear 78 80 88 86 85 86 88 77 82 97 98 99 102 107 Knitted cloth 142 146 146 146 144 150 153 129 133 139 144 143 157 161 Silk and rayon goods .. „ 67 67 61 61 60 62 62 56 58 61 62 62 66 68 Woolen and worsted goods. ... 103 103 109 111 109 104 104 100 100 125 134 130 122 123 Wearing apparel «. 124.2 127.0 124.9 r123.2 119.5 126.2 127.3 107.9 112.2 109.8 r108.1 125.7 130.1 M C C Co l l e o o r n t t s h h ' e s i i t n n s f g g u a , , r n n m w i d s o e h a m n i l n ' l s e g i n e s ' d s garments 1 1 1 1 1 1 7 1 9 5 3 4 1 1 1 1 2 1 7 1 3 8 8 6 1 1 1 1 3 6 2 2 0 5 1 2 1 1 1 1 2 1 6 2 1 3 3 0 1 1 1 1 1 0 5 1 7 7 6 0 1 1 1 1 2 6 1 1 1 8 7 4 1 1 1 11 2 1 7 5 2 6 0 1 1 1 9 4 2 2 6 3 7 4 1 1 1 9 4 3 2 9 8 3 9 1 1 1 1 0 2 5 5 9 7 7 0 r1 1 1 3 3 3 3 8 3 r1 1 1 1 0 2 3 1 8 8 6 9 1 1 1 1 5 1 5 4 9 8 7 0 1 1 1 1 5 2 6 4 7 3 4 1 Millinery 89 91 61 60 71 84 86 76 85 40 40 51 76 82 Shirts and collars 126 128 137 135 131 133 133 118 122 156 153 141 149 152 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. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Indei 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 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan Feb. Mar. Leather and Manufactures 96.9 98.7 96.7 99.2 r98.9 100.2 100.9 91.5 96.1 97.0 106.7 r107.3 113.4 115.5 Boots, and shoes 95 97 92 95 95 97 98 89 94 88 100 101 108 110 Leather 88 89 98 98 96 97 97 92 94 118 122 119 122 124 Food and Kindred Products 119.1 120.3 r145.9 r141.0 r135.3 133.4 131.7 119.6 122.4 157.7 157.2 154.6 150.6 150.2 Baking . . . 143 145 154 152 150 150 150 138 140 160 158 158 160 161 Beverages 255 264 291 289 282 284 289 295 313 351 358 r348 356 375 B Ca u n tt n e i r ng and preserving 9 8 1 5 9 8 6 0 r1 1 6 0 3 4 r1 1 2 0 4 1 98 1 9 1 8 1 1 9 0 9 1 8 7 1 6 8 7 5 6 1 9 7 7 3 r13 9 0 6 r12 9 2 4 • 1 9 2 8 8 1 1 0 1 2 1 Confectionery 86 89 110 106 92 90 92 89 94 126 123 105 104 107 Flour 77 77 79 79 79 80 78 73 73 83 89 90 91 88 Ice cream 68 70 73 71 70 69 72 60 62 67 67 65 67 69 Slaughtering and meat packing 111 111 130 138 144 138 134 114 114 154 169 182 163 159 Sugar, beet . 53 43 265 228 72 43 40 57 46 308 255 76 54 53 Sugar refining cane 89 96 97 99 93 89 92 73 92 89 98 91 79 83 Tobacco Manufactures 63.7 63.3 68.4 r67.5 63.4 65.5 65.5 61.7 62.7 77.1 H6.8 72.7 72.3 70.2 Tobacco and snuff 57 54 55 57 55 55 52 64 64 72 74 n 70 70 Cigars and cigarettes 65 64 70 69 64 67 67 61 62 78 77 73 72 70 Paper and Printing 117.1 118.1 126.7 128.3 124.7 123.2 121.7 117.1 120.3 137.5 r144.1 136.5 135.1 134.9 Boxes, paper 119 123 147 145 137 135 133 136 145 194 193 179 177 174 Paper and pulp. 117 119 129 129 130 130 129 133 136 167 170 172 174 175 Book and job printing 103 102 108 110 108 105 102 93 95 105 110 105 100 99 Newspaper and periodical printing.... 116 117 118 122 115 115 114 110 112 116 129 113 114 114 Chemicals, Petroleum, and Coal Products... 128.5 131.6 148.4 148.5 149.4 153.0 153.7 144.8 149.1 195.6 200.9 202.0 208.8 211.0 Petroleum refining 119 120 129 129 129 130 130 132 133 168 174 171 178 179 Other than petroleum refining 130.8 134.6 153.2 153.2 154.3 158.7 159.5 148.7 154.0 204.2 209.3 211.5 218.3 220.8 Chemicals 155 159 185 186 186 188 186 194 202 265 272 276 278 276 Cottonseed oil, cake and meal 112 100 123 117 104 105 93 105 93 131 126 107 110 96 Druggists' preparations 119 121 148 149 152 155 155 136 138 188 185 187 193 194 Explosives Fertilizers 113 141 101 106 r124 159 173 93 117 99 106 r120 155 177 P R a a i y n o t n s a a n n d d v a a ll r i n ed is h p e r s oducts 3 1 1 2 1 9 3 1 1 3 2 3 3 1 2 4 3 3 3 14 2 2 1 3 1 1 4 6 1 3 1 1 4 3 1 3 1 1 4 3 1 3 1 2 4 8 2 / 3 1 3 4 3 7 3 1 8 7 5 2 3 17 9 6 1 3 1 9 7 2 3 3 1 9 7 1 6 3 1 9 7 4 9 Soap 90 91 97 92 92 92 93 113 115 139 134 133 135 136 Rubber Products 100.7 102.8 111.2 110.3 r99.6 99.0 99.3 115.3 119.5 140.6 136.9 r127.4 127.4 134.7 Rubber boots and shoes 68 69 82 81 74 75 75 79 80 110 110 97 96 99 Rubber tires and inner tubes 79 80 86 85 r75 74 75 100 103 118 109 r103 102 107 Rubber goods, other 175 179 190 ''189 r174 174 173 185 195 227 236 r218 222 238 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for March 1942 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1941 1942 1941 1942 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. Total 39.0 40.0 41.1 40.3 41.2 41.5 42.2 68.9 69.2 77.0 78.1 78.7 80.1 80.3 Durable goods 40.6 41.6 42.9 41.8 42.8 43.7 44.4 75.8 76.2 85.3 86.5 87.1 88.9 89.3 Iron and Steel andj Products 39.8 40.7 41.5 40.9 41.4 41.3 42.1 78.6 79.1 87.7 88.6 89.4 90.4 90.9 Machinery 43.2 44.2 45.4 44.6 46.3 47.1 47.3 76.8 77.2 86.1 86.8 87.9 89.9 90.6 Transportation Equipment 40.4 42.1 43.0 41.4 42.2 46.0 46.2 91.1 91.7 101.9 104.2 103.5 106.9 105.9 Nonferrous Metals and Products 41.4 41.8 42.7 41.6 43.4 43.8 43.8 74.0 74.0 82.2 83.1 84.8 86.5 87.2 Lumber and Products 38.9 39.4 41.5 39;5 39.7 38.9 40.5 52.9 53.4 59.8 60.2 60.2 60.7 61.3 Stone, Clay and Glass Products 36.5 37.2 39.2 37.8 38.6 37.9 39.3 68.2 68.5 74.4 74.9 75.3 75.1 75.9 Nondurable goods 37.3 38.3 39.1 38.6 39.4 39.1 39.7 62.0 62.1 68.0 68.8 69.5 70.1 70.0 Textiles and Products 35.7 37.4 37.6 37.1 38.1 37.7 38.9 51.2 51.5 58.1 57.9 58.3 58.9 59.2 Fabrics 36.9 38.3 38.8 38.4 39.6 39.3 40.1 49.2 49.2 56.6 56.7 57.1 57.4 57.4 Wearing apparel 33.3 35.7 35.4 34.4 35.1 34.4 36.6 55.2 56.1 61.1 60.4 60.9 62.0. 62.9 Leather and Manufactures 37.3 39.1 37.7 36.4 38.7 38.8 39.9 55.5 56.4 63.5 64.4 64.9 64.9 65.8 Food and Kindred Products 39.0 39.5 40.9 40.2 40.7 40.8 40.9 64.9 65.1 67.9 69.5 70.3 71.8 71.2 Tobacco Manufactures 35.7 35.4 38.7 38.5 39.1 37.9 37.0 49.8 49.5 52.7 53.2 53.0 54.9 54.4 Paper and Printing 38.8 39.1 40.3 40.4 41.0 40.1 40.0 80.2 80.3 83.4 84.1 85.5 85.2 85.4 Chemicals, Petroleum, and Coal Products 38.9 38.8 40.2 40.0 40.5 40.2 40.6 77.0 77.0 86.1 87.5 88.1 88.6 88.1 Petroleum refining 35.7 35.6 36.9 36.6 38.0 37.3 38.8 97.0 97.0 109.7 110.9 110.6 110.7 110.4 Other than petroleum refining 39.9 39.8 41.2 40.9 41.2 40.9 41.1 70.6 70.7 79.4 80.6 81.5 82.2 81.9 Rubber Products 39.0 39.3 39.1 39.3 38.8 39.3 39.7 78.8 79.2 86.5 87.0 87.5 r88.7 88.2 r Revised. MAY 1941 495 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. u 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 188 119 220 201 270 434 69 51 111 82 105 310 119 68 109 119 166 123 March 231 227 301 272 480 611 66 95 128 95 269 473 165 132 173 177 211 138 April 270 222 330 301 407 74 99 160 103 184 195 123 170 197 223 May 244 283 308 329 . 549 93 144 135 112 267 151 139 174 217 281 June 318 251 288 325 539 137 108 128 147 314 180 143 161 177 225 July 322 240 300 399 577 131 98 137 205 348 191 142 163 194 229 August 281 313 312 415 760 104 171 158 195 520 178 142 154 220 240 September 207 301 323 348 623 80 160 144 144 403 127 141 179 204 220 October 202 358 262 383 606 78 203 92 175 371 124 154 170 209 235 November 198 302 300 380 459 93 179 144 195 298 106 123 156 186 161 209 389 354 456 432 115 279 225 258 288 94 110 129 198 144 Year 2,913 3,197 3,551 4,004 6,007 1,152 1,705 1,708 1,802 3,492 1,761 1,492 1,842 2,202 2,515 l 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 Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. N B Ph o e i w s l t a o d Y n e o lp rk hia 3 3 2 9 0 9 , , , 7 7 3 9 2 8 5 0 3 2 2 5 6 0 9 , , , 6 3 0 5 0 9 3 1 1 2 4 2 4 7 9 , , , 8 0 5 6 1 9 2 5 3 B N P C h o e le i w s l v t a o e d n l Y a e n l o p d r h k ia 3 8 8 5 7 0 1 8 0 2 4 4 9 9 6 1 7 4 4 1 8 5 0 7 1 6 8 8 4,4 9 5 8 2 3 0 1 0 5 1 8 2,6 4 3 8 4 1 2 7 6 5 3 5 4 1 1 1 , , , , 0 2 4 1 0 4 6 6 3 6 6 4 Cleveland .. „ 48,519 32,821 35,049 Richmond 39 31 35 307 275 547 Richmond , 130,782 80,772 57 017 Atlanta . ... 45 36 44 469 544 439 Atlanta 41,072 27,928 27,371 C St h . ic L a o g u o i s i 1 3 5 9 7 1 3 3 4 2 1 4 4 8 6 2,2 4 7 8 9 2 1,6 3 2 3 4 6 1,4 8 1 0 0 0 M S C t h i . n ic L n a o e g u a o p i s olis ... 1 6 4 5 5 0 , , , 1 3 6 8 7 5 1 7 1 4 7 6 9 2 , , , 5 5 8 9 4 7 7 5 6 1 8 3 8 1 2 , , , 0 1 3 5 0 9 3 8 1 M K D Sa a a i n n n l 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 9 5 1 1 0 9 7 3 1 5 1 1 1 9 4 3 9 1 4 3 2 1 9 0 1 5 9 6 1 3 3 9 3 7 6 4 3 1,3 6 3 2 5 2 5 6 3 6 3 1 1,3 4 2 3 4 5 0 6 2 5 6 6 K D a a n ll s a a s s City 3 4 2 6 , , 3 9 8 3 5 4 4 1 2 3 , ,9 9 9 8 2 1 2 1 1 5 , , 7 6 7 7 4 0 Total 1,048 916 1,211 12,011 9,631 13,444 Total (11 districts) 610,799 433,557 479,903 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. 496 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 r365 265 141 169 232 278 3 87 61 84 r87 August 277 231 250 351 460 246 166 176 221 283 31 65 74 130 178 September 297 246 289 295 425 233 168 182 195 r262 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 r5,146 3,084 1,960 2,318 2,625 r3,345 265 1,134 859 1,396 rl,801 r Revised. 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 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Totai Coal Coke Grain L st i o v c e k - p u r e c o s t d t s - Ore l c a e n l- e- c I d h .C i a s . n e I. - 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 in N co e m t e revenues income SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941— M N D M J J A O A S u u F e e o u p c a a n l e p c g v r t y r y e b t i o e c u e l e . r m h b m s . m u . t e a b b b r r e e . e y . r r r . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 3 3 2 2 3 3 3 3 1 2 3 7 5 7 4 0 9 5 8 2 6 9 1 1 1 1 1 1 1 1 1 1 1 4 2 2 1 3 5 5 5 2 3 1 5 1 1 3 3 8 0 6 8 8 2 1 1 1 1 1 1 1 1 1 1 6 0 6 5 7 4 9 6 3 8 8 5 0 7 9 6 9 9 8 7 9 2 1 1 1 1 1 1 1 1 1 1 9 1 1 2 0 0 1 2 1 1 2 7 8 1 4 3 2 2 6 3 3 4 1 9 9 9 8 8 8 9 9 9 8 0 3 3 3 3 4 4 5 3 1 8 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 3 3 5 3 4 2 3 3 5 6 9 8 3 2 6 0 7 0 0 2 2 2 1 1 2 2 1 1 1 1 4 0 0 4 8 5 6 5 6 5 9 6 4 4 9 1 5 6 6 6 2 2 1 1 1 1 1 1 1 1 1 1 1 4 4 3 3 4 3 3 4 3 2 3 9 4 5 3 1 9 1 0 0 8 6 1 1 1 1 1 1 1 9 9 9 9 0 0 0 0 0 0 0 1 9 9 7 7 0 2 0 2 0 2 1941— D N M J J O M A A S F J u u e e e o c u a p a a l n p b c t n v y g r y r e o t e i r u c e u e l b u m h a m s m e a r t b y r b r b y e e e r r r 4 4 4 4 4 4 4 3 4 3 4 4 7 8 5 6 8 7 3 7 8 8 0 1 1 5 3 4 6 4 9 6 2 9 2 7 3 3 3 3 3 3 3 3 4 4 3 4 7 6 7 7 1 2 4 0 0 1 1 3 0 3 9 7 9 3 6 3 3 6 0 4 1 1 1 r8 8 4 1 8 5 9 0 0 7 7 7 3 5 9 0 3 9 3 0 8 6 3 3 4 5 3 3 5 6 6 3 4 4 1 1 2 8 7 2 0 8 5 3 3 1 1 7 1942 . — M F J e a a b n r u r c u h ar a y r y . . .. . C1 1 1 3 4 3 9 0 6 C1 1 1 1 1 2 6 9 2 c1 1 1 5 5 6 0 3 8 C1 1 1 3 4 1 1 2 9 C 9 9 9 9 5 7 C1 1 1 5 5 4 9 6 9 C1 1 2 8 8 8 7 6 2 C \ 1 1 U 5 5 3 1 2 c1 9 9 0 7 2 0 1942— F J e a b n r u u a a ry ry 4 5 9 1 5 9 4 4 1 2 3 0 8 9 2 9 40 UNADJUSTED UNADJUSTED 1941—January 377 315 62 r19 1941— N D M M J O J A A S F u u e o e c u p a a e n l p c t v g y r y b r o e t e i e c u r e l b m h u m s m e a t b r b r b e y e e r r r r 1 1 1 1 1 1 1 1 1 1 1 4 2 4 4 2 3 1 3 4 3 0 1 8 4 5 1 8 5 6 0 1 8 1 1 1 1 1 1 1 1 1 1 2 3 3 3 3 4 3 2 1 2 3 5 5 8 8 9 0 1 7 7 9 2 1 1 1 1 1 1 1 1 1 1 1 6 8 6 6 7 7 8 7 6 2 7 5 2 8 7 2 2 3 5 7 0 0 1 1 1 1 1 1 1 1 1 1 0 9 2 2 8 9 6 0 2 3 5 4 6 5 2 5 7 3 7 3 1 1 1 9 8 1 8 6 1 4 8 7 7 7 7 0 7 2 9 1 6 2 0 5 4 1 1 1 1 1 1 1 1 1 1 1 2 4 4 4 4 4 6 3 2 2 3 9 3 9 7 9 1 0 5 8 7 0 2 2 2 2 2 2 1 2 6 6 7 8 3 4 9 6 7 5 0 9 1 1 3 2 5 9 5 6 0 3 r1 1 1 1 1 1 1 1 1 1 1 5 3 2 5 5 4 3 3 1 4 3 1 8 5 0 0 1 9 8 8 1 1 1 1 1 1 1 1 1 9 9 9 0 9 0 0 0 0 0 0 6 9 9 2 1 1 8 1 2 1 3 N J D M J A O M A S F u u e e o e c u p a a l n p b c t v y g r y r o e t i e r e c u e l b u m m h s m e a t b r b r b e y e e r r r 4 4 4 4 3 4 4 4 5 3 5 8 5 8 9 7 4 1 1 5 5 9 7 5 4 5 2 6 8 8 3 4 3 3 3 3 3 3 3 3 3 8 8 9 2 8 7 6 3 5 2 0 5 8 9 4 2 9 2 6 4 2 0 1 1 1 8 6 5 8 9 9 1 5 8 0 0 1 9 3 9 3 4 1 8 1 4 6 5 6 5 5 2 5 4 6 3 1 3 4 9 4 9 5 3 6 5 7 5 1942—January 481 412 69 26 1942—January ...... 129 136 184 125 95 140 46 134 93 February 462 396 66 February C129 C132 C184 c110 C76 C153 C47 C135 C96 March 129 125 175 102 77 149 73 139 92 p Preliminary. r Revised. •Derived from Interstate Commerce Commission data. p Revised. 5 Corrected. NOTE.—Descriptive material and back figures may be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MAY 1941 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS {Index numbers based on value figures; 1923-25 average = 100.] Seasonally adjusted 1939 SALES January February March April May June....... July August.... September October .. November December Year STOCKS January... February March April . . May June July August September October November December . . Year 0000 O0O0 SALES BY DEPARTMENTS [Percentage change from corresponding period of preceding year.] Unadjusted Department M 1 a 9 r 4 c 2 h * , Thre 1 e 9 4 m 2 os., 1940 1941 1942 1939 1940 1941 1942 NET SALES—entire store +26 +27 Main Store +26 +27 92 101 138 69 71 79 108 Basement Store +28 +31 90 103 126 69 71 82 99 88 89 103 124 82 86 93 118 Women's, girls', and infants' apparel and 8 87 8 8 89 9 1 1 0 05 4 8 87 8 8 89 6 1 1 0 05 6 ac M ce a s in s o s r t i o e r s e1 + + 2 2 9 8 + + 2 2 9 8 86 91 104 83 87 100 Women's and misses' coats and suits... +51 +50 87 92 115 60 64 79 Women's and misses' dresses +9 +8 88 98 134 69 77 106 Blouses, skirts, sportswear, sweaters, 90 97 116 97 105 125 knit apparel +32 +30 92 94 105 99 101 112 Juniors' and girls' wear +40 +37 93 100 116 106 114 133 Aprons, housedresses, uniforms +15 +14 95 101 111 168 179 197 Women's underwear, slips, negligees +21 +28 Infants' wear +39 +34 90 94 110 Women's and children's shoes. +28 +31 Furs '. +8 Basement2 +31 +32 67 68 71 93 60 61 64 83 Men's and boys' wear., +54 +47 68 71 73 102 65 68 70 97 Main store1.. +57 +48 68 70 74 69 71 75 p109 Men's clothing +90 +70 67 69 74 69 71 76 Men's furnishings, hats, caps... +25 +26 66 68 74 68 70 76 Boys' clothing and furnishings. +60 +49 67 67 77 64 64 73 Basement2 +42 +39 67 68 82 60 61 73 Home furnishings +17 +24 6 6 7 8 6 7 9 0 8 9 7 2 6 7 5 1 6 7 6 3 8 9 4 5 Main F u s r to n r i e tu 1 re, beds, mattresses, springs +7 +17 +10 +24 69 71 97 77 79 108 Domestic floor coverings +17 +22 71 72 95 82 83 110 Draperies, curtains, upholstery +18 +20 68 71 92 64 66 86 Major appliances (refrigerators, washers, stoves, etc.) +20 +35 68 69 83 Domestics, blankets, comforters, linp Preliminary. Baseme en n s t , t ( o i w nc e l l u s ding domestics, blankets, +22 +37 Back figures.—Department store sales, see BULLETIN for August 1936, linens, towels)2 +14 +27 p 631, for October 1938, p. 918, and for January 1941, p. 65; department store stocks, see BULLETIN for March 1938, p. 232. Piece goods (dress and coat yard goods, all materials) +28 +34 i WEEKLY INDEX OF SALES Main store +29 +33 [Weeks ending on dates shown. 1935-39 average = 100.] Basement , +25 +41 Shoes (basement only). +26 +27 1939 1940 1941 1942 * Based on reports from 262 stores. Reports of total sales from a larger Mar. 11 . 89 Mar. 8.... . 98 Mar 8...... 97 Mar. 7.... .125 number of stores, including many stores not reporting sales by depart- 18 . 93 16.... 99 15......105 14.....131 ments, showed an increase of 25 per cent for March and 28 per cent for Apr. 2 1 5 . . 1 1 0 1 2 0 3 2 0 3 . . . . . . . . .11 8 3 8 2 2 9 2 . . . . . . . . . . . . 1 1 1 1 7 1 2 2 8 1 . . . . . . . . . . 1 1 4 4 7 0 th 1 r e G e r m ou o p n th to s t o al f s 1 f 9 o 4 r 2 , m as a i i n n d s i t c o a r t e e d i n i c n l u th d e e t s a a b l l e e s b i e n l o d w e . partments not shown 8 .118 Apr. 6 112 Apr 5 131 Apr 4.... 160 separately. 15 92 13 97 12 136 11 120 2 Group totals for basement are not strictly comparable with those shown 22 . 93 20 , 99 19..:. ..117 18.... .135 for main store owing chiefly to inclusion in basement of fewer departments 29 98 27 . 98 26.... ..114 25.... .129 and somewhat different types of merchandise. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year.] M 19 a 4 r 2 . F 1 e 9 b 4 . 2 T m 1 h o 9 r s 4 e . 2 e M 19 a 4 r 2 . F 1 e 9 b 4 . 2 m 1 h 9 o r 4 s e 2 . e M 19 a 4 r 2 .F 1 e 9 b 4 . 2 T m 1 h 9 o r 4 e s 2 . e M 19 a 4 r 2 . Feb. T m 1 h 9 o r 4 s e 2 . e United States... +25 +22 +28 Cleveland (cont'd) Chicago (cont'd) Dallas +15 +10 +18 Boston +27 +18 +29 Youngstown +13 +15 +23 Fort Wayne +37 +44 Shreveport +23 +18 +28 New Haven +23 +21 +26 Erie +35 +31 +40 Indianapolis... +28 +27 +32 Dallas +14 +6 +13 Portland +36 +29 +41 Pittsburgh.... +29 +17 +31 Des Moines +16 +17 +20 Fort Worth +15 +19 +22 Boston +25 +15 +27 Wheeling +26 +14 +30 Sioux City +12 +11 +15 Houston +18 +7 +20 Springfield +49 +7 +35 Richmond +35 +32 +37 Detroit +24 +28 +31 San Antonio +18 +20 +24 Providence +14 +23 +26 Washington +38 +34 +41 Flint -9 0 San Francisco +26 +29 +29 New York +23 +20 +26 Baltimore +40 +37 +40 Grand Rapids.. +14 +12 +21 Phoenix +32 +37 +37 Bridgeport +30 +32 +35 Winston-Salem... +18 +5 +17 Lansing +9 +12 +19 Bakersfield +7 +15 +14 Newark +29 +21 +29 Charleston, S. C, +54 +3' +61 Milwaukee +30 +31 +34 Fresno +14 +17 +19 Albany +19 +18 +25 Lynchburg +30 +2: +30 St. Louis +26 +23 +29 Long Beach +48 +45 +48 Binghamton +35 +28 +38 Norfolk +44 +43 +47 Fort Smith +52 +38 +49 Los Angeles +18 +21 +22 Buffalo +31 +30 +37 Richmond +26 +26 +27 Little Rock.... +28 +26 +26 Oakland and Elmira +39 +36 +43 Charleston,W.Va +20 +24 +26 Quincy +20 +19 +27 Berkeley +36 +41 +39 Niagara Falls +50 '+43 +51 Huntington +19 +16 +25 Evansville +16 +22 +25 Sacramento +29 +34 +31 New York City.. +20 +18 +23 Atlanta +10 +18 Louisville +17 +19 +21 San Diego +44 +42 +43 Poughkeepsie +24 +9 +26 Birmingham +40 +41 +46 St. Louis +30 +25 +32 San Francisco.... +26 +20 +21 Rochester. +20 +19 +26 Montgomery +18 +15 +22 Springfield.... +10 +9 San Jose +19 +26 +23- Ph T L P S il h y a r a e i n r d l a n c a e c a t d l u p o s e s h t n l e e i p . a r . h . . ia + + + + + 2 3 2 3 3 8 2 1 1 3 + + + + + 2 2 3 3 2 1 5 0 8 9 + + + + + 3 3 3 4 3 0 1 6 0 5 M J T M A a a t c i a l m a k c a m o s n p o n i a ta nville + + + + — 2 2 1 18 4 6 6 + + — + 1 1 1 1 6 . 0 0 2 + + + + - 1 2 2 1 9 7 6 1 1 K M a i M D H n n n e s u e a e n t m c s a v h p p e C i o h r n l i i i s s t s y on + + + + + 2 1 1 1 3 9 6 6 8 + + + + + 2 1 1 2 1 4 1 1 1 5 + + + + + 3 1 1 2 2 0 9 6 2 3 V B S S a t o a N o n i l s c l t a e e a k m j t o a o R p n n a o a d n s d a Napa + + + + 3 3 6 2 9 8 6 7 + + + + 6 3 3 27 5 2 4 + + + + 6 3 3 3 7 3 6 1 Cl W A e R Y C C C v k i l o e o e i e n l r a r l l v k a u c k o d e n i e m n i n l d s n a b n - .. g n B u a .. d . s t a . i . r . re > + + + + + + + + 2 2 3 3 3 2 3 7 4 4 6 9 0 5 24 r r + + + + + + + + 2 3 3 1 3 1 3 2 9 0 0 2 1 8 1 2 + + + + + + + + 3 3 3 2 4 3 2 3 7 6 9 9 0 6 8 3 Ch N J N B K C C i a c a h e a h n c a w t s i o a k g o c h t x s o a n t v v O o a g i i n n o l R r l l l o l e e e o o a u g n g a s e.... . + + + + + + * 2 1 2 2 2 2 0 7 1 3 5 <+ + + + + + + 1 1 2 1 2 1 2 4 . 0 4 7 3 7 + + + + + + 3 2 3 1 2 2 * 8 3 7 0 4 0 T W T J K O O S o t o u k m a . p i p l n c l l s J a a e h s i o a h h n k a i . s a o t s a a e m p C a h it C y i . t . y . + + + + + + + + 4 2 3 2 1 1 7 8 2 7 9 5 3 4 + + + + + + + 2 3 1 2 2 8 3 0 9 9 5 3 + + + + + + + + 1 4 2 2 1 3 4 2 0 1 9 0 0 2 2 4 P B T E W S S S o a p a e v e a l c a r o l e t l l t o t k i l r l t n a m e a a L l e g n t n a W a t h e d k a e a m l l C a ity.. + + + + + + + + 3 2 3 2 2 1 1 8 9 1 4 1 9 8 3 + + + + + + + + 3 3 3 3 1 3 4 3 3 4 0 8 5 2 9 1 + + + + + + + + 4 2 3 2 2 2 3 1 6 9 8 6 2 9 4 8 Toledo • +26+22 +31 Peoria +17 +19 +22 Yakima +15 +15 " Revised. * Not available. 8 49 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c t A o o i m e l d l s i - - F p u a r c o r t m d s - Foods Total H p i l r d e o a e d s t u h c a 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 t a s l m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i u m e a d c n i t d - s i f n H u g r o n g u i o s s o e h - d - s l M an is e c o e u l s - 1929 95.3 104.9 999 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.^ 90 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 746 75.0 86.1 66.3 67.5 84.5 79.2 79.3 849 69.8 1932 64.8 48.? 610 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60 5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 758 62.5 1934 74.9 65.3 70 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 8? 1 79.6 95.4 71 5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 S 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89 7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 704 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941. 87.3 82.4 8?*7 89.0 108 3 84 8 76 2 99 4 103.2 84 6 943 32 o 1941—January 80.8 71. 737 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 79s 87.4 106.4 83.0 75.6 98.1 100.4 83.6 91 4 79.6 June 87.1 82.1 83.1 88.6 107.8 84.5 77.9 98.3 101.0 83.8 93.1 80.6 ' July . . 88.8 85.8 847 89.7 109.4 86.2 78.5 98.5 103.1 85 2 944 82.0 August 90.3 87.4 87 90.8 110.2 88.3 79.0 98.6 105.5 86.0 95.4 83.7 September 91.8 91.0 89.5 91.6 111.3 89.7 79.2 98.6 106.4 87.4 97.2 85.1 October 92.4 90.0 889 93.4 112.6 90.9 79.6 103.1 107.3 89.7 99.5 86.4 November; 92.5 90.6 89.3 93.5 114.1 91.1 78.8 103.3 107.5 89.8 100.6 87.3 December.. 93.6 94.7 90 s 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 94.6 114.9 93.6 78.2 103.5 109.3 96.0 1024 89.3 February 96.7 101.3 94.6 94.9 115.3 95.2 78.0 103.6 110.1 97.0 1025 89.3 March 97.6 102.8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 1026 89.7 Week ending 1942—January 3 94.3 96.9 910 94.1 115.7 91.6 79.0 103.4 108.3 95.1 1025 87 5 January 10 95.0 98.8 92.5 94.3 115.7 92.4 78.9 103.5 108.9 95.3 1024 87.7 January 17 „..»... 95.6 100.8 94.1 94.4 L15.6 92.6 78.9 103.5 109.1 95.6 1027 87.9 January 24 95.5 100.3 93.6 94.5 115.7 92.7 78.9 103.6 109.5 96.5 1027 88.1 95.9 101.3 93.9 94.7 L15.7 93.6 78.8 103.6 109.6 96.7 1029 88.4 February 7 95.7 100.1 93.7 94.5 L15.8 93.5 78.4 103.6 109.4 96.6 1029 88.2 February 14. ........... 96.2 100.7 940 94.9 116.1 93.6 78.7 103.6 109.8 96.9 1040 89.0 February 21 96.5 101.9 94.8 94.8 116.1 93.7 78.5 103.6 109.7 96.9 104 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 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 89.2 March 14 97.1 102.3 95.8 95.2 116.4 95.9 78.2 103.7 110.2 97.1 104 89.4 March 21 97.2 103.1 5 95.3 116.6 95.9 78.2 103.7 110.4 97.1 104 89.7 March 28 97.4 103.4 95.9 95.3 117.6 95.9 78.1 103.7 110.6 97.1 1041 89.7 April 4 97.9 104.7 97 95.6 118.1 97.0 78.3 103.8 110.5 97.1 104 89.6 April 11 98.1 104.6 97.0 95.6 119.8 97.1 77.9 103.9 110.5 97.1 1043 89.7 April 18 98.3 105.7 986 95.5 119.8 97.0 78.1 103.9 108.8 97.1 1044 89.6 April 25 98.6 104.S 99.6 95.6 L19.8 97.0 78.5 103.9 108.8 97.1 104.4 90.0 1941 1942 1941 1942 Subgroups Subgroups Mar. Dec. Jan. Feb Mar. Mar. Dec. Tan. Feb Mar. Farm Products: Metals and Metal Products: Grains 67.8 91.0 95.9 95. 93.8 Agricultural impements... 92.7 96.4 96.7 96.9 96.9 Livestock and poultry 82.5 97.4 105.7 109.3 113.8 Farm machinery 93.9 97.5 97.8 98.0 98.0 Other farm products 65.6 93.4 984 974 97.9 Iron and steel 95.7 97.0 97.0 97.0 97 1 Foods: Motor vehicles 99 8 112.4 112 4 112.4 112 7 Dairy products 80.3 95.5 96.0 95.0 94.3 Nonferrous metas 84.3 84.8 85.4 85.6 85.6 Cereal products 75.2 89.3 91.1 91.1 90.6 Plumbing and heating 82.8 89.1 93.6 97.9 98.2 Fruits and vegetables 60.7 73.8 78.3 85.2 87.7 Building Materials: Meats 83.7 95.3 1016 1040 109.2 Brick and tile.. 91.5 96.7 96.9 97.0 97.1 Other foods 68.9 89.2 91-0 89.4 89.1 Cement; 90 8 93.4 93.4 93.4 93 6 Hides and Leather Products: Lumber 116.7 129 A 131.6 132.7 133.1 Shoes 107.4 120.7 1?1 1 8 124.3 Paint and paint materials 87.4 96.5 99.1 99.9 100.8 Hides and skins 99.1 115.9 115.3 115.5 116.6 Plumbing and heating 82.8 89.1 93.6 97.9 98.2 Leather . . .. 94.8 101.3 1014 101.4 101.5 Structural steel 107.3 107.3 107.3 107. 107.3 Otherj leather) {products 100.5 112.8 113.3 113.5 113.6 Other building materials... 95.2 102.5. 103.1 103.5 103.8 Textile Products: Chemicals and Allied Products: Clothing 87.7 98 4 101.1 105. 106.6 Chemicals 85.9 88.6 95.3 96.3 96.4 Cotton goods 81.1 107.5 110 5 111 4 112.6 Drugs and Pharmaceuticals 97.2 123.0 126.3 ^ 126.5 Hosiery and underwear... 60.4 67.0 69.0 69.6 69.8 Fertilizer materuils 70.4 77.8 78.6 C79.3 79.5 Silk Mixed fertilizers 73.7 81.2 81.8 8? 7 82.8 Rayon 29.5 30.3 30.3 30.3 30.3 Oils and fats. .. 55.7 101.9 106.4 108.2 108.8 Woolen and worsted goods 93.2 102.7 103.0 104.3 108.7 Housefurnishing Gooas: Other textile products 80.1 96.2 97.5 98.1 98.2 Furnisshings 95.8 105.6 107.2 107.4 107.7 Fuel and Lighting Materials: Furniture 82.9 96.6 97.4 97.4 97.4 Anthracite 81.0 85.3 85.3 85.3 85.2 Miscellaneous: Bituminous coal 100.3 108.0 1084 108.4 108.4 Auto tires and tubes 58.4 67.4 71.0 710 71.0 Coke 113.8 122.2 1?? 122.1 122.1 Cattle feed 82.7 124.4 135.2 8 137.7 Electricity 70.0 67.4 Paper and pulp 93.5 102.5 102.8 10?9 102.9 Gas 77 0 77 4 764 770 Rubber, crude 45.6 46.3 46.3 46 s 46.3 Petroleum products 49.9 59.8 59.5 . 58.9 58.3 Other miscellaneDUS .... 83.4 92.4 92.5 92.9 93.3 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). c Corrected. MAY 1942. 499 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 1942 book book page Mar. Apr. Apr. Apr. Apr. page Jan. Feb. Mar. 25 1 8 15 22 MONTHLY FIGURES In billions of dollars WEEKLY FIGURES i In billions of dollars RESERVES AND CURRENCY Rese U rv . e R S E B . S G a E n o R k v V ' c E t r S s e e d A c i N u t, D ri t t C o i U e ta s R l , R b E y N C m Y aturi- „ 3 2.33 2.34 2.38 2.42 2.40 Rese B U rv i . l e l S s B . d G a is n o c k v o u ' c t n r s e t e e d d c it u , ri t t o i t e a s l . ....,. . , . . „ m . „ : „ . . 2, 7 7 7 2 2 . . 4 2 0 5 2 2 . . 3 2 9 5 2 2 . . . 2 3 0 5 9 1 M N G T T T r r r o o o e e e n l n a a a d m e s s s y u u u s e t t r r r i m o y i y y e W W n A c s b k , c d c f e c i i t a u r e t t t i e h h s o r p r r h c d r i i t o n n e u a e 5 s n h l l p i 5 a 1 c o y t o s t y l r s i y y d o s i r r i t n n s s gs , : 3, 1 3 5 5 5 3 3 3 5 3 1 2 1 2 3 2 1 2 1 1 . . . . . . . . . . 3 4 2 2 1 4 6 8 4 1 7 5 2 2 4 7 4 8 8 6 2 1 3 2 2 1 2 1 1 . . . . . . . . . . 3 4 1 2 3 2 6 5 8 1 6 5 2 9 2 8 4 4 7 9 2 1 3 2 2 1 2 1 1 . . . . . . . . . . 3 2 4 1 1 2 6 6 8 1 9 5 8 2 8 2 4 4 8 1 2 1 3 2 1 2 2 1 1 . . . . . . . . . . 4 1 2 4 3 6 2 6 8 0 8 0 7 8 2 2 8 2 5 8 2 1 2 3 1 2 1 1 2 . . . . . . . . . . 5 1 2 4 2 6 3 6 8 1 3 9 8 3 4 4 0 9 7 8 M E R R M T T G x e r r e o o o e e c q s l n n a a e e d u B C e e s s s r i y v u u s i y o s r l e t e r r i l o r n i s y y i d e n n c b s s o k c d a r e c c a f e a l e r i n i a s s v r p $ r n e d h c c e 5 o r c u s u 0 v s e b l i l e a s t i a a l s s t n l t i s i o d o n u n o , n . v d . t . e o e . , „ r „ . . t r « a . „ . . $ . l . . . . 5 . . . . . 0 . „ . . . . „ . . „ - M . . „ „ . „ , - . . . . . . - « „ „ . . « . „ . „ „ „ „ . . . . 2, 1 1 1 2 2 8 8 8 2 0 2 0 0 2 1 1 1 8 3 9 3 2 1 2 2 1 . . . . . . . . . . 0 1 4 4 1 7 2 4 9 1 5 3 5 7 9 7 4 1 4 0 2 1 1 1 3 8 9 3 2 1 2 2 1 . . . . . . . . . . 3 1 6 3 1 4 3 7 9 3 3 6 0 8 1 9 8 3 1 3 1 2 1 1 3 9 3 8 2 1 2 2 1 . . . . . . . . . . 1 4 1 6 5 1 2 7 8 5 7 0 5 8 7 7 4 0 3 1 M Ex e c m es b s e r r e b s a e n rv k es re — se t r o v ta es l6 3 9 1 3 2 . . 0 5 1 3 1 3 2 . . 0 5 1 0 1 3 2 . . 1 7 2 2 p 1 3 2 .0 .5 3 0 p 1 2 2 .7 .4 8 7 U. S. Go T v R e E r A n S m U e R n Y t F d I e N b A t N : CE N C R C o e e h 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 6 nks , 9 9 9 9 1. . . . 0 7 2 9 1 9 6 5 1. . . . 0 7 3 9 7 0 4 0 1. . . . 2 7 2 9 4 0 5 4 * 1 \ . . . 7 2 2 8 8 4 1 0 1. . . 1 2 67 3 6 Dire N B B ct o i o l n l t o s e d b s s l i gations, total „.. . „ „ „ „ . . „ « . „ „ . 1 1 1 1 9 9 9 9 5 4 8 2 2 9 . . . . 2 1 0 5 9 0 8 3 6 4 8 2 1 4 . . . . 4 0 8 3 0 0 9 1 6 4 8 4 1 1 . . . . 1 6 8 9 1 5 5 4 MEMBER BANKS Special issues „. 19 7.06 7.19 7.33 Total, 101 cities: Guaranteed obligations « — 19 5.67 5.67 5.67 Loans and investments 16 30.78 30.49 30.88 31.50 31.39 Balances due to domestic banks 16 8.78 8.89 8.87 8.97 8.73 Per cent per annum Demand deposits adjusted 16 24.57 24.20 24.80 24.73 25.15 MONEY RATES, ETC. New T Y im o e rk d e C p i o ty s : its 16 5.13 5.12 5.12 5.12 5.12 F. r R at . e , B N an . k Y d iscount 23 1.00 1.00 1.00 100 B U c C i r o . t o i m e S k s . m e G o r e s u r o ' c t v s l i o a i 't d a l e n o l o s b N a li e n g w s a t i Y on o s r k: „. 1 1 1 7 7 7 2 7 . . . 7 0 29 9 3 2 7 . . . 7 0 29 9 3 2 7 . . . 7 1 33 9 2 2 7 . . . 7 4 3 6 2 0 2 7 . . . 7 4 3 2 1 2 T T U C r r . o e e m S a a . s s m u u G e r r r y y o c v i b n a 't i l o l b l t p s e o a s n p ( n d e ( s e t r a 3 w x a i b ss l u e) e 2 s ) 2 2 2 2 3 9 5 3 0 0 2 . . . 9 0 5 2 6 1 6 14 2 0 0 . . . . 2 0 9 63 9 5 3 0 2 0 0 . . . . 2 0 9 6 0 1 3 3 2 U Co . m S. m G er o c v ia 't l o lo b a li n g s a tions ,..„„ „ . « «. . 1 1 7 7 4 8 . . 2 6 2 1 4 8. . 3 2 6 1 4 8 . .6 1 5 9 4 9 . . 1 0 9 5 4 9 . .0 1 3 6 C C o o r r p p o o r r a a t t e e A Ba a a a b b o o n n d d s s .„.„«..„ . . . « . 25, 2 2 9 9 4 2 . .8 2 3 9 4 2 . . 2 8 9 5 4 2 . . 3 8 0 6 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 b n 't B A i o l b t l a a e s o a a s n ( b b d n ( o o e s t 3 n n w a d x d s s a i s . b . s . l u , e . e . ) « s 2, ) . , , .. ,. 21,2 2 2 2 2 9 1 9 1 9 0 4 2 1 . . . . . 2 9 2 8 9 2 6 9 5 3 1 4 0 2 1 . . . . . 2 9 2 8 9 6 5 7 6 4 4 0 4 2 1 .8 9 2 9 2 7 3 7 8 5 1 0 4 2 1 . . . . . 3 9 9 2 8 7 6 6 3 17 0 4 1 2 1 . . . . . 2 0 9 3 8 6 0 8 3 3 5 B V r o o lu k T P I R m e n u o a r d e b i t s l u a ' l r o i l s o b c f t a a r u d t l i r a a t a i n l l d . c i . i t e . n y . „ s g . . « ( . m ( „ m „ „ il i . l l . , „ l „ , . d „ s . o . h . l „ . a l . a r . „ . r e . . s . s . . ) „ ) . : . . „ , . . . . 3 3 3 3 1 1 1 3 1 1 6 6 7 7 6 9 4 2 . . . . . 5 1 3 0 6 7 r6 6 6 7 4 8 1 9 . . . . 4 . 5 4 0 0 9 6 6 6 6 6 5 0 7 . . . . . 3 5 0 0 2 6 Credit extended customers.... 33 547 534 531 Money borrowed 33 308 307 306 In unit indicated Customers' free credit balances .„ 33 274 262 249 Stock prices (1935-39 = 100): BUSINESS CONDITIONS Total 31 65.2 64.4 65.3 63.2 62.7 Wholesale prices: Industrial 31 66.7 65.9 66.9 64.6 64.2 All commodities (1926 = 100): Railroad 31 63.1 61.7 63.0 60.2 60.3 Total? .35, 65 96.0 96.7 97.6 Public utility 31 58.6 57.7 58.3 57.0 56.3 Farm products „... 35 100.8 101.3 102.8 Volume of trading (mill, shares) „ 31 .32 .30 .32 .37 .32 Other* „__ 35 94.6 94.9 95.2 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 120.2 120.6 121.1 All commodities (1926=100): Finished 37 115.6 116.0 116.4 Total 35 97.4 97.9 98.1 98.3 98.6 Raw and semifinished...« 37 129.4 129.9 130.5 Farm products ,.... 35 103.4 104.2 104.6 105.2 104.8 Cost of living (1935-39 = 100): Other4 35 95.3 95.6 95.6 95.5 95.6 All items 39 r112.0 r112.9 114.3 Basic commodities Rent 39 108.4 108.6 108.9 (Aug. 1939 = 100), total 36 166.4 167.2 167.3 166.9 167.0 Clothing 39 116.1 "119.0 123.6 12 foodstuffs „„. 36 183.4 184.7 185.5 185.8 186.2 Food ,... T 39 116.2 116.8 118.6 16 industrial materials.... „.«.«. 36 154.6 155.0 154.7 153.9 153.7 Steel production • Estimated. p Preliminary. r Revised. (per cent of capacity) „ 44 99.0 98.8 98.6 97.2 97.6 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 No tax-exempt Treasury notes of 3- to 5-year maturity outstanding Total 45 804.7 828.9 814.2 846.6 861.4 after March 15. Figures shown are for taxable Treasury notes of sim- Miscellaneous 45 370.7 376.7 364.6 379.6 382.4 ilar maturity. For back figures see table on open-market rates in New Electric power production (mill. kw. York City on page 477. hrs.) 46 3,346 3,349 3,321 3,308 3,299 3 Partially tax-exempt issues only. Department store sales (1935-39 = 100) 46 147 160 120 135 129 4 Other than farm products and foods. F.H.A. home mortgages, new constr. 5 Data no longer published. (thous.) 47 10.97 7.87 7.06 6.08 6.74 6 Less than $5,000,000. 7 Estimate for April is shown on page 487. * Copies of this Chart Book may be obtained at a price of 50 cents each. 5OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1941 Chart 1942 book book page Jan. Feb. Mar. page Jan. Feb. Mar. MONTHLY FIGURES (cont.) MONTHLY FIGURES (cont.) In unit indicated 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:1 2 Wholesale prices: Total (1935-39 = 100) 41, 42 171 172 Canada 65 94.3 94.6 Durable manufactures 41 r84.4 85.8 P87.O Germany 65 Iron and steel 42 21.0 21.2 21.8 Japan " 65 Machinery, etc 42 HS.6 47.1 Sweden 65 Other durable 42 r17.7 17.4 P16.2 Switzerland 65 ^140.1 Nondurable manufactures 41 66.9 66.6 *>65.4 United Kingdom 65 126.2 "w'.9 Textiles and leather 42 20.6 20.4 *>19.7 P F O o a t p h od e e r r s , n a l o n iq n d u d p o u r r r i s a n , b t a i l n e n g d tobacco ... 4 4 4 2 2 2 r1 1 1 3 9 3 . . . 4 0 8 1 1 1 2 9 4 . . . 7 5 0 7 In f or c e e i n g t n s pe cu r r u r n e i n t c y of Minerals 41, 42 r20.0 19.6 ^19.2 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 87.83 88.42 87.67 New orders, total (Jan. 1939 =100). 43 268 292 Japan (yen)5 66 Durable 43 414 463 Switzerland (franc)6 66 Nondurable 43 174 182 United Kingdom (pound) ........... 67 403.50 403.50 403.48 Shipments, total (Jan. 1939 = 100). 43 201 214 Durable 43 232 249 Nondurable 43 174 185 1941 1942 Inventories, total (1939 = 100) 43 162 163 Durable 43 179 181 Nondurable 43 147 147 Nov. Dec. Jan. Freight-car loadings:! 2 Total (1935-39 = 100)3 57 140 C139 136 In billions of dollars Coal 57 25.3 C24.7 25.9 Miscellaneous 57 83.0 c83.0 78.4 Increase in U. S. gold stock:? All other „ .„ .„ „. .„... „. .„ „. „ 57 31.7 C31.4 32.0 Total 63 15.76 15.71 15.73 Net capital inflow: 1923-25 = 100 To I t n a f l l ow of foreign capital 62, 6 6 2 3 r3 5 . . 7 7 0 9 r r 3 5 . . 5 6 5 4 3 5 . . 4 5 7 7 Return of domestic capital.... 62 1.99 1.99 2.00 Factory employment „ „. .„„..„ 51, 53 132.3 133 6 2*134.5 Merchandise export surplus 63 5.86 r6.17 Factory payrolls 51, 53 173.4 178 2 *181.9 Other factors. 63 4.12 r3.91 Average hourly earnings Short-term foreign liabilities and (cents per hour) 51 80.1 80.3 assets of banks: Average hours worked Due to foreigners .,. 64 r3.64 r3.48 3.40 (hours per week) ,.„.«.«..„. 51 41.5 42 2 Due from foreigners 64 .36 .37 .36 Department store salesl ................ .„ 59 138 126 124 Net due to foreigners „ 64 3.27 r3.12 3.04 Department store stocks* «. „. „.. „.« 59 93 102 1941 1942 In millions of dollars Residential contracts awarded:* July- Oct.- Jan.- Total ..«« 47 137 197 206 Sept. Dec. Mar. Public ,.... 47 25 84 115 Priva 1 t - e a , n t d o t 2 a - l f amily dwellings ,. 4 4 7 7 1 1 1 0 2 1 1 1 0 1 1 3 8 9 2 1 QUARTERLY FIGURES In billions of dollars Other 47 11 13 9 Cash income and outgo of U. S. Treas : Construction contracts awarded. Cash income 18 2.55 2.86 5.55 Total 49 483 525 512 Cash outgo 18 5.31 7.19 9.04 Residential 49 151 184 174 Excess of cash outgo 18 2.76 4.33 3.49 Other ...„. 49 332 342 338 Domestic corporation security issues: Nonagricultural employment Total '. 32 .73 .44 .36 (mill, persons): New 32 .41 .25 .22 Total . .... „. 50 40.89 40.85 P40.78 Refunding 32 .32 .19 .14 Manufacturing and mining 50 13.72 13.66 '^13.61 Trade 50 6.91 6.86 *6.81 Government 50 4.46 4.51 Per cent per annum Transportation and utilities 50 3.33 3.31 P3.32 Construction ... 50 2.06 2.09 P2.01 Bank rates on customers' loans: Income payments:! 9 Total, 19 cities 25 2.60 241 2.48 Total 54 ,716 8,783 8,828 New York City 27 1.98 188 1.85 Salaries and wages 54 ,812 5,911 5,965 7 other Northern and Eastern Cash O f t a h r e m r. . i m n come: *. 54 ,904 2,872 2,863 11 c S it o ie u s t hern and Western cities 2 2 7 7 3 2 . . 2 6 9 2 2 2 .9 4 9 5 3 2 . . 2 4 0 8 Total ..„...„.„.«. 55 ,098 889 ^890 Expo E L E G I C m r x i x r o t v o c s p p v e p e o o ' s a s s t r t r n s o t t p s s d c o a k y f i m m e a x p n e p o d n o r t p s t r s . t r : s o duc „ t . s . . . , . . . . > , „ „ . . . « „ . . „ . . . . . „ _ . „ » » . . « « . « . „ . . . . . « „ „ » .. . . . 5 5 5 6 6 6 5 5 5 1 1 1 3 6 1 4 4 1 3 4 1 5 2 5 7 6 0 9 0 ^259 4 2 p 3 1 6 6 T E N I P A N n h r s o o d e t r p j i l e u r r m i o e a m s a i - t t a t n e m e i e t t n d e s o c a c e n r i f e f n r y o t r t h o . t i r t i f r o f i A m i e r t s e d a p o e d R l r a v i s e s l i i s i n v o n n i i g i n n d c s s c a e e e a e l s x d h J v . . u o J e v u w l r a y a n c r n g e i 2 C a e o 5 , t o 1 i n , o r a 4 r 1 p d n , e 9 . . j c u 4 1 4 t s 1 e 9 8 t . d 4 7 e . 1 . d . for seasonal variation. 7 Cumulated from Jan. 31, 1934. 8 Figures not yet available. 9 Revised series. Table showing back figures may be obtained upon request. MAY 1942 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued [In billions of dollars] 1939 1940 1941 Chart book page Mar. June Oct. Dec. Mar. June Dec. Apr. June Sept. Dec. 29 30 2 30 26 29 31 4 30 24 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 *76.09 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 ^38.92 Time deposits 12 26.56 26.80 26.81 27.06 27.28 27.47 27.74 27.90 27.88 2*27.93 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 *>9.61 Loans and investments, total 13 48.93 49.62 49.95 50.89 51.14 51.34 54.19 56.15 57.95 59.30 61.10 Loans 13 21.15 21.32 21.63 22.17 22.19 22.34 23.74 24.32 25.31 26.19 26.62 Investments 13 27.78 28.30 28.32 28.72 28.95 29.00 30.45 31.83 32.63 33.11 34.48 MEMBER BANKS Investments, total C1) 19.05 19.46 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 11.18 11.31 11.60 12.34 13.50 14.24 14.09 15.71 Guaranteed 14 2.66 2.83 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 2.69 2.91 2.89 3.01 3.21 2.98 3.16 3.09 Other domestic securities 14 2.96 2.94 2.77 ? 2.70 2.80 8 2.72 8 2.73 Foreign securities 14 .18 .19 .19 () .17 .17 .15 .14 Loans, total (X) 13.05 13.14 13.96 13.94 13.97 15.32 16.73 18.02 S C t o r m ee m t e l r o c a i n a s l l ( o b a r n o s k e ( r i s n ' c l l. o a o n p s e ) n -marke : t paper). 1 1 5 5 5. . 9 6 6 7 5. . 9 5 9 6 6. . 5 6 7 1 § 6. . 7 3 2 2 7. . 5 4 2 7 15. 8 88 8. . 5 4 5 2 17. I 55 9. . 6 4 4 1 Other security loans3 15 .90 .91 .88 .80 .83 .79 i .78 Real estate loans 15 2.75 2.83 2.96 3.07 3.23 8 3.37 3.49 All other loans C1) 2.77 2.85 2.94 3.06 3.27 3.61 3.69 2 SEMI-ANNUAL 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 21.80 Mutual savings banks 20 3.04 3.10 3.11 3.22 3.43 3.70 Insurance companies 20 5.90 46.30 6.50 46.80 6.90 7.90 Other investors 20 12.20 412.30 12.20 412.80 13.70 18.60 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. oz FEDERAL RESERVE BULLETIN 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK DEBITS-WEEKLY DEBITS TO DEMAND DEPOSIT ACCOUNTS, EXCEPT INTERBANK AND UNITED STATES GOVERNMENT ACCOUNTS. OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES [In millions of dollars] All weekly Federal Reserve Districts Week ended m b p a o e n r m r k e t - i s b n — e g r C Y N i o e ty r w k * O Y C N ut o i e s t w r y i k d * e C c C i a t h g y i o - o * f Boston Y N o e r w k d P e h l i p l h a i - a Cl l e a v n e d - m Ri o c n h d - l A a t n - ta Chicago L S ou t. i . s M ap in o n li e s -Ka C n it s y as Dallas Fr S a a n n total cisco 1941 Jan. 8 9,138 4,001 5,137 908 534 4,276 421 582 267 249 1,382 260 142 266 223 536 tan. 15 7,732 3,180 4,552 755 456 3,397 355 501 260 220 1,200 229 128 231 185 570 Jan.22 7,952 3,185 4,767 731 478 3,446 353 696 247 215 1,171 240 130 247 191 538 Jan. 29 7,489 3,138 4,351 705 426 3,369 376 511 225 218 1,168 208 118 199 185 486 Feb. 5.. 8,459 3,757 4,702 837 472 3,992 396 550 251 229 1,284 229 129 223 194 510 Feb. 12.. 5,869 2,312 3,557 535 408 2,484 303 389 214 197 879 187 94 196 143 375 Feb. 19.. 8,605 3,544 5,061 839 463 3,846 391 580 259 236 1,354 231 135 256 228 626 Feb. 26.. 7,648 3,384 4,264 692 418 3,610 336 493 218 204 1,154 201 110 211 174 519 Mar. 5... 8,902 3,762 5,140 813 474 4,087 440 593 273 245 1,338 250 151 242 187 622 Mar. 12... 7,728 3,398 4,330 695 443 3,719 346 484 218 207 1,120 208 120 204 175 484 Mar. 19... 9,786 4,405 5,381 963 535 4,701 429 633 276 247 1,468 269 140 274 220 594 Mar. 26... 8,479 3,642 4,837 911 489 3,896 395 536 238 233 1,412 223 125 228 189 515 Apr. 2.. 10,398 4,598 5,800 1,338 571 4,891 542 607 270 250 1,869 244 143 250 195 566 Apr. 9.. 7,519 3,159 4,360 743 468 3,392 359 500 226 215 1,152 219 125 223 175 465 Apr. 16.. 8,318 3,339 4,979 806 500 3,589 378 661 250 223 1,302 246 139 265 211 554 Apr. 23.. 8,597 3,690 4,907 794 483 3,947 471 550 253 229 1,242 247 170 242 205 558 Apr. 30.. 8,612 3,623 4,989 758 464 3,900 505 573 256 218 1,312 233 197 230 189 535 May 7.. 8,401 3,617 4,784 780 475 3,859 410 570 257 235 1,257 236 153 236 189 524 May 14.. 7,799 3,072 4,727 752 458 3,342 384 541 254 240 1,234 234 152 246 189 525 May 21.. 8,707 3,445 5,262 800 497 3,857 428 633 267 251 1,302 265 146 270 232 559 May 28.. 8,765 3,835 4,930 809 473 4,091 413 585 251 230 1,318 309 138 244 200 513 June 4.. 9,711 4,440 5,271 837 513 4,705 660 569 247 219 1,345 362 156 255 182 498 June 11.. 8,090 3,374 4,716 799 449 3,626 396 538 254 239 1,249 254 146 234 201 504 June 18.. 9,963 4,233 5,730 1,022 493 4,558 454 691 302 270 1,589 289 163 297 234 623 June 25.. 8,635 3,441 5,194 806 517 3,750 452 633 270 239 1,354 249 146 258 207 560 July 2 11,006 4,834 6,172 1,020 601 5,311 586 704 310 274 1,644 317 174 285 218 582 July 9 7,211 3,054 4,157 647 404 3,281 377 499 215 199 1,032 215 135 233 163 458 July 16 9,114 3,760 5,354 881 504 4,029 413 623 287 245 1,426 279 160 302 226 620 July 23 8,760 3,530 5,230 841 508 3,815 413 609 267 260 1,376 260 148 293 222 589 July 30 8,255 3,313 4,942 785 463 3,556 438 596 258 238 1,330 235 147 269 201 524 Aug. 6... 9,006 3,710 5,296 902 473 3,998 552 627 258 246 1,411 233 166 271 201 570 Aug. 13... 7,887 3,174 4,713 779 441 3,404 423 571 241 226 1,218 225 152 259 195 532 Aug. 20... 8,608 3,337 5,271 856 482 3,598 399 630 279 260 1,365 251 172 311 230 631 Aug. 27... 8,118 3,255 4,863 783 448 3,502 371 607 254 239 1,279 227 166 260 193 572 Sept. 3.. 7,891 3,225 4,666 409 3,452 360 568 246 218 1,312 210 173 243 177 523 Sept. 10.. 7,576 2,899 4,677 797 431 3,141 358 538 258 227 1,226 242 1/8 259 189 529 Sept. 17.. 10,090 4,248 5,842 962 532 4,537 458 712 306 265 1,524 295 196 323 245 697 Sept. 24.. 8,668 3,391 5,277 846 502 3,654 414 654 273 257 1,342 294 165 287 223 603 Oct. 1.. 10,127 4,296 5,831 557 4,615 465 706 302 278 1,555 320 193 278 230 628 Oct. 8... 8,690 3,631 5,059 784 503 3,914 412 573 273 251 1,237 303 173 265 212 574 Oct. 15... 9,081 3,812 5,269 824 509 4,062 402 626 294 260 1,335 296 175 303 226 593 Oct. 22.. 11,216 4,707 6,509 1,100 681 5,040 580 730 351 321 1,673 334 209 315 288 694 Oct. 29.. 9,656 4,252 5,404 824 530 4,539 444 657 284 259 1,371 293 157 263 241 618 Nov. 5 10,419 4,316 6,103 1,100 860 4,610 414 661 286 265 1,656 313 182 277 243 652 Nov. 12 7,795 3,174 4,621 781 475 3,416 356 514 259 223 1,207 232 149 239 206 519 Nov. 19 10,904 4,325 6,579 1,033 636 4,751 494 798 346 306 1,665 343 202 343 299 721 Nov. 26 8,690 3,582 5,108 755 519 3,815 442 629 274 264 1,238 269 151 263 232 594 Dec. 3 10,438 4,292 6,146 1,064 617 4,610 480 717 317 276 1,669 307 194 291 246 714 Dec. 10 9,395 3,963 5,432 898 530 4,230 459 621 318 265 1,384 295 180 263 223 627 Dec. 17 12,381 5,366 7,015 1,208 701 5,734 617 845 357 328 1,819 357 205 342 305 771 Dec. 24 11,025 4,275 6,750 1,074 699 4,631 592 914 328 323 1,684 291 185 352 301 725 Dee. 31 10,859 4,433 6,426 1,095 595 4,775 536 830 310 311 1,694 301 177 369 286 675 8,712 3,422 5,290 895 524 3,694 416 616 277 279 1,360 266 150 286 237 607 8,749 3,550 5,199 853 501 3,826 432 593 265 255 1,329 273 161 276 229 609 9,572 3,816 5,756 953 577 4,121 429 651 292 271 1,515 298 168- 320 252 678 9,421 4,007 5,414 860 544 4,297 429 606 287 275 1,427 285 160 279 227 605 9,724 4,033 5,691 947 554 4,350 462 676 286 277 1,517 287 178 283 229 625 7,881 3,069 4,812 783 485 3,352 396 579 264 253 1,252 241 146 253 208 452 8,866 3,389 5,477 824 563 3,666 421 651 293 279 1,353 283 157 296 263 641 8,380 3,371 5,009 792 485 3,656 410 589 262 255 1,275 246 136 272 225 569 10,041 3,910 6,131 987 592 4,247 493 720 323 266 1,586 294 171 312 240 797 8,724 3,696 5,028 787 509 3,967 440 576 285 250 1,258 256 145 257 215 566 10,571 4,232 6,339 1,020 563 4,660 514 768 328 290 1,619 312 182 332 278 725 9,382 3,612 5,770 1,028 562 3,891 438 660 280 281 1,599 281 160 301 248 681 Apr. 1. 10,201 3,935 6,266 1,390 583 4,279 488 693 303 274 1,970 283 152 325 222 629 Apr. 8. 7,962 3,052 4,910 797 517 3,330 381 559 265 243 1,274 252 135 252 202 552 Apr. 15.. 9,212 3,670 5,542 875 572 3,956 403 670 291 266 1,425 282 172 279 250 646 * The figures in these columns are included in the respective district totals. MAY 1941 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES x ALL BANKSi—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loans and investments Deposits, exclusive of Number of interbank deposits banks Total Loans Investments Federal Reserve district Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 31, 24, 31, 31, 24, 31, 31, 24, 31, 31, 24, 31, 31, 24, 31, 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 All banks:l Boston 6,206 r6,085 5,652 2,885 r2,864 2,693 3,322 3,221 2,959 6,743 6,698 6,466 863 864 869 New York 23,373 23,199 20,964 9,033 8,956 8,238 14,340 14,242 12,726 25,283 24,741 24,378 1,180 1,186 1,196 Philadelphia 3,850 3,723 3,467 1,459 1,475 1,341 2,391 2,248 2,125 4,486 4,435 4,170 905 905 909 Cleveland 4,270 4,109 3,756 1,760 1,767 1,609 2,509 2,341 2,146 5,208 5,049 4,682 1,219 1,221 1,225 Richmond 2,496 2,337 2,133 1,185 1,160 1,080 1,311 1,178 1,054 3,190 3,067 2,726 1,055 1,057 1,055 Atlanta 1,837 1,705 1,580 1,008 946 896 828 760 683 2,365 2,186 1,974 1,055 1,054 1,047 Chicago 7,166 6,800 6,211 2,901 2,868 2,403 4,265 3,932 3,808 9,024 8,669 8,009 2,438 2,442 1,506 St. Louis 1,993 1,894 1,694 1,027 1,010 892 966 884 802 2,415 2,201 2,026 1,495 1,496 2,450 Minneapolis.... 1,354 1,267 1,175 737 683 609 617 585 566 1,580 1,493 1,422 1,282 1,281 1,285 Kansas City.... 1,736 1,666 1,499 1,013 961 814 724 705 68. 2,113 2,049 1,833 1,825 1,829 1,837 Dallas 1,348 1,256 1,167 755 710 666 593 546 501 1,1"" 1,737 1,602 948 951 949 San Francisco.. 5,467 5,255 4,891 2,852 2,788 2,499 2,615 2,467 2,392 6,498 6,126 5,733 560 566 567 Total... 61,098 '59,296 54,188 26,616 r26,187 23,741 34,483 33,109 30,448 70,792 68,449 65,021 14,825 14,852 14,895 Member banks: Boston 2,362 2,267 1,972 1,217 1,200 1,032 1,145 1,067 940 2,872 2,818 2,647 347 348 350 New York 15,911 15,762 13,467 5,315 5,178 4,477 10,596 10,584 8,990 17,496 16,841 16,389 797 794 765 Philadelphia 2,718 2,601 2,399 1,118 1,132 1,020 1,600 1,469 1,379 3,222 3,188 2,951 659 656 651 Cleveland 3,470 3,321 2,989 1,393 1,385 1,237 2,078 1,937 1,752 4,257 4,135 3,814 673 670 658 Richmond 1,730 1,589 1,431 809 780 722 921 809 708 2,208 2,094 1,833 447 441 431 Atlanta 1,479 1,361 1,261 773 723 687 705 639 574 1,809 1,703 1,521 317 316 316 Chicago 6,047 5,720 5,120 2,243 2,210 1,768 3,804 3,511 3,352 7,458 7,196 6,522 899 895 856 St. Louis 1,499 1,422 1,227 741 718 622 758 704 604 1,685 1,572 1,427 437 434 415 Minneapolis 964 905 831 505 473 417 460 43: 413 1,106 1,054 1,014 452 452 460 Kansas City 1,414 1,352 1,205 794 744 629 620 608 576 1,673 • 1,633 1,455 741 739 739 Dallas 1,196 1,112 1,026 663 618 580 53: 494 446 1,655 1,533 1,405 573 574 568 San Francisco 4,732 4,529 4,200 2,451 2,386 2,130 2,280 2,142 2,071 5,751 5,391 5,030 277 277 277 Total. 43,521 41,943 37,126 18,021 17,546 15,321 25,500 24,397 21,805 51,192 49,160 46,007 6,619 6,596 6,486 Nonmember banks: Boston 3,845 3,680 1,668 rl,664 1,661 2,177 2,154 2,019 3,871 3,879 3,818 516 516 519 New York 7,462 7,497 3,718 3,778 3,761 3,744 3,658 3,736 7,788 7,900 7,989 383 392 431 Philadelphia 1,132 1,068 341 343 321 791 779 746 1,263 1,247 1,220 246 249 258 Cleveland 799 767 368 383 37: 432 405 395 951 913 868 546 551 567 Richmond 766 703 376 379 357 390 369 345 982 973 893 608 616 624 Atlanta 358 319 235 223 209 123 121 109 556 483 453 738 738 731 Chicago. 1,119 1,091 658 658 636 461 422 456 1,566 1,473 1,487 1,539 1,547 1,594 St. Louis 494 468 287 292 270 208 180 198 730 628 599 1,058 1,062 1,091 Minneapolis 390 344 233 209 192 15' 153 153 473 439 409 830 829 825 Kansas City... 323 294 219 21 185 104 96 109 440 416 378 1,084 1,090 1,098 Dallas 153 142 92 92 8: 61 51 55 231 204 197 375 377 381 San Francisco... 735 691 401 401 369 335 325 322 748 734 704 283 289 290 Total 17,578 r17,353 17,062 8,595 r8,641 8,420 8,983 8,712 8,642 19,599 19,289 19,014 8,206 8,256 8,409 'Revised. 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on page 507. 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued ALL BANKS^PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans Investments Deposits, exclusive of Number of banks interbank deposits State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 31, 24, 31, 31, 24, 31, 31, 24, 31, 31, 24, 31, 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 New England: Maine 116,769 117,441 111,386 201,559 203,213 183,780 353,196 358,047 337,271 98 99 100 New Hampshire 115,378 115,577 110,224 164,076 161,283 154,308 297,963 297,757 285,008 10' 107 107 Vermont 99,442 99,615 95,046 65,055 63,788 62,215 178,853 179,232 173,484 81 81 82 Massachusetts. 1,909,375 1,885,753 1,759,329 2,023,305 1,979,946 1,819,309 4,165,814 4,157,809 4,056,384 38' 387 390 Rhode Island 199,558 199,558 186,625 291,717 283,294 259,350 554,524 546,451 514,894 35 35, 35 Connecticut 601,449 r603,577 581,109 735,092 669,721 612,403 1,572,906 1,523,522 1,448,451 202 20Z 202 Middle Atlantic: New York.... 5,230,237 8,151,767 7,491,556 13,,196,37313,214,12111,760,165 221,904,205 22,,417,207 22,168,482 857 863 870 New Jersey 770,493 774,354 717,100 1,169,976 1,061,293 983,177 2,420,246 2,382,193 2,254,074 382 382 385 Pennsylvania 1,772,865 1,801,210 1,629,637 3,255,075 3,063,733 2,962,510 5,705,173 5,642,544 5,288,365 1,082 1,084 1,087 East North Central: Ohio L,117,984 1,109,562 1,001,161 1,232,123 1,142,102 971,866 3,021,330 2,910,248 2,661,175 694 694 696 Indiana 375,017 372,828 335,796 447,815 416,987 380,330 1,105,769 1,031,366 957,523 504 506 506 Illinois L, 486,1291,455,354 1,158,973 2,475,038 2,262,984 2,233,968 4,770,021 4,602,421 4,238,400 830 831 840 Michigan 565,929 577,320 500,037 900,964 865,909 795,922 1,975,639 1,937,597 1,780,077 440 442 443 Wisconsin 355,573 350,155 310,331 486,454 415,318 431,333 1,057,599 1,008,307 944,800 568 568 572 West North Central: Minnesota 480,399 461,643 399,722 426,023 404,833 390,627 996,562 953,053 917,180 677 677 677 Iowa 376,357 367,361 333,836 213,669 205,686 189,327 767,173 718,415 666,744 647 646 647 Missouri 658,536 644,147 530,392 655,371 640,645 594,837 1,410,052 1,323,104 1,224,420 617 618 625 North Dakota 66,368 40,685 47,165 24,865 24,248 24,219 110,790 86,692 82,61' 160 160 160 South Dakota 63,657 61,223 52,037 30,608 30,230 30,254 121,037 111,579 102,241 162 162 164 Nebraska 177,937 165,348 144,360 109,192 104,811 107,460 324,022 308,338 288,366 418 418 417 Kansas 233,488 223,017 190,468 141,625 133,855 124,974 485,568 460,677 396,855 656 659 664 South Atlantic: Delaware 87,868 86,315 81,464 151,301 137,886 119,209 285,429 268,290 274,858 44 44 45 Maryland 258,555 253,759 233,123 583,315 536,991 491,403 1,005,636 965,985 908,567 186 186 187 District of Columbia 144,649 143,526 128,221 158,518 148,737 136,389 450,263 430,103 380,560 22 22 22 Virginia. 356,867 355,798 333,723 229,253 192,138 170,124 719,429 702,353 603,155 314 315 314 West Virginia 143,965 147,298 140,223 104,960 92,666 81,453 341,115 348,381 302,117 180 180 181 North Carolina 234,546 222,176 205,318 209,572 186,923 157,715 531,400 501,318 418,436 228 228 228 South Carolina 77,089 68,814 70,166 50,714 44,021 38,391 209,955 190,721 177,986 151 is: 150 Georgia 307,680 289,124 266,011 148,567 135,973 122,473 542,258 503,260 445,895 290 283 Florida 155,772 140,561 139,305 195,084 192,211 156,364 474,026 434,059 408,480 173 289 173 East South Central: 173 Kentucky 257,443 250,895 237,962 176,241 159,542 147,181 535,675 472,076 450,493 404 405 408 Tennessee 308,293 289,100 271,192 195,143 172,003 160,667 605,613 553,010 501,335 297 297 297 Alabama 158,924 151,652 136,883 134,949 111,759 103,877 420,203 379,904 327,466 218 217 217 Mississippi 84,430 84,034 74,597 81,887 7.5,310 69,953 251,354 227,799 204,966 206 207 207 West South Central: Arkansas 78,491 77,915 70,797 76,352 67,244 56,591 246,892 217,493 189,859 217 217 216 Louisiana 198,664 184,680 186,450 212,316 192,298 182,525 520,707 487,233 453,209 146 146 145 Oklahoma 194,850 190,988 166,291 159,281 149,824 143,533 455,214 458,648 391,649 390 390 390 Texas 688,846 645,814 603,373 537,300 498,806 457,525 1,697,690 1,567,040 1,439,537 835 838 836 Mountain: Montana 61,249 52,990 48,696 61,574 55,072 53,709 169,591 160,439 149,056 112 111 111 Idaho 45,508 43,296 40,373 43,371 41,305 37,627 122,019 117,589 106,268 50 50 50 Wyoming 30,470 31,302 27,027 19,600 17,807 18,007 77,677 69,352 70,813 58 58 58 Colorado 126,612 118,215 104,437 105,901 98,014 90,075 354,090 338,832 315,710 144 144 146 New Mexico 27,817 29,367 23,103 21,892 20,254 19,329 76,873 69,278 66,118 42 42 41 Arizona 49,364 46,052 39,752 28,283 27,864 27,502 110,182 98,056 97,464 12 12 12 Utah 78,544 76,942 69,834 56,971 52,801 48,302 177,050 161,164 154,083 60 60 60 Nevada 18,062 17,654 15,573 19,044 18,283 16,843 51,167 49,525 46,239 12 11 11 Pacific: Washington 302,745 301,303 247,712 261,577 233,544 228,246 719,749 670,009 608,183 137 139 139 Oregon.. 136,614 139,078 107,917 182,498 163,991 142,591 415,082 399,463 334,913 73 73 73 California !, 229,1632,170,735 1,984,794 2,031,161 1,937,931 1,897,898 4,926,845 4,651,386 4,407,240 220 225 226 Total 26,616,020r26,186,878 23,740,607 34,482,600 33,109,198 30,447,836 70,791,626 68,449,325 65,021,466 14,825 14,852 14,895 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on page 507. 'Revised. MAY 1941 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued NATIONAL MEMBER BANKS-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 31, 24, 31, 31, 24, 31, 31, 31, 31, 24, 31, 1941 1941 1940 1941 1941 1940 1941 1941 1940 1941 1941 1940 New England: Maine 42,053 42,502 40,991 61,273 62,102 57,667 119,639 124,607 116,564 35 36 37 New Hampshire 36,958 37,161 34,179 33,754 31,006 29,234 84,452 84,221 73,886 52 52 52 Vermont 31,819 31,992 29,519 21,588 20,321 19,934 62,165 62,544 59,745 40 40 41 Massachusetts 683,015 663,947 553,062 531,143 487,624 418,973 1,404,830 1,396,168 1,336,987 124 124 125 Rhode Island 59,185 57,195 46,310 43,427 40,610 33,179 135,250 127,729 116,068 12 12 12 Connecticut 110,566 112,906 103,530 180,385 160,997 136,355 408,743 377,630 340,974 52 52 52 Middle Atlantic: New York 1,902,809 1,908,125 1,643,367 4,368,458 4,443,039 3,685,581 6,679,893 6,582,247 6,367,036 422 425 428 New Jersey 302,201 302,770 272,248 486,645 430,783 400,335 1,023,867 998,805 924,478 224 224 225 Pennsylvania 919,664 938,390 850,742 1,646,083 1,507,878 1,449,254 2,885,686 2,891,879 2,652,504 685 686 688 East North Central: Ohio 453,532 442,210 392,881 503,708 471,518 425,119 1,260,819 1,197,539 1,106,173 242 24: 242 Indiana* 168,601 168,694 146,966 262,378 246,921 232,181 565,903 531,095 495,054 124 124 124 Illinois 1,121,756 1,080,510 842,588 1,832,403 1,666,337 1,650,740 3,461,717 3,338,310 3,021,458 338 339 337 Michigan 251,806 259,499 207,426 557,172 534,632 486,966 1,065,497 1,052,760 936,281 78 78 76 Wisconsin 140,522 136,647 118,182 299,529 246,976 267,544 547,708 527,255 499,260 98 99 103 West North Central: Minnesota 330,369 312,806 265,942 306,453 289,468 272,114 676,498 642,427 623,863 186 186 188 Iowa 113,823 109,856 95,316 101,535 96,671 84,783 243,354 233,786 211,739 103 103 103 Missouri 276,558 268,414 219,801 279,064 258,905 255,177 575,699 551,440 511,365 84 84 85 North Dakota 33,028 25,938 26,897 17,172 17,045 16,676 62,608 56,498 51,179 45 45 45 South Dakota 34,603 33,318 30,502 19,187 18,785 18,517 68,243 63,125 59,846 37 3' 40 Nebraska 130,493 122,584 104,878 90,961 87,380 90,203 238,608 231,746 211,992 133 133 133 Kansas 123,237 112,311 96,419 89,619 84,886 76,613 276,045 255,412 223,620 180 181 181 South A tlantic: Delaware 9,393 9,226 8,599 8,655 8,159 7,728 20,951 20,052 19,204 14 14 15 Maryland 85,233 85,998 71,518 245,575 225,832 215,758 376,718 358,824 335,260 63 63 63 District of Columbia 68,766 68,290 60,059 94,880 87,552 81,589 255,480 246,132 212,764 9 9 W Vi e r s g t in V i i a r . g .; inia 1 7 8 2 7 , , 6 0 5 7 2 2 1 7 8 4 6 , , 6 7 0 0 4 4 17 7 8 0 , , 8 4 2 2 1 6 1 6 5 0 0 , , 7 4 8 7 2 7 1 5 2 5 1 , , 6 14 0 9 7 1 4 0 8 8 , , 8 97 9 1 2 4 1 2 8 0 8 , , 3 6 3 2 6 7 4 1 1 8 5 9 , , 3 4 3 8 2 8 3 1 5 6 7 4 , , 1 7 0 6 5 1 1 7 3 7 0 13 9 0 1 7 3 7 0 North Carolina 57,344 56,219 52,323 37,372 31,358 26,071 147,782 135,946 115,108 44 T 44 South Carolina 54,643 47,352 49,806 31,462 25,226 19,980 137,973 123,369 114,646 22 44 21 Georgia 192,332 178,380 168,271 109,197 98,117 89,627 333,840 314,416 274,497 51 22 51 Florida 111,595 98,816 98,770 158,591 158,057 125,741 345,267 317,966 296,609 53 51 52 East South Central: 52 Kentucky 129,849 123,752 112,708 107,701 97,774 90,170 272,700 ,240,851 226,895 95 95 95 Tennessee 221,556 205,804 192,949 153,365 137,163 128,616 402,046 391,843 352,123 70 71 71 Alabama 112,277 106,331 95,219 102,455 82,056 74,882 293,916 270,682 228,687 66 65 65 Mississippi 24,886 25,633 22,652 27,360 24,838 23,153 79,343 73,760 68,264 24 24 24 West South Central: Arkansas 41,988 41,130 37,769 48,238 41,889 33,383 133,392 117,534 103,848 50 50 50 Louisiana 138,195 123,248 127,017 149,713 138,047 134,511 329,638 315,065 289,183 29 29 29 Oklahoma 163,168 157,757 141,322 139,233 132,150 125,447 383,957 390,037 333,269 207 207 208 Texas 579,536 538,855 506,935 470,578 441,197 399,731 1,438,157 1,341,124 1,223,616 444 445 446 Mountain: Montana 28,057 24,172 22,613 35,802 31,546 30,751 91,585 88,246 84,196 41 41 42 Idaho 34,561 33,187 19,872 35,731 34,276 19,147 95,614 93,547 56,299 19 19 18 Wyoming 20,168 20,804 17,792 15,908 14,478 14,647 54,079 48,894 49,391 26 26 26 Colorado. 100,213 91,813 80,289 90,099 82,534 73,797 285,439 274,318 252,168 78 78 78 New Mexico 21,636 22,700 17,619 18,489 16,995 16,104 58,759 53,252 51,098 22 22 22 Arizona 37,855 34,921 29,022 16,522 16,023 18,220 77,081 67,732 68,679 5 5 5 Utah 31,567 30,726 26,778 28,326 25,088 22,633 77,155 72,606 67,283 13 13 13 Nevada 16,276 15,967 14,158 17,794 17,191 15,640 47,194 45,529 42,679 6 6 6 Pacific: Washington 235,030 232,875 187,129 194,068 168,602 162,594 562,808 518,025 462,715 43 43 43 Oregon 121,599 123,612 94,355 167,813 150,797 129,548 374,930 360,452 300,460 26 26 26 California 1,561,451 1,517,884 1,377,809 1,397,235 1,301,695 1,299,092 3,540,206 3,288,331 3,122,777 96 96 Total 11,725,496 11,444,535 10,004,346 15,845,358 14,969,280 13,643,568 32,672,197 31,500,576 29,213,656 5,117 5,125 5,144 5O6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 31, 31, 31, 31, 31, 31, 31, 31, 1941 19412 1940 1941 1940 1941 19 24' 4 o 12 1940 1941 19412 1940 New England: Maine 74,716 74,939 70,395 140,286 141,111 126,113 233,557 233,440 220,707 63 63 63 New Hampshire 3 78,420 78,416 476,045 3 130,322 130,277 4125,074 3213,511 213,536 4211,122 3 55 55 4.S5 Vermont 367,623 67,623 65,527 3 43,467 43,467 42,281 3116,688 116,688 113,739 «41 41 41 Massachusetts 1,226,360 1,221,806 1,206,267 1,492,162 1,492,322 1,400,336 2,760,984 2,761,641 2,719,397 263 263 265 Rhode Island 140,373 142,363 140,315 248,290 242,684 226,171 419,274 418,722 398,826 23 23 23 Connecticut 490,883 r490,671 477,579 554,707 508,724 476,048 1,164,163 1,145,892 1,107,477 150 150 150 Middle Atlantic: New York. 6,327,428 6,243,642 5,848,189 8,827,915 8,771,082 8,074,58416,224,31215,834,96015,801,446 435 438 442 New Jersey 468,292 471,584 444,852 683,331 630,510 582,842 1,396,379 1,383,388 1,329,596 158 158 160 Pennsylvania 853,201 862,820 778,895 1,608,992 1,555,855 1,513,256 2,819,487 2,750,665 2,635,861 397 398 399 East North Central: Ohio „.,. .. 664,452 667,352 608,280 728,415 670,584 546,747 1,760,511 1,712,709 1,555,002 452 452 454 Indiana 206,416 204,134 188,830 185,437 170,066 148,149 539,866 500,271 462,469 380 382 382 Illinois ...„.., . 364,373 374,844 316,385 642,635 596,647 583,228 1,308,304 1,264,111 1,216,942 492 492 503 Michigan.. , 314,123 317,821 292,611 343,792 331,277 308,956 910,142 884,837 843,796 362 364 367 Wisconsin 215,051 213,508 192,149 186,925 168,342 163,789 509,891 481,052 445,540 470 469 469 West North Central: Minnesota..., ... 150,030 148,837 133,780 119,570 115,365 118,513 320,064 310,626 293,317 491 491 489 Iowa 262,534 257,505 238,520 112,134 109,015 104,544 523,819 484,629 455,005 544 543 544 Missouri ' 381,978 375,733 4310,591 376,307 381,740 4339,660 834,353 771,664 4713,055 533 534 4 540 North Dakota .... 33,340 14,747 20,268 7,693 7,203 7,543 48,182 30,194 31,438 115 115 115 South Dakota 29,054 27,905 21,535 11,421 11,445 11,737 52,794 48,454 42,395 125 125 124 Nebraska 47,444 42,764 39,482 18,231 17,431 17,257 85,414 76,592 76,374 285 285 284 Kansas 110,251 110,706 94,049 52,006 48,969 48,361 209,523 205,265 173,235 476 478 483 South Atlantic: Delaware 78,475 77,089 72,865 142,646 129,727 111,481 264,478 248,238 255,654 30 30 30 Maryland 173,322 167,761 161,605 337,740 311,159 275,645 628,918 607,161 573,307 123 123 124 District of Columbia 75,883 75,236 68,162 63,638 61,185 54,800 194,783 183,971 167,796 13 13 13 Virginia 169,795 169,094 154,902 78,776 70,989 61,153 299,093 287,021 246,050 184 185 184 West Virginia 71,313 72,694 69,797 44,178 37,059 32,561 152,488 158,893 137,356 103 103 104 North Carolina 177,202 165,957 152,995 172,200 155,565 131,644 383,618 365,372 303,328 184 184 184 South Carolina 22,446 21,462 20,360 19,252 18,795 18,411 71,982 67,352 63,340 129 130 129 Georgia 115,348 110,744 97,740 39,370 37,856 32,846 208,418 188,844 171,398 239 238 232 Florida 44,177 41,745 40,535 36,493 34,154 30,623 128,759 116,093 111,871 120 121 121 East South Central: Kentucky 127,594 127,143 125,254 68,540 61,768 57,011 262,975 231,225 223,598 309 310 313 Tennessee 86,737 83,296 78,243 41,778 34,840 32,051 203,567 161,167 149,212 227 226 226 Alabama 46,647 45,321 41,664 32,494 29,703 28,995 126,287 109,222 98,779 152 152 152 Mississippi 59,544 58,401 51,945 54,527 50,472 46,800 172,011 154,039 136,702 182 183 183 West South Central: Arkansas 36,503 36,785 33,028 28,114 25,355 23,208 113,500 99,959 86,011 167 167 166 Louisiana 60,469 61,432 59,433 62,603 54,251 48,014 191,069 172,168 164,026 117 117 116 Oklahoma .... 31,682 33,231 24,969 20,048 17,674 18,086 71,257 68,611 58,380 183 183 182 Texas 109,310 106,959 96,438 66,722 57,609 57,794 259,533 225,916 215,921 391 393 390 Mountain: Montana 33,192 28,818 26,083 25,772 23,526 22,958 78,006 72,193 64,860 71 70 69 Idaho 10,947 10,109 20,501 7,640 7,029 18,480 26,405 24,042 49,969 31 31 32 Wyoming 10,302 10,498 9,235 3,692 3,329 3,360 23,598 20,458 21,422 32 32 32 Colorado . . 26,399 26,402 24,148 15,802 15,480 16,278 68,651 64,514 63,542 66 66 68 New Mexico 6,181 6,667 5,484 3,403 3,259 3,225 18,114 16,026 15,020 20 20 19 Arizona . .. 11,509 11,131 10,730 11,761 11,841 9,282 33,101 30,324 28,785 7 7 7 Utah 46,977 46,216 43,056 28,645 27,713 25,669 99,895 88,558 86,800 47 47 47 Nevada 1,786 1,687 1,415 1,250 1,092 1,203 3,973 3,996 3,560 6 5 5 Pacific: Washington 67,715 68,428 60,583 67,509 64,942 65,652 156,941 151,984 145,468 94 96 96 Oregon ....... 15,015 15,466 13,562 14,685 13,194 13,043 40,152 39,011 34,453 47 47 47 California 667,712 652,851 606,985 633,926 636,236 598,806 1,386,639 1,363,055 1,284,463 124 129 128 Total 14,890,524r14,742,34313,736,26118,637,24218,139,91816,804,26838,119,42936,948,74935,807,810 9,708 9,727 9,751 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina) and such private and industrial banks as are included in abstracts issued by State banking departments. 2 For call dates included in the September 24 columns see page 72 of the January 1942 BULLETIN. 3 The figures in the December 31,1941 column are as of that date except for Vermont; June 30,1941. The figures for New Hampshire were derived by adding to the December 31 figures of State bank members of the Federal Reserve System the September 24, 1941 figures of nonmember banks in existence as such on both that date and December 31, 1941. 4 The figures in the December 31, 1940 column are as of that date except for New Hampshire June 29, 1940 and for Missouri November 12, 1940. r Revised. MAY 1941 5°7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on page 507 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Sept. Dec. 31, 24, 31, 31, 24, 31, 31, 24, " 31, 31, 1941 19411 1940 1941 19411 1940 1941 1941l 1940 1941 & 1940 Connecticut: District No. 1 249 255 251 163 157 158 443 442 424 2 2 2 District No. 2, 119 99 96 72 72 72 470 423 388 1 1 1 Indiana: District No. 7 .... 1,812 1,881 1,782 1,093 1,064 986 5,301 4,675 4,371 14 14 14 District No. 8 93 102 95 54 54 55 291 243 154 1 1 1 Kansas 1 1 2 1 1 1 1 1 1 STew Jersey: District No. 2 10 12 8 1 New York 40,642 42,916 38,667 64,967 61,876 77,751 88,044 88,597 93,802 5 5 7 Ohio 2,007 2,080 2,183 724 651 586 3,622 3,336 3,113 12 12 13 Pennsylvania: District No. 3 4,672 5,207 3,621 8,443 8,548 8,383 13,031 13,195 12,702 11 11 11 District No. 4 1,292 1,409 1,291 1,476 1,311 1,152 3,697 3,650 2,939 4 4 4 South Carolina 938 865 764 94 88 60 888 1,069 777 1 1 1 Total 51,825 54,815 48,762 77,086 73,821 89,215 115,788 115,631 118,679 52 52 56 Figures in the September 24 columns for Connecticut are as of September 30; Indiana, June 30. MUTUAL SAVINGS BANKS-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on page 507 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 1 3 9 1 4'111 19 3 4 1 0 . 1 19 31 4 , 1l 1 2 9 4 4 , 12 19401 19411 1 2 9 4 4 , 12 1 3 9 1 4 , 01 19 31 4 , 1 , 1 19411 Connecticut: District No. 1 255,586 r256,051 255,894 319,463 303,139 284,172 589,108 588,187 576,048 58 58 58 District No. 2 84,930 85,353 84,758 84,008 78,217 73,598 177,077 177,246 173,034 14 14 14 Delaware 13,472 13,292 12,858 37,066 35,817 33,768 45,983 44,959 42,779 2 • 2 2 Indiana: District No. 7 5,851 . 5,873 5,945 4,893 4,673 4,328 11,951 11,932 11,852 3 3 3 District No. 8 4,900 4,763 4,809 3,096 2,444 2,389 8,468 8,466 8,298 1 1 1 Maine 27,650 27,585 28,020 102,498 105,713 94,603 130,592 131,928 129,673 32 32 32 Maryland 36,916 36,211 38,320 173,370 170,634 168,149 227,675 229,037 227,787 11 11 12 Massachusetts 973,112 970,684 986,279 1,203,747 1,212,046 1,152,159 2,139,163 2,162,273 2,151,554 191 191 192 Minnesota 21,675 20,275 17,709 46,387 44,801 48,417 68,641 68,134 68,000 1 1 1 New Hampshire 68,974 68,974 66,925 122,585 122,585 117,427 195,800 195,800 194,186 43 43 43 New Jersey: District No. 2 117,522 117,267 120,220 163,292 163,605 161,894 295,619 304,975 309,307 22 22 22 District No. 3 4,292 4,253 4,634 8,606 8,266 7,622 13,498 13,822 13,777 2 2 2 New York 1,013,079 3,066,660 3,066,856 2,454,311 2,413,896 2,423,180 5,554,581 5,648,555 5,687,786 134 134 134 Ohio 55,298 57,861 56,516 64,947 61,199 61,097 125,861 124,687 125,495 3 3 3 Oregon 2,395 2,295 2,142 839 653 587 3,165 2,973 2,753 1 1 1 Pennsylvania: District No. 3 81,789 79,611 75,786 450,029 446,867 431,927 569,043 561,572 563,077 6 6 6 District No. 4 11,106 11,718 11,894 45,486 42,340 41,748 56,692 57,832 57,118 1 1 1 Rhode Island 61,327 59,165 57,527 119,018 115,934 112,450 179,995 180,415 178,634 9 9 9 Vermont 31,262 31,262 30,945 22,110 22,110 21,523 57,559 57,559 57,339 8 8 Washington 31,380 30,672 28,263 45,800 45,177 45,777 77,408 75,664 74,665 3 3 Wisconsin: District No. 7 2,021 2,084 2,107 2,339 2,318 2,296 5,065 4,972 4,789 3 3 District No. 9 122 121 112 64 48 39 173 157 146 1 1 Total 4,904,659 r4,952,030 4,958,519 5,473,954 5,402,482 5,289,150 10,533,117 10,651,145 10,658,097 548 549 551 f * The figures in the December columns for New Hampshire are as of June 30,1941 and June 29,1940, respectively. The figures in the December 31, 1941 columns for Vermont are as of June 30, 1941. 2 For call dates included in the September 24 columns, see page 73 of the January 1942 BULLETIN. r Revised. 5O8 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 510 Gold production 511 Gold movements 511 Net capital movements to United States since January z, 1935... 51Z Central banks 513-516 Money rates in foreign countries 517 Commercial banks 518 Foreign exchange rates 519 Price movements: Wholesale prices 510 Retail food prices and cost of living 511 Security prices 511 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures may in most cases be obtained^from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. MAY 1941 509 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 B ga u r l i - a anada 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 «7 30 17 58 52 52 2,000 28 1941—Apr..; 22,506 353 1734 57 274 24 7 30 17 59 48 52 2,000 128 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 44 2,000 Dec... 22,737 354 70 274 5 30 16 61 44 2,000 1942—Jan... 22,747 354 7 30 18 Feb... 22,705 5 17 Mar.. 22,687 5 15 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 ww nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A S f o r u ic t a h Spain 1936—Dec... 25 25 208 463 60 46 491 23 20 75 68 114 203 1937—Dec... 25 25 210 261 79 24 933 23 82 21 83 69 120 189 8 525 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec... 24 26 144 164 90 32 692 23 94 20 69 152 249 1940—Dec... 24 26 1137 164 140 47 617 23 184 20 59 158 367 1941—Apr... 24 26 6 164 174 56 572 23 21 59 171 413 May.. 24 26 174 58 572 23 20 59 172 418 June.. 24 26 173 59 573 23 20 59 175 427 July.. 24 173 60 573 23 20 59 178 431 Aug... 24 193 59 573 23 20 59 178 436 Sept.. 24 201 57 573 23 21 59 179 450 Oct... 24 200 54 573 23 21 59 422 Nov. . 24 228 52 574 23 21 59 400 Dec... 235 47 575 23 22 59 366 1942—Jan... 42 23 21 59 363 Feb... 28 21 59 380 Mar... 30 21 Government gold reserves1 not included 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 o in i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n e s r - ' End of month in U S t n p a i r t t e e e s d viou U K d s n o i n i f m t i g e g - d ure F s rance2 g B iu e m l- 1 1 9 9 3 3 7 6 — — D D e e c c . . 2 2 4 4 0 4 6 6 5 5 7 0 2 2 6 9 2 2 , , 5 6 8 8 4 9 7 74 7 5 5 9 2 4 5 8 1 1 5 1 1 18 8 5 3 1937— D Ju e n c e . . . . .. 169 4 1 3 , 3 9 9 3 5 4 1 8 1 1 5 1938—Dec. 321 701 29 2,690 69 52 57 14 142 1938—Mar.... 1,489 1939—Dec. 308 549 29 81 68 52 59 7 149 June.. . 44 62 1940—Dec. 160 502 88 1 90 9 29 82 12 145 Dec. ... 80 4 759' "*33i" 44 1939—Mar. ... 154 1,732 559 1941—Apr 174 528 95 105 40 183 12 145 May.... 477 M Ju a n y e 1 1 9 8 2 0 5 52 3 8 0 9 9 6 6 1 1 0 0 8 8 4 4 0 0 1 9 0 1 1 4 4 5 4 S Ju ep n t e . . . . . . . 1 8 6 5 4 17 J A u u l g y 1 1 8 9 9 1 5 5 3 2 3 5 9 9 5 3 1 1 0 0 8 8 4 4 0 1 9 9 1 1 4 4 4 4 1940— D M e a c r. ... 1 1 5 4 6 5 17 O Se c p t t 1 1 9 9 1 2 5 5 4 6 3 0 1 1 0 0 6 2 4 4 1 1 1 9 0 1 1 4 4 6 6 S Ju e n pt e . . . . . . . 1 8 0 6 5 17 N D o ec v 2 1 2 9 3 6 6 6 0 6 2 5 92 101 4 4 1 1 1 1 0 2 1 1 4 4 6 6 1941— D M e a c r . . . . . . . . 4 8 8 8 17 1942—Jan 225 702 49 12 146 June... 89 Feb 251 52 146 Sept 24 Mar 52 146 Dec 25 1 Figures relate to last official report dates for the respective countries, as follows: Belgium 1 Reported at infrequent intervals or on de- Mar. 27, 1941; Germany—June 15, 1939; Greece—Mar. 31, 1941; Italy—late in Mar. 1940; Norway- Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. layed basis: U. S.—Exchange Stabilization Fund 2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1); U. K.—Exchange Equali- 3 Change from previous December due largely to inclusion of gold formerly not reported. zation Account; France—Exchange Stabilization 4 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- Fund and Rentes Fund; Belgium—Treasury. trol Board. Gold reported since that time is gold held by Minister of Finance. 6 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 Figure for Feb. 1941; 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. 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 BULLETIN 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported for September 1940, p. 926. figures through April 1940 appear on p. 926 in that issue. 510 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] j Estimated Production reported monthly world Year or month production Africa North and South America Other U o . u S t . s S i . d R e .1 Total A So fr u ic th a d R e h s o ia - A W fr e ic st a I [ C B o e n l g g o i * an * S U t n at i e te s d S | | rC anQa , da J ^ M| Me • x „ i co I C | olo M m a - I [Crvhlile j 1 N i g c u a a ra 5 - Au l s ia tr a-1 I B In r d it i i a s G h $1 = 15£x grains of gold fa fine; i.e., an ounce of fine gold 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 30,559 11,223 1935 .... 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 31,240 11,468 1936 971,514 833,895 396,768 2&,053 16,295 7,386 152,509 131,181 26,465 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 56,182 11,078 1940 1,279,455 1,094,264 491,628 29,155 32,163 2 8,862 210,109 185,890 30,878 55,878 10,157 1941 1,282,120 21,086,381 504,268 p27,808 32,414 208,443 186,568 27,969 251,039 9,940 1941—Mar 106,365 89,944 42,075 2,318 15,949 15,629 2,702 1,891 4,040 840 Apr 105,525 r89,185 41,357 2,355 16,340 15,384 2,491 2,071 4,133 805 May 105,140 r88,710 42,716 2,355 15,948 15,721 1,448 1,872 4,136 700 June 105,875 89,493 41,186 2,353 16,395 15,890 2,845 1,777 3,939 840 July 109,970 2*93,349 43,093 2,319 18,463 15,983 2,485 2,072 4,185 875 Aug 108,535 292,227 42,458 2,329 17,413 16,353 2,579 1,739 4,376 875 Sept 109,935 293,591 42,135 2,312 20,807 15,578 1,984 1,984 4,271 805 Oct 111,265 294,665 43,061 p2,348 18,781 16,141 2,300 2,098 5,357 840 Nov r107,940 291,326 41,807 22,243 19,740 15,499 1,688 1,726 4,047 840 Dec 105,105 2*88,509 42,436 22,313 16,700 14,746 1,832 1,749 24,200 875 1942—Jan 287,225 42,556 /22,313 14,982 14,198 A, 832 2,075 24,340 840 Feb *76 39,651 •^22,313 10,034 13,147 •f 1,832 '2,075 '24,340 ^840 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. r Revised. * Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint. Monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 Beginning May 1940, monthly figures no longer reported^ Annual figure for 1940 estimated at three times production for first four months of the year. 3 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. 4 Figures for Canada beginning January 1941 are subject to official revision. 5 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. 7 Beginning April 1941, 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 e t o a t r l ts U K d n o i i n m t g e - d France g B iu el m - N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s- ia A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - Net imports from or net exports (—) to: 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1 739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,1511,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102,404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 1940 Nov 330,107 936 7 262,718 545 3,283 14,441 6,240 12,186 2,170 27,580 Dec....... 137,176 99 80,389 347 2,814 3,268 14,994 1,751 13,262 7,446 12,805 1941 J F a e n b 2 1 3 0 4 8 , , 2 6 4 0 2 9 1,21 3 8 7 1 1,746 5 33 6 7 3 4 8 6 1 , , 8 5 7 2 6 9 1,1 8 4 1 7 4 3,16 1 8 1 3 2 , , 1 7 8 7 5 2 1 6 1 , , 7 1 3 3 8 6 149,73 9 5 6 6,085 4,501 5c1 5 6 , , 0 0 9 6 3 2 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 Gross imports from:6 May 34,830 2 16,309 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 i 17,521 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,228 1,088 2,128 4,972 5,199 88 3,811 Aug 36,973 79 10,845 843 2,230 5,098 6,742 137 1,995 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 6 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,pand $37,555,000 from other °UI14 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. 468. MAY 1941 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage Central funds of U. S. foreign balances Total bank funds Other abroad funds funds in N. Y.1 1935—Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 * 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 98*. 0 101.6 Dec. (Jan. 1, 1941). 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. 5 5,560.8 3,128.1 1,249.6 1,878.5 764.9 814.0 757.3 96.6 Mar. 12 5,592.9 3,188.0 1,300.1 1,887.9 752.1 814.1 741.9 96.9 Mar. 19 5,598.8 3,202.4 1,346.2 1,856.2 756.2 814.8 726.9 98.4 Mar. 26 5,567.0 3,185.2 1,325.6 1,859.6 755.4 815.8 714.7 95.8 Apr. 2 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 Apr. 9 5,647.5 3,273.6 1,416.6 1,857.0 766.4 815.6 694.7 97.1 Apr. 16 5,678.3 3,299.2 1,434.7 1,864.5 772.4 816.2 691.9 98.7 Apr. 23 5,666.3 3,279.2 1,424.0 1,855.2 785.0 816.7 686.8 98.5 Apr. 30 5,652.5 3,257.3 1,406.4 1,850.9 798.9 815.7 682.4 98.2 May7 5,639.1 3,243.5 1,400.4 1,843.1 791.6 832.9 673.8 97.2 May 14 5,602.2 3,224.2 1,414.8 1,809.4 792.4 833.5 655.2 96.8 May 21 5,627.8 3,252.0 1,421.2 1,830.9 794.6 834.5 649.6 97.0 May 28 5,635.8 3,266.4 1,417.5 1,848.9 794.9 835.4 641.6 97.5 June 4 5,608 9 3,235.2 1,418.6 1,816.6 803.6 836.3 637.1 96.8 June 11 5,602.7 3,226.9 1,401.3 1,825.6 811.6 832.6 634.4 97.2 June 18 5,627.8 3,249.3 1,407.9 1,841.4 815.7 831.6 634.4 96.7 June 25 5,620.7 3,240.9 1,410.3 1,830.7 817.8 833.1 632.4 96.5 July 2 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 July9 5,584.6 3,194.6 1,366.2 1,828.4 826.2 835.5 630.0 98.3 July 16 5,561.8 3,171.5 1,362.8 1,808.7 826.2 837.8 628.2 98.2 July 23 5,534.0 3,153.6 1,342.7 1,810.9 819.4 838.3 624.8 97.9 July 30 .' 5,506.9 3,141.4 1,320.3 1,821.1 803.5 838.9 623.6 99.5 Aug. 6 5,556.1 3,185.5 1,378.9 1,806.6 807.3 839.7 624.8 98.8 Aug. 13 5,535.8 3,166.9 1,369.7 1,797.3 805.7 841.0 623.1 99.1 Aug. 20 5,521.2 3,156.2 1,374.2 1,782.0 803.7 842.0 619.7 99.6 Aug. 27 5,467.2 3,105.5 1,318.1 1,787.4 801.8 841.4 617.3 101.0 Sept. 3 5,478.3 3,113.2 1,313.3 1,799.9 805.6 841.7 616.5 101.2 Sept. 10 5,448.3 3,073.2 1,292.0 1,781.1 814.9 842.0 617.0 101.2 Sept. 17 5,397.3 3,022.1 1,262.4 1,759.7 814.8 841.8 618.2 100.5 Sept. 24 5,422.7 3,050.9 1,255.2 1,795.6 810.1 839.8 622.1 99.9 Oct.l 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Oct. 8 5,494.3 3,123.0 1,309.3 1,813.7 804.6 841.7 623.9 101.1 Oct. 15 5,478.1 3,108.0 1,337.2 1,770.8 802.1 843.3 623.2 101.5 Oct. 22 5,460.2 3,091.1 ,291.6 1,799.5 803.4 843.2 621.2 101.3 Oct. 29 5,503.2 3,138.3 ,334.1 1,804.2 797.7 845.2 621.3 100.6 Nov. 5 5,429.2 3,074.3 ,266.7 1,807.5 785^5 846.9 621.6 100.9 Nov. 12 5,429.7 3,063.2 ,262.8 1,800.4 796.1 847.6 622.1 100.8 Nov. 19 5,383.3 3,021.7 ,208.4 1,813.3 792.4 846.7 621.7 100.8 Nov. 26 5,384.0 3,018.5 ,195.2 1,823.3 795.8 847.7 621.3 100.7 Dec. 3 5,379.3 3,011.6 ,192.2 1,819.4 795.2 851.0 620.5 101.0 Dec. 10 5,358.4 2,989.1 ,154.1 1,835.0 796.6 852.7 620.4 99.6 Dec. 17 5,290.9 2,919.4 ,102.2 1,817.3 795.4 853.6 622.5 100.1 Dec. 24 5,266.8 2,894.9 ,075.5 1,819.4 792.6 854.5 624.6 100.1 Dec. 31 5,230.7 2,856.2 ,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 7 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan. 14 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Jan. 21 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. SPECIAL NOTE.—Beginning with this issue of the BULLETIN, the tables showing capital movement by countries (Tables 2-9) have been suspended. iz 5 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 t m er il l l i i n o g n ) s of Gold1 a O ss th e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d n u i 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 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 6 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Mar. 26. .2 630.0 .1 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Apr. 30. .2 5680.0 .5 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 May 28. .2 680.0 .6 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 June 25. .2 680.0 .7 41.3 6.9 156.2 639.0 112.5 25.3 50.4 17.8 July 30. .2 680.0 .7 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 Aug. 27. .2 680.0 .8 15.5 6.4 183.9 664.7 125.7 14.9 49.1 18.a 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 Mar. 25. .2 780.0 .4 25.2 5.1 204.8 755.1 156.8 9.3 51.4 18.1 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 ion? li O ab t i h l e it r ies dollars S t h e o rm rt « - Other Ch b a a r n te k r s ed D g o m o m v e i e n n r t i n o - n Other 1935—Dec. 31. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 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—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 Mar. 31 276.3 386.6 209.4 19.7 508.9 241.9 118.8 6.1 16.3 1 Through February 1939, valued at legal parity of 85 shillings a fine,ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, whei it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account: on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 6 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. MAY 1941 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Domestic bills Advances to Deposits Government (Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e r x e - ign a O s t s h e e ts r c N irc o u te la- l O ia t b h i e l r ichange m O a p rk en etz Special2 Other c F u c o p o r a s o t t i s c o 3 - n Other2 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 5 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 J A S u e u n p g e t . . 2 1 2 9 0 6 6 6 8 8 8 4 4 4 , , , 6 6 6 1 1 1 6 6 6 108 44,173 1,1518 11 § ,8 7 85 3 2 9 7 , , 2 2 0 0 0 0 3 6 6 6 4 9 , , , 2 1 3 5 9 4 0 5 0 25,221 2 1 1 0 9 7 5 8 4 , , , 5 4 4 7 6 3 8 9 9 1,0 9 9 4 9 9 9 5 0 3 2 4 7 , , 9 2 3 0 0 0 2 2 2 5 8 5 , , , 4 2 7 0 2 0 5 6 0 2 I ,848 Oct. 316 84,616 (7) ( ) 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 Dec. 266 84,616 43,194 v 72,317 63,900 23,179 218,383 984 41,400 27,202 • Si 3,646 84,598 37 40,776 6,419 117,715 69,500 22,605 242,000 1,318 60,612 33,978 3,586 A Se u p g t . . 2 2 8 5 . 8 8 4 4 , , 5 5 9 9 8 8 3 3 7 7 40(,7V20 6,139 1 1 1 2 7 3 , , 5 5 5 7 5 8 6 6 7 4 , , 7 7 0 0 0 0 21,826 2 2 4 4 4 8 , , 0 9 9 9 9 3 1,341 6 5 0 9 , , 1 71 9 4 3 29,179 3 3, , 7 7?4 6 1 3 N O o ct v . . 3 2 0 7p 8 8 4 4 , , 5 59 9 8 8 3 3 7 7 41,138 i 7,849 1 1 2 2 9 9 , , 5 5 1 6 8 8 6 6 0 8 , , 5 9 0 0 0 0 23,555 2 2 5 6 5 0 , , 6 7 8 7 4 2 1,272 8 6 8 0 6 , , 9 8 3 7 2 5 25,999 3,(3 ? 09 Dec. 31P 84,598 8 142,507 270,144 8 61,500 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities "(Figures in millions of foreign exchange checks), Note Other reichsmarks) including Security Eligible Other circula- Deposits liabili- Total Treasury loans as note Other assets tion ties reserves Gold bills cover 1929—Dec. 31... 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31... 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31... 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31... 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30... 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31... 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31... 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31... 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31... 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31... 76 71 8,244 45 557 298 1,621 8,223 • 1,527 1,091 1939—Dec. 30... 78 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—Feb. 28. .. 77 15,284 34 24 351 1,445 13,976 1,935 1,305 Mar. 31... 78 15,367 23 32 352 1,672 14,188 2,127 1,210 Apr. 30... 78 15,644 32 22 488 1,548 14,689 2,006 1,117 May 31... 78 15,918 23 18 438 1,922 15,210 2,012 1,174 June 30... 78 16,258 20 45 416 2,336 15,565 2,373 1,215 July 31... 78 16,754 27 12 359 2,302 16,031 2,243 1,259 Aug. 30... 77 17,306 25 16 384 2,343 16,502 2,326 1,323 N O S D e e o c c p t v . . t . . 3 3 2 1 3 * 0 9 1 \ p * . . . \ . . . . 7 7 7 7 7 7 7 7 I- 2 1 1 1 1 8 8 8 , , , , 8 0 4 6 9 1 5 5 9 6 6 6 3 2 2 2 2 5 6 4 1 2 2 5 0 4 0 8 7 3 ( 83 2, ( ( ( 2 7 V 6 7 ) 0 ) 1 1 1 1 7 9 7 6 , , , , 7 4 9 3 9 3 1 2 3 2 8 4 3 2 2 2 , , , , 6 4 4 5 4 9 7 1 9 1 3 0 1 8 , ( 3 7 5 ) 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. 5 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. 8 Figures taken from annual report of Bank for 1940. 7 Figure not available. 8 Total deposits—distribution not available. 9 Gold not shown separately on Reichsbank statement after June 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Bank of the Argentine Re- National Bank of Denmark—Cont. (Nov. public (millions of pesos): 1941)2 Gold reported separately 1,075 1,071 Other assets 898 610 Other gold and foreign exchange.. 479 291 791 707 Negotiable Government bonds 364 296 Deposits 1,053 557 Rediscounted paper 46 Other liabilities 211 196 Other assets 222 205 Central Bank of Ecuador (thou- (Nov. Note circulation 1,390 1,223 sands of sucres): 1941)2 Deposits—Member bank 553 486 Gold 71,276 64,534 Government 84 131 Foreign exchange (net) «. 25,648 12,278 Other 23 3 84,505 63,037 Foreign exchange sold forward 7 6 25,670 23,242 Other liabilities . ... 83 60 107,574 76,526 Commonwealth Bank of Australia 57,372 55,728 (thousands of pounds): 42,154 30,837 Issue department: National Bank of Egypt5 (thou- (Sept. Gold and English sterling 21,954 21,954 17,705 sands of pounds): 1941)2 Securities 68,953 64,717 46,645 Gold 6,241 Banking department: 2,722 Coin, bullion and cash 3 812 5,647 3 090 4,778 London balances 31,648 30,325 55,573 British, Egyptian, and other Gov- Loans and discounts 35 400 28,031 22,360 84,664 Securities 101 676 88 940 45 947 7,660 Deposits 162 783 143,499 119,062 45,945 Note circulation 85 614 81,364 63 119 10,166 National Bank of Belgium1 Other 36,385 National Bank of Bohemia and Mo- (Dec 13,568 ravia (millions of koruny): 1941)2 Central Reserve Bank of El Salva- Gold 1,513 1,465 dor (thousands of colones): Foreign exchange 787 769 Gold 13,241 13,237 13,242 Discounts 840 250 Foreign exchange 10,713 7,648 3,637 Loans (3) (4) Loans and discounts 1,451 2,245 1,400 Other assets (3) (3) Government debt and securities.. 7,170 7,240 6,536 Note circulation 9,397 7,007 Other assets 2,423 2,059 1,420 Demand deposits 2,800 2,051 Note circulation 23,194 21,688 15,404 Other liabilities (3) (3) Deposits .. .. 7,580 6,371 4,576 Central Bank of Bolivia (thousands (Dec. Other liabilities 4<224 4,369 6,255 of bolivianos): 1941)2 Bank of Finland (millions of mark- (Mav Gold at home and abroad 377,199 103,552 kaa): 1941)2 Foreign exchange 377,141C204,304 Gold . 556 604 Loans and discounts 147 904216,058 1,182 1,379 Securities—Government 451,177 442,886 Loans and discounts 5,610 5,447 Other 11,204 7,503 Domestic securities 414 403 Other assets 33 727 c40,421 2,212 1,500 Note circulation 641,572 494,616 Note circulation 5,659 5,724 Deposits 597 290 427,400 Deposits 796 512 Other liabilities 159,490 92,709 Other liabilities 3,520 3,097 National Bank of Bulgaria1 Bank of Greece1 Central Bank of Chile (millions of National Bank of Hungary (millions (Dec. pesos): 1941)2 Gold 148 148 147 100 124 Discounts for member banks 303 362 204 18 27 Loans to Government 733 733 742 Discounts 1,196 729 Other loans and discounts 705 673 486 Loans—To Treasury 790 610 Other assets 65 57 74 To foreign countries 140 Note circulation 1,449 1,442 1,172 Other ... .... 44 39 Deposits—Bank 199 204 173 Other assets (3) 329 Other . . . 106 130 86 Note circulation 1,984 1,369 Other liabilities 200 198 221 Demand deposits (3) 177 Bank of the Republic of Colombia Consolidated foreign credits of 1931. 26 51 (thousands of pesos): Other liabilities 262 Gold 26,611 29,236 31,863 31,451 Reserve Bank of India (millions of Foreign exchange 20,506 14,862 9,786 15,852 rupees): (Dec. Loans and discounts 35 017 40,517 41,109 18,774 Issue department: 1941)2 Government loans and securities. 55,953 54,126 54,244 58,704 Gold at home and abroad. .. 444 444 Other assets 32,418 32,842 31,487 35,988 Sterling securities 2 276 1 022 Note circulation .. . 75 682 72,796 70,853 61,416 Indian Gov't securities 415 879 Deposits 50,660 52,909 52,354 59,831 Rupee coin 342 347 Other liabilities • 44,163 45,878 45,282 39,521 Note circulation 3 356 2 577 National Bank of Denmark (millions (Nov. Banking department: of kroner): 1941)2 Notes of issue department 121 116 Gold 98 105 Balances abroad 471 423 Foreign exchange 31 28 Treasury bills discounted (4) Clearing accounts (net) . 801 485 Loans to Government 160 Discounts 8 9 Other assets 112 87 Loans—To Government agencies. 16 20 Deposits . . .... 561 640 Securitie O s ther 1 2 7 6 5 1 4 6 1 0 Bank of O J t a he p r a n li 1 abilities 143 146 0 Corrected. 1 For last available reports from the central banks of Belgium (March 1941), Bulgaria (Mayl)1941), Greece (March 1941), and Japan (September 1941), jee BULLETIN for March 1942, pp. 280-281. 2 Latest month for which report is available for this institution. 3 Figure not available. 4 Less than 500,000. 5 Items for issue and banking departments consolidated. 6 Gold revalued in week ending September 30, 1941, at 0.2175 gram fine gold per pengd, an increase in gold value of the pengo of approximately 24 per cent. MAY 1942 5I5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1942 Central Bank 1942 1941 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan Mar. Bank of Java (millions of guilders): (Dec. South African Reserve Bank—Cont/ 1941)x Note circulation 29,769 29,522 23,572 Gold : 444 336 Deposits 12,US 70,131 59,537 Foreign bills 21 18 Other liabilities 4,961 5,533 4*575 Loans and discounts 119 89 Bank of Sweden (millions of kronor): Other assets 119 119 Gold 553 497 380 Note circulation 311 216 Foreign assets (net) 693 760 753 Deposits 355 310 Domestic loans and investments.. 895 843 816 Other liabilities 36 Other assets 874 926 762 Bank of Mexico (thousands of pesos): Note circulation 1,598 1,607 1,422 Metallic reserve2 199,291 195,641 189,778 171,522 Demand deposits 942 897 601 "Authorized" holdings of securi- Other liabilities 476 523 690 ties, etc. 532,420 517,489 491,934 495,267 Swiss National Bank (millions of Bills and discounts 114,080 98,607 96,817 51,367 francs): Other assets 50,793 68,082 85,316 61,102 Gold 3,037 2,282 Note circulation , 554,458 546,252 546,309 428,809 Foreign exchange 522 1,191 Demand liabilities 242,708 236,317 212,781 257,278 Loans and discounts 69 244 Other liabilities 99,417 97,251 104,755 93,171 Other assets 212 233 Netherlands Bank (millions of guil- (Dec. Note circulation 2,214 2,146 ders): 1941)1 Other sight liabilities 1,343 1,559 " Gold 1,026 1,096 Other liabilities 284 245 Silver (including subsidiary coin). 8 18 Central Bank of the Republic of (Nov. Foreign bills , 930 23 Turkey (thousands of pounds): 1941)1 Discounts. 3 170 Gold 115,404 110,782 Loans 180 226 Foreign clearing accounts 55,815 49,189 Other assets (») 265 Loans and discounts 474,471 401,261 Note circulation 2,116 1,593 Securities 191,570 192,357 Deposits—Government Other assets 25,916 18,001 Other 182 144 Note circulation 511,484 461,099 Other liabilities 3 60 Deposits—Gold 79,358 79,358 Reserve Bank of New Zealand (thou- Other 110,021 96,753 sands of pounds): Other liabilities 162,312 134,378 Gold. 2,802 2,802 2,802 Bank of the Republic of Uruguay Sterling exchange reserve 19,499 13,757 17,537 (thousands of pesos): (Nov. Advances to State or State under- Issue department: 1941)1 takings 32,389 28,606 18,426 Gold and silver 86,235 86,235 Investments. 4,151 4,103 3,772 Note circulation 107,592 106,700 Other assets 1,267 1,583 1,629 Banking department: Note circulation 23,456 23,784 21,441 Gold 72,924 71,235 Demand deposits 33,876 24,238 20,045 Notes and coin 34,082 30,840 Other liabilities 2,775 2,829 2,680 Advances to State and to Bank of Norway^ ggovernment bodies 25,150 40,754 Ce s n an tr d a s l o R f e s s o e l r e v s e ) : Bank of Peru (thou- 1 (D 94 e 1 c. )1 O Ot th h tre e r r a olo s aa s n e ns t s s and discounts 1 9 2 3 9 , , 2 7 1 7 0 0 9 93 1 , , 5 5 8 4 3 0 Gold and foreign exchange 64,640 53,818 Deposits 119,987 118,818 Discounts 22,250 31,758 Other liabilities 235,149 209,133 Government loans 182,338 130,034 Central Bank of Venezuela (thou- Other assets 5,843 11,867 sands of bolivares): Note circulation 208,509 150,021 Gold 158,317 158,317 149,031 123,127 Deposits 46,247 52,523 Foreign exchange (net) 23,621 18,491 17,791 32,894 Other liabilities 20,315 24,933 Credits to national banks 35,230 35,230 35,230 38,000 Bank of Portugal (millions of (Nov. Other assets 15,590 14,510 13,918 5,678 escudos): 1941)1 Note circulation— Golds 1,338 1,270 Central Bank 138,924 138,071 114,990 46,655 Other reserves (net) 1,432 870 National banks 51,978 54,394 56,338 115,972 Non-reserve exchange ,. 2,826 997 Deposits 32,875 25,851 34,102 17,544 Loans and discounts , 340 362 Other liabilities 8,982 8,232 10,540 Government debt 1,031 1,031 National Bank of the Kingdom of Other assets 935 876 Yugoslavia* Note circulation 3,911 2,779 Bank for International Settlements Other sight liabilities 3,192 1,910 (thousands of Swiss gold francs7): Other liabilities 798 716 Gold in bars 37,777 40,070 National Bank of Rumania (millions (Sept. Cash on hand and on current acof lei): 1941)1 count with banks 32,876 41,011 Golds 33,715 32,325 Sight funds at interest 15,603 16,168 Special exchange accounts 17,667 4,869 Rediscountable bills and accept- Loans and discounts 31,102 30,517 ances (at cost) 141,624 141,251 Special loans (in liquidation) 574 632 Time funds at interest 22,274 21,538 Government debt 9,628 9,793 Sundry bills and investments 224,815 233,443 Other assets 37,532 17,848 Other assets 137 2,346 Note circulation 89,691 68,886 Demand deposits (gold)..: 29,119 35,555 Demand deposits., 28,281 18,536 Short-term deposits (various cur- Other liabilities. 12,246 8,562 rencies) : South African Reserve Bank (thou- Central banks for own account. 17,444 33,877 sands of pounds): Other 4,950 2,860 Gold 46,112 44,111 48,701 Long-term deposits: Special ac- Foreign bills 366 348 485 counts 229,001 228,909 Other bills and loans 25 74 3 Other liabilities 194,592 194,627 Other assets ., 60,354 60,653 38,495 1 Latest month for which report is available for this institution. 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 3 Figure not available. * For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for |March 1942, p. 282. 5 Valued at average cost. 6 Gold revalued April 1, 1941, at 0.0047 gram fine gold per leu. 1 See BULLETIN for December 1936, p. 1025. 516 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 n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d h - s - S d w en e- S l w a e n r i - d tz- b C an e k n tr o a f— l R A 3 a p 0 t r e . ef D fe a ct t i e ve ba C n e k n t o r f a — l R A 3 a p 0 t r e . ef D fe a c t ti e ve In effect Oct. 2, 1936 2 3 2 3 2X 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 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 2H Bohemia and Lithuania... 6 July 15, 1939 Nov. 26 Moravia.... Oct. 1, 1940 Mexico 4 Jan. 2, 1941 Dec. 3 2 Jan. 28, 1937....... 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 4 British India.. 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1, 1940 land... July 26, 1941 Nov. 13 3 2 Canada Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 . .. 2M Colombia 4 July 18, 1933 Portugal 4 Mar. 31, 1941 May 30 3 Sept. 28 3 Oct. 27 2y 2 Nov. 25 P Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939... Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 lMar. 29, 1939 May 11 . .... 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 Finland... 4 2 Dec. 3, 1934 Switzerland. IX Nov. 26, 1936 Aug. 24.... 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France IH Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 . 2 Greece 5 July 14, 1941 dom 2 Oct. 26, 1939 Apr. 9 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 3)4 Italy May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 Mar. 17, 1941 vrav OQ 3 June 27 In effect Apr. 30, 1 Not officially confirmed. 1942 2 2 2H 3 IX NOTE.—Changes since Mar. 31: none. OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac B 3 c e a m p n o t k a n e n t r c h s e ' s s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e - y day d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to t n h s s 3 d P i r s r i c a v o te a u t n e t 1929—Feb................ 5.05 4.96 4.33 5.80 6.33 4.39 4.78 3.31 1930—Feb 3.82 3.72 3.76 5.53 6.01 2.80 2.94 2.71 1931—Feb 2.56 2.37 2.29 4.88 5.49 1.12 1.05 1.00 1932—Feb , 4.63 4.08 3.84 6.67 7.81 1.87 1.69 1.52 1933—Feb .83 .78 .73 C3.88 4.86 .37 1.00 1.50 1934—Feb .95 .86 .88 C3.88 4.78 .78 1.00 1.50 1935—Feb .38 .28 .63 3.41 3.83 .58 1.00 1.50 1936—Feb .55 .53 .75 3.00 2.77 1.19 1.63 2.37 1937—Feb .55 .53 .75 3.00 2.47 .28 1.00 1.18 1938—Feb .53 .50 .75 2.88 2.73 .13 .50 1.00 1939—Feb .53 .51 .75 2.88 2.53 .13 .50 1.00 1940—Feb 1.04 1.02 1.00 2.50 2.08 1.58 2.50 1.25 1941—Feb 1.03 1.02 1.00 2.25 1.68 2.25 2.75 1.25 1941—Mar 1.03 1.01 1.00 2.25 1.83 2.07 2.75 1.25 Apr 1.03 1.01 1.00 2.25 1.67 2.06 2.75 1.25 May 1.03 1.00 1.00 2.25 1.78 1.93 2.36 1.25 June 1.03 1.00 1.00 2.13 1.93 1.88 2.25 1.25 July ,. 1.03 1.00 1.00 2.13 1.63 1.88 2.25 1.25 Aug 1.03 1.00 1.00 2.13 1.88 2.25 1.25 Sept 1.03 1.01 1.00 2.13 1.88 2.25 1.25 Oct 1.03 1.00 1.00 2.13 1.25 Nov „'.„. 1.03 1.00 1.00 2.13 1.25 Dec 1.03 1.01 1.03 2.13 ,.1.25.. 1942—Jan 1.03 1.01 1.04 Feb 1.03 1.00 1.04 0 Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. MAY 1941 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s l o h n l t o e a i y r c n t e d at B co il u ls n t d e i d s- T r d e r e c e p e a i o s p s u t i r s t y 2 Securities c L u o s a to n m s t e o rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 10 London clearing banks 1932—December. 207 127 408 472 778 208 1,983 • 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 (4) (4) 232 11 London clearing banks 6 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—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 February. 318 122 112 646 1,017 840 275 3,085 2,003 1,082 243 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits "payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s a n n i d n k o s m . l la il r E l s io ) n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1932—December. 211 103 1,104 155 778 500 115 1,916 538 1 378 821 1933—December. 197 106 1,036 134 861 482 121 1,920 563 1,357 775 1934—December. 228 103 977 155 967 491 124 2,035 628 1,407 761 1935—December. 228 83 945 141 1,155 529 111 2,180 694 1,486 789 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—April 325 31 1,109 189 1,820 544 79 3,064 1,356 1,708 877 May 321 29 1,132 183 1,812 537 80 3,045 1,350 1,695 889 June 288 33 1,292 191 1,688 575 80 3,075 1,608 1,467 913 July 314 34 1,279 188 1,681 559 80 3,068 1,579 1,489 907 August. . . 299 35 1,255 190 1,698 553 81 3,031 1,509 1,522 919 September 308 36 1,237 197 1,696 579 79 3,037 1,482 1,555 938 October... 325 37 1,233 199 1,643 594 80 3,012 1,420 1,592 939 November 342 36 1,218 182 1,690 593 76 3,041 1,402 1,639 944 December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—January... 296 31 1,128 158 1,916 585 71 3,096 1,376 1,720 945 February. 324 30 1,135 164 1,960 595 72 3,181 1,517 1,664 955 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 o d f o f fr m an o c n s) th re C se a r s v h es| j Du b e a n f k ro s m B c i o l u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1932—December 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 1936—December 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December, 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—January.. 4,066 4,080 29,808 7,756 1,745 42,850 42,302 548 938 3,667 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. 2 Represent six-month loans to the Treasury at 1| per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. 5 District Bank included beginning in 1936. 6 No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 518 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. [n 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 it d i i s a h g B a u r l i - a Canada (dollar) Chile (peso) C (y h u in an a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a a i n ) g- 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 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 14.6606 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 33.279 11.2111 96.018 5.1727 4.0000 11.879 1940 . . 29.773 1322.80 305.16 116.880 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 1941—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 Tune 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 Mar. 29.773 23.704 322.80 321.50 6.0580 5.1369 30.122 90.909 87.666 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 i ) a - ( 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 ( r fr a a n nc c ) e ( m m G re a a i e r c n r k h - ) y s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I ( t li a 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 a w 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 139.968 124.592 119.770 15.0703 123.439 20.538 322.54 1941—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 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 Mar 57.001 20.571 322.78 United Kingdom Uruguay Year or month N ( o kr r o w n a e y ) P ( o z l l a ot n y d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a ) ( S p p es a e i t n a) S S m (d t e o e r t l n a t l l a i t e t r s - ) s S ( w kr e o d n e a) n S e (f r w r l a a i n t n c z d ) - (pound) Con- (peso) Non- Y ( s d l u a in v g a i o r a ) - Official Free controlled 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—Apr. 4.0009 398.00 9.130 47.107 23.825 23.201 403.50 402.48 65.830 40.065 May 4.0017 398.00 9.130 47.107 23.839 23.203 403.50 403.10 65.830 41.161 June 4.0026 398.00 9.130 47.138 23.836 23.206 403.50 403.16 65.830 42.706 July 398.00 47.160 403.50 403.23 65.830 43.789 398.00 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 Mar 398.00 403.50 403.48 65.830 52.717 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. MAY 1941 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 100 100 U24 695 134 237 106 1 126 144 1930. 86 87 100 554 125 85 181 90 1 103 126 1931 73 72 88 500 111 75 153 76 1 94 110 1932 65 67 86 427 97 70 161 65 1 92 96 1933 66 67 86 398 93 63 180 63 1 90 91 1934 75 72 88 376 98 62 178 63 1 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 311 3 88 146 143 1941 87 90 153 329 184 1941—March 82 86 151 112 322 169 170 April .... 83 87 151 112 324 170 175 May 85 89 151 112 326 171 181 Tune 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 94 155 340 198 December 94 94 156 347 199 1942—January 96 94 156 P202 February 97 95 159 March 98 P159 P Preliminary. c Corrected. 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 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canadai United Kingdom Germany (1926=100) 1926=100) (1930=100) 1913=100) Year or month Raw and Fully and Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts f m a g p c o a a t o r n u t d u l r y s e - d f m c a g h c o a i t o e n u d f u r l s e y - d Foods pr I o n tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l t l s - a p t f n r r i i n d o a i d l s s h u e r e c a m d w ts i- p tr I r i i n o s a d h d l e u u f d i s c n - t - s 1926 100 100 100 100 100 100 129 130 150 1930 88 91 85 82 82 87 100 100 113 120 150 1931 65 75 75 56 62 75 89 87 104 103 136 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 1941—March 72 75 85 69 79 84 144 154 111 100 133 April 74 78 86 70 79 85 144 154 112 100 133 May 76 80 87 70 81 87 144 155 113 100 132 June 82 83 89 71 82 89 145 156 114 100 132 July 86 85 90 72 82 90 146 157 114 100 132 August 87 87 91 72 83 91 146 157 114 100 132 September 91 90 92 73 85 92 147 158 113 101 132 October 90 89 93 74 85 93 148 158 November 91 89 94 74 85 93 149 158 December 95 91 94 75 86 92 151 158 1942—January 101 94 95 77 87 92 152 159 February 101 95 95 78 88 92 157 159 March 103 96 95 p158 p Preliminary. 1 For a brief explanation of these series, now appearing for the first time in the BULLETIN, see p. 451. Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month ( U S 1 = 9 t n 1 a 3 i 0 5 t t 0 - e e 3 ) d s 9 (1 = C a 9 1 a 3 d 0 n 5 a 0 - - i 3 ) 9 U K = d ( 1 n J i 1 o 9 n u i 0 1 m t l g 0 4 e y - d (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 - ) 1 s r 3 e S = r ( w 1 J 1 l 9 a u 0 i 1 t n n 0 4 z e ) d - Year or month ( U S = 19 t n 1 a 3 0 i 5 t t 0 e - e ) 3 d s 9 ( = 1 C a 9 1 d a 3 0 n 5 a 0 - - i ) 39 U K = d ( n 1 1 J i o 9 u n i 0 1 t m l 0 g e 4 y ) d - ( m 1 = G 9 1 a 1 e 0 3 n r 0 - y - ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r 3 - S e = ( r w 1 J 1 l 9 u a 0 i 1 t n 0 n 4 z e ) d - 1932 87 86 126 116 119 125 1932 98 99 144 121 141 138 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 2 132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 3140 146 1940 100 106 184 130 * 148 151 1941 106 116 168 175 1941 105 112 199 174 1941—March 98 109 169 128 161 1941-March 101 108 197 132 164 April 101 110 170 129 167 April 102 109 198 1132 169 May 102 110 171 130 172 May 103 109 200 133 171 June 106 113 170 131 178 June 105 111 200 134 175 July 107 117 167 134 179 July 105 112 199 136 177 August.... 108 121 167 133 180 August. . . 106 114 199 136 178 September. 111 123 166 128 181 September. 108 115 199 133 178 October... 112 123 165 185 October... 109 116 199 182 November. 113 125 165 188 November. 110 116 200. 184 December. 113 124 165 189 December. 111 116 201 184 1942—January ... 116 122 163 P191 1942-January... 112 115 200 2*183 February.. 117 123 163 February 113 116 200 March 119 162 March 114 200 v Preliminary. 1 For a brief explanation of this series, now appearing for the first time in the BULLETIN, see p. 451. 2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 3 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 4 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373 SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U St n a i t t e e s d K U in n g i d te o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c iv e) e 1 d ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic ra e g )2 e lands ** (1 = 9 1 3 0 5 0 -3 ) 9 K U in n g i d te o d m France Germany (19 la 30 n = d 1 s 00) 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 1110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 84.7 100.7 7 77.9 88.1 70.8 114.6 8 95.0 1941 117.8 123.8 80.0 72.5 1941—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 117.1 126.5 r69.9 73.0 March 116.7 66.0 r Revised. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source: Standard and Poor's Corporation. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average rjrice have all borne interest at 43^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning Jan. 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. 7 Average based on figures for 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. MAY 1942. 5x1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MAKRINEB. 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 WOODLEEF THOMAS, Assistant Director O. 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. WILUCAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston A. M. Creighton.... Henry S. Dennison... W. W. Paddock William Willett K. K. Carrick New York.... Beardsley Ruml Edmund E. Day Allan Sproul L. R. Rounds R. M. Gidney T W TCnr\h-f 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 V C Will C. A. Mcllhenny* C. A. Sienkiewicz Cleveland Geo. C. Brainard.... R. E. Klages M. J. Fleming F. J. Zurlinden C. W. Arnold R. B. Hays W. F. Taylor* G. H. Wagner Richmond Robt. Lassiter W. G. Wysor Hugh Leach J.S. Waldenjr J. G. Fry R. W. Mercer Atlanta Frank H. Neely J. F. Porter W.S. McLarin,Jr... Malcolm H. Bryan. H. F. Conniflf L. M. Clark Chicago F.J.Lewis Simeon E. Leland C. S. Young H. P. Preston Allan M. Black1 T J-I TMUnrA Charles B. Duna A. J. Mulroncy Alfred T. Sihler St. Louis, Wm. T. Nardin Oscar Johnston Chester C. Davis.... F. Guy Hitt O. M. Attebery C. M. Stewart Minneapolis... W. C. Coffey Roger B. Shepard.... J. N. Peyton O.S.Powell A. W. Mills* T? \X7 QTXT«J ncrvri Harry I. Ziemcr Kansas City... R. B. Caldwell.. Robert L. Mehornay.. H. G. Lccdy Henry O, Koppang. J. W. Helm2 D. W. Woollcy Dallas Jay Taylor J.B.Coaso 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. Earhart* W A/f Hoi* R. B. West 1 Cashier. 2 Also Cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch R. B. Wiltse Helena Branch R. E. Towle Cleveland: Cincinnati Branch B. J. Lazar Kansas City: Pittsburgh Branch P. A. Brown Denver Branch Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch W. T. Clements Atlanta: Dallas: Birmingham Branch P. L. T. Beavers El Paso Branch J. L. Hermann Jacksonville Branch Geo. S. Vardeman, Jr. Houston Branch W. D. Gentry Nashville Branch Joel B. Fort, Jr. San Antonio Branch M. Crump New Orleans Branch E. P. Paris Chicago: Detroit Branch H. J. Chalfont San Francisco: St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch C. A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch W. H. Glasgow Seattle Branch C. R. Shaw MAY 1942. 5x3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ^ M j MllWEAPOLISj KANSAS CITY ARK. TEXAS J v.-_j v v j|ouston • MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS .-._ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES {APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIf $ O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis