Federal Reserve Bulletin, 1942-06

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

PAGE Review of the Month—Bank Credit and War Finance 52.5—531 From a Legal Standpoint: ' Consumer Credit: Interpretations of Regulation W 532- Reserves : Deductions for Social Security Taxes as Deposits 532.-533 War Financing: Military, Naval and Maritime Commission appropriation 533~534 # Limitations on National Bank Loans 534 Foreign Funds Control: General Rulings, Public Circular, and Public Interpretation issued by the Secretary of the Treasury. 534—536 Amortization of Debt for Nonproductive Purposes 537 Correspondence—Why Repayment of Debts is Anti-Inflationary 538 British White Paper 539~549 Current Events 550 Member Bank Earnings in 1941 551 National Summary of Business Conditions 552.-553 Financial, Industrial, Commercial Statistics, U. S. (See p. 555 for list of tables) .... 555-607 International Financial Statistics (See p. 609 for list of tables) 609-62.1 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 6x2. Senior Officers of Federal Reserve Banks; Managing Directors of Branches 6x3 Map of Federal Reserve Districts 6x4 Federal Reserve Publications (jee inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua,Panama,Paraguay,Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies,in the United States, 15 cents per copy per month,or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 2.8 June NUMBER 6 BANK CREDIT AND WAR FINANCE The monthly volume of war expenditures ESTABLISHMENT OF VICTORY FUND by the Government has approximately COMMITTEES doubled since last December, and is still In order to promote the sale of Governincreasing. In view of the extraordinary ment securities to large investors, comvolume of financing necessitated by the war mittees are being established in each program, the Treasury has adopted some Federal Reserve district. The president of new methods of issuing and distributing the local Federal Reserve Bank is chairman Government obligations. of the district committee, which is com- Policies followed by the Treasury in its posed of commercial bankers, investment borrowing program are formulated with a bankers, and securities dealers. The disview to raising the necessary funds to as trict committee may appoint an executive large an extent as possible by selling securi- committee and a number of ^regional subties to investors other than commercial committees. This organization is designed banks. The purpose of this policy is two- to promote sales of Government securities fold : First, to divert a portion of the pub- other than savings bonds and will not in lic's growing income from the purchase of any way duplicate the work that is now commodities and property to helping in the being done in that field. The Secretary of war effort, and, second, to reduce as much the Treasury will be chairman of a comas possible the expansion of the already mittee of Reserve Bank presidents, and the large volume of bank deposits. The active chairman of the Board of Governors of the promotion of the sale of non-negotiable Federal Reserve System will serve as liaison savings bonds and of tax notes has been an officer between the Treasury and the important part of this program during the Reserve Banks. past year. Promotion of sales of marketable and of restricted issues of securities in TREASURY RECEIPTS AND EXPENDITURES large amounts to institutional and other War expenditures of the Government large non-banking investors is another totaled 3.6 billion dollars in May, comaspect of the program. It is recognized pared with 1.8 billion last December and nevertheless that a considerable amount of 1 billion last July. For the entire fiscal new securities will have to be sold to com- year ending June 30, 1941, the Budget mercial banks, and an increasing volume of Director on April 2.4 estimated war expendisecurities of the types best adapted to the tures at x6.o billion dollars, compared with requirements of banks of deposit have been 6.3 billion spent for national defense in the issued. previous fiscal year. Other expenditures JUNE 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH for the current fiscal year were estimated at their own account for a period of ten years 6.6 billion dollars—a slight increase over after the issuance of the securities. The last year. In addition it was estimated bonds are not transferable for 60 days from that the Treasury would spend about 3 date of issue. The amount of the offering billion on account of various Government was not specifically limited, and subscripcorporations. Net receipts were estimated tions were allotted in full as received. Inat 12..7 billion dollars for this fiscal year, vestors were able to purchase at par their compared with 7.6 billion for the previous full demands for these bonds. The offering year. The public direct debt was expected remained open from its announcement on to show an increase of 2.3 billion dollars for May 4 through May 14, and subscriptions the fiscal year to a total of 71 billion at the totaled 880 million dollars. The largest end of June. The amount of securities purchasers of the issue were life insurance guaranteed by the Government is being companies. reduced somewhat this year. Another offering in May was a 2. per cent For the next fiscal year war expenditures bond of September 1949-51, which is a were estimated by the Budget Director at maturity attractive to commercial banks. 67 billion dollars, not including additional For this offering rules limiting the amounts expenditures of Government corporations. of individual subscriptions were suspended, With a small decrease in other expenditures except that all subscriptions up to $10,000 and with an expected substantial increase were allotted in full. The issue was so in tax receipts, reflecting both larger inpriced as to offer little profit on prompt comes and higher tax rates, it was estimated sales of the securities by subscribers. Conthat the public debt would show a further sequently, the amount of subscriptions by increase of about 54 billion dollars to a those buying to sell immediately was much total of about 1Z5 billion by the end of smaller than had been the case with other June 1943. recent issues. This development enabled investors to obtain a larger part of their RECENT TREASURY FINANCING requirements for this issue. Subscriptions In January and February of this year the to the issue totaled 3.3 billion dollars and Treasury sold two issues of intermediatea total of 1.3 billion of bonds was issued. term bonds, refunding a billion dollars of A third feature of the May financing condirect and guaranteed issues and raising sisted of an increase from 150 million dollars about 1.5 billion dollars of cash. In April to X5o million in the weekly offering of it sold 1.5 billion of 6-month certificates Treasury bills. This marked a further step of indebtedness. About half of these issues in the program of increasing the outstandwere purchased by commercial banks. In ing amount of short securities, which May various types of securities were offered started in April with the issuance of 1.5 for the purpose of reaching a broader billion dollars of 6-month certificates of market. indebtedness. The increase in short securi- In the May financing the most important ties outstanding helps to provide banks departure from previous methods was the offering of i\ per cent i96z-67 registered and others with a medium of liquid investbonds. These bonds were not made avail- ment. It facilitates the smooth functionable for purchase by commercial banks for ing of the money market. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH On May ^ the Treasury offered a i \ per the Reserve Banks or by refraining from cent four and one-half year note in ex- replacing maturing bills. Banks may utichange for 1,150 million dollars of guaran- lize surplus reserve funds to purchase new teed securities. This was an issue attrac- issues of bills and be assured of a buyer for tive to commercial banks, which held the these bills if their reserve position should bulk of the securities to be refunded. The change. Thus Treasury bills may serve as Treasury also announced in May that a medium for investment of the banks' beginning on July 1 the maximum annual liquid funds, which in the past under limit on individual subscriptions to Series different market conditions went largely F and G war savings bonds would be in- into Street loans. creased from $50,000 to $100,000, cost OPEN-MARKET OPERATIONS price. Federal Reserve open-market operations FEDERAL RESERVE BUYING RATE ON in recent months have been largely for the TREASURY BILLS purpose of aiding in the maintenance of In connection with changes made in orderly conditions in the market at a time Treasury financing methods, the Federal when the Treasury was offering a large Open Market Committee on April 30 di- volume of new Government securities. rected the twelve Federal Reserve Banks to These operations were occasioned in part purchase for the System Open Market Ac- by the fact that some individual banks, count all Treasury bills offered at a rate of particularly in New York City, have found f of 1 per cent per annum. Prevailing rates themselves with smaller reserves than they on current issues of Treasury bills had risen wanted and have obtained additional refrom about 0.2.0 per cent in March to 0.34 serves by reducing their security holdings. per cent the last week of April; in May they Also, at times of new Treasury offerings averaged 0.36 per cent. there has been some pressure on the market In recent years the principal holders of resulting from sales of outstanding issues Treasury bills have been large city banks. with maturities close to those of the new The increase in the amount outstanding and issues. Federal Reserve open-market opthe rise in the rate should result in a erations have diminished the effect of these broadened distribution of these bills to temporary influences and have given greater smaller banks and to corporate and other stability to the market. investors, and thus give more fluidity to During the decline in Government sethe short-term market. On the other curity prices last December holdings in the hand, the establishment of a firm buying System Open Market Account were inrate of f of 1 per cent at the Federal Reserve creased by jo million, dollars. This was Banks will prevent a rise of the bill rate followed by a small decrease in holdings in above that level. January, a small increase in February, and Application of this instrument of policy another small decline in March. In April —an established Reserve Bank buying rate and May holdings in the Account increased on Treasury bills—will facilitate adjust- substantially. Around the middle of April ment of the money market to changing the Account began to purchase Treasury conditions. Member banks may readily bills for the dual purpose of maintaining offset losses of reserves by selling bills to greater stability in the rate and of making JUNE 1942. 5x7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH funds available to individual banks which at 1.94 per cent, the lowest level since early needed to strengthen their reserve position. December. This program was supplemented by the Yields on short-term securities, however, establishment of the buying rate on Treas- have firmed in recent months. The rate ury bills. At the end of May the System on new issues of Treasury bills, as pre- Account held about 160 million dollars of viously shown, rose in May to 0.36 per cent. bills. Purchases during April and May The yield on 3- to 5-year taxable notes were larger than this amount, but were averaged 1.03 per cent in May compared offset in part by the maturing of bills with 0.93 in February and March. Since previously purchased. The Account also last September, as shown on the chart, purchased and sold in response to a market short-term yields have increased by about demand a small amount of Treasury cer- f of 1 per cent, while yields on long securitificates of indebtedness. At the end of ties rose slightly until February and have May certificate holdings totaled about 30 since declined. million dollars. YIELDS ON GOVERNMENT SECURITIES In addition to these purchases of shortterm securities the System Account's holdings of taxable bonds increased by about 60 million dollars in April and May. Most of these purchases were made around the time of the May financing for the purpose of steadying the market. Recently each financing has been accompanied by a 3-5 YR. TREASURY NOTES temporary decline in quotations with a small volume of activity. In the May financing the System Account relieved the market of part of the offerings that were being made at that time and thereby facili- mt ax- W ex e e e m kl p y t a T v r e e r a a s g u e r s y o bo f n d d a s i l d y u e y i o el r d c s a l o la n b T le r e a a ft s e u r r y 1 2 n y o e te a s r s, a n a d n d p a a v r e ti r a a l g ly e tated the financing program. discount on new issues of Treasury bills (tax-exempt through February 1941 and taxable thereafter) offered within week. Latest figures shown are for week ending May 23, 1942. GOVERNMENT SECURITY MARKET DISTRIBUTION OF GOVERNMENT SECURITIES Yields on long-term Government securi- The interest-bearing direct and guaranties at current market prices have held rela- teed debt of the Federal Government tively steady in recent months. The yield increased by about 19 billion dollars during on long taxable bonds averaged 2..^^ per the first eleven months of the current fiscal cent in May compared with z.34 per cent year, compared with an increase of 7 billion in April and i-39 per cent in February. for the entire fiscal year ended on June 30, Partially tax-exempt bonds have shown 1941. Savings bonds increased by more somewhat wider fluctuations reflecting un- than 5 billion dollars in the eleven months certainty as to the tax status of these and tax anticipation notes by over 3 bilissues. Yields on long-term partially tax- lion; marketable issues of Treasury direct exempt bonds, which averaged 1.98 per obligations showed an increase of almost 10 cent in April, compared with 1.09 per cent billion, while the amount of guaranteed for February, in the last week of May were obligations outstanding declined by threez8 5 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH quarters of a billion. An additional 1.4 Federal Reserve Banks have added about billion of special issues was sold to Social 300 million dollars to their Government Security and other Government trust funds. security holdings since last June, and From the first of July to the end of No- various Government accounts have purvember 1941 sales of savings bonds aver- chased some 300 million of marketable *aged less than 300 million dollars a month. issues, in addition to special issues. It Sales rose to 500 million dollars in Decem- appears that investors other than banks and ber and to 1,100 million in January, when other agencies and institutions for which many investors purchased their full annual figures are available have acquired 10 bilmaximum. They declined to 700 million lion dollars or more of additional Governin February and to 500 million in March ment securities since last June, including and in April. With an intensified cam- about 5 billion of savings bonds and 3 paign in May, however, sales exceeded the billion of tax-anticipation notes. This quota of 600 million dollars that had been amounts to more than half of the increase established by the Treasury for that month. in the total interest-bearing debt. The quota is 800 million dollars for June GROWTH IN BANK INVESTMENTS and one billion dollars for each subsequent month. Reflecting heavy bank purchases of Gov- For the eleven months since last June, in ernment securities, total loans and investwhich the total amount of marketable ments of reporting member banks in 101 direct and guaranteed debt (i.e. securities leading cities increased by 1.6 billion dollars other than savings bonds, tax notes, and in the first five months of i94x. As shown special issues) increased by about 9 billion on the accompanying chart, there was a dollars, it is estimated that the commercial growth of x.i billion in Government holdbanks of the country added somewhat more ings, partly offset by a decline in loans. than 4.5 billion to their holdings of Govern- Recent increases have occurred principally ment securities. More than half of the at times of Treasury offerings of new issues. increase in bank holdings occurred in the MEMBER BANKS IN 101 LEADING CITIES past five months, that is in 1942.. In the BILLIONS OF DOLL/ .IONS OF DOLLARS eleven-month period commercial banks acquired about half of the increase in marketable issues and a quarter of the total increase in the debt. In the nine months from June 30 to March 31, the latest date for which figures are available, insurance companies increased their holdings by i.x billion dollars, and reports indicate that they may have bought as much as half a billion of the new Treasury i\ per cent bonds of 196Z-67 sold in 2 L May. Holdings by mutual savings banks 1936 1937 ' 1938 1939 1940 1941 1942 Commercial loans include industrial and agricultural loans; classifiincreased by 300 million in the last six cation changed May 19, 1937. Latest figures are for May 20, 1942. months of 1941, but have shown little Holdings of Treasury bonds at reporting further change since the beginning of 1942.. banks increased by 1.6 billion dollars and JUNE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH bills and certificates rose by more than a Total loans of country banks, few of which billion, while holdings of Treasury notes are included among the weekly reporting and of guaranteed obligations declined, banks, showed a decline of 150 million reflecting retirement of maturing and called dollars in the period from December 31 issues. Reporting banks in New York City to April 4, following a sustained increase showed an increase of about 700 million since 1938. dollars in their holdings of Government securities, and those in Chicago reported a FURTHER GROWTH IN BANK DEPOSITS growth of 170 million. Banks in other During 1941 the growth in bank deposits leading cities accounted for more than half and in the amount of currency in circulaof the total increase. At country banks tion has continued. It is estimated that holdings of Government obligations in- member bank demand deposits, other than creased by 370 million in the period from interbank deposits, have increased by December 31, 1941 to April 4, 1942., the about 1 billion dollars since the first of the latest date for which figures are available. year, while time deposits have decreased by about 400 million. In the same period DECLINE IN BANK LOANS the amount of currency in circulation out- Following a sustained rapid increase over side banks has shown a further increase of the preceding two years, loans at reporting over 1 billion dollars. This growth in the member banks in mid-March reached a supply of funds in the hands of the public peak of 11.4 billion dollars, the highest has reflected the continued expansion in point since 1932.. This increase was con- bank holdings of Government securities. centrated heavily in commercial loans at The growth in bank deposits has been counbanks in New York City and other north- try-wide, with the largest increases in the eastern centers, where much of defense east central industrial districts. The smallborrowing activity has been centered. In est increases have occurred in the districts the period from March 18 to the latter west of the Mississippi River. part of May total loans of reporting banks declined by nearly 500 million dollars; RESERVE POSITION OF MEMBER BANKS almost all of the decrease was in com- As a result of the growth in bank deposits mercial, industrial, and agricultural loans, and the consequent increase in required which declined by about 1.1.0 million inreserves of member banks, together with a New York and by 150 million at other continued rise of money in circulation, cities. Some of the decline reflected pay- excess reserves of member banks have dement of loans from the proceeds of new clined further since the beginning of the security issues, and, in addition to retire- war. Required reserves increased by about ment of commercial loans, there were 500 million dollars from December to the large repayments of grain loans made by end of May and the increase in curbanks under purchase agreements with the rency in circulation has recently exceeded Commodity Credit Corporation. Figures zoo million a month. Since early in April reported as "other loans" have shown a Reserve System purchases of Government gradual decline since last November; these securities, accounting for an increase of figures include consumer instalment loans, about Z50 million dollars in the System which fully account for the decline shown. Account, have offset in part the effect 53° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH on reserves of the increase in currency. level of about 3 billion dollars reached at Wide fluctuations in Treasury balances, the end of December, and the distribution resulting from large expenditures and ir- of excess reserves among the various classes regular receipts from taxes and sales of of member banks showed little variation. new securities, have caused similar varia- After the early part of April, however, tions in the total amount of bank reserves. there was a pronounced decline in total Treasury transactions have also been an excess reserves, with most of the decrease important factor influencing the distribu taking place at banks in New York City T tion of reserves among individual banks and and Chicago. In the last week of May exgroups of banks. cess reserves of all member banks amounted Until the middle of April weekly average to about 2_,6oo million dollars; those of excess reserves of all member banks, as New York City banks were close to 500 shown in the chart, did not fall below the million and those in Chicago were a little more than 100 million. EXCESS RESERVES OF MEMBER BANKS In April and May, when excess reserves BILLIONS OF DOLLARS WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS at New York banks were decreasing, these banks were increasing their holdings of Government securities. Their total reserve balances declined, while required reserves increased somewhat, owing to a growth in United States Government deposits. Other deposits at New York City banks have declined since early April, and are generally smaller than they were during most of last year. The establishment of a bill buying rate by the Reserve Banks and the flexible open-market operations of the System provide a mechanism whereby individual member banks may readily 1938 1939 1940 1941 1942 obtain additional reserves when the need Figures for all member banks and country banks are partiallyestimated; those for May are preliminary. Latest figures are for week arises. ending May 22, 1942. JUNE 1942. 531 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 previous indebtedness with the same lender or another lender. On the other hand, if the Interpretations of Regulation W obligor on a $1,000 note borrows another $800 Since the publication of the May Federal from the same lender as a separate transaction Reserve BULLETIN the Board of Governors has evidenced by a separate note, the new $800 loan issued the following interpretations of Regula- is subject to the Regulation. tion W: If instead of renewing or revising a single- ' payment loan made prior to May 6, the obligor SINGLE-PAYMENT LOANS makes one loan (of $1,500 or less) part of which Interpretation No. WR-i is to be used to pay off the old single-payment Regulation W as revised effective May 6, loan and part of which represents new money, 1941 places no restriction on renewals or revi- only the part of the new loan representing new sions of a single-payment loan originally made money is subject to the requirements of the Regulation. However, in any such case it prior to May 6, 1942.. would ordinarily be better practice for the lend- LOANS ing institution to keep the credits separate and not to combine them in a single obligation since As explained in WR-i, a single-payment loan otherwise it might be difficult for the lending made before May 6 may be renewed more than institution and for the examiners to be sure that once. Furthermore, the borrower may pay a there was no violation of the Regulation. portion of the loan at the time of any such renewal, or the loan may be put on an instalment A renewal or revision of a loan which was basis without regard to the requirements of originally more than $1,500 is not subject to section 6 (b) or any other provision of the the Regulation even though the balance at the Regulation. It is to be noted, however, that time of the renewal or revision is less than the absence from Regulation W of restrictive $1,500. provisions with respect to such renewals or CHARGE ACCOUNTS conversions is not intended to encourage them, but must be considered in the light of the joint The sale of a listed article in a charge account statement made for the press on May 7 by the with an agreement, arrangement or under- Comptroller of the Currency, the Board of standing that the credit will later be converted Directors of the Federal Deposit Insurance into an instalment contract violates sections Corporation, and the Board of Governors of the 5 (a) and 11 (a) of Regulation W. Federal Reserve System. This joint statement Reserves is published elsewhere in this issue of the BULLETIN. Deductions for Social Security Taxes as Deposits A loan of over $I,JOO is not subject to the Regulation whether the loan is single-payment or The Board has been asked for a ruling as instalment, whether made before or after May 6, orto whether amounts deducted by a member whether all or part is to be used to pay off a bank from its employees' salaries for Social 532- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Security taxes should properly be shown as fiscal years 1940 and 1941, shall be suppledeposits or as other liabilities, and whether mental to, merged with, and become a part of, the appropriations under the respective amounts accrued by the bank for payment of heads in the Military Appropriation Act, its taxes under the Social Security Act and under . 1942., as amended by Acts supplemental State unemployment tax laws should be carried thereto, including the objects and subject to as deposits. the limitations and conditions specified under said heads, respectively, in those Acts, ex- It appears that under the Social Security Act cept as otherwise provided herein; and such the tax imposed upon employees is required to appropriations heretofore and herein made be collected by the employer by deducting the shall remain available until June 30, 1943, amount of such tax from the wages as and when for the purposes of such appropriations and paid and that every employer so required to for carrying out the provisions of Executive Order Numbered 9112. of March 2.6, 1942., deduct the tax is expressly made liable for the including obligations chargeable against appayment of such tax. In the present case, therepropriations for the Military Establishment fore, the bank deducts the amount of the tax for the respective purposes of said appropriafrom the salary of the employee and is then tions for the fiscal years 1940 and 1941, as itself legally liable for the payment of such tax. follows:" In these circumstances it is the view of the Title II of this Act, relating to appropriations Board that amounts so required to be deducted for the Navy Department, contains in section from employees' salaries and to be paid by the 2.02. thereof the following provision: bank under the Social Security Act are not to be regarded as deposits for reserve purposes ' 'The appropriations of the Navy Department but should be shown in condition reports as for the fiscal years i94x and 1943 shall be "Other liabilities." available to carry out the provisions of Executive Order Numbered 91 iz of March 2.6, With respect to amounts accrued by the bank 1941." for the purpose of meeting taxes imposed upon it under the Social Security Act or under State Because of its interest in this connection, unemployment tax laws, it is the Board's there is quoted below a statement made on the opinion that such amounts likewise should not floor of the House of Representatives on April properly be classified as deposits but should be xi, 1942., by Mr. Clarence Cannon who was shown by the bank as "Other liabilities" in Chairman of the Conference Committee which the account "Interest, taxes, and other expenses considered this Act. accrued and unpaid." "On March 2.6, 1942., the President issued War Financing Executive Order 9112., which authorizes the War and Navy Departments and the Maritime Military, Naval and Maritime Commission Commission to enter into contracts with any Appropriations Federal Reserve Bank, the R.F.C., or other Under date of April x8, 1942., the President financing institutions for the purpose of financing any contractor or subcontractor or signed an Act of Congress entitled "Sixthothers engaged in any business or operation Supplemental National Defense Appropriations which is deemed by War or Navy or Maritime Act, 1942-/' Title I of which, relating to ap- Commission to be in the interest of the prosepropriations for the War Department, is pref- cution of the war. This order is designed aced by the following provision: principally to give assistance to small business in financing its participation in war "For additional amounts for appropriations contracts. Provision has now been made for the Military Establishment, fiscal year in the bill so that the appropriations for the 1942., which, together with the unexpended War and Navy Departments shall be available balances remaining under all appropriations to carry out, without question, the intentions for the Military Establishment for the of the Executive Order. In my judgment, it JUNE 1941 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT was not necessary to include this special which will arise in applying the general rule provision in the bill, but, since the Senate stated herein. For instance, with respect to added the amendments, we see no harm in loans secured by real estate, it might be necesincluding them." sary, in order to comply with the provisions of section 2.4 of the Federal Reserve Act, In this connection, the "Independent Offices that the entire loan be covered by a commit- Appropriation Act, 1943" which is being con- ment, or that the interest of the War Departsidered by Congress but has not been enacted ment, Navy Department or Maritime Commission in the real estate security be subordiinto law, contains a provision relating to apnate to that of the bank. Such problems can propriations for the United States Maritime be dealt with more effectively after the exact Commission which would increase the Con- procedure for handling loans under this struction Fund established by the "Merchant program has been established." Marine Act, 1936." The proposed provision Foreign Funds Control reads in part as follows: General Rulings, Public Circular and "That the said construction fund shall be Public Interpretation Issued by the available for carrying out the provisions of Secretary of the Treasury Executive Order Numbered 9112. of March 2.6, 194x1" Since the publication of the May Federal Reserve BULLETIN the following General Rul- Limitations on National Bank Loans ings, Public Circular and Public Interpretation In connection with operations under Execurelating to transactions in foreign exchange, tive Order No. 9112. dated March 16, 194X, etc., have been issued by the Office of the Secrewhich was published at page Z99 of the April tary of the Treasury under the authority of the 1942. Federal Reserve BULLETIN, the Board of Executive Order of April 10, 1940, as amended, Governors requested the Comptroller of the and the Regulations issued pursuant thereto: Currency to consider the question of limitations on loans made by national banks which would Treasury Department, Office of the Secretary be guaranteed by the War or Navy Departments April 2-1, 1942. or Maritime Commission. In reply the Comp- GENERAL RULING NO. 12. troller, under date of April 9, 1942., addressed a Under Executive Order No. 8389, as Amended, Sections 3(0) and letter to the Board in which it was stated: sOO °f *he Trading with the Enemy Act, as Amended by the "It is the position of this office that na- First War Powers Act, 1941, Relating to Foreign Funds tional banks may participate in this program Control by extending credit to contractors, sub-con- (1) Unless licensed or otherwise authorized by the Secretractors, or other persons, without limitation tary of the Treasury, (a) any transfer after the effective upon amount, provided that a commitment date of the Order is null and void to the extent that it is is secured obligating the War Department, the (or was) a transfer of any property in a blocked account at Navy Department or the Maritime Commis- the time of such transfer; and (b) no transfer after the effecsion to take over within ten days after de- tive date of Order shall be the basis for the assertion or mand, that portion of each such extension recognition of any right, remedy, power, or privilege with of credit which otherwise would exceed the respect to, or interest in, any property while in a blocked limitations specified in section 5x00 of Rev. account (irrespective of whether such property was in a Stat. of 1873, as amended (U.S.C. title 12., blocked account at the time of such transfer). sec. 84), and section 2.4 of the Federal Reserve QL) Unless licensed or otherwise authorized by the Secre- Act, as amended (U.S.C. title ii, sec. 371). tary of the Treasury, no transfer before the effective date That portion of each extension of credit of Order shall be the basis for the assertion or recognition which is not covered by a commitment must of any right, remedy, power, or privilege with respect to, comply with the statutory requirements or interest in, any property while in a blocked account which would be applicable to a similar loan unless the person with whom such blocked account is held unrelated to this program. or maintained had written notice of the transfer or by any "We have not attempted, in this letter, to written evidence had recognized such transfer prior to the deal with the numerous particular problems effective date of the Order. 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (3) Unless otherwise provided, an appropriate license or blocked account (including safe deposit box) of a other authorization issued by the Secretary of the Treasury party to the transfer and shall have the meaning prebefore, during or after a transfer shall validate such transfer scribed in General Ruling No. 4 except that it shall not or render it enforceable to the same extent as it would be be deemed to include an account not treated as a blocked valid or enforceable but for the provisions of section j(b) account, by the person with whom such account is of the Trading with the enemy Act, as amended, and Order, held or maintained. regulations, instructions and rulings issued thereunder. (d) the term "effective date of the Order" shall have (4) Any transfer affected by the Order and/or this general the meaning prescribed in General Ruling No. 4 except ruling and involved in, or arising out of, any action or pro- that "the effective date of the Order" as applied to ceeding in any Court within the United States shall be, so any person whose name appears on the Proclaimed List far as affected by the Order and/or this general ruling, valid of Certain Blocked Nationals shall be the date upon and enforceable for the purpose of determining for the parties which the name of such person first appeared on such to the action or proceeding the rights and liabilities therein list. litigated; provided, however, that no attachment, judgment, (e) the term "transfer by operation of law" shall be decree, lien, execution, garnishment,' or other judicial process deemed only to mean any transfer of any dower, curtesy, shall confer or create a greater right, power or privilege community property, or other interest of any nature with respect to, or interest in, any property in a blocked whatsoever, provided that such transfer arises solely account than the owner of such property could create or as a consequence of the existence or change of marital confer by voluntary act prior to the issuance of an appro- status; any transfer to any person by intestate succespriate license. sion; any transfer to any person as administrator, (5) For the purposes of this general ruling: executor, or other fiduciary by reason of any testa- (a) the term "transfer" shall mean any actual or mentary disposition; any transfer to any person as purported act or transaction, whether or not evidenced administrator, executor, or fiduciary by reason of judiby writing, and whether or not done or performed cial appointment or approval in connection with any within the United States, the purpose, intent, or effect testamentary disposition or intestate succession; and of which is to create, surrender, release, transfer, or any transfer pursuant to (i) Netherlands Royal Decree alter, directly or indirectly, any right, remedy, power, of May 14, 1940, and (ii) Norwegian Provisional privilege, or interest with respect to any property and Decree of April zz, 1940, concerning the monetary without limitation upon the foregoing shall include system, etc. the making, execution, or delivery of any assignment, (6) Nothing contained in this general ruling shall be power, conveyance, check, declaration, deed, deed of deemed to affect in any way criminal liability for violation trust, power of attorney, power of appointment, bill of of the Order, or the regulations, rulings, circulars or insale, mortgage, receipt, agreement, contract, certificate, structions issued thereunder, or in connection therewith, gift, sale, affidavit, or statement; the appointment of or to otherwise modify any provision thereof. any agent, trustee, or other fiduciary; the creation or By direction of the President: transfer of any lien; the issuance, docketing, filing, or H. MORGENTHAU, JR. the levy of or under any judgment, decree, attachment, Secretary of the Treasury. execution, or other judicial or administrative process or order, or the service of any garnishment; the acquisi- Treasury Department, Office of the Secretary tion of any interest of any nature whatsoever by reason May 19, 1942. of a judgment or decree of any foreign country; the fulfillment of any condition, or the exercise of any power GENERAL RULING NO. 5 of appointment, power of attorney, or other power; As Amended, under Executive Order No. 8389, April 10, 1940, provided, however, that the term "transfer" shall not as Amended, and Peculations Issued Pursuant Thereto, Relatbe deemed to include transfers by operation of law. ing to Transactions in Foreign Exchange, etc., and Section (b) the term "property" includes gold, silver, bullion, sGO °f tbe Trading with the Enemy Act, as Amended, by the currency, coin, credit, securities (as that term is defined First War Powers Act in section i(i) of the Securities Act of 1933, as amended), bills of exchange, notes, drafts, acceptances, checks, General Ruling No. 5 is amended by adding the following letters of credit, book credits, debts, claims, contracts, paragraph at the end thereof: negotiable documents of title, mortgages, liens, an- "United States and foreign currency imported or nuities, insurance policies, options and futures in com- otherwise brought into the United States on and after modities, and evidences of any of the foregoing. The May 19, 1942-, shall be deemed to be 'securities or eviterm "property" shall not, except to the extent indi- dences thereof for the purposes of this general ruling.'' cated, be deemed to include chattels or real property. E. H. FOLEY, JR., (c) the term "blocked account" shall refer to a Acting Secretary of the Treasury. JUNE 1941 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Treasury Department, Office of the Secretary (2.) The filing and prosecution of patent applications, May 2.2., 1942. design applications, and applications for copyright, and the payment of any fees in connection therewith, GENERAL RULING NO. 13 in the United States on behalf of enemy nationals, except Under Executive Order No. 8389, as Amended, Sections $(a) and in cases in which approval of an application to file or sQ>) °f fbe Trading with the Enemy Act, as Amended by the prosecute a patent, design, or copyright application is First War Powers Act, 1941, Relating to Foreign Funds requested by the Alien Property Custodian. Control Attention is directed to the fact that none of the foregoing transactions are authorized by General License No. 72., or (1) This general ruling relates to the procedure to be by any other license which does not refer expressly to General followed in connection with the filing of applications for Ruling No. 11, if they involve any trade or communication the unblocking of accounts or other property in which appliwith an enemy national. The transmission or receipt after cations it is alleged that no person having an interest in the March 18, 1942., of papers or documents relating to patents, property involved is a national of a blocked country. patent applications, etc., directly or indirectly to or from (2.) Any interested party is entitled to file such an applian "enemy national" are included within the meaning of cation. Such application shall be filed in the manner pro- "trade or communication with an enemy national." vided in section 130.3 of the Regulations, and shall contain General License No. 72., of course, continues to be in effull information in support of the administrative action fect with respect to the filing and prosecution of patent requested. The application for administrative action may applications in the United States and other transactions be filed on Form TFU-i or on Form TFE-i (even though the authorized therein, in cases wliich do not involve trade or request for administrative action is not a request for a communication (after March 18, 1942.) with an enemy license), and any documents or other data as may be relevant national. to the application should be attached to and made a part E. H. FOLEY, JR. of the application. Acting Secretary of the Treasury. (3) The applicant is entitled to be heard on the application. If the applicant desires to be heard on the application, Treasury Department, Office of the Secretary either before or after the Treasury Department has taken Foreign Funds Control action on such application, he should so notify the Treas- April ii, 1942. ury Department. Such notice should contain an appropriate reference to the application involved and the names PUBLIC INTERPRETATION NO. 4 of the parties desiring to be heard with respect to the application. Under Executive Order No. 8389, April JO, 1940, as Amended, and E. H. FOLEY, JR., Regulations Issued Pursuant Thereto, Relating to Acting Secretary of the Treasury. Foreign Funds Control Subject: Requirement of Treasury License for Communi- Treasury Department, Office of the Secretary cation with an Enemy National Outside the Foreign Funds Control United States May 8, 1942. Inquiry has been made as to whether a license from the PUBLIC CIRCULAR NO. 5A Treasury Department is necessary in order for a person within Under Executive Order No. 8389, April 10, 1940, as Amended, and the United States to communicate with an enemy national Regulations Issued Pursuant Thereto, Relating to outside the United States in relation to, or as a part of, a Foreign Funds Control* commercial or financial transaction. Reference is made to General Ruling No. 11. In view of Such communications require licenses from the Treasury this general ruling, it will be the policy of the Treasury Department, which may be applied for on Form TFE-i in Department to deny applications for licenses to effect the the usual manner. Communications which relate to, or following transactions if they involve trade or communica- are a part of, a commercial or financial transaction include? tion with an enemy national: among others, notices of stockholders' meetings, proxies* (1) The filing and prosecution in enemy territory of powers of attorney, authorizations to transfer funds, patent all patent, petty patent, design, or copyright applica- applications, trademark and copyright registrations, finantions and the payment of fees in respect thereof; or cial statements, accounts of sale, and any instructions which the payment of any fees, including maintenance fees, are an integral part of a business, financial, trade, or comon patents, petty patents, designs, or copyrights in mercial transaction. However, it is to be noted that it is enemy territory. the policy of the Treasury Department not to license such transactions except under very unusual circumstances, such * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1, 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, as where the transaction would further the war effort. 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and'Ex. Order 8998, J. W. PEHLE December 26, 1941; Regulations, April 10, 1940, as amended June 14, Assistant to the Secretary. 1941, and July 26, 1941. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT ANNOUNCEMENT OF THE FEDERAL BANK SUPER- VISORY AGENCIES REGARDING AMORTIZATION OF DEBT FOR NONPRODUCTIVE PURPOSES In accordance with that part of the which are not subject to the provisions of President's Special Message to Congress of Regulation W, particularly to the volume April 2.7 which urged the paying off of of single-payment loans to individuals for debts as a restraint upon rising living costs, nonproductive purposes presently outthe Comptroller of the Currency, the standing. Board of Directors of the Federal Deposit "The examiners for the respective agen- Insurance Corporation, and the Board of cies are being instructed to pay particular Governors of the Federal Reserve System attention in the course of their examinahave issued the following joint statement tions to individual debt to determine with respect to the procedure to be followed whether it is being reduced and to the by their respective organizations to encircumstances which may be preventing courage the reduction of individual debt its reduction or preventing it being put on through amortization of bank loans: an amortization basis. The examiners are "One of the greatest advances in banking likewise being instructed to include in practices during recent years has been the their reports of examination comments as wide acceptance of the principle of amorto the extent to which the bank has cotization of debts. This principle is inoperated in the program for reduction of corporated in Regulation W, issued by the personal indebtedness incurred for non- Board of Governors of the Federal Reserve productive purposes, and as to the results System, which relates to consumer credit achieved. and applies to certain types' of bank loans. "In order to provide a measure of the "In the exercise of their supervisory volume of personal loans, banks will be responsibilities, the Comptroller of the Currency, the Board of Directors of the asked from time to time to report informa- Federal Deposit Insurance Corporation, and tion as to the amounts of single-payment the Board of Governors of the Federal personal loans on their books in addition to Reserve System.urge that the principle of information now being reported as to amortization be extended to other loans instalment paper." JUNE 1941 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE Why Repayment of Debts is Anti-Inflationary QUESTION: In point seven of his anti- In other words, the amount of debt outinflation program the President advocates standing has been limited by the willingthe repayment of debts, mortgages, and ness and ability of consumers to incur debts other obligations in order to relieve presrather than by the amount of funds availsure upon prices and to supply funds for the purchase of war bonds. But since the able to those who financed them. If conlending capacity of creditors is increased sumers now repay their debts, most of their by the liquidation of outstanding debt, will creditors will either repay the debts that there not be a resulting creation of new they owe, mostly to commercial banks, or loans offsetting the beneficial effects of the will have idle funds available for investinitial debt liquidation? ment. In present circumstances it is likely that most of these funds will be used to buy ANSWER: No, not under existing con- U. S. Government obligations of one kind ditions. Most of the debts owed by 4or another. The repayment of debts, consumers are to banks, specialized contherefore, in addition to improving the sumer financing agencies (including some financial position of the debtors, will have Government credit agencies), insurance the double advantage from the public point companies, building and loan associations, of view of absorbing income that might stores, and other lenders and sellers of otherwise be used to bid up prices of congoods. In general, all of these creditors in sumers' goods, many of which are available recent years have had ample funds, so that only in limited and diminishing amounts, consumers could borrow or buy on credit and of placing additional funds in the hands to the full extent that they could comply of institutions which are likely to invest with conditions imposed by the lenders. them in Government bonds. 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE There is given below the text of a British of two sections, one prepared by the Treasury Government White Paper (Cmd. 6347) presented and the other by the Central Statistical Office. to Parliament on April 14 last by the Financial The present document was prepared entirely in Secretary to the British Treasury under the title: the Central Statistical Office "with the col- 4 'An Analysis of the Sources of War Finance and laboration of the Treasury". Whereas the an Estimate of the National Income and Ex- figures presented in the Treasury's section of the penditure in 1938, 1940, and 1941*'. The pub- earlier Paper relate to "war years", the first of lication of such a document in connection with which commenced September 1, 1939, the mathe annual budget speech in Parliament by the terial in the present Paper is given for calendar Chancellor of the Exchequer was initiated last years, with supplementary data for years ending year. In his budget speech on April 14, the on the quarterly dates during 1941. For this Chancellor referred to the earlier White Paper and other reasons, including numerous changes as "a widely appreciated innovation" and* in the character of the items in the tables, the presented the second paper in the series as one estimates in the present document are not fully which, though differently arranged, *'con- comparable with those in the earlier one. It is tained some new material and was even fuller stated in the preface to the present White Paper in its analysis of public finance and national that the data relating to overseas disinvestment income and output than the one issued last and to expenditure on consumption are subject year."1 to revision on the basis of further studies still The first White Paper in this series consisted in course of preparation. PREFACE ment and expenditure on consumption are, The statistical material presented in Cmd. unfortunately, not available in time to be in- 62.611 (April 1941) for the years 1938 and 1940, cluded below, and the figures for these items has been revised in the light of further study are given subject to this reserve. Any subseand more detailed information which has be- quent modification in either of these totals will come available. There are some significant require a corresponding change in the total of revisions of individual items, but apart from domestic disinvestment. changes of definition, the main totals are not In Table I, item 8 (domestic investment) is the much altered. The tables, which now cover balancing figure obtained by difference, and not the calendar year 1941 as well as 1938 and 1940, (except in 1938) by direct estimation. In Table have also been rearranged in the interests of a II, item 14 (net personal savings) is the balancmore logical analysis, and additional material ing figure. Tables III and IV are mainly based has been added. Much of the material given in on actual figures taken from the Public Accounts Part 1 of Cmd. 62.61 is now incorporated in the etc., apart from items repeated from Tables I main tables. The- results of more compre- and II. hensive enquiries covering overseas disinvest- The tables have been prepared in the Central Statistical Office with the collaboration of the 1 For the text of the White Paper issued last year (Cmd. 6261), see BULLETIN for July 1941, pages 633-638, Treasury. JUNE 1941 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE A. THE SOURCES OF WAR FINANCE ment finance (their cost being included in [In millions of pounds] budgetary expenditure). They are, therefore, d C ar a l y e e n a - rd C ar a l y e e n a - r f B o u re d c g a e s t t not included in (c) above; and it is known that, 1940 1941 1942-43 so far from being depleted,, they were substan- Central government expenditure *3,333 J4,620 5,286 tially increased. Thus the depletion of stocks Less Overseas disinvestment 759 798 2775 of goods in (Y), the value of which cannot be Expenditure requiring domestic finance 2,574 3,822 4,511 Less Central government revenue h.253 11,832 2,402 closely calculated, mainly affected finished 1,321 1,990 2,109 products and non-necessary materials. Less Extra-budgetary funds and local authority surpluses'* . 176 220 Since sinking funds and depreciation funds are 1,145 1,770 usually reckoned as being of the order of 475 Less Compensation received in respect of war risks and war damage claims4 36 249 million pounds annually, which is about the 1,109 1,521 same as the size of the residue in 1941, it fol- Less Savings and undistributed profits, including reserves against taxation 823 1,028 lows that the other items in the above list of Residue (Table I, item 8) from sources sources have about balanced out in that year, indicated below. 286 493 sales of fixed capital assets to the government 1 Adjusted for appropriations-in-aid, etc. 2 Including Canadian contribution of 225 million pounds. and depletion of stocks under (V) and (V) being 3 Excluding the Exchange Equalisation Account, changes in which are already included in overseas disinvestment. approximately equal to gross investment under 4 See the explanation of this item under footnote 1 below. .00,(0, and (ft. The residue has been provided from the fol- Since the amount of the residue has been oblowing sources:— tained by difference, any errors in the other (a) Sales to public authorities of fixed capital items in the table have been absorbed into it. assets (such as * sites, buildings, and If, for example, further enquiry should show stocks of goods) previously owned that the amount of overseas disinvestment or privately; the amount of expenditure on consumption has (V) Sinking funds and depreciation funds of to be revised, which may be the case, then the firms and institutions; residue will be revised by the same amount. (V) Net depletion of stocks and working capital (apart from sales under (a) B. PROPORTION OF RESOURCES ABabove) carried by private finance, meas- SORBED BY GOVERNMENT EXPENDITURE ured by the reduction in their value as This can be calculated on various principles reckoned in the calculation of the year's giving widely different results, particularly profit; according to the treatment of payments by the Less government otherwise than on goods and Qf) New investment financed out of privatelyservices. The following is one method of owned funds; answering the question:— (e) Replacements and renewals charged on depreciation funds; (f) Replacements of war losses actually car- 1941 (Million £) ried out (including new ships in private ownership and stocks of commodities (1) Total government expenditure (central and local), exclusive of lend-lease aid, at market prices 5,107 lost and replaced within the year).1 Less (2) Government expenditure otherwise than on goods and No sufficient data are available for a statistical services (items 24 + 28 + 32 of Table IV) 925 analysis of the components of this residue. In (3) Government expenditure on goods and services at market prices 4,182 1941 the greater part of the reserve stocks of (4) Personal expenditure on consumption at market prices 4,550 food and raw materials was held under govern- Plus (5) Subsidies 139 Less (6) Indirect taxes on consumption 826 lThis deduction must be made because credit has been taken in the table above for the whole of compensation received in respect of (7) Adjusted personal expenditure on consumption 3,863 war risks and war damage claims, whether or not it has been applied to (8) Sum of (3) + (7) 8,045 replacement. 54° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE The government proportion of the total, ((3) any means the whole of consumption expendias a percentage of (8)), is 51 per cent for 1941, ture. No satisfactory index of prices adjusted compared with 44 per cent for 1940. in the above sense is at present available. The figure 8,045 million pounds is not a Moreover, there has been a great change since measure of the national income but is the net 1938 in the relative importance of different national income at market prices -plus net dis- articles of consumption, and the rise in prices in investment less the excess of indirect taxes on 1940 and 1941 is not so substantial if articles consumption over subsidies. The above pro- are weighted according to the volume of their portion (51 per cent) is also applicable to in- consumption in those years as if they are come currently produced, as distinct from total weighted appropriately to 1938. The measure resources, if we assume that disinvestment (both of the reduction in the volume of consumption overseas and domestic) is spread evenly between in 1941, compared with 1938, cannot be estigovernment and non-government expenditure, mated more precisely than that it probably in which case the inclusion or exclusion of this lies within the limits of 15 and 2.0 per cent acitem makes no difference to .the proportion. cording to the system of weighting which is Since no data are available for checking the adopted. degree of correctness of this assumption, it seems best to state the use of government re- D. PERSONAL SAVINGS* sources as a proportion of the total use of re- fin millions of pounds] sources. 1938 1940 1941 If the figure of total government expenditure Gross personal savings, including provision were used, in place of government expenditure on for accrued taxation1 233 640 909 Death duties etc. 90 85 94 goods and services, a higher proportion for NTet personal savings after provision for government expenditure as a percentage of death duties, etc. 143 555 815 Accrued taxation^... 18 82 150 total expenditure would, of course, result. Net personal savings after provision for The proportion, 51 per cent, relates to the accrued taxation 125 473 665 average of the year 1941, and is, therefore, nine 1 I.e. excluding undistributed profits of businesses and institutions, months out of date as at April 1, 1942.. except that the savings of farmers and the savings of non-profit-making bodies are included. 2 I.e. excess of liabilities for direct taxes on personal incomes accrued during the year over payments of such taxes during theyear. C. PERSONAL EXPENDITURE1 [In millions of poundsl The above estimates of personal savings have 1938 1940 1941 been obtained indirectly by deducting direct Personal expenditure on consumption at estimates of personal consumption and taxes market prices 4,041 4,424 4,550 Add Subsidies 15 70 139 met out of personal incomes from direct esti- 4,056 4,494 4,689 mates of personal incomes. An attempt has Deduct Indirect taxes on consumption. 472 623 826 been made to check the results by comparing Personal consumption thus adjusted 3,584 3,871 3,863 them with direct evidence of the value of 1 Including the expenditure on consumption of charities and other personal savings. This suggests that the above non-profit-making bodies, as well as of individuals, but excluding the expenditure of firms, companies, and institutions which are chargeable estimates of net personal savings are not overestimates—it would be easier on such evidence It is necessary to estimate the percentage in- to justify a higher than a lower total. On the crease in prices similarly adjusted in order to other hand, a more exact estimate, not yet obtain a measure of the reduction in the volume available, of expenditure on consumption in the of personal consumption. Index numbers of the last six months of 1941 is likely to increase, cost of living or other indices of market prices rather than to decrease, that figure. Thus, on are not suitable to measure this increase, since balance and taking all the evidence into account, they include some, but not nearly all, indirect there is no sufficient reason for increasing the taxation, exclude subsidies and do not cover by figures given above. JUNE 1941 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE This table shows the proportion of the na- E. PROPORTION OF THE NATIONAL INCOME DEVOTED TO TAXATION tional income devoted to direct and indirect [In millions of pounds] taxation, rates, compulsory contributions to 1938 1940 1941 social insurance and war risks insurance schemes, and contributions and premiums (al- (1) National income (item 5 of Table I)... 4,595 5,585 6,338 most the whole of which are compulsory) (2) Direct taxes, War Damage Act contributions and premiums, etc 534 768 1,215 under the War Damage Act, abated by the (3) Indirect taxes, rates, war risks insurance premiums, etc., less subsidies... 630 850 1,103 amount of subsidies. The figures in line (4) (4) Excess of tax liabilities over payments. 30 213 239 relate not only to taxes falling on personal in- (5) Total tax liabilities, i.e. sum of (2) + (3)+(4) 1,194 1,831 2,557 comes, but also to those which fall on other incomes, e.g. National Defence Contribution and (6) Total tax liabilities as a percentage of national income 26 33 40 Excess Profits Tax. F. DISTRIBUTION OF PERSONAL INCOMES IN THE FINANCIAL YEAR 1940-41 BY RANGES OF GROSS INCOME SHOWING THE EFFECTS OF CHANGES IN INCOME TAX AND SURTAX, 1938-41 Aggregate Net Income with Income Tax Proportion of Gross Income retained with Range of Gross Income Aggregate Gross and Surtax at— Income Tax and Surtax at— Income 1940-41 1938-39 rates 1940-41 rates 1941-42 rates 1938-39 rates I 1940-41 rates I 1941-42 rates (In millions of pounds) (Per cent) Under 250 3,344 3,329 3,301 3,242 99.6 98.7 96.9 250-500 1,038 1,000 946 883 96.3 91.1 £5.1 500-1,000 477 428 391 358 89.7 82.0 75.1 1,000-2,000 320 266 230 203 83.1 71.9 63.4 2,000-10,000... 367 259 206 174 70.6 56.1 47.4 10,000 and over. 176 88 50 39 50.0 28.4 22.2 Total of above.. 15,722 5,370 5,124 4,899 93.8 89.5 85.6 b°dieS estimated at W million Pounds, making a total of 5,786 million pounds (see item This table gives an estimate of the amount of of those years, but to the income which would personal income in different ranges of gross inhave remained after tax in 1940-41, if the taxacome. As in the case of income tax assessment, tion of 1938-39 or of 1941-42. had been in force the income of a husband and wife are reckoned in that year. Transfer payments other than as one income. The aggregate net income with National Debt interest and interest accrued on income tax and surtax at 1940 rates is the amount of income retained1 in the financial year 1940-41. National Savings Certificates (items 4 to 7 The figures in the corresponding columns headed of Table II) have been included in the incomes 1938-39 and 1941-42 do not relate to the incomes below 250 pounds. 1 After setting aside all current liability for these taxes. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE I ESTIMATES OF NET NATIONAL INCOME AND EXPENDITURE IN 1938, 1940, AND 1941 [In millions of pounds] 1941: Year ending- 1938 1940 Mar. 31 June 30 Sept. 30 Dec. 31 1. Rent of land and buildings 373 383 381 379 379 379 2. Profits and interest 1,351 1,591 1,632 1,677 3. Salaries, and the pay and allowances (in cash and kind) of officers in H.M. 1,542 1,722 Forces and Auxiliary Services 1,081 1,188 1,200 1,210 4. Wages, and the pay and allowances (in cash and kind) of other ranks in 1,176 1,216 H.M. Forces and Auxiliary Services 1,790 2,643 2,773 2,893 2,484 3,021 5. Net national income 4,595 5,585 5,803 5,984 6,338 6. Personal expenditure on consumption at market prices 4,041 4,424 4,440 4,485 4,550 7. Expenditure at home and abroad, by public authorities, on goods and services at market prices 833 3,056 3,506 3,830 4,182 8. Private ndt investment at home and war losses made good 406 (-286) (-380) (-443) (-493) 9. Private and government net investment abroad -55 -759 -846 -931 -798 10. Subsidies 15 70 124 139 11. Indirect taxes and rates specifically on consumption. -472 -623 -682 -714 -826 12. Other indirect taxes, rates, etc -173 -173 —176 -177 -178 13. War risks insurance premiums -124 -157 -190 -238 14. Net national expenditure 4,595 5,585 5,803 5,984 6,159 6,338 NOTES 135 million pounds, so that, relative to the corresponding i. As in item i of Table A of Cmd. 62.61, this item repre- item (2. of Table A) of Cmd. 6161, this item is increased on sents the income from the ownership of lands, houses, etc., this account in 1938 by 135 million pounds. No other year after allowance has been made for maintenance and repair. is affected by the change since this adjustment is only re- In contrast to Cmd. 62.61, it includes incomes from these quired in times of falling prices. sources below the effective income tax exemption limit and 3. In contrast to item 3 of Table A of Cmd. 62.61, this such incomes received by non-profit-making bodies, e.g. item includes: (a) the untaxed allowances whether in charities, colleges, etc. These incomes were included in money or in kind (food, clothing and lodging, etc.) received item 2. of Table A of Cmd. 62.61, which covered the whole of by officers in H.M. Forces and Auxiliary Services, previously small property incomes and of the investment income of included in item 4 of Table A; (f) the whole of the earnings non-profit-making bodies, irrespective of their sources. of. shop assistants, a part of which was previously included ^. ^.s in item 2. of Table A of Cmd. 62.61, aggregate profits in item 4 of Table A; (c) small salaries below the income here are net, i.e. after current business losses have been de- tax exemption limit previously included in item 5 of Table A. ducted. Also, as before, this item excludes interest on the 4. As in Cmd. 62.61, an allowance for income received in national debt (which appears as a transfer payment in item kind (food, clothing and lodging, etc.) by, e.g. other ranks 1 of Table II below) and income due to foreigners, but in H.M. Forces and Auxiliary Services and domestic servants, includes miscellaneous government income (such as trading has been added to their cash income and allowances. The profits, investment income, and certain receipts from abroad). estimate of personal expenditure on consumption at market In contrast to Cmd. 62.61, in which item 2. of Table A in- prices (item 6) includes a similar allowance. This item cluded all incomes from property below the income tax differs in definition from item 4 of Table A of Cmd. 62.61 by exemption limit or received by non-profit-making bodies, the exclusion of that part of the earnings of shop assistants only that part of such incomes appears here which takes the which was previously included here, and is now included in form of profits or interest (see note 1 above). On the other item 3. hand, incomes below the income tax exemption limit belong- 5. This item is the sum of items 1 to 4 and is an estimate ing to persons working on their own account which were of the incomes received by factors of production in, or only included in Cmd. 62.61 in "other income" (item 5 of Table A) temporarily absent from, the United Kingdom in the course are now included in this item. Another important change of producing the current output of goods and services of from the procedure adopted in Cmd. 62.61 is that no deducall kinds. These incomes are, of course, "before tax" since tion from earnings is now made for sums used to write down all taxes, direct and indirect, falling on these incomes whether stocks which, though unchanged in quantity, have fallen paid directly by individuals (including non-profit-making in value. The previous procedure was inconvenient, inasinstitutions), or through businesses or public authorities^ much as under it stocks were written down when they had fallen in value, but not written up when they had risen in will be paid out by them. The item is "net" in the sense value. A further purpose of this adjustment which affects that the sums shown in items 1 and 2. exclude that part of the value of investment in stocks is explained in the note to gross receipts which is set aside in the calculation of net item 8 below. Sums so deducted in 1938 are estimated at profit for the maintenance and repair or replacement of all JUNE 1942. 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE existing capital equipment (such as houses, machinery, or Further, investment in stocks is now defined as the value of stocks) which is being currently worn out or used up. the change in stocks rather than the change in their value 6. This item shows, as did the corresponding item (7 of with the result that the estimate of investment in stocks in Table A) of Cmd. 62.61, the money value of all consumption 1938 is now increased by 135 million pounds as compared goods and services either bought by individuals and non- with the estimate in Cmd. 62.61. This means that investprofit-making bodies or received by them as income in kind. ment in stocks is now valued on the same basis as investment The figures shown here are therefore at prices which include in fixed capital. indirect taxes, rates, etc., and war risks insurance premiums It has been impossible to make a direct estimate of the which appear in the market price of these goods and services. constituents of this item for the war years. The figures in They exclude costs which, being met by government sub- parentheses have been obtained by subtracting the sum of sidies, do not enter into market prices. items 6, 7, 9, 10, 11, 12., and 13 from item 5 and are therefore 7. This item excludes expenditure by public authorities dependent on the accuracy of these estimates. which does not arise from a direct demand for goods and 9. This item is an estimate of the net increase (or, when services. Thus it excludes (i) transfer payments, (ii) claims negative, decrease) in the foreign assets of the United Kingpaid in respect of war losses, (iii) loan repayments, payments dom and is equal to the United Kingdom balance of payments to sinking funds, etc., (iv) subsidies, and (v) Post Office on current account. Any liability incurred as a result of expenditure and the expenditure of local authorities on Lend-Lease assistance is not taken into account in this item housing and trading services. The treatment of class (v) just as the value of the goods and services received in this may be illustrated by the case of the Post Office. As in way are not included in item 7 above. It is subject to Cmd. 62.61, (V) Post Office new capital expenditure is in- revision in the light of further investigations now in progress. cluded in net investment at home (item 8), (£) personal 10. This item is restricted to the following classes of expenditure on postal services appears in personal expenditure payments made by the central government to meet the costs on consumption (item 6), and (c) business expenditure on of goods and services bought by the public: (i) agricultural these services is included as a cost of production in the price subsidies such as the beet sugar subsidy, milk subsidy, wheat of the other goods and services enumerated in items 6, 7, deficiency payments, and grants in respect of fertilizers, and 8. grassland ploughing, and field drainage, (ii) losses incurred This item differs from item 8 of Table A of Cmd. 62.61 in on the commercial accounts of the Ministry of Food and that the latter included subsidies, now shown separately the Ministry of War Transport, and (iii) a subsidy to coal in item 10. paid by the Mines Department. This item is included here Lend-Lease assistance is entirely excluded from this item. since it represents payments in respect of costs not appearing Thus in so far as goods are now received under Lend-Lease in the market value of goods and services. this series is not a consistent measure of the value of the 11. This and the two items following require to be detotal amount of goods and services currently at the disposal ducted from the sum of items 6 to 9 (which equals trje net of public authorities, since it includes overseas resources national income at market prices) since they appear in obtained by borrowing or disinvestment, but not those market prices but do not appear in any of items 1 to 4. The obtained under Lend-Lease provisions. item includes (i) customs and excise duties, (ii) duties on 8. This item is composed of (a) gross expenditure on privately owned motor vehicles, (iii) local rates on dwelling fixed capital and its upkeep, i.e. new investment, and replace- houses, etc. ment and repairs (whether normal or resulting from war 12.. This item includes (i) compulsory contributions of damage) actually made good, provided that it is financed employers to social insurance, (ii) motor vehicle duties not privately or forms part of the capital expenditure of the included above, (iii) stamp duties other than those on the Post Office or the housing and trading services of local transfer of property, and (iv) local rates not included above. authorities, minus (b~) sinking funds and depreciation allow- 13. This item shows the premiums paid under the Comances which have been set aside in the calculation of profits modity and Marine War Risks Insurance Schemes, but not in item 2., minus (c) receipts from the sale to public authorities contributions and premiums under the War Damage Act, of existing privately-owned capital assets, such as land, which are treated like direct taxes (see item 11, Table II). buildings, or stocks, plus (d) the increase in stocks, exclud- Items 11 to 13 are equivalent to item 9 of Table A of ing (0 below, held under private finance (as valued for the Cmd. 62.61 with the exception that the latter included only calculation of profits in item 2.), plus (*) stocks replaced to the excess of premiums received over claims paid out under make good war losses, plus (/) expenses connected with the these schemes, the balances having been included in item 10 investment of savings, such as certain legal costs and stamp of Table A of Cmd. 62.61 (see note on item 8 above), while duties incurred in the transfer of property, which do not item 13 includes the whole of the premiums received. enter into the market value of other goods and services. 14. This item is the sum of items 6 to 13 and is an estimate This item differs from item 10 of Table A of Cmd. 62.61 in that it excludes net investment abroad (now shown separately of expenditure on the factors of production in, or only in item 9) and that there is not deducted from it sums paid temporarily absent from, the United Kingdom. It is thereout in respect of war losses—see note on item 13 below. fore by definition equal to item 5. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE II ESTIMATES OF PERSONAL INCOMES, EXPENDITURE, AND SAVINGS IN 1938, 1940, AND 1941 [In millions of pounds] 1941: Year ending- 1938 Mar. 31 June 30 Sept. 30 Dec. 31 1. Rent of land and buildings, profits and interest (including National Debt interest and interest accrued on National Savings Certificates1) received by persons _ ; 1,500 1,673 1,692 1,702 1,702 1,706 2. Salaries, and the pay and allowances (in cash and kind), of officers in H.M. Forces and Auxiliary Services 1,081 1,176 1,188 1,200 1,210 1,216 3. Wages, and the pay and allowances (in cash and kind), of other ranks in H.M. Forces and Auxiliary Services 1,790 2,484 2,643 2,773 2,893 3,021 4. Pension payments 132 150 160 170 176 177 5. Payments in respect of unemployment and the relief of poverty 110 63 50 41 35 28 6. Health payments 35 35 33 33 32 32 7. Other transfer payments 15 20 27 30 27 8. Personal incomes before deduction of direct taxes, etc 4,648 5,596 5,786 5,946 6,078 6,207 9. Personal expenditure on consumption at cost of production 3,584 3,871 3,856 3,895 3,863 3,863 10. Excess of indirect taxes and rates specifically on consumption over subsidies 457 553 584 590 657 687 11. Direct tax payments other than death duties, etc., and War Damage Act contributions and premiums met out of personal incomes 374 532 586 640 687 748 12. Death duties and stamps on the transfer of property 90 85 86 87 91 94 13. Excess of direct tax liabilities on personal incomes over payments 18 82 80 105 147 150 14. Net personal savings after setting aside the excess of direct tax liabilities over payments (125) (473) (594) (629) (633) (665) 15. Personal expenditure on consumption, savings, and direct taxes, etc.. . 4,648 5,596 5,786 5,946 6,078 6,207 National Debt interest and interest accrued on National Savings Certificates.. 243 244 254 265 273 NOTES of non-profit-making bodies which is here regarded as accruing to the personal section of the community. 1. This item is composed of items i and 2. of Table I plus 9. This item is equal to item 6 of Table I less item 10 National Debt interest and accrued interest on National of Table II. Savings Certificates less undistributed profits before tax less 10. Numerically equal to item 11 of Table I less item 10 liabilities for National Defence Contribution and Excess of Table I. Profits Tax less War Damage Act contributions and premiums 11. This item includes payments of (i) income tax (other paid by businesses less miscellaneous income from public than that paid by businesses in respect of undistributed property, etc. (see item 12. of Table IV). profits), (ii) surtax, (iii) employees' contributions to social 2. and 3. The same as items 3 and 4 respectively of Table I. insurance, and (iv) War Damage Act contributions and 4. This item is composed of non-contributory and conpremiums met out of personal incomes. tributory old age pensions, other contributory pensions, 12.. Excluded from item 15 and included in 2.5 of Table B supplementary pensions, and cash payments in respect of of Cmd. 62.61. war pensions and service grants. 13. This item shows the excess of the liability for direct 5. This item is composed of unemployment insurance taxes accruing on current incomes at current rates of taxation benefits, unemployment allowances, and outdoor relief paid over current direct tax payments. It relates particularly by local authorities. to income tax and surtax, since in these cases liabilities in 6. Cash benefits under the National Health Insurance respect of current incomes (payable in the future) differ Scheme. considerably from current payments at times when money 7. Certain transfer payments, e.g. billeting allowances, incomes or rates of taxation are changing. arising out of the war. 14. This item represents the excess of personal money The sum of 4 to 7 plus the National Debt interest and incomes over outgoings for consumption and liability for interest accrued on National Savings Certificates (included taxes, compulsory contributions, etc., including death in item 1 above) is equal to the total of transfer payments duties. It has been obtained throughout by subtracting shown in item ~p- of Table IV. the sum of items 9 to 13 from item 8; it therefore depends on 8. This item is the sum of items 1 to 7 and shows the the accuracy of those items. total of disposable money incomes received by persons (in- 15. This item is the sum of items 9 to 14, which show the cluding non-profit-making bodies). It differs from the various ways in which personal money incomes are disposed corresponding item (17 of Table B) of Cmd. 62.61 in two of. Current incomes may be either Qa) spent on consumpmain respects. First, it is before tax; that is to say, items tion, (fi) paid away in taxes and the like, (c) set temporarily 11 and 13 of this table would have to be deducted from it aside against increased liabilities to tax, or (jf) added to before the two items were comparable as regards the treat- past savings. Since this list is exhaustive the item is by ment of taxation. Second, it includes the investment income definition equal to item 8. JUNE 1942. 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE III CENTRAL GOVERNMENT EXPENDITURE AND THE SOURCES FROM WHICH IT WAS FINANCED IN 1938, 1940, AND 1941 [In millions of pounds] 1941: Year ending- 1938 1940 Mar. 31 June 30 Sept. 30 Dec. 31 1. Central government revenue 885 1,253 1,397 1,529 1,688 1,875 2. Net personal savings including provision for accrued taxes 143 555 674 734 780 815 3. Undistributed profits after payment of taxes and War Damage Act contributions and premiums but including provision for accrued taxes 313 268 270 260 247 213 4. Surplus on extra-budgetary funds 21 140 181 170 180 166 5. Local authority surplus . .. 4 36 42 47 51 54 6. Compensation received in respect of claims under the Marine and Commodity War Risks Insurance Schemes and the War Damage Act 36 71 135 202 249 7. Private net investment (or plus disinvestment) at home and war losses made good -406 286 380 443 497 493 8. Private and government net investment (or plus disinvestment) abroad 55 759 846 931 844 798 9. Central government deficit 130 2,080 2,464 2,720 2,801 2,788 10. Central government expenditure 1,015 3,333 4,249 4,489 4,663 11. Central government revenue 885 1,253 1,529 1,6 1,875 12. Unemployment Fund -1 24 45 50 57 64 13. National Health Funds 9 9 10 10 8 14. Local Loans Fund ' -2 ' 5 7 9 15. Other extra-budgetary receipts including war risks insurance and certain War Damage Act receipts, Exchange Equalisation Account and reduction in Exchequer balance 258 515 566 497 291 73 16. Reconstruction Finance Corporation loan. 31 87 17. Receipts from capital transactions included in miscellaneous revenue, and appropriations in aid arising from capital transactions 10 10 10 10 10 Less 18. Sinking funds -11 -12 -17 -17 -17 -17 19. Other expenditure (net) 4 1 3 5 13 20. Finance through government agencies 253 543 621 561 395 247 21. Post Office and Trustee Savings Banks 119 160 197 208 214 22. National Savings Certificates including increase in accrued interest 168 182 204 207 213 23. Defense Bonds 180 190 203 186 174 24. Other public issues (net) 62 552 684 865 990 1,021 25. Increase in fiduciary issue. . 10 50 50 50 100 150 26. Increase in Treasury bills held outside government departments and Bank Ways and Means -199 130 147 121 239 279 27. Bankers' deposit receipts 338 430 519 476 473 28. Tax reserve certificates 17 29. Public borrowing at home -123 1,537 1,843 2,159 2,406 2,541 30. Central government expenditure 1,015 3,333 3,861 4,249 4,489 4,663 NOTES capital transactions included in miscellaneous revenue, i. This item, the sum of items 1,5, and 9 of Table IV, is which are properly regarded as a part of the finance of the composed of total ordinary revenue plus receipts from classes, deficit, less transfers between public authorities included in which may be appropriated in aid of Votes, corresponding miscellaneous revenue less departmental receipts in excess of to gifts, taxes, and income from property less receipts from those appropriated in aid of Votes since these appear in the Post Office Fund, which is treated as an extra-budgetary miscellaneous revenue and also, so far as they are relevant, fund, less Post Office Vote of Credit expenditure (since the in receipts from classes, which may be appropriated in aid Post Office is treated as part of the private section of the of Votes, corresponding to gifts, taxes, and income from economy; see note to item 7 of Table I) less receipts from property. 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE 2.. The sum of items 13 and 14 of Table II. insurance and the War Damage Act, and the reduction in Exchequer balance. 3. This item represents the undistributed profits of businesses after payment of taxes and compulsory contributions. 17. These items are included here since they appear in The excess of current liabilities over payments of National central government expenditure but not in revenue. Defence Contribution and Excess Profits Tax and any sums 19. This item includes net issues under various Acts, used to write down the value of stocks, which, though e.g. North Atlantic Shipping Act, 1934, Tithe Act, 1936, unchanged in value, have fallen in price (see note to item 2. Anglo-Turkish (Armaments Credit) Agreement Act, 1938, to Table I), have not been deducted. Overseas Trade Guarantees Act, 1939- 4. Item 14 of Table IV with its sign changed. The 2.0. The sum of items 12. to 19 and represents the total of current account of extra-budgetary funds as a whole has sums used to finance the central government deficit which is shown an excess of income over expenditure. received from government funds and similar sources as 5. Item 15 of Table IV with its sign changed, See note opposed to loans from the public. to item 4 above. xi. The increase in investments from the net deposits in 6. Item 2.8 of Table IV. The whole of the compensation the Post Office Savings Bank and Trustee Savings Bank. received by claimants appears here as available to finance 2.2. and 2.3. The net receipts after deduction of repaymentsthe deficit, since allowance is made for outgoings on war losses made good in item 7 below. 2.4. Receipts from public issues, e.g. National War Bonds and Savings Bonds, and Other Debt (net) less securities 7 and 8. Items 8 and 9 respectively of Table I. redeemed and excluding purchases of government securities 9. The sum of items 1 to 8, which show the economic (war or pre-war issues) by public departments. sources from which the central government deficit is financed, 2.6. The increase in bills held by the market or by Empire and is the same as item 13 of Table IV. Funds and in Bank Ways and Means Advances. 10. The sum of items 1 and 9 of this table and the same as zj. Receipts less repayments. item 37 of Table IV. 19. The sum of items 2.1 to 28, showing the amount of 12., 13 and 14. Net increase in these funds available for public borrowing at home. The sum of item 2.0 and this loan to the Exchequer. item shows the financial sources from which the central government deficit is financed, and is equal to item 9. 15. The net increase in government securities held by other extra-budgetary funds including the Exchange 30. The sum of items 11, xo, and 19 and the same as Equalisation Account, certain receipts in respect of war risks item 10. JUNE 1942. 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE IV THE INCOME, DEFICIT, AND EXPENDITURE OF PUBLIC AUTHORITIES IN 1938, 1940, AND 1941 [In millions of pounds] 1941: Year ending- 1938 1940 Mar. 31 June 30 Sept.30 Dec. 31 Direct taxes, War Damage Act contributions, etc. 1. Central government 480 708 791 895 976 1,115 2. Extra-budgetary funds 54 60 63 66 98 100 3. Local authorities 4. Total....; 534 768 854 961 1,074 1,215 Indirect taxes, rates, war risks insurance premiums, etc. 5. Central government. . .. . 382 516 575 606 677 719 6. Extra-budgetary funds 54 181 218 254 282 304 7. Local authorities 209 223 222 221 220 219 8. Total 645 920 1,015 1,081 1,179 1,242 Miscellaneous income from public property, trading, etc. 9. Central government 23 29 31 28 35 41 10 Extra-budgetary funds 14 20 15 15 14 14 11. Local authorities 26 27 26 26 27 27 12. Total 63 76 72 69 76 82 Deficit 13. Central government . . 130 2,080 2,464 2,720 2,801 2,788 14 Extra-budgetary funds • -21 -140 -181 -170 -180 -166 15 Local authorities -4 -36 -42 -47 -51 -54 16 Total 105 1,904 2,241 2,503 2,570 2,568 Income plus deficit 17 Central government .. . 1,015 3,333 3,861 4,249 4,489 4,663 18 Extra-budgetary funds 101 121 115 165 214 252 19 Local authorities . . .. 231 214 206 200 196 192 20. Total 1,347 3,668 4,182 4,614 4,899 5,107 Subsidies 21 Central government . . . . 15 70 98 124 128 139 23. Local authorities 24. Total 15 70 98 124 128 139 Payments in respect of claims under the Marine and Commodity War Risks Insurance Schemes and the War Damage Act 2 2 5 6 E C x e t n r t a r - a b l u g d o g v e e t r a n r m y e f n u t nds I 36 71 135 202 249 27. Local authorities 28 Total 36 71 135 202 249 Transfer payments 29 Central government 342 372 382 403 420 425 30 Extra-budgetary funds 134 115 108 107 104 99 31. Local authorities 23 19 17 15 14 13 32 Total • . 499 506 507 525 538 537 Expenditure on goods and services 3 3 3 4 E C x e t n r t a r - a b l u g d o g v e e t r a n r m y e f n u t nds .... } 625 2,861 3,317 3,645 3,849 4,003 35. Local authorities 208 195 189 185 182 179 36. Total 833 3,056 3,506 3,830 4,031 4,182 Total expenditure 37. Central government 1 015 3 333 3 861 4,249 4,489 4,663 38. Extra-budgetary funds 101 121 115 165 214 252 39. Local authorities 231 214 206 200 196 192 40. Total 1,347 3,668 4,182 4,614 4,899 5,107 Transfers between one authority and another, such as NOTES Exchequer grants to local authorities, are omitted. Expendi- This table is a combined statement of the income, deficit ture on goods and services for, say, local authorities is and expenditure of public authorities in the United Kingdom. obtained by subtracting the sum of items 2.3, Z7, and 31 from 548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE item 19. The figure obtained, item 23, represents the income, 10. Mainly interest received in respect of securities held other than any that may be received from the central govern- by the funds. ment and extra-budgetary funds, -plus the net borrowing of 11. An estimate of the profits from trading services and local authorities, less their expenditure on transfer payments corporation estates treated in such a way that (i) central (their expenditure on the other excepted categories being government grants to local authority trading services, but nil). Expenditure by local authorities from Exchequer not transfers from rate fund accounts in aid of deficiencies, grants is thus attributed to the central government and not and (ii) contributions from local authority trading services to local authorities. to the rate fund account, are included. Expenditure on goods and services is here net in the sense 13. The excess of central government expenditure over that it is after deduction of goods and services sold by revenue. The sources from which this deficit has been public authorities to the general public, which are included financed have been set out in Table III. either in personal expenditure on consumption or in private investment at home. 14. This item shows the decumulation in funds such as the Unemployment and National Health Insurance Funds, 1. This item is composed of direct taxes such as income of Commodity and Marine War Risks Insurance Schemes' tax, surtax, other Inland Revenue duties, National Defence monies, and in numerous accounts held by the National Contribution, and Excess Piofits Tax; War Damage Act Debt Commissioners, etc. contributions and premiums paid into miscellaneous revenue, i.e. an amount equal to the current value of claims paid; and 15. In ascertaining this item capital expenditure on certain appropriations-in-aid or receipts appearing in miscel- housing and trading services is excluded and appears in laneous revenue which correspond to gifts (e.g. sundry private net investment (item 8 of Table I). Subject to this, contributions towards the cost of the war) or direct taxes. the item is a net figure representing the excess of capital expenditure over savings represented by debt repayments, 2.. This item is composed of employees' contributions to undistributed profits of trading undertakings, etc. social insurance and War Damage Act receipts in excess of those appearing in miscellaneous revenue. 17. The sum of items 1, 5, 9, and 13; items 18 and 19 obtained similarly. 5. This item is composed of customs and excise duties, motor vehicle duties, stamp duties other than those on the n. This item has been fully described in the note to transfer of property, and appropriations-in-aid corresponding item 10 of Table I. to indirect taxes. 25 and 2.6. The value of claims paid under the Marine and Commodity War Risks Insurance Schemes and the War 6. Employers' contributions to social insurance and Damage Act. premium payments under the Marine and Commodity War Risks Insurance schemes. 29. This item includes (i) National Debt interest, (ii) interest accrued on National Savings Certificates, (iii) con- 7. This item represents local rates with the exception of tributory and non-contributory old age pensions, (iv) cash water rates, which are treated as current receipts from trading payments in respect of war pensions and service grants, (v) supplementary pensions, (vi) unemployment allowances, 9. Post Office net receipt, receipt from Crown Lands and (vii) billeting allowances. from Sundry Loans, certain items appearing in miscellaneous 30. This item consists of Unemployment and National revenue, such as contributions towards the cost of the war Health Insurance benefits and contributory pensions. received from colonial governments and peoples, and certain appropriations-in-aid such as receipts under the Railway 31. This item consists of public assistance (out-relief) Agreement. in money and kind. 549 JUNE 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Reduction in Reserve Bank Discount Rates Admission of State Banks to Membership in the Federal Reserve System During March and April discount rates on loans to member banks secured by Government The following State banks were admitted to securities or by eligible paper were lowered at a membership in the Federal Reserve System durnumber of Federal Reserve Banks to one per ing the period April 16, 1942., to May 15, cent, a level that is now uniform for all Re- 1942., inclusive. serve Banks. Rates on advances to non-member Arkansas banks secured by Government direct obligations Magnolia—Citizens Bank were similarly lowered to a uniform one per California cent. From September 1939 to February 2.8, 1941 five of the Reserve Banks had in effect a Lakewood Village—Peoples Bank rate of one per cent on advances secured by Colorado Government obligations and a rate of 1^ per cent on other eligible paper (under Sections Hotchkiss—The First State Bank of Hotchkiss, Colorado 13 and 13a of the Federal Reserve Act). At five other Reserve Banks rates of ij per cent Florida had been in effect on both types of paper. The Miami—American Bank and Trust Company rate on advances to member banks secured by Indiana other types of acceptable assets (made under Section 10b of the Act) was lowered in March Howe—The State Bank of Lima to 13^ per cent by the Federal Reserve Bank of Milan—The State Bank of Milan St. Louis. At other Reserve Banks tr*is rate Minnesota remains at z per cent. Austin—Austin State Bank Federal Reserve Meetings in Washington Northfield—State Bank of Northfield The Federal Open Market Committee held New York its second meeting of the year on May 8, 1942., and a meeting of the Conference of Presidents New York—J. P. Morgan & Co. Incorporated of the Federal Reserve Banks with the Board Texas was held on the same date. The second meeting of the Federal Advisory Houston—University State Bank Council during the current year was held in (A newly organized bank which was admitted Washington on May 17 and 18 and the Board of to membership on March 9, 1942., but did Governors met with the Council on May 18. not open for business until April 2.0, 194Z) Annual Report for 1941 Virginia * The Annual Report of the Board of Governors Norfolk—Merchants and Planters Bank for 1941 was presented to Congress on May z8, Wisconsin 194Z. Copies may be obtained from the Board of Governors upon request. Oakfield—Bank of Oakfield 550 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS IN 1941 Member bank earnings and profits in 1941 1930. Interest payments on deposits continued were higher than in 1940. As shown in the their long-time decline and in 1941 were at a rate table at the bottom of this page, larger gross of about 13/g per cent on aggregate time deposits. earnings were only partially offset by larger Real estate taxes declined somewhat, and "other expenses, and net current earnings increased taxes," which include income taxes, increased 2.7 million dollars or nearly 7 per cent. Charge- appreciably; unitemized expenses were also offs and losses on loans and securities were larger than in other recent years. smaller than in any year since 1919; they ex- Net current earnings, at 4x9 million dollars, ceeded profits on securities sold by a smaller were larger than in any year since 1931, while amount than in 1940, with the result that net net profits, at 390 million, were exceeded only profits increased 41 million dollars or nearly once—in 1936—in the past 12. years. Although ii per cent. The rate of net profits on total losses and depreciation have exceeded recoveries, capital accounts in 1941, at 6.7 per cent, was profits on securities, etc., in most of the recent higher than in other recent years. years, the margin has narrowed with the result Continuing the trend of the past few years, that a greater proportion of net current earnings the proportion of total earnings accounted for has been carried through to net profits. Diviby interest on loans increased in 1941 and the dends in 1941 were slightly more than in 1940 proportion of earnings from securities declined, but declined in relation to net current earnings although the amount of earnings from securiand net profits. Dividends amounted to 3.6 per ties increased for the first time since 1936. As cent of total capital accounts and to 8.9 per compared with predepression years income from cent of capital stock. loans is still small and income from securities Detailed figures of member bank earnings and large in relation to total earnings. Except for related items, together with selected ratios, the further growth in service charges, little will appear in the July Bulletin. Data will be change was shown in the other items of income. Salaries and wages paid to both officers and shown for the various reserve classes of member employees rose further in 1941, reflecting an banks—both in total and by Federal Reserve increase in the number of officers and employees, districts—including information concerning and were larger than in any other year since asset holdings and a series of selected ratios. IMEMBER BANK EARNINGS, CALENDAR "ifEARS, 1928-1941 [Amounts in millions of dollars Item i 1928 1929 1930 1931 1932 1933 1934 1935 1936 19371 1938 1939 1940 1941 Famines total 2,194 2,399 2,158 1,841 1,554 1,237 1,244 1,207 1,271 1,321 1,274 1,296 1,323 1,417 Interest and discount on loans 1,374 1,563 1,349 1,073 851 604 540 498 513 553 544 560 595 665 T S n e t r p v r i p c s e fr c a h n a d rg d e i s v i o d n e n d d e s p o o s n i t s e a c c u c r o i u ti n e t s s i1 4 ) 98 473 t14 ) 72 480 (l) 458 42 2 6 1 47 2 4 8 4 3 6 6 7 4 3 8 9 7 4 4 8 5 1 44 5 8 1 44 5 4 4 43 5 1 9 44 6 5 5 321 363 336 288 245 186 202 205 231 243 232 237 238 242 1,614 1,684 1,604 1,335 1,143 859 849 833 872 902 890 895 921 988 Salaries and wases 440 464 452 413 357 306 327 334 352 372 380 388 400 426 T T n n t t p e r r p e ^ s t t o o n n i t n im te e rb d a e n p k o , s d i e ts o osits . •• • • 43 7 9 5 44 6 5 8 45 7 1 3 38 5 7 3 30 3 2 5 23 1 2 3 227 3 19 3 6 175 2 17 2 4 171 159 (p147 140 Tnt on dem deus (excl interbank) 235 246 225 141 98 43 12 9 7 5 Taxes 114 112 113 86 67 58 62 64 81 86 82 85 100 129 All other expenses 310 348 290 256 285 207 216 226 255 263 257 262 273 293 580 715 554 506 410 378 394 374 399 419 384 401 402 429 141 137 118 127 113 125 254 376 508 256 279 327 303 278 217 295 365 620 858 873 538 442 338 398 380 356 318 778 "N^t TVTOfitS 504 557 307 12 -356 -225 212 465 337 265 347 349 390 -255 Gash dividends declared3 318 387 367 335 150 173 187 199 201 198 207 210 211 245 8,837 8,522 8,052 7,246 6,816 6,011 6,442 6,387 6,376 6,341 6,338 6,362 6,486 6,619 1 Included in "all other earnings." 2 Beginning with 1938 "interest on time deposits" comprises all interest on deposits except interest (if any) on demand deposits. 3 Includes interest on capital notes and debentures. 4 At end of year. NOTE.—The amounts in this table are rounded to the nearest million and consequently do not balance' exactly. Details will be shown in July BULLETIN; for prior figures see pages 467-472 of the May 1941 BULLETIN and page 465 of the May 1940 BULLETIN. JUNE 1942. 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled May 21 and released for publication May 23. Figures shown on charts may differ from preliminary figures used in text. Industrial activity increased in April and the hand, output of many products for civilian use first half of May, reflecting continued advances such as automobiles, tires and tubes, wool in armament production. Following an in- textiles, electrical appliances, alcoholic bevcrease in buying during the first quarter, retail erages, petroleum, and petroleum products has trade declined somewhat. Wholesale com- been sharply reduced either by direct order or modity prices advanced further. by shortages of material or transportation facilities. In the month of April crude petro- PRODUCTION leum and petroleum products were the principal Expansion of industrial production in April commodities showing a decline in output. Outwas reflected in an advance in the Board's put of furniture, cotton and rayon textiles, seasonally adjusted index from 172. to 174 per manufactured foods, paper products, and tocent of the 1935-39 average. This increase bacco products has been maintained in large followed upon a period of relative stability volume. during the first quarter of the year, when, grow- Value of construction contracts awarded in ing war production was offset by decreased April, as reported by the F. W. Dodge Corporacivilian output. tion, was almost one-fifth below the high March total, reflecting a decline in publicly financed INDUSTRIAL PRODUCTION construction. Residential contracts decreased £00 by one-fourth and for the month were at about 180 the same level as last year. Awards for nonresidential building increased slightly, mainly 160 because of a 40 per cent increase in awards for factory construction, practically all publicly 140 / financed. v J 120 / In the first four months of 1942., total awards I V / were about one-fourth greater than in the cor- 00 \ v/ responding period last year; public awards more \ than doubled, while those for private projects 80 80 were down by about two-fifths. Public awards 1942 in this period made up over 70 per cent of the Federal Reserve monthly index of physical volume of production total, compared with about 40 per cent last adjusted for seasonal variation, 1935-39 average = 100. Latest figures shown are for April 1942. year. Since the beginning of the year total volume DISTRIBUTION of industrial output has shown little change but there have been marked differences among Retail sales declined somewhat in April, folindividual industries. In general, output of lowing a considerable amount of anticipatory machinery, chemicals, and armament of all buying during the first quarter of this year* kinds has continued to expand at a rapid rate. At department stores, dollar sales in April There have also been substantial increases in were about 10 per cent below the first quarter output of electric steel, nonferrous metals, glass average, making allowance for usual seasonal containers, wood pulp, and coal. On the other variations, but were 5 per cent above the level FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS prevailing during the latter part of 1941. Dur- allowed for coal, ferromanganese, tires, petroing the first half of May sales showed a further leum products, and a few other items. decrease and were around 6 per cent larger than Wholesale prices of most farm products and a year ago in contrast with price increases basic foods, which are exempt from direct amounting on the average to about 2.0 per cent control, showed little change in this period, over the year period. following sharp increases earlier in the year. Total freight-car loadings increased sharply in April, owing chiefly to larger shipments of BANK CREDIT coal and forest products and to a sharp rise in During the five weeks ending May xo Federal iron ore loadings as the Great Lakes shipping Reserve Bank holdings of Government securities season got under way. Shipments of merchan- increased by about zoo million dollars, while dise in less than carload lots, which had begun currency in circulation rose by 2.60 million. to decline in March, were reduced sharply Member bank deposits increased during the further in April, reflecting Government action period and required reserves showed a corto increase the average load per car in order to responding growth. The net result was a effect fuller utilization of railroad equipment. decline of 300 million in excess reserves. Holdings of United States securities at banks in COMMODITY PRICES leading cities increased further, while commer- Beginning on May 11, wholesale prices of cial loans declined. Liquidation of loans was most commodities were limited to the highest concentrated at banks in New York City and levels reached during March, according to the in the Kansas City district. general maximum price regulation issued April 2.8. Effective May 18, retail prices of most UNITED STATES GOVERNMENT SECURITY PRICES commodities were likewise limited. Retail Prices of U. S. Government bonds declined prices of related services will be limited begin- in the last half of April, but steadied in the first ning July 1. half of May. Rates on current Treasury bill About 30 new maximum price schedules for issues rose from about o.xo per cent in March industrial products were issued from the middle to 0.36 per cent in May. The Federal Open of April to the middle of May. Most of these Market Committee announced on April 30 covered wholesale prices of items previously that Federal Reserve Banks stood ready to subject to informal or temporary controls. purchase all Treasury bills offered at 0.375 per Upward adjustments in maximum prices were cent. MEMBER BANK RESERVES AND RELATED ITEMS MONEY RATES IN NEW YORK CITY BILLIONS OF DOLLARS FACTORS SUPPLYING RESERVE FUNDS 24 GOLD STDCK^—•*—"- 22 / Jz 20 18 16 14 4 TREASURY„„CU_R—RE.N«C-Y. 2 • RESERVE BANK CREDI 0 1940 1941 1942 1940 1941 1942 1936 1937 1938 1939 1940 1941 1942 Wednesday figures. Latest figures shown are for May 20,1942. Weekly averages of daily yields on Treasury notes and bonds and average discount on new issues of Treasury bills offered within week- Latest figures shown are for week ending May 23, 1942. JUNE 1942. 553 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 557 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 558 Federal Reserve Bank statistics 559-563 Reserve position of member banks; deposits in larger and smaller centers 564 Money in circulation 565 Gold stock and gold movements; bank suspensions; bank debits 566 All banks in the United States, number, deposits, loans and investments '. 567 Condition of all member banks , 568-569 Weekly reporting member banks 57°~573 Commercial paper, bankers' acceptances, and brokers' balances 574 Money rates and bond yields 575 Security markets 576-577 Corporate profits 578 Treasury finance % 579~58i Governmental corporations and credit agencies; Postal Savings System 582.-584 Business indexes 585-595 Department store statistics 596 Wholesale prices 597 Current statistics for Federal Reserve chart book 598-600 Changes in number of banks and branches in the United States. ... 601 Condition of insured commercial banks in United States and Possessions, December 31, 1941 and June 30, 1941 602. Group banking December 31, 1941. Number, branches, and deposits, by states 603-605 All member banks—Condition on Selected Call Dates, March 31, 1937, to April 4, 1942. 606-607 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 gola stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or or 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. JUNE 1942. 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS 1936 1937 1938 1939 1940 1941 1942 Latest figures for May 20. See page 557. 556 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 i u s l n - ls t- U. S. s e G t c u M u o r r v i a i n e t - i g r e n s m t e u M n r t i a n - g ot A h l e l r1 Total s G to o c l k d 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 ti o u o c n l n a i e r - y - T h c i u r o n a e r l g s y a d h s s - - u p w F r e o R y e r i s e a t d i - h d l t - s e- p m N o b d e o e e s 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 balances ed Total with- after ing serve counts Total in 5 5 Banks years years Monthly averages of daily figures: 1941—Feb 2,184 1,048 1,136 67 2,254 22,143 3,100 8,679 2,205 548 1,787 282 13,996 6,422 Mar 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 Apr 2,184 983 1,201 85 2,272 22,441 3,115 8,995 2,277 892 1,774 288 13,600 5,883 1942—Feb 2,249 821 1,428 136 2,389 22,729 3,263 11,328 2,189 377 1,292 288 12,908 3,309 Mar 2,252 821 1,431 134 2,393 22,696 3,272 11,507 2,172 244 1,318 291 12,827 3,147 Apr 2,275 850 1,425 150 2,432 22,679 3,281 11,645 2,178 197 1,428 295 12,649 2,951 End of month figures: 1941—Feb. 28 2,184 1,048 1,136 78 2,265 22,232 3,102 8,781 2,187 343 1,805 281 14,203 6,534 Mar. 31 2,184 955 1,230 56 2,243 22,367 3,109 8,924 2,236 1,180 1,721 13,371 5,776 Apr. 30 2,184 1,008 1,177 48 2,234 22,506 3,122 9,071 2,283 865 1,830 13,524 5,771 1942—Feb. 28 2,262 821 1,441 144 2,412 22,705 3,268 11,485 2,172 567 1,255 287 12,619 2,969 Mar. 31 2,244 821 1,423 102 2,355 22,687 3,277 11,566 2,190 289 1,405 290 12,575 3,073 Apr. 30 2,357 913 1,444 105 2,468 22,691 3,289 11,767 2,182 201 1,345 295 12,658 2,791 Wednesday figures: 1941—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 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 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.. 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.. 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. 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. 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. 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... 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... 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.. 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.. 2,296 870 1,426 100 2,400 22,686 3,284 11,642 2,189 243 1,531 296 12,470 2,752 Apr. 29.. 2,350 910 1,440 86 2,443 22,689 3,286 11,723 2,186 128 1,421 297 12,662 2,815 May 6... 2,436 958 1,478 128 2,572 22,703 3,291 11,845 2,193 376 1,413 295 12,444 2,691 May 13.. 2,484 1,006 1,478 119 2,612 22,706 3,294 11,861 2,191 158 1,440 295 12,667 2,925 May 20.. 2,445 967 1,478 128 2,578 22,709 3,299 11,888 2,188 304 1,427 293 12,486 2,565 * Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. JUNE 1941. 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect June 6, 1942. Per cent per annum.] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (maturities Advances secured by Discounts of and ad- not exceeding 90 days—last par. Sec. 13) 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 0 13 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 Sept. 1, 1939 Sept. 1,1939 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York Aug. 25, 1939 Aug. 27,1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia.. Mar. 21, 1942 Mar. 21,1942 Sept. 4, 1937 Mar. 21, 1942 Sept. 1, 1939 Cleveland Apr. 11, 1942 Apr. 11,1942 Oct. 19, 1935 Apr. 11, 1942 May 11, 1935 Richmond Mar. 14, 1942 Mar. 14,1942 Sept. 10, 1937 Mar. 14, 1942 Feb. 19, 1934 Atlanta Sept. 16, 1939 Mar. 21,1942 Aug. 21, 1937 Sept. 16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Feb. 28,1942 Aug. 21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept. 16, 1939 Mar. 14,1942 Mar. 14, 1942 Sept. 16, 1939 Mar. 14, 1942 Minneapolis... Mar. 28, 1942 Mar. 28,1942 Aug. 24, 1937 Mar. 28, 1942 Oct. 8, 1938 Kansas City.. Sept. 16, 1939 Apr. 11,1942 Sept. 3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas. ...... Sept. 16, 1939 Mar. 21,1942 Aug. 31, 1937 Sept. 16, 1939 Apr. 16, 1938 San Francisco. Apr. 4, 1942 Apr. 4,1942 Sept. 17, 1937 Apr. 4, 1942 Oct. 19, 1933 J 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. 1 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 AD- BANKERS' ACCEPTANCES VANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity Rate on In effect be- Previous [In effect June 6. Per cent per annum] June 6 ginning— rate To Industrial or 1-15 days1 Oct. 20, 1933 Commercial To Financing Institutions 16-30 days do Businesses 31-45 days do 46-60 days do 61-90 days do Discounts or 91-120 days.... do Federal Reserve Purchases 121-180 days... do Bank e 1 n T ts h , i s w h ra ic t h e a a g ls r o e e a m p e p n li t e s s a t r o e a a l c w ce a p y t s a f n o c r e s a p b e o r u i g od h t o u f n 1 d 5 e d r a r y e s p u o r r c l h e a s s s e . agree- adva O n n ces1 co m m O e m n n t i s t- fo p r o w O rt h n io ic n h m O a n i n r i e n - g m O it n m c e o n m ts institu- portion tion is obligated MEMBER BANK RESERVE REQUIREMENTS Boston [Per cent of deposits] New York.... Philadelphia. Aug. 16, Mar. 1, Mayl, Apr. 16, Effec- Cleveland 234-5 34-iM Classes of deposits 1936- 1937- 1937- 1938- tive and banks Feb. 28, Apr. 30, Apr. 15, Oct. 31, Nov. 1, Richmond. 23^-5 1937 1937 19382 1941 19412 Atlanta.... 234-5 Chicago.... 2^-5 On net demand St. Louis... 234-5 deposits. Central reserve city... 26 22^ 26 Minneapolis 234-5 Reserve city 20 20 Kansas City 2H-5 Country 14 12 14 Dallas 2K5 On time deposits: San Francisco 34-iM All member banks 5 * Including loans made in participation with financing institutions. 1 See footnote to table on p. 564 for explanation of method of computing jj Rate charged borrower less commitment rate. net demand deposits. * Rate charged borrower. 2 Percentages in this column are double the basic statutory requirements, 4 May charge same rate as charged borrower by financing institution, if which were in effect June 21,1917-Aug. 15,1936. lower. 5 Financing institution is charged }/i per cent onundisbursed portion of loan under commitment. 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 40 Savings deposits For short sales, under Regulation T 50 Postal savings deposits... 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 234 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. 558 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 May 20 May 13 May 6 Apr. 29 Apr. 22 Apr. 15 Apr. 8 Apr. 1 Apr. Mar. Apr. Assets Gold certificates on hand and due from U. S. Treasury 20,508,409 20,512,41020,494,41 20,488,41(20,478,41;20,494,40! 0,473,91120,466,91320,495,41120,481,91520,192,732 Redemption fund—F. R. notes. 15,202 13,959 14,87 15,20: 15,56: 13,18! 14,018 12,946 14,551 12,947 11,139 Other cash 298,772 299,609 297,61. 318,90C 331,65: 332,721 327,908 322,049 314,130 325,868 329,444 Total reserves 20,822,38320,825,97820,806,89520,822,51120,825,629 20,840,31920,815,83 20,801,90820,824,09220,820,730 20,533,315 Bills discounted: For member banks 5,248 8,307 7,924 6,990 3,890 9,261 6,847 9,049 7,024 5,850 1,918 For nonmember banks, etc.. l 1 1 1 1 Total bills discounted 5,248 8,307 7,924 6,991 3,891 9,262 6,848 9,050 7,025 1,851 Industrial advances 10,712 10,287 9,950 9,997 9,731 9,551 9,636 8,744 9,948 1,802 U. S. Government securities: Direct Bonds 1,603,302 1,603,302 1,603,302 1,564,990 1,551,006 1,547,906 1,547,136 1,548,136 1,569,124 1,548,136 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 Certificates 15,650 37,400 20,700 Bills 129,759 147,584 116,oor 89,002 '48,'418 ' "9,775 91,302 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 2,444,811 2,484,386 2,436,104 2,350,092 2,295,524 2,253,781 2,243,236 2,244,236 2,356,526 2,244,236 2,184,100 Other Reserve Bank credit outstanding 117,323 109,099 118,120 75,967 90,449 141,918 124,005 76,941 94,796 93,009 40,378 Total Reserve Bank credit outstanding 2,578,094 2,612,079 2,572,098 2,443,047 2,399,595 2,414,512 2,383,725 2,338,971 2,468,295 2,354,898 2,233,945 Liabilities F. R. notes in actual circulation . 8,916,287 8,905,348 8,876,906 8,781,735 8,714,386 8,699,285 8,674,317 8,655,870 8,821,063 8,634,683 6,282,368 Deposits: Member bank — reserve account 2,486,014 2,667,232 .2,443,88412,662,38512,469,577 2,501,972 2,715,446 2,496,135 .2,657,62812,574,520 .3,523,857 U. S. Treasurer—general account 304,007 158,251 375,970 128,384 242,777 300,952 190,478 362,308 200,908 289,193 865,436 Foreign 949,894 936,452 955,031 892,929 915,500 926,259 722,650 747,947 958,995 776,301 1,251,130 Other deposits 476,757 .503,934 458,097 527,650 615,582 558,486 627,760 606,242 386,471 628,236 579,092 Total deposits L4,216,672.4,265,869 4,232,982 .4,211,348.4,243,436 4,287,669 4,256,334 .4,212,632 4,204,002 .4,268,250 .6,219,515 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.0 89.9 90.0 90.6 90.7 90.7 90.8 91.0 90.4 90.9 91.3 1 Less than $500. MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t o d n a 6 t y h s s 6 l m y t o e o n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: Apr. 29 6,991 6,070 414 104 344 May 6 7,924 7,302 288 95 187 May 13 8,307 7,822 219 60 141 May 20 5,248 4,882 127 129 94 Industrial advances: Apr. 29 9,997 4,074 748 506 171 1,025 894 1,423 1,156 May 6 9,950 4,136 1,000 242 598 604 840 1,446 1,084 May 13 10,287 4,758 685 241 703 510 863 1,446 1,081 May 20 10,712 5,572 399 256 654 531 780 1,444 1,076 U. S. Government securities, direct and guaranteed: Apr. 29 2,350,092 13,221 54,961 87,020 70,100 317,800 367,100 1,439,890 May 6 2,436,104 19,600 5,100 15,521 75,781 86,900 70,100 317,800 367,100 1,478,202 May 13 2,484,386 30,925 30 20,756 90,123 109,350 70,100 317,800 367,100 1,478,202 May 20 2,444,811 10,130 20,756 22,868 76,005 81,850 70,100 317,800 367,100 1,478,202 JUNE 559 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 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 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. 29 20,488,41 1,164,4147,962,125 1,212,4451,627,324 835,655 570,6413,606,446 623,952 346,209 553,342 394,7781,591,079 May 6 20,494,41 1,169,118 7,867,920 1,224,9611,606,761 829,180 587,6143,548,475 628,222 389,403 621,228 402,684 1,618,845 May 13 20,512,41 1,170,2697,910,146 1,223,8031,624,245 830,281 602,4603,494,236 628,379 370,100 595,050 403,617 1,659,824 May 20. 20,508,4091,139,6327,947,407 1,230,5421,634,301 831,914 596,8323,455,480 642,275 366,906 591,899 385,6581,685,563 Redemption Fund—F. R. Notes: Apr. 29 15,20 3,306 1,755 768 545 1,289 352 904 349 252 506 397 4,778 May 6 14,87 3,230 1,450 675 480 1,722 314 805 332 24' 492 377 4,751 May 13 139S9 3 188 1?S7 617 434 1,317 ?87 321 367 4 727 May 20... 15202 3,123 994 545 1,369 1,931 249 1,622 300 226 458 348 4,037 Other cash: Apr. 29 318900 26 ?64 7? 191 18 28,091 16,021 18908 58 168 16 647 6 836 S06 989 31958 May 6 297 613 25318 70647 16760 28,182 13,286 16 S19 539S6 14,472 6071 11048 12 347 29507 May 13 299 609 25418 7? 15888 25,627 14,697 17064 52 14 840 vo 11561 12663 30922 May 20 298772 25 504 73844 15019 25,779 13,277 17655 51021 13,620 6 237 11,343 13245 32,228 Total reserves: Apr. 29 20,822 S111,193 9848 036071 ,231 4441,655,960 852,965 5899013,665 S18 640,948 3S3?97 566 444 408 164 6^7 815 May 6 20,806 8951,197 666 940017 1,241 8961,635,423 844,188 604,4473,603 236 643,026 395 717 632 768 415 4081,653 103 May 13 20,825 9781,198 87 S 983 S?8 740 3081,650,306 846,295 619,8113,547 494 643,540 376 607 607 094 416 647 695473 May 20.... 20,822 3831,168 2598,022245 1,246 1061,661,449 847,122 614 7363,508 123 656,195 373369 603 700 399 251 ,721 828 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Apr. 29...... 6,556 210 3576 540 2 176 25 14 15 May 6. 7, 64 S S1S 810 49 35 14 35 May 13 746? 600 ss 736 1037 60 15 May 20 4,96 S 3 SO 3 S39 79? 175 60 14 35 Other bills discounted: Apr. 29.... 435 103 61 27 244 May 6. SSO ?7 6 May 13. 84 S SSO 30 ?7 ?3? 6 May 20 ?83 29 ?7 Total bills discounted: Apr. 29 091 679 S40 61 ?J176 5? 15 May 6 7,9?4 64 S 6,06 S 810 49 6? 252 41 May 13 8 307 600 1,037 30 87 ?46 21 May 20 ?48 3 SO S39 79? 29 175 87 41 Industrial advances: Apr. 29 9,997 901 1,091 4,943 193 680 897 320 593 66 212 101 May 6 9,950 99? 1088 4,96? 193 655 899 312 8 462 66 71? 101 May 13 10,?87 1, 1,087 5,019 192 654 906 312 8 508 66 211 97 May 20... 10,71? 1,225 1070 5,382 194 651 954 ,317 8 543 66 211 96 U. S. Government securities, direct and guaranteed: Bonds: Apr. 29 1,568,S90 118,074 4?0, SO? 124,167 159,361 95,960 68,77.4 194,960 75,708 47,923 67,179 61,404 135, May 6 1,606,907 120,41? 436,250 127,404 163,340 97,111 69,378 198,944 76,580 48,562 68,226 62,433 138,262 May 13 1,606,90? 120, 439 160 127,511 163,387 96,479 69,105 198,531 76,062 48,280 67,911 62,182 138,174 May 20 1,606,90? 120,359 436,783 127,422 163,348 96,996 69,327 198,869 76,487 48,509 68,168 62,388 138,246 Notes: Apr. 29 692,500 52, 185,642 54,817 70,355 42,364 30,120 86,072 33,422 21,157 29,658 27,109 59,657 May 6 692,SOO 51,891 188004 54,904 70,391 41,851 29,898 85,735 33,005 20,927 29,402 26,907 59,585 May 13 692,500 51,768 189,257 54,952 70,411 41,578 29,781 85,556 32,781 20,806 29,265 26,799 59,546 May 20 692,SOO 51,869 188,?34 54,914 70,395 41,800 29,878 85,702 32,962 20,907 29,376 26,885 59,578 Certificates: Apr 29 May 6 20,700 1,SS1 56?0 1,641 2,104 1,251 894 2,563 986 626 879 804 1,781 May 13 . . .. 37,400 2,796 10721 2,968 3,803 2,245 1,608 4,621 1,770 1,124 1,581 1,447 3,216 May 20 15,650 1,177 4,254 1,241 1,591 945 675 1,937 745 472 664 608 1,346 Bills: Apr. 29 89,007 6,700 23,859 7,045 9,042 5,445 3,871 11,062 4,296 2,719 3,812 3,484 7,667 May 6 .... 116,00? 8,693 31493 9,197 11,792 7,010 5,008 14,362 5,528 3,506 4,925 4,507 9,981 May 13 147,584 11,037 40,334 11,711 15,006 8,861 6,347 18,234 6,986 4,434 6,237 5,711 12,691 May 20 129,759 9,719 35,271 10,289 13,191 7,832 5,598 16,059 6,176 3,917 5,505 5,038 11,164 560 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 el h p i h la 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 l e is K C an it s y a Dallas F S r a a n ncisco A ssets—Continued Total U. S. Government securities, direct and guaranteed: Apr. 29 ... 2,350,09 176,00 630,00 18e,0? 23?,75 143,76 102 292,00 1134? 71,790 10(1,64 01 00 202 452 May 6 2,436,10 182,54 661,36 193,14 247,62 147,22 105,17 301,60 116,09 73,62 103,43 94,65 209,609 May 13... 2,484 185,71 678,07 197, 14 252,60 149,16 106.84 306 04 117-599 74,644 104 09 06 13 213 627 May 20 2,44481 183 110 664 54 19386 248i 5? 147,57 105,478 302.567 116,370 73,80 103,71 04,019 210 334 Total bills and securities: Apr. 29 2,367,08 178,01 634,77 191, 51 239,01 144,440 103 292,414 113,4?6 74,568 100 76 09 •16 202 568 May 6 2,453,97 184 184 668 570 198,01 247,869 147,878 106,077 301,016 116,107 74,083 103, 560 95 209 751 May 13 2,502,98 187,543 686,345 203,19 252,829 149,817 107,747 307,254 117,607 75,152 105,147 96,596 213,745 May 20 2,460,77 184,694 669,15 200,04 248,748 148,224 106,432 302,879 116,553 74,348 103,866 95,365 210,471 Due from foreign banks: Apr. 29 4 18 6 4 M M a a y y 6 13 4 4 1 1 8 8 2 2 6 ( j 1 1 4 4 May 20 4 18 6 1 Federal Reserve notes of other banks: Apr. 29.... 2449 681 2056 1,4?8 1 590 3 701 3 635 16?? 48? 1 584 3 816 May 6 , 25605 600 2480 147? 2 ??5 3460 ,3640 3 60,3 2851 .5,54 1?66 574 96? May 13 . 27 675 2 700 1,74 1666 3 851 3?78 3 965 50? 1573 1846 566 2 810 May 20 25955 76? 2000 1730 180' 3077 3 ?60 3 55? 3 ?08 711 1088 708 3 197 Uncollected items: Apr. 29 1 0240?9 102?74 235048 69 8?0 138037 80 ?00 44 380 1516? 5 45 881 ?4 150 40 479 34?93 560?9 May 6 1,015 177 99 571 221413 75 560 118601 83 830 48 078 162 796 47 960 ?5 776 43,679 35 160 51 844 May 13 1,179 954 114 742 271 580 78,668 154,904 103 156 48 299 186366 53 403 24 113 45 657 38 474 60 592 May 20 . 1,131 839 1174?6 2614?? 74403 133-88.3 92015 46 778 170013 5? 734 ?5 453 50 106 40 888 65 818 Bank premises: M Ap a r y . 6 29 , 4 4 0 0 5 5 8 6 1 0 2 2 7 7 5 5 9 9 1 10 0f4 4 5 3 2 4 4 4 8 8 7 ?4 4 4 44 4 0 0 1 1 3 3 0 0 4 5 7 5 1 1 0 0 6 6 4 4 2 79 0 5 5 1 1 ? 21 14 3 0 8 1 1 3 3 ? ? 0 0 78 84 5 0 5 1 1 113 2 2 7 7 4 4 1 1 May 13 40 56? 2 759 10434 4 8?4 4401 3 055 1064 2 953 2 140 1,370 7840 1 113 2 741 May 20 „...«... 40 563 2 759 10434 4 874 4401 3056 1064 29.5,3 2 140 1,370 2849 1 11,3 2 741 Other assets: Apr. 29 .. ... ... 46 3077 12 318 4 3?0 5086 2044 1848 5 341 1047 1,346 1880 1,751 4 383 May 6 46 53? 3 180 12607 3 63? 5 ?45 2934 1874 5449 7001 1,.30,5 1919 1 706 4 500 May 13 47 899 3 740 13 16,3 3 873 5.340 .3036 1017 5 581 078 1,408 1,9.53 1,87.3 4 587 May 20 48416 3,300 13 15? 3 786 5445 3074 1066 5 77,3 706,5 1,445 1,995 18,34 4,631 Total assets: Apr. 29 24 324,0791 4807908,932,5361,503 36?2,044 000 ,087 407 743408 ,121 400 805,063 455,17? 714,003 538,419 ,898,?49 M M a a y y 6 13 . ., 2 2 4 4, 3 6 8 2 8 4 , 6 7 9 9 6 4 1 1 ,4 5 8 0 7 7 , , 9 83 63 78 8 , , 9 8 6 5 7 5, ,8 4 6 0 7 8l, , 5 5 2 3 6 2 f2 5 5 7 7 12 2 , , 0 0 6 1 9 3 4 7 5 6 0 8 , , 1 0 0 8 9 5 ,365 7 7 8 6 3 6 0 0 1 8 8 ? , , 0 0 5 7 3 9,9 6 5 1 7 0 8 8 7 1 1 4 , 086 4 4 8 9 0 8 , ,8 1 5 8 4 ? 7 7 6 8 4 6 , ,0 5 4 4 2 7 5 5 4 5 0 5, 117 , , 9 9 2 7 4 9 , * 9 9 0 5 5 2 May 20 24,529,9741,477,?038,979,3?? ,530 90,32,055 733 ,096 570 775 138 ,994 149 83? 806 476,655 76.3 605 539,160 ,008,690 Liabilities Federal Reserve notes in actual circulation: Apr. 29 8,781,735 702,334 ,238,768 619,342 836,37? 462,675 374,384 ,823 750 ,344,01? 048 784 767 146,582 776,306 May 6 8 876006 708794 250,846 624046 845,558 470,0.37 333,779 ,838,8?7 347,761 225 131 ?88,181 148,003 794,130 May 13 8,905348 710,125 ,257,78? 628,808 849,702 473,103 334,037 ,844,474 348,775 225676 ?88 157 148,?60 796009 May 20 , 8,916,287 679,708 ,273,833 633,860 853,048 473,990 335,232 ,855,579 349,794 225,351 289,361 148,539 797,992 Deposits: Member bank—reserve account: Apr. 29 2,662,385 611,164 ,528,544 679,064 942,318 455,667 331 8,50 ,977,.367 366,824 164,818 349,249 308,906 946,619 May 6 . 2,443,884 599,(0 5 ,311,643 668,801 920,007 460,116 336,086 ,912,638 36.3,,300 707,768 399,931 310,007 957,.397 May 13 2 667939 609 315 ,481,016 698,480 921,011 467,019 358,64? ,846,50? 371,16,3 187 565 387,050 3?4,6?0 ,013,841 May 20 , 2,486,014 618,003 ,443,606 689,411 918,,379 456,814 330,78,3 ,776,948 370,961 18.3,98.5 378,402 300,674 999,248 U. S. Treasurer—general account: Apr. 29 128 384 16, 6,50? 14,800 2,340 1,007 3,075 20,751 6,215 14,704 570 17,434 18,48?. May 6 375,970 24,552 142,320 35,003 12,806 14,476 11,480 53,745 12,833 15,501 17,370 20,948 14,936 May 13 158, 19,83? 21,857 5,590 1, 9,464 6,030 48,756 977 11 711 17,407 098? 4,769 May 20 304,007 18,206 58,458 21,234 16,931 20,742 14,476 54,088 18,293 14,179 14,084 7,370 45,946 Foreign: Apr. 29 892,929 22,167 472,846 66,433 63,664 30,448 24,220 84,425 20,760 15,224 20,068 20,068 52,606 May 6.... 955,031 26,474 499,414 71,638 68,653 32,834 26,118 91,040 22,387 16,417 21,641 21,641 56,774 May 13 936,452 23,994 492,705 70,070 67,151 32,115 25,547 89,048 21,897 16,058 21,167 21,167 55,533 May 20 949,894 24,292 498,434 71,308 68,337 32,683 25,998 90,621 22,284 16,342 21,541 21,541 56,513 * Less than $500. 561 JUNE 1941 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 o t u . is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - Liabilities—Continued Deposits—Continued: Other: Apr. 29 527,65C 15,334 355,364 11,322 40,218 42,116 3,553 3,418 12,066 8,382 6,548 2,654 26,675 May 6 458,091 17,442 320,349 17,114 24,639 11,380 3,867 3,007 10,882 8,473 8,900 3,849 28,195 May 13 503,93' 13,672 350,746 14,364 52,662 11,135 2,558 4,120 10,465 8,805 3,634 2,47' 29,299 May 20 476,757 11,089 348,290 9,75r 41,289 8,305 2,867 3,356 10,012 7,320 5,727 2,453 26,292 Total deposits: Apr. 29. 14,211,348 664,9626,363,346 771,718 ,048,549 529,233 362,698 2, 085,961 405,865 203,128 382,444 349,0621,044,382 Mtfaayy <6. 14,232,982 668,0936,273,726 792,5561,026,195 518,806 378,4512,060,430 409,492 242,659 447,842 357,4301,057,302 May 13.. 14,265,869 666,8136,346,324 788,5131,042,115 519,733 392,7771,988,516 410,497 224,139 425,248 358,2521,102,942 May 20.. 14,216,672 672,490 6,3—4i8,, 788 791,7101,044,886 518,544 383,124 1,925,013 421,550 221,826 419,754 340,988 1,127,999 Deferred availability items Apr. 29 948,109 87,220 198,599 76,678 123,828 77,690 42,387 162,980 43,127 20,061 35,168 30,938 49,433 May 6 897,104 84,845 199,170 73,870 106,711 79,842 40,735 131,520 44,741 21,119 38,331 30,900 45,320 May 13 1,070,902 104,511 231,795 80,209 142,246 99,567 42,149 171,346 50,419 20,409 39,451 36,882 51,912 May 20 1,014,563 98,40: 224,758 70,411 122,417 87,277 42,734 164,326 49,495 19,535 42,844 37,810 54,554 Other liabilities, including accrued dividends: Apr. 29 :... 7,041 544 1,385 1,126 564 1.49J 259 624 178 175 181 241 269 May 6 4,992 559 1,342 374 492 396 249 531 19: 168 194 190 300 May 13 5,720 641 1,538 525 564 425 271 628 180 198 222 344 May 20 5,563 832 1,500 401 555 404 265 579 184 169 176 22: 305 155 Total liabilities: M Ap a r y . 6 29 2 2 3 4 , , 9 0 4 1 8 1 , , 2 9 3 8 3 4 , ,4 4 6 5 2 5 , , 2 0 2 6 1 0 8 8 , , 7 80 2 2 5 , , 0 0 9 8 8 4 1 1, , 4 4 9 6 1 8 , ,8642 , , 9 0 7 0 8 9 , , 9 3 5 1 6 3 , ,0 0 6 7 9 1 , , 0 0 8 9 1 3 7 7 5 29 3 , , • , , 2 7 0 2 7 8 4 4 ; , , 0 0 3 7 1 2 , , 3 8 0 1 8 5 8 7 0 9 2 4 , , 1 0 9 8 1 2 4 4 8 4 9 5 , , 0 4 7 1 7 2 7 7 7 0 4 2 , , 5 55 4 5 8 5 5 3 2 7 6 , , 5 8 1 2 3 3 1 1 , , 8 8 9 7 7 0 , , 0 3 5 9 2 0 May 13 24,247,839 ,482,0908,837,439 1,498,055 2i,, 034,627 ,092,918 769,•,234 4;,004,964 809,325 470,404 753,060 543,6161,952,107 May 20 24,153,085 ,451,432 8\8481,879 1,496,382 2i,, 020,906 ,080,215 761,355 3,945,497 820,994 466,881 752,135 527,559 1,980,850 Capital accounts Capital paid in: Apr. 29 144,625 9,413 53,441 11,812 14,788 5,815 4,949 15,880 4,469 3,043 4,661 4,428 11,926 May6 144,621 9,413 53,447 11,812 14,787 5,815 4,949 15,864 4,470 3,046 4,662 4,428 11,928 May 13 144,643 9,413 53,447 11,812 14,794 5,815 4,959 15,865 4,470 3,048 4,664 4,428 11,928 May 20 144,674 9,425 53,447 11,812 14,794 5,815 4,959 15,866 4,479 3,054 4,664 4,428 11,931 Surplus (section 7): Apr. 29 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 May 6 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 May 13 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 May 20 157,502 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. 29 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 "May6 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 May 13 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 May 20 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. 29 47,838 2,494 13,276 3,122 4,636 2,019 2,383 8,441 1,916 2,565 2,037 1,929 3,020 May 6 47,906 2,506 13,246 3,135 4,672 1,989 2,388 8,431 1,929 2,579 2,082 1,937 3,012 May 13 47,931 2,511 13,260 3,140 4,676 1,999 2,387 8,436 1,930 2,578 2,073 1,937 3,004 May 20 47,932 2,523 13,275 3,145 4,680 2,010 2,386 8,432 1,927 2,568 2,056 1,934 2,996 Total liabilities and capital accounts: Apr. 29 24,324,979 .,480,790 ,932,536 ,503,3622,044,090 ,087,407 743,498 ,121,490 805,963 455,172 714,003 538,419 ,898,249 May 6 24,388,794 .,487,963 ,855,498 ,526,2572,013,768 ,085,365 766,982 ,079,957 814,086 498,854 786,042 549,117 ,924,905 May 13 24,624,6961,507,837 ,967,867 ,532,5712,069,450 ,109,212 783,018 ,053,619 821,221 480,182 764,547 555,220 ,979,952 May 20 24,5299,7-4' 1,477,203 ,979,322 ,530,9032,055,733 ,096,520 775,138 ,994,149 832,896 476,655 763,605 539,160 ,008,690 Commitments to make industrial advances: Apr. 29 11,673 321 412 1,272 1,124 1,643 1,210 2,034 1,425 97 2,135 May 6 11,703 221 409 1,306 1,148 1,642 1,286 2,034 1,450 97 2,110 May 13 13,707 1,306 408 1,270 1,144 1,742 1,266 2,034 2,195 196 2,146 May 20 13,718 1,306 462 865 1,371 1,913 1,263 2,034 2,162 216 2,126 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, received consideration approved Advances Commit- Approved o e r x p w ir i e t d h , - P p a a r ti t o ic n i s - Date ( e l a a c s h t W m e o d n n t e h s ) day of sta o n u d t i - ng1 m s e t n an ts d o in u g t- co b m u p t l n e o te t d2 a d p ra p w li n c a b n y t, sta o n u d t i - ng3 Number Amount Number Amount Number Amount (amount) (amount) (amount) etc. (amount) (amount) 1934—Dec. 26. 4,386 146,972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26 6,325 237,581 68 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 314 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30 8,247 328,998 5 1,245 2,280 139,829 25,526 20,959 8,226 77,910 7,208 1937—Mar. 31 8,344 333,300 9 1,322 2,323 141,545 23,059 18,611 7,898 85,210 6,767 June 30 8,430 339,509 10 1,263 2,361 145,758 23,019 16,331 1,470 97,663 7,275 Sept. 29 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102,588 7,304 Dec. 29 8,534 350,551 7 550 2,406 150,987 20,216 12,780 3,369 107,384 7,238 1938—Mar. 30 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111,193 7,825 June 29.... 8,976 369,853 8 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28 5,102 378,974 8 146 2,617 168,380 17,567 13,597 5,737 122,447 9,032 Dec. 28 9,188 387,490 5 247 2,653 175,013 17,345 14,161 1,946 128,839 12,722 1939—Mar. 29 9,249 392,230 14 344 2,683 177,895 15,798 12,647 1,975 135,004 12,471 June 28 9,308 395,499 5 255 2,721 • 179,778 15,255 11,175 2,067 139,281 12,000 Sept. 27 9,366 402,305 2 370 2,752 185,234 14,454 10,517 1,938 146,156 12,169 Dec. 27 9,418 405,225 2 41 2,781 188,222 13,683 9,220 2,659 151,679 10,981 1940—Mar. 27 9,476 410,192 7 199 2,814 192,665 12,723 8,224 2,471 158,110 11,137 June 26.. 9,512 413,646 2 33 2,838 195,739 10,988 8,762 2,195 162,612 11,182 Sept. 25 9,556 417,260 1 10 2,865 198,966 10,778 8,078 2,315 167,046 10,749 Dec. 314 9,609 431,236 2 222 2,908 212,510 9,152 5,226 13,954 177,792 6,386 1941—Jan. 29 9,633 435,474 4 1,929 2,923 214,800 9,483 5,207 12,325 179,021 8,764 Feb. 26 9,659 442,712 1 600 2,945 223,226 9,451 5,066 20,424 179,569 8,716 Mar. 26 9,682 448,506 3 823 2,959 228,732 9,526 7,315 19,986 180,989 10,916 Apr. 30.,. 9,719 444,985 2 35 2,987 225,849 9,157 8,464 13,035 183,646 11,547 May 28 9,793 455,868 5 1,725 3,046 234,714 9,639 12,342 14,134 186,062 12,537 June 25... . 9,817 458,092 2 35 3,067 238,505 10,549 13,072 8,090 192,783 14,011 July 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. 29.. 10,129 546,600 4 424 3,300 313,660 10,699 11,673 18,473 250,105 22,710 May 27 10,171 558,821 2 400 3,337 325,507 11,464 14,378 22,480 253,801 23,384 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 $1,182,000, May 27, 1942. 4 Tuesday. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n ve d - 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. Banks by F.R. agent: Apr. 29 9,233,377 727,623 2,353,776 642,502 869,957 505,530 346,080 1,892,363 362,275 226,722 294,361 161,646 850,542 May 6 9,283,661 734,887 2,363,194 644,771 876,605 507,342 353,778 1,883,530 365,827 229,428 298,952 163,305 862,042 May 13 9,348,588 735,887 21,381,106 654,316 883,573 513,732 355,545 1,894,599 366,138 230,733 298,198 163,111 871,650 May 20 9,366,127 702,7712,391,924 657,479 886,895 513,666 360,900 1,905,887 373,581 231,380 299,043 165,570 877,031 Held by Federal Reserve Bank: Apr. 29 451,642 25,289 115,008 23,160 33,585 42,855 21,696 69,113 17,363 4,674 9,599 15,064 74,236 May 6 406,755 26,163 112,348 19,825 31,047 37,305 20,006 44,703 18,066 4,297 10,771 14.-312 67,912 May 13 ..... 443,240 25,762 123,324 25,508 33,871 40,539 21,508 50,125 17,913 5,057 10,041 14,851 74,741 May 20 449,840 23,063 118,091 23,619 33,847 39,676 25,668 50,308 23,787 6,029 9,682 17,031 79,039 In actual circulation :1 Apr. 29 8,781,735 702,334 2,238,768 619,342 836,372 462,675 324,3841,823,250 344,912 222,048 284,762 146,582 776,306 May 6 ,876,906 708,724 2:, 250,846 624,946 845,558 470,037 333,7721,838,827 347,761 225,131 288,181 148,993 794,130 May 13 8,905,348 710,1252,257,782 628,808 8*19,702 473,193 334,0371,844,474 348,225 225,676 288,157 148,260 796,909 May 20 8,916,287 679,708 "2,273,833 633,860 853,048 473,990 335,2321,855,579 349,794 225,351 289,361 148,539 797,992 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Apr. 29 9,352,000 740,000 2,,360,000 665,000 875,000 525,000 350,0001,900,000 370,000 227,000 300,000 166,000 874,000 May 6 9,381,500 740,0002,370,000 665,000 880,000 525,000 360,0001,900,000 370,000 230,000 300,000 167,500 874,000 May 13 9,451,000 740,0002,390,000 665,000 885,000 525,000 360,000 '1,920,000 380,000 233,000 300,000 169,000 884,000 May 20 9,498,000 740,000 2,400,000 665,000 890,000 525,000 370,000 1,920,000 390,000 233,000 300,000 171,000 894,000 Eligible paper: Apr. 29 , 6,653 210 3,676 540 2,175 52 May 6 7,582 645 6,065 810 62 May 13 7,410 6,286 1,037 87 May 20 4,943 350 3,539 792 175 87 Total collateral: Apr. 29 9,358,653 740,210 2,363,676 665,540 875,000 525,000 350,0001,900,000 370,000 229,175 300,052 166,000 874,000 May 6 9,389,082 740,6452,376,065 665,810 880,000 525,000 360,0001,900,000 370,000 230,000 300,062 167,500 874,000 May 13 9,458,410 740,0002,396,286 666,037 885,000 525,000 360,0001,920,000 380,000 233,000 300,087 169,000 884,000 May 20 9,502,943 740,3502,403,539 665,792 890,000 525,000 370,000 1,920,000 390,175 233,000 300,087 171,000 894,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank. JUNE 1942. 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, APRIL, 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 e s e e . n i " - t t d s , p T o d i s m e i - t e s qu R ir F e e - e d der B a H l a e n R l k d e s serv E c e e x s - s b m a b A e n e m l k r l s - 1 Y N c o e i w r t k y ban C c k a h s g i o - b sc ± a eir n c tv e y k - e s b C a o n u k n s - 1 Total reserves held: All member banks 49,621 41,411 12,091 9,698 12,649 2,951 1941—April 13,600 6,518 966 4,204 1,912 Central reserve city banks: May 13,650 6,243 1,144 4,298 1,965 New York 16,868 16,098 777 4,232 5,028 795 June 13,201 5,958 1,144 4,184 1,914 Chicago . 3,694 3,269 455 877 1,140 262 July 13,120 5,875 1,120 4,198 1,927 August 13,004 5,600 1,140 4,287 1,978 Reserve city banks: September 13,184 5,554 1,218 4,335 2,076 Boston district 1,460 1,318 78 268 374 106 October 13,097 5,314 1,243 4,391 2,149 New York district 309 259 141 60 74 14 November 12,900 5,053 1,210 4,424 2,213 Philadelphia district 1,738 1,483 148 305 464 158 December 12,812 5,142 L,143 4,317 2,210 1942—January 12,936 5,248 1,085 4,365 2,238 Cleveland district 2,486 2,041 682 449 682 233 February 12,908 5,266 1,086 4,356 2,199 Richmond district 1,160 925 232 199 310 111 March 12,827 5,188 1,157 4,279 2,204 Atlanta district 1,118 805 170 171 204 33 April 12,649 5,028 1,140 4,293 2,188 Week ending (Friday): Chicago district 2,133 1,623 693 366 501 135 1942—Apr. 3 12,555 5,123 1,156 4,119 2,157 St. Louis district 1,258 973 167 205 259 ' 55 Apr. 10 12,750 5,159 1,116 4,277 2,199 Minneapolis district 509 394 79 83 93 9 Apr. 17 12,728 5,037 1,127 4,328 2,236 Apr. 24 12,491 4,888 1,150 4,278 2,174 Kansas City district 1,342 942 147 197 258 61 May 1 12,646 4,945 L, 183 4,325 2,193 Dallas district 1,034 690 127 146 190 44 May 8 12,483 4,816 1,121 4,284 2,261 San Francisco district ... 3,308 2,726 2,040 668 883 216 May 15 12,583 4,884 L,079 4,333 2,286 Excess reserves: Total 17,855 14,178 4,706 3,118 4,293 1,175 1941—April 5,883 2,812 295 1,885 891 May.. 5,831 2,514 434 1,949 933 June 5,351 2,238 424 1,820 870 Country banks: July 5,193 2,150 388 L,789 866 Boston district 1,257 979 545 170 247 77 August 5,017 1,898 403 1,824 892 New York district 1,972 1,589 1,461 310 445 135 September 5,116 1,834 478 1,836 968 Philadelphia district 903 671 837 144 210 66 October 5,001 1,626 512 1,845 1,017 November..... 3,611 945 367 1,456 844 Cleveland district 963 676 728 138 228 89 December 3,390 989 295 1,303 804 Richmond district 919 583 394 105 150 45 1942—January 3,446 1,083 225 L.330 809 Atlanta district 879 543 254 91 141 50 February 3,309 1,071 204 L,279 755 March 3,147 962 255 L.190 740 Chicago district 1,373 935 843 181 276 94 April 2,951 795 262 1,175 718 St. Louis district 602 387 255 70 103 • 33 Week ending (Friday): Minneapolis district 431 293 277 58 82 24 1942—Apr. 3 3,005 936 303 1,070 696 Apr. 10 3,122 939 250 1,196 738 Kansas City district 618 384 155 63 94 30 Apr. 17 3,026 813 242 1,201 770 Dallas district 770 493 100 75 119 44 Apr. 24 2,760 673 260 1,132 695 San Francisco district... 519 333 302 65 95 30 May 1 2,830 649 294 1,174 713 Total 11,204 7,866 6,153 1,470 2,188 718 M M a a y y 8 15 2 2 , , 7 81 3 5 1 5 5 3 9 6 7 2 2 5 1 6 9 1 1, , 1 1 9 6 7 3 8 7 0 7 2 7 1 Gross demand deposits minus demand balances with domestic banks 1 Weekly figures of excess reserves of all member banks and of country (except private banks and American branches of foreign banks) and cash banks are estimates. items in process of collection. NOTE.—See table on p. 558 for percentages of deposits required to he 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 Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Boston 2,717 2,681 623 621 2,558 2,525 506 504 158 156 117 117 New York 19,149 19,148 2,379 2,380 h.914 1l,097 1l,083 389 401 504 510 Philadelphia 2,641 2,589 985 997 2^303 2,249 539 550 338 339 446 447 Cleveland 3,450 3,424 1,410 1,410 3,086 3,063 1,067 1,066 364 362 343 344 Richmond 2,078 2,074 626 624 1,804 1,798 422 420 275 275 204 204 Atlanta ,. *-. 1,997 1,984 424 423 1,789 1,776 340 340 207 208 84 84 Chicago 7,200 7,233 1,991 1,980 h,987 J2,955 519 519 339 337 St. Louis 1,860 1,839 422 422 1,499 1,484 '298 297 362 355 124 125 940 955 357 356 728 741 190 191 212 214 166 165 Kansas City . . 1,960 1,944 303 302 1,537 1,527 196 196 423 417 107 107 Dallas . 1,803 1,804 228 227 1,386 1,388 185 177 417 416 43 50 San Francisco 3,826 3,789 2,343 2,354 3,667 3,631 2,239 2,251 159 159 104 103 Total 49,621 49,464 12,091 12,097 X25,236 ^5,052 18,276 18,259 3,823 3,820 2,583 2,593 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c e G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a r il t t v i e f e s i- r o T n f r u o e 1 r t 8 a y e 9 s s - 0 S s u i c a l b o v r s y i e i n d r i- M co in in or U S n n o ta i t t t e e e s d s R F n e e o d se t e e r r v s a e l R F n B e e o s d a e t e n e r r k v s a e l n t b i N o o a t n a n e - a k s l 1941—March....:; 8,924 64 51 1,651 1 413 186 277 6,106 21 154 April 9,071 63 51 1,654 1 418 189 274 6,247 21 153 May 9,357 63 52 1,697 1 426 191 286 6,468 20 152 June 9,612 63 53 1,714 1 434 194 300 6,684 20 150 July 9,732 63 54 1,691 i 438 196 307 6,813 20 149 9,995 62 55 1,723 445 199 313 7,027 20 148 September 10,163 62 56 1,724 455 202 314 7,181 20 147 October 10,364 62 57 1,715 463 205 317 7,378 20 146 November 10,640 61 59 1,737 1 474 208 321 7,615 20 145 11,160 61 60 1,733 481 209 313 8,138 19 144 1942—January , : 11,175 61 61 1,657 471 206 302 8,253 19 143 February 11,485 61 61 1,695 475 206 309 8,514 19 143 March 11,566 60 62 1,697 j 482 208 307 8,587 19 142 April...... ,, 11,767 60 64 1,707 488 209 309 8,769 19 141 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 currency^ 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—March 8,924 6,342 650 590 38 2,074 1,858 2,583 560 ,163 238 543 24 56 April 9,071 6,430 658 595 39 2,112 1,892 2,642 573 ,197 241 550 25 56 May 9,357 6,683 669 615 40 2,211 1,972 2,675 5«7 ,218 242 546 24 57 June 9,612 6,890 681 625 41 2,289 2,047 2,725 607 ,244 244 548 24 57 July 9,732 6,992 688 626 40 2,334 2,090 2,742 615 ,257 244 544 24 58 August 9,995 7,237 700 641 42 2,430 2,169 2,760 630 ,274 244 543 24 46 September. 10,163 7,378 713 658 42 2,469 2,227 2,787 645 ,293 243 537 24 46 October.... 10,364 7,537 725 663 41 2,527 2,293 2,830 658 ,316 245 539 25 47 November . 10,640 7,769 738 675 43 2,610 2,383 2,874 674 ,343 248 538 24 47 December.. 11,160 8,120 751 695 44 2,731 2,545 3,044 724 ,433 261 556 24 46 1942—January 11,175 8,053 738 656 42 2,713 2,595 3,126 745 ,481 265 566 24 46 February.. 11,485 8,326 743 668 42 2,825 2,704 3,163 767 ,511 266 565 21 33 March 11,566 8,396 752 673 42 2,834 2,744 3,174 779 1,528 268 561 9 29 April 11,767 8,560 757 680 43 2,898 2,820 3,204 792 1,549 268 558 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,1 in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER [Held by Treasury and Federal Reserve Banks and in circulation, In CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars ] End of month Total d S s o b i a i l l l u n v l v a l d e e - r r r s s S s a i i l u r d v y b i e - - r M co in in or U S n n t o a i t t t e e e s d s B F s e R e e a r r e d n a v - l - k e t n b i N o o a t a n n e - k a s l Year or month m E e S u n h ro t i s p p - t e o R E e f u r c o r e o m i p p e ts 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 26.1 1938.. 33.1 1.3 1941—March 3,109 1,965 429 193 347 21 155 1939.. 110.2 100.3 April 3,122 1,971 434 194 347 21 154 1940.. 17.7 17.0 May 3,134 1,977 440 196 347 21 153 1941.. . .3 t J JA ! u u u n lyg J e ust 3 3 3 , , , 1 1 1 4 6 8 9 6 1 1 1 1, , , 9 9 9 9 8 9 8 3 1 4 4 4 6 4 5 2 7 5 2 2 1 0 0 9 4 2 9 3 3 3 4 4 4 7 7 7 2 2 2 0 1 0 1 1 1 5 5 5 0 2 1 1941— J M un a e y September. 3,198 2,006 469 207 347 20 149 July October 3,219 2,013 482 210 347 20 148 August November 3,231 2/017 489 212 347 20 146 September... December.. 3,247 2,023 497 215 347 20 146 October November... 1942—January 3,259 2,029 501 218 347 20 144 December February... 3,268 2,033 505 220 347 20 144 March 3,277 2,038 509 221 347 19 143 1942—January... April 3,289 2,044 514 222 347 19 142 February.. Mar-ch 1 Includes silver held against silver certificates amounting to $1,965,- April 000,000 on Apr. 30,1942 and $1,895,000,000 on Apr. 30,1941. i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. JUNE 1941 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES1 UNITED STATES [In thousands of dollars] [In millions of dollars] 1941 Ear- Period of a s G t t p o o e e c l n r k d i d od I i n n s c to r g e c o a k l s d e N i e m t p g o o rt ld c g r m o e c o a l r r a d e s r : e i a k n s d e ( - e — d e- ) p D ti r c t o o i m o d g n u o e 1 c s ld - - 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 o x rt - s3 p J I o a m n r - t s .-No p v E o . r x t - s3 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 4 4 3 6 7 5 9 8 0 1 4 2 . . 3 3 1 1 1 2 2 1 1 1 2 8 0 2 1 4 7 , , , , , , , , 2 7 2 1 7 5 9 6 5 6 3 2 3 1 9 4 8 0 8 5 7 2 5 4 4 4 3 1 1 1 1 , , , , , , , 2 3 8 1 5 1 7 7 0 8 5 3 0 3 5 4 2 7 1 2 2 1 2 1 . . . . . . . . 5 2 2 5 5 5 0 8 4 1 3 1 1 1 1 , , , , , , , 7 1 5 1 7 5 9 (4 3 4 7 1 3 8 7 ) 4 3 4 6 5 3 9 . . . . . . . 2 5 9 6 5 6 0 — - - - - 5 6 4 3 -8 2 3 4 0 3 8 0 5 4 4 7 3 2 0 . . . . . . . 9 . 4 7 7 5 6 2 4 1 1 1 1 1 1 1 9 1 3 4 4 7 6 6 2 0 1 3 8 1 0 7 . . . . . . . . 9 7 6 9 6 7 2 8 F P S U M S U C C w r o w . a n e e a r n n e i i x S n t t t d a t u i e z . c r c e d g d e e a o S n a r a l . l K l a A R n in m d g e d r o ic m a 2 5 6 4 , , , 6 3 9 1 9 1 3 2 2 2 3 5 1 4 6 1 9 1 5 1 6 , , , 5 0 0 9 7 5 2 3 5 6 4 0 0 4 5 0 3 3 9 1 3 1 1 9 1 5 , , , , , , 6 7 4 7 9 5 3 8 4 5 1 1 8 2 7 9 9 6 7 4 6 7 8 1 9 j ! West Indies and Ber- 1941—January 22,116 121.7 234.2 -52.8 13.6 muda 77 66 814 February 22,232 115.4 108.6 -46.2 12.7 Argentina 18 10 177 March 22,367 135.4 118.6 .2 12.1 Bolivia 8 10 94 April 22,506 138.5 172.0 -10.5 12.9 Brazil 5 22 May 22,575 69.1 34.8 -3.8 12.7 Chile 441 323 7,627 June 22,624 49.2 30.7 4.0 14.5 Colombia 2,110 2,107 22,211 July 22,675 50.5 37.0 -27.7 13.7 Ecuador 218 253 2,822 August 22,719 44.7 37.0 -31.2* 12.5 Peru 436 583 8,441 September... 22,761 41.5 65.7 -46.8 17.9 Venezuela 227 608 4,212 October 22,800 38.8 40.4 -32.2 15.8 British Guiana 91 75 986 November 22,785 —14.4 a* -60.9 18.1 Australia 5,980 6,151 63,779 December 22,737 -48.8 -99.7 11.4 New Zealand 156 77 2,364 British Oceania 314 652 3,583 1942—January 22,747 10.6 -38.5 14.7 British India 2,327 8,954 F M A e p a b r r r i c l u h ary 2 2 2 2 2 2 , , , 7 6 6 0 8 9 5 7 1 - - 4 1 2 7 3 . . . 4 3 3 8 ( 4 ) - 6— 1 -6 0 2 5 9 0 . . 5 . 3 1 1 1 1 1 0 1 . . . 0 0 1 N J C a h e p t i a h n n a e r a la n n d d H s o I n n g d i K es ong. 25 3 9 , , 6 4 8 9 4 5 7 4 5 Philippine Islands 1,832 3,143 37,178 1 Annual figures are estimates of the United States Mint. Monthly South Africa 40 200 292,703 figures are those published in table on page 611, adjusted to exclude Philip- All other countries 473 140 4,255 pine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a Total. 50,382 40,444 929,545 63 fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars 1 Figures represent customs valuations which, with some exceptions, on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. are at rate of $35 a fine ounce. 4 Beginning December 4, 1941, the Department of Commerce suspended 2 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. publication of gold import and export statistics. 6 Gold held under earmark at Federal Reserve Banks for foreign account 3 Beginning May 1941, the Department of Commerce suspended publiamounted to 2,448.7 million dollars on April 30,1942. cation of export statistics by country of destination. NOTE.—For back figures through 1937, see Annual Report for 1937 NOTE.—For back figures for selected countries beginning in 1934, see (table 29). table on p. 611. BANK SUSPENSIONS1 Member Nonmember BANK DEBITS Total, banks banks Debits to deposit accounts except interbank accounts all banks Na- In- Not [In millions of dollars] tional State sured2 insured Total, Num 1 1 1 b 9 9 9 e 3 3 3 r 4 5 6 of banks suspended: Year and month r c e e i p a n n o l t g l e rt r - s N Y C e i o t w r y k ce o n 1 th 4 te 0 e r r s1 r c e e o p n 1 t o h 3 t r e 3 e ti r r n s2 g 1937 1938 1929 982,531 603,089 331,938 47,504 1939 1936 461,889 208,936 219,670 33,283 1940 1937 469,463 197,836 235,206 36,421 1941 1938 405,929 168,778 204,745 32,406 1942—Jan.-Apr 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—March 44,558 17,402 23,586 3,570 1935, 10,015 5,313 3,763 939 April 42,237 15,657 23,074 3,505 1936 11,306 507 10,207 592 May 43,665 16,124 23,795 3,746 1937 19,723 7,379 1,708 10,156 480 June 45,942 17,282 24,853 3,807 1938 13,012 36 211 11,721 1,044 July 44,808 16,288 24,660 3,861 1939 34,998 1,341 24,629 6,589 2,439 August 42,856 15,079 24,033 3,745 1940 5,943 256 5,341 346 September. 43,870 15,654 24,310 3,907 1941 3,726 3,144 503 79 October.... 50,875 19,148 27,315 4,411 1942—Jan.-Apr 316 316 November.. 45,081 16,077 25,075 3,930 December.. 56,589 20,598 31,118 4 873 or 1 p e R r e m p a re n s e e n n t t l s y b o a n n a k c s c w ou h n ic t h o , f d u fi r n i a n n g c i t a h l e d p if e f r i i c o u d l s ti e s s h ; ow do n e , s c n lo o s t e d in c t l e u m d p e o b ra a r n i k ly s 1942!— J M F a e a n b r u c r a h u r a y ry .. . 4 4 4 8 1 9 , , , 6 5 1 1 5 7 0 0 5 1 1 1 7 4 7 , , , 2 2 0 4 4 5 7 2 6 2 2 2 7 3 7 , , , 0 5 7 1 3 5 4 1 1 4 3 4 ,3 3 7 4 6 7 9 8 7 w (i h n o s s o e m d e e p i o n s s i t t a n li c a e b s i l w iti i e th s w th e e r e a a id s s o u f m F ed e d b e y ra o l t D he e r p b o a si n t ks I n a s t u t r h a e n c t e im C e o o r f p c o l r o a s t i i n o g n April 46,620 16,023 26,438 4 158 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. 566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OBBANKS [In millions of dollars] Member banks2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a u v n i t n u k g a s s l O m n b o t e h e n m r e - r - Call date b A an ll ks Total ti N on a a - l State M s b a a u v n i t n u k g a s l s m O n b e t o h e m n r e - - r banks 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 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 1942—Apr. 4 6,629 5,109 1,520 1942—April 4 50,604 32,533 18,071 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 25r220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 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 3 6,696 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 10,348 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 44,287 17,834 26,453 r Revised. 1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively. Back figures.—See Annual Report for 1937 (tables 48-49). JUNE 1941 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- T lo o a t n a s l Com- o s r e c c u a r r i r t y ie in s g Direct gat o i f ons Call date i m n a v e n e n d s t t s - Total1 i t n m a r c d i n i e a u a d r l l s - 2 - A t c a u g u l r r 2 l - - i- p O m a k p p a e e e r t n - r b d a e T r e n o r a o s d k l- - o e T t r h o s - 3 e l R s o t a e a n a te s l L ba o t n a o k n s s l O o t a h n e s r 4 Total Total Bills5 Notes Bonds G t a u e n e a - d r- S p s d s a o i t u c i o a n l v b a n i t d i l - t e s - i s - O r s i e t t c h ie u e s - r ers Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30 . 24,786 12 858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1939—June 30 32,603 13,141 4,783 788 420 731 736 2,828 58 2,796 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30 33,941 13,962 5,386 730 455 790 700 2,957 56 2,888 19,979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940—June 29 34,451 13,969 5,538 736 450 447 668 3,069 42 3,020 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 865 • 456 642 652 3,228 43 3,230 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—Apr. 46 ... 38 983 15 878 23,104 16,988 3,487 3,206 2,911 June 30.... 40,659 16,729 7,270 738 537 575 635 3,365 44 3,565 23,930 18,078 i,127 2,631 i6,48i 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 19,539 971 3,007 ii,729 3,832 3,090 2,871 1942—Apr. 46...... 44,287 17,834 26,453 20,449 3,471 3,173 2,831 New York City7 1929—Dec. 31 8 774 6 683 195 1 257 2,145 169 322 2,595 2,091 1,112 58 166 889 222 758 1933—June 30.. .. 7,133 3,424 364 759 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1939—June 30 8,688 2,988 1,474 5 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30 9,339 3,296 1,768 7 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29 9,829 3,014 1,801 6 103 320 188 137 32 426 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 6 100 465 190 130 25 443 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Apr. 46 . . 11 696 3 502 8,194 6,625 1,620 771 798 June 30 12,493 3,778 2,405 3 97 422 186 129 33 503 8,715 7,268 577 1,526 3,415 1,751 651 796 Sept. 246 12 930 3 939 8,991 7,331 1,920 819 841 Dec. 31 12,896 4,072 2,716 8 91 412 169 123 32 522 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Apr. 46 13 123 4 173 8,950 7,381 1,515 773 796 City of Chicago7 1929—Dec. 31 1,757 1,448 19 251 533 21 88 535 309 116 3 19 94 96 96 1933—June 30 1,287 677 69 61 251 30 30 237 610 384 206 82 97 87 138 1939—June 30 2,052 544 329 i9 15 39 71 12 59 1,507 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 365 6 17 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29. 2 205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 5 17 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Apr 46 2 649 780 1,869 1,466 125 226 177 June 30 2,707 846 609 5 21 36 55 20 ioi 1,861 1,483 417 125 803 138 190 188 Sept. 246... 2,573 918 1,655 1,304 159 175 176 Dec. 31 2,760 954 711 6 21 48 52 22 1 95 1,806 1,430 256 153 903 119 182 193 1942—Apr 46 2 806 923 1,883 1,490 108 207 187 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 9 1,457 7,515 5,700 73 606 3,858 1,162 979 836 Sept. 246 14 588 6,861 7,727 5,914 1,246 975 838 Dec. 31 15,347 7,105 3,206 300 250 114 194 1,527 4 1,508 8,243 6,467 295 751 4,248 1,173 956 820 1942—Apr. 46 15,605 6,989 8,616 6,832 1,051 941 844 Country Banks 1929—Dec. 31 13,375 8,936 201 291 2,231 1,462 45 4,705 4,439 1,267 97 171 999 627 2,546 1933—June 30 7,873 4,275 35 25 1,117 1,055 38 2,005 3,598 1,469 64 299 1,106 581 ,549 1939—June 30 10,109 4,605 1,095 531 140 22 229 1,402 5 1,180 5,504 3,127 11 563 1,870 683 1,025 1,351 Dec. 30 10,224 4,768 1,151 495 163 20 224 1,477 4 1,234 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—June 29 10,257 4,987 1,187 546 174 17 208 1,544 3 1,308 5,270 3,030 36 451 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,267 590 187 21 201 1,644 3 1,397 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Apr. 46. 11,144 5,431 5,713 3,456 694 1,176 ,081 June 30 11,446 5,607 1,377 555 216 17 195 1,739 3 1,504 5,839 3,627 60 374 2,404 788 1,165 1,047 Sept. 246.... 11,852 5,828 6,024 3,789 919 1,191 1,044 Dec. 31 12,518 5,890 i,43i' '659* 245' "26' "m 1*823* ii528" 6,628 4,377 iio' "481' 2i926' 861 1,222 L,028 1942—Apr. 46 12,753 5,749 7,004 4,746 797 1,253 005 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. 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. Jj Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 568 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 e;xcept interbank except interbank deposits Re- Bal- De- Call date Fe w d 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 i - tal B s R a er n e v - k e s vault ba d n o- kS j p u a o s d t s e - it d s 2 v p an a i s d d r h t u i n p c a e o s l , r s r - , - p s S o u l a t i b a n t t d i d e c i s - al c f a i e n e r d d s' U G e r o n v S ^ - p a v n a s i d d h rt u i n p c a e o s l , r s r - - , S p i t o c a l a t i l e t- s P i s o n a s g v t s a - 4 l banks b F e a i o n g r n k - s ings counts pora- visions checks pora- visions De- Time tions etc.3 tions mand 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 1942—Apr. 4 12,725 884 66,276 34,670 32,602 3,285 589 2,164 11,520 395 49 69,650 6118 • 6641 14 5,930 New York City5 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 ....... 695 1,592 1940— D j eunce. 2 3 9 1 7 7 , , 0 0 7 5 2 7 1 8 0 8 2 1 1 1 2 9 2 1 1 0 1 , , 2 0 3 6 5 2 1 1 0 1 , ,3 2 5 8 7 3 2 37 5 0 8 4 1 7 4 1 7 4 6 8 7 7 7 3 6 2 8 2 5 9 1 3 4, , 0 8 3 4 2 0 6 6 4 5 6 0 1 1 , , 5 6 9 1 9 5 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 "io" L,635 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—Apr. 4 5,236 81 6192 11,335 11,235 296 154 967 751 25 63,383 6576 " "I" 1,655 ' City of Chicago* 1929—Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1 19 9 3 3 9 3 — _ J juunnee 3 3 0 0 8 2 9 3 7 2 3 2 4 6 2 23 0 5 3 1,6 9 6 1 6 2 1,5 8 6 7 5 0 1 8 9 7 7 2 1 2 6 4 6 6 0 3 4 5 7 8 1 1 1 7 <5 2 7 5 4 9 6 1 2 2 2 27 0 0 4 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 g 5 997 8 270 1941—Apr. 4 815 20 6283 1.755 1,685 181 26 108 486 10 4 61,151 67 270 June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 5* 1,010 8 279 Sept. 24 1,278 39 6271 2,228 2,112 228 29 95 469 22 6l,081 68 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—Apr. 4 1,088 27 6285 1,919 1,886 203 31 296 455 61,253 69 289 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—June 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 J S u e n p e t. 3 2 0 4 4 4, , 3 1 5 2 9 5 3 4 8 2 5 5 62 2 , , 8 7 8 9 5 3 1 1 0 1 , , 4 0 8 6 0 0 1 10 0 , , 6 1 3 4 7 2 1 1 , , 1 2 3 2 9 1 2 1 0 9 9 0 3 3 8 4 3 1 4 4 , , 5 5 9 9 0 1 2 1 1 8 1 6 1 1 9 9 64 4 , , 3 00 2 0 4 61 1 0 0 8 8 *65 55 5 1 1 , , 9 9 4 4 8 0 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 1942—Apr. 4 4,221 348 62,705 11,689 11,105 1,313 202 633 4,366 224 18 64,235 690 654 6 1,981 ' 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 L.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 L,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 L,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 1942—Apr. 4 2,180 429 63,093 9,726 8,376 1,473 202 269 5,948 145 30 6779 628 62 4 2,005 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. * U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 6 Central reserve city banks. 6 Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). 569 JUNE 194Z 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 i m n a v e n e n d s t t s - Total i t n t a a r c u d g i u n r u a r l a d i - s l l - , - p O m k a p e a p e t r e n - r b d a T r e e n o r o a d s k l- - ot T h o ers e l R o st e a a a n t l s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills C f o d n i f e e e c e r d b a i s t n t - t s i e - - - Notes Bonds G t a u e n e a - d r- O r s i e t t c h ie u e s - r ers Total—101 Cities • 1941—April 27,270 9,849 5,506 351 482 450 1,230 41 1,789 17,421 13,628 847 2,185 7,701 2,895 3,793 December... 30,053 11,371 6,709 429 542 425 1,259 41 1,966 18,682 15,021 956 2,540 8,575 2,950 3,661 1942—January.... 30,229 11,271 6,737 425 483 408 1,251 43 1,924 18,958 15,285 1,098 2,456 8,891 2,840 3,673 February 30,570 11,331 6,860 423 451 408 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 April 31,095 11,288 6,905 418 434 402 1,244 28 1,857 19,807 16,090 1,000 365 2,360 9,684 2,681 3,717 1942—Feb. 25 30,943 11,392 6,902 422 471 410 1,250 37 1,900 19,551 15,855 1,206 2,337 9,589 2,723 3,696 Mar 4 30,918 11,374 6,902 429 460 410 1,248 32 1,893 19,544 15,874 1,199 2,337 9,615 2,723 3,670 Mar. 11 31;034 11,411 6,959 424 455 410 1,246 29 1,888 19,623 15,935 1,238 2,346 9,631 2,720 3,688 Mar. 18 31,031 11,446 7,035 424 417 408 1,246 27 1,889 19,585 15,759 1,067 2,352 9,639 2,701 3,826 Mar. 25 30,781 11,402 7,008 426 408 407 1,245 27 1,881 19,379 15,644 923 2,357 9,662 2,702 3,735 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 20,151 16,435 1,103 609 2,361 9,695 2,667 3,716 Apr. 29 31,205 11,094 6,726 409 441 395 1,246 30 1,847 20,111 16,405 1,058 611 2,356 9,705 2,675 3,706 May 6 31,135 11,008 6,649 407 456 393 1,245 25 1,833 20,127 16,471 1,068 676 2,352 9,696 2,679 3,656 May 13 31,222 11,001 6,669 412 433 395 1,244 24 1,824 20,221 16,576 1,150 676 2,348 9,736 2,666 3,645 May 20 31,888 11,012 6,613 400 502 415 1,246 24 1,812 20,876 17,210 1,236 687 2,350 10,276 2,661 3,666 New York City 1941—April 11,263 3,229 2,090 96 341 163 112 32 395 8,034 6,578 351 1,374 3,185 1,668 1,456 December... 12,220 3,796 2,577 87 379 151 104 36 462 8,424 6,976 365 1,564 3,425 1,622 1,448 1942—January.... 12,212 3,761 2,600 81 335 146 102 39 458 8,45 6,984 408 1,517 3,516 1,543 1,467 February 12,267 3,83 2,697 79 317 149 103 32 453 8,43 6,981 413 1,447 3,642 1,479 1,456 March 12,471 3,89 2,775 79 308 148 103 26 454 8,578 7,097 334 1,457 3,821 1,485 1,481 April 12,592 3,85 2,733 79 316 147 103 26 447 8,74 7,273 347 162* 1,461 3,846 1,457 1,468 1942—Feb. 25 12,470 3,87 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 3,87 2,734 80 327 •MO 103 29 455 8 595 7,157 388 1 449 3,825 1,495 1 438 Mar. 11 12,505 3,91 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 3,90 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 3,88 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 3,89 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 3,91 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 3,88 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 3,84 2,719 78 320 148 103 28 444 8,867 7,405 387 267 1,458 3,848 1,445 1,462 Apr. 29 12,581 3,72 2,610 76 316 142 104 28 445 8,860 7,411 371 273 1,452 3,862 1,453 1,449 May 6 12,568 3,73 2,614 81 336 141 104 23 439 8,830 7,447 335 335 1,445 3,881 1,451 1,383 May 13...... 12,587 3,72 2,625 82 316 143 103 22 437 8,859 7,478 344 340 1,437 3,913 1,444 1,381 May 20 12,848 3,77 2,595 76 386 1 SR 103 21 434 9,075 7,678 383 325 1,427 4,107 1,436 1,397 Outside New York City 1941—April 16,007 6,62 3,416 255 141 287 1,118 9 1,394 9,387 7,050 496 811 4,516 1,227 2,337 December... 17,833 7,57 4,132 342 163 274 1,155 5 1,504 10,258 8,045 591 976 5,150 1,328 2,213 1942—January 18,017 7,51 4,137 344 148 262 1,149 • 4 1,466 10,507 8,301 690 939 5,375 1,297 2,206 February.,.5 18,303 7,50 4,163 344 134 259 1,147 3 1,451 10,802 8,561 834 888 5,601 1,238 2,241 March 18,470 7,51 4,201 347 127 261 1,143 2 1,434 10,955 8,706 773 891 5,816 1,226 2,249 April 18,503 7,43 4,172 339 118 255 1,141 2 1,410 11,066 8,817 653 203 899 5,838 1^224 2,249 1942—Feb. 25 18,473 7,51 4,168 343 142 260 1,147 4 1,450 10,959 8,718 806 889 5,789 1,234 2,241 Mar. 4 18,447 7,49 4,168 349 133 262 1,145 3 1,438 10,949 8,717 811 888 5,790 1,228 2,232 Mar. 11 18,529 7,49 4,185 345 127 261 1,143 3 1,434 11,031 8,783 837 893 5,822 1,231 2,248 Mar. 18 18,528 7,54 4,231 347 125 260 1,143 2 1,437 10,983 8,713 778 890 5,822 1,223 2,270 Mar. 25 18,377 7,52 4,220 346 122 259 1,142 2 1,429 10,857 8,613 667 892 5,831 1,223 2,244 Apr. 1 18,092 7,49 4,210 343 117 260 1,142 2 1,425 10,593 8,356 421 892 5,826 1,217 2,237 Apr. 8 18,359 .7,46 4,188 342 117 255 1,141 4 1,416 10,896 8,654 704 898 5,826 1,226 2,242 Apr. 15 18,753 7,45 4,193 342 117 254 1,141 2 1,403 11,301 9,050 735"337* 898 5,847 1,233 2,251 Apr. 22 18,686 7,40 4,155 337 113 252 1,141 2 1,402 11,284 9,030 716 342 903 5,847 1,222 2,254 Apr. 29 18,624 7,37 4,116 333 125 253 1,142 2 1,402 11,251 8,994 687 338 904 5,843 1,222 2,257 May 6 18,567 7,270 4,035 326 120 252 1,141 2 1,394 11,297 9,024 733 341 907 5,815 1,228 2,273 May 13 18,635 7,273 4,044, 330 117 252 1,141 2 1,387 11,362 9,098 806 336 911 5,823 1,222 2,264 May 20 19,040 7,239 4,018 324 116 257 1,143 3 1,378 11,801 9,532 853 362 923 6,169 1,225 2,269 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. 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 a n d e n i o c s t - t e k h i s s c j p m u o a d s a d s e t n e - i - t d d s 1 s p u p v n c h a o a a e i o n i d r l r p r r d s a t - - - s , - - , S p s d s a i t o i u c i a n o v l b a t d n i e - i l t s - - s c C c h o a e f e e e i f t n e f r c r c d i d s t . - k i ' - s m U G e e . r o n S n v t . - ' - 4 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 o s n a s g v t s a - ^ 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 r in o o g w r s - - co C i a u t a c a p n - l - ts B b a i d t n e s k - 3 tions tions Total 101 Cities 1941—April 11,371 510 3,472 23,515 22,947 1,769 491 390 5,275 172 25 9,077 114 645 3 3,847 8,689 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 April 9,936 514 3,277 24,845 24,304 1,963 533 1,810 4,942 173 20 8,739 91 639 5 3,935 9,166 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 3.30Q 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 Apr. 29 9,902 535 3,217 25,358 24,636 2,096 544 1,506 4,929 189 20 8,597 90 652 8 3,929 9,373 May 6 9,646 516 3,248 24,854 23,997 2,102 550 1,393 4,927 197 20 8,802 90 660 4 3,947 10,640 May 13 9,794 541 3,369 25,241 24,752 2,061 466 1,292 4,920 193 20 8,908 88 660 2 3,948 8,587 May 20 9,709 485 3,297 r25,395 24,752 r2,080 526 rl,834 4,918 192 20 8,687 86 659 3 3,947 10,161 New York City 1941—April 6,202 82 116 10,987 11,064 307 282 18 719 27 3,862 585 1,511 3,681 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 April 4,682 78 111 10,519 10,687 282 281 940 680 20 3,250 573 1 1,541 3,557 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 Apr 29 4,574 85 82 10 571 10 702 300 271 848 670 20 3 193 581 1 537 3 715 May 6 4,401 79 80 10,169 10,225 292 302 959 664 20 3,230 591 2 1,547 4,507 May 13 4,551 82 81 10,332 10,494 283 236 925 660 20 3,271 591 1,546 3,239 May 20 4,515 77 77 10,429 10,553 321 293 1,155 652 21 3,165 590 1 1,547 4,108 Outside New York City 1941—April 5,169 428 3,356 12,528 11,883 1,462 209 372 4,556 145 25 5,215 114 60 3 2,336 5,008 December 5,281 486 3,222 13,897 13,539 1,427 283 539 4,475 159 23 5,503 109 63 2 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 1 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 1 2,389 5,247 March 5,316 454 3,174 14,323 13,673 1,572 262 943 4,286 149 20 •5,508 93 62 1 2,393 5,816 April 5,254 436 3,166 14,326 13,617 1,681 252 870 4,262 153 20 5,489 91 66 4 2,394 5,609 Feb. 25 5,175 467 3,183 14,308 13,850 1,554 245 838 4,310 152 20 5,496 96 66 1 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 1 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 1 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 1 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 1 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 Apr. 29 5,328 450 3,135 14,787 13,934 1,796 273 658 4,259 169 20 5,404 90 71 8 2,392 5,658 May 6 5,245 437 3,168 14,685 13,772 1,810 248 434 4,263 177 20 5,572 90 69 2 2,400 6,133 May 13 5,243 459 3,288 14,909 14,258 1,778 230 367 4,260 173 20 5,637. 88 69 2 2,402 5,348 May 20 5,194 408 3,220 r14,966 14,199 rl,759 233 r679 4,266 171 20 5,522 86 69 2 2,400 6,053 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 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 the May BULLETIN. JUNE 194Z 571 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 Total Com- purchasing loans or carrying Federal Reserve and cial, securities distric ( t 1 9 a 4 n 2 d ) date m v e i e n n s - t t - s Total t d a r i u n i n a d s - - l, p O m a k p p a e e t r e n - r b T ro o k- e l R o st e a a n a t l s e L ba o t n o a k n s s O lo t a h n e s r ^ Total Total Bills C fi i c e o n a r f - t t i e - Notes Bonds G a u n a - r- 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. 29 1,628 804 447 113 13 14 76 1 140 824 687 59 38 47 488 55 137 May 6 1,626 798 447 110 12 14 75 1 139 828 691 62 40 •47 487 55 137 May 13 1,638 796 445 110 11 14 76 1 139 842 702 75 40 47 485 55 140 May 20 1,671 799 450 109 12 14 76 1 137 872 730 78 42 49 506 55 142 New York (8 cities)* Apr. 29 13,714 4,116 2,767 84 320 184 192 28 541 9,598 8,000 429 285 1,521 4,215 1,550 1,598 May 6 13,715 4,134 2,772 89 340 183 192 23 535 9,581 8,035 399 344 1,515 4,230 1,547 1,546 May 13 13,727 4,123 2,782 90 320 185 191 22 533 9,604 8,049 395 349 1", 508 4,264 1,533 1,555 May 20 14,001 4,167 2,752 83 390 201 192 21 528 9,834 8,254 415 334 1,498 4,482 1,525 1,580 Philadelphia (4 cities) Apr. 29 1,434 554 302 38 29 32 49 104 880 622 14 15 25 476 92 258 May 6 1,423 543 295 36 26 32 49 105 880 621 15 14 25 475 92 259 May 13 1,426 546 298 37 26 32 49 104 880 621 15 14 25 475 92 259 May 20 1,444 545 298 36 26 32 49 104 899 640 18 14 25 492 91 259 Cleveland (10 cities) Apr. 29 2,484 880 430 34 17 16 182 201 1,604 1,325 33 41 210 884 157 279 May 6 2,484 883 434 32 16 17 183 201 1,601 1,322 35 41 207 882 157 279 May 13 2,470 881 434 32 14 17 183 201 1,589 1,310 32 38 206 879 155 279 May 20 2,520 875 433 31 14 16 183 1 197 1,645 1,365 38 57 206 911 153 280 Richmond (12 cities) Apr. 29 930 331 163 19 3 11 53 82 599 533 6 12 75 342 98 66 May 6 934 332 162 20 4 12 53 81 602 534 8 12 75 341 98 68 May 13 933 333 162 20 4 12 53 82 600 532 10 12 76 337 97 68 May 20 943 329 162 20 3 11 53 80 614 546 ii 12 75 351 97 68 Atlanta (8 cities) Apr. 29 868 396 222 8 5 8 31 1 121 472 361 45 19 49 188 60 111 May 6 866 394 222 7 5 8 31 1 120 472 362 47 19 49 186 61 110 May 13 865 392 222 7 5 8 31 1 118 473 363 48 18 51 184 62 110 May 20 874 386 219 7 5 8 31 1 115 488 377 45 18 52 200 62 111 Chicago (12 cities)* Apr. 29 4,413 1,381 942 37 32 57 146 167 3,032 2,418 289 121 220 1,481 307 614 May 6 4,443 1,374 935 36 33 56 146 168 3,069 2,454 318 124 222 1 482 308 615 SMay 13 4,481 1,385 946 39 32 56 146 166 3,096 2,499 362 123 222 1,484 308 597 May 20 4,658 1,381 939 39 33 57 146 167 3,277 2,690 405 127 223 1,627 308 587 St. Louis (5 cities) Apr. 29 974 431 259 24 4 10 59 75 543 429 50 14 43 267 55 114 May 6 976 427 256 23 4 10 59 75 549 434 56 14 42 . 266 56 115 May 13 . ... 994 429 259 23 4 10 59 74 565 450 73 14 42 266 55 115 May 20 993 421 253 22 3 10 59 74 572 456 68 14 42 276 56 116 Minneapolis (8 cities) Apr. 29 506 262 144 3 2 5 16 92 244 205 5 9 14 150 27 39 May 6 . . 489 250 136 3 1 5 16 89 239 199 9 14 148 28 40 May 13 492 248 135 3 1 5 16 88 244 205 6 9 14 148 28 39 May 20 504 247 135 2 1 6 16 87 257 218 10 10 15 155 28 39 Kansas City (12 cities) Apr. 29 884 448 290 30 < 4 9 33 82 436 313 28 13 43 149 80 123 May 6 840 392 237 31 3 9 33 79 448 325 30 15 48 147 85 123 May 13 851 388 232 31 4 9 33 79 463 340 36 17 52 149 86 123 May 20 873 387 229 32 3 9 35 79 486 363 43 17 54 163 86 123 Dallas (9 cities) Apr. 29 702 350 250 3 3 13 22 59 352 288 38 14 42 156 38 64 May 6 689 342 243 3 3 12 22 59 347 282 35 14 41 154 38 65 May 13 691 344 245 3 3 12 22 59 347 283 36 14 41 154 38 64 May 20 704 344 240 3 3 16 22 60 360 296 37 13 42 166 38 64 San Francisco (7 cities) Apr. 29 2,668 1,141 510 16 9 36 387 183 1,527 1,224 62 30 67 909 156 303 May 6 2,650 1,139 510 17 9 35 386 182 1,511 1,212 63 30 67 898 154 299 May 13 2,654 1,136 •509 17 9 35 385 181 1,518 1,222 62 28 64 911 157 296 May 20 2,703 1,131 503 16 9 35 384 184 L,572 1,275 68 29 69 947 162 297 City of Chicago* Apr 29 2,805 897 700 13 28 50 23 83 1,908 1,508 239 75 134 950 110 400 May 6 2,828 891 693 13 29 49 23 84 1,937 1,539 267 78 134 950 110 398 May 13 2,858 900 702 15 28 49 24 82 L 958 1,579 304 78 134 953 110 379 May 20 . .. 3,007 895 692 16 30 51 24 82 2,112 1,745 346 80 135 1,073 111 367 * 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. 572- 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 J ( 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 n i 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 o i c s t - e k t h i s s c j p m u o a d s a d e s t n e - i - t d d s 1 s p u p v h n c a o a a i i e o n d p r l r r r d s a t - s - - , - - , S p d s s a t i o i i u c a o n v l b a t n i d i e - l t - s - s c C c h o e a f e e e i t f n c e f r r c i d . s d t - k i ' - s m U G e e . r o S n n v . - t - 4 s p p u h v n c a a o a o i e i n r l p d r 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 • o S s av t 2 al m D a e n - b d ank T s ime b e F a i o n g r k n - s B r in o o g w r s - - c C o i a t a u c a p n - l - ts B d i e a ts b n 3 - k • tions tions Boston (6 cities) Apr. 29 472 119 155 1,557 1,515 119 27 216 1 335 23 253 545 May 6 457 118 171 1,553 1,497 117 26 215 1 345 24 253 631 May 13 456 120 174 1,564 1,529 114 27 214 1 352 24 25' 542 May 20 475 86 162 1,586 1,536 115 25 214 1 330 22 254 585 New York (8 cities)* Apr. 29 4,769 112 206 11,512 11,416 578 292 1,020 33 3,268 582 1,663 4,001 May 6 4,587 106 198 11,111 10,916 582 321 986 1,015 33 3,307 592 1,673 4,855 May 13 4,738 110 214 11,290 11,204 569 263 951 1,011 33 3,347 592 1,67: 3,524 May 20 4,725 104 201 11,390 11,266 609 317 1,194 1,004 38 3,241 591 1,673 4,487 Philadelphia (4 cities) Apr. 29 487 26 185 1,351 1,267 176 16 31 170 2 404 7 21 453 May 6 490 26 188 1,362 1,253 188 14 14 170 2 404 6 219 478 May 13 502 27 192 1,370 1,279 184 13 14 169 2 418 6 219 390 May 20 496 26 191 1,380 1,278 179 17 28 169 2 405 6 219 414 Cleveland (10 cities) Apr. 29 716 57 374 2,021 2,008 123 46 46 678 20 502 2 397 752 May 6 693 57 345 1,987 1,966 119 39 20 678 20 509 2 398 740 May 13 699 60 353 1,996 2,023 126 30 17 677 20 506 1 399 644 May 20 694 57 344 2,025 2,029 120 33 29 677 19 499 2 399 717 Richmond (12 cities) Apr. 29 294 33 236 764 724 92 15 32 198 2 383 99 291 May 6 290 30 230 758 718 91 17 21 198 2 389 103 325 May 13 294 32 242 769 744 92 16 19 198 2 398 104 292 May 20 291 30 242 773 738 94 13 33 199 2 384 104 331 Atlanta (8 cities) Apr. 29 198 20 244 591 568 100 7 41 185 3 433 100 254 May 6 198 19 236 593 564 100 7 24 *186 4 434 100 287 May 13 212 21 239 614 594 100 7 25 185 3 432 100 261 May 20 206 19 239 604 583 98 6 45 186 4 . 422 100 303 Chicago (12 cities)* Apr. 29 1,610 77 638 3,750 3,467 483 68 228 937 2 1,408 436 1,475 May 6 1,533 75 602 3,693 3,384 487 58 152 937 2 1,454 438 1,673 May 13 1,460 80 620 3,724 3,503 470 46 108 937 2 1,454 438 1,425 May 20 1,407 78 604 r3,735 3,496 r454 45 r259 938 1,398 1,592 St. Louis (5 cities) Apr. 29 258 15 204 662 668 60 41 181 475 101 261 May 6 254 15 191 647 661 59 9 24 181 491 102 286 May 13 , 261 16 187 663 682 59 10 19 181 502 100 265 May 20 264 15 187 652 659 59 11 34 177 505 100 308 Minneapolis (8 cities) Apr. 29 99 71 304 266 68 7 21 105 186 65 198 May 6 128 124 353 312 71 10 18 105 210 65 199 May 13 113 139 363 325 70 6 14 105 210 65 157 May 20 113 124 364 324 71 6 15 105 203 65 168 Kansas City(12 cities) Apr. 29 249 306 683 647 99 11 29 133 1 507 113 284 May 6 278 359 670 645 98 10 24 133 1 561 113 298 May 13 272 376 694 679 93 11 19 133 1 564 113 258 May 20 263 364 689 670 99 11 22 135 1 566 113 310 Dallas (9 cities) Apr. 29 190 290 649 617 71 10 37 118 11 314 1 94 237 May 6 189 292 635 613 66 11 31 118 10 321 1 94 246 May 13 201 302 651 646 61 10 29 118 11 331 1 94 226 May 20............ 192 305 641 629 59 12 45 118 10 332 1 94 274 San Francisco (7 cities) Apr. 29 560 308 1,514 1,473 127 37 84 988 111 382 22 391 622 May 6 549 312 1,492 1,468 124 28 51 991 119 377 21 389 622 May 13 586 331 1,543 1,544 123 27 49 992 115 394 22 390 603 May 20.^ 583 334 1,556 1,544 123 30 95 996 110 402 22 390 672 City of Chicago* Apr. 29 1,192 318 2,402 2,281 236 41 174 459 1,039 9 284 894 May 6 1,141 315 2,385 2,225 268 31 112 459 1,083 9 285 1,080 May 13...,.., ,... 1,045 314 2,367 2,269 256 23 64 459 1,084 9 285 905 May 20.... „.,... 995 327 2,388 2,281 243 21 202 459 1,037 9 284 986 r Revised. * 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. d 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 the May BULLETIN. JUNE 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept b O i i n w l g ls n banks 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 t s s 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 G U s o h n o i i p t d e p p s d o e s i d n tc t j r s e e F i t d n w o r i e n e e i n g o n r States countries 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 17© 105 66 49 126 25 7 38 23 Mav 295 215 164 105 60 51 125 24 3 41 22 June 299 213 161 101 59 52 123 24 3 43 20 July 330 210 161 106 55 49 121 22 3 47 16" August 354 197 148 100 47 50 114 21 3 49 11 September 371 177 131 85 46 46 105 13 4 45 9 October 378 185 138 90 47 47 109 12 4 48 11 November 387 194 144 93 51 50 116 14 5 48 12 December 375 194 146 92 54 49 116 15 4 48 11 1942—January 381 197 154 103 52 43 116 17 3 51 11 February 388 190 144 92 53 46 112 18 2 44 13 March 384 183 146 89 57 37 103 17 2 45 16 April 373 177 139 86 53 38 97 17 1 48 14 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, .AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' b * a la D n e c b e i s t in bal D an e c b e i s t m in Cash on cre C d u it s b to a m la e n r c s e ' s1 Other credit balances debit partners' firm hand Money ba (n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m n d e t i s n n g t a b n a d n k in s borrowed2 Free O (n th et e ) r I a i n n n a v d c p e c a t o s 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 o s 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 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—April 606 10 86 199 368 265 F60 20 8 227 May 622 10 102 185 403 262 61 17 7 223 June 616 11 89 186 395 255 65 17 7 222 July 628 10 87 189 388 266 70 17 8 221 August 628 10 160 189 460 262 72 16 7 221 September 633 10 83 196 396 260 78 16 219 October...... 628 9 102 186 414 255 74 16 217 November 625 9 100 195 409 264 72 15 217 December 600 8 86 211 368 289 63 17 213 1942—January 547 8 74 219 308 274 72 18 209 February 534 8 74 203 307 262 66 18 206 March 531 70 195 306 249 67 16 201 April 515 68 195 300 247 61 16 196 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures —See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 574 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yield mo Y w n e e th a e , r k , or m p P 4 c a e r o t p i r o m m c e i r - 6 e a , l a a b P c n a e r c c i r n e m s e k p ' s e - t , - c S h l c e o t r a o a e x a n c l - - n l g k e T m u u r o e . r n y a s t s h . - o u d t T i n r e o f y r i b f c e U t a a i e c . n t s e d e - - S r - s - . o t T 5 n Y a U r x i y . e 3 e a e a l - b S d a t s l o . - r e - [Per ce 1 T n 9 t o c t p i a t e i l r e s annu Y N m C o e i j t w r y k e E 7 N r a n o o s r t t h a t e h n e r - 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 hmonthsl daysl n a e l w s' - bills3 N 1 ( o 9 d v 4 u 2 e ) 1, n u o r t y es 1 1 9 9 3 3 4 5 a a v v e e r r a a g g e e 1 1 3 2 . . 4 9 5 3 2 1 . .7 4 6 5 c 3 3 it . . 7 3 ie 1 9 s 4 3 . . 3 7 2 6 1936 average1 2.68 1.72 3.04 3.40 .59 .44 1.00 .023 1937 average1 2.59 1.73 2.88 3.25 1940 average .56 .44 .00 .014 1938 average1 2.53 1.69 2.75 3.26 1941 average .54 .44 LOO .103 .76 1939 average 2.78 2.Q7 2.87 3.51 1941— M Ap ay ril . . 5 5 6 6 . . 4 4 4 4 L L O O O O . . 0 0 8 9 2 2 . .7 8 2 1 1 1 9 9 4 4 0 1 a a v v e e r r a a g g e e 2 2 . . 6 5 3 4 2 1 . .9 0 7 4 2 2 . . 5 5 6 5 3 3 . . 3 1 8 9 June .56 44 LOO 089 .68 Monthly figures1 July .50 .44 LOO .097 .67 1938—September 2.53 1.70 2.74 3.26 Aug. .50 .44 .00 .108 .62 October 2.57 L70 2.90 3.21 Sept .50 .44 LOO .055 .62 November 2.49 L70 2.68 3.20 Oct .50 .44 .00 .049 .72 December 2.60 L70 2.95 3.23 Nov. .50 44 LOO .242 .90 1939—January 2.64 L73 2.97 3.32 Dec .56 .44 LOO .298 1.02 February 2.52 1.70 2.69 3.26 1942—Jan .56 .44 LOO .214 .96 Quarterly figures Feb 63 44 00 250 93 1939—March 2.95 2.13 3.05 3.77 Mar .63 .44 1 00 212 .93 June 2.91 2.15 3.05 3.62 April .63 .44 LOO .299 .98 September 2.68 2.04 2.78 3.31 December 2.59 1.96 2.59 3.32 Week ending: 1940—March 2.65 2.03 2.67 3.35 M M M M a a a a y y y y 2 1 9 2 3 6 X X % % L L . . O O 0 0 O O 0 0 0 0 0 0 . . . . 3 3 3 3 6 6 5 6 8 5 8 5 . . . . 5 4 4 4 0 9 7 9 1 1 1 1 . . . . 0 0 0 0 2 4 4 4 J D S u e e n p c e t e e m m b b e e r r 2 2 2 . . . 5 5 6 9 9 8 2 2 2 . . . 1 0 0 4 0 0 2 2 2 . . . 4 5 5 9 6 3 3 3 3 . . . 3 3 4 8 6 3 1941—March 2.58 2.06 2.53 3.25 1 Monthly figures are averages of weekly prevailing rates. June 2.55 1.95 2.58 3.23 2 The average rate on 90-day stock exchange time loans was 1.25 per September 2.60 1.98 2.62 3.29 cent during the entire period. December 2.41 1.88 2.45 2.99 3 Rate on new issues offered within period. Tax-exempt bills prior to 1942—March 2.48 L85 2.48 3.20 March 1941; taxable bills thereafter. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures or Treasury bills and Treasury notes available on request. 1 Prior to March 1939 figures were reported monthly on a basis not strictly comparable with the current quarterly series. Back figures —See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS 1 [Per cent per annum] Corporate (Moody's)5 High- Year, month, or week G m U ov e . n e S r t2 n . - M i u p n al i 3 c- c g r o r a r a t p d e o e 4 - Total By ratings By groups Aaa Aa 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 30 30 30 30 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—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 April 1.98 2.44 2.77 3.34 2.83 2.98 3.30 4.26 2.96 3.95 3.13 Week ending: May 2. . 2.00 2.46 2.77 3.36 2.84 3.00 3.31 4.28 2.97 3.97 3.14 May 9. . 1.98 2.46 2.76 3.35 2.84 3.00 3.31 4.26 2.97 3.96 3.13 May 16. 1.99 2.45 2.76 3.36 2.85 3.00 3.31 4.27 2.97 3.97 3.13 May 23. 1.96 2.45 2.76 3.36 2.85 3.00 3.31 4.28 2.98 3.98 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. JUNE 1942. 575 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 trading? Year, month, or week U.S. (in thout m G er e o n n v - t - 2 M ip un al i 3 c- H gr i a g d h e - Tota M l edi I u n t m r d i u a a s l n - d lo R r w o a a e i d l r - -grad P u e t u i b li l t i y c fau D l e te - d fe P r r r e e " dK5 Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c sa s n h d a s r e o s f ) Number of issues...... „.... 2-6 15 15 50 10 20 20 15 15 402 354 20 28 1939 average ....... .„... .„ 105.2 116.3 113.8 89.5 91.2 78.1 99.3 13.8 167.5 94 95 75 99 977 1940 average. .. „.... „...... 107.2 121.2 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 1941 average ...... .„.. 111.0 129.0 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1941—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 81 473 111.1 131.2 118.1 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 April ,....„. ... 110.5 122.1 117.8 99.3 107.1 88.4 102.3 26.7 154.8 63 65 61 57 336 Week ending: May 2 110.2 121.8 117.7 99.3 107.2 88.4 102.4 27.0 152.5 61 62 60 53 323 May 9 110.5 121.8 117.8 99.2 107.2 88.3 102.1 27.0 153.5 63 64 61 56 308 May 16 110.4 122.0 117.8 99.0 107.5 87.6 101.9 26.6 155.6 63 64 60 56 284 May 23 110.8 122.0 177.7 98.8 107.5 86.5 102.3 26.0 157.7 63 64 59 58 388 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Standard and Poor's Corporation. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November, 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n e n g - d d ) - m e ( a f d e i o n o g s r d - n t - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks F.or2 m e ( a f e i d o n g s o r d n - t - i ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks eign2 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1 1 1 1 9 9 9 9 3 3 3 3 4 5 6 7 x 2 4 6 3 , , , , 1 6 2 9 6 9 1 3 0 9 4 7 1 2 1 1 , , , , 3 4 9 1 8 5 7 3 6 7 2 8 1 2 1 1 , , , , 3 4 9 0 8 0 4 9 6 9 9 4 8 8 7 7 0 5 3 1 3 5 5 2 4 1 1 0 2 5 5 5 2 0 7 1 1 , , 1 2 4 1 9 2 0 7 2 5 4 8 3 8 8 1 3 3 1 4 4 9 7 4 3 4 3 5 6 0 5 2 9 8 '"4 2 4 8 3 4 " 3 4 1 , , , 2 2 7 7 4 4 9 7 2 2 9 4 3 4 1 , , , 2 1 6 7 1 8 2 6 6 0 3 5 3 3 1 1 6 8 3 9 5 2 6 1 3 9 3 2 8 1 5 8 7 7 3 1 3 1 1 , , , 3 8 2 3 6 0 8 1 4 9 7 2 3 1 ,7 1 3 8 8 8 1 5 2 2 7 6 '" 2 3 s 0 5 0 2 i" 1 1 2 1 1 9 6 9 9 1938 „ 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 . . „. 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 , , 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 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—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 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....... 19: 104 104 22 9 73 56 18 88 88 27 21 39 39 April 262 158 158 51 10 97 91 6 104 104 5 81 19 19 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—-See Annual Report for 1937 (table 78). 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUESi PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g im ro a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a rk p i i n ta g l Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 530 515 57 32 26 362 362 84 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 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 S3 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 1 578 567 193 158 35 367 318 50 6 1 1941—January 270 265 48 44 4 210 184 26 6 1 February . 151 148 29 25 5 103 101 2 15 March 268 263 67 55 12 179 171 8 15 2 April 145 142 27 18 9 111 90 21 2 2 May* 265 259 66 51 15 188 188 4 June 234 229 80 69 11 132 127 5 16 1 July 117 114 40 31 10 60 58 2 10 4 August 408 404 185 168 17 200 198 2 14 5 September 172 170 31 20 11 137 135 2 2 October 227 224 91 64 26 118 117 1 11 5 November . ... 140 137 80 60 20 38 37 1 19 December 128 125 51 34 17 54 44 v 10 3 17 1942— F J e a b n r u u a a r r y y 1 7 6 8 4 1 7 6 6 1 4 7 0 1 3 3 8 4 3 5 3 8 2 0 3 8 1 0 2 ii" 9 2 ii March 102 100 39 35 4 46 41 5 15 April 121 118 70 15 55 12 12 36 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- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 151 131 19 1935 120 57 54 10 ,250 30 1,190 30 774 74 550 150 485 81 399 4 1936 774 139 558 77 ,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 L,246 43 1,157 47 584 188 353 43 115 9 101 5 1940 319 115 186 18 L,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 7 5« 3 4 3 1 May 45 45 144 6 138 1 69 15 50 3 June 58 51 7 110 9 97 4 61 20 28 13 July 23 23 33 7 26 54 9 35 10 5 1 4 August 24 24 316 142 173 59 18 27 14 6 1 5 September 42 7 35 102 6 96 1 24 17 6 1 1 1 October 25 21 4 80 11 67 2 74 48 12 14 44 10 34 November 1 1 56 45 10 1 71 29 ^24 18 8 4 4 December 28 28 51 3 36 12 38 17 15 6 9 3 3 2 1942— F J e a b nu ru a a ry ry 1 4 0 1 4 0 1 3 0 4 7 2 1 5 8 8 1 0 0 9 4 3 3 8 4 1 3 1 •••'i4'" i3 1 1 March 6 6 48 8 40 46 25 6 15 April 11 11 107 59 12 36 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source: Securities and Exchange Commission. For description of data and back figures, see pp. 217-219 of the March 1942 BULLETIN. JUNE 1942. 577 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 P d r i o v f i i d ts e n a d n s d Other Non- Year or quarter Total s I a t r n e o e d n l c M e h r i a y n - - t b o A i m l u e o - s - p e t m q r t o i a u e r o n n t i n p a s t - - - f m p e u a r r e c n r o t o t d a d s u l - s s O d g b o u t o l h r e d a er s - t F b o a a e o b g n v o a e d e d c s r s c - , o p r a e i O r n n f o i i g d n d 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 d a e - r - s n c s M e e i e c l o r i e l v s u a s - - s - pr N of e it t s , 1 fe P r D r r i e 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 r2,169 r325 193 r274 227 r153 r113 r159 174 207 187 r159 rl,144 92 r7O7 Quarterly 1939_1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 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 r150 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 r550 r72 55 r61 62 r40 r32 r37 r46 52 r46 r48 r277 24 221 1942—1 r423 r65 r38 r34 r60 r35 r20 r32 r35 r39 r38 r28 r206 r21 134 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroads Electric power Telephone8 Year or quarter O re p v i e n e r n g a u t e - i I b n n e c c f o o o m r m e e e All r N o e a t d s inc I o n m r s o o e a l 1 d v s e « nt d D e i n v d i- s O re p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e inc N o e m t e1 d D en iv d i s - 5 r O e p v i e n e r n g a u t e - i . n N co et me1 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 r159 137 116 1,179 198 178 1940 4 297 249 189 —71 159 735 177 152 118 1,250 202 167 1941 5,347 672 502 24 186 799 r202 133 115 1,382 196 172 Quarterly 1939—1 898 —37 —43 21 175 46 39 19 287 46 21 2 906 —43 -47 23 166 37 32 19 295 50 20 3 1,058 69 58 21 167 34 30 19 295 50 16 4 1,133 140 127 4 61 184 43 36 22 303 52 15 1940—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 1,468 267 190 25 31 196 46 25 18 347 46 16 4 . . 1,454 167 142 1 97 211 r50 34 19 359 51 20 1942—1 1,483 178 95 12 24 216 •64 33 18 369 52 18 r Revised. • 1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. 2 Class I line-haul railroads. 3 Net income and dividend figures exclude dividends received by the American Telephone and Telegraph Company. 4 After all charges and taxes except Federal income and excess profits taxes. 6 Quarterly dividend data are not• iavailable for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 Not available. Sources: Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages 214 to 217 of the March 1942 BULLETIN. 578 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 Total Non- End of month T g d r o e o b t s a t s l i b n e d t a e e r r b i e n t s g t- Total2 Tre b a il s l u s ry in c C d a e e te r b t s i t f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 sa u v . i n s g . s T ta r x e a n s o u t r e y s S i p ss e u c e ia s l i b n e d t a e e r r b i e n t s g t ness bonds 1938—June.. 37,165 36,576 32,344 1,154 9,147 21,846 1,556 1,238 2,676 589 Dec 39,427 38,899 34,004 1,306 8,496 24,005 1,739 1,442 3,156 528 1939—June 40,440 39,886 33,965 1,308 7,243 25,218 2,151 1,868 3,770 554 Dec 41,942 41,445 34,735 1,455 6,203 26,881 2,480 2,209 4,231 497 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 1941—Apr ' 47,231 46,673 37,'075 1,603 5,721 29,554 3,891 3,647 5,707 557 May 47,721 47,160 37,075 1,603 5,721 29,554 4,251 4,008 5,834 561 June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 July 49,513 48,965 37,713 1,603 5,698 30,215 4,929 4,649 6,324 548 Aug 50,921 50,371 37,667 1,604 5,698 30,169 6,234 4,908 i,O37 * 6,470 550 Sept 51,346 50,791 37,368 1,305 5,698 30,169 6,765 5,132 1,343 6,658 556 Oct 53,584 53,040 38,869 1,404 5,509 31,759 7,507 5,394 1,818 6,664 544 Nov 55,040 54,536 39,677 1,703 6,012 31,765 8,052 5,620 2,136 6,806 504 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 1942—Jan 60,012 59,531 42,271 2,101 5,591 34,383 10,196 7,198 2,697 7,063 481 Feb 62,381 61,895 43,700 2,002 5,591 35,912 11,004 7,893 2,807 7,190 486 Mar 62,419 61,940 43,329 1,652 5,571 35,910 11,278 8,436 ' 2,536 7,333 480 Apr 64,961 64,496 45,137 1,953 *i,5O7 5,571 35,910 12,002 8,951 2,744 7,358 465 1 Including amounts held by Government agencies and trust funds which aggregated $2,354,000,000 on March 31, and $2,355,000,000 (preliminary) on April 30, 1942. 2 Total marketable public issues includes Postal savings and pre-war bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. SECURITIES FULLY GUARANTEED BY UNITED STATES SALES OF UNITED STATES SAVINGS BONDS GOVERNMENT, BY ISSUING AGENCIES* [In millions of dollars] [In millions of dollars] Interest-bearing Amount Funds received from sales during out- month Month standing End of month a T m o o u o t t u a - n l t F F e a e r r a d m l - H O o w m n- e R s t e t i r c o u o n c n - - m C o o d m it - y a m t e o n n d th o 1 f series2 Se E ries Se F ries Se G ries st i a n n g d 2 - Total M S o £ rt- L C e o o rs a r ' - n n C a F o n i- r c - e C p C r o o e r r d a - - it Other 1941— J M un ay e 4 4 , , 0 3 0 1 8 4 3 3 7 1 0 5 1 1 0 0 1 3 3 2 8 9 2 1 1 8 1 3 p t o io r n a- p t o io r n a- p t o io ra n - tion J A S u e u l p y g t u e s m t ber. 4 4 5 , , , 1 6 9 3 4 0 2 9 8 3 2 2 4 3 6 2 2 6 1 1 10 1 4 5 8 5 2 2 1 7 0 8 1 1 1 7 2 0 0 8 9 1 1 9 9 3 3 8 9 — — D J J u u e n n c e e . 4 4 5, , , 4 9 8 5 9 5 0 2 3 , , , 4 3 3 1 8 7 0 8 9 2 2 2 , , , 8 9 9 8 3 2 8 7 8 5 8 2 0 2 9 9 0 9 2 2 2 0 0 0 6 6 6 117 1 1 N D O e o c c v to e e b m m e b b r e . e . r r . . . . . . 5 6 5 , , , 6 1 3 2 4 9 0 0 4 5 2 2 2 3 7 9 4 1 3 1 1 4 1 2 1 0 3 3 2 1 3 3 9 1 1 1 5 0 2 4 5 5 1940— D D Ju e e n c c e "5 5 5 ," , , 9 5 7 1 2 0 7 9 4' 5 5 5 , , , 4 6 9 9 2 0 8 1 1 , , , 2 2 2 6 6 6 9 9 9 2 2 2 , , , 7 6 6 3 0 0 1 0 3 1 1 1, , , 0 0 0 9 9 9 7 6 6 4 4 6 0 0 9 7 7 6 2 1 1 3 2 1 9 2 8 1942— M F J e a a b n r r u c u a h a r r . y . y . . . . . , . 8 7 7 , , , 4 8 1 3 9 9 6 3 8 1,0 5 7 6 5 0 1 8 3 3 3 6 9 3 6 8 8 7 4 5 7 1 2 8 3 2 1 1 5 7 6 3 9 1941—Apr 6,560 6,550 ],269 2,600 1,741 696 243 April 8,951 531 327 40 164 May 6,371 6,359 ,269 2,409 1,741 696 243 June 6,370 6,360 ,269 2,409 1,741 696 244 1 At current redemption values except Series G, which is stated at par. July 6,939 6,930 ,269 2,409 2,101 907 243 Difference between "Funds received" and month to month changes in Aug 6,937 6,928 ,269 2,409 2,101 905 243 Sept 6,937 6,929 1,269 2,409 2,101 905 244 "Amounts outstanding" represents the difference between accrued increases Oct 6,338 6,930 L, 269 2,409 2,101 905 244 in redemption values and redemptions of bonds during the month. Nov 6,324 6,316 ,269 2,409 1,802 701 135 2 Includes figures for series A-D not shown separately; these series have Dec 6,324 6,317 1,269 2,409 1,802 701 136 not been issued since April 1941. 1942—Jan 5,703 5,673 937 2,409 1,492 701 134 Feb 5,697 5,673 937 2,409 1,492 701 135 Mar 5,690 5,666 930 2,409 1,492 701 135 Apr 5,688 5,666 930 2,409 1,492 701 135 1 Excluding obligations held by U. S. Treasury and reflected in the public debt. 2 Figures on matured debt were not published prior to September 1939. JUNE 579 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, APRIL 30, 1942 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total fully Maturing or callable Total T b u re i r l y a ls s- T n u r o e r t y a e s s - Tr u e r a y s B - on P S d P a r s a e v o n - i s n w d t g a a l s r c T a d b l u u r o l e e a r n y a b d o s l s - e r 1 Total2 F C M a F e g o t d a a r i o p o r g e r m n e o r t a - r l - O C H a o w L t r o i o n p o m a e n o n r e r s - ' F C R s i a o n t t e t i r r i c a o p u o o n n o c n n c - r e - - C m C a C o o r t r o i e d p o m d i o n t i - r y t - H A o U u i u t t . h y s S i o . n r g - c d a s a g e n u l t u c l t e i a e e u a b e s o r r - l i d r e - 1 Within 1 year 4,101 33,460 640 (4) 596 596 1,471 1 to 5 years 8,420 4,930 3,'460 30 8^509 2,586 "'"'875' 896 701 114 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 45,137 33,460 5,571 35,910 196 35,910 5,645 930 2,409 1,492 701 114 5,645 1942—Before July 1 1,503 1,503 July 1-Sept. 30 792 450 342 (*) 276 276 Oct. 1-Dec. 31 1,739 1,507 232 320 320 '320 1943—Jan. 1-Mar. 31 66 66 (*) Apr. l-June30......... 629 629 454 289 289 289 July 1-Dec. 31 700 700 1,401 324 324 324 1944 1,849 1,849 Hi 2,555 875 571 114 2,394 1945 . . 3,191 1,249 i; 941 1,755 '412 "412 " 1,167 1946 2,038 503 1,519 2,344 1947 . 2,384 2,370 16 1,460 755 755 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 4 5 5 5 5 5 5 5 8 9 0 1 2 4 5 6 3 3 1 1 2 2 2 3 1 , , , , , , , , 4 6 7 1 9 2 4 5 8 8 8 7 0 3 4 5 2 2 9 9 0 9 2 4 4 6 1 2 2 2 3 1 1 3 1 , , , , , , , , 4 6 6 2 1 4 9 4 8 8 8 7 8 3 3 0 1 9 7 7 9 0 7 6 8 4 1 3 1 2 2 1 2 2 2 7 5 4 7 2 8 3 3 4 2 2 2 1 , , , , , , , 3 4 2 1 0 6 5 6 7 6 8 3 1 1 9 2 8 2 1 6 1 1 1 2 4 1 5 8 7 3 7 5 9 835 779 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 7 71ft 1 Securities not callable prior to maturity are shown as of date of maturity. 2 Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on April 30. ..3 Including certificates of indebtedness which amounted to $1,507,000,000 on April 30. 4 Less than $500 000. OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 agencies and trust funds Other investors2 . Total Held End of month s i e b n c e t u e a r r r i e i t n s ie t g - s S is p s e u c e i s al P is u s b u l e ic s F R B e e a d s n e e k r r v a s l e Total M b e a m nk b s er m b O c e a o t r n h c m k e ia - s r l M s b a u v a t i n u n k g a s l s p I a c n a n o n s i m u c e e r s - - M is a a s b r u k l e e e s t 2 - m N a a r o b k n le e - t- 1932—June 19,161 309 261 1,784 16,807 5,628 590 680 800 9,100 1933—June 22,158 323 366 1,998 19,471 6,887 590 720 1,000 10,300 1934—-June 27,161 396 1,055 2,432 23,278 9,413 890 970 1,500 10,500 1935—June 31,768 633 1,365 2,433 27,337 11,429 1,290 1,540 2,600 10,400 100 1936—June...... 37,707 626 1,703 2,430 32,948 13,671 1,600 2,050 3,900 10,500 1,200 December, 38,362 632 1,820 2,430 33,480 13,545 1,710 2,330 4,500 10,500 900 1937—June 40,465 1,558 2,036 2,526 34,345 12,689 1,870 2,390 5,000 11,300 1,100 December, 41,353 2,227 2,049 2,564 34,513 12,371 1,790 2,450 5,200 11,500 1,200 1938—June 41,428 2,676 2,123 2,564 34,065 12,343 1,700 2,690 5,500 10,400 1,400 December 43,891 3,156 2,198 2,564 35,973 13,222 1,850 2,880 5,800 10,600 1,600 1939—June 45,336 3,770 2,138 2,551 36,877 13,777 1,920 3,040 5,900 10,300 1,900 December 47,067 4,231 2,323 2,484 38,029 14,328 1,970 3,100 6,300 10,100 2,200 1940—June 47,874 4,775 82,292 2,466 38,341 14,722 1,830 3,110 6,500 9,300 2,900 December 50,360 5,370 3 2,250 2,184 40,556 15,823 1,940 3,220 6,800 9,600 3,200 1941—June 54,747 6,120 32,360 2,184 44,083 18,078 2,020 3,430 6,900 9,400 4,300 December 63,768 6,982 32,547 2,254 51,985 19,539 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. 3 Excluding holdings of production credit associations and joint stock land banks. NOTE.—For end of June figures 1916-1931, see BULLETIN for July, 1941, p. 664. 58O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Increase or de- Trust crease during ac- period Receipts Expenditures (excl. debt retirements) counts etc. ,2 Excess excess Period c ta I o x n m e - e s i n c r M n n e e e n t u l v o i 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 ia r s - l o A th l e l r c T e r o e ip t - a ts l c N e r i e p e - t ts: I d n e e t s e b t r t - t f i N e d o n e n a s - - a e l A m t j P c A u u u g r e r s d o l r - n a 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 s c c n n - s .1 t s t t o - s o A th l e l r To tall d e c ( o i x + e ( f t p ) i u ) p r e r o e t n e s - r s - p ( c o t + e ( u e f e n ) ) i r x p d r o e - e t i s r s - - 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 gram 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 6,301 877 1,694 325 2,403 12,711 -5,103 -148 +742 +5,994 10 months end ing: Apr. 1941. .....,. 2,490 2,448 735 777 6,450 5,938 760 4,612 828 1,421 304 2,116 10,041 —4,104 +375 +535 +4,263 Apr. 1942....... 5,658 3,279 930 4543 10,410 9,744 851 18,578 696 1,039 374 2,376 23,913 -14,169 -1,613 +218 +16,000 1941—Apr 75 244 43 240 602 565 73 782 61 144 28 227 1,315 -750 +403 -290 +58 May 63 254 165 58 541 394 12 857 27 142 12 92 1,141 -747 -264 -521 +490 June 916 265 32 64 1,277 1,276 339 832 22 131 10 194 1,528 -252 -259 +729 +1,241 July 84 268 48 56 456 413 25 966 44 132 169 262 1,598 -1,185 +599 -34 +551 Aug 59 269 173 54 554 397 9 1,129 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 6 230 1,874 -739 -293 -607 +425 Oct 68 314 49 57 489 445 75 1,534 58 109 45 262 2,083 -1,637 -225 +376 +2,238 Nov 66 436 181 47 730 564 15 1,446 72 95 10 220 1,858 -1,294 -484 -322 +1,456 Dec 767 353 41 53 1,214 1,212 232 1,847 113 115 9 226 2,542 -1,329 -328+1,241 +2,898 1942—Jan 133 369 53 59 614 578 32 2,101 106 94 42 254 2,628 -2,050 -633 —610 +2,073 Feb 283 340 257 58 937 758 12 2,201 97 92 9 217 2,629 -1,871 +114 +612 +2,369 Mar 3,083 364 49 52 3,548 3,547 205 2,797 81 96 22 220 3,421 +126 -234 -69 +39 Apr 335 305 43 49 732 695 77 3,231 66 91 48 241 3,753 -3,058 -126 -642 +2,542 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- All other Assets Balance in general fund penditures Period in i n c g h a e c c - k- De- De- Total c N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x d e - s i- c G a o g m o u e v n n e e t n c s r i t n e o - 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 o s d i s e n e i r t r v s a e l d s p p e o p e i s n c o i i s t a s i l - a O s t s h e e ts r li t a i b e i s li- 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 b i o n a r r g k - 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 10 months ending: Apr. 1941... 1,534 827 645 *274 524 91 394 2,599 910 550 1,139 173 2,425 143 603 1,679 Apr. 1942... 1,769 1,212 509 1,778 695 139 439 3,216 522 1,579 1,115 365 2,851 143 618 2,089 1941—Apr 115 30 52 •361 67 46 2,599 910 550 1,139 173 2,425 143 603 1,679 May 315 131 48 411 55 44 2,079 470 543 1,067 175 1,904 143 604 1,157 June 109 243 48 80 96 47 46 2,812 1,024 661 1,127 179 2,633 143 605 1,885 July 171 84 46 •534 162 105 33 2,807 934 680 1,193 208 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 ,101 365 3,493 143 618 2,732 Apr........,. 112 15 59 189 73 9 39 3,216 522 1,579 ,115 365 2,851 143 618 2,089 r Revised. 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust Jund, 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 577. 4 Less than $500,000. * Excess of receipts. ** Excess of redemptions. NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054. 581 JUNE 1942. 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Assets Loans and preferred stock: Loans to financial institutions 409 400 397 417 408 407 409 409 408 434 404 396 388 Preferred stock, etc 706 703 702 698 693 669 666 665 664 680 675 663 658 Loans to railroads 523 523 505 505 497 497 497 484 483 498 497 498 500 Home and housing mortgage loans.. 2,406 2,427 2,436 2,445 2,413 2,413 2,427 2,413 2,401 2,424 2,430 2,380 2,392 Farm mortgage loans 2,475 2,467 2,458 2,448 2,437 2,426 2,411 2,396 2,380 2,361 2,343 2,332 2,311 Other agricultural loans 776 867 830 779 754 726 717 709 732 773 780 785 789 All other loans 1,386 1,409 1,472 1,511 1,553 1,690 1,738 1,957 1,933 1,996 1,934 2,004 2,026 Total loans and preferred stock. 8,681 8,796 8,800 8,804 8,756 8,826 8,864 9,033 9,001 9,167 9,063 9,059 9,065 Cash 620 771 464 376 771 594 523 489 502 496 560 582 621 U. S. Govt. direct securities , 756 771 780 802 824 844 846 895 906 884 915 947 950 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 124 126 125 123 123 123 122 120 115 115 112 112 110 Other1 20 21 17 18 17 18 17 20 26 46 52 53 54 Accounts and other receivables 551 555 549 598 651 600 672 725 641 574 604 600 632 Business property 602 608 623 636 653 664 671 689 698 714 751 782 792 Property held for sale 1,245 1,297 1,392 1,497 1,567 1,625 1,710 1,805 1,879 1,891 1,964 2,017 2,262 Other assets 310 338 359 423 435 517 563 592 701 773 1,073 1,265 Total assets other than interagency*.. 12,909 13,282 13,108 13,277 13,797 13,810 13,989 14,368 14,470 14,660 14,908 15,224 15,750 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S 5,916 6,560 6,371 6,370 6,939 6,937 6,937 6,938 6,324 6,324 5,705 5,697 5,690 Other1 1,390 1,385 1,434 1,443 1,442 1,445 1,434 1,416 1,393 1,392 1,402 1,396 1,433 Other liabilities 1,391 1,432 1,492 1,604 1,761 1,741 1,859 1,952 1,974 2,049 2,111 2,325 2,497 Total liabilities other than interagency2 8,696 9,377 9,297 9,417 10,142 10,123 10,231 10,306 9,690 9,765 9,219 9,418 9,620 Excess of assets over liabilities, excluding interagency transactions 4,213 3,906 3,811 3,860 3,655 3,687 3,758 4,062 4,779 4,895 5,689 5,806 6,130 U. S. Govt. interests 3,792 3,484 3,388 3,436 3,230 3,261 3,331 3,633 4,349 5,256 5,372 5,694 Privately owned interests 421 422 423 424 425 426 427 428 430 431 432 434 435 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, MARCH 31,1942 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and pr T l e o a f o a n e t n d r a r s l ed Cash d s G U e ir c o . e S u v c . r t t - . G s u e te a c e r u a d r n - - A r c o e c a c th o n e e u d iv r n - ts B pr u o s p in e e rt s y s P h r e o l s d p a e le f r o t r y an G te u e a d d r e - b b e y ntures stock ities ities ables United Other States Reconstruction Finance Corporation 1,859 3 55 30 C1) 46 1,492 National defense corporations 56 (1) 52 (1) 1,224 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,891 311 5 3 280 2,415 C1) Federal Home Loan Banks 192 60 54 8 1 102 RFC Mortcrase ComDanv 75 C1) 2 1 Federal National Mortgage Association 213 4 1 85 United States Housing Authority 379 17 7 4 127 114 Farm credit agencies: Federal Farm Mortgage Corporation 580 22 2 50 8 947 Federal land banks 1,731 55 181 166 6" 49 2947 Federal intermediate credit banks 267 28 44 2 278 Banks for cooperatives 106 21 33 1 t2 ... C1) Production credit corporations 82 1 12 Regional agricultural credit corporations 4 19 C1) 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 t r r p a o ti r o a n tion 2 2 1 5 8 8 1 2 0 9 612 701 Farm Security Administration 436 32 1 1 Insurance agencies: 8 18 Federal Deposit Insurance Corporation 47 13 490 35 C1) 29 Federal Savings and Loan Insurance Corporation ' 3 23 100 9 Federal Housing Administration 17 41 35 10 21 2 Export-Import Bank of Washington 137 5 49 (I)1 Tennessee Valley Authority 13 7 482 8 28 23 87 Rural Electrification Administration 334 7 89 Other t 84 14 7 19 68 2 11 Total 9,065 621 950 110 632 792 2,262 5,690 1,433 1 Less than $500,000. 2 Excludes Federal land bank bonds in the amount of $745,000,000 held by Federal Farm Mortgage Corporation. 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 Apr. May June July Aug. Sept. Oct. Nov. De Jan. Feb. Mar. Apr. Loans to financial institutions 154 149 145 139 134 131 127 124 118 106 107 105 105 Loans on preferred stock of banks and insurance companies 49 48 48 48 48 48 48 48 48 44 44 44 44 Preferred stock, capital notes, and debentures 434 432 429 425 410 407 405 404 401 398 393 388 381 Loans to railroads (including receivers) 487 470 470 462 461 461 448 448 462 462 462 465 466 Loans for self-liquidating projects 36 37 37 81 81 81 81 51 51 53 54 55 56 Loans to industrial and commercial businesses: For national defense 21 61 65 70 71 82 93 101 106 111 119 127 134 Other . 114 113 111 109 108 106 100 103 110 106 104 102 98 Loan to Great Britain 100 125 299 299 345 345 385 385 381 Loans to drainage, levee, and irrigation districts.. 76 74 79 79 77 77 74 74 73 72 72 72 71 Other loans 5 5 5 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration 113 111 122 120 117 117 117 116 114 114 111 110 109 Total loans and investments, other than interagency 1,488 1,503 1,511 1,538 1,613 1,640 1,798 1,772 1,833 1,815 1 857 1.859 1,850 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'.... 168 175 182 190 195 202 207 211 214 211 215 218 221 Capital stock of, and loans to RFC Mortgage Company 71 71 73 75 76 77 80 79 79 81 82 82 85 Capital stock of, and loans to Federal National Mortgage Association 99 101 102 103 105 107 109 111 112 114 115 119 120 Loans to Tennessee Valley Authority 8 8 8 8 8 8 8 8 8 8 8 8 8 Capital stock of, and loans to national defense companies* 168 219 282 327 380 527 643 727 721 785 916 1.105 1,303 Loans to Farm Security Administration 81 97 116 89 96 101 110 117 133 114 145 179 199 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 3,400 3,428 3,638 3.869 4,085 1 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans Short-term credit Loans to cooperatives End of year or month rotal Total F b e l a a d n n e k d r s al s L B C i m o a a o n i n n m s e k d - r - Total1 m F b c i e e a n r d d n e te e d i k a r r i s - a t t 2 e l P a c s r t s r t o i i o e o d o d c n n u i i s a t c - - c d r E g r r l o o o e e m p a l n u i e a n e g c r f s y n h - t d Total3 c B a o t a f o i o n v p r e k e s s r- i A M i r n n e g g t a g u v r r o r i f k A c u a l u v e l n c t - l t d - - 1934... 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2,867 2,072 795 358 47 94 173 97 50 44 1936... 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2,848 2,035 813 367 40 138 173 120 88 31 1938 3,211 2,735 1,982 753 364 34 148 171 112 87 24 1939 3,058 2,596 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—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 April 2,887 2,296 1,721 575 470 44 245 177 121 102 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 other Farm Credit Administration agencies amounting to a total of $258,000,000 in April 1942. 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. JUNE 1941 583 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 End of month O C H r L w a o o o t n r m i a p o e n r o n e s - ' B H L F a e o o e n r m a d a k n l - e s1 s a a a F s l t a e o v s i e r n o a i o d a n d c n n l - g i s - s 2 M C p g R a a o o F g n m r C e y t - - A M t F g i N s e o a o s e r n a g o a d r - a e c t l - - # l i- t U S H h A i n t o o n a i r u u g t t i e - e s t d s - y End of month D a i b n e t p o a ce r l o - s s s ] - Total i b C n t a o a n d r s k y e h - s T U o . t a S l s . e G cu o r D r e v i i c e t - t r ie n s m G e a u n n a t - r-f C s e u e r t n a r c e s d v - . h 2 e s, ation teed 1933—June 47 1934—June.. . 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 Dec 2,897 103 348 6 Dec.. .. 1,260 1,296 145 ,058 891 167 93 1936—June 2,945 119 474 18 1937—June. . . 1,268 1,307 136 ,100 933 167 71 Dec 2,765 145 587 36 Dec.. .. 1,270 1,308 130 ,097 930 167 80 1937—June 2,556 167 742 49 1938—June. . . 1,252 1,290 115 ,103 936 167 73 Dec 2,398 200 854 68 10 Dec.. .. 1,252 1,291 86 ,132 965 167 73 1938—June 2,265 196 948 41 38 13 1939—June. . . 1,262 1,304 68 ,157 1,011 146 78 Dec.. 2,169 199 1,034 54 80 32 Dec.. .. 1,279 1,319 53 ,192 1,046 146 74 1939— D Ju e n c e 2 2 , , 0 08 3 1 8 1 18 6 1 9 : , , 2 1 7 3 1 6 5 5 7 7 1 1 4 2 7 5 1 6 2 8 3 1940— D Ju e n c e .. . . . . . 1 1 , , 2 3 9 0 3 4 1 1 , ,3 3 3 4 7 8 4 3 3 6 , , 2 2 2 2 4 4 1 1 , ,0 0 7 7 8 8 1 1 4 4 6 6 69 1940—June 2,013 157 ,405 60 163 87 Dec 1,956 201 ,546 67 181 186 1941—Apr.. . 1,317 1,362 30 ,259 1,113 146 73 May.. 1,310 1,359 30 ,254 1,108 146 75 1941—Apr 1,900 142 ,628 70 190 266 June. 1,304 1,356 30 ,251 1,104 146 75 May.. 1,885 145 ,658 70 192 288 July.. 1,307 1,359 29 ,251 1,104 146 80 June 1,870 170 1,688 65 194 316 Aug.. 1,309 1,365 28 ,250 1,104 146 86 July 1,855 168 L.718 67 196 296 Sept.. 1,311 1,366 28 ,250 1,104 146 89 Aug 1,841 173 ,751 69 198 306 Oct... 1,317 1,377 27 ,250 1,104 146 100 Sept 1,825 178 ,775 70 200 332 Nov.. 1,323 1,388 27 ,250 1,104 146 111 Oct 1,809 184 L.803 73 203 328 Dec. . 1,314 1,396 26 ,274 1,128 146 95 Nov 1,794 187 1.816 72 205 329 Dec 1,777 219 L,825 72 207 367 1942—Jan.... 1,310 1,421 25 ,274 1,128 146 122 Feb.... 1,307 1,444 25 ,274 1,128 146 145 1942-Jan 1,758 206 1,825 74 210 389 Mar... pl,305 Feb 1,742 197 1,830 75 211 352 Apr... *>l,306 Mar 1,724 192 L.837 75 214 r379 Apr 1,709 185 1,846 77 215 371 ^Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not r Revised. include accrued interest nor outstanding savings stamps. 1 Loans and discounts to member institutions of the Federal Home Loan 2 Includes working cash with postmasters, 5-per cent reserve fund and Bank System. miscellaneous working funds with the Treasurer of the United States, 2 Federal Home Loan Bank Board estimates for all Federal savings and accrued interest on bond investments, and accounts due from late loan associations which are private institutions chartered and supervised postmasters. by the Federal Home Loan Bank Board. Back figures.—See BULLETIN for August 1935, pp. 501-502. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION* INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] New Mort- Year or month Total p ( P m T e r i r I r o m e i o ) t t v n p y l - e e t - - s ( s h c t T t m o o r io i m u n a t n l - c l e e l - m ( H g T a I o o I i g m r t ) e l t e s - e h ga o r g (T e g u a r n e o s n i s i t t u 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 M s i t a n u a 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 n a c a o n s n m u c i e e r - - s c a F i e g e r e e a s d n 2 l - - Other3 I) II) 1934 _ „. . 30 30 1 1 9 9 3 3 6 7 — — D D e e c c -. « „ . . „ „. . 3 7 6 7 5 1 4 22 3 8 0 27 8 11 5 0 6 11 4 8 1 32 5 2 53 7 1935 320 224 94 2 1938—Mar .„„.„. 856 472 26 119 146 42 51 1936 557 246 309 2 June.. . „. _ „.. 933 509 28 127 165 44 60 1937 495 60 424 11 Sept..™ — .. 1,049 565 32 137 187 56 72 1938 694 160 13 473 48 Dec „„. 1,199 634 38 149 212 77 90 1939 ...... 954 208 25 669 51 1939—Mar 1,349 699 44 159 241 114 92 1 1 9 9 4 4 0 1 ,.„... 1 1 , , 0 1 2 8 6 6 2 2 5 6 1 2 2 2 6 1 8 7 7 3 7 6 1 1 3 3 13 J S u e n p e t «.„. 1 1 , , 4 6 7 2 8 2 8 7 2 5 4 9 5 5 0 7 1 17 6 8 7 2 3 7 0 1 2 1 1 4 3 8 7 11 9 3 4 1941— M A J O N A S D u e p u e o c a l p c r g t y v y t . . . .. 1 1 1 1 1 1 0 8 7 0 9 0 0 2 1 5 7 9 5 1 7 5 5 2 2 2 3 3 2 2 1 1 1 6 4 2 1 4 0 1 8 8 3 3 2 2 * 2 1 1 2 6 7 8 8 6 8 7 7 7 0 5 2 5 5 8 3 7 0 2 2 1 * 2 • * * 2 4 5 * 1 1 * 1 1 1 9 9 9 4 4 4 2 0 1 — — — J J D D D S S M M M u u e e e e e a a a n n p p c c c r r r e e . t . t. 2 3 2 2 2 3 2 2 1 1 , , , , , , , , , , 5 1 0 7 2 9 3 4 9 7 9 9 0 4 7 0 3 0 4 5 8 3 7 9 5 9 2 7 2 5 1 1 1 1 1 1 1 1 , , , , , , , , 2 0 0 4 3 4 1 5 9 9 4 2 9 6 1 0 6 0 7 4 2 1 6 6 3 5 8 0 2 9 1 1 1 2 1 1 1 1 9 1 0 4 5 7 0 3 7 8 0 1 0 6 7 1 0 1 6 1 2 2 2 1 2 2 2 2 2 2 0 0 9 1 2 3 3 5 4 6 8 1 2 6 4 0 7 4 6 4 4 3 3 4 5 6 6 7 7 8 3 4 9 8 4 0 6 2 8 5 2 2 2 0 2 6 8 2 9 6 2 2 1 1 1 2 2 2 1 2 0 8 1 5 2 3 7 9 2 3 1 2 0 3 5 4 1 0 0 7 1 1 1 2 1 1 1 1 1 1 2 4 0 3 7 2 6 5 5 7 7 1 0 3 8 4 0 4 0 9 1942—Jan 111 16 2 87 • 7 Feb. 93 12 1 71 8 1 Gross amount of mortgages held, does not include terminated mort- Mar. 93 10 2 68 1 12 gages and cases in transit to or being audited at the Federal Housing Apr 83 13 2 55 1 11 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. 8 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r n a th nd ( I 1 v m = n 9 p a c 3 a e l o 1 5 y n u 0 - m - t e 3 s 0 ) e 9 1 Tot I a n ( l p d h u y 1 s 9 s tr i 3 i c 5 a a - D l a l 3 b 9 u v p f l r a e M r o - = o c l a t u d u 1 n m u 0 r u N c e d 0 a e - t s o b u ) i 2 o n l r * e n - - M era in ls - To a t w a 1 l 9 a 2 r c d 3 o - e R n d 2 d t e 5 e t i r a s n ( a l i = - v - c a t 1 s lu 0 o 0 e A t ) h 3 l e l r 1 t = 9 N a u c 3 g u r o 5 1 r a l n - 0 i - l E 3 - - 5 0 9 mp 1 l 9 o 2 y F 3 m a -2 c e 5 t n o = t r 4 y 100 1 = r 9 F t o 2 o a l 3 1 r c l - y 0 - s 2 4 0 5 F 1 r = l i 9 e n o 3 c i g a 5 a 1 g d s r - 0 h 3 * - 0 t 9 - D 19 m u = e s s ( 2 e a v t p e 3 o l ) a 1 a e n - * r l 0 r 2 s e t - 6 t 0 5 - W m p = c r 1 o s h i o 9 a c d o m 1 2 l e i l e 0 6 - t s e 0 y 4 - C 1 li = 9 o v 3 s i 5 1 t n - 0 o g 3 0 4 f 9 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.1 117.2 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.0 75.6 110 87 97.6 127.7 1922 . 73 81 67 71 79 68 88 90.7 81.2 121 88 96.7 119.7 1923 ,... 88 103 72 98 84 81 86 103.8 102.9 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.8 101.1 146 103 103.5 125.4 1926. . 96 114 79 100 129 121 135 101.7 104.2 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.5 102.4 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 103.5 148 108 96.7 122.6 1929 122.9 110 132 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 l6o.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 no 87.3 105.2 1939 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 October 109.3 121 ' 126 130 115 119 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.... 110.7 116 113 123 110 114 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 99.8 110.6 112 112 116 107 119 64 62 66 104.0 102.8 103.2 97.9 103 89 78.6 May 112.0 116 117 124 110 117 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 78.0 100.4 October 117.2 131 136 155 117 113 95 85 103 108.1 111.4 113.8 116.2 110 94 78.7 100.2 November .T.. 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 A 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 .... 141.1 161 162 199 139 132 152 112 184 117.7 133.3 133.1 158.1 139 134 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 146.5 166 167 208 144 131 138 74 189 119.2 134.4 134.8 165.4 135 116 92.5 110.2 December.... 154.7 167 164 215 141 131 123 69 167 120.1 134.9 134.2 169.9 137 111 93.6 110.5 1942 January 155.7 171 165 222 143 131 118 82 147 120.1 135.7 132.5 173.5 140 138 96.0 112.0 February 156.9 172 167 226 142 129 128 100 151 120.1 135.1 133.8 178.3 139 126 96.7 112.9 March 158.6 171 168 229 139 127 125 95 149 120.2 134.7 135.0 182.9 136 124 97.6 114.3 April 161 7 P173 P233 P138 p130 ^120 0P135 0 2*135 7 p186 "4 143 117 98.8 115.1 May.., *99.0 f Preliminary. * Average per working day. Revised. * Estimated. * Department of Commerce series on value of payments to individuals Revviisseedd ffoorr tthhee ppeerriioodd ffrroomm JJaannuuaarryy 11992299 ttoo ddaattee.. 22 FFF oorr iiinnddd eexxeess bbb yy ggrroouuppss oorr iiinnddduui ssttrriiees, see pp5. 8586-589, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 33 BBdas ed onF FW. W D. Dd odgCe Ctorpino ratdioanta; for description, see p. 358 of BULLETIN for July 1931y; b19y3 g1r; obuyp gs,r osueep sp,. s5e9e4 p.. 59. 4 The unadjju sted indexes of empplyoyment and payrolls, wholesale commodity prices, and dc ocsot sot fo fli vliivnign ga raer ec ocmompipleilde db yb yo ro rb absaesde do no nd adtaat ao fo ft the Bueraeau ooff Laabboorr SSttataits tics. Forr ddeessccrriippttiioonn ooff sseeaassoonnaalyly aaddjjuusstteedd iinnddeexx ooff f faaccttoorryy eemmppllooyymmeennt t ccoommppiilleiedldd b byby t ththehe F FeFeddederlra al l RRR eesseerrvvee BBBodoa arrdd ooff f G GG oovveerrnnoorrss, , sseeee B BBUULLLLEETTININ ffo r OOcbt ober 1938, pp. 83558-83377 , andd ff or OOcttbo ber 11939399 , p. 887788 . FF or iinddes xesb yb y groups ori inddi ustries see p5p9. 0559903-5 9f 3 for emlt ploymedn t and lpl ayrodll s an5d9 7p. 597 for prices. 6 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 596 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. JUNE 1942. 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] L941 1942 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total , 147 144 154 159 160 r161 161 163 166 167 171 172 171 P173 Manufactures—Total ,...,..., 151 153 160 164 165 166 167 169 172 174 r179 180 179 P180 Durable . . 180 180 190 195 199 199 203 207 208 215 222 226 229 P233 Nondurable1 , 128 131 135 139 138 139 137 139 144 141 143 142 139 Iron and Steel 184 181 183 184 185 185 192 191 191 196 191 193 198 P198 Pig iron 178 170 175 179 181 182 185 184 184 190 189 189 194 Steel 192 192 195 195 196 197 206 206 206 211 208 210 216 217 Open hearth and Bessemer 177 172 174 173 173 172 179 178 176 181 174 176 180 179 Electric 300 333 347 355 358 375 399 407 417 422 445 444 473 483 Machinery 185 194 206 214 216 224 227 231 229 241 248 255 265 P271 Government Arsenals and Quartermaster Depots Transportation Equipment.. 207 196 228 243 255 241 245 269 275 278 304 313 327 P346 O1Q 876 930 997 1 113 1 204 1 290 Automobile bodies, parts, and assembly 142 124 152 161 168 141 134 146 142 120 118 105 105 Automobile factory sales 143 122 151 148 154 93 74 no 123 2 2 2 2 2 L R o a c il o r m oa o d t iv c e a s rs 2 1 1 7 6 8 2 1 3 9 7 6 2 21 5 8 6 2 2 3 8 3 0 3 2 0 3 7 3 3 2 0 3 6 6 3 2 1 4 9 9 3 2 3 7 5 8 3 2 3 6 8 4 Shipbuilding < Private yards 335 353 381 428 467 485 560 634 645 Government yards Nonferrous Metals and Products .. 179 183 189 186 192 189 192 185 190 193 194 190 184 P182 Nonferrous metal smelting 142 147 148 144 142 145 145 147 150 151 153 157 157 161 Copper smelting 136 145 144 136 131 135 135 137 139 141 140 141 147 155 Zinc smelting 163 164 170 170 173 175 175 177 179 182 184 189 184 185 Lead production 118 119 115 117 114 116 120 119 127 122 131 140 134 132 Copper deliveries 219 221 233 229 244 231 233 217 226 230 235 224 208 195 Lead shipments 172 186 205 210 200 199 209 Zinc shipments 146 147 144 144 142 143 145 143 147 145 152 151 148 145 Tin consumption 143 147 147 141 155 161 166 153 155 171 Lumber and Products 128 132 132 135 141 140 136 135 135 138 143 144 134 P134 Lumber 125 128 122 125 131 134 129 129 128 132 138 143 128 P127 Furniture 132 139 152 155 161 152 149 146 148 149 153 146 145 Stone Clay, and Glass Products 149 141 143 149 151 154 r157 /5c? 162 167 199 r189 171 P156 Cement 156 139 134 138 143 148 154 159 164 191 249 236 188 161 Unglazed brick 136 130 128 133 136 146 144 145 153 152 160 152 Glass containers** 138 135 148 155 154 159 165 167 169 165 184 178 187 176 Polished plate glass 135 142 142 152 146 133 120 102 105 67 65 49 41 43 Textiles and Products 146 150 157 156 155 154 151 150 156 154 158 156 152 P151 Textile fabrics 143 146 153 151 151 149 145 143 148 146 148 r147 143 Cotton consumption 156 161 165 160 162 160 156 161 167 155 169 174 169 177 Rayon deliveries. 150 158 169 173 173 170 168 172 179 179 180 r174 175 Silk deliveries 71 74 71 73 77 56 34 10 15 Wool textiles 152 152 165 163 157 166 169 164 166 178 161 r153 148 Carpet wool consumption 146 139 148 149 126 148 142 133 133 164 78 r79 70 Apparel wool consumption 179 171 196 190 177 181 205 199 200 209 202 r191 195 Woolen yarn 135 140 153 151 153 162 163 157 156 159 163 r165 159 Worsted yarn 163 166 178 178 174 179 185 185 184 195 173 r148 143 Woolen and worsted cloth 154 156 167 165 160 166 169 164 170 182 183 r172 166 Leather and Products 115 115 124 132 130 122 120 125 134 128 127 r121 r121 P125 * Leather tanning 113 109 119 122 125 124 125 129 134 123 r130 r127 126 Cattle hide leathers 120 119 130 133 137 141 136 138 145' 135 148 r139 139 Calf and kip leathers 112 97 99 98 93 103 101 107 108 89 86 93 96 Goat and kid leathers 97 96 105 112 116 97 115 121 123 117 119 r120 117 Shoes 117 119 128 138 134 121 118 123 134 131 125 117 r116 124 Manufactured Food Products 121 123 123 127 126 132 130 134 141 137 P140 P141 P137 P13S Wheat flour : 105 110 110 .107 103 98 99 101 103 109 108 110 101 98 Cane sugar meltings 122 123 119 129 102 129 in 112 139 Man B I u c f u e a t c t c t e r u e r r . a e . m d dairy p . roducts ... 1 1 1 2 2 1 9 5 8 1 1 11 3 4 9 5 4 1 1 1 3 1 2 4 7 9 1 1 1 2 3 1 4 0 1 1 1 1 2 2 1 6 9 3 1 1 1 2 2 0 7 4 9 1 11 3 40 9 29 1 1 1 4 5 0 6 3 8 1 1 1 4 4 0 6 3 5 1 1 10 5 5 4 6 5 p\ 1 s 0 s 6 p1 1 5 0 3 7 ^1 1 5 0 0 8 P1 1 4 1 9 0 Cheese 131 138 134 121 128 134 145 148 163 176 172 182 192 195 Canned and dried milk 124 135 139 132 141 165 183 197 224 240 r234 r220 r198 187 r Revised. /Preliminary. * Included in total and group indexes but not available for publication separately. 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 Glass containers: Feb. 1941, 130 revised. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjusted for Seasonal Variation)—Continued [Index numbers of the Board af Governors. 1935-39 average = 109J 1941 1942 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 134 126 132 124 125 134 126 133 135 142 148 141 144 142 Pork and lard ... 159 143 147 134 132 149 139 148 148 161 165 151 161 156 Beef . 110 110 120 120 123 124 118 123 124 127 138 139 132 134 Veal 91 96 97 91 96 94 101 108 114 98 96 96 98 96 Lamb and mutton 111 108 109 101 110 105 99 103 111 117 113 113 128 119 Other manufactured foods 120 122 122 129 128 135 132 135 144 137 140 144 138 Alcoholic Beverages 104 108 114 122 130 128 131 129 109 116 139 133 116 109 Malt liquor 100 r103 106 .107 115 110 118 127 110 123 120 128 117 114 Whiskey 80 82 90 95 108 93 94 107 81 91 77 74 62 63 Other distilled spirits 132 140 129 153 206 206 262 178 139 121 250 75 44 53 Rectified spirits 131 146 171 207 190 219 170 138 120 102 243 241 201 153 Tobacco Products . . ... 117 120 119 118 114 118 121 128 132 129 132 130 125 127 Cigars 109 117 109 106 106 109 104 112 115 139 129 126 121 120 Cigarettes 127 127 131 131 123 129 137 144 149 136 144 144 137 140 Manufactured tobacco and snuff 97 101 100 97 97 96 99 104 106 95 99 93 94 97 Paper and Paper Products1 132 134 142 145 146 147 144 146 153 155 r154 149 150 Paper and pulp 133 136 145 149 150 152 149 150 r160 162 r161 r155 156 Pulp3 r161 161 162 175 167 172 170 172 C185 r179 181 180 190 Groundwood pulp3 119 121 120 121 122 128 129 130 141 129 135 131 138 Soda pulp 137 135 141 151 149 151 140 145 167 153 153 154 155 Sulphate pulp3 r203 199 203 216 203 215 210 210 225 225 r221 r224 239 Pape S r ulphite pulp3 1 1 5 2 3 9 1 1 5 3 6 2 1 1 5 4 5 2 1 14 7 5 0 1 1 6 4 3 8 1 14 6 9 4 1 1 6 4 3 5 1 14 6 7 6 1 15 7 6 8 1 1 7 6 1 0 r1 1 5 7 8 7 r r 1 15 7 1 3 1 15 8 1 1 Paperboard 138 143 158 154 162 161 158 158 167 186 175 163 162 154 Fine paper 114 115 127 134 140 147 152 147 160 157 151 144 149 Newsprint production 115 114 114 114 112 113 107 110 110 106 107 110 106 Printing paper3 r127 131 138 149 149 150 146 149 161 145 151 146 140 Tissue and absorbent paper3 133 132 137 144 142 143 130 140 153 152 r166 r168 164 Wrapping paper 124 129 139 140 138 139 136 138 140 147 147 142 148 Printing and Publishing*, 3 r117 118 122 128 127 129 125 127 136 130 128 125 121 Newsprint consumption 106 106 107 106 106 109 105 105 111 •115 104 103 103 98 Petroleum and Coal Products 123 121 125 127 128 130 132 133 135 139 135 131 126 Petroleum refining . 118 119 122 123 124 126 128 129 133 135 131 126 120 Gasoline 120 120 124 123 123 126 130 131 134 139 134 125 117 p106 Fuel oil 121 120 119 122 124 127 124 129 129 130 123 128 124 Lubricating oil 105 118 118 134 133 132 130 129 137 132 133 131 131 Kerosene 113 117 115 104 108 116 119 121 123 126 120 128 113 Coke 154 133 148 154 154 154 152 153 153 160 161 161 160 160 Byproduct coke 145 134 141 145 146 146 144 145 145 151 152 152 r151 150 Beehive coke 434 69 386 435 429 453 425 437 410 474 472 493 477 502 Chemicals 125 133 136 144 146 145 146 148 149 152 r156 r161 161 p165 Rubber Products 155 158 162 192 153 130 131 134 Rubber consumption 158 161 164 196 156 132 134 137 Tires and tubes 134 131 144 152 126 117 108 103 103 67 33 28 26 Pneumatic tires.... 135 132 144 151 126 118 108 104 104 67 32 28 26 Inner tubes 132 130 145 155 125 110 103 94 102 64 33 27 27 Minerals—Total 125 95 126 132 131 132 131 130 131 131 131 129 127 P130 Fuels 121 86 121 129 127 129 128 127 128 127 128 125 122 p126 Bituminous coal 148 22 149 153 146 147 139 127 125 124 129 120 146 Anthracite 102 71 80 126 137 162 127 116 97 89 89 110 113 piu Crude petroleum 112 113 114 120 119 119 124 128 132 132 132 128 114 Metals 148 149 152 151 151 148 146 146 147 153 150 r152 154 p155 Iron ore shipments 191 199 195 198 205 202 192 182 204 209 211 212 215 P217 Copper 148 152 159 155 156 155 154 151 152 157 161 158 162 164 Lead 118 119 115 117 114 116 120 119 127 122 131 140 134 132 Zinc 125 133 127 136 125 131 135 134 131 138 138 146 Gold » 127 121 132 126 121 114 114 130 116 125 113 118 Silver 127 129 122 128 124 129 116 108 106 105 .105 101 r Revised p Preliminary. c Corrected. * Included in total and group indexes but not available for publication separately. J 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 Revised figures 1941: Pulp Jan. 154, Feb. 154; Groundwood pulp Jan. 120; Sulphate pulp Jan. 195, Feb. 196; Sulphite pulp Feb. 143; Printing paper Jan. 120, Feb. 122; Tissue and absorbent paper Jan. 131; Printing and publishing Jan. 112, Feb. 113. 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. JUNE 1941 587 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total. 144 144 155 160 159 162 167 168 167 164 165 167 168 mi Manufactures—Total 149 153 160 165 164 167 172 173 173 171 172 174 177 P180 D N u on ra d b u l r e able1 1 1 7 2 8 6 1 1 8 3 1 0 1 1 9 3 2 4 1 1 9 3 8 8 1 19 3 6 8 1 1 4 9 2 9 2 1 0 4 6 5 2 1 1 4 0 3 2 1 0 4 9 4 2 1 1 3 2 8 2 1 1 3 5 7 2 1 2 3 0 8 2 1 2 3 6 7 P233 Iron and Steel... 184 183 184 185 185 192 191 191 196 191 193 198 Pig iron 178 170 175 179 181 182 185 184 184 190 189 189 194 Steel 192 192 195 195 196 197 206 206 206 211 208 210 216 217 Open hearth and Bessemer. 177 172 474 173 173 172 179 178 176 181 174 176 180 179 Electric 300 333 347 355 358 375 399 407 417 422 445 444 473 483 Machinery 185 194 206 214 216 224 227 231 229 241 248 255 265 P271 Government Arsenals and Quartermaster Depots. Transportation Equipment 214 206 229 244 229 221 245 269 275 278 304 313 327 P346 Aircraft 768 818 876 930 997 1,113 1,204 1,290 1,340 Automobile bodies, parts, and assembly 150 136 152 161 135 120 134 146 142 120 118 105 105 Automobile factory sales 160 139 164 164 134 47 74 110 123 2 2 Railroad cars 178 196 218 233 233 236 249 278 264 Locomotives 216 237 256 280 307 306 319 335 338 Shipbuilding Private yards 335 353 381 428 467 485 560 634 645 Government yards Nonferrous Metals and Products.. 179 184 191 187 189 185 190 192 193 190 185 *183 Nonferrous metal smelting... 142 147 148 144 141 145 • 145 147 151 152 153 157 156 162 Copper smelting 136 145 144 136 131 135 135 137 139 141 140 141 147 155 Zinc smelting 163 164 170 170 173 175 175 177 179 182 184 189 184 185 Lead production 116 121 117 116 110 116 120 119 128 124 131 140 131 135 Copper deliveries 219 221 233 229 244 231 233 217 226 230 235 224 208 195 Lead shipments 172 186 205 210 200 199 209 Zinc shipments 146 147 144 144 142 143 145 143 147 145 152 151 148 145 Tin consumption 146 151 153 148 154 159 159 151 155 165 Lumber and Products.. 123 130 134 140 144 151 148 145 134 128 122 128 129 P133 Lumber... 118 128 130 135 142 148 144 138 124 113 112 118 120 Furniture. 133 135 143 150 149 157 156 159 154 155 142 146 147 Stone, Clay and Glass Products.. 125 140 161 171 165 174 r175 r175 169 147 138 132 *>155 142 Cement 117 139 163 174 177 181 184 185 171 153 137 132 161 Unglazed brick 92 126 145 165 168 175 177 170 166 137 97 83 141 Glass containers 130 135 r158 163 r161 r174 r168 r172 170 r153 165 164 i76 176 Polished plate glass 141 142 142 149 96 109 120 117 120 80 68 47 43 43 Textiles and Products. 147 150 157 155 155 154 151 150 156 154 158 r156 152 P151 Textile fabrics 143 146 152 150 150 148 145 143 148 146 148 r147 143 Cotton consumption 156 161 165 160 162 160 156 161 167 155 169 174 169 177 Rayon deliveries 150 158 169 173 173 170 168 172 179 179 180 174 175 mo Silk deliveries 74 73 66 66 69 50 32 10 15 Wool textiles 152 152 165 '163 157 166 169 164 166 178 161 r153 148 Carpet wool consumption.. 146 139 148 149 126 148 142 133 133 164 78 r79 70 Apparel wool consumption. 179 171 196 190 177 181 205 199 200 209 202 r191 195 Woolen yarn 135 140 153 151 153 162 163 157 156 159 163 r165 159 Worsted yarn 163 166 178 178 174 179 185 185 184 195 173 r148 143 Woolen and worsted cloth.. 154 156 167 165 160 166 169 164 170 182 183 r172 166 Leather and Products 123 119 122 120 126 130 129 127 123 116 124 131 128 P129 Leather tanning 113 110 116 118 120 120 124 129 135 125 r13l r138 126 Cattle hide leathers 121 119 127 126 128 134 135 140 151 137 149 r155 140 Calf and kip leathers 105 96 94 100 102 108 99 103 102 91 84 98 91 Goat and kid leathers 96 99 103 112 115 95 116 120 119 119 119 r125 116 Shoes 130 125 126 122 130 137 132 125 116 110 120 126 129 130 Manufactured Food Products. 107 112 119 128 137 152 159 143 139 130 V121 Wheat flour 102 103 100 101 102 99 114 110 107 104 109 109 98 92 Cane sugar meltings 135 135 117 132 117 136 132 109 114 * Manufactured dairy products. 105 134 175 188 181 167 142 115 99 98 Ice cream 99 138 182 208 216 200 153 110 86 81 Butter 105 118 151 155 137 120 108 95 83 82 85 92 96 109 Cheese .» 107 133 177 186 165 151 150 139 124 123 124 142 157 189 Canned and dried milk.... 121 152 200 195 172 169 168 158 165 166 r178 r187 r194 211 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 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. 588 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 122 119 132 121 119 116 119 134 152 165 173 135 131 134 Pork and lard.. 143 135 147 130 119 112 111 139 178 208 214 151 145 148 Beef 100 102 120 118 125 126 132 134 130 127 138 125 120 125 Veal 86 95 101 92 95 95 111 119 116 93 93 84 93 95 Lamb and mutton .... 107 105 111 96 104 104 111 109 108 111 118 113 124 115 Other manufactured foods 105 107 111 123 137 159 170 151 146 131 123 125 121 P123 Alcoholic Beverages 100 110 120 130 131 122 137 137 118 106 112 117 113 113 Malt liquor r97 r112 124 137 142 128 120 104 90 96 96 109 112 124 Whiskey 99 91 90 76 59 51 75 102 101 104 102 96 77 69 Other distilled spirits. 86 84 77 90 97 99 359 472 292 150 163 45 29 32 "Rectified spirits ... 124 130 150 165 160 171 180 180 190 135 177 207 191 136 Tobacco Products , 110 113 121 128 123 122 132 133 134 no 126 121 117 119 Cigars 100 111 108 113 111 113 120 135 137 107 104 109 111 114 Cigarettes 119 118 133 144 138 136 146 141 143 121 146 136 127 130 Manufactured tobacco and snuff . .. 99 100 100 99 99 96 107 106 105 83 96 92 96 96 Paper and Paper Products1 136 137 141 143 139 146 149 151 152 146 151 r153 155 Paper and pulp 137 140 145 147 143 150 151 155 159 154 r159 r160 161 Pulp3 r165 165 165 173 159 170 168 173 186 174 183 186 194 Groundwood pulp 128 136 133 124 109 109 112 121 144 134 140 137 148 Soda pulp 141 139 141 150 141 151 142 145 167 148 153 158 160 Sulphate pulp3 . r2O7 199 203 214 199 215 210 214 225 214 223 r230 244 Sulphite pulp3 156 159 155 167 155 164 163 169 179 166 177 179 185 Paper3 133 136 142 143 140 147 148 152 155 151 r155 r156 156 Paperboard 144 146 155 154 154 163 167 167 167 166 168 167 168 157 Fine paper.. 122 126 130 131 128 139 144 147 155 154 152 154 159 Newsprint production 115 114 115 115 109 110 107 110 113 107 107 108 106 109 Printing paper3 132 136 140 146 140 145 145 151 160 144 151 151 145 Tissue and absorbent paper3 134 135 136 143 135 143 136 145 151 146 161 r175 166 Wrapping paper .... 126 130 136 137 133 138 138 143 140 143 147 147 151 Printing and Publishing2 121 124 126 127 116 121 125 131 138 131 125 126 126 P125 Newsprint consumption 110 113 111 107 92 96 106 112 117 ill 99 102 107 105 Petroleum and Coal Products 119 120 126 128 129 131 134 135 136 138 132 129 122 Petroleum refining .... 114 119 122 124 125 128 131 132 134 134 128 124 116 Gasoline 114 118 124 126 127 130 134 134 135 136 129 121 112 ^105 Fuel oil 118 117 119 121 122 124 125 130 130 132 127 129 122 Lubricating oil 104 122 122 134 131 131 130 129 137 131 129 129 130 Kerosene 115 119 115 102 103 111 117 121 126 127 126 C129 115 Coke . . 154 133 148 154 154 154 152 153 153 160 161 161 rl60 160 Byproduct coke ... 145 134 141 145 146 146 144 145 145 151 152 152 r151 150 Beehive coke 434 69 386 435 429 453 425 437 410 474 472 493 476 502 Chemicals 129 136 135 138 139 142 148 153 151 153 r155 r161 165 P168 Rubber Products 155 157 162 192 153 130 131 134 Rubber consumption 158 160 164 196 156 132 134 137 Tires and tubes 134 131 144 152 126 117 108 103 103 67 33 28 26 Pneumatic tires 135 132 144 151 126 118 108 104 104 67 32 28 26 Inner tubes 132 130 145 155 125 110 103 94 102 64 33 27 27 Minerals—Total 116 96 127 131 130 134 137 138 135 123 123 r123 118 P125 Fuels 120 87 118 123 121 125 129 131 130 129 131 130 122 P120 Bituminous coal „... 142 18 126 132 128 135 144 142 143 138 144 141 140 p150 Anthracite 105 76 88 116 107 120 122 123 99 94 104 121 116 Crude petroleum 114 116 118 120 119 122 124 127 128 129 129 127 115 2*109 Metals 92 149 181 181 184 187 182 181 161 98 91 r92 98 P157 Iron ore shipments . 210 323 326 344 335 311 281 231 23 236 Copper 151 156 159 152 147 152 152 156 157 159 158 160 165 169 Lead 116 121 117 116 110 116 120 119 128 124 131 140 131 135 Zinc 125 133 127 136 125 131 135 134 131 138 138 146 Gold 112 107 114 116 116 126 131 152 132 130 107 106 Silver 131 130 121 123 122 126 117 107 106 105 106 103 r Revised. p Preliminary. c Corrected. • Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." 3 Revised figures 1941: Pulp Jan. 155; Sulphate pulp Jan. 197, Feb. 201; Sulphite pulp Feb. 147; Paper Feb. 128; Printing paper Jan. 120; Tissue and absorbent paper Jan. 127. 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. 589 JUNE 1941 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 - 1001 1941 1942 Industry and group Mar. Apr. May June July Aug. Sept Oct. Nov! Dec. Jan. Feb. Mar. Apr. Totali 119.4 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134.4 134.9 r135. 7 rl35.1 134.7 135.0 Durable goodsl 123.0 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143.7 144.3 146.7 146.8 146.9 147.7 Nondurable goodsl 115.9 118.0 120.5 123.7 126.3 125.5 123.8 123.8 125.6 126.0 125.2 123.8 123.1 123.0 Iron B a l n a d st S f t u ee rn l a a c n e d s, s P t r e o e d l u w ct o s rks, etc 1 13 2 3 6.2 1 13 2 6 8.3 1 1 3 4 2 0 .0 1 14 3 5 6.0 1 14 3 9 9.1 1 15 4 0 0.2 1 14 3 9 9.7 1 14 3 8 8.2 1 14 3 8 8.3 1 14 3 9 8.9 1 1 3 5 9 0 .0 r1 1 3 4 6 9 .4 134.7 1 1 3 5 4 0 .0 Bolts, nuts, washers, and rivets 151 153 160 166 169 173 172 170 169 170 170 167 169 Cast-iron pipe 92 93 94 95 95 94 97 98 101 100 98 100 99 Cutlery and edge tools 111 114 117 122 130 130 128 129 130 134 136 133 126 Forgings . . 96 100 102 105 112 112 113 115 115 117 119 122 127 Hardware 116 115 116 118 105 116 117 115 113 106 99 94 90 Plumbers' supplies 100 101 102 102 102 103 100 98 98 98 96 r92 82 Stamped and enameled ware 203 204 214 220 228 231 231 225 225 220 217 208 201 Steam and hot-water heating 107 109 111 114 123 126 125 125 123 125 127 124 122 Stoves 106 107 110 114 121 115 109 105 104 108 109 100 | 88 Structural and ornamental metal work. 100 101 103 104 105 107 106 107 107 107 108 112 115 Tin cans and tinware 113 113 122 129 131 132 132 127 138 141 147 141 114 Tools 128 133 135 139 142 '146 147 145 146 148 151 153 154 Wirework 208 203 207 214 218 198 214 203 201 199 184 169 154 Machinery 148.1 155.8 161.6 167.3 173.0 177.7 177.8 179.3 181.2 183.4 r 187.1 190.8 / 4.4 197.1 Agricultural implements 126 158 166 170 175 182 181 180 172 167 161 161 156 Cash registers, etc 146 151 150 163 168 170 173 175 177 178 176 178 167 169 142 147 153 159 164 168 168 168 168 Engines, turbines, etc 243 245 259 275 294 315 323 348 371 Foundry and machine-shop products.. 124 129 134 139 143 146 147 148 149 150 153 155 1 7 160 Machine tools 304 315 326 337 349 366 355 360 365 Radios and phonographs 178 189 197 184 191 187 183 179 194 206 220 235 2 0 251 Textile machinery 95 98 101 104 107 108 110 110 109 109 109 109 159 109 Typewriters . 134 138 143 150 155 157 158 160 159 159 157 152 107 126 4 Transportation Equipment 154.1 158.7 164.6 174.2 196.1 193.1 195.2 204.5 208.9 205.4 210.1 214.6 217.9 224.8 Aircraft 5,509 5,813 6,121 6,522 7,160 7,897 8,779 9,453 9,794 Automobiles 123 125 128 132 149 139 128 129 127 111 96 84 81 80 L C o a c rs o , m e o le ti c v t e ri s c- and steam-railroad 5 7 2 0 7 5 0 4 5 7 8 4 8 6 1 1 8 6 9 7 8 7 7 0 9 7 8 3 1 7 0 4 0 1 7 0 7 0 * * • * * Shipbuilding 268 285 301 341 387 398 440 490 533 Nonferrous Metals and Products 136.2 138.9 140.7 144.1 147.8 147.9 144.8 143.1 142.2 143.4 r147.0 r146.8 146.9 143.6 Aluminum.1 220 229 234 230 240 246 247 240 244 Brass, bronze, and copper 179 181 182 190 193 195 194 191 192 Clocks and watches 111 115 118 121 125 121 110 114 110 108 112. 110 111 111 Jewelry 107 111 113 115 120 119 110 105 106 112 114 110 109 107 Lighting equipment 110 112 112 115 118 118 119 119 114 106 102 100 97 95 Silverware and plated ware 79 81 82 84 94 87 85 84 82 83 82 78 77 66 Smelting and refining 101 101 102 102 103 105 103 100 99 100 103.1 103 101 103 Lumber and Products 74.0 74.2 74.6 75.9 78.9 78.4 77.3 76.4 76.9 78.1 r79.2 r77.9 75.3 74 2 Furniture . 98 101 104 106 108 107 103 101 104 105 106 104 103 101 Lumber, millwork 71 70 69 71 75 76 75 76 75 75 75 73 72 71 Lumber, sawmills ... 65 65 64 65 68 68 68 67 67 68 70 68 65 64 Stone, Clay and Glass Products 92.3 92.3 92.1 93.7 98.6 98.4 98.7 98.9 100.9 101.6 r 105.0 1100.1 96.9 94.6 Brick, tile, and terra cotta 71 70 69 69 73 74 74 73 76 77 r81 78 75 71 Cement 75 74 73 74 77 78 79 79 82 85 88 87 83 79 Glass 118 121 122 124 131 130 130 131 133 132 135 126 124 125 Marble, granite, and slate 46 45 45 44 43 42 43 45 45 45 48 43 41 40 Pottery 108 109 109 116 126 123 122 121 121 121 125 121 116 115 Textiles and Products 107.6 109.8 112.9 116.1 120.0 117.1 114.7 112.9 113.3 113.2 r112.0 r110.0 109.4 110.7 Fabrics 100.4 103.3 105.9 109.0 111.1 109.6 107.2 105.4 105.1 104.4 104.1 102.2 102.7 104.8 Carpets and rugs 83 86 89 90 89 91 91 90 90 90 85 81 75 70 Cotton goods 101 103 106 111 113 115 112 112 111 110 110 110 110 112 Cotton small wares 94 97 103 107 110 110 110 108 109 109 106 106 106 108 Dyeing and finishing textiles 136 138 141 144 149 143 140 135 130 133 131 131 132 134 Hats, fur-felt 83 80 83 86 86 79 77 78 78 76 73 71 70 67 Hosiery 142 141 144 146 149 144 135 133 132 133 132 130 127 124 Knitted outerwear ... 68 71 76 81 85 83 78 77 78 81 78 79 79 82 Knitted underwear 78 79 81 79 90 88 88 87 87 86 90 86 86 85 Knitted cloth 143 141 155 163 162 161 158 147 147 147 149 149 151 154 Silk and rayon goods 66 69 74 75 72 67 61 60 61 60 59 59 61 63 Woolen and worsted goods 102 109 109 110 112 108 112 109 110 107 107 99 103 109 Wearing apparel 119.3 119.8 124.0 127.0 135.0 128.8 126.6 124.7 126.9 128.2 125.1 122.8 120.0 119.3 Clothing, men's 110 114 122 124 124 120 119 120 125 128 123 118 118 119 Clothing, women's 164 159 161 170 193 176 171 165 167 169 161 162 156 153 Corsets and allied garments 114 114 116 119 119 122 123 112 122 115 112 116 113 111 Men's furnishings 118 119 121 124 137 137 134 127 121 113 115 113 111 111 Millinery 78 78 73 68 75 79 77 75 68 68 72 78 74 70 Shirts and collars 125 128 131 133 135 135 134 131 132 135 145 133 129 129 Leather and Manufactures ^. 94.3 95.5 96.8 101.0 100.2 97.9 98.0 99.6 104.2 103.1 98.8 96.3 97.4 97.8 Boots and shoes 92 93 94 98 97 94 94 96 101 100 95 92 93 94 Leather ... 88 90 90 95 97 96 98 97 98 97 96 95 96 95 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 April 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. 59° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment {Adjusted)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1941 1942 Industry and group Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Food and Kindred Products 131.3 132.5 135.0 137.3 138.4 140.9 138.8 140.7 147.0 147.5 r148.4 147.5 144.3 142.2 Baking 146 148 149 151 149 152 151 152 152 152 153 152 152 151 Beverages 278 111 287 286 289 298 295 303 311 316 310 310 304 306 Butter 102 105 107 105 102 104 102 102 106 106 106 105 109 112 Canning and preserving 139 140 147 156 161 169 157 164 201 188 r183 189 168 151 Confectionery 91 92 89 90 97 100 91 90 96 95 94 92 93 93 Flour 78 79 78 80 79 77 79 78 78 79 80 80 79 79 Ice cream 79 82 79 78 78 79 78 83 83 83 82 82 81 82 Slaughtering and meat packing . 113 114 119 121 123 124 125 126 127 133 139 138 137 137 Sugar, beet 111 97 99 93 89 76 98 91 98 141 168 115 107 102 Sugar refining, cane 97 103 102 101 94 93 103 103 98 101 97 90 93 94 Tobacco Manufactures. ... 64.0 65.0 65.8 65.8 65.7 64.4 62.0 64.1 65.0 66.5 69.2 66.7 66.1 65.6 Tobacco and snuff 54 54 54 53 53 53 54 54 54 56 54 53 52 53 Cigars and cigarettes . 65 66 67 68 67 66 63 65 66 68 71 69 68 67 Paper and Printing 118.5 119.8 121.2 122.9 124.8 125.1 124.4 124.9 124.8 125.9 125.2 123.4 122.4 121.4 Boxes, paper. 125 129 132 139 142 143 141 138 139 140 142 139 136 133 Paper and pulp . 119 120 123 125 126 128 128 128 129 129 130 130 130 130 Book and job printing 103 104 104 104 108 106 105 108 107 107 107 103 101 100 Newspaper and periodical printing ... 117 117 117 117 117 118 117 117 116 120 116 115 115 114 Chemicals, Petroleum, and Coal Products.... 129.0 r133.7 r137.5 r141.5 r143.9 r146.3 r145.7 r147.1 r148.2 r149.2 r151.5 1'154.4 155.6 155.5 Petroleum refining 121 121 123 125 127 127 127 129 128 129 130 131 132 132 Other than petroleum refining 131.1 r136..8 r141.1 r145.6 r148.0 r150.9 r150.3 r151.7 r152.9 154.1 r156.9 r160.2 161.3 161.1 Chemicals -, 161 163 168 172 173 179 180 181 184 187 r190 r192 194 194 Cottonseed oil, cake and meal 94 110 106 107 109 101 88 95 93 93 93 94 89 93 Druggists' preparations 119 122 129 132 136 138 141 141 144 146 152 152 153 156 Explosives * Fertilizers 95 112 118 124 129 124 124 115 118 115 r119 r139 HI 96 Paints and varnishes 134 135 136 140 145 148 145 144 144 144 145 r142 141 137 Rayon and allied products 308 324 330 337 326 328 324 323 320 320 313 308 309 317 Soap 89 91 93 94 98 99 96 94 94 95 94 92 91 92 Rubber Products 102.0 103.9 106.1 111.7 113.0 113.3 111.6 110.1 110.1 109.6 99.8 98.7 98.1 93.5 Rubber boots and shoes 69 74 78 82 82 79 75 78 80 78 73 76 75 75 Rubber tires and inner tubes 80 82 83 86 87 87 87 86 86 85 75 74 74 73 Rubber goods, other 177 176 179 192 194 200 196 189 187 189 175 173 170 154 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 io u n b li a c nd Trade* a s n e d rv m ic i e s , - G m o e v n er t2 n- forces utilities cellaneous SEASONALLY ADJUSTED 1941—April. 38,329 32,186 11,636 572 1,859 3,133 6,803 4,166 4,017 1,546 May 38,824 32,681 11,886 877 1,698 3,192 6,781 4,188 4,059 1,662 June 39,296 33,153 12,221 889 1,644 3,220 6,865 4,204 4,110 1,740 July..... 39,903 33,760 12,605 914 1,668 3,264 6,944 4,242 4,123 1,857 August 40,101 33,958 12,615 923 1,666 3,302 7,027 4,246 4,179 1,944 September 40,016 33,873 12,548 908 1,683 3,303 6,968 4,241 4,222 1,992 October 40,192 34,049 12,599 892 1,776 3,292 6,989 4,251 4,250 2,014 November 40,603 34,460 12,735 892 1,924 3,310 7,043 4,266 4,290 December 40,905 34,762 12,789 892 2,156 3,322 7,017 4,274 4,312 1942—January r40,906 r34,763 r12,863 873 r2,064 r3,322 6,907 4,273 4,461 February r40,910 r34,767 r12,826 852 2,091 r3,313 6,862 r4,265 r4,558 March 40,937 34,794 12,818 851 2,057 3,325 6,812 4,262 4,669 + April 40,882 34,739 12,847 879 1,956 3,361 6,669 4,258 .4,769 4. UNADJUSTED 1941—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 41,080 34,937 12,734 908 1,874 3,296 7,511 4,227 4,387 1942—January r39,877 r33,734 r12,606 876 1,660 r3,252 r6,756 r4,179 r4,405 February r39,994 r33,851 r12,724 860 1,645 r3,249 6,686 4,181 r4,506 + March 40,392 34,249 12,845 860 1,738 3,277 6,711 4,195 4,623 + April 40,773 34,630 .12,897 860 1,875 3,344 6,658 4,264 4,732 * Adjusted to Census of Manufactures through 1939. r Revised, t Not available for publication. 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 2 Excludes military and naval forces. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for April 1942 are preliminary. Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. JUNE 1942. 591 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 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. Total1 . ~. 119.9 122.6 134.2 r 132.5 r133.8 135.0 135.7 131.2 134.7 169.9 r173.5 r178.3 182.9 186.4 N D o u n ra d b u l r e a b g l o e o d g s o 1 ods1 1 1 2 1 3 6 . . 7 3 1 11 2 7 7 . . 8 7 1 12 4 4 4 . . 8 2 r r 1 1 2 4 2 3 . . 1 3 r1 1 2 4 3 5 . . 0 1 1 1 4 2 7 3 . . 4 2 1 1 2 4 2 9 . . 7 3 1 1 4 1 4 6 . . 6 3 1 1 4 1 9 7 . . 9 7 1 1 4 9 1 5 . . 3 4 r 1 2 3 0 9 4 . . 0 3 1 2 4 1 2 0.7 2 1 1 4 7 4 . . 3 3 2 1 2 4 3 4 . . 8 4 Iron and Steel and Products 127.2 129.4 138.0 136.3 r135.9 135.7 135.2 141.2 150.9 174.2 173.7 r178.3 181.0 180.0 Blast furnaces, steel works, etc 135 137 149 149 149 150 151 149 164 185 185 191 193 191 Bolts, nuts, washers, and rivets 151 155 170 170 169 169 171 199 212 260 261 270 274 282 Cast-iron pipe 91 93 98 97 97 98 99 99 104 120 117 125 127 131 Cutlery and edge tools ., 113 117 134 133 134 136 129 123 125 165 171 179 181 174 Forgings .,. 97 100 118 121 123 125 127 138 141 196 209 216 222 232 H Pl a u r m dw b a e r r e s' supplies 1 1 1 0 7 1 1 1 0 1 1 7 1 9 0 7 6 9 9 9 5 r9 9 3 4, 9 8 5 9 8 9 2 1 1 1 3 0 8 1 1 9 3 8 6 1 1 1 3 0 8 r1 1 0 3 0 3 r1 1 0 3 5 2 1 10 3 2 7 1 9 3 4 3 Stamped and enameled ware 207 210 220 213 209 212 207 241 243 298 294 300 309 306 Steam and hot-water heating 107 109 124 122 r123 123 122 112 117 161 r168 169 173 173 Stoves 103 109 104 92 94 92 90 103 111 112 94 103 105 104 Structural and ornamental metal work . 97 99 106 106 107 110 114 97 103 121 125 134 140 146 Tin cans and tinware 107 110 134 137 131 116 110 122 127 174 181 165 150 144 W To i o re ls work , 2 1 1 3 0 0 2 1 0 3 7 3 1 1 9 5 9 0 1 18 5 4 1 r1 1 6 5 9 3 1 1 5 6 5 1 1 15 5 7 5 2 1 5 6 6 1 2 1 4 6 3 6 2 26 1 4 1 2 26 1 5 8 r2 2 4 2 2 4 2 2 3 3 5 4 2 2 3 3 7 8 Machinery 147.7 156.2 183.4 m.o 189.7 194.0 197.7 186.2 197.4 269.6 284.2 294.8 307.8 313.9 Agricultural implements 133 169 167 164 166 169 166 162 230 219 229 241 250 249 Cash registers, etc 146 151 176 175 178 177 170 179 191 239 250 260 261 250 Electrical machinery 142 147 186 192 Engines, turbines, etc 248 257 376 372 Foundry and machine-shop products.. 124 130 150 152 155 157 161 144 152 203 211 219 227 234 Machine tools 307 317 462 472 Radios and phonographs 149 159 219 209 207 210 211 157 164 286 277 279 291 296 Textile machinery 96 99 109 110 r110 110 , 110 110 112 150 r153 154 156 156 Typewriters 134 138 162 157 151 147 126 159 175 235 226 • 222 213 171 Transportation Equipment 161.2 166.3 208.9 210.2 215.6 224.1 233.4 197.2 191.6 290.6 329.3 r336.9 349.9 380.5 Aircraft 5,564 5,929 * * * 6.678 7,134 Automobiles 132 132 116 100 89 86 S5 163 147 148 154 135 132 133 L C o a c rs o , m e o le ti c v t e ri s c- and steam-railroad 5 7 2 1 5 7 5 4 6 6 6 1 6 7 8 4 Shipbuilding 272 295 365 395 Nonferrous Metals and Products 137.0 138.7 145.3 r144.9 r146.4 147.9 143.6 155.5 157.2 193.3 r199.3 r202.9 209.1 206.2 Aluminum1 224 231 * * • * * 258 290 Brass, bronze, and copper 181 183 238 235 J C e l w oc e k lr s y and watches 1 1 0 1 4 1 1 1 0 1 4 4 r1 1 1 1 5 3 r1 1 0 1 7 1 r1 1 0 1 7 0 1 1 0 1 6 1 1 1 0 1 0 0 1 9 2 4 9 1 9 3 4 4 r1 1 2 5 0 0 ri 1 o 49 i r1 1 0 5 5 4 1 1 1 6 4 0 1 1 0 6 9 6 Lighting equipment 112 113 110 100 r100 99 96 106 106 115 r115 r110 109 112 Silverware and plated ware 80 82 86 79 78 78 • 66 82 82 101 87 91 96 80 Smelting and refining 101 100 101 r103 r103 101 102 106 107 124 r127 r129 128 128 Lumber and Products 72.6 73.8 76.6 r74.1 H4.3 74.0 73.7 72.8 75.7 85.8 r81.7 86.0 86.7 87.9 Furniture , 97 98 107 102 102 101 98 94 95 121 111 116 116 114 L L u u m mb b e e r r , , s m a i w ll m wo il r l k s nm-.......... 6 7 4 0 6 7 5 0 6 7 5 4 6 7 4 1 6 7 4 1 6 7 4 1 6 7 5 1 6 5 3 8 6 5 6 9 6 7 8 2 r6 6 7 6 r6 7 8 2 6 7 8 3 7 7 0 5 Stone, Clay and Glass Products 89.7 93.0 99.7 r95.6 r93.9 94.3 95.4 85.2 91.1 106.6 r98.0 r102.2 103.6 104.2 Brick, tile, and terra cotta 65 69 74 r70 68 68 70 56 62 n 65 67 69 70 Cement 69 74 81 78 76 78 79 66 76 89 84 85 89 90 Glass ; 120 122 132 128 126 126 126 141 144 171 r161 r166 165 164 Marble, granite, and slate 43 45 44 40 39 39 40 31 35 35 30 30 31 33 Pottery 111 113 122 121 r121 120 120 105 111 131 119 136 137 134 Textiles and Products 111.6 112.1 113.0 '111.1 '113.0 113.5 113.0 107.0 107.0 122.1 r119.7 H26.9 129.2 128.6 Fabrics 102.7 103.7 106.2 r105.1 r104.9 105.0 105.2 101.1 104.1 123.7 122.0 123.7 124.8 126.6 Carpets and rugs 86 87 90 82 r81 77 71 83 82 95 r83 85 81 76 Cotton goods 104 105 112 112 113 113 114 105 113 140 142 145 146 149 Cotton small wares 98 101 109 106 109 111 112 105 107 129 129 143 148 153 Dyeing and finishing textiles 142 143 135 134 137 138 138 133 135 141 142 149 152 157 H Ho a s ts ie , r f y ur-felt 1 8 4 5 4 1 8 4 1 2 13 7 5 6 r13 7 1 3 r1 r7 3 2 0 12 7 9 2 1 6 2 8 5 1 9 6 0 1 1 6 5 6 5 1 8 6 3 4 1 8 5 0 3 r1 r8 5 1 7 1 7 5 3 4 1 6 4 2 9 Knitted outerwear 68 71 77 75 79 80 82 61 64 74 73 79 83 86 Knitted underwear 80 83 86 85 86 88 89 82 84 98 99 102 107 110 Knitted cloth ,.., 146 142 146 144 150 153 155 133 133 144 143 157 164 170 Silk and rayon goods 67 69 61 60 62 62 63 58 60 62 62 66 68 71 Woolen and worsted goods 103 104 111 109 104 103 104 100 102 134 130 122 123 127 Wearing apparel 127.0 126.2 123.2 r119.7 r126.4 127.7 125.6 112.2 106.2 111.6 r107.8 r125.4 130.1 124.5 Clothing, men's 116 118 121 r118 r122 124 123 99 98 111 108 r117 123 121 Clothing, women's 178 172 163 156 168 170 166 148 132 133 128 159 163 151 Corsets and allied garments 118 118 113 110 117 117 115 133 133 138 136 157 160 157 Men's furnishings 123 122 120 107 114 115 114 129 124 133 119 140 141 137 Millinery 91 88 60 71 84 86 78 85 76 40 51 76 83 66 Shirts and collars 128 131 135 131 133 133 132 122 127 153 141 149 152 160 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. 592. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] Factory employment Factory payrolls Industry and^group 1941 1942 1941 1942 i S Mar. Apr. Dec. Jan.. Feb. Mar. Apr. Mar. Apr. Dec. Jan Feb. Mar. Apr. Leather and Manufactures , 98. 98.0 99.2 98.9 100.2 101.9 100.3 96.1 92.3 106 7 107.3 r113.2 117 1 115 0 Boots and shoes 97 96 95 95 97 99 97 94 89 100 101 108 112 110 Leather 89 90 98 96 97 98 95 94 95 122 119 122 124 122 Food and Kindred Products 120.3 123.6 141.0 r135.4 r133.5 131.6 132.7 122.4 125.2 157.2 r154.7 r150.7 150.6 152.8 Baking 145 147 152 150 150 150 150 140 141 158 158 160 161 161 Beverages 264 272 289 282 284 289 300 313 331 358 348 356 378 398 Butter 96 102 101 98 98 103 109 85 90 96 94 98 103 108 Canning and preserving. 80 97 124 r112 r112 97 104 76 88 130 122 128 110 119 Confectionery 89 86 106 92 90 92 87 94 86 123 105 104 109 103 Flour 77 77 79 79 80 79 78 73 76 89 90 91 87 86 Ice cream 70 78 71 70 69 72 78 62 69 67 65 67 69 74 Slaughtering and meat packing 111 110 138 144 138 134 133 114 115 169 182 163 160 160 Sugar, beet 43 44 228 72 43 42 46 46 48 255 r80 r57 56 62 Sugar refining, cane 96 103 99 93 89 92 94 92 93 98 91 79 86 93 Tobacco Manufactures 63.3 63.5 67.5 63.4 65.5 65.4 64.2 62.7 58.9 76.8 r72.6 . 72.3 70.6 73.2 T C o ig b a a r c s c o a n a d n d c ig sn a u r f e f t te . s .. 6 5 4 4 5 6 4 5 6 5 9 7 5 6 5 4 5 6 5 7 6 5 7 2 6 5 6 2 6 6 4 2 5 6 9 2 7 7 7 4 r7 7 2 3 7 7 0 2 7 7 0 1 7 7 3 3 Paper and Printing 118.1 119.4 128.3 124.7 r123.3 121.9 121.0 120.3 121.2 144.1 r136.6 r135.2 134.8 133.1 Boxes, paper 123 127 145 137 135 134 131 145 151 193 179 177 176 173 Paper and pulp 119 120 129 130 130 • 130 130 136 139 170 172 174 176 172 Book and job printing 102 103 110 108 105 101 99 95 94 110 105 100 98 96 Newspaper and periodical printing... 117 117 122 115 115 115 115 112 112 129 113 r113 114 114 Chemicals, Petroleum, and Coal Products... 131.6 r135.9 T149.7 r150.9 r154.7 158.2 157.0 149.1 r158.5 r203.0 r205.0 r212.0 218.9 220.6 Petroleum refining 120 121 129 129 130 131 132 133 142 174 171 178 180 178 Other than petroleum refining 134.6 r139.6 r154.7 r156.2 r160.8 164.8 163.1 154.0 r163.4 r212.0 r215.5 r222.4 231 1 233.8 Chemicals 159 162 186 r187 r189 193 193 202 208 272 r278 r279 288 293 Cottonseed oil, cake and meal 100 91 117 104 105 94 76 93 84 126 107 110 98 82 Druggists' preparations 121 122 149 152 155 156 156 138 138 185 187 193 200 207 Fertilizers 141 179 106 r119 r153 166 153 117 177 106 120 155 176 177 Paints and varnishes 133 137 142 141 141 141 139 147 158 176 173 r177 179 177 Rayon and allied products 312 318 321 316 313 313 310 333 342 391 392 391 394 388 Soap 91 92 92 92 92 93 92 115 116 134 133 135 137 137 Rubber Products 102.8 105.0 110.3 99.6 r98.9 98.9 94.3 119.5 122.3 136.9 127.4 127.4 132.3 129.7 Rubber boots and shoes 69 72 81 74 75 75 74 80 84 110 97 96 99 92 Rubber tires and inner tubes 80 82 85 75 74 74 73 103 106 109 103 102 106 104 Rubber goods, other 179 181 189 174 174 172 158 195 195 236 218 222 229 228 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for April 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 \sreek •Average hourly earnings (cents per hour) Industry and group 1941 1942 1941 1942 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Total .. 40.0 40.4 40.3 41.2 41.5 42.2 42.5 69.2 69.7 78.1 78.7 80.1 80.3 80.9 Durable goods #i 41.6 42.0 41.8 42.8 43.7 44.4 44.7 76.2 76.8 86.5 87.1 88.9 89.3 89.9 Iron and Steel and Products 40.7 41 0 40.9 41.4 41.3 42.1 42.6 79.1 79.5 88.6 89.4 90.4 90.9 91.6 Machinery 44.2 44.9 44.6 46.3 47.1 47.3 47.9 77.2 77.8 86.8 87.9 89.9 90.6 91.4 Transportation Equipment 42.1 42 3 41.4 42.2 46.0 46.2 46.6 91.7 92.0 104.2 103.5 106.9 105.9 105.0 Nonferrous Metals and Products 41.8 42.1 41.6 43.4 43.8 43.8 44.1 74.0 74.8 83.1 84.8 86.5 87.2 88.4 Lumber and Products.. • . . 39.4 39.7 39.5 39.7 38.9 40.5 40.5 53.4 54.1 60.2 60.2 60.7 61.3 62.0 Stone, Clay and Glass Products. 37.2 37.2 37.8 r38.5 r37.2 r38.8 39.0 68.5 68.9 74.9 75.3. 75.1 75.9 76.2 Nondurable goods 38.3 38.8 38.6 39.4 39.1 39.7 39.8 62.1 62.4 68.8 69.5 70.1 H0.1 70.6 Textiles and Products. . „ . , ,. . 37 A 37.8 37.1 38.1 37.7 38.9 39.1 51.5 51.7 57.9 58.3 58.9 59.2 59.6 Fabrics 38.3 38 6 38.4 39.6 39.3 40.1 40.1 49.2 49.4 56.7 57.1 57.4 57.4 57.6 Wearing apparel. . . . .... 35.7 36.3 34.4 35.1 34.4 36.6 37.4 56.1 56.1 60.4 60.9 62.0 62.9 63.3 Leather and Manufactures 39.1 39.7 36.4 38.7 38.8 39.9 40.0 56.4 57.2 64.4 64.9 64.9 65.8 66.3 Food and Kindred Products 39.5 40.0 40.2 40.7 40.8 r40.5 40.7 65.1 65.5 69.5 70.3 71.8 r71.8 72.3 Tobacco Manufactures . . . .. 35.4 36.1 38.5 39.1 37.9 37.0 36.6 49.5 49.7 53.2 53.0 54.9 54.4 53.7 Paper and Printing 39.1 39.7 40.4 41.0 40.1 40.0 40.1 80.3 80.7 84.1 85.5 85.2 85.4 86.2 Chemicals, Petroleum, and Coal Products 38.8 39.1 40.0 40.5 40.2 40.6 40.7 77.0 76.6 87.5 88.1 88.6 88.1 88.9 Petroleum refining 35.6 36.0 36.6 38.0 37.3 38.8 38.7 97.0 96.7 110.9 110.6 110.7 110.4 110.4 Other than petroleum refining 39.8 40. T 40.9 41.2 40.9 41.1 41.3 70.7 70.5 80.6 81.5 82.2 81.9 83.0 Rubber Products 39.3 39.7 39.3 38.8 39.3 39.7 40.6 79.2 79.9 87.0 87.5 88.7 88.2 89.4 r Revised. JUNE 1941 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Public works Month Total R b es u i 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 21.6 75.1 90.9 r ebruary . . 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 479.9 610.8 147.9 219.3 121.8 112.7 33.1 36.8 10.4 10.7 36.1 71.6 130.6 159.7 April 406.7 498.7 166.5 162.1 66.2 145.1 36.2 30.9 11.2 12.4 29.7 46.5 96.9 101.7 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 I une 318 251 288 325 539 137 108 128 147 314 180 143 161 177 225 July •. 322 240 300 399 577 131 98 137 205 348 191 142 163 194 229 August 281 313 312 415 760 104 171 158 195 520 178 142 154 220 240 September 207 301 323 348 623 80 160 144 144 403 127 141 179 204 220 October 202 358 262 383 606 78 203 92 175 371 124 154 170 209 235 November 198 302 300 380 459 93 179 144 195 298 106 123 156 186 161 December 209 389 354 456 432 115 279 225 258 288 94 110 129 198 144 Year 2,913 3,197 3,551 4,004 6,007 1,152 1,705 1,708 1,802 3,492 1,761 1,492 1,842 2,202 2,515 1 Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures 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 Apr. Mar. Apr. Apr. Mar. Apr. Apr. Mar. Apr. Boston 49,414 39,795 31,410 Boston 83 80 103 622 935 1,213 New York 100,130 29,320 50,176 New York 350 381 407 3,732 4,420 5,795 Philadelphia 38,223 30,783 22,048 Philadelphia 44 70 56 496 501 667 Cleveland 37 58 61 461 818 881 Cleveland . 50,532 48,519 37,371 Richmond 19 39 42 113 307 281 Richmond >. 90,984 130,782 48,098 Atlanta... 38 45 45 458 469 958 Atlanta „ 36,570 41,072 44,240 Chicago 149 157 150 1,145 2,279 1,971 St. Louis 28 39 36 172 482 185 St. Louis . .. .... 3 5 5 9 8 , , , 6 7 2 8 8 0 1 5 8 1 6 4 5 5 0 , , , 1 3 6 8 5 7 1 1 7 3 1 7 4 1 1 , , , 5 5 7 0 3 4 5 2 9 M D K Sa a a i n n l n l n s a F a e s s r a a p C n o i c l t i i s y sco....... 1 4 3 0 1 6 1 3 0 9 5 1 1 0 9 3 7 1 2 4 2 5 4 4 2 9 1,2 4 2 8 6 5 8 5 1 2 5 9 6 1 3 9 3 3 7 4 6 3 1,1 3 1 1 8 0 9 9 4 2 6 4 Kansas City . 10,528 32,385 10,312 Dallas 18,687 46,934 45,234 Total 938 1,048 1,149 9,282 12,011 13,827 Total (11 districts) 498,742 610,799 406,675 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. 594 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 1938 1939 1940 1941 1942 1938 1939 1940 1941 1942 1938 1939 1940 1941 1942 January 289 213 370 325 P479 171 178 242 229 P254 118 35 128 96 P226 February ... 262 219 347 303 P479 163 158 200 234 P254 99 61 147 69 P225 March 275 268 351 357 173 190 217 268 P272 102 77 134 89 P336 April 274 231 323 387 p682 160 186 212 287 P234 115 45 111 100 P448 May 257 249 324 385 148 202 211 297 109 47 112 88 June 233 236 350 330 146 179 211 280 87 57 138 50 Tulv 228 230 317 365 141 169 232 278 87 61 84 87 August . ... 231 250 351 460 166 176 221 283 65 74 130 178 September 246 289 295 425 168 182 195 262 79 107 101 162 October 278 332 344 3666 178 215 207 304 100 117 137 3362 November . . 252 292 328 492 176 235 224 281 76 57 104 211 December 269 368 322 652 171 247 253 344 98 121 69 308 Jan -Apr 1,101 930 1,391 1,372 P2.249 667 713 871 1,018 PI,014 434 217 520 354 PI,235 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 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- Total Coal Coke Grain L s i t v oc e- k p u r e c s o t d t s - Ore l e o a e n u l e - s - c l d . h c is a . e l n . - o r p T a e i o r l a w ta ti a l n y g e r x T a p o i e t l n w a s a l e y s o r p a e N i r lw a e t t a in y g i m n c N om et e revenues income SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941— M A J J D A O N S M u u e p c u o e a n l a p t r y g v c y r e o i t c e u e l e b h m m s m e t r b b b e e e r r r . . . . . . . . 1 1 1 1 1 1 1 1 1 1 2 1 3 3 3 3 3 3 3 2 6 2 5 9 9 7 8 0 5 7 1 1 1 1 1 1 1 1 1 4 2 3 5 2 3 5 1 5 2 5 8 8 6 1 3 0 1 8 1 1 1 1 2 1 1 1 1 1 1 6 3 8 8 0 9 6 6 7 5 8 7 2 9 0 9 5 7 6 9 1 1 1 1 1 1 1 1 1 1 1 9 2 2 0 1 1 1 2 3 3 7 4 6 3 2 1 8 4 1 9 9 9 8 8 8 8 9 9 0 3 3 1 8 3 4 4 5 3 1 1 1 1 1 1 1 1 1 1 1 2 3 3 5 3 4 3 4 4 4 7 0 0 2 6 9 8 5 0 6 1 2 2 1 2 1 2 1 2 1 9 6 6 5 5 5 4 0 4 0 2 6 6 2 6 5 6 4 9 4 1 1 1 1 1 1 1 1 1 1 2 3 3 3 4 4 3 3 4 4 8 6 0 9 1 0 5 3 9 4 1 1 1 1 1 1 0 0 0 9 0 9 9 9 0 0 0 2 2 9 2 7 7 9 0 0 1941— M A M J J A N O D S F u u e p u o e c e a a l n p r y c t g b v y r e o i t c e r u e l e b u h m m s m e a t b r r b b y e e e r r r 4 4 3 4 4 4 4 4 4 4 4 0 1 8 3 7 8 7 6 5 7 8 2 7 2 9 4 5 1 4 3 6 6 3 3 3 3 3 3 3 3 4 4 4 1 2 3 4 6 7 7 7 0 0 1 9 3 4 6 3 0 7 9 3 3 0 r 1 1 1 8 8 5 9 8 1 4 0 0 7 7 3 3 9 3 5 0 9 0 8 6 3 r r 5 1 4 4 5 6 4 3 3 6 1 7 0 3 1 0 8 2 3 7 5 7 1942— M F J e a a b n r r u c u h a a ry ry 1 1 1 4 3 3 0 9 6 1 1 1 1 1 2 9 6 2 1 1 1 5 5 6 3 0 8 1 1 1 4 3 1 2 1 9 9 9 97 9 5 ' 1 1 1 5 5 4 6 9 9 1 2 1 8 8 8 6 2 7 1 1 1 5 5 4 1 2 3 1 9 9 0 7 2 0 1942— M F J e a a b n » r r u u c r a u h r a y . r . y . . . 4 5 5 9 4 1 5 2 9 4 4 4 1 4 2 3 5 0 8 9 9 2 6 9 4 5 0 8 April 143 160 200 117 101 159 267 141 UNADJUSTED 1941 U — N M AD a J rc U h STED r12i 132 175 97 74 127 50 r125 101 1941— A M p a r r i c l h 4 37 1 5 6 3 32 3 2 6 8 5 1 3 3 7 5 April 108 38 120 96 82 130 203 131 103 May 442 354 89 43 May 131 117 167 107 82 135 276 138 102 June 455 362 93 53 June 136 131 170 123 69 141 265 141 101 July 485 379 106 64 July 138 127 172 163 70 149 283 139 99 August 494 382 111 66 August 140 139 167 125 80 160 271 141 99 September.. 489 385 104 59 September.. 145 140 172 122 111 149 261 150 102 October 518 424 94 54 October.... 144 138 165 104 146 147 232 151 101 November.. 457 388 69 29 November.. 141 135 168 115 117 143 199 150 101 December... 480 399 81 55 December.. 128 125 182 113 97 129 69 138 96 1942—January 481 412 69 26 1942— F J e an b u r a u r a y ry.... 1 1 2 2 9 9 1 1 3 3 6 2 1 1 8 8 4 4 1 1 2 1 5 0 9 7 5 6 1 1 4 5 0 3 4 4 6 7 1 13 3 5 4 9 9 3 6 M Fe a b rc ru h ary... 4 5 6 4 2 0 4 3 4 9 8 6 9 6 2 6 P4 2 7 4 March 129 125 175 102 77 149 73 139 92 April 136 135 176 100 90 159 218 142 81 P Preliminary. r Rev ised. * Derived from Interstate Commerce Commission data. r Revised. 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. JUNE 1942. 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS SALES BY DEPARTMENTS [Index numbers based on value figures; 1923-25 average = 100.] [Percentage change from corresponding period of preceding year.] Seasonally adjusted Unadjusted 1939 1940 1941 1942 1939 1940 1941 1942 Department April 1942* 1942 NET SALES—entire store +10 +23 J F M a e n a b r u r c u a h r a y S ry ALES 8 8 8 8 8 8 9 9 8 2 0 9 1 1 1 0 0 0 1 3 3 1 1 1 3 2 2 8 6 4 6 6 8 9 9 2 8 7 7 1 1 6 8 9 7 2 3 9 1 1 9 0 1 9 8 8 Wom M Ba e a s n i e n 's m , S e g t n i o r t r l s e S ', t o a r n e d infants' apparel and + + 1 9 1 + + 2 2 3 4 M Ap ay ril.. 8 8 7 8 8 89 9 1 10 0 5 4 117 8 87 8 8 8 9 6 1 10 0 5 6 115 ac M ce ai s n s o s r t i o e re s 1 + + 8 8 + +2 2 2 2 Tune. 86 91 104 83 87 100 Women's and misses' coats and suits... +19 +41 July 87 92 115 60 64 79 Women's and misses' dresses +3 +6 August 88 98 134 69 77 106 Blouses, skirts, sportswear, sweaters, September 90 97 116 97 105 125 knit apparel +23 +28 October 92 94 105 99 101 112 Juniors' and girls' wear 2 +23 November 93 100 116 106 114 133 Aprons, housedresses, uniforms. +9 +12 December 95 101 111 168 179 197 Women's underwear, slips, negligees +14 +24 Infants' wear +12 +27 Year 90 94 110 Women's and children's shoes +6 +22 STOCKS Basem Fu en rs t2 r. -6 +7 +6 +23 January . 67 68 71 93 60 61 64 83 Men's, and boys' wear +2 +32 J M O F A A M S T u e e u c p u a a l p b n t y r g r y o t i e r c u e l u b h s m e a t r r b y er 6 6 6 6 6 6 6 6 6 7 7 6 7 8 9 8 8 7 6 6 6 6 6 7 7 7 7 9 8 9 7 8 0 0 1 1 8 9 9 8 7 7 7 7 7 7 7 2 2 3 4 4 4 7 n 1 1 n 0 0 2 8 I 6 6 6 6 6 6 6 7 7 5 4 0 9 9 8 5 7 1 6 6 6 6 7 7 7 7 7 6 4 8 1 1 0 1 3 9 1 8 9 7 7 7 7 7 7 0 4 5 6 0 5 6 3 3 8 P1 1 9 2 1 7 1 1 Hom B M M a e a a s i i e f n n m M M B F u u e o r s s e e n r t t y n n n o o t n ? s ' r r ' i s i s ' e e s t 1 1 c u h f c l u r l i o o e r n t , n t h h g i b i s i s n h e n g g d i n s a g , n s m , d a h f t u a tr r t e n s, s i s s c h e a i s p n , s g s s prings ., ... + - + 1 — 1 0 8 5 2 + + + 2 2 0 8 0 0 + + + + 4 2 2 1 9 6 1 1 + + + +2 3 2 2 3 3 9 2 N D o ec v e e m m b b e e r r . 6 7 8 1 7 71 2 9 9 2 5 8 64 2 8 66 3 1 8 1 6 0 M D Dr o a a m j p o e r e s r t i a i e p c s p , f l l c i o a u o n r r c t a e c i s o n v s ( e , r r e u i f n p r g i h s g o e l r s a t t e o ry rs, wash- + +1 1 6 8 + +1 2 8 1 Year 68 69 83 Do e m rs, e s s t t i o c v s, e s, b l e a t n c k .) ets, comforters, lin- +12 +27 p Preliminary. Baseme e n n t s , t ( o i w nc e lu ls d ing domestics, .x. blankets, +24 +35 Back figures.—Department store sales, see BULLETIN for August 1936, linens, towels)2 , +21 +25 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) +36 +35 WEEKLY INDEX OF SALES Main store +36 +34 [Weeks ending on dates shown. 1935-39 average = 100.] Basement +32 +39 Shoes (basement only) +1 +17 1939 1940 1941 1942 * Based on reports from 265 stores. Reports of total sales from a larger Apr. 2 1 2 5 . . 9 9 3 2 Apr 1 2 3 0.... .. 9 9 9 7 Apr 1 1 2 9.... ..1 1 1 3 7 6 Apr. 1 1 1 8 . . . . . . . . .1 1 3 ?0 5 n m u e m nt b s e , r s o ho f w s e to d r e a s n , i i n n c c l r u e d a i s n e g o m f a 9 n y p e s r t o c r e e n s t n f o o t r r A e p p r o i r l ti a n n g d s 2 al 2 e s p e b r y c d en e t p f a o rt r - May 29 6 . . 1 0 9 4 8 Mav 2 4 7 . . . . .. .. . . . . 1 9 0 8 8 May 2 3 6 . . . . . . . . . . . . 1 1 2 1 4 4 May 2 2 5 . . . . .. .. . .1 1 3 2 4 9 fou 1 r G m ro o u n p t hs t o o t f a l 1 s 94 fo 2, r a m s a in in d i s c t a o te re d i in n c t l h u e d e t ab sa le le s b e i l n ow d . epartments not shown 13 . 106 11.... ..114 10.... ..128 9... .136 separately. 20 . 94 18.... .. 99 17.... ..110 16... .115 2 Group totals for basement are not strictly comparable with those shown 27 . 97 25.... .. 97 24.... ..117 23.... .114 for main store owing chiefly to inclusion in basement of fewer departments June 3 . 99 June 1.... .. 90 31.... ..109 30 ... and somewhat different types of merchandise. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year.] A 19 p 4 r 2 . M 19 a 4 r 2 . F m 1 o 9 o 4 u s. 2 r A 19 p 4 r. 2 M 19 a 4 r 2 . F m 1 o 9 o u 4 s. r 2 A 19 p 4 r 2 . Mar. F m 1 o 9 o 4 u s. 2 r Apr. Mar. m F 1 o 9 o 4 u s. 2 r United States.. +9 +25 Cleveland (cont'd) Chicago (cont'd) Dallas +7 .+15 +15 Boston +8 +27 Youngstown +3 +13 +17 Fort Wayne..;. +13 +41 +34 Shreveport +11 +23 +22 New Haven +14 +23 Erie +17 +35 +33 Indianapolis... +9 +28 +25 Dallas +14 +9 Portland +15 +36 Pittsburgh +7 +29 +23 Des Moines.... +3 +16 +15 Fort Worth +7 +15 +18 Boston +6 +25 Wheeling +3 +26 +21 Sioux City -2 +12 +10 Houston +7 +18 +16 Springfield +15 +49 Richmond +13 +35 +29 Detroit +20 +24 +28 San Antonio +24 +18 +24 Ne N P B A w r r e l o i b w d Y v a o g a i n d r r e y k k e p n o c r e t + + — 18 5 9 r r+ + + + + 2 1 1 3 2 4 9 4 0 2 +12 W W L B C y a h a i l n n a s t c r s i h l m h t i e o n b o s n g u t r - t o e r S o g n n a , le S m . C ... , + + + 2 2 1 1 8 1 + + + + + 4 3 1 5 3 0 8 8 4 0 + + + + + 3 3 2 3 8 1 1 1 5 St. F M L G l a L r i i n a l o n w n s u t i d a i n s u g R ke a e pids.. + + + + — 1 8 2 4 5 5 + + + + — 1 3 2 9 4 0 6 4 + + + + - 1 1 2 2 2 7 4 8 2 Sa B F L P n r h o a e F o k n s e e g r n n a r o s B i n f x c i e e i a s l c d c h o + + + + - 3 2 1 3 2 6 3 7 + + + + + 1 4 3 2 7 2 4 8 6 + + + + + 1 4 3 2 9 4 5 3 5 Binghamton -2 +35 +23 Norfolk +30 +44 +41 Fort Smith +33 +52 +44 Los Angeles +7 +18 +17 N B E u l i m a ff g i a a r l a o ra Falls.. + + + 1 3 9 5 3 r+ + + 4 3 3 8 9 1 + + + 3 3 4 0 0 5 H R Ch i u c a n h r t m l i e n o s g t n o t d o n n ,W.Va +5 c + + + 2 1 2 6 9 0 + + +1 2 1 4 0 3 L Q Ev i u t a i t n n le c s y v R il o le ck.... + + 16 0 1 + + + 2 2 1 8 0 6 + + + 1 1 2 6 8 3 O Sa a B c k r e l a r a k m n e d e l e n a y t n o d + +1 3 9 4 + +2 3 9 6 + +2 3 8 7 N Po ew ug h Y k o e r e k ps C i i e t . y .. + + 4 8 + +2 2 4 0 + + 1 2 8 0 Atl B an ir ta mingham + + 27 8r r + + 1 3 8 5 + + 3 1 9 5 L S o t. u L is o v u il is le + -3 6 + + 1 3 7 0 + + 2 1 4 3 S S a a n n F D r i a e n g c o isco + + 1 2 5 9 + + 2 4 6 4 + +1 3 9 9 R Sy o r c a h c e u s s t e er + + 7 1 + + 2 2 0 8 + + 2 2 0 1 M Ja o ck n s tg o o n m vi e ll r e y + + 1r0 + + 1 1 8 8 + + 1 1 4 8 M Sp e r m in p g h fi i e s ld + - 1 9 2 + - 2 3 9 + + 2 3 5 S S a a n n ta Jo R se osa + + 1 1 8 1 + + 1 3 9 8.+ + 2 2 8 2 Ph T il r a e d n el t p o h n ia +4 + +2 3 1 1 + +1 2 9 5 M Ta i m am p i a + — 10 6 '+ - 1 6 9 + - 1 8 7 K M a in n n sa e s a po C li i s ty + + 1 6 0 + + 1 1 8 6 + + 1 1 7 9 V St a o ll c e k j t o o n and Napa + +4 4 7 2 + + 3 6 9 6 + + 3 6 6 1 Lancaster +8 +32 +30 Atlanta +6 +11 --10 Denver +14 +16 +18 Boise and P R h e i a l d a i d n e g lphia.... +6 + + 3 2 3 5 + + 2 2 6 6 M Ba a t c o o n n Rouge +20 + + 2 2 6 9 - - - - 2 1 4 1 H To u p tc e h k i a nson - - 9 2 + + 3 7 XI Po N rt a l m an p d a + + 2 2 1 7 + + 2 3 7 8 + + 2 3 8 5 Wilkes-Barre... +36 +24 New Orleans +16 +25 --22 Wichita +24 +39 Salt Lake City.. +31 +29 +33 Cl T e A Y C C C v o i o l k o e e n l l l r r a v c k u o e n e i n m d n d l o a b n n . u a . d s t . i .; . . . . . . . . . . . + + + + + + + 1 1 1 1 8 3 0 3 0 7 8 + + + + + + + 2 2 2 3 3 2 3 4 6 7 9 4 4 0 + + + + + + + 2 2 2 3 2 3 2 5 2 2 0 5 3 5 C N P K C J C h a e i h a n h c c o s i o a a k c r h g x t i a s v t a o v o g a i i n o n l l l l o e e oga . + + + + + + 1 1 1 6 1 2 6 9 0 + + + + + + + 1 2 1 3 2 2 2 7 0 7 4 3 2 1 + + + + + - + - 1 1 1 2 2 2 2 6 8 3 6 6 0 1 T O O K S Jo u t m k a . p l l n s a l J a s a i o h h n a a s o s e m p C a h it C y i . t . y . + + + + + - 2 1 1 5 7 8 7 1 2 + + + + + + 2 1 1 2 4 8 7 4 3 5 2 + + + + + + + 2 1 2 3 3 3 9 0 2 2 1 1 6 T W Y S B E S p a e a v e a c a o k l e l l o t k l i r i t a m n m a e l e g n t a a W t h e a a m lla.... " + + + + + + 2 1 7 4 9 9 8 2 + + + + + + + 3 1 1 2 1 2 8 4 3 9 1 5 1 + + + + + + + 1 4 2 2 1 2 7 7 0 3 2 3 0 r Revised. 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Year, month, or week m c t o o i m e d s i - - F p u 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 a c e n t r s d p T ro ex d t u i c le ts m F li u a g t e h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t 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 h l l s l d e i a u m ed n c i d t - 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 99.9 91.6 L09.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 . 86.4 88.3 90.5 85.2 LOO.O 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 . . . 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 L04.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 LOO. 8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 , m 87.3 82.4 82.7 89.0 L08.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 80.8 71.6 73.7 84.3 L02.4 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 L02.6 78.4 72.0 97.7 99.5 79.8 89.5 77.6 April 83.2 74.4 77.9 85.9 L03.9 81.0 72.9 97.9 100.1 81.8 90.4 78.6 May 84.9 76.4 79.5 87.4 L06.4 83.0 75.6 98.1 100.4 83.6 91.4 79.6 June 87.1 82.1 83.1 88.6 L07.8 84.5 77.9 98.3 101.0 83.8 93.1 80.6 July 88.8 85.8 84.7 89.7 L09.4 86.2 78.5 98.5 103.1 85.2 94.4 82.0 August 90.3 87.4 87.2 90.8 L10.2 88.3 79.0 98.6 105.5 86.0 95.4 83.7 September 91.8 91.0 89.5 91.6 111.3 89.7 79.2 98.6 106.4 87.4 97.2 85.1 October 92.4 90.0 88.9 93.4 L12.6 90.9 79.6 103.1 107.3 89.7 99.5 86.4 November 92.5 90.6 89.3 93.5 L14.1 91.1 78.8 103.3 107.5 89.8 100.6 87.3 December .... ... 93.6 94.7 90.5 93.7 L14.8 91.8 78.4 103.3 107.8 91.3 101.1 87.6 1942—January.. .„.,.. 96.0 100.8 93.7 94.6 L14.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 February 96.7 101.3 94.6 94.9 L15.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March 97.6 102.8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 102.6 89.7 A April 98.8 104.5 98.7 95.7 L19.2 97.7 77.7 104.6 110.2 97.1 102.8 90.3 Week ending 1942—February 7... 95.7 100.1 93.7 94.5 L15.8 93.5 78.4 103.6 109.4 96.6 102.9 88.2 February 14 96.2 100.7 94.0 94.9 L16.1 93.6 78.7 103.6 109.8 96.9 104.0 89.0 February 21 96.5 101.9 94.8 94.8 L16.1 93.7 78.5 103.6 109.7 96.9 104.1 89.1 February 28 96.8 102.0 95.5 95.0 L16.3 94.9 78.4 103.7 109.9 97.1 104.1 89.1 March 7.., 96.9 101.5 95.8 95.1 L16.4 95.1 78.5 103.7 109.9 97.1 104.1 89.2 March 14. 97.1 102.3 95.8 95.2 116.4 95.9 78.2 103.7 110.2 97. 104.1 89.4 March 21 97.2 103.1 95.5 95.3 L16.6 95.9 78.2 103.7 110.4 97.1 104.1 89.7 March 28.... 97.4 103.4 95.9 95.3 L17.6 95.9 78.1 103.7 110.6 97.1 104.1 89.7 April 4 97.9 104.2 97.2 95.6 L18.1 97.0 78.3 103.8 110.5 97.1 104.3 89.6 April 11 :.. 98.1 104.6 97.0 95.6 L19.8 97.1 77.9 103.9 110.5 97. 104.3 89.7 April 18 98.3 105.2 98.6 95.5 119.8 97.0 78.1 103.9 108.8 97. 104.4 89.6 April 25 98.6 104.8 99.6 95.6 L19.8 97.0 78.5 103.9 108.8 97. 104.4 90.0 May 2 98.7 104.8 99.9 95.6 L20.0 97.2 78.6 103.9 108.7 97. i 104.6 89.6 May 9 98.6 104.0 99.3 95.8 120.2 97.3 78.7 103.9 110.0 97.. 104.6 89.9 May 16 ... 104.3 98.2 P95.9 L19.8 97.3 78.8 110.1 97. 104.6 90.2 May 23 *98.7 104.3 99.1 119.2 97.2 78.9 *>104.0 110.0 97.3 1046 90.2 1941 1942 1941 1942 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr. Apr. Jan. Feb. Mar. Apr. Farm Products: Metals and Metal Products: Grains 70.9 95.9 938 91.5 Agricultural implements... 92.3 96.7 96.9 96 9 96.9 Livestock and poultry 86.2 105.7 105.3 113.8 118.3 Farm machinery 93.5 97.8 98.0 98.0 98.0 Other farm products 67.8 98.4 9).4 97.9 99.0 Iron and steel.. 95.9 97.0 97.0 97.1 Foods: Motor vehicles.. 100.1 112.4 112.4 112.7 112.8 Dairy products 81.0 96.0 Qt 0 94.3 94.1 Nonferrous metaIs 84.3 85.4 85.6 856 85.6 Cereal products 76.8 91.1 91 1 Q06 90.2 Plumbing and heatiner 83.0 93.6 97.9 98.2 98.5 Fruits and vegetables .. 63.8 78.3 85.2 877 97.7 Building Materials: Meats 85.6 101.6 104I- 0 109 112.8 Brick and tile... 91.7 96.9 97.0 97 1 98.0 Other foods 73.9 91.0 89-4 89 1 90.4 Cement 91.0 93.4 93.4 93 6 94.1 Hides and Leather Products: Lumber 116.7 131.6 132.7 1331 131.8 Shoes 107.8 121.1 8 124 126.7 Paint and Daint materials.. 88.7 99.1 99.9 1008 100.6 Hides and skins 104 7 115.3 11 • 116.6 123.5 Plumbing and heatine. . 83.0 93.6 97.9 98 98.5 Leather. 95.6 101.4 101 4 101 s 101.3 Structural steel. 107.3 107.3 107.3 1073 107.3 Other|leather products 100.5 113.3 n:L5 1136 115.2 Other building materials... 95.9 103.1 103.5 103.8 103.8 Textile Products: Chemicals and Allied Products: Clothing 88.7 101.1 10 3 1066 107.8 Chemicals 86.4 95.3 96.3 964 96.4 Cotton goods 86.8 110 5 m 4 1126 113.8 Drugs and Dharmaceuticals 97.5 126.3 126.5 126.5 126.7 Hosiery and underwear 61 1 69 0 6f 6- 69 8 70.6 Fertilizer materials 71.0 78.6 79.3 79 S 79.2 Silk Mixed-fertilizers 73.2 81.8 82.7 8? 8 82.8 Rayon 29.5 30.3 30.3 30 •^ 30.3 Oils and fats. .. 69.3 106.4 108.2 1088 108.8 Woolen and worsted goods 93.3 103.0 104L-.3 1087 111.0 Housefurnishing Goods: Other textile products... 89.3 97.5 98\A 982 98.5 Furnishings 97.1 107.2 107.4 1077 108.0 Fuel and Lighting Materials: Furniture 83.4 97.4 97.4 974 97.5 Anthracite 80.9 85.3 8<.3 852 83.7 Miscellant ous: Bituminous coal 100 0 108.4 W 4 1084 108.2 Autotires and tubes 58.8 71.0 71.0 710 72.5 Coke 113 8 122 2 1?r 1 122 1 122.1 Cattle feed. 85.2 ] 135.2 132.8 137 7 140.4 Electricity 69 2 Paper and pulp. 94.5 102.8 102.9 10? 9 102.9 Gas 78 1 76 4 77.0 771 Rubb5r. crude.. 47.6 46.3 46.3 46 3 46.3 Petroleum products 51.9 59.5 5i.9 58.3 58.4 Other miscellaneous 84.3 92.5 92.9 93 3 93.4 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). v Preliminary. JUNE 1942. 597 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 Apr. Apr. May May May page Feb. Mar. Apr. 22 29 6 13 20 MONTHLY FIGURES In billions of dollars WEEKLY FIGURES i In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2, 7 2.39 2.39 2.43 Rese U rv . e S B . G an o k v ' c t r s e e d c i u t, ri t t o ie ta s l , by maturi- 3 2.40 2.44 2.57 2.61 B U i . l l S s . d G is o c v o ' u t n s t e e c d u rities 7 7 2 (6 . ) 25 2. . 2 0 5 1 2. . 2 0 8 1 N M T T T G r r r o o o e e e n l n a a d a m e s s s y u u u s e t t r r r m i o y y i y e W W n A c b s k , c c d f e i c i t a u r t t e t i e h h s o r r p r h c d r i i t o n n e a u e 5 s n h l p l i 5 1 a c y o t o s t y l r y s y i . d s o i r r i t n s s n gs 3, 1 5 5 5 3 3 3 5 3 1 3 2 1 3 2 2 1 1 2 1 . . . . . . . . . . 2 1 5 3 6 6 4 2 8 1 8 9 4 0 7 4 9 8 3 3 2 1 2 3 2 1 2 1 1 . . . . . . . . . . 1 4 2 3 7 6 4 1 2 9 9 9 3 5 2 2 9 3 1 4 2 1 3 2 1 2 2 f 1 . . . . . . . . . . 4 2 1 4 8 7 3 4 2 9 8 9 9 8 5 0 1 3 7 6 2 1 2 3 1 2 1 2 1 1 . . . . . . . . . . 1 2 4 1 8 4 7 4 0 3 9 9 6 4 6 8 1 2 8 1 2 1 3 2 1 2 1 2 1 . . . . . . . . . . 1 3 4 3 8 7 4 4 9 2 9 0 0 3 9 1 4 7 8 8 M E R T R T M G x r r e e o o o e e c q s l n n a a e d e u B C e e s s s r i y s y v i u u o s r l e e t r i r l r o i n s y y d i n e n c s b s o k d c a r c e c a f e . a l e r i i a n s s r v p r $ e n h c d c e o 5 r u c u s s 0 v b e l l i e a s a i t a l s s t t l n i i s o o d n n u o , n v d t e o e r r t al $ 50 2, 1 1 1 0 0 8 2 8 8 2 2 0 2 1 2 1 1 3 8 3 9 2 1 2 2 1 . . . . . . . . . . 1 3 3 6 4 1 9 7 3 3 6 3 1 0 8 9 8 1 3 3 1 2 1 1 3 8 9 3 2 1 2 2 1 . . . . . . . . . . 1 4 1 6 1 5 8 7 2 5 7 0 5 8 7 7 4 3 0 1 1 1 2 1 8 3 9 2 2 1 2 2 1 . . . . . . . . . . 5 2 7 9 7 1 6 2 6 6 6 0 0 5 7 8 5 0 5 8 Member bank reserves 3 12.47 12.66 12.44 12.67 12.49 TREASURY FINANCE Excess reserves—total* 9 2.76 2.83 2.73 ^2.81 P2.58 U. S. Government debt: N R C C e h o ew s i u c e n a r Y t v g r e o y o r c k b i a ty C n k i b t s y a * n ks 9 9 9 9 1 . . . . 1 6 2 6 9 6 7 3 1 . . . . 1 7 2 6 1 9 5 7 1. . . . 1 7 5 2 8 4 6 6 1. . . . 2 8 2 6 0 2 0 0 P 1 . . . . 1 7 5 1 7 3 5 3 Dire B N B ct i o o l n l t o s e d b s s ligations, total 1 1 1 1 9 9 9 9 4 6 8 2 4 1 . . . . 4 0 8 3 0 0 9 1 6 4 8 4 1 1 . . . . 1 8 9 6 1 5 4 5 4 6 73 8 5 4 . . . . 4 3 3 5 6 1 6 0 MEMBER BANKS Special issues. 19 7.19 7.33 7.36 Total, 101 cities: Guaranteed obligations 19 5.67 5.67 5.67 Loans and investments 16 31.39 31.21 31.14 31.22 31.89 B D a e l m an a c n e d s d d e u p e o s to it s d o a m dj e u s s t t i e c d banks.... 1 1 6 6 2 8 5 . . 7 1 3 5 2 8 5 . . 6 3 9 6 2 8 4 . . 8 8 9 5 2 9 5 . . 0 2 0 4 2 8 5 . . 7 4 7 0 MONEY RATES, ETC. Per cent per annum New T Y im o e rk de C p i o ty s : its 16 5.12 5.12 5.13 5.12 5.11 F. r R at . e B , N an . k Y discount 23 1.00 1.00 1.00 100 c U B C i . r o t i o m e S k s . m e G o r e s u r o ' c t v s l i o ' i a t d l a e o n l s b o N l a i e n g w s a t i Y on o s r k: 1 1 1 7 7 7 2 7 . . . 7 4 3 2 1 2 2 7 . . . 6 4 3 1 1 2 2 7 . . . 4 6 3 5 1 4 2 7. . . 4 6 3 8 3 2 2 7 . . . 6 6 3 8 0 9 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 a n 't i l o l b l t p s e o a s n p ( d n e ( s e r t 3 a w x a is b s l u e e )2 s) 2 2 2 2 3 9 5 3 0 0 2 . . . . 2 9 0 6 3 5 9 3 0 0 0 2 . . . . 2 9 0 6 1 3 0 3 2 0 0 1 . . . . 2 9 9 6 8 9 3 8 9 Commercial loans 17 4.16 4.12 4.04 4.04 4.02 Corporate Aaa bonds 25, 29 2.85 2.86 2.83 U. S. Gov't obligations 17 9.03 8.99 9.02 9.10 9.53 Corporate Baa bonds 29 4.29 4.30 4.26 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 A B i o l t b l a a e s o a a s n ( b b d n ( o o s e t 3 n a n w x d d s s a i s b s l u e e ) s 2, ) 21, 2 2 2 2 2 1 9 1 9 9 0 4 1 1 2 . . . . . 2 3 0 9 8 6 3 3 0 8 5! 0 4 1 2 2 . . . . . 3 0 0 8 2 5 2 0 4 8 8 0 4 1 2 1 . . . . . 3 0 8 9 2 6 4 6 4 8 8 0 1 4 2 1 .8 3 0 9 2 5 6 4 9 7 5 0 4 1 1 2 . . . . . 3 0 9 2 8 6 8 5 4 6 5 V Br o o lu k T I R P m n e u o a r d e b i t s u l a ' l r o l i s o b c f t a a r u d t i l r a a t a l i n l d c i i t e n y s g (m (m il i l l , l , d s o h ll a a r r e s s ) ) : ... 3 3 3 3 3 1 1 1 1 1 6 6 6 7 4 8 9 1 . . . . . 5 4 4 9 0 0 6 6 6 60 7 6 5 . . . . . 5 2 0 0 36 6 6 6 5 1 6 4 3 . . . . . 5 1 8 3 34 Credit extended customers.... 33 534 531 515 Money borrowed 33 307 306 300 In unit indicated Customers' free credit balances 33 262 249 247 Stock prices (1935-39 - 100): BUSINESS CONDITIONS Total... 31 62.7 60.8 62.5 62.5 63.0 Wholesale prices: Industrial 31 64.2 62.4 63.8 64.0 64.4 All commodities (1926 = 100): Railroad 31 60.3 60.1 61.1 60.0 59.4 Totals 35, 65 96.7 97.6 98.8 Public utility 31 56.3 53.1 56.4 56.2 57.6 Farm products 35 101.3 102.8 104.5 Volume of trading (mill, shares) 31 .32 .52 .31 .28 .39 Other* 35 94.9 95.2 95.7 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 120.6 121.1 121.8 All commodities (1926=100): Finished 37 116.0 116.4 117.2 Total 35 98.6 .7 98.6 ^98.5 P98.7 Raw and semifinished 37 129.9 130.5 131.1 Farm products 35 104.8 104.8 104.0 104.3 104.8 Cost of living (1935-39 = 100): Other4 35 95.6 95.6 95.8 p95.9 P95.9 All items.... 39 112.9 114.3 115.1 Basic commodities Rent 39 108.6 108.9 109.1 (Aug. 1939 = 100), total 36 167.0 166.7 167.4 167.2 166.9 Clothing 39 119.0 123.6 126.9 12 foodstuffs 36 186.2 186.0 187.0 187.1 187.3 Food 39 116.8 118.6 119.6 16 industrial materials 36 153.7 153.4 153.9 153.5 152.9 Steel production e Estimated. p Preliminary. r Revised. (per cent of capacity) 44 97.6 98.9 98.6 99.6 99.2 1 Figures for other than Wednesday dates are shown under the Automobile production (thous. cars)5., 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 45 861.4 858.9 839.3 839.1837.7 after March'15. Figures shown are for taxable Treasury notes of sim- Miscellaneous _ 45 382.4 383.2 374.4 378.2 378.3 ilar maturity. For back figures see table on open-market rates in New Electric power production (mill. kw. York City on page 575. hrs.) 46 3,273 3,305 3,365 3,357 3,380 3 Partially tax-exempt issues only. Department store sales (1935-39 = 100) • 46 129 134 136 115 114 4 Other than farm products and foods. F.H.A. home mortgages, new constr. 5 Data no longer published. (thous.) 47 6.74 5.65 6.16 4.84 3.59 6 Less than $5,000,000. 7 Including certificates of indebtedness. 8 Estimate for May is shown on page 597. * Copies of this Chart Book may be obtained at a price of 50 cents each. 598 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 Chart 1942 book book page Feb. Mar. Apr. page Feb. Mar. Apr. MONTHLY FIGURES (cont.) MONTHLY FIGURES (cont.) In unit indicated 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:12 Wholesale prices: T D o u t r a a l b l ( e 1 9 m 35 a - n 3 u 9 f a = c tu 1 r 0 e 0 s ) ,.... .41, 4 4 2 1 1 r8 7 5 2 .7 1 8 71 7.0 *> P 1 8 7 8 3 .3 G Ca e n rm ad a a n y T 6 6 5 5 94.6 95.1 Iron and steel , 42 21.2 21.7 P21.7 Japan : 65 Machinery, etc 42 47.1 49.0 P50.9 Sweden* 65 p145 4 p146 2 i>147 g Other durable 42 17.4 16.2 P15.7 Switzerland^ 65 pU2 2 Nondurable manufactures 41 r66.7 65.1 ^64.8 United Kingdom 65 ,127.9 128.2 *>128.8 Textiles and leather '... 42 r20.3 19.8 *19.7 F P O o a th p o e d 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 le n n g d tobacco ... 4 4 4 2 2 2 r1 1 1 4 2 9 . . . 2 7 5 1 1 1 8 4 2 . . . 6 1 5 ^ * P 1 1 1 8 4 2 . . . 6 1 3 In f or c e e i n g t n s p c e u r r u re n n it c y of Minerals 41, 42 19.6 19.3 ^19.8 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 88.42 87.67 87.17 New orders, total (Jan. 1939 =100). 43 292 274 P293 Japan (yen)? 66 Durable 43 463 427 P449 Switzerland (franc)8 66 Ship N m o e n n d ts u , r a to b t le a l (1939 = 100)*.... 4 4 3 3 1 1 8 9 2 9 1 1 7 9 6 9 * P > 1 1 9 9 9 3 United Kingdom (pound) ,.. „. .„ 67 403.50 403.48 403.50 Durable 43 232 235 P237 Nondurable 43 173 171 P168 1941 1942 Inventories, total (1939 = 100) .... 43 163 166 P168 N D o u n ra d b u l r e a ble 4 4 3 3 1 14 81 7 1 1 8 5 3 0 * P > 1 1 5 8 0 8 Dec. Jan. Feb. Freight-car loadings:! 2 Total (1935-39 - 100) 57 139 136 143 In billions of dollars Coal 57 24.7 25.9 34.1 Miscellaneous 57 83.0 78.4 77.1 Increase in U. S.'gold stocks All other 57 31.4 32.0 31.5 Total ." 63 15 71 15 73 15 68 Net capital inflow: 1923-25 = 100 To I t n a f l low of foreign capital 62, 6 6 3 2 3 5 .5 6 5 4 3 5 . . 4 5 7 7 5 3 .3 4 7 8 Return of domestic capital 62 1.99 2.00 2.01 Factory employment 51, 53 133.8 135.0 *135.7 Merchandise export surplus. 63 6.17 P6.39 p6.84 Factory payrolls. 51, 53 178.3 182.9 ^186.4 Other factors 63 3.91 P3.76 P3.36 Average hourly earnings Short-term foreign liabilities and (cents per hour) 51 80.3 80.9 assets of banks: Average hours worked Due to foreigners 64 3.48 3.40 3.30 (hours per week) 51 42.2 42.5 Due from foreigners .... 64 .37 .36 .35 Department store sales1 59 126 124 117 Net due to foreigners. 64 3.12 3.04 2.95 Department store stocksi 59 102 108 1941 1942 In millions of dollars Residential contracts awarded:1 Oct.- Jan- Total 47 197 206 143 Sept. Dec. Mar. Public 47 84 115 51 Priv 1 a - t e a , n t d o t 2 a - l f amily dwellings 4 4 7 7 1 1 1 0 3 1 9 8 1 3 9 8 2 5 QUARTERLY FIGURES In billions of dollars Other 47 13 9 7 Cash income and outgo of U. S. Treas.: Construction contracts awarded:3 Cash income 18 2.55 2.86 5.55 Total 49 525 512 479 Cash outgo 18 5.31 7.19 9.04 Residential 49 184 174 143 Excess of cash outgo 18 2.76 4.33 3.49 Other 49 342 338 336 Domestic corporation security issues: Nonagricultural employment! Total 32 .73 .44 .36 (m T il o l t , a p l ersons): 50 r40.91 40.94 *>40.88 N R e e w funding...... 3 3 2 2 .3 4 2 1 . .1 2 9 5 . . 2 1 2 4 Manufacturing and mining 50 13.68 13.67 *13.73 Trade 50 6.86 6.81 H.67 Government 50 r4.56 4.67 P4.7T Per cent per annum Transportation and utilities 50 3.31 3.33 P3.36 Construction 50 2.09 2.06 PI. 96 Bank rates on customers' loans: Income payments:! Total, 19 cities 25 2.60 2.41 2.48 Total 54 8,783 r8,878 9,052 New York City 27 1.98 1,88 1.85 Salaries and wages 54 5,911 "6,004 6,128 7 other Northern and Eastern Other 54 2,872 "2,874 2,924 cities 27 2.62 2.45 2.48 Cash farm income: 11 Southern and Western cities 27 3.29 2.99 3.20 Total 55 889 901 P973 L G C i r o v o v e p ' s t s t o p c a k y m an en d t s p roducts 5 5 5 5 5 5 5 2 5 7 6 0 9 0 2 64 6 1 0 P P 2 7 6 1 3 0 ba P * s e P S r c e e h r l i a i e n m s g i e r n e d a v r i t y s o . e d 1 9 r 3 f R 9 o r e a v v t i e h s r e e a d g p . e e r = io d 1 0 f 0 ro . m B a J c a k n u f a ig r u y r es 1 9 m 39 a - y F b eb e r o u b ar t y a in 1 e 9 d 4 2 u p a on nd Expo E E Im r x x ts c p p e o o a s r r s n t t s s d o f im e p x o po rt r s t ' s A 6 6 6 1 1 1 P P P 2 2 47 5 2 9 4 5 P P P 3 2 6 3 7 0 6 2 9 P ^ P 4 6 2 4 8 3 8 2 4 req 2 * 3 u T I A e n h d s r t p j . e u o e s i - t n e m t d s o n i f n t o h t r o m t s a e o l a v s i i o n n n g d a e l a x v . v er a a r g ia e t , io a n d . justed for seasonal variation. 4 Back figures for Jan. 1942: exports, *>479; imports, ^254; excess of exports, p226. 6 Back figures for 1941: July 137.4, Nov. 141.4, Dec. 142.2; 1942: Jan. 143.8. 6 Back figures for 1941: Nov. 137.2, Dec. 138.0. 7 No rate certified since July 25, 1941. 8 No rate certified since June 14, 1941. » Cumulated from Jan. 31, 1934. JUNE 1942. 599 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 1942 Chart book June Oct. Dec. Mar. June Dec. Apr. June Sept. Dec. Apr. 30 2 30 26 29 31 30 24 31 4 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency , ™.. 12 60.95 .62.87 64.10 64.88 66.96 70.75 72.43 74.15 76.09 78.25 ^79.98 Demand deposits adjusted 12 27.35 29.09 29.79 30.54 31.96 34.94 36.10 37.32 38.68 39.00 P39.95 Time deposits 12 26.80 26.81 27.06 27.28 27.47 27.74 27.90 27.88 27.90 27.73 ?27.24 Currency outside banks 12 6.01 6.19 6.40 6.23 6.70 7.32 7.78 8.20 8.56 9.62 HO. 38 Loans and investments, total 13 49.62 49.95 50.89 51.14 51.34 54.19 56.15 57.95 59.30 61.10 L In o v a e n s s t ments.....,. .. . . . . « , ..,..., : 1 1 3 3 2 2 8 1 . . 3 3 0 2 2 2 8 1 . . 3 6 2 3 2 2 8 2 . . 7 1 2 7 2 2 8 2 . . 9 1 5 9 2 2 9 2 . . 0 3 0 4 3 2 0 3 . .7 4 4 5 3 2 1 4. . 3 8 2 3 3 2 2 5 . . 6 3 3 1 3 2 3 6 . .1 1 9 1 3 2 4 6 . . 4 6 8 2 MEMBER BANKS Investments, total C1) 19.46 19.61 19.98 20.22 20.48 21.81 23.10 23.93 24.40 25.50 26.45 U. S. Government obligations: Direct 14 10.95 11.18 11.31 11.60 12.34 13.50 14.24 14.09 15.71 16.98 Guaranteed 14 2.83 3.14 3.11 3.12 3.49 3.49 3.84 4.24 3.83 3.47 State and local government obligations 14 2.55 2.69 2.91 2.89 3.01 3.21 2.98 3.16 3.09 3.17 Loan O F s o t , h re t e o i r g ta n d l o . s m ec e u st r i i c ti e s s ecurities C 1 1 1) 4 4 1 2 3 . . . 9 1 1 4 4 9 1 2 3 . . . 7 1 9 7 9 6 8 1 2 3 . . . 7 9 1 0 7 7 1 2 5 . . . 8 3 1 0 2 7 8 1 2 6 . . . 7 1 7 2 5 3 (J) 1 2 8 . . . 7 0 1 3 2 4 17. ( 8 ) 3 O S C t o t r h m e e e m r t e s lo e rc c a i u n a s r l i t l ( y o b a r l n o o s k a e n ( r i s s n 3 ' c l l o . a o n p s e ) n-market paper) 1 1 1 5 5 5 5. . . 9 5 9 9 6 1 6. . . 5 8 6 7 8 1 13. ? 8 94 6. . . 7 3 8 2 2 0 7. . . 5 4 8 2 7 3 15.I88 8. . . 5 4 7 5 2 9 "(*)I 9. . . 6 7 4 4 8 1 8 (2) R A e ll a l o t e h s e t r a t l e o a l n o s ans C11)5 2 2. . 8 8 5 3 2 2 . . 9 9 4 6 3 3 . . 0 0 6 7 3 3. . 2 2 7 3 3 3 . . 3 6 7 1 § 3 3 . . 4 6 9 9 SEMI-ANNUAL FIGURES OWNERSHIP or U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding C1) 45.34 47.07 47.87 50.36 54.75 63.77 Amount held by: U. S. Government agencies and trust funds: Public issues 20 214 2.32 2.29 2.25 2.36 2.55 Special issues 20 377 4.23 4.77 5.37 6.12 6.98 Federal Reserve Banks 20 255 2.48 2.47 2.18 2.18 2.25 Commercial banks , 20 1570 16.30 16.55 17.76 20.10 21.80 Mutual savings banks ..„ ,. 20 304 3.10 3.11 3.22 3.43 3.70 Insurance companies ... 20 590 6.30 6.50 6.80 6.90 7.90 Other investors 20 12.20 12.30 12.20 12.80 13.70 18.60| p Preliminary. 1 Series not shown in Chart Book. 2 Figures available for June and December dates only. 8 Includes only loans made for the purpose of purchasing or carrying securities. 6OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1942 are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks Mutual Private* Insured m Not insured Number of Banks (Head Offices) December 31, 1933 15,029 5 154 857 28 341 579 98 December 31, 1934 16,063 5,462 980 7,693 1,108 579 241 December 31, 1935 15,869 5 386 1 001 7 728 1 046 570 138 December 31, 1936 15,667 5,325 1,051 7,588 1,004 565 134 December 31, 1937 15,387 5 260 1 081 7 449 960 563 74 December 31 1938 15,194 5,224 1,114 7,316 917 555 68 December 31, 1939 .. 15,034 5 187 1 175 7 171 887 551 63 December 31, 1940 14,895 5,144 1,342 6,951 851 551 56 December 31, 1941 . ......... r14,825 5 117 31 502 6 809 r800 545 52 March 31, 1942 m » . 14,798 5,109 31,519 6,785 789 4545 551 Number of Branches December 31, 1933 2,911 1,121 960 2700 125 5 December 31, 1934. . . 3 133 1 243 981 6 77ft 126 5 December 31, 1935 3,284 1,329 952 828 42 128 5 December 31, 1936 3 399 1 398 981 848 39 128 5 December 31, 1937 3,540 1,485 994 ' 891 37 128 5 December 31, 1938 3 580 1 499 992 908 41 135 5 December 31, 1939 3,629 1,518 1,002 927 44 132 6 December 31, 1940 3 666 1 539 1,002 940 44 135 December 31 1941 r3,699 rl,565 1,015 932 46 135 4 March 31, 1942, total 3,706 1,568 1,012 939 46 4135 In head-office cities 1 726 685 780 136 11 113 1 Outside head-office cities 1,980 883 232 803 35 22 5 Analysis of Bank Changes*Jan. 1-Mar. 31,1942 Nnrnhfir of hanks on Dprpmhpr 31, 1041 14,825 5,117 1,502 6,809 800 545 52 Increases in number of banks: Primary organizations (new banks) 4-9 4-7 4-2 Reopenings of suspended banks.. +1 +1 Unclassified -j-1 4-1 Decreases in number of banks: Suspensions . ... —2 —2 Voluntary liquidations^ — 18 —3 —6 —9 Consolidations, absorptions, etc. . -18 -5 -1 -10 -2 Inter-class bank changes: Conversions— Private into nonmember .-..- 4-1 —1 Federal Reserve membership—9 Admissions of State banks +19 —19 Withdrawals of State banks . ... -1 +1 Federal deposit insurance—io Admissions of State banks . . 4-3 —3 Withdrawals of State banks Net increase or decrease in number of banks -27 -8 +17 -24 -11 -1 Number of banks on March 31, 1942 14,798 5,109 1,519 6,785 789 545 51 Analysis of Branch Changes, Jan. 1-Mar. 31, 1942 Number of branches on December 31, 1941 3,699 1,565 1,015 932 46 135 6 Increases in number of branches: De novo branches +12 +6 +6 Banks converted into branches +6 +1 +1 ' +4 Decreases in number of branches: Branches discontinued -11 -4 -4 -3 Net increase or decrease in number of branches +7 +3 -3 +7 Number of branches on March 31, 1942 3,706 1,568 1,012 939 46 135 6 r Revised. 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Includes three mutual savings banks. 4 Number of banks comprises 49 insured and 496 uninsured; number of branches comprises 32 insured and 103 uninsured. The'figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savi js and private banks." •» 6 Number of banks jmprises 1 insured and 50 uninsured; all branches were5 uninsured. 6 Separate figures not available for branches of insured and not insured banks. 7 Exclusive of new banks organized to succeed operating banks. 8 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 9 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 10 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not»affect Federal Deposit Insurance Corporation membership. Back figures.—See Annual Report for 1941 (tables 16 and 17). JUNE 1942. 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DEC. 31, 1941 AND JUNE 30, 1941 [Amounts in thousands of dollars] Dec. 31, 1941 June 30, 1941 National State Banks National State Banks banks banks not banks banks not All banks m F e e m de b r e a r l s m Fe e d m e b r e a r l s m F e e m de b r e a r l s All banks m Fe em de b r e a r l s - m F e e m de b r e a r l s m F e e m de b r e a r l s Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Assets Loans, discounts, and overdrafts (including rediscounts). 21,261,521 11,725,496 6,292,052 3,243,973 19,913,169 10,896,985 5,828,971 3,187,213 United States Government obligations, direct and fully guaranteed 21,047,112 12,038,981 7,498,100 1,510,031 19,370,714 11,110,780 6,965,555 1,294,379 Other bonds, stocks, and securities 6,984,917 3,806,377 2,152,760 1,025,780 6,907,899 3,810,723 2,039,282 1,057,894 Total loans and securities. 49,293,550 27,570,854 15,942,912 5,779,784 46,191,782 25,818,488 14,833,808 5,539,486 Customers' liability on account of acceptances 73,089 40,112 32,315 662 79,424 49,905 28,814 705 Total bank premises, furniture and fixtures, and other real estate 430,559 724,603 463,981 241,975 1,49*6,069 749,543 482,377 264,149 Reserve with Federal Reserve Banks 395,664 7,399,238 4,996,426 12,958,527 7,451,783 5,506,744 Coin and currency 358,735 779,420 307,218 272,097 1,242,618 702,589 296,764 '" 243 ,'265 Balances with other banks 585,107 4,738,675 1,517,211 2,329,221 8,308,583 4,829,776 1,471,418 2,007,389 Cash items in process of collection , 453,163 2,060,017 1,322,547 70,599 2,488,529 1,512,266 916,519 59,744 Income accrued but not yet collected 117,200 64,145 46,441 6,614 111,83" 61,224 44,178 6,435 Prepaid expenses 11,469 5,174 4,895 1,400 11,046 5,180 4,104 1,762 Other assets , 108,218 50,789 44,936 12,493 95,697 47,190 35,754 12,753 Total assets.. 76,826,754 43,433,027 24,678,882 8,714,845 72,984,112 41,227,944 23,620,480 8,135,688 Liabilities Demand depposits of individuals, partnerships, and corporattiions 36,547,288 20,445,710 12,615,554 3,486,024 34,330,943 19,166,544 12,262,174 2,902,225 Time deposits of individuals, partnerships, and corporattiions 15,151,204 7,934,750 3,935,295 3,281,159 15,207,488 8,012,413 3,877,869 3,317,206 Public funds of states and political subdivisions 4,169,641 2,583,135 900,645 685,861 4,009,655 2,521,811 815,975 671,869 U. S. Govt. and postal savings deposits 1,821,250 1,124,790 635,012 61,448 730,726 531,420 141,98: 57,324 Deposits of other banks; cash letters of credit; certified officers, and travelers' checks outstanding, etc 11,731,190 7,370,011 4,164,478 196,701 11,337,836 7,041,033 4,132,552 164,251 Bills payable, rediscounts, and other liabilities for borrowing money ' 10,107 3,778 534 5,795 10,675 2,005 7,788 Acceptances executed by or for account of reporting banks and outstanding 87,021 47,531 38,827 663 94,387 59,307 34,353 727 Dividends declared but not yet payable 40,567 23,459 14,443 2,665 38,833 23,318 13,834 1,681 Income collected but not yet earned 94,062 52,594 23,779 17,689 98,246 55,623 24,072 18,551 Expenses accrued and unpaid 108,835 62,497 36,310 10,028 101,861 56,138 36,290 9,433 Other liabilities 223,192 144,293 69,025 9,874 250,356 168,605 71,429 10,322 Total liabilities, excluding capital accounts 69,984,357 39,792,548 22,433,902 7,757,907 66,211,006 37,638,217 21,411,412 7,161,377 Capital stock, notes, and debentures. 2,848,686 1,511,994 850,091 486,601 2,858,363 1,519,583 839,255 499,525 Surplus 2,686,250 1,386,051 1,007,545 292,654 2,603,32' 1,333,520 984,517 285,290 Undivided profits 895,882 498,624 276,466 120,792 898,317 498,074 270,170 130,073 Reserves for contingencies 350,162 210,177 102,280 37,705 349,646 202,906 105,772 40,968 All other capital accounts 61,417 33,633 8,598 19,186 63,453 35,644 9,354 18,455 Total liabilities, including capital accounts. 76,826,754 43,433,027 24,678,882 1,714,845 72,984,112 41,227,944 23,620,480 ,135,688 Number of banks 13,427 5,117 6,811 13,423 5,130 1 1,423 6,870 1 Excludes 3 mutual savings banks members of the Federal Reserve System; figures, therefore, differ from those published in the Member Bank Call Report. 6ox FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROUP BANKS*—NUMBER AND 1DEPOSITS OF BANKS IN 37 GROUPS, AND NUMBER OF BRANCHES OF GROUP BANKS, DECEMBER 31, 1941 Number of banks in groups Number of branches of group banks Number Deposits State a d n iv d i s g i e o o n g 2 raphic Total N b a a ti n o k n s al m b S e a m t n a b k te e s r m b N e a m o n n b k - e s r o b o p r f b e a a g r n n a r c o k t h i s u n e p g s Total In o c f h f i i e t c y a e d- H of e O f a ic u d e t - side h ti e C g a u o d o n -o u - f s fice N t c i o i g t n y u c o o u n s - o t b f o h a f o d n u o g k s l r s l a o a n u ( r i d p s n s )3 county counties counties New England 31 16 8 7 14 83 57 20 3 3 1,311,761 Maine 3 3 3 4 3 1 11 992 New Hampshire 4 4 11,530 Massachusetts 21 11 7 3 10 65 53 12 1,145,834 Rhode Island 3 1 1 1 1 14 4 5 2 3 142,405 Middle Atlantic 67 34 21 12 19 93 69 17 6 1 1 998,387 New York 26 5 14 7 12 79 59 13 6 1 635,300 Pennsylvania 41 29 7 5 7 14 10 4 1,363,087 East North Central 32 26 4 2 4 27 25 2 509,182 Ohio . 18 13 4 1 1 13 11 2 152,296 Wisconsin 14 13 1 3 14 14 356,886 West North Central 144 85 4 55 6 26 6 2 7 11 954,541 Minnesota 90 49 2 > 39 2 6 6 698,938 Iowa .. 4 4 75,561 Missouri 7 2 2 3 37,151 North Dakota .. 27 17 10 45,465 South Dakota 11 9 2 4 20 2 7 11 47,427 Nebraska 5 • 4 1 49,999 South Atlantic . ... 40 25 2 13 2 13 3 10 489,597 West Virginia 4 2 1 1 8,505 South Carolina • • 1 1 1 4 1 3 32,025 Georgia 19 9 1 9 1 9 2 7 250,952 Florida • • 16 13 3 198,115 East South Central 17 13 3 1 2 12 12 199,449 Kentucky 6 3 3 1 8 8 77,925 Tennessee 11 10 1 1 4 4 121,524 West South Central 7 3 1 3 201,217 Texas 7 3 1 3 201,217 Mountain 37 20 4 13 5 33 3 2 11 17 296,048 Montana 23 13 3 7 96,983 Idaho 1 1 1 13 3 10 34,669 Wvominjr 1 1 1,928 Arizona 2 1 1 3 1 1 1 25,606 Utah 6 3 1 2 2 8 1 3 4 94,654 Nevada 4 2 2 1 9 1 1 4 3 42,208 Pacific . . . 30 15 1 14 7 554 57 7 77 413 2,215,099 Washington 13 6 7 2 10 1 7 2 61,258 Oregon 7 4 3 1 40 7 1 4 28 170,257 California 10 5 1 4 4 504 50 5 66 383 1,983,584 Total United States 405 237 120 59 841 232 50 104 455 8,175,281 1 The statistics include all groups of three or more banks controlled by (1) a 'jholding company affiliate" asjlefined in section 2(c) of the Banking Act pp. 92-101, June 1938, p. 450, Tune 1939, p. 480, May 1940, p. 457, and May 1941, p. 459. 22 OOnnllyy tthhoossee SSttaatteess aarree listed in which one or more group banks were reported. In some groups all of the banks were not in the same State. 3 Included in the group figures are a few comparatively large banks which dominate the group rather than being subsidiary banks. If the figures of these banks were eliminated, the aggregate amount of deposits involved would be decreased by approximately $2,200,000,000. JUNE 1941 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES-NUMBER OF BANKS IN OPERATION AND NUMBER OPERATINGBRANCHES OR ADDITIONAL OFFICES, DECEMBER 31, 1940 AND 1941 - Number of banks, December 3L, 1941 Number of banksmaintaining branches or additional offices1 December 31, 1941 Total Nonmember State b b n D 1 a e u 3 e 9 r n 1 m c 4 k , o . 0 - f s, Total b ti N a o n a n k - a s l b m S a b t e n e a m r k te s - b t s h a a a n v p n k i r n i s v m g , a s u o te a t t u h n e d a r l b M t s i a u n a n g u a v k l s - - s b v P a a n r t i k e - s D t 1 o 3 9 e 1 t 4 c a , 0 . l , Total b ti N a o n a n k - a s l b m S a b t e n e a m r k te - s b t N s h a a o a n v p n n k i r n m s i m g , v e s a u o m t t t a e h u b n e e a d r r l M t s in u a g u a v s l - - b v P a a r n t i k e - s In- N i o n n - - In- N i o n n - - banks sured sured sured sured New England r.. 916 910 315 45 131 61 355 3 121 117 30 21 25 11 30 Maine 100 98 35 5 17 9 32 23 23 3 4 10 4 2 New Hampshire 107 107 52 1 3 8 43 3 3 1 ...... 1 1 Vermont 82 81 40 32 1 8 9 7 2 1 Massachusetts 390 387 124 29 37 6 191 67 65 18 14 9 24 Rhode Island 35 35 12 2 2 10 9 12 12 3 2 1 5 1 Connecticut .. • 202 202 52 8 40 27 72 3 7 7 3 1 1 1 1 Middle Atlantic .. . 2,342 2,321 1,331 318 456 31 165 20 236 240 69 82 37 1 47 4 New York 870 857 422 158 128 10 134 5 134 136 31 46 17 1 40 1 New Jersey . 385 382 224 67 58 9 24 53 53 17 23 10 3 Pennsylvania 1,087 1,082 685 93 270 12 7 49 51 21 13 10 4 3 East North Central 3,057 3,036 880 503 1,555 63 8 27 207 210 28 33 144 4 1 Ohio 696 694 242 • 137 294 6 3 12 39 38' 8 16 14 Indiana 506 504 124 2 77 272 13 3 15* 42 43 6 3 33 1 Illinois 840 830 338 96 382 14 Michigan 443 440 78 146 197 19 44 46 11 10 22 3 Wisconsin 572 568 98 3 47 410 11 ""2" 82 83 3 4 75 1 West North Central 3,354 3,337 768 214 1,953 400 1 1 155 163 8 149 6 Minnesota 677 677 186 21 436 33 1 2 2 2 Iowa 647 647 103 51 435 58 117 119 114 5 Missouri 625 617 84 76 416 41 North Dakota 160 160 45 105 10 14 17 16 1 South Dakota .... 164 162 37 23 101 1 20 23 4" 19 417 418 133 14 214 57 2 2 2 664 656 180 29 246 200 1 South Atlantic 1,583 1,588 463 140 892 79 13 1 148 149 22 25 96 3 3 Delaware 45 44 14 4 23 1 2 8 8 3 4 1 Maryland • •. • • 187 186 63 11 98 3 11 27 27 3 6 16 2 District of Columbia.... 22 22 9 8 5 11 11 5 5 1 Virginia 314 314 130 54 130 39 39 6 4 29 West Virginia 181 180 77 24 74 5 1 North Carolina 228 228 44 11 165 8 44 46 3 3 39 1 South Carolina 150 151 22 5 87 36 1 6 6 2 1 3 Georgia ......... 283 290 51 18 203 18 10 10 3 3 3 1 Florida ....... .«,..«,. 173 173 53 5 107 8 2 2 1 1 East South Central 1,129 1,125 255 43 774 53 61 62 11 4 47 Kentucky. 408 404 95 18 259 32 13 13 3 2 8 Tennessee 297 297 70 7 211 9 20 21 5 1 15 Alabama 217 218 66 16 129 7 3 3 2 1 Mississippi 207 206 24 2 175 5 25 25 1 24 West South Central 1,587 1,588 730 114 675 69 42 42 8 1 33 Arkansas 216 217 50 9 149 9 14 14 1 13 Louisiana 145 146 29 8 108 1 28 28 7 1 20 Oklahoma 390 390 207 11 163 9 Texas ... - «*... .. 836 835 444 86 255 50 489 490 210 88 182 10 23 23 12 11 Montana . . 111 112 41 25 46 Idaho 50 50 19 9 21 1 7 7 6 1 Wyoming . 58 58 26 9 23 Colorado 146 144 78 15 44 7 New Mexico 41 42 22 5 14 1 5 5 5 Arizona ... «- >. <• 12 12 5 2 5 4 4 2 2 Utah 60 60 13 21 26 5 5 2 3 Nevada • «»<»•••»«•• 11 12 6 2 3 1 2 2 2 Pacific. . ....... 438 430 165 37 191 34 3 47 48 17 8 21 1 1 Washington 139 137 43 14 74 4 2 9 10 6 1 2 1 Oregon 73 73 26 6 37 3 1 5 6 2 4 California 226 220 96 17 80 27 33 32 9 •••y 15 1 Total United States 14,895 14,825 5,117 1,502 6,809 800 545 52 1,040 1,054 205 174 563 26 81 5 See following page for footnotes. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES -NUMBER OF BRANCHES OR ADDITIONALOFFICES>, DECEMBER 31, 1940 AND 1941 Number of branches or addition*d offices1 Location of branches or additional offices, December 31,4941! December 31,1941 State Dec. 31, ban N k o s, n o m t e he m r be t r han Outside head-office city t 1 o 9 t 40 al Total b t N i a o a n - n ks al m b e S a t m n a b k te s er In m s u a u t n r d u ed al pr s i a i v v n N a i s te o n u n- g r s ed M s b a u a v t n i u n ks a g l s P b r a iv n a k t s e h o c f e I f i a n i ty d c - e c h o o f e u In f a i n c d e - ty c I t n o i u g n u c t o o i u n s - es c n t o o i u g n n I u c n t o o i us n e - s New England 289 289 82 86 50 24 47 144 93 49 3 Maine 60 61 4 28 22 5 2 5 30 26 New Hampshire 3 3 1 1 1 3 Vermont 21 18 2 7 9 11 7 Massachusetts 148 150 62 38 18 32 114 33 3 Rhode Island 40 40 8 19 1 ""io " 2 19 14 4 3 Connecticut 17 17 5 1 2 8 1 6 5 6 Middle Atlantic 929 937 256 503 102 1 70 5 826 85 22 New York 698 701 180 408 58 1 52 2 642 39 17 3 New Jersey 122 124 34 60 26 4 90 32 1 1 Pennsylvania 109 112 42 35 18 14 3 94 14 4 East North Central 531 539 122 206 201 9 I 290 203 36 10 Ohio 173 169 37 110 22 120 44 5 Indiana 67 68 8 15 44 1 25 43 Illinois Michigan 162 169 63 75 23 8 127 24 8 10 Wisconsin 129 133 14 6 112 1 18 92 23 West North Central 223 231 28 196 7 s 151 60 12 Minnesota 6 6 6 5 Towa 156 157 151 6 121 36 • Missouri North Dakota 21 24 23 1 13 10 1 South Dakota 38 42 20 22 17 14 11 Nebraska 2 2 2 2 Kansas South Atlantic 390 391 85 81 204 4 17 132 91 102 66 Delaware 14 14 3 10 1 4 4 6 Maryland 96 95 10 42 27 16 53 18 18 6 District of Columbia 30- 30 17 12 1 30 Virginia 72 70 15 8 47 21 30 13 6 West Virginia 1 North Carolina 127 131 7 10 112 2 10 34 57 30 South Carolina 22 24 20 1 3 3 1 3 17 Georgia 25 25 16 5 3 1 11 3 4 7 Florida 3 2 1 1 1 1 East South Central 143 145 59 12 74 43 55 24 23 Kentucky 29 29 19 2 8 21 6 2 Tennessee 51 52 20 9 23 19 19 6 8 Alabama 20 20 19 1 3 5 4 8 Mississippi 43 44 1 43 25 12 7 West South Central 69 70 29 1 40 23 39 6 2 Arkansas 15 15 1 14 10 4 1 Louisiana 54 55 28 1 26 23 29 2 1 Oklahoma Texas Mountain 92 92 74 18 3 18 35 36 Montana Idaho 37 37 35 2 3 12 22 Wvoming Colorado New Mexico . . 7 7 7 4 2 1 Arizona 26 26 21 5 1 7 12 6 Utah 12 12 8 4 1 2 5 4 Nevada ... 10 10 10 1 2 4 3 Pacific 1,000 1,005 830 126 47 1 1 257 92 146 510 Washington . . 85 87 83 1 2 1 17 5 27 38 Oregon 67 68 64 4 11 5 6 46 California 848 850 683 125 41 1 229 82 113 426 Total United States ... 3,666 3,699 1,565 1,015 932 46 135 6 1,726 827 480 666 * Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U.S.R.S. which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." The table does not include "seasonal agencies" which are only in operation at certain periods of the year. 2 Includes 1 mutual savings bank. 3 Includes 2 mutual savings banks. Back figures.—See BULLETIN for May 1941, pp. 460 and 461. 605 JUNE 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, MARCH 31, 1937, TO APRIL 4, 1942 [Amounts in thousands of dollars] 1937 1938 1939 1940 1941 1941 1942 ASSETS March 31 March 7 March 29 March 26 April 4 Dec. 31 April 4 Loans (including overdrafts)1 13,699,294 13,546,245 13,047,275 13,939,408 15,878,348 18,020,904 17,833,654 United States Government direct obligations 10,856,351 10,625,221 10,690,610 11,313,710 13,501,298 15,706,687 16,978,062 Obligations guaranteed by United States Government 1,861,336 1,826,966 2,660,145 3,107,056 3,486,598 3,832,035 3,470,761 Obligations of States and political subdivisions. #- • 2,350,032 2,208,781 2,554,651 2,904,862 3,205,694 3,089,606 3,172,920 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not guaranteed by United States1 2 3,215,554 2,768,800 2,687,973 2,464,916 2,499,059 2,479,083 2,447,781 Corporate stocks (including Federal Reserve Bank stock) — 542,436 545,156 454,331 433,105 411,599 392,244 383,384 Total loans and investments1 32,525,003 31,521,169 32,094,985 34,163,057 38,982,596 43,520,559 44,286,562 Reserve with Federal Reserve Banks 6,613,340 7,248,811 9,112,434 12,279,162 13,531,403 12,396,344 12,725,262 Cash in vault 662,310 603,541 776,978 862,162 837,055 1,086,752 884,262 Demand balances with banks in United States (except private banks and American branches of foreign banks) 3,312,519 3,461,582 4,280,654 5,499,427 6,235,245 6,147,354 6,184,254 Other balances with banks in United States and foreign countries2. . . 185,494 181,263 168,179 157,902 111,876 109,653 97,667 Due from own foreign branches 3,787 2,326 3,551 3,400 51 4,215 4,958 Cash items in process of collection 1,973,621 1,406,710 1,481,467 1,561.722 1,796,066 3,382,586 1,805,684 Bank premises owned and furniture and fixtures 981,712 971,875 941,876 922,049 918,872 911,213 913,094 Other real estate owned 368,868 341,875 314,835 271,712 219,227 179,139. 169,950 Investments and other assets indirectly representing bank premises or other real estate1 146,451 132,005 111,982 98,449 98,170 Customers' liability on acceptances 202,067 134.473 106,764 97,936 81,011 72,427 62,101 O In t c h o e m r e a s a s c e c ts ru ed but not yet collected 1 ' 226,756 252,212 r L 1 1 1 0 1 5 , , 0 3 9 9 7 7 1 17 0 7 5 , , 0 4 6 4 1 2 1 1 1 4 6 6 , , 2 3 7 2 4 8 1 1 1 0 0 1 , , 5 5 8 7 6 9 1 9 2 9 6 , , 7 6 0 5 9 6 Total assets. 47,055,477 46,125,837 49,644,668 56,233,037 63,087,986 68,120,856 67,458,329 LIABILITIES Demand deposits—Total 28,652,321 32,051,080 44,393,324 48,925,916 Individuals, partnerships, and corporations 19,116,334 20,845,004 29,752,260 32,601,796 United States Government3 752,141 774,701 523,133 2,164,463 States and political subdivisions 2.236,537 2,466,695 2,957,252 3,285,267 Banks in United States and foreign countries2 5,980,911 7,431,195 10,498,201 10,285,818 Certified and officers' checks, cash letters of credit and travelers' checks, etc 566,398 533,485 662,478 588,572 Time deposits—Total • 11,594,357 11,615,416 12,430,507 12,086,687 Individuals, partnerships, and corporations2 10,845,173 10,939,547 11,837,267 11,520,256 Postal savings3 89,588 68,276 54,422 48,553 States and political subdivisions 512,129 461,156 392,143 394,640 Banks in United States and foreign countries2 147,467 146,437 146,675 123,238 Total deposits 40,246,678 43,666,496 56,823,831 61,012,603 Due to own foreign branches 129,332 151,175 175,211 156,202 Bills payable, rediscounts, and other liabilities for borrowed money 32,866 7,455 2,247 2,586 14,152 Acceptances outstanding 145,231 120,768 108,670 93,457 73,729 Dividends declared but not yet payable4 17,762 30,951 30,500 7,838 7,593 Income collected but not yet earned 48", 168 60,492 73,116 71,233 Expenses accrued and unpaid 249,264 202,121 92,205 88,916 94,800 119,599 Other liabilities 60,381 60,479 63,493 73,660 Total liabilities... 41,730.802 40,773,990 44,177,599 50,671,361 57,334,332 62,234,492 61,528,771 CAPITAL ACCOUNTS Capital 2,454,266 2,427,058 2,394,184 2,348,205 2,357,134 2,362,185 2,361,187 Surplus 1,952,805 2,020,279 2,096,664 2,179,505 2,294,271 2,394,336 2,406,873 Undivided profits4 580,907 611,508 670,798 714,549 757,605 775,145 802,177 Reserves for contingencies and other capital accounts2 336,697 293,002 305,423 319,417 344,644 354,698 359,321 Total capital accounts 5,324,675 5,351,847 5,467,069 5,561,676 5,753,654 5,886,364 5,929,558 Total liabilities and capital accounts. 47,055,477 46,125,837 49,644,668 56,233,037 63,087,986 68,120,856 67,458,329 Net demand deposits subject to reserve. 24,668,338 23,789,968 26,301,964 36,380,607 39,707,549 40,943,231 Demand deposits-adjusted5 21,352,110 20,512,559 22,363,717 31,575,924 33,753,582 34,669.951 Number of banks « 6,367 6,335 6,331 6,528 6,619 6,629 1 Figures of loans and investments beginning December 31,1938 are not entirely comparable with prior call dates because investments and other assets (principally loans) indirectly representing bank premises and other real estate are now reported separately. Such investments and other assets amounted to $94,569,000, and $49,939,000 respectively, on December 31, 1938. 2 This is a combination of two or more items shown separately on June and December call dates. 3 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 4 Reserves for dividends payable in common stock, $5,544,000 on December 31, 1938, were formerly published as part of undivided profits. Reserves for undeclared cash dividends on capital stock and for accrued interest on capital notes and debentures, $10,691,000 on December 31, 1938, were formerly reported in combination with dividends declarea but not yet payable. Beginning December 31, 1938 these two reserves are included in "Other capital accounts." 6 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-CONDITION ON APRIL 4, 1942 BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city All member All national All State member banks1 Reserve Country ASSETS banks m b e a m nk b s er m b e a m n b k e s r b ci e t r y b m an em ks - 1 m b e a m n b k e s r * New York Chicago Loans (including overdrafts) 17,833,654 11,545,467 6,288,187 4,173,296 922,512 6,989,103 5,748,743 United States Government direct obligations 16,978,062 10,624,133 6,353,929 5,865,546 1,381,407 5,781,489 3,949,620 Obligations guaranteed by United States Government 3,470,761 2,110,745 1,360,016 1,514,986 108,326 1,050,628 796,821 Obligations of States and political subdivisions 3,172,920 2.077,660 1,095,260 772,854 206,601 940,535 1,252,930 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not guaranteed by United States 2,447,781 1,560,056 887,725 658,264 163,446 707,077 918,994 Corporate stocks (including Federal Reserve Bank stock) 383,384 197,686 185,698 137,934 23,287 136,527 85,636 Total loans and investments 44,286,562 28,115,747 16,170,815 13,122,880 2,805,579 15,605,359 12,752,744 Reserve with Federal Reserve Banks 12,725,262 7,753,030 4,972,232 5,235,791 1,088,166 4,221,100 2,180,205 Cash in vault. 884,262 625,262 259,000 80,586 347,838 Demand balances with banks in United States (except private 26,569 429,269 banks and American branches of foreign banks) 6,184,254 4,668,237 1,516,017 189,865 2,675,641 Other balances with banks in United States and foreign coun- 281,504 3,037,244 tries 97,667 75,151 22,516 6,731 30,066 Due from own foreign branches 4,958 4,907 51 51 4,282 4,907 56,588 Cash items in process of collection 1,805,684 1,259,477 546,207 349,330 200,977 930,717 324,660 Bank premises owned and furniture and fixtures 913,094 590,168 322,926 198,932 18,831 325,622 369,709 Other real estate owned. 169,950 76,906 93,044 20,642 1,431 64,748 83,129 Investments and other assets indirectly representing bank premises or other real estate 98,170 53,445 44,725 10,195 660 65,765 21,550 Customers' liability on acceptances 62,101 34,939 27,162 32,300 2,265 23,807 3,729 Income accrued but not yet collected 126,656 73,705 52,951 49,078 9,901 47,593 20,084 Other assets ....... 99,709 52,634 47,075 18,545 6,260 31,897 43,007 Total assets 67,458,329 43,383,608 24,074,721 19,314,926 4,446,425 24,375,060 19,321,918 LIABILITIES Demand deposits—Total 48,925,916 31,238,066 17,687,850 16,604,581 3,678,437 17,541,379 11,101,519 Individuals, partnerships, and corporations 32,601,796 20,250,637 12,351,159 11,234,580 1,886,416 11,105,233 8,375,567 United States Government2 2,164,463 1,435,399 729,064 966,910 296,113 632,622 268,818 States and political subdivisions 3,285,267 2,401,425 883,842 296,437 203,381 1,312,521 1,472,928 Ranks in United States and foreign countries 10,285,818 6,755,561 3,530,257 3,953,012 1,261,966 4,288,751 782,089 Certified and officers' checks, ca«h letters of credit and travelers' checks, etc 588,572 395,044 193,528 153,642 30,561 202,252 202,117 Time deposits—Total 12,086,687 8,136,027 3,950,660 781,495 455,191 4,698,677 6,151,324 Individuals, partnerships, and corporations 11,520,256 7,690,269 3,829,987 751,229 454,991 4,365,829 5,948,207 Postal savings2 48,553 34,894 13,659 18,259 30,294 States and political subdivisions 394,640 325,161 69,479 24,764 200 224,225 145,451 Banks in United States and foreign countries 123,238 85,703 37,535 5,502 90,364 27,372 Total deposits 61,012,603 39,374,093 21,638,510 17,386,076 4,i33,628 22,240,056 17,252,843 Due to own foreign branches 156,202 124,727 31,475 156,202 Bills payable, rediscounts, and other liabilities for borrowed money 14,152 12,270 1,882 4,300 5,570 4,282 Acceptances outstanding 73,729 41,266 32,463 38,758 2,543 28,602 3,826 Dividends declared but not yet payable 7,593 6,741 852 231 858 5,215; 1,289 Income collected but not yet earned 71,233 .48,492 22,741 11,121 2,554 35,787 21,771 Expenses accrued and unpaid 119,599 74,686 44,913 28,630 12,770 54,159 24,040 Other liabilities 73,660 37,621 36,039 34,682 5,185 24,718 9,075 Total liabilities .. 61,528,771 39,719,896 21,808,875 17,660,000 4,157,538 22,394,107 17,317,126 CAPITAL ACCOUNTS Capital 2,361,187 1,508,095 853,092 548,052 101,400 789,965 921,770 Surplus 2,406,873 1,393,462 1,013,411 840,632 120,690 769,403 676,148 Undivided profits. . ; 802,177 514,454 287,723 219,128 28,576 263,023 291,450 Reserves for contingencies and other capital accounts. 359,321 247,701 111,620 47,114 38,221 158,562 115,424 Total capital accounts 5,929,558 3,663,712 2,265,846 1,654,926 288,887 1,980,953 2,004,792 Total liabilities and capital accounts.. 67,458,329 43,383,608 24,074,721 19,314,926 4,446,425 24,375,060 19,321,918 Net demand deposits subject to reserve.. 25,313,779 15,629,452 16,065,386 3,197,349 13,936,809 7,743,687 Demand deposits-adjusted3 21,787,629 12,882,322 11,335,329 1,919,381 11,689,289 9,725,952 Number of banks 5,109 1,520 36 13 352 6,228 located. 2 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 8 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. JUNE 1942. 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 610 Gold production 611 Gold movements 611 Net capital movements to United States since January i, 1935... 6n Central banks 613-616 Money rates in foreign countries 617 Commercial banks 618 1 Foreign exchange rates 619 Price movements: Wholesale prices 62.0 Retail food prices and cost of living 6x1 Security prices 6zi 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. JUNE 1941 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A e i r n n - - a g B i e u l m - Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v z s a e l k o c - h ia o- D m e a n rk - Egypt France m G a e n r- y Greece 1936—Dec.. 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec.. 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec.. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec.. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 129 28 1940—Dec.. 21,995 2 353 3 734 51 274 24 30 17 58 52 52 2,000 28 1941—May. 22, 575 353 734 58 274 24 30 16 59 48 52 2,000 128 June. 22,624 353 734 62 274 24 6 30 18 61 47 52 2,000 July. 22, 675 353 734 63 274 24 7 30 18 61 45 52 2,000 Aug.. 22,719 352 734 65 274 24 11 30 17 61 45 52 2,000 Sept. 22,761 352 734 66 274 24 6 30 17 61 44 52 2,000 Oct.. 22,800 354 734 68 274 24 6 30 17 61 44 52 2,000 Nov. 22,785 354 734 69 274 24 8 30 17 61 44 52 2,000 Dec.. 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 1942—Jan.. 22,747 354 734 274 7 30 18 44 2,000 Feb.. 22,705 354 734 274 5 30 17 44 2,000 Mar. 22,687 5 30 15 2,000 Apr.. 22,691 6 16 End of month H ga u r n y - P I e r r a s n ia) Italy Japan Java Mexico S l T a e n t d he s r - Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- Ru ni m a a- A S f o r u ic t a h Spain 1936—Dec... 25 25 208 463 60 46 491 23 98 20 75 68 114 203 5 718 1937—Dec... 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1 1 9 9 3 3 9 8 — — D De e c c . . . . . . 3 2 7 4 2 2 6 6 1 1 9 4 3 4 1 1 6 6 4 4 8 9 0 0 2 3 9 2 9 6 9 9 8 2 2 2 3 3 9 9 4 4 2 2 0 0 t 85 6 6 9 9 1 1 5 3 2 3 2 2 2 4 0 9 1940—Dec... 24 26 U37 164 140 47 617 23 59 158 367 1941—May.. 24 26 6.164 174 58 572 23 20 59 172 418 June.. 24 26 173 59 573 23 20 59 175 427 July.. 24 26 173 60 573 23 20 59 178 431 Aug... 24 26 193 59 573 23 20 59 178 436 Sept.. 24 201 57 573 23 21 59 179 450 Oct... 24 200 54 573 23 21 59 180 422 Nov. , 24 228 52 574 23 21 59 181 400 Dec. 24 235 47 575 23 22 59 182 366 1942—Jan... 24 216 42 575 23 21 59 182 363 Feb... 24 28 575 23 21 59 380 Mar- 30 23 21 397 Apr.., 31 Government gold reserves1 not included End of month S d w e e n - land T k u e r y - U K d n o i i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n e s7 r - in previou U s n i f t i e g d ures End of month United King- Frances Bel- States dom gium 1 1 1 1 9 9 9 9 3 3 3 3 6 7 8 9 — — — — D D D D e e e e c c c c . . . . . . . . . . . . 2 3 2 3 2 4 4 0 1 0 4 8 6 6 7 5 5 5 0 4 7 0 1 9 2 2 2 2 9 9 6 9 2 2 2 , , , 6 5 6 8 8 8 9 9 4 0 1 7 7 6 6 7 4 9 8 5 5 5 5 2 2 9 2 4 5 5 5 8 7 1 9 1 1 5 7 1 4 1 1 1 1 5 8 8 4 3 5 3 2 1 1 9 9 3 3 7 8 — — D J J M u u e n n c a e e r . . . . . . . . . . "\" 1 4 6 4 9 " 4 1 1 3 , , 4 3 9 8 9 3 9 5 4 "" 1 6 8 1 2 1 5 " 1 19 9 4 4 1 0 — —D M e a c y ... 1 1 6 8 0 0 5 5 0 3 2 0 96 1 1 1 9 0 0 8 9 4 2 0 9 1 8 8 2 3 1 9 2 1 1 4 4 5 5 1939— D M M e a c a y . r . . . . . . . . . . . 1 8 5 0 4 1 4 , 7 7 3 5 2 9 3 5 4 3 7 5 1 7 9 44 1942— M A F O N D J A J S J u u e a e p c u e o a l n b n p t r c g v y r e t 2 2 2 2 1 1 1 1 1 1 5 7 2 2 9 9 9 8 9 9 1 7 5 3 2 6 2 9 1 1 5 6 5 5 5 5 6 7 7 7 7 6 2 3 2 4 6 8 9 0 6 0 5 8 3 5 3 4 4 6 2 0 2 9 9 9 9 9 9 8 2 6 2 2 5 3 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 8 8 6 1 8 2 4 4 4 4 4 4 4 4 5 5 5 1 0 0 1 1 1 1 9 2 6 2 1 1 1 1 1 9 9 9 0 0 0 2 2 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 4 4 4 6 6 4 4 6 4 6 6 6 6 6 1 1 9 9 4 4 0 1 — — D D D S S S J J J M M u u u e e e e e e a a c p c n p n c p n r r . t t e t e e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 8 8 4 8 8 6 0 5 4 2 2 6 8 9 5 8 4 5 6 5 4 5 1 1 1 1 7 7 7 7 1 r R Fi e g v u i r s e e s d . relate to last official report dates for the respective countries, as follows: Germany- 1 Reported at infrequent intervals or on de- June 15, 1939; Greece—Mar. 31, 1941; Italy—late in Mar. 1940; Norway—Mar. 30, 1940; Poland- layed basis: U. S.—Exchange Stabilization Fund July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali- 2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. zation Account; France—Exchange Stabilization 3 Change from previous December due largely to inclusion of gold formerly not reported. Fund and Rentes Fund; Belgium—Treasury. 4 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- 2 For complete monthly series from Oct. 1938trol Board. Gold reported since that time is gold held by Minister of Finance. 5 Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1, 1936, and Apr. 30 May 1939, see BULLETIN for February 1941, 1938, respectively. p. 170. 6 Figure for Feb. 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately. 3 Figure for end of Mar. 1937, first date reported. 1 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 4 Figure for end of September. Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland,. Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain NOTE.—For details regarding special gold of these countries have been carried forward from last previous official report. transfers in 1939-40 between the British E. E. A. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British and the Bank of England, and between the French Exchange Equalization Account during 1939. 9 Beginning Dec 1940, figures refer to gold reserves of new Central Bank only. E. S. F. and the Bank of France, see BULLETIN NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. for September 1940, p. 926. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. 6lO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Africa North and South America Other U o .S ut . s S i . d R e .1 Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g i o an 2 U St n a i t t e e s d 3 Canada* Mexico Co b l i o a m- Chile N g ic u a a r 5 a- Au l s ia tr a-1 | B In ri d t i i a s S h $1 = 1H\ grains of gold ft fine; i.e.yan ounce rf fine gold = $35 1934 ,.„.„..:.. 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 ,....„..,.. 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 „„.«.«.. 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 ,..,.„.„.. 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938.....„„.„.„.. 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 „„.«.„.. 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 „„.«.„.. 1,279,455 1,094,264 491,628 29,155 32,163 2 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 ...„.„.„. rl,287,790 2*1,088,194 504,268 ^27,808 32,414 208,443 186,568 27,969 22,961 9,259 7,525 2*51,039 9,940 1941—Apr 105,525 r89,195 41,357 2,355 72,800 16,340 15,384 2,491 2,071 896 r563 4,133 805 May 105,140 r88,750 42,716 2,355 2,800 15,948 15,721 1,448 1,872 528 r525 4,136 700 Tune 105,875 r89,581 41,186 2,353 2,800 16,395 15,890 2,845 1,777 1,023 r533 3,939 840 July 109,970 93,597 43,093 2,319 2,800 18,463 15,983 2,485 2,072 628 693 4,185 875 Aug 108,535 92,443 42,458 2,329 2,800 17,413 16,353 2,579 1,739 860 661 4,376 875 Sept. 109,935 93,863 42,135 2,312 2,765 20,807 15,578 1,984 1,984 504 717 4,271 805 Oct 111,265 ^94,919 43,061 £2,348 2,590 18,781 16,141 2,300 2,098 703 699 5,357 840 Nov........ 107,940 ^91,599 41,807 *>2,243 2,590 19,740 15,499 1,688 1,726 701 718 4,047 840 Dec r105,035 P88.834 42,436 P2.313 2,590 16,700 14,746 1,832 1,749 622 770 P4.200 875 1942—Jan 105,175 2*89,429 42,556 P2,313 2,695 14,982 14,198 3,790 2,075 P692 772 /4.515 840 Feb ^92,330 *>77,658 39,651 2*2,208 2,625 10,034 13,147 /2.460 1,573 *>622 647 *>3,430 1,260 Mar 2>83,328 42,618 •^2,208 2,625 10,959 .215,050 ^2,4601 '1,573 /»622 663 P3.675 875 v; changes ating annual .,v*v*v,~~** v.^ *.%,*«, ..w. *-~*, *~~ minion flOllnrS! WAS. l.SX million: m:<h 1X7 million- 1U.-47 1XS mi I linn* 1Q^8 1SO mi I linn 2* 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 T n o 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 e m l- N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - Net imports from or net exports (—) to: 19341 1,131,994 499,870 86,829 30,270 16,944 12,038 1,029 12 32,304 1935 1,739,019 315,727 95,171 13,667 10,899 15,335 3,498 65 46,989 1936 1,116,584 174,093 2 72,648 39,966 11,911 21,513 23,280 8 39,735 1937 1,585,503 891,531 6 111,480 38,482 18,397 25,427 34,713 181 246,464 29,998 1938 1,973,556699 1,208,728 60,146 76,315 36,472 10,557 .27,880 39,162 401 168,740 267,975 1939 3,574,1511,826,403 28,715 612,949 33,610 23,239 35,636 74,250 22,862 165,605 3102,404 1940 4,744,472 633,083 161,489 1,320 2!,, 622,33029,880 23,999 38,627 103,777 184,756 111,739 4388,468 1940 Nov I 330,107 936 262,718 545 3,283 14,441 6,240 12,186 27,580 Dec 137,176 99 80,389 347 2,814 3,268 14,994 1,751 13,262 12,805 1941 Jan...... 234,242 37 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 515,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 Gross imports from:6 May 34,830 2 16,309 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 1 17,521 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,228 1,088 2,128 4,972 5,199 88 3,811 Aug 36,973 79 10,845 843 2,230 5,098 6,742 137 1,995 5 9,011 Sept 65,702 ?S0 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 69,041 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.—$5,615,000. 6 Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination. 7 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. NOTE.—For gross import and export figures and for additional countries see table on p. 566. JUNE 1942. 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.? 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 :. 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (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 May 7..... 5,639.1 3,243.5 1,400.4 1,843.1 791.6 832.9 673.8 97.2 May 14 .. 5,602.2 3,224.2 1,414.8 1,809.4 792.4 833.5 655.2 96.8 May 21.... 5,627.8 3,252.0 1,421.2 1,830.9 794.6 834.5 649.6 97.0 May 28.... 5,635.8 3,266.4 1,417.5 1,848.9 794.9 835.4 641.6 97.5 June 4 . 5,608.9 3,235.2 1,418.6 1,816.6 803.6 836.3 637.1 96.8 June 11.. 5,602.7 3,226.9 1,401.3 1,825.6 811.6 832.6 634.4 97.2 June 18.. 5,627.8 3,249.3 1,407.9 1,841.4 815.7 831.6 634.4 96.7 June 25. 5,620.7 3,240.9 1,410.3 1,830.7 817.8 833.1 632.4 96.5 July 2.... 5,575.4 3,193.3 • 1,375.1 1,818.2 818.6 834.1 631.2 98.2 July 9... 5,584.6 3,194.6 1,366.2 1,828.4 826.2 835.5 630.0 98.3 July 16... 5,561.8 3,171.5 1,362.8 1,808.7 826.2 837.8 628.2 98.2 July 23... 5,534.0 3,153.6 1,342.7 1,810.9 819.4 838.3 624.8 97.9 July 30.. 5,506.9 3,141.4 1,320.3 1,821.1 803.5 838.9 623.6 99.5 Aug. 6... 5,556.1 3,185.5 1,378.9 1,806.6 807.3 839.7 624.8 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. 1... 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Oct. 8... 5,494.3 3,123.0 1,309.3 1,813.7 804.6 841.7 623.9 101.1 Oct. 15... 5,478.1 3,108.0 1,337.2 , 1,770.8 802.1 843.3 623.2 101.5 Oct. 22.. 5,460.2 3,091.1 1,291.6 1,799.5 803.4 843.2 621.2 101.3 Oct. 29... 5,503.2 3,138.3 1,334.1 1,804.2 797.7 845.2 621.3 100.6 Nov. 5... 5,429.2 3,074.3 1,266.7 1,807.5 785.5 846.9 621.6 100.9 Nov. 12.. 5,429.7 3,063.2 1,262.8 1,800.4 796.1 847.6 622.1 100.8 Nov. 19.. 5,383.3 3,021.7 1,208.4 1,813.3 792.4 846.7 621.7 100.8 Nov. 26.. 5,384.0 3,018.5 1,195.2 1,823.3 795.8 847.7 621.3 100.7 Dec. 3.. . 5,379.3 3,011.6 1,192.2 1,819.4 795.2 851.0 620.5 101.0 Dec. 10. . 5,358.4 2,989.1 1,154.1 1,835.0 796.6 852.7 620.4 99.6 Dec. 17.. 5,290.9 2,919.4 1,102.2 1,817.3 795.4 853.6 622.5 100.1 Dec. 24. . 5,266.8 2,894.9 1,075.5 1,819.4 792.6 854.5 624.6 100.1 Dec. 31.. 5,230.7 2,856.2 1,053.7 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 ioi.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 Feb. 4... 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 Feb. 11.. 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 Feb. 18.. 5,035.7 2,646.2 866.1 1,780.2 806.8 855.9 624.5 102.4 Feb. 25.. 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 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. pp. 394-431. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue dept. Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m ter il l l i i n o g n ) s of Gold1 a O s t s h e e ts r 2 Cash reserves a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits l O ia t t i b h e i s e l r i- Coin Notes vances Bankers' Public Other 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4 .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Apr. 30. .2 5 680.0 .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 18.0 Sept. 24 .2 5 730.0 .6 58.8 4.6 149.8 671.4 133.9 10.6 52.2 18.1 Oct. 29. .2 730.0 .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 Apr. 29. .2 8830.0 .7 59.1 7.5 138.4 771.2 122.6 14.0 51.4 17.7 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of m S d te U rli n n i g ted securities Other Note Other Canadian dollars) Gold States assets circulation7 liabilities dollars S t h er o m rt 6 - 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. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—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 Apr. 30.... 209.5 413.1 223.5 19.1 516.7 214.7 104.5 7.3 22.0 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940. Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22, 1942. 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. 613 JUNE 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a e x n i - g g e n m O a p rk en et2 Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 a O s t s h e e t r s c N ir ti c o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O ia t t i b h e i e s l r i- 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 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 6 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—June 10 84,616 108 441,173 1,518 11,885 36,250 251,221 174,469 1,049 25,405 2,848 Aug. 296 84,616 (7) ((JI)) 27,200 64,195 198,578 995 27,200 28,226 Sept. 266 84,616 {V 39,200 69,340 205,439 990 34,930 25,700 Oct. 316 84,616 56,806 65,250 213,131 1,097 38,932 25,075 Nov. 286 84,616 64,397 61,200 214,176 748 39,107. 24,941 Dec. 266 84,616 42 661 3,646 72,317 63,900 218,383 984 41,400 27,202 3,586 43,194 23,179 1941—July 31 84,598 37 40,776 6,419 117,715 69,500 22,605 242,000 1,318 60,612 33,978 3,741 Aug. 28 84,598 37 40,720 6,139 117,555 67,700 21,826 244,099 1,?341 60,193 29,179 3,7?63 Sept. 25 84,598 37 (7) 123,578 64,700 248,993 59,714 Oct. 30 84,598 37 41,138 7,849 129,518 60,500 23,555 255,684 1,272 60,932 25,999 3,309 Nov. 21p 84,598 37 129,568 68,900 260,772 61,073 (7) Dec. 31 84,598 38 42% 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Jan. 29 84,598 38 42,071 16 4,855 149,562 64,700 20,138 273,281 1,350 59,649 27,797 3,900 Mar. 26. 84,598 38 42,314 16 4,433 156,386 67,000 20,056 282,848 852 56,396 30,251 4,493 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a i u l s d l u s i r n y g Se l c o u a r n i s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31.. 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31.. 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31.. 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31.. 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30.. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31.. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31.. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31.. 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31.. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31.. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30.. 78 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—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 Sept. 30. 77 18,016 25 24 383 2,260 16,918 2,511 1,357 O N D c e o c t v . . . 3 3 2 1 1 9 p p . p . 7 7 7 7 7 7 2 1 1 1 8 8 , , , 6 4 8 5 5 9 6 6 9 3 2 2 2 6 4 1 2 5 0 0 8 7 ( ( ( V 7 7 ) ) ( < 7 V ) 1 1 1 7 7 9 , , , 7 4 3 9 3 2 3 2 4 2 3 2 , , , 4 4 6 9 7 4 3 0 9 8 (7) 1942—Jan. 31p. 77 20,884 151 288 18,987 2,417 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 Mar. 26, 1942, advances of 160,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Figures taken from annual report of Bank for 1940. 7 Figure not available. 8 Gold not shown separately on Reichsbank statement after June 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 614 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine Re-' National Bank of Denmark—Cont. public (millions of pesos): (Jan.)3 Gold reported separately .... 1 075 1,075 1,071 Other assets 868 641 Other gold and foreign exchange. 517 496 302 Note circulation 798 719 Negotiable Government bonds 373 376 333 Deposits .... 1,109 563 Rediscounted paper 33 Other liabilities 192 Other assets . .... 217 219 211 Central Bank of Ecuador (thou- (Nov. Note circulation 1,440 1,412 1,231 sands of sucres): 1941)3 Deposits—Member bank 580 612 497 Gold 71,276 65,674 Government 57 42 152 Foreign exchange (net) 25,648 15,805 Other 17 14 4 Loans and discounts 84,505 59,678 Foreign exchange sold forward 3 1 6 Other assets 25,670 23,976 Other liabilities 86 86 60 Note circulation 107,574 76,988 Commonwealth Bank of Australia Demand deposits . .. 57,372 55,668 (thousands of pounds): Other liabilities 42,154 32,476 Issue department: National Bank of Egypt5 (thou- (Dec. Gold and English sterling. 24,954 21,954 17,705 sands of pounds): 1941)3 Securities 75 684 68,953 49,125 Gold 6,241 Banking department" 6,177 Coin, bullion and cash 4 116 3,812 2,969 Loans and discounts 6,633 London balances 26 217 31,648 57,253 British, Egyptian, and other Gov- Loans and discounts 35 269 35,400 22,397 ernment securities 95,132 Securities . . 100 613 101,676 42,484 Other assets 5,204 Deposits 120 891 162,783 116,670 Note circulation 50,659 Nati N o o n t a e l c B ir a c n u k la t o io f n Belgium1 92,364 85,614 65 619 Deposits— O G t o h v e e r rnment 3 1 8 8 , , 2 2 4 7 4 9 National Bank of Bohemia and Mo- Other liabilities 12,203 ravia (millions of koruny): Central Reserve Bank of El Salva- Gold 1,513 1,465 dor (thousands of colones): Foreign exchange 777 767 Gold 13,254 13,241 13,233 Discounts 840 445 Foreign exchange 12,891 10,713 3,921 Loans Loans and discounts 753 1,451 1,397 Other assets 12,827 9 660 Government debt and securities.. 7,027 7,170 6,178 Note circulation 9,416 7,442 Other assets 2,238 2,423 1,494 Demand deposits 2,843 1,642 Note circulation 23,119 23,194 15,073 Other liabilities 3,698 3,254 Deposits .... 8,472 7,580 4,891 Central Bank of Bolivia (thousands (Sept. Other liabilities 4,571 4,224 6,259 of bolivianos): 1941)3 Bank of Finland (millions of mark- (May Gold at home and abroad 217,168 104,959 kaa): 1941)3 Foreign exchange 426,368C213,348 Gold 556 604 Loans and discounts- 213,282 224,182 Foreign assets 1,182 1,234 Securities—Government 435,719 440,344 Loans and discounts .. 5,610 5 531 Other 9,186 8,513 Domestic securities 414 400 Other assets 38,869 C31,714 Other assets 2,212 1,849 Note circulation 568,122 508,348 Note circulation 5,659 5 798 Deposits 620,402 422,463 Deposits. 796 572 Other liabilities 152,068 92,248 Other liabilities 3,520 3,248 National Bank of Bulgaria1 Bank of Greece1 Central Bank of Chile (millions of National Bank of Hungary (millions pesos): of pengo): (Jan.)3 Gold 148 148 147 Golds . . .. 100 124 Discounts for member banks 324 303 224 Foreign exchange reserve 19 28 Loans to Government 733 733 742 Discounts . 1,033 844 Other loans and discounts 802 705 496 Loans—To Treasury 790 732 Other assets 71 65 118 To foreign countries 240 Note circulation 1 555 1,449 1 212 Other 37 39 Deposits—Bank 188 199 206 Other assets 370 389 Other 128 106 73 Note circulation 1,982 1,681 Other liabilities 207 200 235 Demand deposits 419 182 Bank of the Republic of Colombia Consolidated foreign credits of 1931. 51 (thousands of pesos): Other liabilities 242 Gold 28,288 26,611 29,236 29,973 Reserve Bank of India (millions of Foreign exchange 28,213 20,506 14,862 21,771 rupees): Loans and discounts 31,124 35,017 40,517 18,303 Issue department: Government loans and securities... 58,245 55,953 54,126 58,498 Gold at home and abroad 444 444 Other assets 32,528 32,418 32,842 36,019 Sterling securities 2,736 1,088 Note circulation 75,695 75,682 72,796 62,272 Indian Gov't. securities 415 913 Deposits 59,021 50,660 52,909 63,091 Rupee coin 295 361 Other liabilities 43,682 44,163 45,878 39,202 Note circulation 3,797 2,671 National Bank of Denmark (millions Banking department: of kroner): Qan.)3 Notes of issue department.... 93 135 Gold 98 105 Balances abroad 330 287 Foreign exchange , 28 24 Treasury bills discounted 9 Clearing accounts (net). . 808 479 Loans to Government 204 110 Discounts 7 Other assets 150 94 Loans——To Government agencies 15 19 Deposits 591 487 Other 27 41 Other liabilities 441 347 Securities 111 156 Bank of Japan1 c Corrected. 1 For last available reports from the central banks of Belgium (March 1941), Bulgaria (May 1941), Greece (March 1941), and Japan (September 1941), see BULLETIN for March 1942, pp. 280-281. 2 Less than 500,000 koruny. 3 Latest month for which report is available for this institution. 4 Figure not available. 5 Items for issue and banking departments consolidated. 6 Gold revalued in week ending September 30, 1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengS of approximately 24 per cent. JUNE 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1942 1941 Central Bank 1942 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb.Apr. date of month) Apr. Mar. Feb.Apr. Bank of Java (millions of guilders): (Jan.)1 South African Reserve Bank—Cont. Note circulation 28,916 29,769 22,538 Gold 407 327 Deposits 71,040 72,128 63,381 Foreign bills 24 17 Other liabilities 11,009 4,961 3,912 Loans and discounts 171 98 Bank of Sweden (millions of kronor): Other assets 140 102 Gold 610 553 384 Note circulation 339 222 Foreign assets (net) 632 693 780 Deposits „ 336 286 Domestic loans and investments.. 918 895 772 Other liabilities „. 37 37 Other assets 955 874 843 Bank of Mexico (thousands of pesos): Note circulation 1,649 1,598 1,403 Metallic reserve2 205,831 199,291 195,641 170,614 Demand deposits 1,043 942 630 "Authorized" holdings of securi- Other liabilities 423 476 746 ties, etc 550,058 532,420 517,489 488,504 Swiss National Bank (millions of Bills and discounts 115,340 114,080 98,607 52,219 francs): Other assets ..,..„.. 54,781 50,793 68,082 64,773 Gold, 3,443 3,394 3,307 2,283 Note circulation 563,073 554,458 546,252 439,663 Foreign exchange 129 183 263 1,198 D O e th m e a r n l d ia b li i a li b t i i l e i s ties 2 1 6 0 0 2 , , 2 6 5 8 1 6 2 9 4 9 2 , , 4 7 1 0 7 8 2 9 3 7 6 , , 2 3 5 1 1 7 2 9 4 3 2 , , 6 7 4 9 9 8 L O o th a e n r s a a s n s d e t d s iscounts 4223 4146 2 1 2 4 3 0 2 2 8 2 1 3 Netherlands Bankl (millions of guil- Note circulation.. 2,241 2,238 2,213 2,133 ders) : (Jan.)l Other sight liabilities 1,535 1,467 1,442 1,606 Gold 1,026 1,022 Other liabilities 279 245 F S o il r v e e i r g n ( in b c il l l u s ding subsidiary coin).. 1,012 8 2 1 3 7 Ce T n u t r r k al e y B ( a t n ho k u s o a f n d t s h o e f R p e o p u u n b d l s i ) c : of (N 1 o 9 v 4 . 1) t1 Discounts , 217 Gold 115,404 119,003 O Lo th a e n r s assets , 4154 3 2 5 1 7 1 L Fo o r a e n i s g n a n c d le d ar is in c g o u a n c t c s ounts 4 5 7 5 4 , , 8 4 1 7 5 1 4 4 1 3 1 , , 3 27 2 3 7 Note circulation 2,094 1,614 Securities 191,570 192,353 Deposits—Government Other assets 25,916 16,552 Other 251 " 170 Note circulation 511,484 487,518 Other liabilities <*) 62 Deposits—Gold 79,358 79,358 Reserve Bank of New Zealand (thou- Other 110,021 83,231 sands of pounds): Other liabilities 162,312 132,402 Gold. 2,802 2,802 2,802 Bank of ithe Republic of Uruguay Sterling exchange reserve 18,344 19,499 20,516 (thousands of pesos): (Nov. Advances to State or State under- Issue department: 1941)1 takings 30,642 32,389 18,670 Gold and silver 86,235 86,235 Investments 4,153 4,151 3,773 Note circulation 107,592 106,479 Other assets 1,067 1,267 1,687 Banking department: Note circulation 24,132 23,456 21,854 Gold 72,924 77,992 Demand deposits 30,106 33,876 22,876 Notes and coin 34,082 28,311 Other liabilities 2,770 2,775 2,717 Advances to State and to Bank of Norway* government bodies 25,150 41,021 Central Reserve Bank of Peru (thou- Other loans and discounts.... 93,210 90,135 sands of soles): Other assets 129,770 100,797 Gold and foreign exchange 56,488 49,671 Deposits 119,987 124,983 Discounts 31,984 31,519 Other liabilities 235,149 213,275 Government loans 188,314 133,845 Central Bank of Venezuela (thou- Other assets 5,246 12,630 sands of bolivares): Note circulation 211,541 155,478 Gold 170,677 158,317 158,317 Deposits 51,540 46,047 Foreign exchange (net). 17,925 23,621 18,491 Other liabilities 18,951 26,140 Credits to national banks 35,230 35,230 35,230 Bank of Portugal (millions of (Nov. Other assets 13,473 15,590 14,510 escudos): 1941)1 Note circulation— Golds 1,338 1,271 Central Bank 141,155 138,924 138,071 Other reserves (net) 1,432 1,022 National banks 50,298 51,978 54,394 Non-reserve exchange 2J" 1,114 Deposits 39,811 32,875 25,851 Loans and discounts 340 366 Other liabilities 6,041 8,982 8,232 Government debt 1,031 1,031 National Bank of the Kingdom of Other assets 935 875 Yugoslavia^ Note circulation 3,911 3,033 Bank for International Settlements Other sight liabilities 3,192 1,944 (thousands of Swiss gold francs?): Other liabilities 798 702 Gold in bars 38,404 36,575 National Bank of Rumania (millions (Oct. Cash on hand and on current acof lei): 1941) count with banks 33,727 27,448 Gold 33,881 32,279 Sight funds at interest 15,937 15,610 Special exchange accounts 18,133 3,061 Rediscountable bills and accept- Loans and discounts 32,182 29,167 ances (at cost) 140,219 141,438 Special loans (in liquidation) 565 619 Time funds at interest 21,084 21,241 Government debt 9,629 9,703 Sundry bills and investments 225,952 230,917 Other assets. 38,684 24,235 Other assets 142 2,355 Note circulation 92,244 71,448 Demand deposits (gold) 29,085 32,050 Demand-deposits 28,215 16,967 Short-term deposits (various cur- Other liabilities 12,617 10,648 rencies): South African Reserve Bank (thou- Central banks for own account 16,326 16,072 sands of pounds): Other 5,818 3,044 Gold 48,231 46,112 50,125 Long-term deposits: Special ac- Foreign bills 447 366 691 counts 229,001 229,001 Other bills and loans 33 25 3 Other liabilities 195,235 195,417 Other assets 62,254 60,354 39,012 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 dlemand liabilities. 3 Less than 50,000. 4 Friigguurree nnoott aavvaaiillaabbllee.. 5 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 6 Vv aailuuveud aatt aavvgeiraaggve vcuoostt.. 77 SS ee BBU LLETIN ffo r DecDembber 1936, p. 1025. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d - h s - 1 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 M 3 a a 1 t y e ef D fe a ct t i e ve ba C n e k n tr of a — l R M 3 a a 1 t y e ef D fe a c t t e ive In effect Oct. 2, 1936 2 4 2 3 2H 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 . 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 . h British India.. 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Nov. 13 Canada Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 Colombia..... 4 July 18, 1933 Portugal 4 Mar. 31, 1941 May 30 3 Sept. 28 3 Oct. 27 2H N Ja o n v . . 4 2 , 5 1939 2y 2 D Ec e u n a m d a o r r k 4 7 O M c a t y . 2 1 6 6 , , 1 1 9 9 3 4 8 0 R So u u m th a n A ia fr . i . c .. a 3 3 J S u e n p e t. 1 2 2 , , 1 1 9 9 4 4 1 0 Apr. 17 ... 4 El Salvador... 3 Mar. 30, 1939 Spain 4 IMar. 29, 1939 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 2H Finland 4 2 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 • Germany Apr. 9,1940 United King- Jan. 25, 1940 2 Greece 6 2 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 3M Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 3H Italy May 18, 1936 Yugoslavia. 5 Feb. 1, 1935 Mar. 17, 1941 i« May 29 "3 June 27 1 Not officially confirmed. In effect May 31, NOTE.—Changes Mar. 1-31 (corrected): Greece—Mar. 1, up from 5 to 6 1942 2 3H 2 2H 3 per cent. Changes since Apr. 30: 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 a e m n p o k ta n e n t r h c s' e s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a d o n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e - y day d P i r s r i c a v o te a u t n e t 1 M m f o o o n 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—Ma: 5.33 5.30 4.51 6.31 6.97 4.64 5.05 3.39 1930—Mai 2.78 2.55 3.20 5.12 5.57 2.50 2.61 2.60 1931—Mai 2.60 2.56 2.20 4.76 5.00 1.09 1.04 .99 1932—Mai 2.59 2.28 2.40 3-1) 6.10 7.76 1.22 1.06 1.50 1933—Ma .62 .46 .64 C3.88 4.97 .64 1.11 1.50 1934—Mai .95 .84 .88 C3.88 4.89 1.24 1.07 1.50 1935—Ma .57 .50 .72 3.38 3.94 .60 1.00 1.50 1936—Mai .56 .52 .75 3.00 2.99 1.11 1.68 2.26 1937—Mai .55 .51 .75 3.00 3.10 .19 1.00 1.00 1938—Mai .53 .50 .75 2.88 2.86 .13 .50 1.00 1939—Ma: .63 .70 .75 2.88 2.70 .29 .50 1.00 1940—Ma: 1.03 1.02 .99 2.50 2.16 1.35 2.49 1.25 1941—Ma: 1.03 1.01 1.00 2.25 1.83 2.07 2.75 1.25 1941—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 1.73 1.88 2.25 1.25 Sept 1.03 1.01 1.00 2.13 1.94 1.88 2.25 1.25 Oct 1.03 1.00 1.00 2.13 1.76 1.25 Nov 1.03 1.00 1.00 2.13 1.75 1.25 Dec 1.03 1.01 1.03 2.13 1.98 1.25 1942-—Jan. 1.03 1.01 1.04 2.13 1.92 1.25 Feb 1.03 1.00 1.04 1.25 Mar 1.03 1.00 1.03 c Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. JUNE 1941 617 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 s in 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 n h l t e o i y a r c t n e d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p s u t i r s t y 2 Securities c L u o s a to ns m e to rs a O s t s h e e t r s Total I! D D e e p m o a s n it d s 3 Time3 lia O b t i h li e t r ies 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 2,238 232 11 London clearing banks 5 1935—December .... 244 195 322 660 890 249 2,315 1,288 1,012 245 19 37 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 1,088 242 330 134 315 531 939 839 269 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—Januarv 330 118 157 739 1,008 532 28?] 3,22I 2,088 1,134 249 February 318 122 112 646 1,017 540 27. 3,085 2,003 1,082 243 March 347 137 163 476 1050 i553 291L 3.072 2,012 1,060 244 Assets Liabilities Canada Entirely in Canada Se lo cu an ri s ty Deposits payable iri Canada (10 chartered banks. End of abroad Note excluding interbank deposits m o o f n t C h a f n ig a u d r i e a s n in do m ll i a l r l s io ) ns Cash Security O lo t a h n e s r d a u n e d f n ro e m t Securities O as t s h e e t r s cir ti c o u n la- li O ab t i h l e i r ties reserves loans and dis- foreign Total Demand Time counts banks 1932—December 211 103 1,104 155 778 500 115 1,916 538 1 378 821 1933—December 197 106 1,036 134 861 482 121 1,920 563 1,357 775 1934—December 228 103 977 155 967 491 124 2,035 628 1,407 761 1935—December 228 83 945 141 ,155 529 111 2,180 694 1,486 789 1936—December 240 114 791 161 ,384 554 103 2,303 755 1,548 837 1937—December 255 76 862 102 ,411 575 96 2,335 752 1,583 850 193g—December 263 65 940 166 ,463 535 88 2,500 840 1,660 843 1939—December 292 53 1,088 132 ,646 612 85 2,774 1,033 1,741 963 323 40 1,108 159 ,531 570 80 2*805 1,163 1,641 846 1941—April 325 31 1,109 189 ,820 544 79 3,064 1,356 1,708 877 May 321 29 1,132 183 ,812 537 80 3,045 1,350 1,695 889 June 288 33 1,292 191 ,688 575 80 3,075 1,608 1,467 913 July .... 314 34 1,279 188 ,681 559 80 3,068 1,579 1,489 907 August 299 35 1,255 190 ,698 553 81 3,031 1,509 1,522 919 September 308 36 1,237 197 ,696 579 79 3,037 1,482 1,555 938 October 325 37 1,233 199 ,643 594 80 3,012 1,420 1,592 939 November . 342 36 1,218 182 ,690 593 76 3,041 1,402 1,639 944 December 356 32 1,169 168 ,759 653 71 3,105 1,436 1,669 962 1942—January 296 31 1,128 158 ,916 585 71 3,096 1,376 1,720 945 February 324 30 1,135 164 ,960 595 72 3,181 1,517 1,664 955 March 348 34 1,300 166 ,881 624 71 3,305 x 1,755 1,550 976 France Assets Liabilities (4 f i l g a u r r g e e s b in a n m k i s l . l io E ns n d o f o f f r m an o c n s) th re C se a r s v h es Du b e a n f k r s om B c i o ll u s n 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 March6 4,110 3,920 34,123 7,499 1,961 46,608 46,064 544 1,105 3,901 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures,' representing aggregates of figures reported byN individual banks for days, varying from bank to bank, toward the end of the month. I Represent six-month loans to the Treasury at \\ per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 6 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. * Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. 5 District Bank included beginning in 1936. « 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. 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Year or month Officia ( l peso S E ) p x e p c o ia r l t Offic ( ia p l ound F ) ree ( g b B e iu e lg m l- a) B O r ff a ic z ia il l (m F il r r e e e is) B ( I r r u n i p t d e i i s e a h ) g B ( a l u e r l v i - a ) C Of a fi n c a ia d l a (d F o r l e la e r) Of C fi h ci i a l l e (p E e x s p o) ort C S ( h h y h a a u i n i a n ) g n a - 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!6660 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5.1248 33.279 11.2111 96.018 5.1727 4.0000 11.879 1940 29.773 1322.80 305.16 116.880 6.0562 5.0214 30.155 196!909 85.141 5.1668 4.0000 6.000 1941 29.773 m. 704* 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 15.1664 H.OOOO 15.313 1941—May 29.773 23.704 322.80 321.19 6.0575 5.0600 30.129 90.909 87.421 5.1660 4.0000 5.255 June 29.773 23.704 322.80 321.25 6.0575 5.0598 30.129 90.909 88.183 5.336 July 29.773 23.704 322.80 321.31 6.0575 5.0616 30.128 90.909 88.271 5.243 Aug 29.773 23.704 322.80 321.28 6.0575 5.0646 30.130 90.909 88.961 Sept 29.773 23.704 322.80 321.33 6.0575 5.0616 30.137 90.909 89.134 Oct. 29.773 23.704 322.80 321.37 6.0575 5.0803 30.151 90.909 88.781 Nov 29.773 23.704 322.80 321.43 6.0575 5.0896 30.151 90.909 88.604 Dec 29.773 23.704 322.80 321.50 6.0576 5.1331 30.130 90.909 87.395 1942—Jan 29.773 23.704 322.80 321.50 6.0580 5.1331 30.123 90.909 87.833 Feb 29.773 23.704 322.80 321.50 6.0580 5.1369 30.122 90.909 88.418 Mar. . 29.773 23.704 322.80 321.50 6.0580 5.1369 30.122 90.909 87.666 Apr 29.773 23.704 322.80 321.50 6.0580 5.1384 30.122 90.909 87.173 Year or month C ( o p b l e i o a s m o) - C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr a e o r n n k - e) ( l F m a k i a n a n ) r d - k- F (f r r 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 w a n d - d) 1934 . 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 13.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 119.308 1.8710 12.0827 40.021 1.6715 22.958 18.475 5.0407 23.436 18.546 153.128 306.38 1941 .... ...... 57.004 12.0101 139.968 124.592 119.770 15.0703 123.439 20.538 322.54 1941—May 57.022 2.0100 39.968 24.285 5.0805 23.439 20.537 322.45 June 56.982 2.0098 39.970 24.372 5.2621 23.439 20.533 322.51 July 56.981 24.524 23.439 20.542 322.57 Aug. 56.982 25.110 20 538 322.54 Sept 56.982 25.099 20.542 322.60 Oct. . . 56.980 25.088 20 567 322.63 Nov 56.993 25.088 20.544 322.71 Dec 56.987 25.043 20 560 322.78 1942—Jan. 56.987 20.564 322.78 Feb 56 997 20 562 322.78 Mar. . . 57.001 20.571 322.78 Apr 57.049 20.574 322.79 United Kingdom Uruguay Year or month N ( o k r ro w n a e y ) P ( o z l l a ot n y d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c t d h a ) ( S p p es a e i t n a) S S m (d t e o e r t l n a t l l a i t e t r s ) - s S ( w kr e o d n e a) n S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o ll n e - ( d peso t ) r N c o o o l n l n e - - d ( Y s d l i u a n v g a i r o a ) - 1934 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 503.93 79.956 2.2719 1935 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 118.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 136.789 2.2716 1940 122.709 3.7110 1.6896 397.99 9.322 46.979 23.802 22.676 1403'. 50" 383.00 65.830 37.601 2.2463 1941 ... „ „ 14.0023 398.00 19.130 47.133 123.829 123.210 403.50 403.18 65.830 43.380 12.2397 1941—May 4.0017 398.00 9.130 47.107 23.839 23.203 403.50 403.10 65.830 41.161 June 4.0026 398.00 9.130 47.138 23.836 23.206 403.50 403.16 65.830 42.706 July . . 398.00 47.160 403.50 403.23 65.830 43.789 Aug 398.00 47.160 403.50 403.18 65.830 43.745 Sept. 398.00 47.160 403.50 403.27 65.830 43.836 Oct 398.00 47.160 403.50 403.29 65.830 45.796 Nov 398.00 47.160 403.50 403.42 65.830 48.125 Dec 398.00 47.160 403.50 403.50 65.830 52.783 1942—Jan. 398.00 47.007 403.50 403.50 65.830 52.571 Feb 398.00 46.710 403.50 403.50 65.830 52.785 Mar 398.00 403.50 403.48 65.830 52.717 Apr 398.00 403.50 403.50 65.830 52.735 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. JUNE 1942. 619 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=1 00) =100) 1926 100 100 1 124 695 134 237 106 1 126 144 1930 86 87 100 554 125 85 181 90 1 103 126 1931 73 72 88 500 111 75 153 76 1 94 110 1932 65 67 86 427 97 70 161 65 l 92 96 1933 66 67 86 398 93 63 180 63 l 90 91 1934 75 72 88 376 98 62 178 63 l 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 311 3 88 146 143 1941 87 90 153 329 172 184 1941—April 83 87 151 112 324 170 175 May 85 89 151 112 326 171 181 June 87 90 152 112 331 173 184 July 89 91 153 112 329 173 188 August 90 92 153 113 330 174 189 September 92 93 154 113 330 175 191 October 92 94 155 337 176 193 November 93 94 155 340 178 198 December 94 94 156 347 179 199 1942—January ......... 96 94 156 181 202 February....... 97 95 159 P183 P205 March 98 95 159 p184 April 99 P160 P186 J Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 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 Canada 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 p c a a t r n u t u r ly e - d f m c a h c a i t e n u f u r l e y - d Foods pr I o n tr d d i u u a c l s t - s p A r g t o u r d i r u c a u c l t l s - ' a t f n r i i n d a i l s s e h ra m e w d i- tr I i i n s a d h l e u f d s in - goods goods products products * 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—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 79 88 92 158 159 April 105 99 96 P160 v Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 62.O 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 - - ) 39 U K = d ( n 1 J i 1 o 9 n i u 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 n 1 0 h 1 d 0 e - ) 1 s r 3 ,S e = r ( w 1 1 J 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 0 a - - ) i 39 U K = d ( n 1 1 J i o 9 n u i 0 1 t m l g 0 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 1 J l 9 u 0 a i 1 t 0 n 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 1 132 130 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 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 175 1941 105 112 199 174 1941—April 101 110 170 129 167 1941-April 102 109 198 132 169 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 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 ... 116 122 163 191 1942-January 112 115 200 186 February.. 117 123 163 February. 113 116 200 p188 March 119 124 162 March 114 116 200 April 120 PI 24 160 April 115 199 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S p d r t e n i a r c i i t t v e e e ) e s d 1 d ( K 1 D U 9 i e 2 n n c 1 g e i = d t m 1 e o 0 b d m 0 e ) r (1 F 9 r 1 a 3= n 1 c 0 e 0) G ( e a p r v r m e ic r a a e g n )2 e y N la e n th d e s r 3 - U ( S 1 = 9 n t 1 3 a i 0 5 t t 0 e - e 3 ) d s 9 K U in n g i d te o d m (1 F 92 r 6 a = n 1 c 0 e 0) Germany ( N 19 l e a 3 t 0 n h = d e 1 s r 0 - 0) Number of issues 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 S3.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 1 110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 84.7 100.7 7 77.9 88.1 70.8 114.6 8 95.0 1941 117.8 123.8 80.0 72.5 1941—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 69.9 73.0 March 116.7 127.1 66.0 72.2 April 117.8 63.3 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source: Standard and Poor's Corporation. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4}£ per cent. The series prior to' that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929= 100; average yield in base year was 4.57 per cent. For new index beginning Jan. 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. JUNE 1942 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 F Cr T-Jn1<- Carl B. Pitman1 New York.... Bcardslcy Ruml Edmund E. Day Allan Sproul L. R. Rounds R. M. Gidney L W Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. William* Philadelphia.. Thomas B. McCabc.. Warren F. Whitticr.. Alfred H. Williams.. Frank J. Drinncn ... W. J. Davis E C Hill C. A. Mcllhenny1 C. A. Sienkicwica Cleveland Gco. C. Brainard R. E. Klagcs M. J. Fleming F. J. Zurlindcn C. W. Arnold R. B. Hays W. F. Taylor2 G. H. Wagner Richmond Robt. Lassiter W. G. Wysor Hugh Leach J.S. Waldcn,Jr J. G. Fry R. W. Mercer Atlanta Frank H. Nccly J. F. Porter W. S. McLarinJr... Malcolm H. Bryan. H. F. Conniff L. M. Clark Chicago F. J. Lewis Simeon E. Leland C. S. Young H. P. Preston Allan M. Black1 J. H. Dillard Charles B. Dunn A. J. Mulroney Alfred T. Sihlcr St. Louis Wm. T. Nardin Oscar Johnston Chester C. Davis.... F. Guy Hitt O. M. Attebery C. M. Stewart Minneapolis... W. C. Coffcy Roger B. Shepard.... J. N. Peyton O. S. Powell A. W. Mills1 F W ^wan«nn Harry I. Ziemer Kansas City... R. B. Caldwcll Robert L. Mehornay.. H. G. Lccdy Henry O. Koppang. J. W. Helm* D. W. Woolley Dallas Jay Taylor J. B.Co»o R. R. Gilbert E. B. Stroud R. B. Coleman W. J. Evans W. O. Ford1 San Francisco. Henry F. Grady St. George Holden... Wm. A. Day Ira Clerk C. E. Earhart1 R. B. West 1 Cashier. 2 Also Cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL 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. Towlc 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 Gco. 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 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MAKRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman SECRETARY'S OFFICE DIVISION OF EXAMINATIONS CHESTER MORRILL, Secretary LEO H. PAULGER, Chief LISTON P. BETHEA, Assistant Secretary R. F. LEONARD, Assistant Chief S. R. CARPENTER, Assistant Secretary C. E. CAGLE, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF BANK OPERATIONS COUNSEL'S OFFICE EDWARD L. SMEAD, Chief WALTER WYATT, General Counsel J. R. VAN FOSSEN, Assistant Chief J. P. DREIBELBIS, Assistant General Counsel J. E. HORBETT, Assistant Chief GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel DIVISION OF SECURITY LOANS CARL E. PARRY, Chief DIVISION OF RESEARCH AND STATISTICS FISCAL AGENT E. A. GOLDENWEISER, Director WOODLIEF THOMAS, Assistant Director 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 W. DALE CLARK, KANSAS CITY DISTRICT J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist NATHAN ADAMS, DALLAS DISTRICT JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 6x JUNE 1942. 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JUNE I, 1942 WARD OF GOVERNORS OF THL FEDERAL RESERVE SrSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis